Category: Finance

MIL-OSI Africa: Steenhuisen to host G20 agriculture and food security meetings

Source: South Africa News Agency

Minister of Agriculture John Steenhuisen will this week, host the G20 Agriculture Working Group (AWG) and Food Security Task Force Meetings in Durban, KwaZulu-Natal.

The department said the high-level, three-day meetings, taking place from 23-25 April 2025, form part of a series of international meetings leading up to the G20 Summit, scheduled for November 2025.

The meetings aim to advance global collaboration on food security and agricultural development.

Organised by the Department of Agriculture, the sessions will be held under the themes: “Data-Driven Approaches to Addressing Food Security” and “Promoting Inclusive Agricultural Investment and Market Access”.

The meeting will focus on four key priorities, including:
•    Promotion of policies and investments that drive inclusive market participation towards improved food and nutrition security;
•    Empowering youth and women in agrifood systems;
•    Fostering innovation and technology transfer in agriculture and agro-processing; and
•    Building climate resilience for sustainable agricultural production.

The meeting follows the first G20 Agriculture Working Group Meeting, which was convened on 3 and 4 March 2025, where Steenhuisen noted the challenges facing farmers worldwide and called for strengthened global cooperation, built on the principles of Ubuntu which emphasise collective action, mutual respect and shared responsibility.

The first AWG meeting also provided an opportunity for G20 members, including invited guest countries and international organisations, to learn more about the priorities South Africa has identified during its Presidency, and deliberate on them.

There was overwhelming support for South Africa’s priorities, which include:

•    Promotion of policies and investments that drive inclusive market participation towards improved food and nutrition security;
•    Empowering Youth and Women in Agrifood Systems;
•    Fostering Innovation and Technology Transfer in Agriculture and Agro-processing; and
•    Building climate resilience for sustainable agricultural production.

“With the endorsement of these priorities, the AWG is now poised to pursue transformative agricultural policies, promoting global cooperation, increasing investment in sustainable farming, and ensuring a more resilient, food-secure future for all.

“The second AWG meeting will provide a further opportunity for G20 members to advance the above-mentioned priorities and to begin discussions on a forward-looking declaration to be adopted by Ministers of Agriculture later this year,” the department said in a statement. – SAnews.gov.za

MIL OSI Africa –

MIL-OSI Africa: Reminder to comment on Review of White Paper on Local Government

Source: South Africa News Agency

The public have until 30 June 2025 to comment on the discussion document on the Review of the 1998 White Paper on Local Government.

The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa officially published the discussion document on Thursday, 10 April 2025.

The Minister has invited all South Africans, including civic organisations, academics, municipalities, and other arms of government, to participate in the consultation process, which ends on 30 June 2025.

According to the department, the move represents a significant and necessary step towards creating a reimagined and results-oriented local government system in South Africa.

This document, published under Notice No. 6118 (Gazette: 52498) initiates a national discussion aimed at producing a revised White Paper on Local Government by March 2026.

According to the department, the review aims to incite fresh thinking, honest reflection, and decisive action toward building a fit-for-purpose local government system that truly serves the people of South Africa.

“This process is not about tweaking the symptoms. It is about confronting the root causes of dysfunction in local governance. We need to ask the hard questions, and more importantly, we need to answer them with the courage to act,” Hlabisa explained.

He noted that the discussion document emphasises the interconnectedness and indivisibility of the four essential components of an effective local government system.

These include governance, institutional arrangements, service delivery and infrastructure, and financial arrangements.
In addition, the document aims to assess and revise outdated assumptions of the1998 White Paper on Local Government and strengthen cooperative governance among the three spheres of government.

The initiative aims to align reforms with related efforts, including amendments to the Municipal Finance Management Act (MFMA), the Municipal Structures Act, and the Spatial Planning and Land Use Management Act (SPLUMA).

It also seeks to enhance integration with traditional leadership, improve community participation, and address systemic challenges, such as municipal financial sustainability, over-politicisation, climate risk, and spatial inequality.

Submissions must be made in writing and can be emailed to WPLG26@cogta.gov.za; RichardP@cogta.gov.za and MaphutiL@cogta.gov.za

Alternatively, comments may be submitted by post:
Minister of Cooperative Governance and Traditional Affairs
Attention: Mr. Thabiso Richard Plank (WPLG26 Policy Review)
Private Bag X802, Pretoria, 0001

Physical Address:
87 Hamilton Street, Arcadia, Pretoria
For access to the full discussion document and more information, visit: https://www.cogta.gov.za/index.php/docs/white-paper-on-local-government-1998-review-of-the-white-paper-on-local-government/. – SAnews.gov.za

MIL OSI Africa –

MIL-OSI Africa: Guideline to apply for R500 million spaza support fund

Source: South Africa News Agency

Government has called on eligible South African spaza shop owners in townships and rural areas who want to improve, expand, and sustain their shops to apply for assistance with the R500 million Spaza Shop Support Fund (SSSF).

This as government officially opened applications for the fund aimed at increasing the participation of South African owned spaza shops in the townships and rural areas retail trade sector.

READ | Government empowers spaza shops

What the support fund seeks to achieve:

•    It provides funding, training, business skills development, and technical support to help businesses compete effectively against larger retailers.
•    Offers funding of up to R300 000 per shop through a combination of grants and low-interest loans.
•    Assists shop owners in meeting hygiene and regulatory standards to ensure the provision of safe, high-quality products.
•    Encourage the adoption of digital payment systems, inventory management tools, and financial literacy programs to improve operational efficiency.
•    Facilitate wholesale aggregation, allowing spaza shops to access bulk purchasing advantages and competitive pricing.

What you need to qualify:

•    The owner of the spaza shop must be a South African citizen or naturalised as a South African citizen prior to 1994.
•    Spaza shops must operate within South Africa in rural and township areas and serve local communities.
•    The spaza shop must be registered with the local municipality in accordance with the relevant by-laws and business licensing requirements.
•    Registration with the Companies and Intellectual Property Commission (CIPC) will be optional based on the enterprise’s funding requirement. For enterprises receiving funding above R80 000 registration with CIPC will be required within a period of 6 months.
•    The business must have a valid registration with the South African Revenue Service (SARS) or alternatively be allowed a six-month transitional period.
•    The spaza shop must comply with all other relevant legislative and registration requirements necessary for its operation. (e.g. food preparation and health and safety standards)
•    The owner must actively manage the spaza shop.
•    Funding will prioritise entrepreneurs aged 18-35; female-owned spaza shops will receive priority consideration and businesses owned by individuals with disabilities will be given priority.

What does the support package for funding of up to R100 000 entail:

•    It includes a stock (grant) of a maximum of R40 000 for the initial purchase of stock via delivery channel partners.
•    Assets and infrastructure (blended grant and loan): a maximum R50 000 for the upgrading of building infrastructure, systems, refrigeration, shelving and security.
•    A maximum of R100 000 for training programmes that will include point of sale devices, business skills, digital literacy, credit health, food safety and business compliance.

What does the support package for funding of above R100 000 up to R300 000 for registered and compliant entities entail:

•    It includes a stock (grant) of a maximum of R40 000 for the initial purchase of stock via delivery channel partners.
•    A maximum of R250 000 for a funding split, 50% of the funding will be provided as a grant, and 50% will be provided as a free-interest loan.
•    A maximum of R100 000 for training programmes that will include point of sale devices, business skills, digital literacy, credit health, food safety and business compliance.
•    The fund will be jointly administered by the National Empowerment Fund (NEF) and the Small Enterprise Development Finance Agency (SEFDA).
•    In order to access the funding, applicants need to apply to the NEF and SEDFA through the prescribed application process outlined on the relevant institution’s website.

The following websites can be used to apply for funding:

•    Spaza Shop Support Fund – www.spazashopfund.co.za
•    NEF – www.nefcorp.co.za
•    SEDFA – https://systems.sefa.org.za/SMMEPortal/
•    Create an account on https://systemsnew.sefa.org.za/SMMEPortal/
•    Fill up all the required information on the registration page, read and accept the terms and cconditions and submit.

The contact details for the Spaza Shop Support Fund Call Centre are 011 305 8080 or via email: Spazafund@nefcorp.co.za

Contact details for the NEF Call Centre are 0861 843633, SEDFA Call Centre 012 748 9600 or an email can be sent to helpline@sefa.org.za.

Working hours: Mon – Fri: 9 am – 10 pm ; Sat: 9 am – 3 pm and Sunday: closed.

–SAnews.gov.za

MIL OSI Africa –

MIL-OSI: BYDFi Lists EPT/USDT Trading Pair — Trade and Win a Share of the $5,000 Prize Pool

Source: GlobeNewswire (MIL-OSI)

SEYCHELLES, East Africa, April 21, 2025 (GLOBE NEWSWIRE) — Global crypto exchange BYDFi has officially listed Balance’s native token, $EPT, opening spot trading for the EPT/USDT pair. To celebrate the launch, BYDFi is offering a $5,000 prize pool, available for a limited time to all users who participate in EPT trading.

$EPT: The Core Engine of the Balance Ecosystem

$EPT is the native token of the Balance platform and plays a central role in powering the ecosystem. With a total supply of 10 billion, it drives core functions such as trading incentives, liquidity provision, and application development.

Balance, the infrastructure behind $EPT, originated from E-PAL, formerly the world’s largest gaming companion platform. Today, it serves over 4.2 million users and 450,000 active Epals. By integrating AI and blockchain, Balance is redefining Web3 interactions through immersive, decentralized digital experiences.

In September 2024, Balance raised $30 million in funding from top-tier investors including a16z, Animoca Brands, and Galaxy Interactive, further accelerating its global growth and ecosystem expansion.

Multi-Promotion Campaign Now Live on BYDFi

To coincide with the EPT listing, BYDFi is kicking off several campaigns:

More details are available on BYDFi’s official platform.

About BYDFi

Founded in 2020, BYDFi has been named one of Forbes’ Top 10 Global Crypto Exchanges and is officially listed on CoinMarketCap and CoinGecko. Serving users in 190+ countries, the platform is trusted by over 1,000,000 users worldwide.

BYDFi holds multiple MSB licenses, is a member of Korea’s CodeVASP alliance, and regularly publishes Proof of Reserves (POR) to ensure transparency and trust. BUIDL Your Dream Finance

Website: https://www.bydfi.com
Support Email: cs@bydfi.com
Business Partnerships: bd@bydfi.com
Media Inquiries: media@bydfi.com

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MIL-OSI Security: Houston ISD Official and Contractor Guilty in Nine-Year, Multimillion-Dollar Fraud Scheme

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

HOUSTON – A Houston federal jury has returned guilty verdicts against the former chief operating officer of the Houston Independent School District (HISD) and an HISD contractor, announced U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas (SDTX).

The jury deliberated for only six hours before convicting Brian Busby and Anthony Hutchison following a four-week trial. Both were convicted of conspiracy, bribery, filing false tax returns and witness tampering. Hutchison was also convicted of seven counts of wire fraud.

Over the course of the trial, the jury heard testimony from over 50 witnesses regarding the 33 charged counts involving bribery, false invoicing schemes, witness tampering and tax violations. Five former HISD officials testified, all of whom received bribe payments – Rhonda Skillern-Jones, former HISD Board of Education president; Derrick Sanders, officer of construction services; Alfred Hoskins, general manager of facilities, maintenance and operations; Gerron Hall, area manager for maintenance – south; and Luis Tovar, area manager for maintenance – north.

They described the pressure Busby put on them to provide Hutchison’s companies more work with HISD as well as larger projects following Hurricane Harvey. They recounted how they received tens of thousands of dollars over the course of 2017 and 2018 or longer.

Skillern-Jones testified Busby told her she should use Hutchison’s company on school projects with the funds remaining from the school bond passed in 2012. They agreed that if the contract was given to Hutchison, then they could make some money off the projects. Following completion of the Holland Middle School and Pleasantville Elementary School projects, Busby met with Skillern-Jones outside of a Walmart parking lot to give her $12,000 in cash from Hutchison as the bribery payment for allocating her district’s portion of bond funds for projects Hutchison performed.

Sanders, who also socialized with Busby and Hutchison, described taking trips to Las Vegas with them where he would be paid bribes and recounted their lavish purchases. On one occasion when Hutchison paid him, he exclaimed “next,” signaling Busby to come into the room for his payment.

Hoskins testified his maintenance team did not want to use Just Construction because it was often more expensive than other vendors, but Busby pressured him to give Hutchison’s company more work. Testimony further revealed they would bypass the rotation or bid process in selecting vendors and just provide work directly to Hutchison’s companies.

The jury also saw a handwritten ledger seized from Hutchison’s residence which contained detailed notes of all HISD projects awarded to Just Construction. It included entries for bribe payments and locations where they were made.

Detailed evidence also revealed the extensive invoicing fraud scheme Hutchison perpetrated through his company Southwest Wholesale. Since 2015, Southwest Wholesale had been the exclusive mowing and landscape contractor for HISD. The jury heard testimony demonstrating how Hutchison continuously overbilled for years for the approximately 150 schools he was contracted to mow. He also similarly charged HISD over twice the cost of what he paid for the supplies and marked that inflated charge up 20%. He consistently overbilled HISD over the course of years for a loss in excess of $6 million.

Busby also made excessive cash deposits to over 18 bank accounts which was far more than his legitimate income. He attempted to explain it based on other sources of income, but the jury was not convinced it accounted for the close to $3 million cash deposits made over the course of five years that were not declared in his income tax returns for 2015-2019.

Hutchison similarly filed false tax returns in 2017 and 2018 wherein he deducted improper business expenses. Specifically, Hutchison obtained cash he used to pay bribes to HISD officials by writing company checks to vendors, who cashed the checks and provided the cash to him. He falsely stated on the memo line that they were in payment for work performed on HISD properties. He then caused the checks to be improperly deducted on corporate tax returns as business expenses. In reality, they were cashed to pay extensive gambling debts and cash bribe payments.

Hoskins also testified about the steps Busby and Hutchison took to interfere with the investigation. Specifically, Busby called Hoskins and told him to tell investigators Busby had nothing to do with the award of the maintenance contract to Hutchison and his company. Hoskins also described how Hutchison advised him that police had a handwritten ledger with numbers on it and that Hoskins should say it was for gambling.

“HISD is the largest school district in the state, and the people of Houston trusted that district officials would spend their tax dollars wisely and carefully. Instead, Busby and Hutchinson defrauded the school district and the taxpayers of millions of dollars, doing so to line their own pockets,” said Ganjei. “People need to have faith in their public institutions, and they can become understandably cynical when they hear of public servants stealing from school kids by taking bribes and over-billing. SDTX aimed to restore that public trust by bringing this multi-year investigation to trial, which lasted over four weeks and involved over 50 witnesses. I’m proud of the trial team for delivering justice here, and I thank our incredible law enforcement partners. Most of all, I’d like to thank the jury for devoting their precious time and attention over the past month. This case demonstrates that theft from schools won’t be tolerated and that the public can have confidence in their institutions.”

“For years, Busby and Hutchison defrauded the largest public school system in Texas out of millions of dollars – money that was intended to benefit the students of HISD,” said Special Agent in Charge Douglas Williams of the FBI Houston Field Office. “In turn, Busby and Hutchison also defrauded the taxpayers whose hard-earned dollars were fraudulently diverted for their greed and personal gain. Public corruption cases like this one are challenging to investigate and prove and erode the trust we place on our public servants. At the end of the day, we want to make sure corrupt individuals like Busby and Hutchison are brought to justice. Today’s guilty verdict is a step towards that justice. I’m proud of FBI Houston’s public corruption squad for the results of its years-long investigation and thank them, and the U.S. Attorney’s Office, for their commitment to this case and to its thousands of victims.”

U.S. District Judge Andrew Hanen presided over the trial and has set sentencing for July 28. At that time, Busby and Hutchison face up to five, 10 and 20 years, respectively, for the conspiracy, bribery and witness tampering charges. Hutchison also faces up to 20 years for each count of wire fraud. All charges also carry a $250,000 maximum possible fine.

Skillern-Jones, 39, Houston; Sanders, 50, Hoskins, 58, Hall, 48, all of Missouri City; and Tovar, 39, Huffman have pleaded guilty to the conspiracy charges. They face up to five years in prison.

Busby and Hutchison were permitted to remain on bond pending sentencing.

The FBI and IRS – Criminal Investigation conducted the investigation. Assistant U.S. Attorneys Robert S. Johnson and Heather R. Winter are prosecuting the case.

MIL-OSI Security: FBI Joint Terrorism Task Force Turns 45

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

The Federal Bureau of Investigation is marking the 45th anniversary of its first Joint Terrorism Task Force. Formed in New York in 1980, the first JTTF became a model for law enforcement cooperation across the nation.

Today, the FBI has a JTTF at each of its 55 field offices and at many of its smaller offices—about 280 locations in all. JTTFs gather investigators, intelligence analysts, linguists, and tactical experts from federal, state, local, territorial, and tribal law enforcement and intelligence agencies. Task force members share intelligence and investigative leads and respond to threats and incidents.

“The JTTF model clearly demonstrates the power of law enforcement cooperation at all levels,” said FBI Director Kash Patel. “Preventing terrorism is a no-fail mission. Only by working together can we keep the nation safe.”

The FBI’s JTTF model dates to the 1979, when the New York Police Department and the FBI’s New York Field Office tackled the surge in violent bank robberies by pooling resources and expertise through a joint task force. In 1980, when terrorist bombings, bomb threats, and other violence plagued the city, officials decided to imitate the bank robbery task force. They announced the formation of the first JTTF in April 1980.

The first JTTF had 10 special agents and 10 police officers. The number of task forces grew over the years, with 35 JTTFs operating by the time terrorists attacked on 9/11. Shortly after 9/11, the FBI required all field offices to establish a JTTF. By the end of 2024, JTTFs drew nearly 4,400 members from 528 state, local, territorial, and tribal agencies and 53 federal agencies.

The FBI established its National Joint Terrorism Task Force to support the local task forces in June of 2002. The NJTTF at FBI Headquarters enhances communication, coordination, and cooperation from partner agencies.

JTTFs have disrupted dozens of plots in the past four decades, including a plan to attack millennial celebrations in Los Angeles in 2000; a plan to detonate a car bomb in Times Square in New York in 2010; and plans to sow chaos in Baltimore, Maryland, in 2022 and 2023 by destroying energy facilities.

JTTFs are also among the first responders to arrive at the scenes of horrific violence—whether they are terrorist-based or not—and lead the investigations of terrorist incidents.

Among the cases JTTFs have investigated are the 1993 bombing of the World Trade Center in New York; the bombings of U.S. embassies in Kenya and Tanzania in 1998; the bombing of the USS Cole in 2000; the 9/11 attacks in 2001; the Boston Marathon bombing in 2013; the mass shooting in San Bernardino, California, in 2015; the shooting at Naval Air Station Pensacola in Florida in 2019; and the January 1, 2025, truck attack in New Orleans.

Additional Resources:

MIL-OSI Security: Celebrating 45 Years of FBI Joint Terrorism Task Forces

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

The model is so effective that other portions of the Bureau have since tried to emulate it, noted Supervisory Special Agent Jake Foiles, who oversees the FBI Kansas City JTTF.

“The FBI’s JTTF model has expanded and evolved and has been copied now by our cyber side, our counterintelligence side, by our traditional criminal side,” he said. “We now have task forces on many of the different squads and areas that the FBI works. And the reason for that is because that task force model is incredibly effective when you have a variety of different people from different agencies and different walks of life and backgrounds working day in and day out, every single day with each other.”

JTTFs are also powerful mechanisms for community outreach, briefing on topics such as what FBI investigations into terrorism matters actually look like, signs that someone might be mobilizing to violence, and why it’s important for Americans to proactively reach out to the FBI if they spot those kinds of indicators.

