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Category: Finance

  • MIL-OSI Australia: Viper arrest 14 and seize $4.8m worth of illicit tobacco

    Source: New places to play in Gungahlin

    This is a joint media release from the Australian Taxation Office (ATO) and Victoria Police.

    Detectives from the VIPER Taskforce executed warrants at 12 tobacco stores across Melbourne last week as part of the ongoing investigation by Taskforce Lunar into organised crime syndicates linked to the illicit tobacco trade.

    Members of the taskforce were joined at the warrants from 7–11 April by representatives from the Australian Taxation Office (ATO) and Therapeutic Goods Administration (TGA), who also executed warrants at the stores.

    Police attended 12 stores, which they will allege are linked to two of the organised crime syndicates involved, in Altona Meadows, Truganina, Craigieburn, Broadmeadows, Tullamarine, Mill Park, Bundoora, Weir Views, Watsonia, Altona North, Prahran and Hawthorn.

    As a result, the following was seized:

    • 14,593 e-cigarettes (vapes) with a street value of over $729,650 profit
    • 681,368 cigarettes representing $953,915 excise avoided
    • over 305kg of loose-leaf tobacco worth $650,388 excise avoided
    • over $22,500 in cash, and
    • three conducted electricity devices and one baton.

    Fourteen people were arrested and interviewed in relation to the offences of possess tobacco and possess proceeds of crime. They are expected to be charged on summons.

    Detectives from the VIPER Taskforce ran the same operation from 21 November – 2 December, 2024, executing 16 search warrants across regional and metropolitan Melbourne, seizing the following:

    • 582,335 cigarettes representing $791,975 excise avoided
    • over 745 kg of loose-leaf tobacco, worth $1,565,907 excise avoided
    • over 131,000 in cash, and
    • over 3,400 e-cigarettes (vapes) with a street value of over $170,000 profit.

    Victoria Police continues to support local councils and the Victorian Department of Health who have responsibility for tobacco and vape enforcement and compliance.

    Detectives continue to work alongside external agencies such as the ABF, AFP, TGA, ATO and interstate counterparts.

    Investigators continue to appeal to anyone, especially store owners and staff, who have information about these incidents and who is responsible to come forward.

    Anyone with information about these incidents or with further information about serious and organised crime linked to the illicit tobacco trade is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential crime report at www.crimestoppersvic.com.auExternal Link.

    Quotes attributable to Detective Acting Inspector Justin Shields, VIPER Taskforce:

    “The warrants this week in support of the Taskforce Lunar investigation into the operation of these crime syndicates are a strong demonstration of state and Commonwealth agencies coming together to target the issue of illicit tobacco in every way possible.

    “We have been clear that this is no longer about simply the investigation of the individual incidents – this is about doing absolutely everything we can to deter, disrupt and dismantle these syndicates and those at the helm of them.

    “This includes the targeting of anyone across Victoria who is involved in the distribution and sale of illicit tobacco, at any level. Ultimately, this is contributing to enabling those organised crime syndicates to operate here in Victoria.

    “While people’s lives remain at risk due to this heightened criminal activity, we will continue to target these organise crime syndicates and do everything we can to hold them accountable.”

    Quotes attributable to Assistant Commissioner, Jade Hawkins, Australian Taxation Office:

    “These arrests and the seizure of illicit tobacco products demonstrate the ATO’s ongoing commitment to supporting our partners in removing it from the community while creating a level playing field for legitimate businesses.

    “We’ll continue to work with our partners to detect, disrupt and dismantle the organised crime syndicates who are using profits from selling illicit tobacco to fund other serious illegal activities. By doing this, it ensures there will be financial and criminal implications for those who are involved.”

    MIL OSI News –

  • MIL-OSI New Zealand: Local News – Have your say on water and rates – Porirua

    Source: Porirua City Council

    Under Local Water Done Well, the Government has said the way we manage water services (drinking water, wastewater and stormwater) in Aotearoa needs to change.
    Porirua City Council is working with Hutt City, Upper Hutt City, Wellington City and Greater Wellington Regional Council and with mana whenua partners to find the best solution for water services. Together, we’re proposing two options for the future of water services in Porirua and our region.
    This is the most important decision we’ll make for our city in decades and we want to hear your views as it will have an impact on our city, your rates and the way you pay for water.
    Option 1: Multi-council-owned water organisation (Council’s preferred option).
    Option 2: Modified version of the current Wellington Water model (with a new planning, regulatory and accountability framework).
    We also want your feedback on some other changes proposed in Porirua’s draft Annual Plan for 2025/26.
    The services we provide – like rubbish, recycling, roads, parks, pools, libraries, and especially infrastructure – are costing more than ever, and rates in Porirua are at an all-time high (with a 17.5% increase last year and an average rates increase of 18.4% across the Wellington region).
    This year, after making cuts and finding savings, we’ve managed to cut the planned rates increases for 2025/26 from a new starting point of 15% down to an average of 6.75%.
    Some other ways to reduce costs include higher increases to some fees and cutting some grants or funding, and we want to hear your views on proposals to:
    • increase entry fees at Cannons Creek Pool
    • raise fees for building consents
    • increase paid parking by 50 cents per hour
    • stop the Chamber of Commerce grant and cut the Event Investment Programme funding.
    Have your say before midnight 20 April. Making a submission is quick and easy, with five questions (one on water and the four proposals above), and you can also make comments.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Tillis, Warnock Introduce Legislation to Increase Investment Opportunities

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis
    WASHINGTON, D.C. – Senators Thom Tillis (R-NC) and Reverend Raphael Warnock (D-GA) recently introduced legislation to increase the percentage limitation on assets of real estate investment trusts (REIT) which may be held in taxable REIT subsidiaries. 
    “By increasing the percentage limitation on assets of real estate investment trusts that can be held in taxable REIT subsidiaries, we are providing businesses with greater flexibility to grow and invest,” said Senator Tillis. “This much-needed change will help REITs continue to invest in critical sectors like infrastructure, and ensure American businesses remain competitive in the global economy.”
    “Real estate investments contribute millions to Georgia’s economy, and I’m proud to work alongside Senator Tillis to enable these businesses in critical sectors, like timber, to grow,” said Senator Warnock. 
    “S. 1334 to restore the taxable REIT subsidiary asset limit from 20 percent to 25 percent is a very important step to grow the domestic lumber manufacturing base,” said Kristen Sawin, Vice President Government and Corporate Affairs, Weyerhaeuser. “Increasing the taxable REIT subsidiary limit back to 25 percent would allow companies like Weyerhaeuser to increase investment in its wood products business in the United States. We appreciate the leadership of Senators Tillis and Warnock on this important piece of legislation.” 
    “PotlatchDeltic Corporation is delighted by Senator Warnock’s and Senator Tillis’s sponsorship of Senate Bill 1334,” said Wayne Wasechek, Chief Financial Officer, PotlatchDeltic Corporation. “This bill will provide meaningful headroom for Real Estate Investment Trusts (REIT) to grow their taxable REIT subsidiaries (TRS) from a current maximum value of 20% of the REIT’s total asset value up to 25%. Timberland REITs like PotlatchDeltic can have vertically integrated manufacturing businesses such as sawmills which must reside in a TRS. Passage of this bill will provide a much-needed buffer, enabling REITs to continue investing in manufacturing activities in its TRS, exemplified by PotlatchDeltic’s recent $131 million modernization project at our Waldo, Arkansas sawmill. These investments in manufacturing activities and assets are critical for supporting rural jobs and communities and generating market demand and ensuring the sustainable management of our working forests. We are excited to see the bipartisan support for Senate Bill 1334 and appreciate the leadership of Senator Warnock and Senator Tillis in sponsoring this crucial legislation.” 
    “Nareit supports U.S. Senators Thom Tillis (R-NC) and Reverend Raphael Warnock (D-GA) in their bipartisan effort to introduce Senate legislation aimed at increasing the limit on the amount of assets a REIT can own through a fully taxable subsidiary. The current 20 percent cap has presented challenges for REITs seeking to invest additional capital in real estate and related assets, particularly in sectors like infrastructure. Raising the threshold to 25 percent would restore the limit to its previous level, enabling U.S.-based businesses to continue to grow and stay competitive in this transitioning and global economy. Nareit thanks the Senators for their leadership on this important issue,” said the National Association of Real Estate Investment Trusts (Nareit).
    Full text of the bill is available HERE.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorneys for Southwestern Border Districts Charge More than 1,020 Illegal Aliens with Immigration-Related Crimes During the Second week in April as part of Operation Take Back America.

    Source: United States Attorneys General 13

    Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN). 

    Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1,020 defendants with criminal violations of U.S. immigration laws.  

    The Southern District of Texas filed 229 cases in border security-related matters. As part of those cases, 80 face allegations of illegally reentering the country with the majority having felony convictions such as narcotics, firearms or sexual offenses, or prior immigration crimes. A total of 126 people face charges of illegally entering the country, 18 cases involve various instances of human smuggling with others relating to firearms, false statements and other immigration matters. One such case alleges Victor D. Perozo-Zarraga committed fraud and misuse of a visa after authorities found him in possession of fraudulent legal permanent resident and Social Security documents. He indicated he had legal status to be in the United States, which he does not, according to the complaint. Other relevant matters this week include a Mexican visa holder who attempted to bring child sexual abuse material (CSAM) and drugs across the border. Christian Christopher Rodriguez-Lopez was ordered to serve 151 months after attempting to enter the United States from Mexico. Upon inspection, law enforcement located approximately five kilograms of cocaine in his vehicle. Further investigation following his arrest resulted in the additional discovery of CSAM on his cell phone. His visa has since been revoked.   

    The Western District of Texas filed 295 immigration and immigration-related criminal cases. Among the new cases, Mexican national Jorge Alberto Garcia-Drue was encountered at the Frio County Jail in Pearsall after he was arrested for allegedly refusing to provide accurate identification. Immigration and Customs Enforcement/Enforcement Removal Operations agents determined that Garcia-Drue was an alien illegally present within the United States and that he had been previously removed from the country. A review of his criminal history revealed that he had also been convicted on Dec. 10, 2014 of harboring illegal aliens and aiding and abetting. For that conviction, Garcia-Drue was sentenced to 21 months in federal prison. 

    The District of Arizona brought immigration-related criminal charges against 261 defendants. Specifically, the United States filed 103 cases in which aliens illegally re-entered the United States, and the United States also charged 140 aliens for illegally entering the United States. In its ongoing effort to deter unlawful immigration, the United States also filed 14 cases against 18 individuals responsible for smuggling illegal aliens into and within the District of Arizona. These cases were referred or supported by federal law enforcement partners, including Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), ICE Homeland Security Investigations (HSI), U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). 

    The Southern District of California filed 116 border-related cases, including charges of transportation of illegal aliens, bringing in aliens for financial gain, receipt of bribes by public officials, reentering the U.S. after deportation, and importation of controlled substances.  

    The Central District of California filed charges against 21 defendants who allegedly were found in the U.S. following removal. Many of the defendants charged were previously convicted of felony offenses prior to their removal from the United States, including alien smuggling, burglary, grand theft, and assault with a deadly weapon. 

    The District of New Mexico brought the following criminal charges: 63 individuals were charged this week with Illegal Reentry After Deportation (8 U.S.C. 1326), four individuals were charged this week with Alien Smuggling (8 U.S.C. 1324), and 38 individuals were charged this week with Illegal Entry (8 U.S.C. 1325). Many of the defendants charged pursuant to 18 U.S.C. 1326 had prior criminal convictions, with some of those convictions being for drug trafficking, alien smuggling, and grand theft. 

