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Category: Finance

  • MIL-OSI: Signing Day Sports Executes Stock Purchase Agreement to Acquire Majority of Capital Stock of Dear Cashmere Group Holding Company d/b/a Swifty Global

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Arizona, Jan. 29, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced the signing of a Stock Purchase Agreement (SPA) to acquire 99.13% of the issued and outstanding capital stock of Dear Cashmere Group Holding Company (OTC: DRCR), doing business as Swifty Global.  

    Swifty Global is a global online sports and casino technologies company with a track record of revenue growth and profitability.

    Swifty Global’s strengths and growth strategies are expected to contribute significantly to the Company’s growth potential, including:

    • Strong Financial Performance: Swifty Global achieved revenues of over $128 million and a net profit of approximately $2.44 million for the fiscal year ended December 31, 2023, despite significant investments of nearly $3.1 million in software development and licensing.
    • Global Expansion Targeting High Growth Markets: Swifty Global continues to expand its international gambling operations with significant growth opportunities on the horizon. This strategy aligns with the shared vision of both companies to target high-growth markets as a core component of our long-term strategy.
    • Rapid Development of New Revenue Generating Technologies: Swifty Global plans to offer data feed services for the online sports gambling industry in the near future. These services are currently expensive and limited in choice, as many sports, such as boxing, have until recently had limited or no live data feed available to allow real-time betting. The Signing Day Sports team has significant experience working with critical sports datapoints and creating sports measurement technologies, which could assist Swifty Global in developing this revenue stream.

    Daniel Nelson, CEO of Signing Day Sports, commented, “We are thrilled to announce the signing of the SPA with Swifty Global, which reflects the shared vision and collaboration between our organizations. I extend my sincere appreciation to James Gibbons and Nick Link for their exceptional efforts throughout this process. We see the SPA as a significant step toward accelerated expansion, enabling us to leverage Swifty Global’s cutting-edge SaaS technology to enhance operational efficiency, reduce costs by over 50%, and accelerate product development. Together, we expect to increase user growth, retention, and new revenue opportunities while expanding into emerging markets across Europe, Africa, and the Middle East. Together, we are confident in our ability to build a stronger company, committed to innovation, positioned for global expansion, and powered by cutting-edge technology—delivering exceptional value to our shareholders and clients.”

    “Following the closing of the SPA, Swifty Global will operate as a subsidiary of Signing Day Sports, with its financial results fully integrated into our operations. Signing Day Sports’ pre-closing business will likewise operate within a subsidiary of Signing Day Sports.”

    James Gibbons, CEO of Swifty Global commented, “The Swifty Global team has worked extremely hard, demonstrating exceptional diligence and discipline in building an outstanding business with a solid foundation. We are excited about the future and look forward to working together to achieve great things.”

    Terms of the Transaction

    At the closing of the acquisition under the SPA, Signing Day Sports will acquire from James Gibbons and Nicolas Link (the “Sellers”) the common stock and preferred stock of Swifty Global held by them constituting 99.13% of the issued and outstanding capital stock of Swifty Global. Additional sellers holding Swifty Global common stock or preferred stock may enter into substantially identical agreements with Signing Day Sports and also sell their Swifty Global capital stock to Signing Day Sports, which would increase the aggregate percentage of Swifty Global acquired by Signing Day Sports.  

    At the closing, the Sellers will receive a number of shares of Signing Day Sports common stock that is equal to 19.99% of the issued and outstanding common stock of Signing Day Sports as of the date of the SPA. The balance of the shares that Signing Day Sports must issue to the sellers will be in the form of convertible preferred stock that will have no voting or dividend rights until shareholder approval of conversion and the clearance of an initial listing application with The Nasdaq Stock Market LLC (“Nasdaq”). Signing Day Sports legacy shareholders are expected to retain approximately 8.24% of the post-transaction company’s shares, with the remaining approximately 91.76% being issued to the sellers and the other stockholders of DRCR, based on the number of shares of Signing Day Sports common stock outstanding as of the date of the SPA, subject to adjustment as described below.