Ultimately, the FBI will investigate any individual who threatens violence, including those planning to commit an act of violence to further an ideology. (The FBI cannot initiate an investigation based solely on First Amendment-protected activity.)

According to Kansas Bureau of Investigation Director Tony Mattivi, JTTFs are critical in reviewing incoming leads to determine which terrorism threats are substantive. These task forces have an obligation to resolve any real or potential threat they’re aware of “because you never know which one of those is going to turn into a really significant threat,” he said. “And that’s, I think, some of the most important work that’s done on a daily basis inside the JTTF. And nobody sees it.”

Benefits of partnerships

Retired FBI Supervisory Special Agent Dana Kreeger—a veteran of the Kansas City JTTF—said the biggest benefit of JTTF participation is the ability to keep a finger on the pulse of the terrorism threat.

“Terrorism is not a local threat,” he said. “It’s happening all across the country; a lot of it is intertwined. We have threat actors in Kansas City that might be talking to threat actors in Chicago or L.A. or Portland or New York.”

https://www.globenewswire.com/NewsRoom/AttachmentNg/c0ea1fb8-aaf4-4719-96df-11532866da09

MIL-OSI: BexBack Revolutionizes Crypto Trading with No KYC, 100x Leverage, $50 Welcome Bonus, and Double Deposit Offer

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 21, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market continues to experience volatility, seasoned traders are looking for new ways to capitalize on market opportunities. Enter BexBack, the innovative crypto trading platform that is transforming the way people trade crypto futures. With no KYC, 100x leverage, and an aggressive bonus structure, BexBack is rapidly becoming the go-to destination for traders around the globe.

The New Standard in Crypto Trading

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Double Deposit Bonus – More Money to Trade

As part of its exciting offer, BexBack is offering a 100% deposit bonus for new users. This bonus allows users to double their funds instantly, enabling them to open larger positions with less capital, increasing their potential returns. But that’s not all – for first-time deposits of more than 0.01 BTC or 1000 USDT, users can receive an additional $100 trading bonus, adding to the exciting incentives for new and existing traders alike.

Why Choose BexBack?

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$50 Welcome Bonus – New users who complete their first trade (open and close a position) are eligible for a $50 bonus, which can be used to offset losses and boost your trading experience.
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About BexBack

BexBack is a leading cryptocurrency derivatives platform offering 100x leverage on BTC, ETH, ADA, SOL, XRP, and more than 50 other major altcoins. Founded in May 2024, the platform has rapidly gained a reputation for providing a seamless trading experience with no KYC, competitive 100% deposit bonuses, and fast execution of trades. Trusted by over 500,000 users worldwide, BexBack is committed to delivering an easy, secure, and user-friendly platform for crypto traders everywhere.

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Photos accompanying this announcement are available at

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MIL-OSI Security: Man arrested on suspicion of murder following death of woman in Enfield

Source: United Kingdom London Metropolitan Police

Officers investigating the death of a woman in Enfield have arrested a man on suspicion of murder.

An investigation was launched on Saturday, 19 April following a fatal stabbing at Ayley Croft, Enfield.

Officers were called to the address at around 19:00hrs alongside the London Ambulance Service where a woman was found with a stab wound.

Despite the best efforts of emergency services, she was pronounced dead at the scene.

We can now name her as 45-year-old Pamela Munro from Enfield. Pamela’s family continue to be supported by specialist officers.

On Monday, 21 April, investigating officers arrested a 29-year-old man on suspicion of murder. He remains in custody.

Detective Chief Inspector Neil John, of the Met’s Specialist Crime Command, said:

“Investigating officers have worked relentlessly across the weekend to investigate the circumstances around Pamela’s death.

“We continue to support her family who are understandably devastated.

“This morning, we arrested a 29-year-old man in connection with Pamela’s death and he remains in custody.

“We continue to ask anyone who may have information or particularly anyone who was driving through Ayley Croft between 18:30hrs and 19:30hrs on Saturday, 19 April and could have any dashcam footage to contact us.”

Detective Chief Superintendent Caroline Haines, who oversees policing for Enfield, said:

“Our thoughts are with Pamela’s family and local residents who will have been significantly impacted following the news of her death.

“I am grateful to local officers and officers from the Specialist Crime Command who have worked tirelessly since Saturday to investigate the circumstances surrounding Pamela’s death as well as support the local community.

“Neighbourhood officers will remain at Ayley Croft throughout the coming days to support the community and help investigators continue enquiries. Please contact officers if you have any information.”

Anyone with information is urged to contact police by calling 101 quoting the reference 5741/19APRIL.

Alternatively, to remain anonymous you can call Crimestoppers on 0800 555 111.

MIL-OSI Security: Executive Vice President of Insurance Brokerage Pleads Guilty in $133 Million Affordable Care Act Fraud Scheme

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

A Florida executive pleaded guilty today for his role in a scheme to submit fraudulent applications to enroll consumers in Affordable Care Act insurance plans (ACA plans) that were fully subsidized by the government. The purpose of the scheme was to obtain millions of dollars in commission payments from the insurance company that operated the ACA plans. The federal government paid at least $133,900,000 in subsidies for fraudulently enrolled individuals.

According to court documents, Dafud Iza, 54, an executive vice president of an insurance brokerage firm, participated in a scheme to fraudulently enroll ineligible individuals into ACA plans that offered tax credits to eligible enrollees. These tax credits, or “subsidies,” could be paid by the federal government directly to insurance plans as a payment toward the plan’s monthly premium. The scheme involved submitting false and fraudulent applications for individuals whose income did not meet the minimum requirements to be eligible for the subsidies. Iza and his accomplices deceptively marketed subsidized ACA plans to ineligible consumers and falsely inflated consumers’ incomes to obtain the federal subsidies.

In furtherance of the scheme, Iza and his accomplices targeted vulnerable, low-income individuals experiencing homelessness, unemployment, and mental health and substance abuse disorders, and knew that “street marketers” working on their behalf offered bribes to induce those individuals to enroll in subsidized ACA plans. Marketers working for Iza’s accomplices coached consumers on how to respond to application questions to maximize the subsidy amount paid by the federal government and provided addresses and social security numbers that did not match the consumers purportedly applying.

Iza pleaded guilty to one count of major fraud against the United States and faces a maximum penalty of 10 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office; Acting Special Agent in Charge Jesus Barranco of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Miami Regional Office; and Special Agent in Charge Emmanuel Gomez of the IRS Criminal Investigation (IRS-CI) Miami Field Office made the announcement.

The FBI, HHS-OIG, and IRS-CI are investigating the case.

Assistant Chief Jamie de Boer and Trial Attorney D. Keith Clouser of the Criminal Division’s Fraud Section are prosecuting 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 HHS-OIG, 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.

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

https://us06web.zoom.us/j/86002651511?pwd=WhCXFooqXIizSQhNUZkFIsTdu7ABKs.1

MIL-OSI: InspireSemi Provides Business Update and Proposed Financing

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia and AUSTIN, Texas , April 21, 2025 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (“InspireSemi” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, is pleased to announce that today it is providing a general business update by live webinar at 11:00 a.m. (Eastern Time).

Key topics the business update covers include:

Announcement that the Company’s improved flagship Thunderbird 1 product has been sent for production with first wafers expected to be in hand in July, 2025
Operations between now and return of first wafers and plan for production readiness
Impact of tariffs on the Company
Update on Market, Customer and sales outlook
A further financing commitment for US$3M expected to close in May, 2025 as further discussed below

To join the Business Update please use the following Zoom link:

Webinar ID: 860 0265 1511
Passcode: 858696

Telephone dial in numbers are available at https://us06web.zoom.us/u/kcUeWRY0rn

A recording of the business update will be made available in the Investors section of the Company’s website at https://inspiresemi.com/investors/.

Details of Additional Funding

The Company has received a funding commitment for a private placement comprised of proportionate voting share units (“PV Units”) for total proceeds of US$3,000,000.10 (the “Financing”). The Financing will be wholly subscribed for by the investor (the “Investor”) who previously subscribed under the convertible loan agreement dated September 23, 2024 (as described in the Company’s press release dated September 23, 2024) pursuant to the Investor’s right of first refusal thereunder.

On closing the Investor will be issued PV Units at a price per PV Unit of US$9.50. Each PV Unit consists of one proportionate voting share in the capital of the Company (each a “PV Share”) and one half of one PV Share purchase warrant of the Company (each whole warrant a “PV Warrant”). Each whole PV Warrant will be exercisable for one PV Share at a price per share of US$9.50.

The Company expects the Financing to close in May 2025, and will provide further updates on the same by further press release.

About InspireSemi

InspireSemi provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.

For more information visit https://inspiresemi.com
Follow InspireSemi on LinkedIn

Company Contact
Ron Van Dell, CEO
(737) 471-3230
rvandell@inspiresemi.com

Cautionary Statement on Forward-Looking Information

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

Forward-looking information includes, but is not limited to, information regarding: (i) the business plans and expectations of the Company including expectations with respect to production of Thunderbird I and development of future projects and; (ii) expectations for other economic, business, and/or competitive factors; and (iii) expectations regarding the Financing. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: (i) statements relating to the expected performance and production timeline of Thunderbird I (ii) business and future activities of, and developments related to, the Company after the date of this press release; (iii) the closing of the Financing (iv) expectations for other economic, business, regulatory and/or competitive factors related to the Company or the technology industry generally; (v) the risk factors referenced in this news release and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca; and (vi) other events or conditions that may occur in the future. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

MIL-OSI Security: Miske Enterprise Member Sentenced to Seven Years in Federal Prison for Racketeering Conspiracy and Role in Kidnapping and Murder of Johnathan Fraser

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

HONOLULU – Acting United States Attorney Kenneth M. Sorenson announced that Delia Fabro-Miske, 30, of Honolulu, was sentenced yesterday in federal court by U.S. District Judge Derrick K. Watson to 84 months of imprisonment, followed by 3 years of supervised release for racketeering conspiracy. Fabro-Miske pled guilty on January 12, 2024, in the middle of jury selection, to conspiring to conduct and participate in the conduct of the affairs of a racketeering enterprise, the “Miske Enterprise,” through racketeering activity that included bank fraud, obstruction of justice, and wire fraud.

Fabro-Miske admitted that she and codefendant Michael J. Miske committed bank fraud by submitting fraudulent paperwork in order to obtain leases for two vehicles that were used for one of Miske’s businesses. Fabro-Miske also obstructed a joint investigation into another of Miske’s businesses, Kamaaina Termite and Pest Control (“KTPC”), which was conducted by the Environmental Protection Agency and the Hawaii Department of Agriculture (“HDA”). At Miske’s direction, Fabro-Miske submitted to HDA falsified fumigation logs, which claimed that she was the certified applicator of chemicals on hundreds of jobs. In reality, most of the listed jobs were completed by unlicensed applicators. Fabro-Miske also fraudulently obtained Social Security Administration (“SSA”) survivor benefits at Miske’s direction by having her wages at KTPC decreased below the SSA benefits income threshold. At the same time, Miske paid Fabro-Miske in benefits that were not reported to the SSA or Internal Revenue Service.

Additionally, according to information provided to the Court, in or about 2017, Miske placed Fabro-Miske in charge of his businesses in an attempt to preserve and conceal his assets in anticipation of federal prosecution. In practice, Fabro-Miske carried out Miske’s wishes and acted at his direction. Fabro-Miske assisted in a fraudulent scheme committed through Miske’s businesses, which involved submitting false filings to the Department of Commerce and Consumer Affairs that permitted the businesses to operate under fraudulently obtained and maintained licenses. Miske Enterprise members then falsely represented to customers that Miske’s businesses were properly licensed. Between 2017 and 2020, the businesses generated millions of dollars in income annually. As the head of Miske’s businesses, Fabro-Miske was also responsible for the proper and safe application of pesticides and other chemicals at customers’ homes. Information provided to the Court, however, showed that fumigations were regularly conducted without proper supervision or chemicals. Chief Judge Watson stated that Fabro-Miske’s work at Miske’s businesses “funded any number of crimes that we heard months and months of testimony” about in Miske’s trial, and her assistance “allowed Mr. Miske to run rampant in this community.”

Finally, the Court determined that Fabro-Miske was also responsible for participating in a conspiracy with other Miske Enterprise members to kidnap and murder 21-year-old Johnathan Fraser. According to information provided to the Court, Caleb Miske – Miske’s son and Fabro-Miske’s husband – and Fraser were driving together when the two were involved in a car crash in November 2015. Caleb Miske ultimately passed away from his injuries, and Miske blamed Fraser for his son’s death and enlisted several Miske Enterprise members to assist in his plan to murder Fraser. As part of that plan, Miske directed Fabro-Miske to rekindle her friendship with Fraser and his girlfriend and to lure them into living with her at an apartment paid for by Miske. On July 30, 2016, Fabro-Miske took Fraser’s girlfriend on a “spa day” paid for by Miske, ensuring that Fraser would be isolated when he was kidnapped. Fraser was never seen again after that day. Due to Miske’s death in December 2024, Chief Judge Watson explained that “the person most involved in Mr. Fraser’s demise will not ever be sentenced by this Court.” While Chief Judge Watson found that Fabro-Miske did not “directly and personally kill” Fraser and determined her to be a minimal participant in the kidnapping and murder conspiracy, he noted that there was “no doubt” that her actions led to Fraser’s murder and that the circumstances painted a “strong and clear picture” of a conspiracy to commit kidnapping murder in aid of racketeering.

Fabro-Miske was charged alongside twelve other defendants, all of whom pled guilty except for Miske, who proceeded to trial and was found guilty of racketeering conspiracy, murder, and 11 other felony charges on July 18, 2024. Seven other members and associates of the Miske Enterprise pled guilty to various offenses in related cases.

“Delia Fabro-Miske was an integral member of the Miske Enterprise, which terrorized, exploited, and defrauded our community for decades. She participated in Miske’s bank frauds, social security fraud, falsification of fumigation records, and the concealment of Miske’s illegally obtained assets, and was a vital cog in the plot to murder of Johnathan Fraser. Fabro-Miske’s sentence yesterday demonstrates that those who occupy even the lower rungs of Hawaii’s criminal enterprises will pay a steep price when they face justice in federal court,” said Acting U.S. Attorney Ken Sorenson. “The dismantling of the Miske Enterprise represents one of the most significant law enforcement efforts in the history of Hawaii law enforcement, and it would not have been possible without the tremendous and dedicated work of our partners at the Honolulu Division of the Federal Bureau of Investigation, Internal Revenue Service, Homeland Security Investigations, and Environmental Protection Agency, among many others.”

“Ms. Fabro-Miske was a key member in the Miske Enterprise fraud schemes, actively participating in defrauding the government and taxpayers,” said FBI Honolulu Special Agent in Charge David Porter. “This sentencing reflects years of collaboration between FBI Honolulu and our law enforcement partners. The FBI remains steadfast in its commitment to dismantle violent criminal enterprises, hold their members accountable, and pursue justice for victims.”

“Our investigators follow the money because criminal organizations profit at the expense of public safety,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “Ms. Fabro-Miske’s racketeering conviction is a reminder that, in the end, crime really doesn’t pay.”

“The sentencing of Ms. Fabro-Miske underscores HSI’s commitment to disrupting and dismantling criminal organizations in Hawaii,” said HSI Special Agent in Charge Lucy Cabral-DeArmas. “HSI will continue to hold accountable those who significantly harm our communities by breaking federal laws. By bringing justice to the Miske Enterprise, HSI sends the message that we will not tolerate any violent activity on our islands.”

“By falsifying documents, defendant obstructed EPA and the state’s criminal investigation of a pesticide applicator that illegally applied restricted use pesticides,” said Benjamin Carr, Special Agent in Charge for the Environmental Protection Agency’s Criminal Investigation Division in Hawaii. “Yesterday’s sentencing reflects the seriousness of defendant’s fraudulent conduct and the importance of complying with pesticide reporting requirements so EPA and Hawaii Department of Agriculture can keep our communities safe.”

This prosecution was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligencedriven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

This case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, Homeland Security Investigations, the Criminal Investigation Division of the Environmental Protection Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the Honolulu Police Department, the Drug Enforcement Administration, the Coast Guard Investigative Service, the United States Marshals Service Fugitive Task Force, the Cybercrime Lab of the Department of Justice Criminal Division Computer Crime and Intellectual Property Section, the Hawaii Criminal Justice Data Center, the Honolulu Fire Department, the Hawaii National Guard, 93rd Civil Support Team, the Office of Investigations–Office of the Inspector General for the Social Security Administration, and the Department of Justice Office of the Inspector General.

Assistant U.S. Attorneys Mark Inciong, Michael Nammar, KeAupuni Akina, and Aislinn Affinito prosecuted the case.

MIL-OSI: Adams Natural Resources Fund Declares Distribution

Source: GlobeNewswire (MIL-OSI)

BALTIMORE, April 21, 2025 (GLOBE NEWSWIRE) — On April 17, 2025, Adams Natural Resources Fund, Inc. (NYSE: PEO) declared a distribution of $0.52 per share payable May 28, 2025 to shareholders of record on April 28, 2025. The distribution is optionally payable in additional shares of common stock (default) or in cash by specific stockholder election received before 4 p.m. (ET) on May 16, 2025, the valuation date. The issue price for shares will be the Fund’s closing NYSE market price on the valuation date.

The Fund’s estimated sources for the distribution to be paid on May 28, 2025 and for all distributions declared in 2025 to date are as follows:

Payment Date	Distribution per Share	Net Investment Income	Net Realized Short-Term Gains	Net Realized Long-Term Gains	Return of Capital
May 28, 2025	$0.52	$0.15 (29%)	$0.00 (0%)	$0.37 (71%)	$0.00 (0%)
Total YTD 2025	$1.05	$0.32 (30%)	$0.00 (0%)	$0.43 (41%)	$0.30 (29%)

Fund Performance and Distribution Rate Information:

Average Annual Total Return on NAV for the 5-year period ended on March 31, 2025¹	Annualized Current Distribution Rate (expressed as a percentage of NAV as of March 31, 2025)²	Cumulative Total Return on NAV for the fiscal year through March 31, 2025¹	Cumulative Fiscal Year Distribution Rate (expressed as a percentage of NAV as of March 31, 2025)³
29.1%	8.1%	8.8%	4.1%

¹ Total return is calculated assuming a purchase of a Fund share at the beginning of the period and a sale on the last day of the period at reported net asset value per share, excluding any brokerage commissions. Distributions are assumed to be reinvested at the lower of the net asset value per share or the closing NYSE market price on the distribution’s valuation date for those receiving shares for the distribution. For periods greater than one year, returns are presented on an annualized basis.

² The Annualized Current Distribution Rate is the current quarter’s distribution rate per share annualized and expressed as a percentage of the Fund’s NAV per share as of March 31, 2025.

³ The Cumulative Fiscal Year Distribution Rate is the distributions per share declared for the current fiscal year expressed as a percentage of the Fund’s NAV per share as of March 31, 2025.

You should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

About Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 90 years across many market cycles. The Funds are committed to paying a minimum annual distribution rate of 8% of NAV paid evenly each quarter throughout the year, providing reliability for long-term shareholders. A portion of any distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain, and return of capital. The final determination of the source of all distributions for tax reporting purposes in a calendar year, including the percentage of qualified dividend income, will be made after year-end. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

For further information: adamsfunds.com/about/contact │800.638.2479

MIL-OSI: Varonis Announces Partnership With Pure Storage

Source: GlobeNewswire (MIL-OSI)

MIAMI and SANTA CLARA, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (NASDAQ: VRNS) today announced a new partnership with Pure Storage (NYSE: PSTG), a leading provider of advanced data storage technology and services. As the first data security company to natively integrate with Pure Storage, Varonis enables customers to proactively secure their sensitive data, detect threats, and comply with evolving data and AI privacy rules.