    We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.  

    MIL Security OSI –

  • MIL-OSI: Preferred Bank Announces 2025 First Quarter Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 14, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent commercial banks in California, today announced plans to release its financial results for the fourth quarter ended March 31, 2025 before the open of market on Friday, April 25, 2025. That same day, management will host a conference call at 2:00 p.m. Eastern (11:00 a.m. Pacific). The call will be simultaneously broadcast over the Internet.

    Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or
    412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 2, 2025; the passcode is 8939265.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2 branches), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2 branches), two branches in New York (Manhattan and Flushing) and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank operates a Loan Production Office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    AT THE COMPANY: 
    Edward J. Czajka
    Executive Vice President
    Chief Financial Officer
    (213) 891-1188    		 AT FINANCIAL PROFILES:
    Jeffrey Haas
    General Information
    (310) 622-8240
    PFBC@finprofiles.com

    The MIL Network –

  • MIL-OSI: HP Inc. Announces Pricing of Senior Notes

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., April 14, 2025 (GLOBE NEWSWIRE) — HP Inc. (NYSE: HPQ) today announced the pricing of its underwritten public offering of $1 billion aggregate principal amount of senior unsecured notes, consisting of $500 million aggregate principal amount of its 5.400% notes due 2030 (the “2030 notes”) at a public offering price of 99.732% of the principal amount, and $500 million aggregate principal amount of its 6.100% notes due 2035 at a public offering price of 99.778% of the principal amount (the “2035 notes” and together with the 2030 notes, the “Notes”).

    HP intends to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, repayment and refinancing of debt (including the repayment of HP’s 2.200% notes due June 2025 at maturity).

    The issuance of the Notes is expected to close on April 25, 2025, subject to customary closing conditions.

    BNP Paribas Securities Corp., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.

    The Notes are being offered pursuant to an effective shelf registration statement (including a prospectus) on Form S-3 previously filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Before you invest, you should read the prospectus in that registration statement (including the preliminary prospectus supplement for the offering to which this communication relates) and other documents HP has filed with the SEC for more complete information about HP and the offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, these documents may be obtained from BNP Paribas Securities, Corp. by calling toll-free at (800)-854-5674; or from BofA Securities, Inc. by calling toll-free at (800) 294-1322; or from Goldman Sachs & Co. LLC by calling toll-free at (866) 471-2526.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

    Forward-Looking Statements

    This press release contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties, including, but not limited to, the statements regarding the offering of the Notes and the use of proceeds therefrom. These forward-looking statements are based on HP’s current expectations and beliefs concerning future developments and their potential effect on HP. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting HP will be those that we anticipate. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control), including our ability to complete the offering of the Notes on favorable terms, if at all, and general market conditions that might affect the offering, and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2025, and other risks that are otherwise described or updated from time to time in HP’s other filings with the SEC. The forward-looking statements in this press release are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

    HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted. The content of HP’s website is not incorporated by reference into this press release or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

    About HP
    HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more.

    Editorial contacts

    HP Inc. Media Relations
    MediaRelations@hp.com 

    HP Inc. Investor Relations
    InvestorRelations@hp.com

    The MIL Network –

  • MIL-OSI USA: What North Carolinians Are Hearing: Governor Stein Hits the Ground Running in First 100 Days in Office, Works Toward Bipartisan Goals

    Source: US State of North Carolina

    Headline: What North Carolinians Are Hearing: Governor Stein Hits the Ground Running in First 100 Days in Office, Works Toward Bipartisan Goals

    What North Carolinians Are Hearing: Governor Stein Hits the Ground Running in First 100 Days in Office, Works Toward Bipartisan Goals
    lsaito

    Raleigh, NC

    Last week, Governor Josh Stein marked his 100th full day in office. In the lead-up to his 100th day, Governor Stein spoke to the press about his continued commitment to rebuilding western North Carolina. He also highlighted his ongoing efforts to work across the aisle on the issues that unify North Carolinians: safe communities, strong schools, and meaningful job opportunities for every person. 

    Read more about Governor Stein’s first 100 days below.

    WRAL: ‘Extending an olive branch’: Stein, GOP work together toward bipartisan goals 

    An early sign of Stein’s willingness to work together came as his State of the State speech approached in March… 

    “It’s going to be a long recovery with incredible devastation in Western North Carolina,” [Speaker Destin] Hall said. “But the folks from that part of the world, where I’m from, need to know that this body — and I believe this governor’s office also — is committed to doing everything we can to get those folks back in their home.”

    Asheville Citizen Times: NC governor visits WNC, calls on state, federal governments to do more for Helene recovery

    “Look, the people of Western North Carolina are there for each other. They’ve been there for each other from the very beginning. It’s time for their governments to do the same thing.”

    Blue Ridge Public Radio: 100 days in, Stein talks WNC recovery, wildfires and what’s next 

    “The number one priority has been trying to help Western North Carolina recover from the lingering and devastating effects of Hurricane Helene. The scale, the magnitude — I don’t have to convince your listeners because they all lived it — but for folks across the state, it’s hard for people to appreciate just how broad the swath of damage was.”

    WNCN: Governor Josh Stein talks priorities, first few months in office 

    He says he’s hit the ground running…working on paying public school teachers more money, raising wages for law enforcement, and adding apprenticeships to the state. “Until we start making all of that progress, I’m never going to be satisfied, my team is never going to be satisfied, we are going to remain laser-focused,” the Governor said.

    Carolina Public Press: Stein marks first 100 days with wins — so far. Tough tests are coming. 

    A point of pride for North Carolina in recent years has been its strong economy and business-friendly environment. Since taking office, Stein has announced the addition of more than 1,600 jobs — primarily in manufacturing — totaling more than $690 million invested into the state by private companies. He wants to continue that trend through a set of initiatives aimed at strengthening North Carolina’s workforce.

    WWAY: Gov. Josh Stein reflects on his first 100 days in office

    “Our starting teachers are the second lowest-paid in the southeast, that’s an embarrassment and unacceptable. North Carolina should have the highest starting teacher pay in the southeast.”

    WCTI: Governor Stein pushes for funding new unit to tackle backlog in sexual assault cold cases 

    As he marks his 100th day in office on Friday, Stein is advocating for the establishment of a specialized cold case unit within the State Bureau of Investigation (SBI) to assist local law enforcement in identifying and apprehending sexual offenders…. “These were cold cases that are now very warm,” Stein said. “Many times we actually have an identified suspect. I want as many dangerous people off the streets so they cannot hurt anyone else.”

    The News & Observer: NC Republicans welcome Gov. Josh Stein’s approach so far, but his first test is coming soon

    [Stein] said he wants to work together on economic development, education and housing, where he wants to increase the supply of homes. 

    Apr 14, 2025

    MIL OSI USA News –

  • MIL-OSI: AMD Achieves First TSMC N2 Product Silicon Milestone

    Source: GlobeNewswire (MIL-OSI)

    — Next-generation AMD EPYC CPU, codenamed “Venice,” is the first HPC product to be brought up on TSMC’s next-generation N2 node —

    SANTA CLARA, Calif., April 14, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ: AMD) today announced its next-generation AMD EPYC™ processor, codenamed “Venice,” is the first HPC product in the industry to be taped out and brought up on the TSMC advanced 2nm (N2) process technology. This highlights the strength of AMD and TSMC semiconductor manufacturing partnership to co-optimize new design architectures with leading-edge process technology. It also marks a major step forward in the execution of the AMD data center CPU roadmap, with “Venice” on track to launch next year. AMD also announced the successful bring up and validation of its 5th Gen AMD EPYC™ CPU products at TSMC’s new fabrication facility in Arizona, underscoring its commitment to U.S. manufacturing.

    “TSMC has been a key partner for many years and our deep collaboration with their R&D and manufacturing teams has enabled AMD to consistently deliver leadership products that push the limits of high-performance computing,” said Dr. Lisa Su, chair and CEO, AMD. “Being a lead HPC customer for TSMC’s N2 process and for TSMC Arizona Fab 21 are great examples of how we are working closely together to drive innovation and deliver the advanced technologies that will power the future of computing.”

    “We are proud to have AMD be a lead HPC customer for our advanced 2nm (N2) process technology and TSMC Arizona fab,” said TSMC Chairman and CEO Dr. C.C. Wei. “By working together, we are driving significant technology scaling resulting in better performance, power efficiency and yields for high-performance silicon. We look forward to continuing to work closely with AMD to enable the next era of computing.”

    Supporting Resources

    About AMD
    For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages. 

    Cautionary Statement
    This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as AMD’s partnership with TSMC; next-generation AMD EPYC™ processors to be taped out and brought up on the TSMC advanced 2nm process technology and being on track to launch next year; AMD’s data center CPU roadmap; and 5th Gen AMD EPYC™ CPU products being planned for shipment later this year, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD’s ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses, such as ZT Systems; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

    AMD, the AMD Arrow logo, EPYC and combinations thereof, are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad5a4173-91fc-43cf-9833-8feeea9330e1

    The MIL Network –

  • MIL-OSI USA: As Tariffs are Hurting Vermont’s Outdoor and Tourism Economy, Welch Convenes Discussion on Impact of Trump’s Trade War in Stowe 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    More than 60 business and nonprofit leaders attended event 
    STOWE, VT – Today, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, hosted a conversation at The Alchemist in Stowe on the impact of President Trump’s trade war on Vermont’s outdoor and tourism economy. Senator Welch’s panel included representatives from The Alchemist, the Old Stagecoach Inn, Mad River Distillers, Burton, J Skis, Waterbury Sports & Power Play Sports, and Hen of the Wood.   
    “The point of these roundtables is to mobilize as much information as I can, so that when I’m talking about these tariffs with my colleagues, it’s very concrete: How does it affect Vermont farmers? How does it affect our craft brewers? How does it affect our manufacturers and our retail operations that are so essential?” said Senator Welch during the event. “And then, how does it affect our relationships with long-term allies who are on our side when it comes to the goal of creating good local jobs, respecting the environment, and doing things in a way that provides mutual benefit? So, I want to thank everybody for being here today—this is a deadly serious topic. The Trump Administration, in my view, has run amok on this, and my goal is to stop it.” 
    Panelists shared firsthand the impacts of President Trump’s trade war with Canada and global allies, and discussed how Trump’s rhetoric against Canada has negatively impacted business in Vermont. Frustrations were shared about the uncertainty of the tariffs, rising costs, shifting supply and manufacturing needs, and ways the Trump Administration’s policies are hurting the services and programs Vermonters rely on.  
    After the panel shared their experiences, the floor was opened to business and nonprofit leaders from across the Vermont, who discussed the long-term implications of tariffs when selling and marketing outside of the United States, the impact of Trump’s funding freezes, and how this will raise prices for working Vermonters. 
    View photos from the event below:

    Senator Welch has been outspoken in opposing President Trump’s destructive trade war. Last month, Senator Welch convened Vermont and Canadian business leaders for a roundtable near the U.S.-Canada border to discuss President Trump’s Trade War and how the Trump Administration’s reckless tariffs are hurting workers, families, and farmers. In January and February, Senator Welch convened Vermont businesses for roundtables to hear from Vermont businesses and state and local leaders about how the President’s actions reigniting a trade war have impacted their lives and livelihoods. 
    Senator Welch joined bipartisan colleagues in releasing a resolution to repeal Donald Trump’s sweeping, global tariffs. Senator Welch has also supported legislation pushing back against Trump’s tariffs, including: 

    The Trade Review Act, bipartisan legislation to reaffirm Congress’ key role in setting and approving U.S. trade policy and reestablish limits on the President’s ability to impose unilateral tariffs without the approval of Congress. 

