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Category: Finance

  • MIL-OSI Security: Operators of New Jersey Company Sentenced to Prison and Enter Into Related Civil Settlement Agreement for Roles in $127 Million Health Care Fraud and Kickback Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    NEWARK, N.J. – Two operators of a New Jersey marketing company were sentenced to prison for their roles in conspiracies to commit health care fraud and to pay and receive illegal kickbacks, United States Attorney Alina Habba announced.

    Eric Karlewicz a/k/a “Anthony Mazza,” 46, of Rockland County, New York, and Nicco Romanowski, 33, of Roswell, Georgia, were sentenced by U.S. District Judge Esther Salas in Newark federal court following their guilty pleas to Informations charging conspiracy to violate the Federal Anti-Kickback statute and conspiracy to commit health care fraud.  Karlewicz was sentenced to 51 months in prison and Romanowski was sentenced to 80 months in prison.

    According to documents filed in this case and statements made in court:

    From in or around June 2017 through in or around May 2019, Karlewicz and Romanowski participated in a scheme with durable medical equipment (“DME”) companies, telemedicine companies, and doctors to submit false claims to health care benefit programs, including Medicare and TRICARE, based on a circular scheme of kickbacks and bribes.  Karlewicz and Romanowski controlled a New Jersey-based marketing company, Empire Pain Center Holdings LLC (“Empire”), though which they and their co-conspirators identified Medicare and TRICARE beneficiaries to target.  Employees of Empire called the beneficiaries to pressure them to agree to accept DME, frequently consisting of back, shoulder, and knee braces. Karlewicz and Romanowski paid Empire’s employees commissions, bonuses, and incentives to encourage them to convince as many beneficiaries as possible to accept DME, regardless of medical necessity.

    Karlewicz and Romanowski, through Empire, then paid kickbacks to telemedicine companies, which in turn paid kickbacks to doctors in exchange for prescriptions for the DME. As agreed upon, the doctors signed the prescription orders regardless of medical necessity, often without ever speaking to the patient.  Karlewicz and Romanowski distributed the prescriptions to DME suppliers around the country, with which Empire had additional kickback arrangements. These DME suppliers submitted claims for reimbursement to health care benefit programs including Medicare and TRICARE, and thereafter sent a portion of the proceeds to Empire as payment for the doctor’s orders generated through the conspiracy.  Empire received more than $63 million from DME suppliers in exchange for the referrals. 

    In total, Karlewicz and Romanowski caused the submission of false and fraudulent claims to health care benefit programs totaling in excess of $127 million for DME.  Using proceeds from the scheme, Karlewicz and Romanowski purchased luxury vehicles, including a Ferrari, and Lamborghini, a Bentley, and a BMW.

    In addition to the prison terms, Judge Salas sentenced each defendant to three years of supervised release and ordered them to pay $127,600,000 in restitution.  Karlewicz was ordered to forfeit over $63 million, and Romanowski was ordered to forfeit over $5.5 million.

    United States Attorney Habba also announced that Karlewicz and Empire entered into a civil settlement agreement. As part of that civil settlement agreement, Karlewicz and Empire admitted to violating the False Claims Act and agreed to the entry of a consent judgment against them in the amount of $63.8 million.

    The civil settlement agreement resolves a lawsuit filed under the whistleblower provision of the False Claims Act, which permits private parties, called relators, to file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The relator, Robert Jackson Tyler, Jr., will receive a share of the funds recovered by the United States pursuant to the False Claims Act.

    United States Attorney Habba credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, U.S. Department of Health and Human Services Office of Inspector General, under the direction of Special Agent in Charge Naomi Gruchacz, and U.S. Department of Defense, Office of Inspector General, Defense Criminal Investigative Service, Northeast Field Office, under the direction of Acting Special Agent in Charge Christopher Silvestro, with the investigation.

    The government is represented in the criminal case by Assistant U.S. Attorney Katherine M. Romano of the Health Care Fraud Unit and Senior Trial Counsel Barbara Ward of the Bank Integrity, Recovery, and Money Laundering Unit in Newark.

    The government is represented in the civil case by Assistant U.S. Attorney David V. Simunovich of the Health Care Fraud Unit and Trial Attorney Martha Glover of U.S. Department of Justice, Civil Fraud Section. 

                                                                           ###

    Defense counsel: Darren Gelber, Esq. (for Eric Karlewicz)

                                Alyssa Cimino, Esq. (for Nicco Romanowski)

    MIL Security OSI –

  • MIL-OSI United Kingdom: Additional support provided for Middle East appeal

    Source: Scottish Government

    First Minister announces boost for humanitarian aid.

    First Minister John Swinney has announced an additional £300,000 funding will be provided to support humanitarian aid efforts in the Middle East through the Disasters Emergency Committee (DEC) Appeal and Scottish charities, SCIAF and Mercy Corps.

    This funding, delivered through the Scottish Government’s Humanitarian Emergency Fund programme, will help provide urgent assistance to those affected by the ongoing conflict, including food, clean water, medical care, and shelter for displaced individuals in Gaza, the West Bank, Lebanon and Syria.

    The announcement was made by the First Minister during a parliamentary debate on the international situation in which he also called for Scotland to champion the benefits of international trade, cooperation, and solidarity during this period of international turbulence.

    The First Minister said:

    “I’m pleased to announce a contribution of £240,000 through our Humanitarian Emergency Fund to the Disasters Emergency Committee’s appeal for the Middle East, along with £30,000 each for Scottish charities, SCIAF and Mercy Corps for their responses in Lebanon and Syria.

    “This is in addition to the £250,000 that we provided to this appeal last November and comes at a time when humanitarian needs continue to increase across Gaza, the West Bank, Lebanon and Syria.

    “I believe that wherever we can, we do what is within our power to de-escalate and support recovery from disaster and conflict in our deeply interconnected world.

    “Investing in the wellbeing of the international community is also an investment in our national wellbeing and security and I make no apology for doing so in these turbulent times.”

    The First Minister added:

    “At a time when the US, the UK and other donors have slashed their aid budgets, we in Scotland are committed to continuing to support our Global South partner countries, and more widely to responding to humanitarian emergencies globally.

    “Though we recognise the amounts Scotland contributes may be small in the face of growing need, we will do all we can to ensure it has maximum impact. Scotland will continue to act as a good global citizen.”

    DEC spokesperson Huw Owen said: “This additional donation to the DEC Middle East Humanitarian Appeal from the Scottish Government through its Humanitarian Emergency fund is hugely welcome. 

    “The Appeal has now raised close to £4 million here in Scotland, over £45 million UK wide, which also includes many generous individual donations from the public.  We are hugely grateful for this support.

    “It will bolster DEC charities and their expert local partners’ continuing efforts in Gaza and the wider region, working in incredibly challenging circumstances, to reach the most affected communities with medical care, food and clean water as well as psychological support for traumatised children and their families.”

    Background:

    Humanitarian needs across the Middle East continue to escalate, with nearly half of the population of Gaza facing emergency levels of food insecurity and water, shelter and medicine in desperately short supply. By providing this funding, the DEC and its member charities can ensure that when the current blockade of Gaza is finally lifted, those needs can be addressed without delay.

    The DEC appeal for the Middle East launched on 17 October 2024 and the Scottish Government’s previous contribution of £250,000 supported DEC and partner organisations in delivering humanitarian aid across the region.

    Since the appeal’s launch, generous donations from the public have helped deliver lifesaving assistance, and further contributions remain essential to sustain these efforts. The appeal has raised £3.8m in Scotland and the Scottish public can make a donation at Donate to Middle East Appeal | Disasters Emergency Committee

    MIL OSI United Kingdom –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    The following table presents disaggregated net income (loss):

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

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

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

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

    Non-Interest Income

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

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

    Non-Interest Expense

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

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

    Income Taxes

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

    About the Company

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

    Forward Looking Statement

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

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

    The MIL Network –

  • MIL-OSI USA: Stefanik Requests Education Department Investigate Saratoga Springs City School District for Title IX Violations

    Source: United States House of Representatives – Congresswoman Elise Stefanik (21st District of New York)

    Stefanik Requests Education Department Investigate Saratoga Springs City School District for Title IX Violations | Press Releases | Congresswoman Elise Stefanik

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    MIL OSI USA News –

  • MIL-OSI Security: Sex Offender from Uxbridge Charged with Possessing Child Pornography While on Federal Supervised Release

    Source: Office of United States Attorneys

    BOSTON – An Uxbridge man has been charged in federal court in Worcester for possession of child sexual abuse material (CSAM) while on federal supervised release for a prior CSAM conviction.

    Scott Morrill, 52, was charged with possession of child pornography. Morrill was arrested on April 7, 2025 and remains detained in federal custody following a detention hearing that was held on April 17, 2025. 
     
    According to the charging documents, during a search of his residence, Miller’s laptop was allegedly found to contain images and videos depicting CSAM. At the time of the alleged offense, Morrill was on federal supervised release for a 2013 conviction of distribution of child pornography, for which he was sentenced to five years in federal prison.