Pure Storage enhances cyber resilience with immutable snapshots that allow rapid recovery after a cyber incident. Together, Varonis and Pure Storage deliver a powerful data security and cyber resilience solution that helps prevent data breaches and provides rapid recovery in the event of a disaster.

By partnering, Varonis’ AI-powered platform enables Pure Storage customers to automatically:

Discover and classify sensitive data. Varonis scans data in Pure Storage FlashArray and FlashBlade systems in real time, matching classification results with identities, permissions, and activity to identify and fix exposed or at-risk data.
Reduce data exposure. Varonis maps complex permissions, such as nested groups and inheritance, right-sizes access, and automatically fixes excessive permissions, like removing over-privileged access.
Detect and stop threats. Varonis uses AI and machine learning to analyze user behavior to detect threats, suspicious activity, and malicious insiders. With Varonis Managed Data Detection and Response (MDDR), Pure Storage customers can extend their teams with a 24x7x365 incident response SLA.

“Ensuring the security of data — and the data powering AI — is challenging and critical,” said Varonis EVP of Engineering and CTO David Bass. “More and more customers rely on Pure Storage to harness the full potential of their AI data, from ingestion to inference. Customers love Pure Storage, and we are thrilled to partner to ensure that they can innovate with AI securely.”

“In a world where ransomware risk continues to rise, ensuring data security and resilience is more critical than ever,” said Pure Storage VP of Enterprise Growth and Solutions Dan Kogan. “With this partnership, Pure Storage and Varonis are empowering organizations to proactively secure critical and sensitive data, detect threats, and recover rapidly from cyber incidents. By combining Pure Storage’s layered resilience approach and indelible snapshots with Varonis’ intelligent data security, customers can confidently protect their unstructured data, mitigate risk, and maintain uninterrupted operations.”

Both companies have been recognized as industry leaders. Pure Storage is a Leader in the 2024 Gartner® Magic Quadrant™ for Primary Storage Platforms. Varonis is a Leader and a Customer Favorite in The Forrester Wave™: Data Security Platforms, Q1 2025.

Additional Resources

About Varonis

Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, and insider risk management.

Varonis protects data first, not last. Learn more at www.varonis.com.

About Pure Storage

Pure Storage (NYSE: PSTG) delivers the industry’s most advanced data storage platform to store, manage, and protect the world’s data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It’s easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.

Pure Storage, the Pure Storage P Logo, Pure Realize, Pure1, FlashBlade//EXA, and the marks in the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks. Other names may be trademarks of their respective owners.

Investor Relations Contact:
Tim Perz
Varonis Systems, Inc.
646-640-2112
investors@varonis.com

News Media Contact:
Rachel Hunt
Varonis Systems, Inc.
877-292-8767 (ext. 1598)
pr@varonis.com

MIL-OSI USA: ICE, federal partners arrest Honduran alien for illegally reentering US after 2 deportations

Source: US Immigration and Customs Enforcement

BROCKTON, Mass. — U.S. Immigration and Customs Enforcement working with federal partners with the Federal Bureau of Investigations and Bureau of Alcohol, Tobacco, Firearms and Explosives arrested an illegally present Honduran national who unlawfully reentered the United States after two previous deportations. Officers with ICE Boston and agents with FBI Boston and ATF Boston arrested Oscar Lopez-Perez, 40, April 16 in Brockton. Lopez-Perez has a prior conviction for assault and battery and has been charged with operating a vehicle while under the influence of liquor.

“Oscar Lopez-Perez has displayed a complete disregard for U.S. immigration laws by illegally reentering the country after being previously deported,” said ICE Enforcement and Removal Operations Boston acting Field Office Director Patricia H. Hyde. “Additionally, he has presented a significant threat to the residents of Massachusetts. ICE Boston will not tolerate such threats to our New England communities. We will continue to prioritize public safety by arresting and removing criminal alien offenders from our neighborhoods.”

U.S. Border Patrol arrested Lopez-Perez May 11, 2008, after he illegally entered the United States. USBP served Lopez-Perez a notice to appear before a Justice Department immigration judge and released him on an order of recognizance. A DOJ immigration judge ordered Lopez-Perez removed from the United States to Honduras Sept. 15, 2003. The Brockton District Court convicted Lopez-Perez July 13, 2011, for assault and battery.

ICE Boston arrested Lopez-Perez Oct. 16, 2012, pursuant to his removal order. ICE removed Lopez-Perez from the United States to Honduras Jan. 4, 2013. USBP arrested Lopez-Perez May 8, 2013, after he illegally reentered the United States. USBP served him a notice of intent/decision to reinstate prior removal order. USBP transferred custody of Lopez-Perez to ICE. ICE removed Lopez-Perez from the United States to Honduras May 31, 2013. Lopez illegally reentered the United States on an unknown date, at an unknown location and without being inspected, admitted or paroled by a U.S. immigration officer. The Stoughton District Court arraigned Lopez-Perez Sept. 21, 2020, for operating a vehicle under the influence of liquor and operating negligently.

Officers with ICE Boston and agents with FBI Boston and ATF Boston arrested Oscar Lopez-Perez April 16 in Brockton. Lopez-Perez remains in ICE custody.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE’s mission to increase public safety in our communities on X: @EROBoston.

MIL OSI USA News –

MIL-OSI: TMD Energy Limited Announces Pricing of US$10.08 Million Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, MALAYSIA, April 21, 2025 (GLOBE NEWSWIRE) — TMD Energy Limited (the “Company”) (NYSE American: TMDE), together with its subsidiaries is a Malaysia and Singapore based services provider engaged in integrated bunkering services which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced the pricing of its initial public offering (the “Offering”) of 3,100,000 ordinary shares (“Shares”) at a price to public of US$3.25 per Share for the total gross proceeds of approximately US$10.08 million, before deducting underwriting discounts and other related expenses, assuming the underwriters do not exercise their over-allotment option to purchase additional Shares. The Shares will begin trading on April 21, 2025, U.S. Eastern time, on the NYSE American under the symbol “TMDE”. The Offering is expected to close on April 22, 2025, subject to customary closing conditions.

The Company has granted the underwriter a 45-day option to purchase up to an aggregate of 465,000 additional Shares to cover over-allotments at the initial public offering price, If the underwriter exercises their option to purchase the additional Shares in full, the total gross proceeds before deducting underwriting discounts and other related expenses from the offering are expected to be approximately US$11.59 million.

The Company intends to use the net proceeds from the Offering for (i) the purchase of cargo oil; (ii) defraying listing expenses; and (iii) working capital and other general corporate purposes.

Maxim Group LLC (“Maxim”) is acting as sole book-running manager of the Offering. Loeb & Loeb LLP, is acting as U.S. legal counsel to the Company, and Pryor Cashman LLP is acting as U.S. legal counsel to Maxim for the Offering.

A registration statement on Form F-1, as amended (File No. 333-283704) related to the Offering was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 10, 2024 and was declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus forming a part of the effective registration statement. Copies of the prospectus relating to the Offering may be obtained from Maxim Group, LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, United States of America or by email at syndicate@maximgrp.com. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

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

About TMD Energy Limited

TMD Energy Limited and its subsidiaries (“TMDEL Group”) are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil which includes high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessel chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels. For more information, please visit the Company’s website at: www.tmdel.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including but not limited to, the Company’s Offering. 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, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. 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 you that such expectations will turn out to be correct, and 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.

For investor and media inquiries, please contact:

TMD Energy Limited
Email: corporate@tmdel.com

WFS Investor Relations
Email : services@wealthfsllc.com

MIL-OSI: HCI Group Sets 2025 Annual Shareholders Meeting and Record Date

Source: GlobeNewswire (MIL-OSI)

TAMPA, Fla., April 21, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI) will hold its Annual Meeting of Shareholders on Tuesday, June 10, 2025, at 3:00 p.m. Eastern time in the 1st Floor Auditorium of HCI’s headquarters at 3802 Coconut Palm Drive, Tampa, Florida.

Shareholders of record at the close of business on Monday, April 14, 2025, will be entitled to vote and attend the meeting. Items of business will include the following proposals:

To elect Class B Directors
To ratify the appointment of external auditors
To approve, on an advisory basis, the compensation of the named executive officers
To approve, on an advisory basis, of the frequency of votes on executive compensation.

Shareholders will also consider such other business as may properly come before the Annual Meeting and any adjournments or postponements thereof.

About HCI Group, Inc.
HCI Group is a holding company with two distinct operating units. The first unit includes four top-performing insurance companies, a captive reinsurance company, and operations in claims management and real estate. The second unit, called Exzeo Group, is a leading innovator of insurance technology that utilizes advanced underwriting algorithms and data analytics. Exzeo empowers property and casualty insurers to transform underwriting outcomes and achieve industry-leading results.

The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com

Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gatewayir.com

MIL-OSI: First Acceptance Corporation to Present at the OTCQX Best 50 Virtual Investor Conference on April 24th

Source: GlobeNewswire (MIL-OSI)

NASHVILLE, Tenn., April 21, 2025 (GLOBE NEWSWIRE) — First Acceptance Corporation (OTCX: FACO), based in Nashville, TN, focused on non-standard personal automobile insurance, today announced that Company leadership will present live at the OTCQX Best 50 Virtual Investor Conference hosted by VirtualInvestorConferences.com, on April 24th, 2025

DATE: April 24th
TIME: Thursday, April 24^th: 2:00 – 2:30 pm ET
LINK: REGISTER HERE
Available for 1×1 meetings: Contact mbodayle@firstacceptance.com

This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

In December 2023, the Company sold its insurance agency operations, and now solely offers its own underwritten insurance policies through independent agents.
Tangible book value per share has increased from $0.85 at December 31, 2022, to $4.41 at December 31, 2024.
2024 was highlighted by record earnings per share of $0.69.

About First Acceptance Corporation

First Acceptance Corporation is an insurance holding company headquartered in Nashville that underwrites non-standard personal automobile insurance through insurance companies known as the First Acceptance Insurance Group.

Additional information about First Acceptance Corporation can be found online at online www.firstacceptance.com.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:
Investor Relations Contact:
Michael J. Bodayle
mbodayle@firstacceptance.com

Virtual Investor Conferences:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

MIL-OSI: Joshua Grass, John Kelly, and Lauren Daniel Join 5AM Ventures

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO and BOSTON, April 21, 2025 (GLOBE NEWSWIRE) — 5AM Ventures, a leading life science venture capital firm, is pleased to announce the addition of operational leadership and investment professionals who bring extraordinary experience to the organization. The appointments of Joshua Grass as Venture Partner, John Kelly as Partner, Chief Financial Officer and Chief Operating Officer, and Lauren Daniel as Chief Compliance Officer and Deputy General Counsel will strengthen the firm’s investment capabilities, financial and operational governance, and regulatory oversight as it continues to expand its portfolio.

“We’re thrilled to welcome these exceptional leaders to our team,” said Andy Schwab, Managing Parter at 5AM Ventures. “Their collective expertise will be invaluable as we continue to pursue new growth opportunities for our investors and portfolio companies.”

Joshua Grass, Venture Partner
Joshua is a seasoned entrepreneur and investor with deep executive management, business development and operational expertise. He was most recently CEO of Escient Pharmaceuticals, a 5AM-backed biotech company developing small molecule therapeutics for neurosensory and inflammatory diseases. Escient was acquired by Incyte in 2024. Prior to Escient he was CEO of Modis Therapeutics after spending 15 years as a member of BioMarin’s senior executive management team leading Business and Corporate Development. Joshua earned a B.S. in Biology from California Polytechnic State University and an MBA in Finance and Entrepreneurship from William E. Simon School of Business at the University of Rochester.

John Kelly, Partner, Chief Financial Officer & Chief Operating Officer
John, a seasoned finance and operations professional with twenty-five years of experience, has joined 5AM Ventures as CFO and COO. He was previously CFO and Principal at Axonic Capital responsible for oversight of all aspects of the diverse, multi-strategy funds, management company, general partner and family office entities, including financial and tax reporting, treasury, counterparty management, cost center allocation and budgeting, payroll, and HR programs. John holds a B.S. in Accounting from Villanova School of Business.

Lauren Daniel, JD, Chief Compliance Officer & Deputy General Counsel
Lauren brings over fifteen years of experience in fund legal with a strong focus in regulatory compliance and risk management. Before joining 5AM, she served as Chief Compliance Officer and Counsel for Advent Global Opportunities, the public equity-focused platform of the global private equity firm Advent International. Since she joined in August, Lauren has been leading 5AM’s compliance efforts, ensuring that the firm continues to uphold the highest standards of regulatory adherence and governance practices. Lauren holds a B.A. in Political Science from Boston College and a J.D. from the Northwestern University Pritzker School of Law.

“With Joshua, John, and Lauren onboard, we are excited to scale and refine our financial operations and enhance our ability to navigate complex legal and regulatory landscapes, while continuing to identify and nurture next-generation life science companies aimed at developing transformative therapeutics for patients,” said Kush Parmar, Managing Partner at 5AM Ventures.

ABOUT 5AM VENTURES
Founded in 2002, 5AM Ventures is a leading venture capital firm focused on investing in and building next-generation life science companies. Based in San Francisco, Boston, and New York City, 5AM takes a hands-on approach to investing and company building, often going beyond traditional board roles to leverage our diverse team of scientists, clinicians, drug developers and executives throughout a company’s life. With more than $2.2 billion raised since inception, 5AM has invested globally in over 140 public and private companies.

5AM has helped guide portfolio companies to meaningful value-accretive outcomes. Across the 5AM funds, over 30 portfolio companies have entered the public markets (e.g., through IPOs) and over 20 portfolio companies have been acquired through M&A. A full list of portfolio companies, including those companies which have entered the public markets or been exited through M&A, are available on our website.

For more information, please visit www.5amventures.com.

CONTACT
5AM Ventures
Michael Calore, Partner and Head of Investor Relations
Email: ir@5amventures.com

MIL-OSI: Aemetis India Plant Receives $31 million of Biodiesel Orders from OMCs for Delivery in Next Three Months

Source: GlobeNewswire (MIL-OSI)

CUPERTINO, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a diversified global renewable natural gas and biofuels company, announced the Company’s subsidiary in India, Universal Biofuels, received multiple orders for an aggregate of $31 million for the delivery during May, June and July of more than 33,000 kiloliters of biodiesel to the three government-owned Oil Marketing Companies (OMCs).

Additional OMC orders are expected throughout the year in order to continue shipments to fuel blending terminals on an ongoing basis to support the India government goal of increasing from a 1% to 5% biodiesel blend.

”Universal Biofuels and other biodiesel producers look forward to continuous support from the government of India to ensure that climate issues are addressed, while ensuring a healthy biodiesel industry,” stated Sanjeev Duggal, CEO of Universal Biofuels.

“We are pleased with the progress being made in India in support of the 5% biodiesel blending target of more than 1.2 billion gallons per year,” stated Eric McAfee, Chairman and CEO of Aemetis.  “The OMCs did not take deliveries during this past winter and instead decided to issue new orders for biodiesel with deliveries from May to July. Our Universal Biofuels subsidiary has successfully completed deliveries under contracts with the OMCs for the past several years, highlighting our track record for producing and timely delivering high quality renewable fuels at our India plant.”

Recently, India achieved a 20% ethanol blend into gasoline and the government stated a new 30% blend target for ethanol, enabling further growth in ethanol production and expanding revenues for farmers while reducing the importation of petroleum gasoline into India.

Universal Biofuels significantly expanded the production capacity of the Kakinada biodiesel plant to 80 million gallons per year during a recent plant upgrade and maintenance cycle, including expansion of its proprietary process that produces biodiesel from waste and byproducts that Universal utilizes to produce biofuels that are lower carbon intensity at a significantly reduced cost.

Aemetis’ Universal Biofuels subsidiary is one of the largest biodiesel producers in India, having been in operation for more than 17 years. Universal Biofuels increased annual biodiesel capacity from 50 million gallons to 80 million gallons last year, with further biodiesel expansion to other locations and diversification into biogas production planned for 2025. To support further growth, Universal Biofuels is preparing for an IPO in India which is expected to be completed in late 2025, subject to continued favorable stock market conditions.

Universal Biofuels completed $112 million of biodiesel and glycerine shipments in the twelve months ended September 2024, including deliveries to the three government-owned oil marketing companies under a cost-plus contract. Shipments of biodiesel to OMC’s are expected to begin in early May under the next round of biodiesel contracts.

About Aemetis

Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.

Safe Harbor Statement

This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results; statements related to the development, engineering, financing, construction and operation of the Aemetis biodiesel and other biofuel facilities; our ability to promote, develop, finance, and construct facilities to produce biodiesel, renewable fuels, and biochemicals; and statements about future market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

Company Investor Relations
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com

External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com

MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

Net income for the first quarter of 2025 was $10.6 million, compared to $10.7 million in the prior quarter and $7.9 million in the first quarter of 2024. Net income for the first quarter of 2025 represents a return on average assets of 1.74% and a return on average tangible common equity of 18.74%
Diluted earnings per share for the first quarter of 2025 was $1.80, compared to $1.82 in the prior quarter and $1.36 in the first quarter of 2024
Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million or 2.7% from December 31, 2024, which included a reduction in brokered deposits of $96.9 million. Total deposits increased 15.1% year over year. Core deposits were $2.05 billion as of March 31, 2025, an increase of $154.6 million or 8.2% from December 31, 2024. Core deposits increased 27.5% year over year
Total cost of deposits was 2.22% for the first quarter of 2025, a decrease from 2.36% in the prior quarter and 2.61% in the first quarter of 2024. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024. Total cost of funding sources was 2.29% for the first quarter of 2025, a decrease from 2.45% in the prior quarter and 2.70% in the first quarter of 2024
Loans held-for-investment (“HFI”) totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% from December 31, 2024. Loans HFI increased 9.0% year over year
Net interest margin was 4.61% for the first quarter of 2025, compared to 4.67% in the prior quarter and 4.31% in the first quarter of 2024
Provision for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand for the prior quarter and $0.2 million for the first quarter of 2024. The allowance for loan losses was 1.27% of loans HFI as of March 31, 2025 compared to 1.31% at December 31, 2024
As of March 31, 2025, criticized and classified loans totaled $40.8 million, or 1.96% of total loans, up from $24.7 million, or 1.18% of total loans, in the prior quarter
Tangible book value per share was $40.29 as of March 31, 2025, an increase of $1.89 since December 31, 2024 primarily as a result of strong earnings. Tangible book value per share increased 4.9% quarter-over-quarter and 20.1% year over year.

LA JOLLA, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first fiscal quarter ended March 31, 2025. The Company reported net income of $10.6 million, or $1.80 per diluted share, for the first quarter of 2025, compared to $10.7 million, or $1.82 per diluted share, in the prior quarter, and $7.9 million, or $1.36 per diluted share, in the first quarter of 2024.

Rick Sowers, President and CEO of the Company and the Bank stated, “We continue to be pleased by the Company and the Team’s performance. Strong growth in core deposits over the past year continues and we remain focused on building strong Relationships with our Clients. Loan demand was soft in Q1, as Clients and financial markets digest the current economy and prospects for future growth and stability. We remain optimistic that markets will settle, and demand will return. In the meantime, we are focused on providing the Distinctively Different Service our Clients and Prospects are seeking, getting more efficient and effective in our business through technology, continuous process improvement and building a strong Team throughout the Bank.”