    The Tariff Transparency Act of 2025, legislation to require the United States International Trade Commission to conduct an investigation and submit a report on the impact on businesses in the United States of duties, and the threat of duties, on imports from Mexico and Canada. 

    A Joint Resolution of Disapproval terminating national emergency related to Canadian energy tariffs, passed by the Senate last week on a bipartisan basis. 

    MIL OSI USA News –

  • MIL-OSI Canada: Attorney general’s statutes amendment act introduced

    Source: Government of Canada regional news

    Government introduced the attorney general statutes amendment act, 2025, to the legislative assembly on Monday, April 14, 2025.

    If passed by the legislature, the amendments will affect the following provincial statutes:

    Judicial Compensation Act:

    Amendments to the Judicial Compensation Act will statutorily implement the 2022 Judicial Compensation Commission’s recommendation with respect to non-judicial pensionable-service provisions in the Judicial Compensation Act. This will ensure Provincial Court judges, who were public servants before being appointed to the bench, receive the same benefits for their non-judicial service as other Public Service Pension Plan members.

    Land Title Act:

    Amendments to the Land Title Act will clarify the Land Title Office’s ability to transfer a deceased person’s land to a special administrator appointed by the court. Appointing administrators is a standard procedure that allows administrators to temporarily manage an estate, while there are ongoing legal proceedings about a will or other special circumstances. The amendment specifically addresses the transfer or sale of land, which may be desirable to preserve the value of an estate.

    Libel and Slander Act:

    Amendments to the Libel and Slander Act will update the description of the court document used to initiate a legal action for libel.

    Members Remuneration and Pensions Act:

    Amendments to the Members Remuneration and Pensions Act will implement the March 2025 decision of the legislative assembly management committee to forgo the statutorily authorized increase to members of the legislative assembly’s remuneration for 2025.

    Police Act:

    Amendments to the Police Act will allow the appointment of an acting chief civilian director of the Independent Investigations Office in the event that the director is unable to fulfil their role. Amendments will also authorize the appointment of a deputy chief civilian director of the Independent Investigations Office, to whom the chief civilian director could delegate their powers and duties. These amendments will allow the Independent Investigations Office to reduce operational risks and help ensure investigations into incidents involving police officers are conducted proficiently, without unnecessary delays and with the ability to adapt to unforeseen circumstances.

    Small Claims Act:

    Housekeeping amendments to the Small Claims Act will remove an outdated reference to a provision that was repealed in the Civil Resolution Tribunal Act. The provision concerned a previous process where a Civil Resolution Tribunal decision could be made void, and the claim could be disputed in the Provincial Court. Regular housekeeping amendments, such as this, provide clarity and make legislation easier to understand.

    Wills, Estates and Succession Act:

    Amendments to the Wills, Estates and Succession Act will add First Home Savings Accounts to the definition of a benefit plan. This will allow people to name beneficiaries for these accounts, helping in their life planning by ensuring surviving beneficiaries can access First Home Savings Accounts efficiently, in the same way they can access other registered savings plans, such as Tax Free Savings Accounts.

    The amendments will allow the government to quickly add new plans without needing to amend the legislation.

    Learn More:

    For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

    MIL OSI Canada News –

  • MIL-OSI: Carbon Streaming Announces Filing of Claim Against Former Executives and Consultants

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 14, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today announces that it has started a lawsuit in the Ontario Superior Court of Justice against several former executives, directors, consultants, and associated entities. As outlined in the lawsuit, Carbon Streaming is trying to hold the defendants to account for their breaches of fiduciary duty, fraudulent misrepresentation, and unjust enrichment that have caused financial harm to the Company.

    The defendants named in the claim include Justin Cochrane, Conor Kearns, Anthony Milewski, Michael Beck, Maurice Swan, Andrew Scott Tester, Jeanne Usonis, The Oregon Group LLC, Regent Advisors LLC, Black Vulcan Resources LLC, Carbon Advisors LLC, and Angstrom Capital Limited.

    Key Allegations:

    • Breach of Fiduciary Duty: The lawsuit alleges that the defendants who were serving as Carbon Streaming’s executives and directors did not act in the Company’s best interests, including approving and allowing payments for advisory and consulting fees to entities that provided little to no real services to the Company.
    • Fraudulent Misrepresentation: The lawsuit alleges that certain defendants made false representations and omissions that misled the Company, resulting in financial losses.
    • Unjust Enrichment: The lawsuit also seeks to recover funds that were improperly diverted to some of the defendants and their associated entities, who were unjustly enriched at the expense of Carbon Streaming.

    Financial Impact:

    Carbon Streaming seeks damages against the defendants, including:

    • A minimum of USD $30.1 Million against Justin Cochrane.
    • A minimum of USD $4.1 Million against Conor Kearns.
    • A minimum of USD $1.4 Million against Anthony Milewski and The Oregon Group LLC.
    • A minimum of USD $4.1 Million against Anthony Milewski and Black Vulcan Resources LLC.
    • A minimum of USD $850,000 against Michael Beck and Regent Advisors LLC.
    • A minimum of USD $400,000 against Michael Beck, Anthony Milewski, and Carbon Advisors LLC.
    • A minimum of USD $4.1 Million against each of Maurice Swan, Andrew Scott Tester and Jeanne Usonis.

    A copy of the issued Statement of Claim can be found here.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the Company holding the defendants to account.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI Security: New Hampshire Man Sentenced to More Than 17 Years in Federal Prison for Producing Child Sex Abuse Images

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that DAVID EDDY, 59, of Manchester, New Hampshire, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 210 months of imprisonment, followed by 10 years of supervised release, for child exploitation offenses stemming from his sexual abuse of a young girl.

    According to court documents and statements made in court, in September 2022, Eddy sexually abused a minor girl, who was approximately five years old, and used his cell phone to take photographs of his sexual abuse.  Analysis of Eddy’s phone revealed more than 150 child sexual abuse images and videos of the minor victim and other child victims of sexual abuse.

    Eddy was arrested on related state charges on October 5, 2022.  On September 25, 2024, he pleaded guilty in federal court to one count of production of child pornography and one count of possession of child pornography.

    Eddy has been detained since his arrest.  The state charges are pending.

    This matter was investigated by Homeland Security Investigations (HSI) and the Simsbury Police Department, with the assistance of the Manchester (N.H.) Police Department.  The case was prosecuted by Assistant U.S. Attorneys Anastasia E. King and Nancy V. Gifford.

    This prosecution is part of the U.S. Department of Justice’s Project Safe Childhood Initiative, which is aimed at protecting children from sexual abuse and exploitation. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    To report cases of child exploitation, please visit www.cybertipline.com.

    MIL Security OSI –

  • MIL-OSI Security: Companies Pay $1.3 Million to Resolve Allegations of False Claims Act Violations Concerning Small Business Size Representations

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, today announced that Whitcraft LLC and Berkshire Manufactured Products, Inc. (collectively the “Whitcraft Companies”), have entered into a civil settlement agreement with the United States and have paid $1,317,653.44 to resolve allegations that they violated the False Claims Act when the Whitcraft Companies improperly obtained set-aside contracts reserved for small businesses that they were ineligible to receive.

    Whitcraft LLC, a limited liability company located in Eastford, Connecticut, and Berkshire Manufactured Products, Inc., a corporation located in Newburyport, Massachusetts, machine and fabricate sheet metal aerospace parts and components for commercial and military aviation applications.  In April 2017, controlling interests in both companies were acquired by a private equity group.

    The government contends that, after they were acquired in April 2017, the Whitcraft Companies ceased to qualify as “small business concerns” within the meaning of the Small Business Administration (“SBA”) regulations relating to government contracts due to the Whitcraft Companies’ affiliation through stock ownership with other businesses.  Between April 2017 and November 2022, the Whitcraft Companies falsely certified that they were “small business concerns” and, as a result, they were awarded 71 small business set-aside contracts that they were ineligible to receive.

    Government contractors are required to timely disclose to the government, in writing, whenever they have credible evidence that they have committed a violation of the False Claims Act.  On December 23, 2022, in connection with due diligence performed relating to the Whitcraft Companies’ sale to another entity, the Whitcraft Companies voluntarily disclosed to the government facts concerning their potential affiliation with other businesses that the government contends made them ineligible to be awarded contracts set aside for small businesses. The Whitcraft Companies received credit in the settlement for their voluntary disclosure and cooperation with the government during its investigation.

    This investigation was conducted by the Defense Criminal Investigative Service, the Defense Contract Audit Agency Operations Investigative Support Division, the SBA Office of General Counsel, and DLA Aviation Fraud Counsel.  This matter was handled by Assistant U.S. Attorney Sarah Gruber.

    MIL Security OSI –

  • MIL-Evening Report: Would looser lending rules help more people buy a house – or just put them at risk?

    Source: The Conversation (Au and NZ) – By Andrew Grant, Associate Professor in Finance, University of Sydney

    doublelee/Shutterstock

    Big promises on housing were at the centre of both major parties’ announcements at the official federal election campaign launches on the weekend.

    Among the highlights, Labor pledged to build 100,000 new homes and extend a government-guaranteed 5% deposit scheme to all first home buyers. The Coalition promised to make interest payments on the first A$650,000 of a mortgage tax-deductible for up to five years, for eligible first home buyers purchasing new builds.

    Amid this flurry of policies, it’s important we don’t forget another Coalition promise from earlier this month – lowering the 3% mortgage serviceability “buffer”.

    Promising to help would-be homebuyers without access to the “bank of mum and dad”, the policy aims to make loans easier to get amid high interest rates and house prices. But it has also reignited debate over lending regulation.

    What exactly does this buffer do, and what might we lose by lowering it?

    Protecting banks and borrowers

    Mortgage buffers are a risk management tool, regulated by the Australian Prudential Regulation Authority (APRA).

    When banks assess a home loan, they don’t just check if you can repay it at today’s rate. They test whether you could still afford it if interest rates were higher.

    Suppose a borrower in Sydney takes out a mortgage of $780,000 (around the average loan size). At a 6% interest rate, the monthly repayments over 30 years would be about $4,672.

    Under the current serviceability buffer – three percentage points – banks assess whether this prospective borrower could still afford repayments if interest rates rose to 9%, which would increase their monthly repayments to around $6,270.

    This buffer doesn’t increase the price the borrower actually pays. It simply ensures they have the capacity to service higher repayments if conditions worsen.

    The last time mortgage rates were above 9% for an extended period (1996), Peter Dutton was in the Queensland Police Service, the Swans had lost the AFL Grand Final, and Oasis were about to cancel their Australian tour. Could history repeat itself?



    Read more:
    Labor and Coalition support for new home buyers welcome but other Australians also struggling with housing affordability

    Why lower it?

    APRA increased the serviceability buffer from 2.5% to 3% in late 2021. But at the time, Australia’s cash rate was very low, at just 0.1%. It’s now 4.1%.

    Critics argue the buffer has become too restrictive now that rates are higher, locking out first home buyers and those without parental financial help.

    The buffer can also act as a barrier to refinancing. Those who qualified for a loan when interest rates were low may no longer meet serviceability requirements under higher rates. Research suggests that removing refinancing barriers can reduce loan defaults and support household spending.