    The charge of possession of child pornography provides for a sentence of not less than 10 years and up to 20 years in prison, a minimum of five years and up to life of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; and the Colonel Geoffrey D. Noble, Superintendent of the Massachusetts State Police made the announcement today. Valuable assistance was provided by the Uxbridge Police Department. Assistant U.S. Attorney Kristen Noto of the Worcester Branch Office is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

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

    MIL Security OSI –

  • MIL-OSI: Planisware awarded a B rating by CDP rewarding its performance in addressing climate change

    Source: GlobeNewswire (MIL-OSI)

    Planisware awarded a “B” rating by CDP rewarding
    its performance in addressing climate change

    Paris, France, April 22, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, has been recognized by the CDP (Carbon Disclosure Project) for the consistency of its efforts to address climate change, earning a “B” score in its first-ever assessment.

    This independent, non-profit international organization assesses the commitment of companies to transparency and environmental transition every year. This first recognition highlights the efforts made by Planisware and encourages it to continue its dynamic of continuous improvement.

    Loïc Sautour, CEO of Planisware, said: “Receiving a B rating from the CDP in the first year of applying is remarkable and reflects our commitment to sustainability and climate risk management. This recognition encourages us to go even further in integrating responsible practices at all levels of our activity. I would like to congratulate all the employees who contribute every day to our collective effort in terms of environmental commitment.”

    With a “B” score, Planisware ranks among the world’s top performers in terms of climate commitment. This distinction reflects the integration of CSR at the heart of its strategy, making environmental issues a central pillar of its operations. Planisware intends to continue its actions in favor of transparency and climate commitment, using this first assessment as a basis for further structuring and deepening its initiatives.

    The B score indicates that Planisware is deploying coordinated action, with room for progress towards leadership in environmental management. These concrete actions to reduce the Group’s carbon footprint and improve its environmental performance focus on the energy efficiency of buildings, data center consumption, eco-design to improve the performance of its software, travel and commuting policy, and the extension of the lifespan of consumables and equipment, with the direct engagement of key suppliers.

    These actions resulted in concrete progress in 2024, including a 19% decrease in Planisware’s total greenhouse gas (GHG) emissions compared to 2023.

    The main achievements of 2024 included:

    • Optimization of software performance and eco-design: Infrastructure and source code optimization has been prioritised to improve the energy efficiency of Planisware’s software and reduce its environmental footprint.
    • Energy efficiency: Since 2024, the energy consumption of Planisware’s data centers has been covered for the most part by green electricity.
    • Employee engagement and awareness: Planisware raises employee awareness of environmental issues through training and the integration of sustainability into its managerial strategy, thus spreading a culture of sustainability throughout the Group.
    • Waste reduction and circular economy: In 2024, 24.1% of the non-hazardous waste generated by Planisware was recycled. Additionally, the elimination of single-use plastics has been implemented to limit the Group’s carbon footprint.

    With the world’s largest environmental database, CDP scores are widely used to guide investment and procurement decisions towards a zero-carbon, sustainable and resilient economy. CDP ensures a better understanding and integration of the European Sustainability Reporting Standards (ESRS) and encourages the adoption of international sustainability standards.

    Contact

    Investor Relations: Benoit d’Amécourt

    benoit.damecourt@planisware.com
    +33 6 75 51 41 47

    Media: Brunswick Group
    Hugues Boëton / Tristan Roquet Montégon
    planisware@brunswickgroup.com
    +33 6 79 99 27 15 / +33 6 37 00 52 57

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products. 

    With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities. 

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Feenstra Helps Introduce Legislation to Build Affordable Homes

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    HULL, IOWA – Earlier this month, U.S. Rep. Randy Feenstra (R-Hull) helped introduce – alongside Rep. Mike Kelly (R-PA) – the Neighborhood Homes Investment Act, which would mobilize private investment to construct new, affordable homes and revitalize existing homes to attract and keep families and businesses in Iowa. 

    This legislation would support the construction or rehabilitation of roughly 500,000 homes for middle- and low-income families.

    “Affordable housing is crucial to growing communities, attracting business investment, and keeping young families rooted in Iowa. However, certain barriers, often out of the control of local governments and contractors, cause housing shortages that hinder economic growth and community development,” said Rep. Feenstra. “Serving on the House Ways and Means Committee, I’m glad to help lead legislation to expand the housing supply, including in rural communities, to bring down costs and make the dream of homeownership attainable for more families. By ensuring that our tax code supports homebuilding, we can help families flourish, encourage our businesses to expand, and keep our communities strong.”

    More specifically, the Neighborhood Homes Investment Act establishes a federal tax credit that developers can claim to construct new housing or substantially rehabilitate existing homes. This tax credit seeks to close the “value gap” – which occurs when the cost to build a home exceeds the price at which it is expected to sell – by covering up to 35% of development expenses for new construction.

    ###

    MIL OSI USA News –

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

    Source: US State of Georgia

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

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

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

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

    # # # #

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

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

    MIL OSI USA News –

  • MIL-OSI USA: Lorton man convicted of child exploitation gets 18-year prison sentence following ICE Washington, D.C. investigation

    Source: US Immigration and Customs Enforcement

    ALEXANDRIA, Va. — An investigation conducted by U.S. Immigration and Customs Enforcement led to the sentencing of Jose Alejandro Belmonte Cardozo, 31, to 18 years in prison for sexually exploiting minors through a popular social media platform.

    “Those who exploit and harm children will be held fully accountable,” said ICE Homeland Security Investigations Washington D.C. acting Special Agent in Charge Christopher Heck. “Individuals who produce child sexual abuse material prey on the most vulnerable members of our communities and there is no place for them in a safe society. Today, one less predator is on the streets, which means there’s one less victim tomorrow. HSI D.C. will continue to work tirelessly in its efforts to prosecute child predators and ensure they are sent to federal prison.”

    According to court documents, between at least May 1, 2021, and May 8, 2024, Belmonte Cardoza used Snapchat to find minor girls and entice them to send him child sexual abuse material. Belmonte Cardoza created different Snapchat accounts depending on the scheme he used to obtain child sexual abuse material from the minors.

    According to investigation documents, Belmonte Cardozo used a particular Snapchat account to catfish two 15-year-old girls, convincing them that he was a teenage boy. He sent the minors pictures that he claimed depicted him, but which actually depicted a boy who appeared to be approximately 16 years old. Belmonte Cardoza persuaded the minors to send him child sexual abuse material, which he secretly recorded on a second cell phone to avoid the in-app notification and then saved the recordings to a password-protected hidden folder on his cell phone.

    Belmonte Cardoza used a second account to convince other minors to send him child sexual abuse material in exchange for admission to a phony group chat he purported to administer. After Belmonte Cardozo obtained the material from the minors, he enticed them to send him additional images and videos.

    Belmonte Cardozo amassed more than 1,000 images and videos of children engaged in sexually explicit conduct on five different electronic devices. He transported two cellphones containing approximately 600 sexually explicit images and videos of minors May 8, 2024, into the United States at Dulles International Airport.

    Assistant U.S. Attorneys Lauren Halper and Zoe Bedell prosecuted the case.

    Members of the public with information about criminal activity in your community are encouraged to contact the ICE Tip Line at 866-347-2423.

    Learn more about HSI’s mission to increase public safety in your community on X at @HSI_DC.

    MIL OSI USA News –

  • MIL-OSI: BloFin Among the First Four Exchanges Worldwide to Support Full Unified Trading Account (UTA)

    Source: GlobeNewswire (MIL-OSI)

    MAJURO, Marshall Islands, April 22, 2025 (GLOBE NEWSWIRE) — BloFin announces its achievement as one of the first four global exchanges—alongside OKX, Bybit, and Gate.io—to offer full Unified Trading Account (UTA) functionality to all users. This milestone reflects BloFin’s rapid product innovation and its commitment to delivering an institutional-grade trading experience, engineered for performance, capital efficiency, and operational flexibility.

    The latest update marks the complete rollout of Unified Trading Account Mode for all sub-accounts, allowing for the seamless management of Spot and Perpetual Futures positions within a single interface. At the same time, BloFin has officially launched Cross-Currency Margin Mode for sub-accounts, allowing users to utilize multiple asset types as collateral, enhancing margin efficiency and improving risk management across positions.

    To ensure a seamless transition and support a wide range of user preferences, the Master Account will continue operating under the traditional mode, ensuring a balanced experience for both new users and long-time traders. Sub-accounts, on the other hand, offer access to advanced features under the UTA framework.

    To accommodate diverse trading needs, BloFin offers three distinct account modes:

    • Spot Trading Mode – Tailored for users trading without leverage. This mode supports only spot trading and does not permit access to perpetual futures, copy trading (as trader or follower), trading bots, or the use of futures bonuses or vouchers.
    • Spot and Futures Trading Mode (Default) – Provides access to both spot and perpetual futures trading, along with copy trading functionality, trading bots, and the ability to utilize futures bonuses and vouchers. This mode also supports Single-Currency Margin, enabling users to consolidate margins across positions with the same settlement asset and offset unrealized PnL.
    • Multi-Currency Margin Mode – Available to accounts with an equity balance of 10,000 USDT or more, this mode allows users to post multiple cryptocurrencies as collateral for perpetual futures trading. Collateral is valued in USD, and margin obligations are shared across positions settled in different currencies. This mode enables cross-asset PnL offsetting but may also introduce spot trading liabilities and cross-currency liquidation risk.