Sowers added, “The Bank was recognized throughout the last year for superior financial performance and industry leading service metrics. These recognitions highlight CalPrivate Bank’s dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value:

#1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets
#1 SBA 504 Community Bank Lender in the United States
#10 Best U.S. Bank by Bank Director’s RankingBanking^®
Client Net Promoter Score of 81 (World Class)
Bauer 5 Star Rating
2025 Best 50 OTCQX

“As Los Angeles continues to tackle the enormous task of cleaning up after the devastating fires, CalPrivate Bank remains committed to being a partner to our Clients and the Communities we serve.”

“As our economy transitions based on priorities of the new administration in Washington DC, and global economic uncertainties increase, management and the board are diligently assessing and acting upon potential future risks and market opportunities. The Bank continues to produce top tier financial results by seeking improved productivity through technology investments, streamlined systems and processes, and hiring top bankers in existing and potential new markets and market segments. We continue to prioritize unparalleled Client service and creative Solutions for our loyal and growing client base. We continue to support a broad range of non-profit organizations in the communities we serve, both through team member volunteering activities and financial resources. Our Team takes great pride in doing well for shareholders by doing good for clients and community,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

STATEMENT OF INCOME

Net Interest Income

Net interest income for the first quarter of 2025 totaled $27.7 million, an increase of $0.3 million or 1.2% from the prior quarter and an increase of $5.0 million or 21.8% from the first quarter of 2024. The increase from the prior quarter was due to a $0.5 million decrease in interest expense, resulting from a 22 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

Net Interest Margin

Net interest margin for the first quarter of 2025 was 4.61%, compared to 4.67% for the prior quarter and 4.31% in the first quarter of 2024. The 6 basis point decrease in net interest margin from the prior quarter was primarily due to lower yields on interest-earning assets and a decrease in prepayment-penalty fees. The yield on interest-earning assets was 6.70% for the first quarter of 2025 compared to 6.89% for the prior quarter, and the cost of interest-bearing liabilities was 3.14% for the first quarter of 2025 compared to 3.36% in the prior quarter. The cost of total deposits was 2.22% for the first quarter of 2025 compared to 2.36% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.99% in the first quarter of 2025 compared to 2.07% in the prior quarter. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024.

Provision for Credit Losses

Provision expense for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand in the prior quarter and $0.2 million in the first quarter of 2024. The provision expense for loans HFI for the first quarter of 2025 was $0.5 million, primarily reflecting heightened macroeconomic uncertainty incorporated into our forecasts. This was offset by a $0.2 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

Noninterest Income

Noninterest income was $1.6 million for the first quarter of 2025, compared to $1.9 million in the prior quarter and $1.4 million in the first quarter of 2024. SBA loan sales for the first quarter of 2025 were $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand, compared with $14.9 million with a 11.45% average trade premium resulting in a net gain on sale of $932 thousand in the prior quarter.

Noninterest Expense

Noninterest expense was $14.1 million for the first quarter of 2025, compared to $14.2 million in the prior quarter and $12.8 million in the first quarter of 2024. The efficiency ratio was 47.90% for the first quarter of 2025 compared to 48.34% in the prior quarter and 52.84% in the first quarter of 2024. The slight decrease in the efficiency ratio from the prior quarter was due to the decrease in noninterest expense.

The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

Provision for Income Tax Expense

Provision for income tax expense was $4.4 million for the first quarter of 2025, compared to $4.5 million for the prior quarter. The effective tax rate for the first quarter of 2025 was 29.5%, compared to 29.6% in the prior quarter and 29.5% in the first quarter of 2024.

STATEMENT OF FINANCIAL CONDITION

As of March 31, 2025, total assets were $2.48 billion, an increase of $58.9 million since December 31, 2024. The increase in assets from the prior quarter was primarily due to higher cash and due from banks and investment securities, partially offset by lower loans receivable. Our total cash and due from banks increased to $218.5 million as of March 31, 2025, an increase of $54.6 million or 33.3% since December 31, 2024, primarily due to strong growth in core deposits along with lower loan demand. Investment securities available-for-sale (“AFS”) were $156.3 million as of March 31, 2025, an increase of $11.1 million or 7.6% since December 31, 2024, primarily as a result of new securities purchased. As of March 31, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $10.1 million (pre-tax) compared to a loss of $12.1 million (pre-tax) as of December 31, 2024. The average duration of the Bank’s AFS portfolio is 3.8 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% since December 31, 2024, reflecting lower loan production as borrowers deferred new financings amid economic and interest-rate uncertainty as well as wildfire-related disruptions in Southern California.

Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million since December 31, 2024. During the quarter, core deposits increased by $154.6 million, which was driven by a $108.9 million increase in interest-bearing core deposits (including balances in the Intrafi ICS and CDARS programs) and a $45.7 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.2% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $96.9 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.1% of total deposits as of March 31, 2025.

As of March 31, 2025, total available liquidity was $2.1 billion or 192.8% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $366 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

Asset Quality and Allowance for Credit Losses (“ACL”)

As of March 31, 2025, the allowance for loan losses was $26.4 million or 1.27% of loans HFI, compared to $27.3 million or 1.31% of loans HFI as of December 31, 2024. The decrease in the coverage ratio from December 31, 2024 is due primarily to a $1.1 million partial charge-off of a nonaccrual loan that previously had a specific reserve of $2.0 million. The Company continues to have strong credit metrics and its nonperforming assets are 0.63% of total assets as of March 31, 2025 compared to 0.47% as of December 31, 2024. The reserve for unfunded commitments was $1.3 million as of March 31, 2025, compared to $1.5 million as of December 31, 2024. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

At March 31, 2025 and December 31, 2024, there were no doubtful credits and classified assets were $27.8 million and $14.9 million, respectively. Total classified assets consisted of 20 loans as of March 31, 2025, which included 17 loans totaling $24.7 million secured by real estate with a weighted average LTV of 52.7%, of which 11 loans totaling $16.4 million had SBA guarantees. The remaining three loans were $3.1 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (net of a $1.1 million partial charge off).

The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

Capital Ratios ⁽²⁾

The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

	March 31, 2025⁽²⁾	December 31, 2024
CalPrivate Bank
Tier I leverage ratio	10.35%	10.39%
Tier I risk-based capital ratio	11.75%	11.29%
Total risk-based capital ratio	13.00%	12.54%

(2) March 31, 2025 capital ratios are preliminary and subject to change.

About Private Bancorp of America, Inc. (OTCQX: PBAM)

PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, and Beverly Hills, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, cross border banking, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10^th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

CalPrivate Bank’s website is www.calprivate.bank.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including adjusted income before provision for income taxes, adjusted net income, adjusted diluted earnings per share (“Adjusted EPS”), efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

Investor Relations Contacts

Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894

Cory Stewart
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(206) 293-3669

Safe Harbor Paragraph

This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in thousands)

	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Assets
Cash and due from banks	$	34,720		$	16,528		$	13,136
Interest-bearing deposits in other financial institutions		16,155			10,419			34,790
Interest-bearing deposits at Federal Reserve Bank		167,606			136,929			93,575
Total cash and due from banks		218,481			163,876			141,501
Interest-bearing time deposits with other institutions		4,213			4,189			4,032
Investment debt securities available for sale		156,346			145,238			114,067
Loans held for sale		2,066			3,008			383
Loans, net of deferred fees and costs and unaccreted discounts		2,078,653			2,085,149			1,906,992
Allowance for loan losses		(26,437	)		(27,267	)		(24,693	)
Loans held-for-investment, net of allowance		2,052,216			2,057,882			1,882,299
Federal Home Loan Bank stock, at cost		9,586			9,586			8,915
Operating lease right of use assets		6,383			6,819			2,765
Premises and equipment, net		2,432			2,335			1,804
Servicing assets, net		1,993			2,087			2,203
Accrued interest receivable		8,148			7,993			7,931
Other assets		21,009			20,998			21,877
Total assets	$	2,482,873		$	2,424,011		$	2,187,777

Liabilities and Shareholders’ Equity
Liabilities
Noninterest bearing	$	599,095		$	553,405		$	516,294
Interest bearing		1,593,014			1,581,054			1,388,381
Total deposits		2,192,109			2,134,459			1,904,675
FHLB borrowings		16,000			28,000			53,000
Other borrowings		17,970			17,969			17,963
Accrued interest payable and other liabilities		21,559			20,049			18,107
Total liabilities		2,247,638			2,200,477			1,993,745

Shareholders’ equity
Common stock		76,156			75,377			74,105
Additional paid-in capital		3,712			4,393			4,108
Retained earnings		162,462			152,252			124,464
Accumulated other comprehensive (loss) income, net		(7,095	)		(8,488	)		(8,645	)
Total shareholders’ equity		235,235			223,534			194,032
Total liabilities and shareholders’ equity	$	2,482,873		$	2,424,011		$	2,187,777

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share amounts)

	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
Interest Income
Loans	$	36,565	$	37,259	$	33,006
Investment securities		1,505		1,510		979
Deposits in other financial institutions		2,198		1,661		1,799
Total interest income		40,268		40,430		35,784

Interest Expense
Deposits		11,899		12,297		12,130
Borrowings		637		726		886
Total interest expense		12,536		13,023		13,016

Net interest income		27,732		27,407		22,768
Provision for credit losses		299		17		233
Net interest income after provision for credit losses		27,433		27,390		22,535

Noninterest income:
Service charges on deposit accounts		557		558		388
Net gain on sale of loans		469		932		681
Other noninterest income		587		456		357
Total noninterest income		1,613		1,946		1,426

Noninterest expense:
Compensation and employee benefits		9,748		9,539		8,861
Occupancy and equipment		844		847		770
Data processing		1,326		1,195		1,058
Professional services		508		573		488
Other expenses		1,629		2,036		1,606
Total noninterest expense		14,055		14,190		12,783
Income before provision for income taxes		14,991		15,146		11,178
Provision for income taxes		4,429		4,488		3,294
Net income	$	10,562	$	10,658	$	7,884
Net income available to common shareholders	$	10,482	$	10,573	$	7,832

Earnings per share
Basic earnings per share	$	1.83	$	1.85	$	1.38
Diluted earnings per share	$	1.80	$	1.82	$	1.36

Average shares outstanding		5,734,688		5,716,291		5,679,843
Diluted average shares outstanding		5,826,229		5,813,197		5,754,937

PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands)

	For the three months ended
	Mar 31, 2025							Dec 31, 2024							Mar 31, 2024
	Average Balance		Interest		Average Yield/Rate			Average Balance		Interest		Average Yield/Rate			Average Balance		Interest		Average Yield/Rate
Interest-Earnings Assets
Deposits in other financial institutions	$	202,907	$	2,198		4.39	%	$	143,053	$	1,661		4.62	%	$	135,511	$	1,799		5.34	%
Investment securities		157,747		1,505		3.82	%		155,768		1,510		3.88	%		119,690		979		3.27	%
Loans, including LHFS		2,078,588		36,565		7.13	%		2,036,178		37,259		7.28	%		1,868,308		33,006		7.11	%
Total interest-earning assets		2,439,242		40,268		6.70	%		2,334,999		40,430		6.89	%		2,123,509		35,784		6.78	%
Noninterest-earning assets		28,536							24,951							25,469
Total Assets	$	2,467,778						$	2,359,950						$	2,148,978

Interest-Bearing Liabilities
Interest bearing DDA, excluding brokered		244,301		970		1.61	%		178,811		634		1.41	%		109,838		441		1.61	%
Savings & MMA, excluding brokered		955,259		6,830		2.90	%		904,191		6,991		3.08	%		765,770		6,421		3.37	%
Time deposits, excluding brokered		196,375		1,956		4.04	%		191,794		2,004		4.16	%		155,703		1,583		4.09	%
Total deposits, excluding brokered		1,395,935		9,756		2.83	%		1,274,796		9,629		3.00	%		1,031,311		8,445		3.29	%
Total brokered deposits		183,059		2,143		4.75	%		218,792		2,668		4.85	%		287,885		3,685		5.15	%
Total Interest-Bearing Deposits		1,578,994		11,899		3.06	%		1,493,588		12,297		3.28	%		1,319,196		12,130		3.70	%

FHLB advances		24,122		272		4.57	%		29,446		343		4.63	%		49,935		614		4.95	%
Other borrowings		17,981		365		8.23	%		17,967		383		8.48	%		17,962		272		6.09	%
Total Interest-Bearing Liabilities		1,621,097		12,536		3.14	%		1,541,001		13,023		3.36	%		1,387,093		13,016		3.77	%

Noninterest-bearing deposits		594,408							577,462							553,541
Total Funding Sources		2,215,505		12,536		2.29	%		2,118,463		13,023		2.45	%		1,940,634		13,016		2.70	%

Noninterest-bearing liabilities		21,542							21,524							18,018
Shareholders’ equity		230,731							219,963							190,326

Total Liabilities and Shareholders’ Equity	$	2,467,778						$	2,359,950						$	2,148,978

Net interest income/spread			$	27,732		4.41	%			$	27,407		4.44	%			$	22,768		4.08	%
Net interest margin						4.61	%						4.67	%						4.31	%

PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts)

	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Assets
Cash and due from banks	$	218,481		$	163,876		$	207,174		$	158,377		$	141,501
Interest-bearing time deposits with other institutions		4,213			4,189			4,124			4,097			4,032
Investment securities		156,346			145,238			141,100			121,725			114,067
Loans held for sale		2,066			3,008			2,040			–			383
Total loans held-for-investment		2,078,653			2,085,149			2,012,457			1,979,720			1,906,992
Allowance for loan losses		(26,437	)		(27,267	)		(26,594	)		(26,591	)		(24,693	)
Loans held-for-investment, net of allowance		2,052,216			2,057,882			1,985,863			1,953,129			1,882,299
Operating lease right of use assets		6,383			6,819			4,344			4,719			2,765
Premises and equipment, net		2,432			2,335			2,345			2,207			1,804
Other assets and interest receivable		40,736			40,664			39,383			41,430			40,926
Total assets	$	2,482,873		$	2,424,011		$	2,386,373		$	2,285,684		$	2,187,777

Liabilities and Shareholders’ Equity
Liabilities
Noninterest Bearing	$	599,095		$	553,405		$	584,292		$	557,055		$	516,294
Interest Bearing		1,593,014			1,581,054			1,522,839			1,444,671			1,388,381
Total Deposits		2,192,109			2,134,459			2,107,131			2,001,726			1,904,675
Borrowings		33,970			45,969			45,967			65,965			70,963
Accrued interest payable and other liabilities		21,559			20,049			19,062			16,551			18,107
Total liabilities		2,247,638			2,200,477			2,172,160			2,084,242			1,993,745
Shareholders’ equity
Common stock		76,156			75,377			74,688			74,636			74,105
Additional paid-in capital		3,712			4,393			4,271			3,717			4,108
Retained earnings		162,462			152,252			141,623			132,179			124,464
Accumulated other comprehensive (loss) income		(7,095	)		(8,488	)		(6,369	)		(9,090	)		(8,645	)
Total shareholders’ equity		235,235			223,534			214,213			201,442			194,032
Total liabilities and shareholders’ equity	$	2,482,873		$	2,424,011		$	2,386,373		$	2,285,684		$	2,187,777

Book value per common share	$	40.63		$	38.76		$	37.21		$	35.03		$	33.94
Tangible book value per common share⁽¹⁾	$	40.29		$	38.40		$	36.87		$	34.65		$	33.55
Shares outstanding		5,789,306			5,766,810			5,756,207			5,751,143			5,717,519

(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.


PRIVATE BANCORP OF AMERICA, INC. Condensed Statements of Income (Unaudited) (Dollars in thousands, except per share amounts)

	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Interest income	$	40,268	$	40,430	$	40,018	$	38,662	$	35,784
Interest expense		12,536		13,023		14,311		13,992		13,016
Net interest income		27,732		27,407		25,707		24,670		22,768
Provision for credit losses		299		17		304		2,136		233
Net interest income after provision for credit losses		27,433		27,390		25,403		22,534		22,535

Service charges on deposit accounts		557		558		504		430		388
Net gain on sale of loans		469		932		587		661		681
Other noninterest income		587		456		343		447		357
Total noninterest income		1,613		1,946		1,434		1,538		1,426

Compensation and employee benefits		9,748		9,539		9,422		8,836		8,861
Occupancy and equipment		844		847		818		822		770
Data processing		1,326		1,195		1,238		1,183		1,058
Professional services		508		573		252		424		488
Other expenses		1,629		2,036		1,695		1,697		1,606
Total noninterest expense		14,055		14,190		13,425		12,962		12,783

Income before provision for income taxes		14,991		15,146		13,412		11,110		11,178
Income taxes		4,429		4,488		3,959		3,283		3,294
Net income	$	10,562	$	10,658	$	9,453	$	7,827	$	7,884
Net income available to common shareholders	$	10,482	$	10,573	$	9,373	$	7,761	$	7,832

Earnings per share
Basic earnings per share	$	1.83	$	1.85	$	1.64	$	1.36	$	1.38
Diluted earnings per share	$	1.80	$	1.82	$	1.63	$	1.35	$	1.36

Average shares outstanding		5,734,688		5,716,291		5,707,723		5,702,938		5,679,843
Diluted average shares outstanding		5,826,229		5,813,197		5,767,401		5,762,616		5,754,937

	Performance Ratios
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
ROAA		1.74	%		1.80	%		1.62	%		1.40	%		1.48	%
ROAE		18.56	%		19.28	%		18.00	%		15.81	%		16.66	%
ROATCE⁽¹⁾		18.74	%		19.46	%		18.18	%		15.99	%		16.86	%
Net interest margin		4.61	%		4.67	%		4.44	%		4.48	%		4.31	%
Net interest spread		4.41	%		4.44	%		4.20	%		4.24	%		4.08	%
Efficiency ratio⁽¹⁾		47.90	%		48.34	%		49.46	%		49.46	%		52.84	%
Noninterest expense / average assets		2.31	%		2.39	%		2.29	%		2.32	%		2.39	%

(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)

	Selected Quarterly Average Balances
	(Dollars in thousands)
	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Total assets	$	2,467,778	$	2,359,950	$	2,328,399	$	2,241,860	$	2,148,978
Earning assets	$	2,439,242	$	2,334,999	$	2,303,537	$	2,216,185	$	2,123,509
Total loans, including loans held for sale	$	2,078,588	$	2,036,178	$	1,989,748	$	1,939,746	$	1,868,308
Total deposits	$	2,173,402	$	2,071,050	$	2,047,197	$	1,961,099	$	1,872,737
Total shareholders’ equity	$	230,731	$	219,963	$	208,889	$	199,088	$	190,326

	Loan Balances by Type
	(Dollars in thousands)
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Commercial Real Estate (CRE):
Investor owned	$	577,512	$	572,659	$	560,481	$	566,314	$	573,587
Owner occupied		228,232		223,442		221,364		216,876		216,123
Multifamily		163,218		162,330		175,387		177,390		175,629
Secured by single family		200,650		198,579		190,738		181,744		157,092
Land and construction		70,293		62,638		68,186		58,109		35,975
SBA secured by real estate		402,524		401,990		395,646		388,271		385,416
Total CRE		1,642,429		1,621,638		1,611,802		1,588,704		1,543,822
Commercial business:
Commercial and industrial		417,258		441,182		383,874		378,161		352,417
SBA non-real estate secured		17,004		20,205		15,101		10,758		8,657
Total commercial business		434,262		461,387		398,975		388,919		361,074
Consumer		1,962		2,124		1,680		2,097		2,096
Total loans held for investment	$	2,078,653	$	2,085,149	$	2,012,457	$	1,979,720	$	1,906,992