    The risks

    There are good reasons for the measures we have to protect borrowers from future shocks.

    Reducing the buffer allows more borrowers to qualify for the same loan. But it also means there’s less built-in protection against future rate rises.

    Research shows the risk of a borrower defaulting on their mortgage increases sharply when their loan-to-value ratio – the amount borrowed divided by the property’s purchase price – is above 75%, or where a borrower is spending two-thirds of their income on the mortgage.

    But buffers also need to be set carefully, ensuring they don’t unnecessarily lock out creditworthy borrowers.

    The mortgage serviceability buffer is designed to protect borrowers from sudden financial shocks.
    doublelee/Shutterstock

    Help for first home buyers?

    When considered together with the Coalition’s additional policies – to allow first home buyers to withdraw up to $50,000 from their superannuation for a home deposit and deduct mortgage payments from their taxable income – the implications become clearer.

    Economic theory suggests that combined, such measures would move more borrowers closer to the margin of affordability.

    Many would likely take on the maximum debt they could qualify for, leaving them highly exposed if economic or interest rate conditions deteriorate.

    And the very borrowers likely to rely on superannuation withdrawals to fund their deposits are also those with limited savings and potentially high loan-to-value ratios. The borrowers most affected by the barrier are therefore among the most vulnerable to repayment stress.

    What about house prices?

    There’s the obvious question of what reducing the barriers to borrowing would do to house prices, without a corresponding increase in supply.

    Research has shown stricter borrower-level constraints are effective in slowing house price growth, especially during periods of rapid credit expansion.

    These policies are most effective when targeted toward high-risk borrower groups such as first home buyers or those with high loan-to-valuation ratios.

    Some economists argue buffers need not be static. Instead, they could be tightened during booms to prevent the housing market overheating, and eased during tougher times to avoid cutting off credit unnecessarily.

    So, should we lower the buffer?

    Serviceability buffers aren’t just bureaucratic hurdles. They are an unseen brake on unsustainable borrowing and a cushion against future shocks.

    Borrower constraints don’t only reduce default risk – research shows they also redistribute credit more efficiently, shifting it away from overheated urban markets and toward lower-risk borrowers.

    The first cut to the cash rate in nearly five years has eased Australian mortgage stress risk in the short term. With renewed borrowing appetite, the role of buffers becomes even more critical.

    Removing them may help more people into homes in the short run, but it comes at the risk of greater pain later.

    Andrew Grant has previously received funding from the Australian Institute of Credit Management and illion (Experian).

    – ref. Would looser lending rules help more people buy a house – or just put them at risk? – https://theconversation.com/would-looser-lending-rules-help-more-people-buy-a-house-or-just-put-them-at-risk-253658

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Amid the election promises, what would actually help ‘fix’ the housing crisis? Here are 5 ideas

    Source: The Conversation (Au and NZ) – By Rachel Ong ViforJ, John Curtin Distinguished Professor & ARC Future Fellow, Curtin University

    Shutterstock

    As the election campaign rolls on, housing has been, unsurprisingly, a major campaign focus. We’ve seen a series of housing policy announcements from across the political spectrum, including duelling announcements from the major parties in recent days.

    Labor will expand access to their Help to Buy and Home Gurantee schemes by either raising or removing income limits and price caps.

    The Liberals will allow first homebuyers to access their super for housing and deduct mortgage repayments from their income tax, while lowering the mortgage serviceability buffer.

    While the politicians make big promises, it’s worth thinking about what evidence shows would actually make a meaningful difference. We have five ideas.

    But first, the extent of the problem

    It’s old news that we have a significant housing affordability problem in Australia.

    Between 2004 and 2024, the national dwelling price to income ratio climbed rapidly from five to eight, hitting ten in Sydney.

    Advertised rents have climbed by more than 20% since the start of COVID.

    The public housing waitlist is around 170,000 households, and the number of homeless persons rose from 95,000 to 122,000 in the two decades to 2021.

    Policies of the past decade have not worked, and in some cases they’ve made it worse. So what would help?



    Read more:
    Labor and Coalition support for new home buyers welcome but other Australians also struggling with housing affordability

    1. It’s a cluster problem that needs a cluster solution

    When we talk of the affordability crisis, what we’re really talking about is a complicated cluster of interrelated problems that make housing unaffordable to buy, build and rent.

    Unaffordable housing comes from the interaction between the global economy, interest rates, inefficiencies in our construction and planning systems, as well as the outcomes of poor government policies. We should be wary of hitching our wagon to any of these alone.

    Reform of the planning system, for example, is held up by some as the simple solution. While the planning system needs to be improved, it does not make up the entirety of the housing production pipeline – and it’s definitely not a magical solution.

    Equal attention needs to be given to workforce shortages, productivity concerns in the construction industry, development financial risk and developer behaviour. These are all arguably as important as planning in delivering new supply.

    2. It’s not about supply versus demand. It’s both

    Many major housing policy announcements are either supply-focused or demand-focused. What Australia needs are coherent and integrated policy packages addressing both sides of the problem at the same time.

    During this election campaign, both major parties have made a series of demand-boosting policy announcements in rapid succession, designed to put more cash into the hands of first homebuyers.

    All these measures will further fuel increases in house prices at a pace that income growth cannot match.

    It is true both parties have proposed supply measures, such as Labor’s plan to build 100,000 new homes exclusively for first homebuyers.

    However, supply lags mean these houses will not be delivered in time to offset any rise in demand (and price) from the expansion of the demand-boosting schemes.

    3. Think beyond new supply

    The shortfall of dwellings in Australia is certainly a problem, but even an ambitious construction target is likely to add only about 2% to our existing stock each year.

    We need to look to the homes already built and how they can better meet demand. This might include measures to promote granny flats, or enable additional subdivision.

    4. Aim before shooting

    Too many housing programs are poorly targeted. We need to zero in on those in housing need. We shouldn’t be providing assistance to those who don’t need it.

    Policymakers need to confront the targeting errors that afflict their proposed plans.

    Currently, 11% of aspiring first homebuyers are able to meet deposit and repayment requirements to purchase a home.

    Labor’s plan to lift the income limits and caps on available places will open up the scheme to many homebuyers who don’t need government-funded assistance for a home purchase.

    The Liberals’ super for housing plan will also benefit higher-income and older groups.

    5. Design policies through an intergenerational lens

    As we live longer, policymakers must embrace the challenge of meeting the housing needs of multiple generations. This co-existence in society is the new normal.

    For instance, economists have consistently called for the abolition of stamp duties in home purchases, favouring instead a broad-based land tax. This removes a major upfront sum that would otherwise be paid by both young people looking to buy their first home and older “empty nesters” looking to downsize.



    Read more:
    25 years into a new century and housing is less affordable than ever

    Stamp duty is a major revenue source for state and territory governments. This reform needs Australian government financial support as we move to a more affordable future. Australia’s reliance on stamp duty is second only to South Korea among OECD countries.

    But even if stamp duties are not abolished, we could better use this revenue to meet housing needs, including building additional social housing, bolstering homelessness services and constructing new housing infrastructure.

    The elephant in the housing policy room

    At the end of the day, it’s worth remembering that housing isn’t all about supply, buildings, investment and construction. Our housing is also where we live, sleep and grow old.

    Our population aren’t just passive players in the housing system, they actively shape it, in their choices to buy housing, to rent, seek out major cities and renovate.

    By demonstrating, de-risking, and promoting a broader range of housing options (such as making rental an attractive lifetime tenure, expanding shared equity options, or championing advances in modular and prefabricated construction), governments can shape demand towards more affordable homes.

    Rachel Ong ViforJ is the recipient of an Australian Research Council Future Fellowship (project FT200100422). She also receives funding from the Australian Housing and Urban Research Institute.

    Andrew Beer receives funding from the Australian Research Council, the National Health and Medical Research Council, the Australian Housing and Urban Research Institute and the City of Lithgow.

    Emma Baker receives funding from the Australian Research Council (ARC), the National Health and Medical Research Council (NHMRC), and the Australian Housing and Urban Research Institute (AHURI).

    – ref. Amid the election promises, what would actually help ‘fix’ the housing crisis? Here are 5 ideas – https://theconversation.com/amid-the-election-promises-what-would-actually-help-fix-the-housing-crisis-here-are-5-ideas-253332

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Par Pacific Announces First Quarter 2025 Earnings Release and Conference Call Schedule

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 14, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) today announced that it will release its first quarter 2025 results after the New York Stock Exchange closes on Tuesday, May 6, 2025. This release will be followed by a conference call for investors on Wednesday, May 7, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern). The full text of the release will be available on Par Pacific’s website at http://www.parpacific.com.

    Par Pacific First Quarter 2025 Earnings Conference Call
    Wednesday, May 7, 2025
    9:00 a.m. Central time (10:00 a.m. Eastern)
    Dial-in number: 1-833-974-2377 (toll-free) or 1-412-317-5782 (toll)

    Individuals who would like to participate should dial the applicable dial-in number at least 10 minutes before the scheduled conference call time.

    To access the live audio webcast and related presentation materials, please visit the Investors section of Par Pacific’s website at http://www.parpacific.com.

    A replay will be available shortly after the call and can be accessed by dialing 1-877-344-7529 (toll-free) or 1-412-317-0088 (toll). The passcode for the replay is 2659885. The replay will be available until May 21, 2025.

    About Par Pacific

    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

    Investor Contact:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    (832) 916-3355
    apatel@parpacific.com

    The MIL Network –

  • MIL-OSI: Oaktree Specialty Lending Corporation Announces Amendments to its Secured Revolving Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, CA, April 14, 2025 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ:OCSL) (“Oaktree Specialty Lending”) today announced that it has extended its senior secured revolving credit facility (the “amended facility”). The final maturity was extended from June 2028 to April 2030. The interest rate on the amended facility was reduced from SOFR plus 2.00% to SOFR plus 1.75% to 1.875%, depending on the debt outstanding, plus a 0.10% SOFR adjustment. As of today, the interest rate is SOFR plus 1.875%, plus the 0.10% SOFR adjustment.   In addition, the minimum consolidated interest coverage ratio of 2.25x was removed.

    The amended facility continues to include an accordion feature which would allow Oaktree Specialty Lending to increase the size of the amended facility to a maximum of $1,500 million, under certain conditions.
            
    “We are pleased to have completed the amendment and extension of our credit facility,” according to OCSL president, Matt Pendo. “We sincerely appreciate the support of our banking partners. By reducing interest expense and other fees, we believe this will have a positive effect on net investment income.”

    About Oaktree Specialty Lending Corporation

    Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The firm seeks to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The company is regulated as a business development company under the Investment Company Act of 1940, as amended. Oaktree Specialty Lending is managed by Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at www.oaktreespecialtylending.com.

    Contacts

    Investor Relations:
    Oaktree Specialty Lending Corporation
    Clark Koury
    (213) 830-6222
    ocsl-ir@oaktreecapital.com

    The MIL Network –

  • MIL-OSI: South Bow Announces Timing of First-quarter 2025 Results, Conference Call and Webcast, and Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 14, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) will release its first-quarter 2025 financial and operational results after the close of markets on May 15, 2025.

    Conference call and webcast details

    South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s first-quarter 2025 results on May 16, 2025 at 8 a.m. MT (10 a.m. ET).

    Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    Visit www.southbow.com/investors for the replay following the event.