    Together, these account modes provide traders with flexible, professional-grade tools to match their strategy, capital size, and risk appetite, underscoring BloFin’s ongoing commitment to building a comprehensive and customizable trading ecosystem.

    About BloFin
    ​BloFin is a top-tier cryptocurrency exchange that specializes in futures trading. The platform offers 480+ USDT-M perpetual pairs, spot trading, copy trading, API access, unified account management, and advanced sub-account solutions. Committed to security and compliance, BloFin integrates Fireblocks and Chainalysis to ensure robust asset protection. By partnering with top affiliates, BloFin delivers scalable trading solutions, efficient fund management, and enhanced flexibility for professional traders. ​As the constant sponsor of TOKEN2049, BloFin continues to expand its global presence, reinforcing its position as the place “WHERE WHALES ARE MADE.” For more information, visit BloFin’s official website at https://www.blofin.com.

    Follow us X（Twitter）｜Telegram｜Instagram｜YouTube

    Contact:
    Annio W.
    annio@blofin.io

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/20355f39-b2ac-4b00-a620-44463c0f993d

    The MIL Network –

  • MIL-OSI: XRP News: XploraDEX Kicks Off Token Distribution—Presale Still Open for 7 More Days as Early Access Phase Expands

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, April 22, 2025 (GLOBE NEWSWIRE) — In a major milestone for the XploraDEX ecosystem, the $XPL Token distribution has officially begun. Early backers are now receiving their tokens as part of the initial wave of the platform’s rollout, marking the start of a highly anticipated shift from fundraising to activation. This token distribution phase will span the next 7 days, during which new investors still have a final opportunity to participate in the presale round at the original entry price.

    XploraDEX, the first AI-powered decentralized exchange native to the XRP Ledger, has taken the crypto world by storm over the past month, as Xploradex project has gained a strong reputation as the most innovative DeFi platform preparing to launch on XRPL.

    Purchase $XPL Token

    The distribution of $XPL tokens signals more than just delivery—it marks the beginning of real utility. Holders of $XPL will gain early access to a series of features rolling out in phases, including AI-enhanced trading dashboards, staking protocols, and advanced liquidity tools.

    Key highlights of the 7-day distribution and extended presale phase include:

    • Real-Time Token Distribution: Wallets are already being funded with $XPL tokens in batches, with full distribution expected to conclude within 7 days.
    • Presale Still Open: New investors can still join the presale before it officially ends, but only during this final 7-day window.
    • Upcoming Staking Pools: XploraDEX will launch staking options shortly after distribution concludes, rewarding early holders who commit to the ecosystem.
    • Governance Activation: $XPL holders will have the opportunity to vote on ecosystem upgrades and protocol proposals.
    • AI Dashboard Preview: A select group of early participants will be invited to test beta versions of the AI trading tools.

    Join $XPL Presale Now

    The $XPL presale has already drawn in thousands of wallets and notable XRP whales. The token’s unique position as the first AI-driven utility asset on XRPL has attracted traders, DeFi enthusiasts, and long-term ecosystem believers.

    “This next 7-day window is the final onboarding phase for the earliest supporters of the XploraDEX revolution,” said a spokesperson from the team. “Those who secure $XPL during this window will be part of the protocol from the beginning—not just as users, but as stakeholders.”

    Participate in $XPL Presale

    For those who believe in AI-driven DeFi, high-speed trading infrastructure, and community-first development, this is the final call to be part of XploraDEX’s foundational round.

    Secure Your $XPL Tokens Before the Presale Closes: https://sale.xploradex.io

    Live Updates on Launch: Website | $XPL Token Presale | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d359138-3d74-497f-a7d4-b3319531a664

    The MIL Network –

  • MIL-OSI Security: Wisconsin Man Pleads Guilty to Possession of Chemical Weapon Precursors

    Source: Office of United States Attorneys

    Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced that on April 21, 2025, United States District Judge Brett Ludwig accepted the guilty plea of James Morgan (formerly Karactus Blome) to one count of possession of chemical weapon precursors—chemicals that combine to create chlorine and chlorine gas—not intended for peaceful purposes, in violation of Title 18, United States Code, Section 229(a).

    According to court documents, on December 21, 2023, the Federal Bureau of Investigation (FBI) executed a search warrant at Morgan’s storage unit and found the precursor chemicals. Morgan had studied chemistry at the University of Wisconsin–Whitewater and had described himself as a weapon designer who did not need a conventional weapon. In a video, Morgan displayed the chemicals and said they were for making a lot of chlorine very quickly. In messages in 2022, he said that what he had was “scary,” and that the chemicals react to produce a lot of chlorine gas, which can be “effective if your enemy is not ready for it.” He sent links for purchasing the chemicals and discussed the amounts needed to make a lot of chlorine gas really fast. In messages in 2023, Morgan discussed a plan to defeat the government, if it came for his guns, by producing a large amount of chlorine that he claimed could be used against approximately twenty government agents. The FBI Laboratory determined that the chemicals Morgan possessed could produce a large amount of chlorine that could result in rapid, serious health effects, including death.

    Sentencing is scheduled for August 1, 2025, before Judge Ludwig. Morgan faces up to life in prison, a $250,000 fine, and five years of supervised release after any period of imprisonment.

    The FBI, the Janesville Police Department, and the Whitewater Police Department investigated the case, which also resulted in Morgan’s conviction for possession of destructive devices in the Western District of Wisconsin. 

    Assistant U.S. Attorney John Scully is prosecuting the case in the Eastern District of Wisconsin, Assistant U.S. Attorney Meredith Duchemin prosecuted the case in the Western District of Wisconsin, and Trial Attorney Justin Sher of the National Security Division, Counterterrorism Section, assisted on both prosecutions.

    ###

    For further information contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    (414) 297-1700

    Follow us on Twitter

    MIL Security OSI –

  • MIL-OSI: XenDex Reveals the Problems It Aims to Tackle on the XRP Ledger, and Its Token Use Cases

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 22, 2025 (GLOBE NEWSWIRE) — The Ripple (XRP) Ledger has been existing for more than a decade, and has also been long celebrated for its speed, low transaction costs, and scalability. However, as decentralized finance (DeFi) continues to evolve, the XRP Ledger has yet to offer the full suite of tools and functionality seen on other leading blockchains like Ethereum or BNB Chain. Specifically, Ripple lacks a native lending and borrowing platform, as well as AI-assisted trading tools, both of which are now standard expectations in modern DeFi ecosystems.

    This is where XenDex comes in; combining these functions and offering an interface where users can optimally maximize the functions being offered by XenDex.

    Visit XenDex Website & Join Telegram Community

    XenDex is the first all-in-one non-custodial decentralized exchange (DEX) built on the XRP Ledger, offering features like AI-powered copy trading, lending and borrowing, staking, and governance — all in one seamless platform. It’s designed to be fast, user-friendly, and perfect for both beginners and experienced crypto users. It is powered by its native token $XDX, XenDex gives its users full control over trading, decision-making, and earning rewards, making it the DeFi engine XRP has been missing.

    XenDex: Solving Real Problems on XRPL

    The team behind the development of XenDex identified some features and utilities which the Ripple ecosystem has long been lacking, and decided to band together with the aim of providing these features, and solving a few other problems which has been existing on the Ripple ecosystem. XenDex is not just another decentralized exchange, but it is the first all-in-one DeFi solution on the XRP Ledger, combining essential features such as:

    • Non-custodial lending and borrowing
    • AI-powered copy trading
    • Liquidity farming and staking
    • Spot and perpetual trading with AMM technology
    • Governance via DAO
    • Cross-chain swaps and future interoperability

    Join XenDex Community On Telegram

    $XDX Primary Use Cases And Advantages

    The native utility token of XenDex, $XDX, fuels the entire ecosystem. Holding $XDX gives users a wide range of advantages, including but not limited to:

    • Governance rights – giving holders real control to vote on listings, upgrades, etc.
    • DeFi Applications – used in our DeFi applications and functions, allowing users to borrow, lend, and trade within the ecosystem.
    • Staking rewards – earn passive income by providing liquidity to our pool
    • Trading benefits – reduced fees while using our platform, access to exclusive and premium features

    An Interface Built for Everyone

    One of XenDex’s standout strengths is its user-first interface. The app is designed to be sleek, fast, and incredibly easy to use, even for individuals transitioning from Web2. From real-time trading to lending dashboards, everything is accessible with clean navigation, no need for technical knowledge or third-party help. Onboarding on XenDex is seamless and frictionless.