    At the closing, James Gibbons will become the Chief Executive Officer of Signing Day Sports and remain the Chief Executive Officer of Swifty Global. Signing Day Sports management will remain the management of the Signing Day Sports subsidiary that will be established in connection with the acquisition. One Signing Day Sports executive director will resign, and Mr. Gibbons will be elected to the Signing Day Sports board.

    After the closing, Signing Day Sports will consolidate Swifty Global’s financial statements and operate Swifty Global as a subsidiary. Signing Day Sports’ existing assets will be contributed into a newly formed subsidiary.

    After the closing, Signing Day Sports will hold a shareholder meeting to, among other things, approve the conversion of the preferred stock issued to the Sellers into common stock, and elect a new board of directors of Signing Day Sports. If the stockholders approve the proposals, the Sellers’ Signing Day Sports preferred stock will convert into 19,782,720 shares of Signing Day Sports common stock. In addition, the board will continue to consist of five members, consisting of one board member nominated by Signing Day Sports, two independent directors and one executive director nominated by Swifty Global’s pre-closing board, and one independent director jointly nominated by both Signing Day Sports and Swifty Global jointly.

    Signing Day Sports and Swifty Global will also seek all necessary stockholder, regulatory, and stock exchange consents or approvals, in order for Signing Day Sports to acquire the remaining outstanding equity ownership of Swifty Global not acquired from the Sellers under the SPA or additional stock purchase agreements through a merger of Swifty Global into Signing Day Sports or a wholly-owned subsidiary of Signing Day Sports (the “Merger”). Signing Day Sports will file a registration statement on Form S-4 relating to, among other things, the registration of the offer and sale of the shares of Signing Day Sports common stock to be issued to the stockholders of Swifty Global in the Merger.

    Both Signing Day Sports and Swifty Global will collectively seek to raise at least $2.0 million in financing as soon as possible, with the proceeds split equally. These funds will be used for the operations of each of Signing Day Sports and Swifty Global, and the payment of outstanding liabilities of Signing Day Sports, such that there will be no material liabilities of Signing Day Sports remaining at the time of the conversion of the preferred stock. If, at the effective time of the Merger, Signing Day Sports has any indebtedness for borrowed money or liabilities in excess of $150,000 relating to the period prior to the closing, then Signing Day Sports will issue to the legacy stockholders of Swifty Global, including the Sellers, as soon as practicable following the closing of the Merger, a number of shares of Signing Day Sports common stock equal to the aggregate Signing Day Sports liabilities divided by the Applicable Price Per Share (as defined in the SPA).

    Both Signing Day Sports and Swifty Global will complete due diligence before the closing under the SPA. The closing is subject to the satisfaction or waiver of closing conditions, including, without limitation, conditional approval from Nasdaq of an initial listing application that has been filed with such exchange, and no assurance can be given that the closing will occur, or that post-closing requirements for the acquisition will be met. From and after the closing, Signing Day Sports is expected to commence trading on the Nasdaq.

    The sellers and the officers and directors of Signing Day Sports will be subject to a three-month lock-up period following the closing.

    The SPA contains provisions for termination, representations, warranties, covenants, and mutual indemnification provisions.

    Advisors to the transaction include Maxim Group LLC, which is serving as exclusive financial advisor to Swifty Global. Lucosky Brookman LLP is serving as counsel to Swifty Global. Bevilacqua PLLC is serving as counsel to Signing Day Sports. 

    A copy of the SPA will be filed as an exhibit to a current report on Form 8-K to be filed by Signing Day Sports with the U.S. Securities and Exchange Commission (“SEC”) on or about the date of this press release. All parties desiring details regarding the terms and conditions of the proposed acquisition are urged to review that Form 8-K and the exhibits attached thereto, which will be available at the SEC’s website at www.sec.gov. 