    Annual general meeting details

    As previously announced, South Bow’s annual meeting of shareholders (the Meeting) will be held virtually via live audio webcast on May 15, 2025 at 8 a.m. MT (10 a.m. ET) to enable greater shareholder attendance and participation.

    For full details on how to vote, as well as attend and participate in the Meeting, refer to South Bow’s management information circular and virtual meeting user guide, available on South Bow’s website at www.southbow.com/investors/shareholder-meeting, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov.

    Copies of South Bow’s audited consolidated financial statements and notes and management’s discussion and analysis as at and for the year ended Dec. 31, 2024 are available electronically on South Bow’s website at www.southbow.com/investors, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov. Printed copies of these documents are available, free of charge, upon request by calling 1-844-318-7826 or e-mailing investor.relations@southbow.com.

    Forward-looking information and statements

    This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements). In particular, this news release contains forward-looking statements, including timing of the release of financial and operational results, the related conference call and webcast and replay, and timing of the Meeting. The forward-looking statements are based on certain assumptions that South Bow has made regarding, among other things: market conditions; economic conditions; and prevailing governmental policies or regulatory, tax, and environmental laws and regulations. Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; actions taken by governmental or regulatory authorities; adverse general economic and market conditions, and other factors set out in South Bow’s public disclosure documents. The foregoing list of assumptions and risk factors should not be construed as exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    Contact information                  
         
    Investor Relations
    Martha Wilmot
    investor.relations@southbow.com    		   Media Relations
    Solomiya Lyaskovska
    communications@southbow.com
         

    The MIL Network –

  • MIL-OSI USA: MUNHALL – Lt. Gov. Austin Davis to Highlight Historic Investments in Allegheny County Communities

    Source: US State of Pennsylvania

    April 15, 2025 – Munhall, PA

    ADVISORY – MUNHALL – Lt. Gov. Austin Davis to Highlight Historic Investments in Allegheny County Communities

    Lt. Gov. Austin Davis will join state and local leaders, as well as small-business owners, to highlight historic investments in Allegheny County communities at a news conference Tuesday, April 15, at 2 p.m. outside the Munhall Volunteer Fire Company #4 at 3401 Main St., Munhall.

    Gov. Josh Shapiro recently announced that the Shapiro-Davis Administration is investing in 81 community projects – including eight in Allegheny County — through the Main Street Matters program, fulfilling a key promise to help revitalize downtowns, support small businesses and strengthen local economies.
    Main Street Matters, administered by the Pennsylvania Department of Community and Economic Development (DCED), received more than 200 applications requesting more than $43 million in funding – underscoring the demand for strategic investments in Main Streets across Pennsylvania.

    WHO:
    Lt. Gov. Austin Davis
    State Sen. Nick Pisciottano
    State Rep. Dan Goughnour
    Allegheny County Executive Sara Innamorato
    Allegheny Council Councilman Bob Macey
    Munhall Mayor Rob Falce
    Small-business owners

    WHAT:
    News conference to highlight historic investments in Allegheny County communities through the Main Street Matters initiative

    WHEN:
    Tuesday, April 15, at 2 p.m.

    WHERE:
    Outside the Munhall Volunteer Fire Company #4
    3401 Main St., Munhall, PA

    RSVP:
    Members of the news media who are interested in attending must RSVP to Kirstin Alvanitakis at kirstinalv@pa.gov.

    MIL OSI USA News –

  • MIL-Evening Report: Amid the election promises, what would actually help ‘fix’ the housing crisis? Here’s 5 ideas

    Source: The Conversation (Au and NZ) – By Rachel Ong ViforJ, John Curtin Distinguished Professor & ARC Future Fellow, Curtin University

    Shutterstock

    As the election campaign rolls on, housing has been, unsurprisingly, a major campaign focus. We’ve seen a series of housing policy announcements from across the political spectrum, including duelling announcements from the major parties in recent days.

    Labor will expand access to their Help to Buy and Home Gurantee schemes by either raising or removing income limits and price caps.

    The Liberals will allow first homebuyers to access their super for housing and deduct mortgage repayments from their income tax, while lowering the mortgage serviceability buffer.

    While the politicians make big promises, it’s worth thinking about what evidence shows would actually make a meaningful difference. We have five ideas.

    But first, the extent of the problem

    It’s old news that we have a significant housing affordability problem in Australia.

    Between 2004 and 2024, the national dwelling price to income ratio climbed rapidly from five to eight, hitting ten in Sydney.

    Advertised rents have climbed by more than 20% since the start of COVID.

    The public housing waitlist is around 170,000 households, and the number of homeless persons rose from 95,000 to 122,000 in the two decades to 2021.

    Policies of the past decade have not worked, and in some cases they’ve made it worse. So what would help?



    Read more:
    Labor and Coalition support for new home buyers welcome but other Australians also struggling with housing affordability

    1. It’s a cluster problem that needs a cluster solution

    When we talk of the affordability crisis, what we’re really talking about is a complicated cluster of interrelated problems that make housing unaffordable to buy, build and rent.

    Unaffordable housing comes from the interaction between the global economy, interest rates, inefficiencies in our construction and planning systems, as well as the outcomes of poor government policies. We should be wary of hitching our wagon to any of these alone.

    Reform of the planning system, for example, is held up by some as the simple solution. While the planning system needs to be improved, it does not make up the entirety of the housing production pipeline – and it’s definitely not a magical solution.

    Equal attention needs to be given to workforce shortages, productivity concerns in the construction industry, development financial risk and developer behaviour. These are all arguably as important as planning in delivering new supply.

    2. It’s not about supply versus demand. It’s both

    Many major housing policy announcements are either supply-focused or demand-focused. What Australia needs are coherent and integrated policy packages addressing both sides of the problem at the same time.

    During this election campaign, both major parties have made a series of demand-boosting policy announcements in rapid succession, designed to put more cash into the hands of first homebuyers.

    All these measures will further fuel increases in house prices at a pace that income growth cannot match.

    It is true both parties have proposed supply measures, such as Labor’s plan to build 100,000 new homes exclusively for first homebuyers.

    However, supply lags mean these houses will not be delivered in time to offset any rise in demand (and price) from the expansion of the demand-boosting schemes.

    3. Think beyond new supply

    The shortfall of dwellings in Australia is certainly a problem, but even an ambitious construction target is likely to add only about 2% to our existing stock each year.

    We need to look to the homes already built and how they can better meet demand. This might include measures to promote granny flats, or enable additional subdivision.

    4. Aim before shooting

    Too many housing programs are poorly targeted. We need to zero in on those in housing need. We shouldn’t be providing assistance to those who don’t need it.

    Policymakers need to confront the targeting errors that afflict their proposed plans.

    Currently, 11% of aspiring first homebuyers are able to meet deposit and repayment requirements to purchase a home.

    Labor’s plan to lift the income limits and caps on available places will open up the scheme to many homebuyers who don’t need government-funded assistance for a home purchase.

    The Liberals’ super for housing plan will also benefit higher-income and older groups.

    5. Design policies through an intergenerational lens

    As we live longer, policymakers must embrace the challenge of meeting the housing needs of multiple generations. This co-existence in society is the new normal.

    For instance, economists have consistently called for the abolition of stamp duties in home purchases, favouring instead a broad-based land tax. This removes a major upfront sum that would otherwise be paid by both young people looking to buy their first home and older “empty nesters” looking to downsize.



    Read more:
    25 years into a new century and housing is less affordable than ever

    Stamp duty is a major revenue source for state and territory governments. This reform needs Australian government financial support as we move to a more affordable future. Australia’s reliance on stamp duty is second only to South Korea among OECD countries.

    But even if stamp duties are not abolished, we could better use this revenue to meet housing needs, including building additional social housing, bolstering homelessness services and constructing new housing infrastructure.

    The elephant in the housing policy room

    At the end of the day, it’s worth remembering that housing isn’t all about supply, buildings, investment and construction. Our housing is also where we live, sleep and grow old.

    Our population aren’t just passive players in the housing system, they actively shape it, in their choices to buy housing, to rent, seek out major cities and renovate.

    By demonstrating, de-risking, and promoting a broader range of housing options (such as making rental an attractive lifetime tenure, expanding shared equity options, or championing advances in modular and prefabricated construction), governments can shape demand towards more affordable homes.

    Rachel Ong ViforJ is the recipient of an Australian Research Council Future Fellowship (project FT200100422). She also receives funding from the Australian Housing and Urban Research Institute.

    Andrew Beer receives funding from the Australian Research Council, the National Health and Medical Research Council, the Australian Housing and Urban Research Institute and the City of Lithgow.

    Emma Baker receives funding from the Australian Research Council (ARC), the National Health and Medical Research Council (NHMRC), and the Australian Housing and Urban Research Institute (AHURI).

    – ref. Amid the election promises, what would actually help ‘fix’ the housing crisis? Here’s 5 ideas – https://theconversation.com/amid-the-election-promises-what-would-actually-help-fix-the-housing-crisis-heres-5-ideas-253332

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Evolution Petroleum Closes Acquisition of Non-Operated Oil and Natural Gas Assets in New Mexico, Texas, and Louisiana

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 14, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced the closing of its previously announced acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the “Acquisition”, or “TexMex”). The total purchase price for the Acquisition is $9.0 million before customary post-closing adjustments, with an effective date of February 1, 2025. The Company funded the Acquisition through a combination of cash on hand and borrowings under its existing credit facility.

    Strategic Benefits of the Acquisition:

    • Attractive valuation at ~3.4x estimated next 12 months (NTM) Adjusted EBITDA1 based on current strip pricing.
    • Adds ~440 net BOEPD of stable, low-decline production (60% oil and 40% natural gas).
    • Provides enhanced cash flow visibility and strengthens long-term dividend sustainability.
    • Offers low-risk development upside with potential for incremental production growth.
    • $9.0 million purchase price vs. ~$13 million of Proved Developed PV-102.2

    Kelly Loyd, President and Chief Executive Officer, commented: “Despite recent commodity price and market volatility, our TexMex transaction remains highly accretive to both near-term and long-term cash flows and directly supports our core objective — preserving and enhancing the long-term sustainability of our dividend. Our negotiated deal represents a significant discount to PV10 at the current strip and, due to its low-decline nature, should only get better if oil prices move back up to a more normalized price range. TexMex is yet another execution of our proven strategy and represents exactly the kind of transaction that underpins Evolution’s long-standing commitment to deliver a stable and sustainable dividend.”

    About Evolution Petroleum

    Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

    Non-GAAP Disclosure

    Certain financial information utilized by the Company are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”).

    Adjusted EBITDA is a non-GAAP financial measure used as a supplemental financial measure by management and external users of the Company’s financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. The Company defines “Adjusted EBITDA” as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items. The Company cannot provide a reconciliation of 2025E Adjusted EBITDA without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for reconciliation. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

    PV-10 is a non-GAAP financial measure that differs from a financial measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. The Company believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. The Company also uses PV-10 when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. PV-10 is not intended to represent the current market value of the Company’s estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP. The Company also presents PV-10 at strip pricing, which is PV-10 adjusted for price sensitivities. Since GAAP does not prescribe a comparable GAAP measure for PV-10 of reserves adjusted for pricing sensitivities, it is not practicable for the Company to reconcile PV-10 at strip pricing to a standardized measure or any other GAAP measure.