	Deposits by Type
	(Dollars in thousands)
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Noninterest-bearing DDA	$	599,095	$	553,405	$	584,292	$	557,055	$	516,294
Interest-bearing DDA, excluding brokered		257,720		251,594		182,268		156,253		117,129
Savings & MMA, excluding brokered		981,491		887,740		920,219		861,508		812,841
Time deposits, excluding brokered		210,845		201,851		186,583		168,664		160,605
Total deposits, excluding brokered		2,049,151		1,894,590		1,873,362		1,743,480		1,606,869
Total brokered deposits		142,958		239,869		233,769		258,246		297,806
Total deposits	$	2,192,109	$	2,134,459	$	2,107,131	$	2,001,726	$	1,904,675

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)

	Rollforward of Allowance for Credit Losses
	(Dollars in thousands)
	For the three months ended
	Mar 31, 2025			Dec 31, 2024		Sep 30, 2024		Jun 30, 2024			Mar 31, 2024
Allowance for loan losses:
Beginning balance	$	27,267		$	26,594	$	26,591	$	24,693		$	24,476
Provision for loan losses		460			673		3		1,994			251
Net (charge-offs) recoveries		(1,290	)		–		–		(96	)		(34	)
Ending balance		26,437			27,267		26,594		26,591			24,693
Reserve for unfunded commitments		1,348			1,509		2,165		1,865			1,723
Total allowance for credit losses	$	27,785		$	28,776	$	28,759	$	28,456		$	26,416

	Asset Quality
	(Dollars in thousands)
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Total loans held-for-investment	$	2,078,653		$	2,085,149		$	2,012,457		$	1,979,720		$	1,906,992
Allowance for loan losses	$	(26,437	)	$	(27,267	)	$	(26,594	)	$	(26,591	)	$	(24,693	)
30-89 day past due loans	$	2,399		$	1,952		$	–		$	–		$	–
90+ day past due loans	$	13,223		$	11,512		$	11,512		$	2,500		$	3,530
Nonaccrual loans	$	15,565		$	11,512		$	11,512		$	2,500		$	4,656
NPAs / Assets		0.63	%		0.47	%		0.48	%		0.11	%		0.21	%
NPLs / Total loans held-for-investment & OREO		0.75	%		0.55	%		0.57	%		0.13	%		0.24	%
Net quarterly charge-offs (recoveries)	$	1,290		$	–		$	–		$	96		$	34
Net charge-offs (recoveries) /avg loans (annualized)		0.25	%		0.00	%		0.00	%		0.02	%		0.01	%
Allowance for loan losses to loans HFI		1.27	%		1.31	%		1.32	%		1.34	%		1.29	%
Allowance for loan losses to nonaccrual loans		169.85	%		236.86	%		231.01	%		1,063.64	%		530.35	%

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands)

	For the three months ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Efficiency Ratio
Noninterest expense	$	14,055		$	14,190		$	13,425		$	12,962		$	12,783
Net interest income		27,732			27,407			25,707			24,670			22,768
Noninterest income		1,613			1,946			1,434			1,538			1,426
Total net interest income and noninterest income		29,345			29,353			27,141			26,208			24,194
Efficiency ratio (non-GAAP)		47.90	%		48.34	%		49.46	%		49.46	%		52.84	%

Pretax pre-provision net revenue
Net interest income	$	27,732		$	27,407		$	25,707		$	24,670		$	22,768
Noninterest income		1,613			1,946			1,434			1,538			1,426
Total net interest income and noninterest income		29,345			29,353			27,141			26,208			24,194
Less: Noninterest expense		14,055			14,190			13,425			12,962			12,783
Pretax pre-provision net revenue (non-GAAP)	$	15,290		$	15,163		$	13,716		$	13,246		$	11,411

Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity
Net income	$	10,562		$	10,658		$	9,453		$	7,827		$	7,884
Average assets		2,467,778			2,359,950			2,328,399			2,241,860			2,148,978
Average shareholders’ equity		230,731			219,963			208,889			199,088			190,326
Less: Average intangible assets		2,098			2,028			2,051			2,163			2,208
Average tangible common equity (non-GAAP)		228,633			217,935			206,838			196,925			188,118

Return on average assets		1.74	%		1.80	%		1.62	%		1.40	%		1.48	%
Return on average equity		18.56	%		19.28	%		18.00	%		15.81	%		16.66	%
Return on average tangible common equity (non-GAAP)		18.74	%		19.46	%		18.18	%		15.99	%		16.86	%

Tangible book value per share
Total equity		235,235			223,534			214,213			201,442			194,032
Less: Total intangible assets		1,993			2,087			2,006			2,164			2,203
Total tangible equity		233,242			221,447			212,207			199,278			191,829
Shares outstanding		5,789,306			5,766,810			5,756,207			5,751,143			5,717,519
Tangible book value per share (non-GAAP)	$	40.29		$	38.40		$	36.87		$	34.65		$	33.55

MIL-OSI: Snail Games Subsidiary Interactive Films LLC Signs MOU with Mega Matrix Inc. (NYSE American: MPU) for Joint Short-Drama Development

Source: GlobeNewswire (MIL-OSI)

CULVER CITY, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, announced that its wholly owned subsidiary, Interactive Films LLC (“Interactive Films”), has signed a Memorandum of Understanding (MOU) with Mega Matrix Inc. (NYSE American: MPU). Under this MOU, both parties will leverage their respective strengths to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas, further enhancing their presence in the entertainment industry.

Mr. Hai Shi, Chairman and Co-CEO of Snail Games, commented, “Today’s announcement represents a strategic step forward in advancing Interactive Films’ short-drama business line and expanding our growing portfolio of original short dramas alongside MPU. According to WiseGuyReports¹, the global mini program short drama market is expected to grow at a strong 20.81% CAGR to $25.68 billion by 2032. North America particularly is a key market for short-form content driven by the rapid adoption of streaming services and the growing presence of major industry players. This accelerated momentum and rising global appetite for short dramas presents a compelling opportunity for us to further diversify our content portfolio, deepen production capabilities, and capitalize on our unique strengths in artificial intelligence and immersive storytelling. With a shared vision, both parties look forward to leveraging its respective platforms and proprietary apps to deliver a slate of innovative short films to audiences worldwide.”

Mr. Yucheng Hu, CEO of MPU, also commented, “This partnership marks an important step for MPU as we expand our content portfolio and strengthen our presence in the global short-drama industry. Short dramas are seeing increasing popularity, with audience demand for binge-worthy, serialized content on the rise. With Snail Games’ expertise in artificial intelligence (AI) and immersive storytelling, combined with MPU’s established production and distribution capabilities, we believe this collaboration has the potential to deliver compelling content that resonates with global audiences.”

Under the MOU, Interactive Films and MPU will collaborate on the creative direction and script development of short dramas, jointly overseeing production progress and budgeting. The content will be distributed globally through both companies’ platforms. Leveraging its experienced in-house team and extensive expertise in short-drama production, MPU will oversee outsourced production and post-production of the short drama to ensure high-quality content. Additionally, Snail Games’ expertise in AI and interactive technologies, honed through game development, may be integrated into personalized recommendations and interactive storytelling, delivering a next-generation immersive viewing experience for audiences.

Over the next 12 months (unless the MOU is earlier terminated upon 60 days’ written notice to the other party), Interactive Films and MPU have committed to co-developing at least 10 short dramas. By utilizing their well-established international distribution channels in gaming and micro-drama markets, the Company believes these productions will quickly reach audiences across North America, Southeast Asia, and other global regions, further amplifying both companies’ influence in the global entertainment sector.

This strategic partnership marks a further expansion of Snail Games’ short drama business and represents a significant milestone in MPU’s expansion within the entertainment industry. Through this collaboration, both companies can combine their strengths in content creation and technology, while leveraging MPU’s global distribution network to accelerate the global rollout of the short dramas. This collaboration is expected to accelerate Interactive Films’ business and short film portfolios while providing audiences with a diverse selection of high-quality short dramas.

¹https://www.wiseguyreports.com/reports/mini-program-short-drama-market

About Mega Matrix Inc.
Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

About Snail Games
Snail Games (Nasdaq: SNAL), is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For more information, please visit: https://snail.com/

Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the respective strengths of Snail and MPU to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas; however, the MOU is not fully binding on either party and may be terminated upon 60 days’ written notice to the other party. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Contacts:

Investors:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com

Press:
press@snailgamesusa.com

MIL-OSI Economics: MSCI and Moody’s to Launch Independent Risk Assessments for Private Credit Investments

Source: Moody’s

Headline: MSCI and Moody’s to Launch Independent Risk Assessments for Private Credit Investments

Solution to Promote Transparency and Strengthen Investors’ Private Credit Asset Allocation Strategies

NEW YORK–(BUSINESS WIRE)– MSCI Inc. (NYSE:MSCI) and Moody’s Corporation (NYSE:MCO) will jointly create a first-of-its-kind solution to provide independent risk assessments for private credit investments at scale.

As the private credit market continues to evolve and grow, the need for consistent standards and better tools has become essential for investors to assess, compare and communicate the risk of their investments.

MSCI offers a unique and comprehensive universe of high-quality private capital data, sourced from original documents provided by managers, including data on more than 2,800 private credit funds and 14,000+ individual underlying companies. As part of this joint offering, Moody’s will extend its flagship EDF-X models into MSCI’s private credit solutions. EDF-X delivers risk insights using best-in-class credit models and early warning signals to help investors assess the financial strength of public and private companies globally.

The combination of Moody’s flagship EDF-X credit risk modeling solutions with MSCI’s universe of private credit investment data will produce proprietary third-party risk assessments for private credit investments available at the underlying company and facility level using transparent metrics.

“As the private credit market evolves, investors are looking for trusted independent assessments to help benchmark credit risk and inform investments and monitor portfolios,” said Rob Fauber, President and CEO of Moody’s. “Our partnership with MSCI will play a critical role in providing these insights, helping market participants make informed decisions.”

“The rapid growth of private credit continues to transform the global investment landscape while highlighting the need for increased transparency, consistent standards and independent risk assessment,” said Henry A. Fernandez, Chairman and CEO of MSCI. “We are proud to partner with Moody’s to deliver innovative solutions that can help drive greater clarity and confidence.”

The solution will be distinct from the services provided by Moody’s Ratings, the credit rating agency, to the issuers in the private credit market.

About Moody’s Corporation

In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.

About MSCI

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data, and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: the impact of general economic conditions (including significant government debt and deficit levels, and inflation and related monetary policy actions by governments in response to inflation) on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the global impacts of the Russia – Ukraine military conflict and the military conflict in Israel and the surrounding areas on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company’s own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 – 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2024, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause MSCI’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.

Other factors that could materially affect MSCI’s actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2025 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this press release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250421530056/en/

For Moody’s Investor Relations:
Shivani Kak
Moody’s Corporation
+1 212-553-0298
Shivani.Kak@moodys.com

For Moody’s Communications:
Joe Mielenhausen
Moody’s Corporation
+1 212-553-1461
Joe.Mielenhausen@moodys.com

For MSCI Investor Relations:
Jeremy Ulan
MSCI
+1 646 778 4184
jeremy.ulan@msci.com

Jisoo Suh
MSCI
+1 212 804 1598
jisoo.suh@msci.com

For MSCI Communications:
pr@msci.com
Melanie Blanco
MSCI
+1 646-220-4157
melanie.blanco@msci.com

Source: MSCI Inc.

MIL OSI Economics –

MIL-OSI: Dragonfly Energy Partners with the National Forest Foundation to Plant Thousands of Trees for Earth Day

Source: GlobeNewswire (MIL-OSI)

Dragonfly Energy’s collaboration with the National Forest Foundation underscores the company’s continued commitment to sustainability and environmental stewardship. The pledge from Dragonfly Energy to plant thousands of trees is part of a bigger environmental plan initiated by the US Forest Service to combat climate change.
Dragonfly Energy is committed to helping the National Forest Foundation reach its goal to successfully plant 50 million trees by the end of 2025.

RENO, Nev., April 21, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp . (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in green energy storage and maker of Battle Born Batteries®, in recognition of Earth Day, is pledging to plant thousands of trees through a collaboration with the National Forest Foundation (NFF), the official non-profit partner of the United States Department of Agriculture (USDA) Forest Service. In support of the company’s commitment to environmental sustainability, Dragonfly Energy aims to exceed last year’s planting of 10,000 trees.

The National Forest Foundation is leading the charge on natural solutions for climate change having planted more than 33.5 million trees to date since the campaign began in 2018, and over five million alone in 2024. In Dragonfly Energy’s backyard alone, the Sierra Nevada, the NFF planted 24,225 trees in 2024, which included planting in five National Forests. These efforts are helping to restore public lands and ensure that forests can continue to sequester carbon dioxide (CO₂), as America’s forests are the most efficient natural systems for pulling CO₂ out of the atmosphere.

“Healthy forests are vital to a greener future, just as eco-friendly battery development and manufacturing are essential to sustainable progress,” said Tyler Bourns, chief marketing officer for Dragonfly Energy. “As we enter our second year of partnership for Earth Day, we remain dedicated to environmental stewardship and the pursuit of a more sustainable planet.”

Earth Day, celebrated globally on April 22, serves as a reminder of the importance of protecting the planet for future generations. In honor of this world-wide celebration, Dragonfly Energy pledges to plant 10 trees for every battery sold during its annual Earth Day sale taking place April 21 through April 25.

“We want to thank Dragonfly Energy for its commitment to our reforestation initiatives and dedication to making significant environmental impacts within United States through an annual donation of trees being planted on public lands,” said Abby Schembra, National Forest Foundation Reforestation Team. “As a project-focused nonprofit organization, we value our partners who are helping us to reach our goal to successfully plant 50 million trees by the end of 2025.”

For more information about Dragonfly Energy, visit DragonflyEnergy.com. For more information about the National Forest Foundation and its Reforestation Program, visit NationalForests.org.

About National Forest Foundation

The National Forest Foundation works on behalf of the American public to inspire personal and meaningful connections to our National Forests. By directly engaging Americans and leveraging private and public funding, the NFF leads forest conservation efforts and promotes responsible recreation. Each year the NFF restores fish and wildlife habitat, facilitates common ground, plants trees in areas affected by fires, insects and disease and improves recreational opportunities. The NFF believes our National Forests and all they offer are an American treasure and are vital to the health of our communities. Learn more at nationalforests.org.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit investors.dragonflyenergy.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief, or expectations, including, but not limited to, statements regarding the National Forest Foundation and its Reforestation Program, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include those set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company’s subsequent filings with the SEC available at www.sec.gov. If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Relations
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com

Media Relations
Margaret Skillicorn, RAD Strategies Inc.
Margaret@radstrategiesinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a18578f5-be14-44bb-8604-a590b68b994e

Source: Dragonfly Energy Holdings Corp.

https://www.htx.com.co/en-us/mars/activity-center?callId=174488561942780

MIL-OSI: HTX Launches Million USDT Airdrop Event to Reward New and Existing Users

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 21, 2025 (GLOBE NEWSWIRE) — HTX, a leading global cryptocurrency exchange, has announced the launch of its Million USDT Airdrop Event, designed to give back to loyal users and welcome new participants. Running from 09:00 (UTC) on April 18 to 09:00 (UTC) on April 25, the campaign features over 1 million USDT in prizes across HTX’s Spot, Futures, Margin, and Earn services.

This initiative follows a standout Q1 2025 for HTX, where it was the only top 10 exchange to report positive trading volume growth despite a broader market slowdown. The platform attributes this milestone to the unwavering support of its global community and shows its appreciation by this campaign.

Full Event Details:

Benefit 1: Up to 1,500 USDT Welcome Bonus for New Users

New users can claim up to 125,000,000 $HTX and unlock up to 1,500 USDT in bonuses by completing all Beginner tasks during the campaign.

Benefit 2: Invite Friends and Earn 9 Million $HTX Invite your friends to sign up, complete KYC, and make a spot or Futures Trade. You’ll earn 9 million $HTX (approximately 15 USDT) per successful referral.

Benefit 3: Kickstart Your Crypto Journey – 100,000 USDT Up for Grabs

Spot/Margin Rewards: First-time depositors or traders can receive random airdrops worth 5 – 300 USDT. Margin Traderswill get a 90% Margin Interest Voucher valued at 10 USDT.
Futures Onboarding: New futures traders who complete level 1 KYC verification can unlock a 1,200 USDT futures position within 48 hours.
Earn Exclusive: First-time HTX Earn users (Level 2 KYC) enjoy a 7-day 100% APY on Fixed products covering over 220 cryptos.

Benefit 4: SVIP Users Share 100,000 USDT

New SVIPs: First-time upgrades to Prime 6 (excluding trial levels) get an exclusive package with Spot Cashback Vouchers, Futures Liquidation Compensation, APY Boosters Coupons for Flexible Products, and Margin Interest Vouchers.
Returning SVIPs: Users who return to Prime 6+ can compete in trading volume rankings to win prizes, with the top reward reaching 5,000 USDT.

Benefit 5: Comeback Rewards – 100,000 USDT for Returning Users

Spot Trading Comeback: If you haven’t traded spot in 30 days, return now to win up to 800 USDT by depositing and trading.
Futures Trading Comeback: Lapsed futures traders can get a 3 – 30 USDT Futures Trial Bonuses for trading ≥ 500 USDT.
Margin Trading Comeback: Returnees with ≥ 1,000 USDT in Margin volume during the event share a 20,000 USDT prize pool.

Benefit 6: Earn Product Subscribers Can Win Up to 100,000 USDT

USDD Earn Lucky Draw: Subscribe with at least 1 USDD net new to enter a draw. Three winners will receive 100,000 USDT each.
PoS Earn APY Boost: Subscribe ≥ 1,000 USDT to HTX Earn’s designated products (including SOL, TON, DOT, ADA, TRX and more)to earn a 5% APY Booster for USDT Flexible products.

Benefit 7: Borrow at Unbeatable Rates

During the event, users can benefit from a 15% interest rate discount on Flexible USDT loans with Crypto Loans, plus an additional discount of up to 5%, resulting in a daily rate as low as 0.0088%.

HTX’s Million USDT Airdrop Event is more than just a giveaway—it’s a celebration of community, resilience, and long-term growth. With robust offerings for every type of user—whether you’re new to crypto, a returning trader, or a long-time supporter—HTX aims to deliver real value through every feature and reward.

Looking ahead, HTX remains committed to delivering a secure, user-first trading experience and expanding its ecosystem. In line with its mission to “Achieve financial freedom for 8 billion people on Earth,” HTX continues to innovate and grow alongside its community.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

To learn more about HTX, please visit HTX Square or https://www.htx.com/, and follow HTX on X, Telegram, and Discord. For further inquiries, please contact glo-media@htx-inc.com

Disclaimer: This press release is provided by the HTX. 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/61479e72-f825-4624-b7ec-9aa4d121ab63

MIL-OSI: AMG Announces Investment in Verition Fund Management

Source: GlobeNewswire (MIL-OSI)

AMG to acquire a minority equity interest in Verition, a global multi-strategy investment firm with $12.6 billion in AUM
Verition’s management will retain a substantial majority of the firm’s equity and continue to lead Verition as an independent firm, in line with AMG’s partnership approach
Partnership further diversifies AMG’s business and increases its exposure to alternative strategies

WEST PALM BEACH, Fla., April 21, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today announced that it has entered into a definitive agreement to acquire a minority equity interest in Verition Fund Management LLC (“Verition”), a global multi-strategy investment firm.

Under the terms of the transaction, Verition’s management will retain a substantial majority of the firm’s equity, continue to lead the organization, and maintain full control of day-to-day operations. As part of the agreement, Verition’s Co-Founders, Nicholas Maounis and Josh Goldstein, have entered into long-term commitments with the firm. Verition’s management will also make a significant additional investment in the firm’s fund, reinforcing its deep alignment with the business and its investors.