    Signing Day Sports

    Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set including video-verified measurables (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts and SAT/ACT scores), and technical skill videos (such as drills and mechanics that exemplify player mechanics, coordination, and development).  For more information about Signing Day Sports, go to https://bit.ly/SigningDaySports.

    Swifty Global

    Swifty Global is a technology company operating out of London, New York and Dubai developing ground-breaking technology solutions in the gambling and betting sector. Swifty Global aims to drive shareholder value through accelerated innovation and enhanced usability of the products it develops. With licenses spanning several jurisdictions, Swifty Global has successfully brought to market a suite of offerings. This includes the company’s proprietary swipe betting sports prediction application, as well as its traditional sportsbook and casino gaming platform. For more information about Swifty Global, go to https://www.otcmarkets.com/stock/DRCR/profile.

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to complete the acquisition of Swifty Global and integrate its business, the ability of the Company, the Sellers, and Swifty Global to obtain all necessary consents and approvals in connection with the acquisition, including Nasdaq clearance of an initial listing application in connection with the acquisition, obtain stockholder approval of the matters to be voted on at a stockholders’ meeting to approve matters required to be approved in connection with the SPA, the Company’s ability to obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the SEC. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contact:
    Crescendo Communications, LLC
    212-671-1020
    SGN@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: ES Bancshares, Inc. Announces Fourth Quarter 2024 Results; Continues Trend of Net Interest Margin Expansion and Asset Quality

    Source: GlobeNewswire (MIL-OSI)

    STATEN ISLAND, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — ES Bancshares, Inc. (OTCQX: ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today reported net income of $466 thousand, or $0.03 per diluted common share, for the quarter ended December 31, 2024, compared to a net income of $582 thousand or $0.08 per diluted common share for the quarter ended September 30, 2024.

     
    Key Quarterly Financial Data 2024 Highlights
    Performance Metrics   4Q24     3Q24     4Q23   •The Cost of Funds for the three months ended December 31, 2024, improved to 3.02% from 3.02% in the prior linked quarter.

    •For 3 months ended December 31, 2024, the Company’s net interest margin increased to 2.50% compared to 2.30% for the 3 months ended September 30, 2024.

    •The Company sold $3 million in SBA 7a loan during the quarter, resulting in a gain on loan sale.

    •The Company has replaced $56 million of higher-costing wholesale funding with lower cost organic deposits over the nine-months in 2024.

    •Total Revenues for the quarter ended December 31, 2024, totaled $8.4 million increasing for a second consecutive quarter.
    Return on average assets (%)   0.29     0.36     0.05  
    Return on average equity (%)   3.94     4.98     0.73  
    Return on average tangible equity (%)   3.99     5.04     0.74  
    Net interest margin (%)   2.50     2.30     2.28  
                       
    Income Statement (a)   4Q24     3Q24     4Q23  
    Net interest income $ 3,876   $ 3,567   $ 3,454  
    Non-interest income $ 372   $ 609   $ 322  
    Net income $ 466   $ 582   $ 84  
    Earnings per diluted common share $ 0.03   $ 0.08   $ 0.01  
                       
    Balance Sheet (a)   4Q24     3Q24     4Q23  
    Average total loans $ 566,031   $ 566,031   $ 569,515  
    Average total deposits $ 512,120   $ 512,120   $ 470,394  
    Book value per share $ 6.89   $ 6.85   $ 6.83  
    Tangible book value per share $ 6.81   $ 6.77   $ 6.74  
    (a) In thousands except for per share amounts              
                   

    Phil Guarnieri, Director, and Chief Executive Officer of ES Bancshares said, “We ended 2024 with positive trends over the last two quarters. The downward turn in interest rates has bolstered our net interest income. The Company’s net interest margin increased by twenty basis points, demonstrating growth for the past three quarters. This coupled with our cost containment program has bolstered our core earnings. The Company’s balance sheet and capital position remain a strength for our Company.”