    Cautionary Statement

    All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

    Contact

    Investor Relations
    (713) 935-0122
    ir@evolutionpetroleum.com
    ___________________________________

    1) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see disclosures at the end of this release for more information. NTM Adjusted EBITDA multiple based on Company estimates and NYMEX strip pricing as of 4/11/25.
    2) PV-10 is based on current NYMEX strip prices as of 4/11/25 and is a non-GAAP financial measure; see disclosures at the end of this release for more information.

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: ARB IOT Group Limited Secures Approximately USD53.0 Million Order for Supplying AI Servers

    Source: GlobeNewswire (MIL-OSI)

    Kuala Lumpur, Malaysia, April 14, 2025 (GLOBE NEWSWIRE) — ARB IOT Group Limited (“ARB IOT” or the “Company”) (NASDAQ: ARBB) today announced that it has, through its indirect wholly owned subsidiary, ARB R1 Technology Sdn Bhd, successfully entered into a contract valued at approximately USD53.0 million to deliver cutting-edge AI data centre server solutions to Whizzl Group. This agreement represents a major step forward in advancing AI infrastructure capabilities for the AI industry in Malaysia.

    Under the terms of the agreement, ARB IOT will supply its state-of-the-art ARB-222 AI servers (“AI Products”) to provide high-performance AI-driven data centre solutions to meet the complex demands of modern data-intensive operations. The solution will empower the customer to accelerate AI model training, enable faster data processing, and unlock deeper insights across its operations.

    “This contract highlights our expertise in AI infrastructure and our commitment to delivering scalable, high-impact solutions,” said Dato’ Sri Liew Kok Leong, CEO of ARB IOT. “We are excited to support Whizzl Group in achieving their AI ambitions through robust, future-ready server technologies.”

    Securing this contract delivers significant strategic value to ARB IOT. It strengthens the Company’s revenue base, reinforces its credibility in delivering enterprise-scale AI infrastructure, and opens the door to further opportunities within the high-growth AI and data centre sectors. Additionally, it supports the Company’s long-term growth strategy by expanding its project portfolio, enhancing client references, and accelerating innovation through real-world deployment at scale.

    About ARB IOT Group Limited
    ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment. We offer a wide range of IoT systems as well as provide customers a substantial range of services such as system integration and system support service. We deliver holistic solutions with full turnkey deployment from designing, installation, testing, precommissioning, and commissioning of various IoT systems and devices as well as integration of automated systems, including installation of wire and wireless and mechatronic works.

    Safe Harbor Statement
    This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forwardlooking statements, other than as required by applicable law.

    For further information, please contact:
    ARB IOT Group Limited
    Investor Relations Department
    Email: contact@arbiotgroup.com

    The MIL Network –

  • MIL-OSI: DGL Investments No. 1 Inc. Announces Proposed Qualifying Transaction with Rep Group Limited and Perspectives Productions Limited

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. news wire services or for dissemination in the United States

    VANCOUVER, British Columbia, April 14, 2025 (GLOBE NEWSWIRE) — DGL Investments No. 1 Inc. (“DGL” or the “Company”) (TSXV: DGL.P) is pleased to announce details concerning a proposed arms-length “Qualifying Transaction” involving a business combination with two complimentary businesses named Rep Group Limited (“REP”) and Perspectives Productions Limited (“Perspectives” and collectively with REP, the “Targets”).

    Overview of the Targets

    REP is a privately-held corporation that was formed in June 2020 under the laws of England and Wales. Perspectives is in the process of becoming a 100% wholly owned subsidiary of REP Group and was formed in February 2024 under the laws of England and Wales. Each of the Targets’ head office is in Doncaster, Yorkshire, England.

    REP have developed a narrative therapy based self-care mental health and wellbeing app, that combined with their AI profiling system allows organisations to better engage with their workforce to develop and deliver tangible and measurable ‘social’ programmes that advance company culture and collective wellbeing.

    The REP corporate wellness app and service focuses on three key areas:

    –  Enabling individuals to feel empowered about managing their mental health and wellbeing.
    –  Equipping organisations with expert-led tools and data insights to lead a change in culture for sustainable positive wellbeing.
    –  Creating a workforce that is connected, performing, engaged and well.

    As an extension to REP’s offering, in June 2024 the company executed a collaboration with a National Health Service (‘NHS’) Trust in the United Kingdom, to assess and validate the system and services for healthcare sector deployment.

    Perspectives is a technology company that has developed an innovative production and OTT (‘Over-the-Top’) platform for the distribution of impactful stories related to mental health; transforming written stories captured by REP into bespoke and unique training and educational content to improve the understanding, knowledge and management of mental health in the workplace. The company has already developed the basic OTT platform and has applied for patent protection over its architecture.

    Summary of the proposed Transaction

    DGL has entered into a non-binding Letter of Intent with each of the Targets dated April 10, 2025 (the “LOI”) pursuant to which DGL and the Targets intend to complete a business combination (the “Transaction”) to form a company (the “Resulting Issuer”) and pursuant to which the businesses of the Targets will become the business of the Resulting Issuer. The final structure of both the business combination and the capitalization of the Resulting Issuer is subject to receipt of tax, corporate and securities law advice for both DGL and the Targets.

    Pursuant to the LOI it is currently anticipated:

    1. the shareholders of DGL on completion of the proposed Transaction will cumulatively hold approximately 2,273,141 common shares of the Resulting Issuer and DGL will conduct a consolidation of its common shares at the required ratio to achieve the same;
    2. the Resulting Issuer will issue approximately 13,638,844 common shares of the Resulting Issuer (the “Resulting Issuer Shares”), proportionally to the current holders of the Targets’ common shares (the “Target Shares”) to acquire such Target Shares and each of the Targets will conduct a share split such that the Resulting Issuer Shares will be issued on a 1:1 basis;
    3. either DGL, REP or Perspectives will conduct a financing (on a post share split or post consolidation basis as applicable) to close prior to or concurrent with the closing of the Transaction, for aggregate gross proceeds of not less than GBP£1,000,000 (approximately CAD$1,800,000) at a price commensurate with market conditions (the “Financing”).

    Further, pursuant to the LOI, it is a condition precedent for the parties to enter into a definitive agreement that commitments for the minimum amount of the Financing must be received prior to June 30, 2025.

    The Resulting Issuer Shares will be issued at a price per share equivalent to the closing price of the common shares of DGL on the TSX Venture Exchange (the “Exchange”) on April 11, 2025, adjusted to take account of any required consolidation of the common shares of DGL required to facilitate the proposed Transaction.

    It is intended that the proposed Transaction, when completed, will constitute DGL’s “Qualifying Transaction” (“QT”) in accordance with Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “Exchange”) Corporate Finance Policies. A comprehensive news release will be issued by DGL disclosing details of the proposed Transaction, including the proposed capital structure of the Resulting Issuer, financial information respecting the Targets, the names and backgrounds of all persons who will constitute insiders of the Resulting Issuer, and information respecting sponsorship, once a definitive agreement has been executed and certain conditions have been met, including satisfactory completion of due diligence.

    It is not expected that shareholder approval will be required with respect to the proposed Transaction under the rules of the Exchange applicable to capital pool companies, because the proposed Transaction does not constitute a “Non-Arm’s Length Qualifying Transaction” pursuant to the Policy 2.4 of the Exchange.

    In addition, the structure of the proposed Transaction is being finalized, and based on the final structure as reflected in the definitive agreement, shareholder approval of certain ancillary matters, including any consolidation or share split and any proposed change of name may be required.

    Trading in the common shares of DGL has been halted and is not expected to resume until the proposed Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

    It is expected that upon completion of the proposed Transaction, the Resulting Issuer, will be renamed to a name mutually agreeable to DGL and the Targets and will be listed as a Tier 2 Technology Issuer on the Exchange.

    For further information, please contact:

    Gurpreet S. Sangha,
    President and CEO
    Telephone: 778-245-2282
    Email: gsangha2x4@hotmail.com

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    Forward Looking Information

    Statements in this press release regarding DGL’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as terms and completion of the proposed Transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

    Completion of the proposed Transaction is subject to a number of conditions, including but not limited to completion of the Financing, execution of a binding definitive agreement relating to the proposed Transaction, Exchange acceptance and if applicable pursuant to Exchange requirements or the requirements of applicable securities law, majority of the minority shareholder approval. Where applicable, the proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed Transaction will be completed as proposed or at all.

    Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the proposed Transaction, any information released or received with respect to the proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

    The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

    The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    The MIL Network –

  • MIL-OSI: Denali Capital Acquisition Corp. Announces Shareholder Approval of Extension of Deadline to Complete Business Combination

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) — Denali Capital Acquisition Corp. (NASDAQ:DECA) (the “Company“) announced today that on April 11, 2025, the Company’s shareholders voted in favor of approving amendments to the Company’s amended and restated memorandum and articles of association (the “Articles“) to extend the date by which the Company must consummate an initial business combination from April 11, 2025 to December 11, 2025 by electing to extend the date to consummate an initial business combination on a monthly basis for up to eight times by an additional one month each time (the “Extension“).

    The Company also announced today that on April 11, 2025, the Company deposited into the Company’s trust account (the “Trust Account”) $874.78, representing the $0.02 per public share issued and outstanding that were not delivered for redemption in connection with the extraordinary general meeting. This deposit was funded via the Company’s existing convertible promissory note with a principal amount of up to $180,000 issued by the Company to Scilex Holding Company (Nasdaq: SCLX, “Scilex”), which bears no interest and is repayable on the earlier of the effective date of the consummation of the Company’s initial business combination or the date of the liquidation of the Company. Upon the closing of a business combination, the note is convertible, at Scilex’s discretion, into the Company’s Class A ordinary shares at a conversion price of $10.00 per share. Any future drawdowns of the remaining $ principal amount available under the convertible promissory note are expected to fund future one-month extensions as necessary to provide additional time for the Company to complete a business combination.

    A Current Report on Form 8-K disclosing the full voting results will be filed with the U.S. Securities and Exchange Commission (the “SEC”).

    About the Company
    Denali Capital Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

    Participants in the Solicitation
    The Company, its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in respect of the Extension. Information regarding the Company’s directors and executive officers is available in its Annual Report on Form 10-K filed with the SEC. Additional information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests are contained in the definitive proxy statement relating to the Shareholder Meeting (the “Definitive Proxy Statement“).

    No Offer or Solicitation
    This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Additional Information and Where to Find it
    On March 27, 2025, the company filed the Definitive Proxy Statement with the SEC in connection with its solicitation of proxies for the Shareholder Meeting. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Definitive Proxy Statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by directing a request to the Company’s proxy solicitor, Advantage Proxy, Inc., at P.O. Box 10904 Yakima, WA 98909, Toll-Free (877) 870-8565 or Collect (206) 870-8565, Email: ksmith@advantageproxy.com

    Forward-Looking Statements
    This press release includes forward looking statements that involve risks and uncertainties. Forward-looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    The MIL Network –

  • MIL-OSI: Capital Southwest Announces Preliminary Estimate of Fourth Quarter 2025 Operating Results and Earnings Release and Conference Call Schedule

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, April 14, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, is pleased to announce its preliminary operating results for the fourth quarter of its 2025 fiscal year (quarter ended March 31, 2025) and its fourth quarter 2025 earnings release and conference call schedule.

    During the quarter ended March 31, 2025, Capital Southwest incurred $2.8 million, or $0.05 per share, of one-time net expenses related to the departure of our former President and Chief Executive Officer.

    Capital Southwest’s preliminary estimate of its fourth quarter 2025 pre-tax net investment income is in the range of $0.55 to $0.56 per share. The preliminary estimate of Capital Southwest’s net investment income for the same period is in the range of $0.54 to $0.55 per share.