    Why You Should Join the XenDex Community

    XenDex is fundamentally community-driven platform developed on the Ripple blockchain, and joining early offers major advantages such as:

    • Feeling among and being part of a like-minded community
    • Stay informed with first-hand updates and know more about XenDex through AMAs
    • Participate in events, contests, and community games
    • Get airdrops and other community rewards
    • Help shape the project’s future through community governance

    Follow Us On Our Socials Below:

    Website: https://xendex.net
    Telegram: https://t.me/XenDexCommunity
    Twitter: https://x.com/XenDex_XRP

    Contact:
    Frank Richards
    Frank@xendex.net

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

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    The MIL Network –

  • MIL-OSI USA: A Leader of Notorious Philadelphia ‘10th and O Crew’ Sentenced to Six Years for Opioid Drug Conspiracy

    Source: US State of California

    A South Philadelphia man was sentenced yesterday in the District of New Jersey to six years in prison for conspiracy to distribute oxycodone, a highly addictive controlled substance. 

    According to court documents, between January 2022 and February 2024, Michael Procopio, 50, coordinated the unlawful sale of prescription oxycodone pills as a leader of South Philadelphia’s notorious “10th and O Crew.” Procopio obtained the pills from doctors’ offices in the area. He then unlawfully distributed them through a network of intermediaries. In February 2024, during a search of Procopio’s residence pursuant to a search warrant, law enforcement found oxycodone, Adderall (amphetamine and dextroamphetamine), and other drugs stored in a safe concealed in a hollowed-out dictionary. During the execution of the search warrant, Procopio stated, “take me to jail” and “I f***ed up.”

    Pursuant to the U.S. Sentencing Guidelines, one gram of actual oxycodone is equivalent to 6,700 grams of converted drug weight. Procopio admitted to distributing approximately 14,925 milligrams of oxycodone, which equates to between 80 and 100 kilograms of opioids by converted drug weight.

    “The defendant led a criminal ‘crew’ that diverted addictive prescription drugs to sell on the streets of Philadelphia,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “The unlawful distribution of opioids ravages communities, whether it’s fentanyl from overseas or prescription oxycodone obtained from a doctor. The Department of Justice is committed to working with our law enforcement partners to eradicate the illegal sale of these dangerous drugs.” 

    In June 2024, Procopio pleaded guilty to conspiracy to unlawfully distribute controlled substances. Court documents show that Procopio was previously convicted of sexual assault in Pennsylvania.  

    Special Agent in Charge Wayne Jacobs of the Federal Bureau of Investigation’s (FBI) Philadelphia Field Office and Special Agent in Charge Cheryl Ortiz of the Drug Enforcement Administration (DEA) New Jersey Field Division joined the announcement.

    The FBI, DEA, and the Pennsylvania Office of Attorney General, Medicaid Fraud Control Unit investigated the case.

    Trial Attorneys Paul J. Koob and Nicholas K. Peone of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with the Department of Health and Human Services’ Office of Inspector General, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Average Total Loans

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

    Total Loans Outstanding

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

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

    Average Total Deposits

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

    Total Deposits

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

    Shareholders’ Equity

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

    Book Value Per Share

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

    Tangible Common Equity to Tangible Asset Ratio

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

    Net Interest Income

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

    Net Interest Margin

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

    Nonperforming Loans

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

    Credit Loss Provision

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

    Net Charge-Offs

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

    Allowance for Credit Losses

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

    Non-Interest Income

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

    Non-Interest Expense

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

    Efficiency Ratio

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

    Income Taxes

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

    About First Financial Corporation

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI Security: A Leader of Notorious Philadelphia ‘10th and O Crew’ Sentenced to Six Years for Opioid Drug Conspiracy

    Source: United States Department of Justice Criminal Division

    A South Philadelphia man was sentenced yesterday in the District of New Jersey to six years in prison for conspiracy to distribute oxycodone, a highly addictive controlled substance. 

    According to court documents, between January 2022 and February 2024, Michael Procopio, 50, coordinated the unlawful sale of prescription oxycodone pills as a leader of South Philadelphia’s notorious “10th and O Crew.” Procopio obtained the pills from doctors’ offices in the area. He then unlawfully distributed them through a network of intermediaries. In February 2024, during a search of Procopio’s residence pursuant to a search warrant, law enforcement found oxycodone, Adderall (amphetamine and dextroamphetamine), and other drugs stored in a safe concealed in a hollowed-out dictionary. During the execution of the search warrant, Procopio stated, “take me to jail” and “I f***ed up.”

    Pursuant to the U.S. Sentencing Guidelines, one gram of actual oxycodone is equivalent to 6,700 grams of converted drug weight. Procopio admitted to distributing approximately 14,925 milligrams of oxycodone, which equates to between 80 and 100 kilograms of opioids by converted drug weight.

    “The defendant led a criminal ‘crew’ that diverted addictive prescription drugs to sell on the streets of Philadelphia,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “The unlawful distribution of opioids ravages communities, whether it’s fentanyl from overseas or prescription oxycodone obtained from a doctor. The Department of Justice is committed to working with our law enforcement partners to eradicate the illegal sale of these dangerous drugs.” 

    In June 2024, Procopio pleaded guilty to conspiracy to unlawfully distribute controlled substances. Court documents show that Procopio was previously convicted of sexual assault in Pennsylvania.  

    Special Agent in Charge Wayne Jacobs of the Federal Bureau of Investigation’s (FBI) Philadelphia Field Office and Special Agent in Charge Cheryl Ortiz of the Drug Enforcement Administration (DEA) New Jersey Field Division joined the announcement.

    The FBI, DEA, and the Pennsylvania Office of Attorney General, Medicaid Fraud Control Unit investigated the case.

    Trial Attorneys Paul J. Koob and Nicholas K. Peone of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with the Department of Health and Human Services’ Office of Inspector General, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI: SEMCAP Launches SEMCAP AI to Capitalize on the Transformative Power of Artificial Intelligence

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, April 22, 2025 (GLOBE NEWSWIRE) — SEMCAP announces its new AI investment strategy, SEMCAP AI, to capitalize on the burgeoning Artificial Intelligence revolution that is fundamentally changing the way businesses operate, while tapping its decades of strong technology investment acumen. The investor announces this new vertical investment strategy alongside its other platforms focused on Food & Nutrition and Healthcare. Notably, SEMCAP AI will absorb the firm’s legacy Education strategy, and Education will be one area of focus for SEMCAP AI.

    SEMCAP AI targets influential investment stakes in high-growth, next generation AI platforms, with the majority of deals expected to be growth equity stage. This focus will include AI business applications, vertical solutions, and AI infrastructure solutions disrupting how businesses operate, increasing sales, boosting productivity and transforming entire markets.

    “As a team, we’ve been fortunate to be part of early tech-driven transformations and are very excited to tap into our tech roots and embrace the power of AI as the next major wave of disruption,” said Walter “Buck” Buckley, SEMCAP co-founder and co-CIO. “Having been around this block a few times, we understand the value of coupling transformative technologies with strong operating expertise to drive outsized growth. We firmly believe that AI has the potential be the greatest wave yet—and the biggest force of change we will witness in our lifetime.”

    Drawing on the team’s decades of experience investing in and leading technology businesses, SEMCAP AI takes influential positions in high growth businesses that have established product-market fit, demonstrated strong ROI for customers, have the potential to be market leaders, and the profound ability to transform entire industries. SEMCAP AI drives strong alignment with management and leverages active post-investment value creation and governance in seeking to maximize and accelerate the performance of its portfolio companies.

    SEMCAP AI Investment Team

    SEMCAP AI’s investment team is led by SEMCAP co-founders and co-CIOs, Buckley and Cyrus Vandrevala, as well as Managing Partner, Vince Menichelli, Managing Directors John Loftus, Erik Rasmussen and Abraham Kromah and Operating Partner, Bader Al-Rezaihan. Together members of this team have decades of shared experience building and investing in technology business while officers at Safeguard Scientifics, ICG and later Actua Corporation. SEMCAP AI has offices across the globe including in Wayne, Pennsylvania, Kuwait and Vancouver. In order to more fully capitalize on the enormous opportunity within AI, SEMCAP AI has partnered with Wayve Capital to offer public investment opportunities, in addition to their core offering of private investment strategies. The partnership also enables the teams to opportunistically source proprietary deals in the AI space through their vast respective networks.