Founded in 2008, Verition has developed a globally recognized multi-strategy platform that allocates capital across a diversified range of uncorrelated strategies. The firm has delivered consistent returns with limited volatility, earning the confidence of institutional investors worldwide. Verition’s platform comprises approximately 150 portfolio management teams, supported by a culture of collaboration, innovation, and operational excellence. As of April 1, 2025, the firm manages approximately $12.6 billion in assets.

“Verition is a premier multi-manager with an outstanding track record across nearly two decades,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “With its focus on uncorrelated strategies, disciplined approach, strong risk framework, and proven ability to consistently deliver excellent results for clients, Verition is positioned as a leader in the growing multi-strategy space. Verition exhibits what we look for in a partner: a high-quality independent firm operating in an area of secular growth, with a high-performing team and excellent long-term prospects. I am delighted to welcome Nick, Josh, and their partners to our Affiliate group.”

“We’re excited to welcome AMG as a partner,” said Nicholas Maounis, Co-Founder and Chief Executive Officer of Verition. “In selecting an institutional partner, Josh and I were drawn to AMG’s track record, long-term orientation, and unique approach that preserves our independence and investment philosophy. This partnership supports the continued expansion of our platform, broadens our global reach, and strengthens our ability to execute on long-term strategic priorities — all with the goal of delivering lasting value to our investors.”

The terms of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2025.

About AMG

AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of December 31, 2024, AMG’s aggregate assets under management were approximately $708 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

About Verition Fund Management

Verition Fund Management LLC is an investment management firm founded in 2008 by Nicholas Maounis and Josh Goldstein with approximately $12.6 billion in assets under management as of April 1, 2025. Verition manages a multi-strategy, multi-manager hedge fund focused on global investment strategies including Credit, Fixed Income & Macro, Convertible & Volatility Arbitrage, Event-Driven, Equity Long/Short & Capital Markets Trading, and Quantitative Strategies. The fund seeks to construct a diversified portfolio with low correlation to traditional and alternative asset classes and consistently attractive risk-adjusted returns. The Firm employs approximately 750 people and has offices in New York, NY, Greenwich, CT, Norwalk, CT, London, UK, Singapore, Republic of Singapore, Hong Kong (SAR), China, and Dubai, UAE.

Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in AMG’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. AMG undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

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

MIL-OSI: Capital City Bank Group, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TALLAHASSEE, Fla., April 21, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024.

QUARTER HIGHLIGHTS (1^stQuarter 2025 versus 4^thQuarter 2024)

Income Statement

Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter
- Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points)
Improved credit quality metrics – net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025
Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees
Noninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter

Balance Sheet

Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)
Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances
Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0%

“I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the first quarter of 2025 totaled $41.6 million, compared to $41.2 million for the fourth quarter of 2024, and $38.4 million for the first quarter of 2024. Compared to both prior periods, the increase was driven by higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower average loan balances and interest rates. Two less calendar days also contributed to the decline in loan interest compared to the fourth quarter of 2024. Higher overnight funds interest also contributed to the increase over the first quarter of 2024 reflective of a higher level of average earning assets.

Our net interest margin for the first quarter of 2025 was 4.22%, an increase of five basis points over the fourth quarter of 2024 and an increase of 21 basis points over the first quarter of 2024. For the month of March 2025, our net interest margin was 4.22%. The increase in net interest margin over the fourth quarter of 2024 reflected a higher yield in the investment portfolio driven by new purchases during the quarter and a lower cost of deposits, partially offset by a lower overnight funds rate. The increase over the first quarter of 2024 reflected favorable investment repricing, a lower cost of deposits, and a higher overnight funds rate, partially offset by lower average loan balances for both prior periods. For the first quarter of 2025, our cost of funds was 84 basis points, a decrease of four basis points from the fourth quarter of 2024 and the first quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 82 basis points, 86 basis points, and 85 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.8 million for the first quarter of 2025 compared to $0.7 million for the fourth quarter of 2024 and $0.9 million for the first quarter of 2024. For the first quarter of 2025, we recorded a provision expense of $1.1 million for loans held for investment (“HFI”) and a provision benefit of $0.3 million for unfunded loan commitments, which was comparable to the fourth quarter of 2024. We discuss the various factors that impacted our provision expense in detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the first quarter of 2025 totaled $19.9 million compared to $18.8 million for the fourth quarter of 2024 and $18.1 million for the first quarter of 2024. The $1.1 million, or 6.1%, increase over the fourth quarter of 2024 was primarily due to a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees, partially offset by a $0.1 million decrease in deposits fees. The increase in mortgage revenues was driven by an increase in rate locks and a higher gain on sale margin. The increase in wealth management fees was attributable to a $0.5 million increase in insurance commission revenue. Compared to the first quarter of 2024, the $1.8 million, or 10.0%, increase was driven by a $1.1 million increase in wealth management fees and a $0.9 million increase in mortgage banking revenues, partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected higher retail brokerage fees of $0.6 million, insurance commission revenue of $0.3 million, and trust fees of $0.2 million. The increase in mortgage revenues was driven by an increase in loan fundings and a higher gain on sale margin.

Noninterest expense for the first quarter of 2025 totaled $38.7 million compared to $41.8 million for the fourth quarter of 2024 and $40.2 million for the first quarter of 2024. The $3.1 million, or 7.4%, decrease from the fourth quarter of 2024, reflected a $3.1 million decrease in other expense, a $0.1 million decrease in occupancy expense, and a $0.1 million increase in compensation expense. The decrease in other expense was driven by a $3.5 million decrease in other real estate expense which reflected higher gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million increase in charitable contribution expense. The slight decrease in occupancy expense was due to lower maintenance/repairs for buildings and furniture/fixtures. The slight net decrease in compensation expense reflected a $0.2 million increase in salary expense offset by a $0.1 million decrease in associate benefit expense.

Income Taxes

We realized income tax expense of $5.1 million (effective rate of 23.3%) for the first quarter of 2025 compared to $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 and $3.5 million (effective rate of 23.0%) for the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease in our effective tax rate was primarily due to a discrete item in the first quarter of 2025 related to an excess tax benefit for stock compensation. Absent discrete items, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.994 billion for the first quarter of 2025, an increase of $72.0 million, or 1.8%, over the fourth quarter of 2024, and an increase of $144.3 million, or 3.7%, over the first quarter of 2024. The increase over both prior periods was driven by higher deposit balances (see below – Deposits). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $67.1 million increase in investment securities and a $22.7 million increase in overnight funds sold partially offset by a $11.5 million decrease in loans HFI and a $6.3 million decrease in loans held for sale (“HFS”). Compared to the first quarter of 2024, the change in the earning asset mix reflected a $180.5 million increase in overnight funds and a $29.1 million increase in investment securities that was partially offset by a $62.7 million decrease in loans HFI and a $2.6 million decrease in HFS.

Average loans HFI decreased $11.5 million, or 0.4%, from the fourth quarter of 2024 and decreased $62.7 million, or 2.3%, from the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease was primarily attributable to declines in construction loans of $8.6 million, commercial loans of $5.7 million, and consumer loans of $2.1 million, partially offset by a $6.6 million increase in home equity loans. Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $58.8 million, commercial loans of $32.9 million, and commercial real estate mortgage loans of $23.1 million, partially offset by increases in residential real estate loans of $28.9 million, construction loans of $11.5 million, and home equity loans of $10.4 million.

Loans HFI at March 31, 2025 increased $9.2 million, or 0.3%, over December 31, 2024 and decreased $70.4 million, or 2.6%, from March 31, 2024. Compared to December 31, 2024, the increase was primarily attributable to increases in commercial real estate mortgage loans of $27.8 million and residential real estate loans of $12.1 million, consumer loans (primarily indirect auto) of $6.7 million, and home equity loans of $5.9 million, partially offset by decreases in construction loans of $27.7 million, commercial loans of $4.8 million, and other loans of $10.8 million. Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $48.0 million, commercial loans of $33.9 million, commercial real estate mortgage loans of $16.7 million, and construction loans of $10.4 million, partially offset by increases in residential real estate loans of $27.8 million and home equity loans of $11.4 million.

Allowance for Credit Losses

At March 31, 2025, the allowance for credit losses for loans HFI totaled $29.7 million compared to $29.3 million at December 31, 2024 and $29.3 million at March 31, 2024. Activity within the allowance is provided on Page 9. The increase in the allowance over December 31, 2024 reflected higher loan balances and higher loan loss rates, partially offset by a lower level of net loan charge-offs. The increase in the allowance over March 31, 2024 was primarily due to higher loss rates. Net loan charge-offs were nine basis points of average loans for the first quarter of 2025 versus 25 basis points for the fourth quarter of 2024 and 22 basis points for the first quarter of 2024. At March 31, 2025, the allowance represented 1.12% of loans HFI compared to 1.10% at December 31, 2024, and 1.07% at March 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $4.4 million at March 31, 2025 compared to $6.7 million at December 31, 2024 and $6.8 million at March 31, 2024. At March 31, 2025, nonperforming assets as a percent of total assets was 0.10%, compared to 0.15% at December 31, 2024 and 0.16% at March 31, 2024. Nonaccrual loans totaled $4.3 million at March 31, 2025, a $2.0 million decrease from December 31, 2024 and a $2.5 million decrease from March 31, 2024. Further, classified loans totaled $19.2 million at March 31, 2025, a $0.7 million decrease from December 31, 2024 and a $3.1 million decrease from March 31, 2024.

Deposits

Average total deposits were $3.665 billion for the first quarter of 2025, an increase of $65.1 million, or 1.8%, over the fourth quarter of 2024 and an increase of $89.0 million, or 2.5%, over the first quarter of 2024. Compared to the fourth quarter of 2024, the increase was primarily attributable to higher NOW account balances largely due to the seasonal increase in our public fund balances. The increase over the first quarter of 2024 reflected growth in NOW, money market and certificate of deposit account balances which was mainly due to a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.

At March 31, 2025, total deposits were $3.784 billion, an increase of $111.9 million, or 3.0%, over December 31, 2024, and an increase of $129.1 million, or 3.5%, over March 31, 2024. The increase over December 31, 2024 was due to higher balances in all deposit categories. The increase over March 31, 2024 was primarily due to higher NOW account balances, largely due to the seasonal increase in public funds and increases in money market and certificates of deposit, partially offset by lower savings account balances. Total public funds balances were $648.0 million at March 31, 2025, $660.9 million at December 31, 2024, and $615.0 million at March 31, 2024.

Liquidity

The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $320.9 million in the first quarter of 2025 compared to $298.3 million in the fourth quarter of 2024 and $140.5 million in the first quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits (primarily seasonal public funds) and lower average loans.

At March 31, 2025, we had the ability to generate approximately $1.540 billion (excludes overnight funds position of $446 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At March 31, 2025, the weighted-average maturity and duration of our portfolio were 2.64 years and 2.10 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.4 million.

Capital

Shareowners’ equity was $512.6 million at March 31, 2025 compared to $495.3 million at December 31, 2024 and $448.3 million at March 31, 2024. For the first three months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $16.9 million, a net $3.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $2.4 million, and stock compensation accretion of $0.4 million. The net favorable change in accumulated other comprehensive loss reflected a $4.1 million decrease in the investment securities loss that was partially offset by a $0.5 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by a common stock dividend of $4.1 million ($0.24 per share) and net adjustments totaling $1.9 million related to transactions under our stock compensation plans.

At March 31, 2025, our total risk-based capital ratio was 19.20% compared to 18.64% at December 31, 2024 and 16.84% at March 31, 2024. Our common equity tier 1 capital ratio was 16.08%, 15.54%, and 13.82%, respectively, on these dates. Our leverage ratio was 11.17%, 11.05%, and 10.45%, respectively, on these dates. At March 31, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.61% at March 31, 2025 compared to 9.51% and 8.53% at December 31, 2024 and March 31, 2024, respectively. If our unrealized held-to-maturity securities losses of $12.1 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.33%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

For Information Contact:

Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Shareowners’ Equity (GAAP)		$	512,575	$	495,317	$	476,499	$	460,999	$	448,314
Less: Goodwill and Other Intangibles (GAAP)			92,733		92,773		92,813		92,853		92,893
Tangible Shareowners’ Equity (non-GAAP)	A		419,842		402,544		383,686		368,146		355,421
Total Assets (GAAP)			4,461,233		4,324,932		4,225,316		4,225,695		4,259,922
Less: Goodwill and Other Intangibles (GAAP)			92,733		92,773		92,813		92,853		92,893
Tangible Assets (non-GAAP)	B	$	4,368,500	$	4,232,159	$	4,132,503	$	4,132,842	$	4,167,029
Tangible Common Equity Ratio (non-GAAP)	A/B		9.61%		9.51%		9.28%		8.91%		8.53%
Actual Diluted Shares Outstanding (GAAP)	C		17,072,330		17,018,122		16,980,686		16,970,228		16,947,204
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	24.59	$	23.65	$	22.60	$	21.69	$	20.97

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
*Unaudited*

		Three Months Ended
(Dollars in thousands, except per share data)		Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	16,858	$	13,090	$	12,557	$
Diluted Net Income Per Share	$	0.99	$	0.77	$	0.74	$
PERFORMANCE
Return on Average Assets (annualized)		1.58	%	1.22	%	1.21	%
Return on Average Equity (annualized)		13.32		10.60		11.07
Net Interest Margin		4.22		4.17		4.01
Noninterest Income as % of Operating Revenue		32.39		31.34		32.06
Efficiency Ratio		62.93	%	69.74	%	71.06	%
CAPITAL ADEQUACY
Tier 1 Capital		18.01	%	17.46	%	15.67	%
Total Capital		19.20		18.64		16.84
Leverage		11.17		11.05		10.45
Common Equity Tier 1		16.08		15.54		13.82
Tangible Common Equity ⁽¹⁾		9.61		9.51		8.53
Equity to Assets		11.49	%	11.45	%	10.52	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		692.10	%	464.14	%	431.46	%
Allowance as a % of Loans HFI		1.12		1.10		1.07
Net Charge-Offs as % of Average Loans HFI		0.09		0.25		0.22
Nonperforming Assets as % of Loans HFI and OREO		0.17		0.25		0.25
Nonperforming Assets as % of Total Assets		0.10	%	0.15	%	0.16	%
STOCK PERFORMANCE
High	$	38.27	$	40.86	$	31.34	$
Low		33.00		33.00		26.59
Close	$	35.96	$	36.65	$	27.70	$
Average Daily Trading Volume		24,486		27,484		31,023

⁽¹⁾ Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
*Unaudited*

	2025				2024
(Dollars in thousands)	First Quarter				Fourth Quarter			Third Quarter			Second Quarter			First Quarter
ASSETS
Cash and Due From Banks	$	78,521		$	70,543		$	83,431		$	75,304		$	73,642
Funds Sold and Interest Bearing Deposits		446,042			321,311			261,779			272,675			231,047
Total Cash and Cash Equivalents		524,563			391,854			345,210			347,979			304,689

Investment Securities Available for Sale		461,224			403,345			336,187			310,941			327,338
Investment Securities Held to Maturity		517,176			567,155			561,480			582,984			603,386
Other Equity Securities		2,315			2,399			6,976			2,537			3,445
Total Investment Securities		980,715			972,899			904,643			896,462			934,169

Loans Held for Sale (“HFS”):		21,441			28,672			31,251			24,022			24,705

Loans Held for Investment (“HFI”):
Commercial, Financial, & Agricultural		184,393			189,208			194,625			204,990			218,298
Real Estate – Construction		192,282			219,994			218,899			200,754			202,692
Real Estate – Commercial		806,942			779,095			819,955			823,122			823,690
Real Estate – Residential		1,040,594			1,028,498			1,023,485			1,012,541			1,012,791
Real Estate – Home Equity		225,987			220,064			210,988			211,126			214,617
Consumer		206,191			199,479			213,305			234,212			254,168
Other Loans		3,227			14,006			461			2,286			3,789
Overdrafts		1,154			1,206			1,378			1,192			1,127
Total Loans Held for Investment		2,660,770			2,651,550			2,683,096			2,690,223			2,731,172
Allowance for Credit Losses		(29,734	)		(29,251	)		(29,836	)		(29,219	)		(29,329	)
Loans Held for Investment, Net		2,631,036			2,622,299			2,653,260			2,661,004			2,701,843

Premises and Equipment, Net		80,043			81,952			81,876			81,414			81,452
Goodwill and Other Intangibles		92,733			92,773			92,813			92,853			92,893
Other Real Estate Owned		132			367			650			650			1
Other Assets		130,570			134,116			115,613			121,311			120,170
Total Other Assets		303,478			309,208			290,952			296,228			294,516
Total Assets	$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695		$	4,259,922
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,363,739		$	1,306,254		$	1,330,715		$	1,343,606		$	1,361,939
NOW Accounts		1,292,654			1,285,281			1,174,585			1,177,180			1,212,452
Money Market Accounts		445,999			404,396			401,272			413,594			398,308
Savings Accounts		511,265			506,766			507,604			514,560			530,782
Certificates of Deposit		170,233			169,280			164,901			159,624			151,320
Total Deposits		3,783,890			3,671,977			3,579,077			3,608,564			3,654,801

Repurchase Agreements		22,799			26,240			29,339			22,463			23,477
Other Short-Term Borrowings		14,401			2,064			7,929			3,307			8,409
Subordinated Notes Payable		52,887			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		794			794			794			1,009			265
Other Liabilities		73,887			75,653			71,974			69,987			65,181
Total Liabilities		3,948,658			3,829,615			3,742,000			3,758,217			3,805,020

Temporary Equity		–			–			6,817			6,479			6,588
SHAREOWNERS’ EQUITY
Common Stock		171			170			169			169			169
Additional Paid-In Capital		38,576			37,684			36,070			35,547			34,861
Retained Earnings		476,715			463,949			454,342			445,959			435,364
Accumulated Other Comprehensive Loss, Net of Tax		(2,887	)		(6,486	)		(14,082	)		(20,676	)		(22,080	)
Total Shareowners’ Equity		512,575			495,317			476,499			460,999			448,314
Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695		$	4,259,922
OTHER BALANCE SHEET DATA
Earning Assets	$	4,108,969		$	3,974,431		$	3,880,769		$	3,883,382		$	3,921,093
Interest Bearing Liabilities		2,511,032			2,447,708			2,339,311			2,344,624			2,377,900
Book Value Per Diluted Share	$	30.02		$	29.11		$	28.06		$	27.17		$	26.45
Tangible Book Value Per Diluted Share⁽¹⁾		24.59			23.65			22.60			21.69			20.97
Actual Basic Shares Outstanding		17,055			16,975			16,944			16,942			16,929
Actual Diluted Shares Outstanding		17,072			17,018			16,981			16,970			16,947