    Capital Southwest’s preliminary estimate of its fourth quarter 2025 adjusted pre-tax net investment income, excluding the one-time net expenses noted above, is in the range of $0.60 to $0.61 per share.(1) The preliminary estimate of its adjusted net investment income for the same period, excluding the one-time net expenses noted above, is in the range of $0.59 to $0.60 per share.(1)

    Additionally, Capital Southwest’s preliminary estimate of its net asset value per share as of March 31, 2025 is in the range of $16.65 to $16.75. Capital Southwest’s preliminary estimate of its non-accruals as a percentage of the total investment portfolio at cost and fair value is 3.5% and 1.7%, respectively.

    Capital Southwest will release its finalized fourth quarter 2025 results on Wednesday, May 14, 2025 after the market closes. In conjunction with the release, Capital Southwest has scheduled a live webcast on Thursday, May 15, 2025 at 11:00 a.m., Eastern Time. Investors may participate in the webcast.(2)

    By Webcast:
    Connect to the webcast using the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com, or by going to the following website: https://edge.media-server.com/mmc/p/s389iru5. Please log in at least 10 minutes in advance to register and download any necessary software. A replay of the webcast will be available on Capital Southwest’s website shortly after the call.

    Live Call Participation:
    Participants who want to join the call and ask a question must register using the following URL: https://register-conf.media-server.com/register/BI8f006b736d2d44a6968a9f8113c60e06. Once registered, participants will receive the dial-in numbers and a unique PIN number. When participants dial in, they will input their PIN and be placed into the call. Registration is still possible even after the event has started.

    About Capital Southwest
    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements
    This press release contains forward-looking statements and provides historical information with respect to the business and investments of Capital Southwest, including, but not limited to, the preliminary estimates of the fourth quarter of its 2025 fiscal year financial information and results, which are based on current information available to Capital Southwest as of the date hereof. The preliminary estimates of the fourth quarter of its 2025 fiscal year financial information and estimated results furnished above are based on Capital Southwest management’s preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary estimates may not align with Capital Southwest’s actual results of operations for the period, which will not be known until Capital Southwest completes its customary year-end closing and review procedures and third-party audit, including the determination of the fair value of Capital Southwest’s portfolio investments. As a result, actual results could differ materially from the current preliminary estimates based on adjustments made during Capital Southwest’s year-end closing and review procedures and third-party audit, and Capital Southwest’s reported information in its Annual Report on Form 10-K for the year ended March 31, 2025 may differ from this information, and any such differences may be material. In addition, the information furnished above does not include all of the information regarding Capital Southwest’s financial condition and results of operations for the quarter and year ended March 31, 2025 that may be important to readers. As a result, readers are cautioned not to place undue reliance on the information furnished in this press release and should view this information in the context of Capital Southwest’s full fourth quarter of 2025 and fiscal year 2025 results when such results are disclosed by Capital Southwest in its Annual Report on Form 10-K for the year ended March 31, 2025. The information furnished in this press release is based on current expectations of Capital Southwest’s management that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information.

    Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on Capital Southwest’s business and its portfolio companies; regulatory changes; tax treatment; Capital Southwest’s ability to operate its wholly owned subsidiary Capital Southwest SBIC I, LP, as a small business investment company; an economic downturn and its impact on the ability of Capital Southwest’s portfolio companies to operate and the investment opportunities available to it; the impact of supply chain constraints and labor shortages on Capital Southwest’s portfolio companies; and the elevated levels of inflation and its impact on Capital Southwest’s portfolio companies and the industries in which it invests.

    Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2024 and any subsequent filings, including the “Risk Factors” sections therein, with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

    Investor Relations Contact:
    Michael S. Sarner, President and Chief Executive Officer
    214-884-3829

    (1) Adjusted pre-tax net investment income and adjusted net investment income are non-GAAP measures. These non-GAAP measures are included to supplement the Company’s financial information presented in accordance with GAAP and because the Company believes such measures are useful indicators of operations and enhance investors’ ability to analyze trends in the Company’s business exclusive of the one-time net expenses related to the departure of Capital Southwest’s former President and Chief Executive Officer. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.

    These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company’s results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Item 10(e) of Regulation S-K, as promulgated under the Securities Exchange Act of 1934, as amended, the Company has provided a reconciliation of these non-GAAP measures in the above disclosure.

    (2) No information contained on our website or disclosed on the May 15, 2025 conference call, including the webcast, is incorporated by reference into this press release or any of our filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.

    The MIL Network –

  • MIL-OSI: PrairieSky Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 14, 2025 (GLOBE NEWSWIRE) — PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its first quarter operating and financial results for the period ended March 31, 2025.

    First Quarter Highlights:

    • Oil royalty production volumes averaged a record 13,502 barrels per day, a 3% increase over Q1 2024(1). Total royalty production averaged 25,339 BOE per day, a 3% decrease from Q1 2024 due to declines in natural gas and NGL production.
    • Royalty production revenue of $119.9 million combined with other revenue of $8.2 million to generate total revenues of $128.1 million for Q1 2025(1). Other revenue included bonus consideration of $5.0 million earned on entering into 52 new leasing arrangements focused on Duvernay light oil and Mannville light and heavy oil targets.
    • Funds from operations totaled $85.8 million or $0.36 per share, an increase of 3% over Q1 2024 primarily due to increased oil royalty revenue with higher oil royalty production volumes combined with narrowed oil price differentials.
    • Declared a first quarter dividend of $61.2 million ($0.26 per common share), representing a payout ratio of 71%.
    • Purchased and cancelled 3,415,900 common shares under the Company’s normal course issuer bid (“NCIB”) for $90.0 million.
    • Completed acquisitions of both producing and non-producing royalty interests for $63.6 million, including the previously announced $50.0 million acquisition, before customary closing adjustments, of fee lands, lessor interests and gross overriding royalty interests in Central Alberta and Southeast Saskatchewan, as well as incremental royalty interests in the Duvernay, Clearwater and Mannville.
    • Net debt totaled $258.8 million as at March 31, 2025.
    		  


    President’s Message

    It was a busy first quarter across PrairieSky’s royalty properties with 200 wells spud on PrairieSky’s royalty acreage at an average royalty rate of 6.9%, an increase from 174 wells spud in Q1 2024 at an average royalty rate of 6.0%. In addition to robust activity in the Mannville heavy oil play with 39 wells spud, there were 20 wells spud in the Clearwater, 15 wells spud in the Duvernay light oil play, 8 wells spud in the liquids-rich Montney, and an incremental 118 oil and natural gas wells spud elsewhere across the basin.

    PrairieSky earned $119.9 in royalty revenues, 93% liquids, from total royalty production volumes of 25,339 BOE per day in Q1 2025, 3% lower than Q1 2024. Oil royalty revenue totaled $101.1 million, a 10% increase over Q1 2024, and was generated from record oil royalty production of 13,502 barrels per day, an increase of 3% over Q1 2024. Oil royalty production volumes were positively impacted by continued activity in the Clearwater, Mannville and Duvernay and the addition of 177 barrels per day of production from the previously announced royalty acquisition that closed on January 10, 2025. Natural gas royalty production added 55.9 MMcf per day, a decrease of 10% from Q1 2024, and included an estimate of 1.1 MMcf per day of downtime related to cold weather in the quarter. Natural gas royalty production added $8.7 million of royalty revenue with continued weak natural gas benchmark pricing with daily AECO index pricing averaging $2.16 per Mcf, a decrease of 14% from Q1 2024. NGL royalty production averaged 2,520 barrels per day, a slight decrease of 1% from Q1 2024. NGL royalty production generated total NGL royalty revenue of $10.1 million in the quarter.

    Other revenue totaled $8.2 million in Q1 2025 and included $5.0 million in bonus consideration from entering into 52 new leases with 39 separate counterparties. In addition to active leasing in the quarter, PrairieSky acquired incremental producing and non-producing royalty interests focused on heavy and light oil plays in Central Alberta and Saskatchewan for $63.6 million. Acquisitions included the previously announced purchase of fee lands, lessor interests and gross overriding royalty interests for cash consideration of $50.0 million, before customary closing adjustments, which closed on January 10, 2025.

    Funds from operations totaled $85.8 million ($0.36 per share) in the quarter. PrairieSky declared a dividend of $0.26 per share or $61.2 million in the quarter with a resulting payout ratio of 71%. Excess funds from operations were allocated to acquisitions, including the purchase and cancellation of common shares under PrairieSky’s NCIB. Under the NCIB, PrairieSky purchased 3,415,900 common shares at a weighted average price of $26.36 per share for $90.0 million, including commissions and before income tax of $1.8 million. The NCIB is a key component of our capital allocation strategy and the recent share repurchase represents a high-quality acquisition of 1.4% more of the business, equivalent to purchasing approximately 259,000 acres of royalty lands. Repurchased common shares were cancelled prior to PrairieSky’s March 31, 2025 dividend record date. Share repurchases were funded using PrairieSky’s credit facility, which PrairieSky expects to pay down using excess cash flow above its quarterly dividend over time. At March 31, 2025, PrairieSky maintained a strong balance sheet with net debt of $258.8 million.

    We will be holding our 2025 investor day and releasing our updated Royalty Playbook on May 14, 2025 which will highlight the unique attributes of our long-duration, high margin business model. The investor day will be broadcast via webcast for interested parties. Thank you to our staff for their hard work and our shareholders for their continued support.

    Andrew Phillips, President & CEO

    ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

    Third-party operators spud 200 wells in Q1 2025 (Q1 2024 – 174 wells) comprised of 108 wells on gross overriding royalty acreage, 81 wells on fee lands, and 11 unit wells. There were a total of 186 oil wells (93% of wells) spud during the quarter which included 53 Mannville light and heavy oil wells, 38 Viking wells, 20 Clearwater wells, 17 Mississippian wells, 15 Duvernay wells and 43 additional oil wells across Alberta and Saskatchewan and including 11 Lindbergh and 6 Onion Lake thermal oil wells which are expected to come on production in 2026. There were 14 natural gas wells spud in Q1 2025 including 8 Montney wells as well as additional gas wells in the Mannville, Spirit River and Duvernay formations. PrairieSky’s average royalty rate for wells spud in Q1 2025 was 6.9% (Q1 2024 – 6.0%).

    NORMAL COURSE ISSUER BID

    PrairieSky will apply to the Toronto Stock Exchange (“TSX”) to extend its NCIB for an additional one-year period. The renewal of the NCIB has been approved by the Company’s board of directors; however, the NCIB, including the limit of purchases thereunder, will be subject to acceptance by the TSX and, if accepted, will be made in accordance with the applicable rules and policies of the TSX and applicable securities laws. Under the NCIB, common shares may be repurchased in open market transactions on the TSX, and/or other Canadian exchanges or alternative trading systems. The price that PrairieSky will pay for common shares in open market transactions will be the market price at the time of purchase. Common shares acquired under the NCIB will be cancelled. If approved, the NCIB is expected to commence shortly after regulatory approvals are obtained and after expiry of the current program on June 3, 2025.

    PrairieSky believes renewing the NCIB as part of its capital management strategy is in the best interests of the Company and represents an attractive opportunity to use cash resources to reduce PrairieSky’s share count over time and thereby enhance the value of the common shares held by remaining shareholders. Decisions regarding increases to the NCIB will be based on market conditions, share price, best use of funds from operations, and other factors including debt repayment and options to expand our portfolio of royalty assets.