    SEMCAP AI Strategic Operating Advisors

    The investor has also assembled a diverse, influential and well-connected team of Strategic Operating Advisors to assist in the sourcing and vetting of potential investment opportunities, while also working closely with portfolio companies to create value and lasting impact, post-investment. This includes providing targeted strategic support, strengthening management teams, expanding customer pipelines and providing access to the industry’s key decision makers. SEMCAP AI’s Strategic Operating Advisors hail from disparate but significant industries, ripe for transformation, and represent sectors where we expect accelerated transformation driven by artificial intelligence. SEMCAP AI’s advisors include:

    • Sylvia Acevedo is an engineer, advocate for girls’ STEM education, and a lifelong Girl Scout. She worked in leadership positions at a number of technology companies, such as Apple, Dell, and IBM, and served as head of the Girl Scouts of the United States of America. In 1983 she became one of the first Hispanic students—male or female—to earn a graduate degree in engineering from Stanford University. Acevedo was named the 2018 Cybersecurity Person on the Year. She was also named a 2019 Notable Woman in Tech by Crain’s magazine and one of the 100 Most Influential Latinas by Latino Leaders magazine in 2020.
    • Samantha Bradely serves as managing director of RealmSpark, a business unit of ASU Enterprise Partners that facilitates the capital investments necessary to fuel ASU’s modalities of learning. She brings years of experience in private equity, including with firms managing billions of dollars in assets, such as Truvvo Partners and Baron Capital.
    • Harry Keiley currently serves as chairman of the California State Teachers’ Retirement System (CalSTRS) Investment Committee, the largest educator-only pension fund in the world, with more than $300 Billion in assets under management. His previous positions include Chaiman of the Board of CalSTRS and multiple terms as President of the Santa Monica Classroom Teachers Association.

    SEMCAP AI’s Investment in Arcana Labs

    In conjunction with the launch of this new vertical investment strategy, SEMCAP AI recently announced that it led a $5.5 million investment round in Arcana Labs, a leading generative AI creative studio transforming the film and production industry. Arcana is revolutionizing key steps in the filmmaking process with its all-in-one generative AI tools, which were purpose-built for the film industry’s unique creative needs from pre-production to post-production. Buckley will join the Acana Board of Directors and Menichelli will serve as a Board observer.

    “From our first meeting with Buck and the SEMCAP team, we knew we had found partners who truly understood our vision for revolutionizing the creative industry with AI,” said Jonathan Yunger, co-founder and CEO of Arcana Labs. “Their deep expertise and strategic networks across multiple verticals, combined with their genuine enthusiasm for empowering artists through technology, makes them the ideal partner for Arcana’s next phase of growth. In a time when AI’s potential seems limitless, SEMCAP shares our commitment to putting Arcana’s powerful tools in the hands of artists while preserving the unmatched power of human creativity. SEMCAP’s partnership and guidance will help us accelerate our mission of making artist-driven AI accessible to creators and professionals everywhere.”

    “We are thrilled to officially launch SEMCAP AI and announce our investment in Arcana, which exemplifies the type of company that SEMCAP AI will seek to invest in moving forward. Arcana is delivering significant ROI to its customers and unequivocally transforming the film and production industry. Beyond that we believe it has the power to also completely upend multiple other markets like advertising, branding, interior design, and gaming,” said Buckley. “Additionally, I have been fortunate enough to witness firsthand how Arcana’s platform is revolutionizing the nearly $300 Billion global film industry through my work on a docuseries about George Washington. Using their platform, we were able to reduce our production time and costs by almost 90%, while producing a historically accurate and realistic end-product. We look forward to collaborating with Jonathan and the Arcana team to support and accelerate their growth and help transform the industry.”  

    About SEMCAP

    SEMCAP AI invests in high-growth, next-generation AI companies that are disrupting how businesses operate, boosting productivity and transforming markets. Led by a highly skilled investment team with deep operating and investing experience in technology and AI, the team provides unique deal insight and support for strategic partnering and enhanced growth. SEMCAP AI is one of SEMCAP’s three platforms – AI, food & nutrition and health. SEMCAP is a growth equity platform committed to investing across sectors that have the greatest impact on society.

    About Arcana

    Arcana Labs is an artist-driven AI company that empowers creators with model agnostic AI-powered creative tools. Founded by a braintrust of tech nerds and Hollywood blockbuster filmmakers, Arcana Labs is revolutionizing the AI art space by marrying traditional creative processes with the magic of AI, empowering Artist-driven AI, rather than AI-driven art. The company’s flagship product, Arcana AI, gives artists an all-in-one, “AI production company in a box,” with sleek, easy-to-use tools that assist artists rather than replace them. https://www.arcanalabs.ai/

    This release is provided for informational purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive and no representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The views expressed are as of April 22, 2025, and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves significant risks.

    ©2025 Seminal Capital Holdings, LLC. All rights reserved. SEMCAP is a trademark of Seminal Capital Holdings, LLC.

    Media contact:
    Michelle Musburger
    michelle@musburger.com
    773.230.0629

    The MIL Network –

  • MIL-OSI: SUNation Energy Signs Letters of Intent with Energy Systems Group to Construct 2.35 MWDC of Solar Projects at Two Prominent School Districts on Long Island, NY

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — SUNation Energy, Inc. (Nasdaq: SUNE), a leading provider of sustainable solar energy and backup power solutions for households, businesses, and municipalities, has signed separate Letters of Intent (LOI) with Energy Systems Group (ESG), an award-winning energy services company, for the deployment of over 2.35 MWs of solar power at two school districts on Long Island.

    Collectively, these installations are designed to deliver 3 megawatt hours (MWHs) of clean solar energy across 10 buildings that would offset a substantial majority of each district’s energy needs.

    The projects under LOI are:

    • A total of seven (7) schools and facility buildings within a prominent school district on Long Island for a total generation potential of 1.3 MW. The system will be comprised of rooftop solar arrays. Upon completion, this installation would generate approximately 1,687,723 kwh/year which would provide an estimated 75.85% energy offset for the district.
    • A total of three (3) buildings within another Long Island-based school district for a total generation potential of 1.057 MW. The system will be comprised of rooftop solar arrays. Upon completion, the installation would generate approximately 1,371,712 kwh/year which would provide an offset of an estimated 87.3% of the district’s energy needs.

    “We are convinced that there is a strong institutional demand for commercial-scale solar projects that deliver value,” SUNation Energy CEO Scott Maskin said. “These districts deserve the benefits of solar energy, and we’re happy to deliver. We look forward to working with our partners at ESG and these school districts to advance the approval process and secure a cleaner, greener future for our neighbors in these communities.”

    Mr. Maskin concluded, “We are proud to add both of these projects into our significant portfolio of Long Island school districts in the SUNation family.”

    The projects contemplated by these Letters of Intent are subject to a variety of factors, including, but not limited to, ongoing discussions between the parties and the signing of definitive agreements.

    About SUNation Energy, Inc.
    SUNation Energy, Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

    About Energy Systems Group (ESG)
    Energy Systems Group (ESG) is a leading provider of performance-driven energy and infrastructure solutions nationwide. We design, build, and guarantee solutions that improve the reliability, efficiency, and lifespan of critical facilities in the education, government, healthcare, commercial, and industrial sectors. With a commitment to delivering reliable and proven solutions, Energy Systems Group takes a comprehensive approach to facility transformation. Visit energysystemsgroup.com to learn more.

    Forward Looking Statements 
    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

    Safe Harbor Statement
    Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, including, but not limited to, the risk that SUNation may not be able to enter into definitive agreements to commence these solar installations, and that the projects being contemplated will not generate the expected levels of energy or deliver the anticipated financial benefits. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

    Contacts:
    Scott Maskin
    Chief Executive Officer
    +1 (631) 823-7131
    smaskin@sunation.com

    SUNation Energy Investor Relations
    +1 (212) 836-9600
    IR@sunation.com

    The MIL Network –

  • MIL-OSI: Enlight to Supply Vishay with $105m of Clean Power Over 12 Years

    Source: GlobeNewswire (MIL-OSI)

    TEL AVIV, Israel, April 22, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced that it has signed an agreement with Vishay Israel Ltd. for the supply of electricity valued at approximately $105m for a period of 12 years, and includes an option to significantly increase consumption volumes over the life of the contract.

    Vishay joins other leading entities in Israel that have signed clean electricity supply agreements with Enlight in recent months, including the Weizmann Institute of Science, NTA Metropolitan Mass Transit, Amdocs, Big Shopping Centers, SodaStream, and Applied Materials.

    Enlight, which owns the largest portfolio of renewable energy assets in Israel, is leading the transition of the country’s economy to clean power following the electricity market’s deregulation, which allows large consumers to enter into direct supply agreements with power producers.

    The agreement with Enlight will help Vishay,  one of the world’s largest manufacturers of discrete semiconductors and passive electronic components, to significantly reduce its electricity costs Israel. In addition, the related reduction in emissions will be equivalent to planting approximately 740,000 new trees per year or removing about 17,000 fuel-powered vehicles from the road each year.

    Gilad Peled, CEO of Enlight MENA, commented, “Enlight congratulates Vishay, one of the largest electronic component manufacturers in the world, on its decision to switch its plants in Israel to clean and environmentally friendly energy. This deal follows a series of agreements we have reached with some of the highest-quality companies in Israel. These firms have chosen to lead on environmental responsibility, and are an example to the entire economy. In addition to its environmental benefits, the agreement with Enlight will allow Vishay’s plants in Israel to save millions of dollars on their electricity bills, and serves as another example of how renewable energy increases competition and reduces power costs in Israel.”