⁽¹⁾ Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
*Unaudited*

		2025		2024
(Dollars in thousands, except per share data)		First Quarter		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
INTEREST INCOME
Loans, including Fees	$	40,478	$	41,453		$	41,659	$	41,138	$	40,683
Investment Securities		5,808		4,694			4,155		4,004		4,244
Federal Funds Sold and Interest Bearing Deposits		3,496		3,596			3,514		3,624		1,893
Total Interest Income		49,782		49,743			49,328		48,766		46,820
INTEREST EXPENSE
Deposits		7,383		7,766			8,223		8,579		7,594
Repurchase Agreements		164		199			221		217		201
Other Short-Term Borrowings		117		83			52		68		39
Subordinated Notes Payable		560		581			610		630		628
Other Long-Term Borrowings		11		11			11		3		3
Total Interest Expense		8,235		8,640			9,117		9,497		8,465
Net Interest Income		41,547		41,103			40,211		39,269		38,355
Provision for Credit Losses		768		701			1,206		1,204		920
Net Interest Income after Provision for Credit Losses		40,779		40,402			39,005		38,065		37,435
NONINTEREST INCOME
Deposit Fees		5,061		5,207			5,512		5,377		5,250
Bank Card Fees		3,514		3,697			3,624		3,766		3,620
Wealth Management Fees		5,763		5,222			4,770		4,439		4,682
Mortgage Banking Revenues		3,820		3,118			3,966		4,381		2,878
Other		1,749		1,516			1,641		1,643		1,667
Total Noninterest Income		19,907		18,760			19,513		19,606		18,097
NONINTEREST EXPENSE
Compensation		26,248		26,108			25,800		24,406		24,407
Occupancy, Net		6,793		6,893			7,098		6,997		6,994
Other		5,660		8,781			10,023		9,038		8,770
Total Noninterest Expense		38,701		41,782			42,921		40,441		40,171
OPERATING PROFIT		21,985		17,380			15,597		17,230		15,361
Income Tax Expense		5,127		4,219			2,980		3,189		3,536
Net Income		16,858		13,161			12,617		14,041		11,825
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		–		(71	)		501		109		732
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	16,858	$	13,090		$	13,118	$	14,150	$	12,557
PER COMMON SHARE
Basic Net Income	$	0.99	$	0.77		$	0.77	$	0.84	$	0.74
Diluted Net Income		0.99		0.77			0.77		0.83		0.74
Cash Dividend	$	0.24	$	0.23		$	0.23	$	0.21	$	0.21
AVERAGE SHARES
Basic		17,027		16,946			16,943		16,931		16,951
Diluted		17,044		16,990			16,979		16,960		16,969

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES (“ACL”)
AND CREDIT QUALITY
*Unaudited*

		2025			2024
(Dollars in thousands, except per share data)		First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
ACL – HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,251		$	29,836		$	29,219		$	29,329		$	29,941
Transfer from Other (Assets) Liabilities		–			–			–			–			(50	)
Provision for Credit Losses		1,083			1,085			1,879			1,129			932
Net Charge-Offs (Recoveries)		600			1,670			1,262			1,239			1,494
Balance at End of Period	$	29,734		$	29,251		$	29,836		$	29,219		$	29,329
As a % of Loans HFI		1.12	%		1.10	%		1.11	%		1.09	%		1.07	%
As a % of Nonperforming Loans		692.10	%		464.14	%		452.64	%		529.79	%		431.46	%
ACL – UNFUNDED COMMITMENTS
Balance at Beginning of Period		2,155		$	2,522		$	3,139		$	3,121		$	3,191
Provision for Credit Losses		(323	)		(367	)		(617	)		18			(70	)
Balance at End of Period⁽¹⁾		1,832			2,155			2,522			3,139			3,121
ACL – DEBT SECURITIES
Provision for Credit Losses	$	8		$	(17	)	$	(56	)	$	57		$	58
CHARGE-OFFS
Commercial, Financial and Agricultural	$	168		$	499		$	331		$	400		$	282
Real Estate – Construction		–			47			–			–			–
Real Estate – Commercial		–			–			3			–			–
Real Estate – Residential		8			44			–			–			17
Real Estate – Home Equity		–			33			23			–			76
Consumer		865			1,307			1,315			1,061			1,550
Overdrafts		570			574			611			571			638
Total Charge-Offs	$	1,611		$	2,504		$	2,283		$	2,032		$	2,563
RECOVERIES
Commercial, Financial and Agricultural	$	75		$	103		$	176		$	59		$	41
Real Estate – Construction		–			3			–			–			–
Real Estate – Commercial		3			33			5			19			204
Real Estate – Residential		119			28			88			23			37
Real Estate – Home Equity		9			17			59			37			24
Consumer		481			352			405			313			410
Overdrafts		324			298			288			342			353
Total Recoveries	$	1,011		$	834		$	1,021		$	793		$	1,069
NET CHARGE-OFFS (RECOVERIES)	$	600		$	1,670		$	1,262		$	1,239		$	1,494
Net Charge-Offs as a % of Average Loans HFI⁽²⁾		0.09	%		0.25	%		0.19	%		0.18	%		0.22	%
CREDIT QUALITY
Nonaccruing Loans	$	4,296		$	6,302		$	6,592		$	5,515		$	6,798
Other Real Estate Owned		132			367			650			650			1
Total Nonperforming Assets (“NPAs”)	$	4,428		$	6,669		$	7,242		$	6,165		$	6,799

Past Due Loans 30-89 Days	$	3,735		$	4,311		$	9,388		$	5,672		$	5,392
Classified Loans		19,194			19,896			25,501			25,566			22,305

Nonperforming Loans as a % of Loans HFI		0.16	%		0.24	%		0.25	%		0.21	%		0.25	%
NPAs as a % of Loans HFI and Other Real Estate		0.17	%		0.25	%		0.27	%		0.23	%		0.25	%
NPAs as a % of Total Assets		0.10	%		0.15	%		0.17	%		0.15	%		0.16	%

⁽¹⁾Recorded in other liabilities
⁽²⁾Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
*Unaudited*

		First Quarter 2025							Fourth Quarter 2024							Third Quarter 2024							Second Quarter 2024							First Quarter 2024
(Dollars in thousands)		Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate
ASSETS:
Loans Held for Sale	$	24,726		$	490	8.04	%	$	31,047		$	976	7.89	%	$	24,570		$	720	7.49	%	$	26,281			517	5.26	%	$	27,314		$	563	5.99	%
Loans Held for Investment⁽¹⁾		2,665,910			40,029	6.09			2,677,396			40,521	6.07			2,693,533			40,985	6.09			2,726,748			40,683	6.03			2,728,629			40,196	5.95

Investment Securities
Taxable Investment Securities		981,485			5,802	2.38			914,353			4,688	2.04			907,610			4,148	1.82			918,989			3,998	1.74			952,328			4,238	1.78
Tax-Exempt Investment Securities⁽¹⁾		845			9	4.32			849			9	4.31			846			10	4.33			843			9	4.36			856			10	4.34

Total Investment Securities		982,330			5,811	2.38			915,202			4,697	2.04			908,456			4,158	1.82			919,832			4,007	1.74			953,184			4,248	1.78

Federal Funds Sold and Interest Bearing Deposits		320,948			3,496	4.42			298,255			3,596	4.80			256,855			3,514	5.44			262,419			3,624	5.56			140,488			1,893	5.42

Total Earning Assets		3,993,914		$	49,826	5.06	%		3,921,900		$	49,790	5.05	%		3,883,414		$	49,377	5.06	%		3,935,280		$	48,831	4.99	%		3,849,615		$	46,900	4.90	%

Cash and Due From Banks		73,467							73,992							70,994							74,803							75,763
Allowance for Credit Losses		(30,008	)						(30,107	)						(29,905	)						(29,564	)						(30,030	)
Other Assets		297,660							293,884							291,359							291,669							295,275

Total Assets	$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,190,623

LIABILITIES:
Noninterest Bearing Deposits	$	1,317,425						$	1,323,556						$	1,332,305						$	1,346,546						$	1,344,188
NOW Accounts		1,249,955		$	3,854	1.25	%		1,182,073		$	3,826	1.29	%		1,145,544		$	4,087	1.42	%		1,207,643		$	4,425	1.47	%		1,201,032		$	4,497	1.51	%
Money Market Accounts		420,059			2,187	2.11			422,615			2,526	2.38			418,625			2,694	2.56			407,387			2,752	2.72			353,591			1,985	2.26
Savings Accounts		507,676			176	0.14			504,859			179	0.14			512,098			180	0.14			519,374			176	0.14			539,374			188	0.14
Time Deposits		170,367			1,166	2.78			167,321			1,235	2.94			163,462			1,262	3.07			160,078			1,226	3.08			138,328			924	2.69
Total Interest Bearing Deposits		2,348,057			7,383	1.28			2,276,868			7,766	1.36			2,239,729			8,223	1.46			2,294,482			8,579	1.50			2,232,325			7,594	1.37
Total Deposits		3,665,482			7,383	0.82			3,600,424			7,766	0.86			3,572,034			8,223	0.92			3,641,028			8,579	0.95			3,576,513			7,594	0.85
Repurchase Agreements		29,821			164	2.23			28,018			199	2.82			27,126			221	3.24			26,999			217	3.24			25,725			201	3.14
Other Short-Term Borrowings		7,437			117	6.39			6,510			83	5.06			2,673			52	7.63			6,592			68	4.16			3,758			39	4.16
Subordinated Notes Payable		52,887			560	4.23			52,887			581	4.30			52,887			610	4.52			52,887			630	4.71			52,887			628	4.70
Other Long-Term Borrowings		794			11	5.68			794			11	5.57			795			11	5.55			258			3	4.31			281			3	4.80
Total Interest Bearing Liabilities		2,438,996		$	8,235	1.37	%		2,365,077		$	8,640	1.45	%		2,323,210		$	9,117	1.56	%		2,381,218		$	9,497	1.60	%		2,314,976		$	8,465	1.47	%

Other Liabilities		65,211							73,130							73,767							72,634							68,295

Total Liabilities		3,821,632							3,761,763							3,729,282							3,800,398							3,727,459
Temporary Equity		–							6,763							6,443							6,493							7,150

SHAREOWNERS’ EQUITY:		513,401							491,143							480,137							465,297							456,014

Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,190,623

Interest Rate Spread				$	41,591	3.69	%				$	41,150	3.59	%				$	40,260	3.49	%				$	39,334	3.38	%				$	38,435	3.43	%

Interest Income and Rate Earned⁽¹⁾					49,826	5.06						49,790	5.05						49,377	5.06						48,831	4.99						46,900	4.90
Interest Expense and Rate Paid⁽²⁾					8,235	0.84						8,640	0.88						9,117	0.93						9,497	0.97						8,465	0.88

Net Interest Margin				$	41,591	4.22	%				$	41,150	4.17	%				$	40,260	4.12	%				$	39,334	4.02	%				$	38,435	4.01	%

⁽¹⁾Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
⁽²⁾Rate calculated based on average earning assets.

MIL-OSI: CECO Environmental to Release First Quarter Earnings and Host Conference Call on April 29

Source: GlobeNewswire (MIL-OSI)

ADDISON, Texas, April 21, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announced that it will report its first quarter of 2025 financial results on April 29, 2025, premarket. The Company will also host its earnings call starting at 8:30 a.m. Eastern Time (7:30 a.m. CT). The Company’s financial results and presentation will be posted on its website at www.cecoenviro.com.

The details for the webcast are:

When: Tuesday, April 29 at 8:30 a.m. Eastern Time

Where: https://edge.media-server.com/mmc/p/tvr2idgu

How: Live over the internet – Simply log on to the web at the address above

Register to receive the dial-in info and a unique pin:
https://register-conf.media-server.com/register/BIf7f94f174d4c44c393db50b529db08e3

A replay of the conference call will be available on the Company’s website shortly after the live webcast has concluded.

ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets globally through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications in power generation, petrochemical processing, refining, midstream gas transport and treatment, electric vehicle and battery production, metals and mineral processing, polysilicon production, battery recycling, beverage can production, and produced and oily water/wastewater treatment along with a wide range of other industrial applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670

Investor Relations Contact:
Steven Hooser and Jean Marie Young
Three Part Advisors
214-872-2710
Investor.Relations@OneCECO.com

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

Source: GlobeNewswire (MIL-OSI)

First Quarter Highlights

Net income of $19.1 million, or $0.60 per diluted share; return on average assets (“ROAA”) of 1.54%; return on average stockholders’ equity (“ROAE”) of 13.95%; and return on average tangible common equity (“ROATCE”)⁽¹⁾ of 16.20%
Adjusted net income⁽¹⁾ of $19.3 million; or $0.61 per diluted share; adjusted ROAA⁽¹⁾ of 1.55%; adjusted ROAE⁽¹⁾ of 14.08%; and adjusted ROATCE⁽¹⁾ of 16.36%
Asset quality remained exceptional with nonperforming assets to total assets of 0.11% and net charge-offs to average loans of 0.05%, on an annualized basis
Net interest margin increased 16 basis points to 4.12% and net interest margin (tax-equivalent basis)⁽¹⁾increased 15 basis point to 4.16%

BLOOMINGTON, Ill., April 21, 2025 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025. This compares to net income of $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024, and net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2025 with strong first quarter results. Despite the economic outlook recently becoming more uncertain, leading to interest rate volatility and stock market declines, we still believe that 2025 will be a solid year for HBT. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic environments.

We continued to report solid profitability with adjusted net income⁽¹⁾ of $19.3 million, or $0.61 per diluted share, an adjusted ROAA⁽¹⁾ of 1.55% and an adjusted ROATCE⁽¹⁾ of 16.36%. Our net interest margin on a tax-equivalent basis⁽¹⁾ increased by 15 basis points, with 5 basis points of that increase related to higher nonaccrual interest recoveries and loan fees, as average loan balances were higher, loans and securities continued to reprice higher, and deposits repriced lower. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates, resulted in a $0.63 increase in our tangible book value per share⁽¹⁾ to $15.43. Tangible book value per share increased by 4.3% for the quarter and 17.0% over the last year.

Our balance sheet remains strong with all capital ratios increasing during the quarter and asset quality improving with nonperforming assets to total assets declining to only 0.11%. Loans at quarter-end were down only slightly while average loans for the quarter were up 2.2%. Deposits were up 1.5% at quarter-end and average deposits for the quarter were up 1.1%. Deposit growth was aided by moving most of our repurchase agreements into interest-bearing demand deposits. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise and markets stabilize.”
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Adjusted Net Income

In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. This compares to adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2025 was $48.7 million, an increase of 2.8% from $47.4 million for the fourth quarter of 2024. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on loans and debt securities. Additionally, a $0.6 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income.

Relative to the first quarter of 2024, net interest income increased 4.3% from $46.7 million. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities. Also contributing was a $0.7 million increase in nonaccrual interest recoveries and loan fees.

Net interest margin for the first quarter of 2025 was 4.12%, compared to 3.96% for the fourth quarter of 2024, and net interest margin (tax-equivalent basis)⁽¹⁾ for the first quarter of 2025 was 4.16%, compared to 4.01% for the fourth quarter of 2024. The increase was primarily attributable to higher yields on interest-earning assets, which increased 9 basis points to 5.34%, and lower funding costs, which decreased 7 basis points to 1.32%. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 5 basis points of the increase in net interest margin.

Relative to the first quarter of 2024, net interest margin increased 18 basis points from 3.94% and net interest margin (tax-equivalent basis)⁽¹⁾ increased 17 basis points from 3.99%. These increases were primarily attributable to higher yields on interest-earning assets, a decrease in funding costs, and an increase in nonaccrual interest recoveries and loan fees. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 6 basis points of the increase in net interest margin.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Noninterest Income

Noninterest income for the first quarter of 2025 was $9.3 million, a 20.0% decrease from $11.6 million for the fourth quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results compared to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results. Further contributing to the decrease was a $0.3 million decrease in wealth management fees, primarily driven by a seasonal decrease in farm management income, a $0.3 million decrease in income on bank owned life insurance, primarily due to the absence of a $0.2 million gain on life insurance proceeds included in the fourth quarter 2024 results, and a $0.2 million decrease in card income. Partially offsetting these decreases was the absence of a $0.3 million realized loss on sale of debt securities included in the fourth quarter 2024 results.

Relative to the first quarter of 2024, noninterest income increased 65.4% from $5.6 million. The increase was primarily attributable to the absence of $3.4 million in realized losses on the sale of debt securities included in the first quarter 2024 results.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $31.9 million, a 3.3% increase from $30.9 million for the fourth quarter of 2024. The increase was primarily attributable to a $1.3 million increase in salaries expense, primarily driven by seasonal variations in vacation accruals and annual merit increases which took effect in early March, and a $0.6 million increase in employee benefits expense, primarily attributable to higher medical benefit costs. Partially offsetting these increases were a $0.3 million decrease in other noninterest expense and a $0.3 million decrease in data processing expense.

Relative to the first quarter of 2024, noninterest expense increased 2.1% from $31.3 million. The increase was primarily attributable to a $0.5 million increase in employee benefits expense, primarily driven by increased medical benefit costs, and a $0.4 million increase in salaries expense. Partially offsetting these increases was a $0.2 million decrease in data processing expense.

Income Taxes

During the first quarter of 2025 our effective tax rate decreased to 25.2% when compared to 26.0% during the fourth quarter of 2024. This decrease was primarily related to a $0.2 million tax benefit from stock-based compensation that vested during the quarter. Additionally, during the second quarter of 2025, we expect to recognize an additional $0.3 million of tax expense related to the reversal of a stranded tax effect included in accumulated other comprehensive income in connection with the maturity of a derivative designated as a cash flow hedge.

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.46 billion at March 31, 2025, compared with $3.47 billion at December 31, 2024, and $3.35 billion at March 31, 2024. Total loans as of March 31, 2025 were nearly unchanged when compared to December 31, 2024 with a $23.2 million increase in grain elevator lines of credit in the commercial and industrial segment, due to seasonally higher line utilization, partially offset by a $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024, as noted in the previous quarter’s earnings release. Larger payoffs in the one-to-four family residential, multi-family, and commercial real estate – non-owner occupied segments were partially offset by draws on existing loans in the construction and development segment and new originations in the municipal, consumer, and other segment. Additionally, average loan balances increased $73.4 million, or 2.2%, from the fourth quarter of 2024 to the first quarter of 2025.

Deposits

Total deposits were $4.38 billion at March 31, 2025, compared with $4.32 billion at December 31, 2024, and $4.36 billion at March 31, 2024. The $66.3 million increase from December 31, 2024 was primarily attributable to higher balances maintained in existing retail accounts. Additionally, the vast majority of repurchase agreement account balances at December 31, 2024 were transitioned to reciprocal interest-bearing demand deposit accounts during the first quarter of 2025.

Asset Quality

Nonperforming assets totaled $5.6 million, or 0.11% of total assets, at March 31, 2025, compared with $8.0 million, or 0.16% of total assets, at December 31, 2024, and $9.9 million, or 0.20% of total assets, at March 31, 2024. Additionally, of the $5.1 million of nonperforming loans held as of March 31, 2025, $1.4 million is either wholly or partially guaranteed by the U.S. government. The $2.5 million decrease in nonperforming assets from December 31, 2024 was primarily attributable to the pay-off of a $1.6 million nonaccrual commercial real estate – non-owner occupied credit.

The Company recorded a provision for credit losses of $0.6 million for the first quarter of 2025. The provision for credit losses primarily reflects a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.3 million decrease in specific reserves.

The Company had net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, and net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024.

The Company’s allowance for credit losses was 1.22% of total loans and 825% of nonperforming loans at March 31, 2025, compared with 1.21% of total loans and 549% of nonperforming loans at December 31, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.2 million as of March 31, 2025, compared with $3.1 million as of December 31, 2024.

Capital

As of March 31, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

	March 31, 2025		For Capital Adequacy Purposes With Capital Conservation Buffer

Total capital to risk-weighted assets	16.85	%	10.50	%
Tier 1 capital to risk-weighted assets	14.77		8.50
Common equity tier 1 capital ratio	13.48		7.00
Tier 1 leverage ratio	11.64		4.00

The ratio of tangible common equity to tangible assets⁽¹⁾ increased to 9.73% as of March 31, 2025, from 9.42% as of December 31, 2024, and tangible book value per share⁽¹⁾ increased by $0.63 to $15.43 as of March 31, 2025, when compared to December 31, 2024.

During the first quarter of 2025, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of March 31, 2025, the Company had $15.0 million remaining under the stock repurchase program.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

About HBT Financial, Inc.

HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of March 31, 2025, HBT Financial had total assets of $5.1 billion, total loans of $3.5 billion, and total deposits of $4.4 billion.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (x) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xx) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556


HBT Financial, Inc. Unaudited Consolidated Financial Summary

	As of or for the Three Months Ended
(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Interest and dividend income	$	63,138		$	62,798		$	61,961
Interest expense		14,430			15,397			15,273
Net interest income		48,708			47,401			46,688
Provision for credit losses		576			725			527
Net interest income after provision for credit losses		48,132			46,676			46,161
Noninterest income		9,306			11,630			5,626
Noninterest expense		31,935			30,908			31,268
Income before income tax expense		25,503			27,398			20,519
Income tax expense		6,428			7,126			5,261
Net income	$	19,075		$	20,272		$	15,258

Earnings per share – diluted	$	0.60		$	0.64		$	0.48

Adjusted net income ⁽¹⁾	$	19,253		$	19,546		$	18,073
Adjusted earnings per share – diluted ⁽¹⁾		0.61			0.62			0.57

Book value per share	$	17.86		$	17.26		$	15.71
Tangible book value per share ⁽¹⁾		15.43			14.80			13.19

Shares of common stock outstanding		31,631,431			31,559,366			31,612,888
Weighted average shares of common stock outstanding, including all dilutive potential shares		31,711,671			31,702,864			31,803,187

SUMMARY RATIOS
Net interest margin *		4.12	%		3.96	%		3.94	%
Net interest margin (tax-equivalent basis) * ⁽¹⁾⁽²⁾		4.16			4.01			3.99

Efficiency ratio		53.85	%		51.16	%		58.41	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾⁽²⁾		53.35			50.68			57.78

Loan to deposit ratio		78.95	%		80.27	%		76.73	%

Return on average assets *		1.54	%		1.61	%		1.23	%
Return on average stockholders’ equity *		13.95			14.89			12.42
Return on average tangible common equity * ⁽¹⁾		16.20			17.40			14.83

Adjusted return on average assets * ⁽¹⁾		1.55	%		1.56	%		1.45	%
Adjusted return on average stockholders’ equity * ⁽¹⁾		14.08			14.36			14.72
Adjusted return on average tangible common equity * ⁽¹⁾		16.36			16.77			17.57

CAPITAL
Total capital to risk-weighted assets		16.85	%		16.51	%		15.79	%
Tier 1 capital to risk-weighted assets		14.77			14.50			13.77
Common equity tier 1 capital ratio		13.48			13.21			12.44
Tier 1 leverage ratio		11.64			11.51			10.65
Total stockholders’ equity to total assets		11.10			10.82			9.85
Tangible common equity to tangible assets ⁽¹⁾		9.73			9.42			8.40

ASSET QUALITY
Net charge-offs (recoveries) to average loans *		0.05	%		0.08	%		(0.02)	%
Allowance for credit losses to loans, before allowance for credit losses		1.22			1.21			1.22
Nonperforming loans to loans, before allowance for credit losses		0.15			0.22			0.29
Nonperforming assets to total assets		0.11			0.16			0.20

____________________________________

* Annualized measure.

(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.


HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Statements of Income

	Three Months Ended
(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,369		$	52,587		$	51,926
Federally tax exempt		1,168			1,199			1,094
Debt securities:
Taxable		6,936			6,829			6,204
Federally tax exempt		469			482			597
Interest-bearing deposits in bank		1,065			1,520			1,952
Other interest and dividend income		131			181			188
Total interest and dividend income		63,138			62,798			61,961
INTEREST EXPENSE
Deposits		12,939			13,672			13,593
Securities sold under agreements to repurchase		22			179			152
Borrowings		109			115			125
Subordinated notes		470			470			470
Junior subordinated debentures issued to capital trusts		890			961			933
Total interest expense		14,430			15,397			15,273
Net interest income		48,708			47,401			46,688
PROVISION FOR CREDIT LOSSES		576			725			527
Net interest income after provision for credit losses		48,132			46,676			46,161
NONINTEREST INCOME
Card income		2,548			2,797			2,616
Wealth management fees		2,841			3,138			2,547
Service charges on deposit accounts		1,944			2,080			1,869
Mortgage servicing		990			1,158			1,055
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Gains on sale of mortgage loans		252			409			298
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Unrealized gains (losses) on equity securities		8			(83	)		(16	)
Gains (losses) on foreclosed assets		13			7			87
Gains (losses) on other assets		54			2			(635	)
Income on bank owned life insurance		164			415			164
Other noninterest income		800			691			943
Total noninterest income		9,306			11,630			5,626
NONINTEREST EXPENSE
Salaries		17,053			15,784			16,657
Employee benefits		3,285			2,649			2,805
Occupancy of bank premises		2,625			2,773			2,582
Furniture and equipment		445			460			550
Data processing		2,717			2,998			2,925
Marketing and customer relations		1,144			948			996
Amortization of intangible assets		695			709			710
FDIC insurance		562			557			560
Loan collection and servicing		383			653			452
Foreclosed assets		5			31			49
Other noninterest expense		3,021			3,346			2,982
Total noninterest expense		31,935			30,908			31,268
INCOME BEFORE INCOME TAX EXPENSE		25,503			27,398			20,519
INCOME TAX EXPENSE		6,428			7,126			5,261
NET INCOME	$	19,075		$	20,272		$	15,258

EARNINGS PER SHARE – BASIC	$	0.60		$	0.64		$	0.48
EARNINGS PER SHARE – DILUTED	$	0.60		$	0.64		$	0.48
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		31,584,989			31,559,366			31,662,954


HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Balance Sheets

(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS
Cash and due from banks	$	25,005		$	29,552		$	19,989
Interest-bearing deposits with banks		186,586			108,140			240,223
Cash and cash equivalents		211,591			137,692			260,212

Interest-bearing time deposits with banks		—			—			515
Debt securities available-for-sale, at fair value		706,135			698,049			669,020
Debt securities held-to-maturity		490,398			499,858			517,472
Equity securities with readily determinable fair value		3,323			3,315			3,324
Equity securities with no readily determinable fair value		2,629			2,629			2,622
Restricted stock, at cost		5,086			5,086			5,155
Loans held for sale		2,721			1,586			3,479

Loans, before allowance for credit losses		3,461,778			3,466,146			3,345,962
Allowance for credit losses		(42,111	)		(42,044	)		(40,815	)
Loans, net of allowance for credit losses		3,419,667			3,424,102			3,305,147

Bank owned life insurance		24,153			23,989			24,069
Bank premises and equipment, net		67,272			66,758			64,755
Bank premises held for sale		190			317			317
Foreclosed assets		460			367			277
Goodwill		59,820			59,820			59,820
Intangible assets, net		17,148			17,843			19,972
Mortgage servicing rights, at fair value		18,519			18,827			19,081
Investments in unconsolidated subsidiaries		1,614			1,614			1,614
Accrued interest receivable		22,735			24,770			23,117
Other assets		38,731			46,280			60,542
Total assets	$	5,092,192		$	5,032,902		$	5,040,510

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,065,874		$	1,046,405		$	1,047,074
Interest-bearing		3,318,716			3,271,849			3,313,500
Total deposits		4,384,590			4,318,254			4,360,574

Securities sold under agreements to repurchase		2,698			28,969			31,864
Federal Home Loan Bank advances		7,209			13,231			12,725
Subordinated notes		39,573			39,553			39,494
Junior subordinated debentures issued to capital trusts		52,864			52,849			52,804
Other liabilities		40,201			35,441			46,368
Total liabilities		4,527,135			4,488,297			4,543,829

Stockholders’ Equity
Common stock		329			328			328
Surplus		297,024			297,297			296,054
Retained earnings		329,169			316,764			278,353
Accumulated other comprehensive income (loss)		(38,446	)		(46,765	)		(56,048	)
Treasury stock at cost		(23,019	)		(23,019	)		(22,006	)
Total stockholders’ equity		565,057			544,605			496,681
Total liabilities and stockholders’ equity	$	5,092,192		$	5,032,902		$	5,040,510
SHARES OF COMMON STOCK OUTSTANDING		31,631,431			31,559,366			31,612,888


HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

LOANS
Commercial and industrial	$	441,261	$	428,389	$	402,206
Commercial real estate – owner occupied		321,990		322,316		294,967
Commercial real estate – non-owner occupied		891,022		899,565		890,251
Construction and land development		376,046		374,657		345,991
Multi-family		424,096		431,524		421,573
One-to-four family residential		455,376		463,968		485,948
Agricultural and farmland		292,240		293,375		287,205
Municipal, consumer, and other		259,747		252,352		217,821
Total loans	$	3,461,778	$	3,466,146	$	3,345,962

(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

DEPOSITS
Noninterest-bearing deposits	$	1,065,874	$	1,046,405	$	1,047,074
Interest-bearing deposits:
Interest-bearing demand		1,143,677		1,099,061		1,139,172
Money market		812,146		820,825		802,685
Savings		575,558		566,533		602,739
Time		787,335		785,430		713,142
Brokered		—		—		55,762
Total interest-bearing deposits		3,318,716		3,271,849		3,313,500
Total deposits	$	4,384,590	$	4,318,254	$	4,360,574


HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
(dollars in thousands)	Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *

ASSETS
Loans	$	3,460,906		$	54,537	6.39	%	$	3,387,541		$	53,786	6.32	%	$	3,371,219		$	53,020	6.33	%
Debt securities		1,204,424			7,405	2.49			1,208,404			7,311	2.41			1,213,947			6,801	2.25
Deposits with banks		120,014			1,065	3.60			149,691			1,520	4.04			167,297			1,952	4.69
Other		12,677			131	4.19			12,698			181	5.68			12,986			188	5.82
Total interest-earning assets		4,798,021		$	63,138	5.34	%		4,758,334		$	62,798	5.25	%		4,765,449		$	61,961	5.23	%
Allowance for credit losses		(42,061	)						(40,942	)						(40,238	)
Noninterest-earning assets		276,853							277,074							278,253
Total assets	$	5,032,813						$	4,994,466						$	5,003,464

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,120,608		$	1,453	0.53	%	$	1,088,082		$	1,351	0.49	%	$	1,127,684		$	1,311	0.47	%
Money market		807,728			4,397	2.21			787,768			4,444	2.24			812,684			4,797	2.37
Savings		569,494			370	0.26			562,833			389	0.27			611,224			443	0.29
Time		784,099			6,719	3.48			796,494			7,439	3.72			664,498			5,925	3.59
Brokered		—			—	—			3,261			49	5.96			82,150			1,117	5.47
Total interest-bearing deposits		3,281,929			12,939	1.60			3,238,438			13,672	1.68			3,298,240			13,593	1.66
Securities sold under agreements to repurchase		8,754			22	1.02			31,624			179	2.26			32,456			152	1.89
Borrowings		12,890			109	3.41			13,370			115	3.42			13,003			125	3.87
Subordinated notes		39,563			470	4.82			39,543			470	4.73			39,484			470	4.78
Junior subordinated debentures issued to capital trusts		52,856			890	6.83			52,841			961	7.23			52,796			933	7.11
Total interest-bearing liabilities		3,395,992		$	14,430	1.72	%		3,375,816		$	15,397	1.81	%		3,435,979		$	15,273	1.79	%
Noninterest-bearing deposits		1,045,733							1,041,471							1,036,402
Noninterest-bearing liabilities		36,373							35,644							37,107
Total liabilities		4,478,098							4,452,931							4,509,488
Stockholders’ Equity		554,715							541,535							493,976
Total liabilities and stockholders’ equity	$	5,032,813						$	4,994,466						$	5,003,464

Net interest income/Net interest margin ⁽¹⁾				$	48,708	4.12	%				$	47,401	3.96	%				$	46,688	3.94	%
Tax-equivalent adjustment ⁽²⁾					545	0.04						562	0.05						575	0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}				$	49,253	4.16	%				$	47,963	4.01	%				$	47,263	3.99	%
Net interest rate spread ⁽⁴⁾						3.62	%						3.44	%						3.44	%
Net interest-earning assets ⁽⁵⁾	$	1,402,029						$	1,382,518						$	1,329,470
Ratio of interest-earning assets to interest-bearing liabilities		1.41							1.41							1.39
Cost of total deposits						1.21	%						1.27	%						1.26	%
Cost of funds						1.32							1.39							1.37

____________________________________

* Annualized measure.

(1)   Net interest margin represents net interest income divided by average total interest-earning assets.
(2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.


HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

NONPERFORMING ASSETS
Nonaccrual	$	5,102		$	7,652		$	9,657
Past due 90 days or more, still accruing		4			4			—
Total nonperforming loans		5,106			7,656			9,657
Foreclosed assets		460			367			277
Total nonperforming assets	$	5,566		$	8,023		$	9,934

Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	1,350		$	1,573		$	2,676

Allowance for credit losses	$	42,111		$	42,044		$	40,815
Loans, before allowance for credit losses		3,461,778			3,466,146			3,345,962

CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses		1.22	%		1.21	%		1.22	%
Allowance for credit losses to nonaccrual loans		825.38			549.45			422.65
Allowance for credit losses to nonperforming loans		824.74			549.16			422.65
Nonaccrual loans to loans, before allowance for credit losses		0.15			0.22			0.29
Nonperforming loans to loans, before allowance for credit losses		0.15			0.22			0.29
Nonperforming assets to total assets		0.11			0.16			0.20
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets		0.16			0.23			0.30

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	42,044		$	40,966		$	40,048
Provision for credit losses		496			1,771			560
Charge-offs		(665	)		(1,086	)		(227	)
Recoveries		236			393			434
Ending balance	$	42,111		$	42,044		$	40,815

Net charge-offs (recoveries)	$	429		$	693		$	(207	)
Average loans		3,460,906			3,387,541			3,371,219

Net charge-offs (recoveries) to average loans *		0.05	%		0.08	%		(0.02)	%

____________________________________

* Annualized measure.

	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024			March 31, 2024

PROVISION FOR CREDIT LOSSES
Loans	$	496	$	1,771		$	560
Unfunded lending-related commitments		80		(1,046	)		(33	)
Total provision for credit losses	$	576	$	725		$	527

Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net income	$	19,075		$	20,272		$	15,258
Less: adjustments
Gains (losses) on closed branch premises		59			—			(635	)
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Total adjustments		(249	)		1,016			(3,937	)
Tax effect of adjustments ⁽¹⁾		71			(290	)		1,122
Total adjustments after tax effect		(178	)		726			(2,815	)
Adjusted net income	$	19,253		$	19,546		$	18,073

Average assets	$	5,032,813		$	4,994,466		$	5,003,464

Return on average assets *		1.54	%		1.61	%		1.23	%
Adjusted return on average assets *		1.55			1.56			1.45

____________________________________

* Annualized measure.

(1) Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted

	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2025		December 31, 2024		March 31, 2024

Numerator:
Net income	$	19,075	$	20,272	$	15,258

Adjusted net income	$	19,253	$	19,546	$	18,073

Denominator:
Weighted average common shares outstanding		31,584,989		31,559,366		31,662,954
Dilutive effect of outstanding restricted stock units		126,682		143,498		140,233
Weighted average common shares outstanding, including all dilutive potential shares		31,711,671		31,702,864		31,803,187

Earnings per share – basic	$	0.60	$	0.64	$	0.48
Earnings per share – diluted	$	0.60	$	0.64	$	0.48

Adjusted earnings per share – basic	$	0.61	$	0.62	$	0.57
Adjusted earnings per share – diluted	$	0.61	$	0.62	$	0.57

Reconciliation of Non-GAAP Financial Measures –
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net interest income	$	48,708		$	47,401		$	46,688
Noninterest income		9,306			11,630			5,626
Noninterest expense		(31,935	)		(30,908	)		(31,268	)
Pre-provision net revenue		26,079			28,123			21,046
Less: adjustments
Gains (losses) on closed branch premises		59			—			(635	)
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Total adjustments		(249	)		1,016			(3,937	)
Adjusted pre-provision net revenue	$	26,328		$	27,107		$	24,983

Pre-provision net revenue	$	26,079		$	28,123		$	21,046
Less: net charge-offs (recoveries)		429			693			(207	)
Pre-provision net revenue less net charge-offs	$	25,650		$	27,430		$	21,253

Adjusted pre-provision net revenue	$	26,328		$	27,107		$	24,983
Less: net charge-offs (recoveries)		429			693			(207	)
Adjusted pre-provision net revenue less net charge-offs	$	25,899		$	26,414		$	25,190

Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net interest income (tax-equivalent basis)
Net interest income	$	48,708		$	47,401		$	46,688
Tax-equivalent adjustment ⁽¹⁾		545			562			575
Net interest income (tax-equivalent basis) ⁽¹⁾	$	49,253		$	47,963		$	47,263

Net interest margin (tax-equivalent basis)
Net interest margin *		4.12	%		3.96	%		3.94	%
Tax-equivalent adjustment * ⁽¹⁾		0.04			0.05			0.05
Net interest margin (tax-equivalent basis) * ⁽¹⁾		4.16	%		4.01	%		3.99	%

Average interest-earning assets	$	4,798,021		$	4,758,334		$	4,765,449

____________________________________

* Annualized measure.

(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Total noninterest expense	$	31,935		$	30,908		$	31,268
Less: amortization of intangible assets		695			709			710
Noninterest expense excluding amortization of intangible assets	$	31,240		$	30,199		$	30,558

Net interest income	$	48,708		$	47,401		$	46,688
Total noninterest income		9,306			11,630			5,626
Operating revenue		58,014			59,031			52,314
Tax-equivalent adjustment ⁽¹⁾		545			562			575
Operating revenue (tax-equivalent basis) ⁽¹⁾		58,559			59,593			52,889
Less: adjustments to noninterest income
Gains (losses) on closed branch premises		59			—			(635	)
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Total adjustments to noninterest income		(249	)		1,016			(3,937	)
Adjusted operating revenue (tax-equivalent basis) ⁽¹⁾	$	58,808		$	58,577		$	56,826

Efficiency ratio		53.85	%		51.16	%		58.41	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾		53.35			50.68			57.78
Adjusted efficiency ratio (tax-equivalent basis) ⁽¹⁾		53.12			51.55			53.77

____________________________________
(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share

(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024

Tangible Common Equity
Total stockholders’ equity	$	565,057		$	544,605		$	496,681
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		17,148			17,843			19,972
Tangible common equity	$	488,089		$	466,942		$	416,889

Tangible Assets
Total assets	$	5,092,192		$	5,032,902		$	5,040,510
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		17,148			17,843			19,972
Tangible assets	$	5,015,224		$	4,955,239		$	4,960,718

Total stockholders’ equity to total assets		11.10	%		10.82	%		9.85	%
Tangible common equity to tangible assets		9.73			9.42			8.40

Shares of common stock outstanding		31,631,431			31,559,366			31,612,888

Book value per share	$	17.86		$	17.26		$	15.71
Tangible book value per share		15.43			14.80			13.19

Reconciliation of Non-GAAP Financial Measures –
Return on Average Tangible Common Equity,
Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Average Tangible Common Equity
Total stockholders’ equity	$	554,715		$	541,535		$	493,976
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		17,480			18,170			20,334
Average tangible common equity	$	477,415		$	463,545		$	413,822

Net income	$	19,075		$	20,272		$	15,258
Adjusted net income		19,253			19,546			18,073

Return on average stockholders’ equity *		13.95	%		14.89	%		12.42	%
Return on average tangible common equity *		16.20			17.40			14.83

Adjusted return on average stockholders’ equity *		14.08	%		14.36	%		14.72	%
Adjusted return on average tangible common equity *		16.36			16.77			17.57

____________________________________

* Annualized measure.