    2025 INVESTOR DAY

    PrairieSky will be hosting an investor day on May 14, 2025, in Calgary, Alberta, where members of PrairieSky’s management team will present details on the Company’s oil and natural gas plays. The investor day will be webcast starting at 9:30 a.m. MDT (11:30 a.m. EDT). Interested parties may participate in the webcast which will be available through PrairieSky’s investor center at www.prairiesky.com. The webcast will be archived and accessible for replay after the event.

    NOTES AND REFERENCES

    (1)    In this press release, the financial reporting periods are referred to as follows: “Q1 2025” or “the quarter” refers to the three months ended March 31, 2025; “Q1 2024” refers to the three months ended March 31, 2024.

    Unless otherwise indicated or the context otherwise requires, terms used in this press release but not defined above are as defined in in the Company’s Annual Information Form for the year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    FINANCIAL AND OPERATIONAL INFORMATION

    The following table summarizes select operational and financial information of the Company for the periods noted. All dollar amounts are stated in Canadian dollars unless otherwise noted.

    A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes thereto for the fiscal period ended March 31, 2025 are available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

        Three months ended
        March 31 December 31 March 31
    ($ millions, except $ per share or as otherwise noted)   2025 2024 2024
    FINANCIAL        
    Royalty production revenue     119.9     115.6     113.2  
    Other revenue     8.2     20.0     7.5  
    Revenues     128.1     135.6     120.7  
             
    Funds from operations     85.8     99.0     83.0  
    Per share – basic and diluted(1)     0.36     0.41     0.35  
             
    Net earnings     58.4     60.2     47.5  
    Per share – basic and diluted(1)     0.25     0.25     0.20  
             
    Dividends declared(2)     61.2     59.9     59.7  
    Per share     0.26     0.25     0.25  
             
    Dividend payout ratio(3)   71 % 61 % 72 %
             
    Acquisitions – including non-cash consideration(4)     63.6     31.5     8.8  
    Net debt(5)     258.8     134.9     208.3  
    Common share repurchases, inclusive of all costs     91.8     –     –  
             
    Shares outstanding (millions)        
    Shares outstanding at period end     235.5     239.0     239.0  
    Weighted average – basic and diluted     238.3     239.0     239.0  
             
    OPERATIONAL        
    Royalty production volumes        
    Crude oil (bbls/d)     13,502     13,317     13,142  
    NGL (bbls/d)     2,520     2,482     2,535  
    Natural gas (MMcf/d)     55.9     55.1     62.1  
    Royalty Production (BOE/d)(6)     25,339     24,982     26,027  
             
    Realized pricing        
    Crude oil ($/bbl)     83.16     81.66     77.18  
    NGL ($/bbl)     44.51     40.68     44.18  
    Natural gas ($/Mcf)     1.73     1.23     1.89  
    Total ($/BOE)(6)     52.58     50.30     47.79  
             
    Operating netback per BOE ($)(7)     42.85     45.86     39.60  
             
    Funds from operations per BOE ($)     37.62     43.07     35.04  
             
    Oil price benchmarks        
    West Texas Intermediate (WTI) (US$/bbl)     71.39     70.27     76.95  
    Edmonton light sweet ($/bbl)     95.20     94.90     92.18  
    Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)     (12.67 )   (12.55 )   (19.33 )
             
    Natural gas price benchmarks        
    AECO Monthly Index ($/Mcf)     2.02     1.46     2.05  
    AECO Daily Index ($/Mcf)     2.16     1.48     2.50  
             
    Foreign exchange rate (US$/CAD$)     0.6976     0.7147     0.7411  

    (1)    Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.
    (2)    A dividend of $0.26 per share was declared on March 10, 2025. The dividend will be paid on April 15, 2025 to shareholders of record as at March 31, 2025.
    (3)    Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release.
    (4)    Excluding right-of-use asset additions.
    (5)    See Note 13 “Capital Management” in the interim condensed consolidated financial statements for the three months ended March 31, 2025 and 2024 and Note 16 “Capital Management” in the annual audited consolidated financial statements for the years ended December 31, 2024 and 2023.
    (6)    See “Conversions of Natural Gas to BOE”.
    (7)    Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.

    CONFERENCE CALL DETAILS

    A conference call to discuss the results will be held for the investment community on Tuesday, April 15, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

    Live call participant registration
    URL:  https://register-conf.media-server.com/register/BIadb5efe7e21145bda3895f295f81b293

    Live webcast participant registration (listen in only)
    URL:  https://edge.media-server.com/mmc/p/be75c3go

    FORWARD-LOOKING STATEMENTS

    This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “likely”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, estimates regarding the impact of cold weather downtime on natural gas royalty production volumes, our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the benefits of the Company’s strategy of investing in low-cost oil plays, expectation that the 11 Lindbergh and 6 Onion Lake thermal oil wells spud in Q1 2025 will come on production in 2026 and the application of PrairieSky to renew the NCIB, the timing of when the NCIB will commence, the limit thereunder, and PrairieSky’s belief that repurchasing such common shares under the NCIB is a good allocation of PrairieSky’s capital resources and will enhance the value of the common shares held by remaining shareholders, and other statements.

    With respect to forward-looking statements contained in this press release, PrairieSky has made several assumptions including those described in detail in our MD&A and the Annual Information Form for the year ended December 31, 2024. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. PrairieSky’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. PrairieSky can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits the Company will derive from them.

    By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including but not limited to the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of pipeline capacity, currency fluctuations, increasing interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the risks and impacts of tariffs imposed between Canada and the United States (and other countries) or other restrictive trade measures, retaliatory or countermeasures implemented by such governments affecting trade between Canada and the United States (and other countries), including the potential introduction of regulatory barriers to trade and the effect on the demand and/or market price for commodities, and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

    CONVERSIONS OF NATURAL GAS TO BOE

    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    NON-GAAP MEASURES AND RATIOS

    Certain measures and ratios in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024.

    “Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table on page 6 of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024 and page 7 of PrairieSky’s MD&A for the year ended December 31, 2024.

        Three months ended
        March 31 December 31 March 31
    ($ millions)   2025 2024 2024
    Cash from operating activities     90.7     91.3     79.7  
    Other revenue     (8.2 )   (20.0 )   (7.5 )
    Other revenue – non-cash     –     8.2     –  
    Amortization of debt issuance costs     (0.1 )   (0.2 )   (0.1 )
    Finance expense     2.9     2.3     3.7  
    Current tax expense     17.3     16.2     14.7  
    Interest on lease obligation     –     (0.1 )   –  
    Net change in non-cash working capital     (4.9 )   7.7     3.3  
    Operating netback     97.7     105.4     93.8  

    “Operating Margin” represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from operations.

        Three months ended
        March 31 December 31 March 31
    ($ millions)   2025 2024 2024
    Royalty production revenue   119.9     115.6     113.2  
    Operating netback   97.7     105.4     93.8  
    Operating margin   81 % 91 % 83 %

    “Dividend payout ratio” is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities.

        Three months ended
        March 31 December 31 March 31
    ($ millions, except otherwise noted)   2025 2024 2024
    Funds from operations     85.8     99.0     83.0  
    Dividends declared     61.2     59.9     59.7  
    Dividend payout ratio   71 % 61 % 72 %


    ABOUT PRAIRIESKY ROYALTY LTD.

    PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Andrew M. Phillips
    President & Chief Executive Officer
    PrairieSky Royalty Ltd.
    (587) 293-4005 

    Michael T. Murphy
    Vice-President, Geosciences & Capital Markets
    PrairieSky Royalty Ltd.
    (587) 293-4056 

    Investor Relations
    (587) 293-4000
    www.prairiesky.com

    		 Pamela P. Kazeil
    Senior Vice-President, Finance & Chief Financial Officer
    PrairieSky Royalty Ltd.
    (587) 293-4089

    PDF available: http://ml.globenewswire.com/Resource/Download/582f0ac4-3c4f-4983-afeb-621e284659ef

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Executive Summary

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

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

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

    Other Balance Sheet Highlights

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

    Loan Portfolio Profile

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

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

    Performance Ratios

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

    Revenue

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

    Non-Interest Expense

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

    Income Taxes

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

    Asset Quality

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

    Capital

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

    Recent Events

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

    About CNB Financial Corporation

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

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) governmental approvals of the Corporation’s pending merger with ESSA may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (viii) the Corporation’s shareholders and/or the shareholders of ESSA may fail to approve the merger; (ix) higher than expected costs or other difficulties related to integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) adequacy of loan loss reserves; (xiii) increased competition; (xiv) loss of certain key officers; (xv) deposit attrition; (xvi) rapidly changing technology; (xvii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xviii) changes in the cost of funds, demand for loan products or demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

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

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

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

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

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

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

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

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

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

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

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

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

    Reconciliation of Non-GAAP Financial Measures

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

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

    Reconciliation of Non-GAAP Financial Measures

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

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

    Reconciliation of Non-GAAP Financial Measures

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

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

    Reconciliation of Non-GAAP Financial Measures

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

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

    Reconciliation of Non-GAAP Financial Measures

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

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

    Reconciliation of Non-GAAP Financial Measures

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

    The MIL Network –

  • MIL-OSI Australia: WILSON ROAD, MYLOR (Grass Fire)

    Source: South Australia County Fire Service

    MYLOR

    Issued on
    15 Apr 2025 05:36

    Mylor Grassfire

    Issued for MYLOR near Aldgate in the Mount Lofty Ranges.

    The CFS is responding to a grass fire near Mylor in the Mount Lofty Ranges, South Australia.

    30 CFS volunteers on 7 trucks, supported by SA Police, are on scene and have contained the fire, preventing it from spreading to a nearby property.

    The cause of the fire is yet to be determined and Fire Investigators will attend the scene later today.

    Emergency services may be working on and around roads in the area, and motorists are advised to stay away. If you need to travel on roads in the area, please take care and drive to the local conditions.

    Message ID 0008517

    MIL OSI News –

  • MIL-OSI: Abacus Global Management to Announce First Quarter 2025 Financial Results on Thursday, May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., April 14, 2025 (GLOBE NEWSWIRE) — Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today announced it will release its first quarter 2025 financial results after the market closes on Thursday, May 8, 2025.

    Abacus will hold a conference call to discuss the financial results at 5:00 pm Eastern Time on May 8, 2025. A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacusgm.com. The dial-in number for the conference call is (877) 407-9716 (toll-free) or (201) 493-6779 (international). Please dial the number 10 minutes prior to the scheduled start time.

    A webcast replay of the call will be available at ir.abacusgm.com for one year following the call.

    About Abacus Global Management

    Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

    Contact:

    Investor Relations

    Robert F. Phillips – SVP Investor Relations and Corporate Affairs
    rob@abacusgm.com
    (321) 290-1198

    David Jackson – Director of IR/Capital Markets
    david@abacusgm.com
    (321) 299-0716

    Abacus Global Management Public Relations
    press@abacusgm.com

    The MIL Network –

  • MIL-OSI: South Plains Financial, Inc. Announces First Quarter 2025 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, April 14, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank, today announced that its first quarter 2025 financial results will be released after market close on Thursday, April 24, 2025. The Company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the financial results.

    Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available on the Company’s website at https://www.spfi.bank/news-events/events.     

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed through the News & Events tab of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752910. The replay will be available until May 8, 2025.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      investors@city.bank
      (866) 771-3347
       

    Source: South Plains Financial, Inc.

    The MIL Network –