    Boaz Bazak, Director of IEHS, Vishay Israel, commented, “The agreement marks a significant step in our ongoing commitment to sustainability and energy efficiency. This partnership will provide our manufacturing facilities with clean, reliable energy at lower rates, enhancing our operational efficiency and reducing our environmental impact. It aligns perfectly with our mission to promote sustainability and reduce our carbon footprint. By securing renewable electricity at a discounted price, we can continue to grow while supporting global efforts to combat climate change.”

    About Enlight Renewable Energy

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

    About Vishay Intertechnology

    Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.vishay.com.

    Contacts:

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Intapp to announce fiscal third quarter 2025 financial results on May 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Intapp, Inc., (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, will report fiscal third quarter 2025 financial results after the market close on May 6, 2025. On that day, management will host a webcast at 5 p.m. ET to discuss the company’s business and financial results.

    Investors and other interested parties can access the webcast as follows:

    What: Intapp fiscal third quarter 2025 financial results earnings webcast

    When: Tuesday, May 6, 2025

    Time: 5 p.m. ET

    Live webcast: Investors | Intapp, Inc.

    Replay: An archived webcast of the event will be accessible from the “news and events” section of the company’s investor relations website at Investors | Intapp, Inc. The replay will be available for 90 days following the live presentation.

    About Intapp

    Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.

    Investor contact 

    David Trone
    Senior Vice President, Investor Relations
    Intapp, Inc.
    ir@intapp.com

    Media contact

    Ali Robinson
    Global Media Relations Director
    Intapp, Inc.
    press@intapp.com

    The MIL Network –

  • MIL-OSI: AvePoint Adds New Data Security and Management Capabilities to the Elements Platform for MSPs

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., April 22, 2025 (GLOBE NEWSWIRE) — AvePoint (NASDAQ: AVPT), the global leader in data security, governance and resilience, today announced new capabilities available in the AvePoint Elements Platform, empowering managed service providers (MSPs) to simplify user lifecycle management and unify device management across tenants with security and scale. Additional capabilities underscore AvePoint’s continued investment into its channel business, building upon the completed acquisition of Ydentic in January 2025 and release of the next-generation Elements platform in February 2025.

    The managed security services market is expected to grow to $56.6 billion by 2027, with over 80% of MSPs currently offering managed detection and response services and virtually all planning to add these services to their portfolio. In partnership with AvePoint, MSPs can secure client data and build additional service offerings to tap into this rapidly expanding market opportunity.  

    “As technology advances and security challenges intensify, MSPs face increasing pressure to scale operations, enhance security, and unlock new revenue streams,” said Scott Sacket, Senior Vice President of Partner Strategy, AvePoint. “The newest additions to the AvePoint Elements Platform give MSPs and channel partners the edge they need to drive business growth and augment their service offerings – by securing, managing, and protecting clients’ critical business data.”

    Two new management capabilities are generally available today in the AvePoint Elements Platform:

    • Simple, Secure User Lifecycle Management: The new User Lifecycle Management capabilities within the AvePoint Elements Platform address the complexities MSPs face in onboarding, security, and governance by automating user provisioning and management. This solution enables MSPs to enforce Multi-Factor Authentication (MFA), revoke active sessions, and ensure secure, efficient user lifecycle management across all customer environments. Using intelligent automation and centralized management tools, MSPs can significantly reduce administrative overhead, enhance operational efficiency, and ensure robust security, ultimately accelerating profitability and efficiency.
    • Unified Device Management and Security: The new Device Management capabilities within the AvePoint Elements Platform provide centralized oversight of devices across multiple tenants, addressing the need for streamlined operations and reduced manual intervention for MSPs. This integration automates tasks such as configuring compliance policies, deploying applications, and enforcing security measures. Key capabilities include remote device wipes, defender scans, and policy synchronization, ensuring consistent security across tenants. With these advanced features, MSPs can enhance operational efficiency, maintain robust security, and scale their services seamlessly.

    “AvePoint continues to develop solutions purpose-built for partners that benefit everyone who uses Microsoft technology,” Heather Deggans, VP ISV Partnerships at Microsoft. “With the latest enhancements to the AvePoint Elements Platform, partners can deliver more intelligent and proactive data security, governance and management strategies to their customers. This level of automation and efficiency in one single solution allows users to forge more effective and resilient digital workplaces and make the most of their Microsoft investments.”

    For more information on AvePoint Elements, visit the website.

    About AvePoint:

    Beyond Secure. AvePoint is the global leader in data security, governance, and resilience, going beyond traditional solutions to ensure a robust data foundation and enable organizations everywhere to collaborate with confidence. Over 25,000 customers worldwide rely on the AvePoint Confidence Platform to prepare, secure, and optimize their critical data across Microsoft, Google, Salesforce, and other collaboration environments. AvePoint’s global channel partner program includes approximately 5,000 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K. Copies of this and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. This filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint,” “the Company,” “we,” “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Disclosure Information

    AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI: Natural Gas Services Group Announces Expansion of Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    Midland, Texas, April 22, 2025 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”), a premier provider of natural gas compression equipment, technology, and services to the energy industry, announced today it has closed on a $100 million expansion of its existing credit facility (the “Facility”), bringing the total commitments to $400 million with an enlarged accordion of $100 million. The expanded Facility enhances the Company’s financial flexibility and provides additional capital to support ongoing fleet growth, particularly in its large horsepower and electric drive rental compression units.

    “We are pleased to announce the expansion and amendment of our credit facility, particularly considering recent financial market volatility and general economic uncertainty. This additional capital supports continued investment in our large horsepower and electric drive rental equipment fleet as we continue to drive organic growth and market share gains while improving our customer experience. Additionally, the amended Facility provides improved economics and terms, including a 50 to 75 basis point reduction in interest rates at comparable leverage levels and a more flexible leverage covenant beginning mid-2026.”

    Mr. Jacobs continued, “On behalf of the entire Company, I want to thank our lenders, both existing and new. The amendment of our Facility, especially given markets conditions, reflects the confidence our lending partners have in our business and our future prospects. We remain focused on executing our strategic plan and driving value for all stakeholders. We look forward to reporting our first quarter 2025 results next month.”

    The amendment was effective as of April 18, 2025.

    About Natural Gas Services Group, Inc. (NGS)
    Natural Gas NGS is a leading provider of natural gas compression equipment, technology, and services to the energy industry.  The Company rents, operates and maintains natural gas compressors for oil and gas production and processing facilities. In addition, the Company designs and assembles compressor units for rental to its customers and provides aftermarket services in the form of call-out services on customer-owned equipment as well as commissioning of new units for customers. NGS  is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, a rebuild shop located in Midland, Texas, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.

    For More Information, Contact:
    Anna Delgado, Investor Relations
    (432) 262-2700

    ir@ngsgi.com www.ngsgi.com

    The MIL Network –

  • MIL-OSI: Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Mifflintown, PA, April 22, 2025 (GLOBE NEWSWIRE) —  Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”), announced net income for the three months ended March 31, 2025 of $2.0 million, an increase of 48.2%, compared to net income of $1.4 million for the three months ended March 31, 2024. Earnings per share, basic and diluted, for the three months ended March 31, 2025 was $0.40 compared to $0.27 reported for the three months ended March 31, 2024.

    President’s Message

    President and Chief Executive Officer, Marcie A. Barber stated, “We are pleased to announce first quarter net income of $2.0 million which represents a nearly 50% increase over the same quarter last year. This improvement is due in part to disciplined loan and deposit pricing which resulted in the reversal of a two-year trend of net interest margin compression. Additionally, our continued efforts to increase fee income and improve efficiency resulted in a 3.9% increase in noninterest income and a 9.2% decrease in noninterest expense. Our credit quality remains strong with nonperforming loans totaling 0.1% of the total loan portfolio and delinquent and nonperforming loans comprising 0.4%. Our focus for the remainder of 2025 is to accelerate loan growth, especially in the State College and Harrisburg regions, while maintaining our excellent credit quality. We also intended to actively communicate with and provide customized service to our customers due to the current economic uncertainty, continue the improvements in fee generation and the containment of operating expenses, while exploring opportunities for expansion.”

    Financial Results for the Quarter

    Annualized return on average assets for the three months ended March 31, 2025 was 0.94%, compared to 0.63% for the three months ended March 31, 2024. Annualized return on average equity for the three months ended March 31, 2025 was 16.55%, compared to 13.38% for the three months ended March 31, 2024.

    Net interest income increased by 5.1%, to $5.8 million for the three months ended March 31, 2025 compared to $5.5 million for the three months ended March 31, 2024. Average interest earning assets decreased 1.7%, to $842.6 million, for the three months ended March 31, 2025 compared to the same period in 2024, due to a decrease of $18.2 million, or 5.7%, in average investment securities as principal paydowns on the mortgage-backed securities portfolio were used for funding needs rather than being reinvested into the securities portfolio. Average interest bearing liabilities decreased by $16.1 million, or 2.6%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease was primarily due to a decline of $23.9 million, or 29.9%, in average borrowings and other interest bearing liabilities, which was partially offset by an increase in average time deposits of $17.3 million, or 8.7%, for the three months end March 31, 2025 compared to the three months ended March 31, 2024.

    The yield on earning assets increased 19 basis points, to 4.42%, for the three months ended March 31, 2025 compared to same period last year driven by an increase in loan yields of 24 basis points, while the cost to fund interest earning assets with interest bearing liabilities increased two basis points, to 2.26%, aided by the 100 basis point decline in the federal funds rate between the three months ended March 31, 2025 and 2024. The net interest margin, on a fully tax equivalent basis, increased from 2.63% for the three months ended March 31, 2024 to 2.83% for the three months ended March 31, 2025.

    Juniata recorded a credit loss expense of $104,000 for the three months ended March 31, 2025 compared to a credit loss expense of $120,000 for the three months ended March 31, 2024.

    Non-interest income was $1.3 million for both the three months ended March 31, 2025 and March 31, 2024. Most significantly impacting non-interest income in the comparative three month periods were increases of $89,000 in customer service fees due to an increase in the collection of overdraft and checking account fees, as well as $24,000 in trust fees. Partially offsetting these increases between the comparative three month periods was a decline of $56,000 in fees derived from loan activity due to decreases in title insurance commissions, a derivative credit adjustment and loan referral fees in the 2025 period.

    Non-interest expense was $4.7 million for the three months ended March 31, 2025 compared to $5.2 million for the three months ended March 31, 2024, a decrease of 9.2%. Most significantly impacting non-interest expense in the comparative three month periods were decreases in employee compensation and benefits expenses of $233,000 and $99,000, respectively. The primary drivers for these declines were decreases in employee compensation expenses compared to the 2024 period, with the 2024 expenses being elevated due to overtime pay from the core conversion and optimizing staffing levels, and employee benefits expense due to a decrease in medical claims expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Also contributing to the decrease in non-interest expense between the comparative three month periods were decreases of $48,000 in professional fees and $34,000 in the provision for unfunded commitments recorded in other non-interest expense. Partially offsetting these decreases for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was an increase of $74,000 in equipment expense primarily due to an increase in depreciation and ATM expenses attributable to the core conversion in March 2024.

    An income tax provision of $371,000 was recorded for the three months ended March 31, 2025 compared to $201,000 recorded for the three months ended March 31, 2024. The increase between the comparative three month periods was primarily due to more taxable income recorded in the 2025 period. Juniata qualifies for a federal tax credit for investments in low-income housing partnerships. The tax credit was $82,000 for both the three months ended March 31, 2025 and March 31, 2024.

    Financial Condition

    Total assets as of March 31, 2025 were $854.0 million, an increase of $5.1 million compared to total assets of $848.9 million as of December 31, 2024. Cash and cash equivalents increased $2.5 million, or 22.8%, while total loans increased by $5.1 million, or 1.0%, as of March 31, 2025 compared to December 31, 2024. Total deposits increased by $728,000, or 0.1%, as of March 31, 2025 compared to December 31, 2024, while short-term borrowings and repurchase agreements increased by $1.8 million, or 4.4%, primarily due to increased balances in repurchase agreement accounts. At March 31, 2025, total capital increased $2.7 million, or 5.8%, compared to year-end 2024 due to an increase in retained earnings and a decline in other comprehensive losses.

    Juniata maintains a strong liquidity position and, as of March 31, 2025, had additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $213.3 million and with the Federal Reserve’s Discount Window of $51.2 million. In addition, Juniata has internal authorization for brokered deposits of up to $175.0 million. Juniata had no brokered deposits outstanding as of March 31, 2025.

    Subsequent Event

    On April 15, 2025, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on May 16, 2025, payable on May 30, 2025.

    Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change.

    The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with fourteen community offices located in Juniata, Mifflin, Perry, Franklin, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the OTCQX Best Market under the symbol JUVF.

    Forward-Looking Information
    *This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the current views of Juniata’s management with respect to, among other things, future events and Juniata’s financial performance. When words such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business, many of which, by their nature, are inherently uncertain and beyond the control of Juniata. These statements are not historical facts or guarantees of future performance, events or results and are subject to risks, assumptions and uncertainties that are difficult to predict. If one or more events related to these or other risks or uncertainties materializes, or if underlying assumptions prove to be incorrect, actual results may differ materially from this forward-looking information. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether because of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission.

    Financial Statements

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Financial Condition

                 
    (Dollars in thousands, except share data)      (Unaudited)       
        March 31, 2025   December 31, 2024
    ASSETS            
    Cash and due from banks   $ 5,145     $ 5,064  
    Interest bearing deposits with banks     8,364       5,934  
    Cash and cash equivalents     13,509       10,998  
                 
    Equity securities     1,114       1,189  
    Debt securities available for sale     64,772       64,623  
    Debt securities held to maturity (fair value $184,898 and $182,773, respectively)     189,634       191,627  
    Restricted investment in bank stock     2,674       2,530  
    Total loans     538,971       533,869  
    Less: Allowance for credit losses     (6,278 )     (6,183 )
    Total loans, net of allowance for credit losses     532,693       527,686  
    Premises and equipment, net     9,323       9,382  
    Bank owned life insurance and annuities     15,273       15,214  
    Investment in low income housing partnerships     751       832  
    Core deposit and other intangible assets     240       258  
    Goodwill     9,812       9,812  
    Mortgage servicing rights     68       69  
    Deferred tax asset, net     9,320       9,842  
    Accrued interest receivable and other assets     4,824       4,812  
    Total assets   $ 854,007     $ 848,874  
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Liabilities:              
    Deposits:              
    Non-interest bearing   $ 198,753     $ 196,801  
    Interest bearing     549,932       551,156  
    Total deposits     748,685       747,957  
                 
    Short-term borrowings and repurchase agreements     44,082       42,242  
    Long-term debt     5,000       5,000  
    Other interest bearing liabilities     769       830  
    Accrued interest payable and other liabilities     5,275       5,388  
    Total liabilities     803,811       801,417  
    Commitments and contingent liabilities            
    Stockholders’ Equity:              
    Preferred stock, no par value: Authorized – 500,000 shares, none issued     —       —  
    Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued – 5,151,279 shares at March 31, 2025 and December 31, 2024; Outstanding – 5,016,727 shares at March 31, 2025 and 5,003,384 shares at December 31, 2024     5,151       5,151  
    Surplus     24,712       24,896  
    Retained earnings     54,034       53,126  
    Accumulated other comprehensive loss     (31,522 )     (33,320 )
    Cost of common stock in Treasury: 134,552 shares at March 31, 2025; 147,895 shares at December 31, 2024     (2,179 )     (2,396 )
    Total stockholders’ equity     50,196       47,457  
    Total liabilities and stockholders’ equity   $ 854,007     $ 848,874  

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Income (Unaudited)

                 
        Three Months Ended
    (Dollars in thousands, except share and per share data)   March 31, 
           2025        2024  
    Interest income:        
    Loans, including fees   $ 7,781     $ 7,467  
    Taxable securities     1,365       1,465  
    Tax-exempt securities     30       30  
    Other interest income     17       43  
    Total interest income     9,193       9,005  
    Interest expense:              
    Deposits     2,803       2,642  
    Short-term borrowings and repurchase agreements     531       698  
    Long-term debt     30       117  
    Other interest bearing liabilities     7       9  
    Total interest expense     3,371       3,466  
    Net interest income     5,822       5,539  
    Provision for credit losses     104       120  
    Net interest income after provision for credit losses     5,718       5,419  
    Non-interest income:              
    Customer service fees     460       371  
    Debit card fee income     422       404  
    Earnings on bank-owned life insurance and annuities     57       56  
    Trust fees     131       107  
    Commissions from sales of non-deposit products     101       102  
    Fees derived from loan activity     115       171  
    Change in value of equity securities     (28 )     (13 )
    Gain from life insurance proceeds     —       —  
    Other non-interest income     88       98  
    Total non-interest income     1,346       1,296  
    Non-interest expense:              
    Employee compensation expense     1,975       2,208  
    Employee benefits     546       645  
    Occupancy     366       332  
    Equipment     217       143  
    Data processing expense     629       663  
    Professional fees     206       254  
    Taxes, other than income     31       56  
    FDIC Insurance premiums     135       155  
    Gain on other real estate owned     —       —  
    Amortization of intangible assets     18       22  
    Amortization of investment in low-income housing partnerships     81       81  
    Merger and acquisition expense     —       —  
    Other non-interest expense     481       600  
    Total non-interest expense     4,685       5,159  
    Income before income taxes     2,379       1,556  
    Income tax provision     371       201  
    Net income   $ 2,008     $ 1,355  
    Earnings per share              
    Basic   $ 0.40     $ 0.27  
    Diluted   $ 0.40     $ 0.27  

    The MIL Network –

  • MIL-OSI: illumin Holdings Inc. Announces Date for First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM, OTCQB: ILLMF) (“illumin” or “Company”), a leader in digital advertising technology that empowers marketers to make smarter decisions about communicating with online consumers, announces that it will report its first quarter 2025 financial results before market open on Friday, May 9, 2025.

    Investors and analysts are invited to join a live webcast on Friday, May 9, 2025, at 8:30 AM ET, where CEO, Simon Cairns and CFO, Elliot Muchnik will discuss illumin’s First Quarter 2025 results, followed by a question-and-answer session.

    Conference Call Details:

    To register for the conference call webcast and presentation, please visit: https://events.illumin.com/q1-2025-earnings-call

    Please connect at least 15 minutes prior, to ensure time for any software download that may be needed to hear the webcast.

    A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investor-information/.

    About illumin:

    illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit illumin.com.

    For further information, please contact.

    Steve Hosein David Hanover
    Investor relations  Investor Relations – U.S.
    illumin Holdings Inc. KCSA Strategic Communications
    416-218-9888 x5313 212-896-1220
    investors@illumin.com dhanover@kcsa.com
       

    Disclaimer regarding Forward-looking Statements

    Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Investors are cautioned not to put undue reliance on forward-looking statements.  Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

    The MIL Network –

  • MIL-OSI: Primech AI Showcases HYTRON Cleaning Technology at Global Innovation Summit 2025 in Germany

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 22, 2025 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd. (“Primech AI” or the “Company”), a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), recently participated in the prestigious Global Innovation Summit (GIS) 2025 held at HANNOVER MESSE in Hannover, Germany on April 1-2, 2025. The Company was invited by Enterprise Singapore to join a select group of innovative Singaporean companies representing the nation’s technological capabilities on the global stage.

    Picture 1: Charles Ng, Chief Operating Officer of Primech Ai presenting at the Global Innovation Summit

    The Global Innovation Summit, one of the world’s premier platforms for industrial technology innovation, provided Primech AI with the opportunity to showcase its groundbreaking HYTRON, AI-powered autonomous bathroom cleaning robots to an international audience of industry leaders, potential partners, and investors.

    “Our participation at the Global Innovation Summit represents a significant milestone in our international expansion strategy,” said Mr. Charles Ng, Chief Operating Officer of Primech AI. “Being invited by Enterprise Singapore to represent Singapore’s innovation ecosystem at such a prestigious global event validates our technological achievements and opens doors to potential collaborations across European markets.”

    During the two-day summit, the Primech AI team presented its innovation pitch focused on the HYTRON, AI-powered autonomous bathroom cleaning robot technology, highlighting its advanced AI capabilities, 3D-cleaning functionality, and the use of electrolyzed water for enhanced sanitation. The presentation demonstrated how Primech AI’s solutions address critical challenges in the facility services industry, including labor shortages, increasing hygiene standards, and sustainability requirements.

    A key enabler behind HYTRON’s performance is the NVIDIA Jetson Orin Nano Super, a cutting-edge System-on-Module (SoM) designed for robust edge AI and robotics applications. By integrating NVIDIA’s advanced hardware and software technologies—including CUDA, TensorRT, cuDNN, and the NVIDIA Driver—Primech AI has significantly boosted HYTRON’s real-time data processing capabilities, enabling greater autonomy, precision, and responsiveness in demanding cleaning environments.

    The Company engaged with numerous potential partners and customers from various sectors, including commercial property management, healthcare, hospitality, and public transportation, exploring opportunities to implement its autonomous cleaning solutions across European markets.

    The Global Innovation Summit served as a platform for Primech AI to connect with international technology partners, distributors, and end-users interested in next-generation cleaning solutions. These engagements have already resulted in several promising partnership discussions that could accelerate the Company’s European market entry strategy.

    “The response to our technology at HANNOVER MESSE exceeded our expectations,” said Mr. Kin Wai Ho, Chief Executive Officer of Primech Holdings. “We identified significant interest from European facility management companies seeking to integrate autonomous cleaning solutions into their operations. The connections made at this event will be instrumental in our international growth plans.”

    About the Global Innovation Summit 2025
    The Global Innovation Summit is Eureka’s flagship event organised as part of HANNOVER MESSE, the world’s leading trade fair for industrial technology. The summit brings innovators, industry leaders, policymakers, and investors together to explore emerging technologies and foster international collaborations. The 2025 edition focused on sustainable industrial solutions, AI applications, and automation technologies transforming traditional industries.

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.     

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:
    Matthew Abenante, IRC
    President
    Strategic Investor Relations, LLC
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

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

    Source: US State of New York Federal Reserve

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

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

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

    MIL OSI USA News –

  • MIL-OSI: CERo Therapeutics, Inc. Announces Up to $8 Million Series D Financing

    Source: GlobeNewswire (MIL-OSI)

    SOUTH SAN FRANCISCO, Calif, April 22, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc. (Nasdaq: CERO) (“CERo”), an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces that it has entered into a securities purchase agreement for the issuance and sale of securities under a new convertible preferred stock transaction.

    The gross proceeds to CERo from the offering are expected to be up to $8 million, including $5 million expected to be received through the investment of securities at the first closing, and up to $3 million of cash that may be funded at one or more additional closings, at the election of the investors.  CERo intends to use the net proceeds from the offering to take advantage of the two recent FDA IND allowances in liquid and solid tumors and complete the previously announced site activation at MDACC, as well as bring other sites online quickly.  The proceeds will also help to address current Nasdaq deficiencies around Shareholders Equity and extend cash on hand to maintain operations and extend runway. 

    “On the heels of our recent announcements anticipating the imminent dosing of our first AML patient at MD Anderson Cancer Center and the IND allowance in solid tumors, we are gratified by the support we have received from investors and look forward to continued execution and progress,” said Chris Ehrlich, Chief Executive Officer.

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

    About CERo Therapeutics Holdings, Inc.

    CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2025 for hematological malignancies.

    Forward-Looking Statements

    This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo and the implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

    Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 15, 2025, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:

    Chris Ehrlich
    Chief Executive Officer
    chris@cero.bio

    Investors:

    CORE IR
    investors@cero.bio

    The MIL Network –

  • MIL-OSI: EZCORP to Release Second Quarter Fiscal 2025 Results After Market Close on Monday, April 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 22, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (“EZCORP” or the “Company”) (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, will issue second quarter fiscal 2025 results (period ended March 31, 2025) on Monday, April 28, 2025, after the market close.

    The Company will host a webcast and conference call at 9:00 a.m. Eastern time on Tuesday, April 29, 2025, to discuss its results. The presentation slides will be posted to the Investor Relations section of its website after the market close on Monday, April 28, 2025.

    Date: Tuesday, April 29, 2025
    Time: 9:00 a.m. Eastern time
    Dial-in registration link: https://registrations.events/direct/NTM1088399
    Live webcast registration link: https://edge.media-server.com/mmc/p/hqptihjy

    A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the live call concludes. If you have any difficulty accessing the conference call, please contact Elevate IR at EZPW@elevate-ir.com.

    About EZCORP
    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

    Follow EZCORP on social media:
    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/
    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    Executive Summary

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

    Balance Sheet Review

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

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

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

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

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

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

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

    First Quarter 2025 Income Statement Review

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

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

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

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

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

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

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

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

    Asset Quality

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

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

    About BCB Bancorp, Inc.

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

    Forward-Looking Statements

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

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

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

    Explanation of Non-GAAP Financial Measures

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

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

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

    The MIL Network –

  • MIL-OSI: Banzai Announces Exercise of 1,048,920 Warrants Purchased at $3.89 Each

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, April 22, 2025 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has issued 1,048,920 shares of common stock to Alco Investment Company (“Alco”), pursuant to an exercise notice for Pre-Funded Warrants received on September 20, 2024 for a purchase price of $3.89.

    On September 20, 2024, the Company completed a private placement of securities pursuant to which Alco acquired 282,420 shares of Class A Common Stock for a purchase price of $3.89 per share, Pre-Funded Warrants to purchase up to 1,048,920 shares of Class A Common Stock with an exercise price of $0.0001 per share for a purchase price of $3.89 per Pre-Funded Warrant, and Common Warrants to purchase up to 1,331,340 shares of Class A Common Stock with an exercise price of $4.02 per share. Alco has not sold any shares issued under the private placement.

    All Pre-Funded Warrants were net exercised on a cashless basis, resulting in a total number of Class A common shares outstanding of 14,470,727 as of April 21, 2025. Following the exercise, Alco will own 9.5% of the Company’s Class A Common Stock.

    “The exercising of these warrants, which originally carried a significant premium to market price, is a highly positive vote of confidence from Alco, one of our key investors and company insiders,” said Joe Davy, Founder and CEO of Banzai. “We are continuing to strengthen our capital structure, and we appreciate the support of our stakeholders who demonstrate their belief in our strategy as we work to achieve long-term success.”

    About Banzai

    Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Customers who use Banzai’s product suite include Autodesk, Dell Technologies, New York Life, Thermo Fisher Scientific, Thinkific, and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    BNZI@mzgroup.us
    www.mzgroup.us

    Media
    Rachel Meyrowitz
    Director, Demand Generation, Banzai
    media@banzai.io

    The MIL Network –