    Selected Balance Sheet Information:

    December 31, 2024 vs. December 31, 2023

    As of December 31, 2024, total assets were $636.6 million, a decrease of $2.1 million, or 0.3%, as compared to total assets of $638.7 million on December 31, 2023. The decrease can be attributed to a slightly smaller loan portfolio.

    Loans receivable, net of Allowance for Credit Losses on Loans totaled $559.3 million, a decrease of 0.8% from December 31, 2023. As of December 31, 2024, the Allowance for Credit Losses on Loans as a percentage of gross loans was 0.91%.

    Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were $5.3 million or 0.84% of total assets, as of December 31, 2024, increasing from $1.4 million or 0.22% of total assets at December 31, 2023. The ratio of nonaccrual loans to loans receivable was 0.94%, as of December 31, 2024, and 0.22% for December 31, 2023. The increase from December 31, 2023, was primarily due to one Commercial Real Estate and one 1-4 family investor loan being placed on non-accrual status. Both loans are deemed to be well collateralized and in total amount to $4.0 million.

    Total liabilities decreased $3.8 million to $589.1 million at December 31, 2024 from $592.9 million at December 31, 2023. The decrease can be attributed to repayments of brokered deposits and Federal Home Loan (FHLB) borrowings partially offset by growth in core deposits. The growth in deposits was driven by an increase in interest-bearing, non-maturity deposit accounts, as well as interest-bearing deposits.

    As of December 31, 2024, the Bank’s Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.31%, 13.68%, 13.68% and 14.93%, respectively, all in excess of the ratios required to be deemed “well-capitalized.” During the Fourth quarter 2024 the Company did not repurchase shares under its stock repurchase program. Book value per common share was $6.89 at December 31, 2024 compared to $6.83 at December 31, 2023. Tangible common book value per share (which represents common equity less goodwill, divided by the number of shares outstanding) was $6.81 at December 31, 2024 compared to $6.74 at December 31, 2023.

    Financial Performance Overview:

    Three Months Ended December 31, 2024, vs. September 30, 2024

    For the three months ended December 31, 2024, the Company net income totaled $466 thousand compared to a net income of $582 thousand for the three months ended September 30, 2024. The decrease can be attributed to lower non-interest income and non-interest expense, partially offset by higher net interest income quarter over quarter.

    Net interest income for the three months ended December 31, 2024, increased $309 thousand, to $3.9 million from $3.6 million at three months ended September 30, 2024. The Company’s net interest margin widened by nine basis points to 2.50% for the three months ended December 31, 2024, as compared to 2.30% for the three months ended September 30, 2024. The increase in margin can be attributed to a reduction in the Company’s average cost for its interest-bearing liabilities.

    There was a $2 thousand provision for credit losses taken for the three months ended December 31, 2024, compared to a reversal for credit losses of $38 thousand for the three months ended September 30, 2024.

    Non-interest income decreased $237 thousand, to $372 thousand for the three months ended December 31, 2024, compared with non-interest income of $609 thousand for the three months ended September 30, 2024. The majority of the decrease can be attributed to lower service charges and fees and no gain on extinguishment of the Company’s subordinated debt, partially offset by the gain on loan sales.

    Non-interest expenses totaled $3.6 million for the three months ended December 31, 2024, compared to $3.4 million for the three months ended September 30, 2024. The largest fluctuations quarter over quarter were due to a $154 thousand increase in other expenses, due to a lack of a recovery of collection expenses that we realized in the September 2024 quarter, an increase in employment search fees, and other expenses. The $92 thousand increase in professional fees, due to higher legal and consulting fees as compared to the quarter ended September 30, 2024.

    Twelve months ended December 31, 2024 vs. December 31, 2023

    For the twelve months ended December 31, 2024, net income totaled $1.1 million in comparison to $1.5 million for the twelve months ended December 31, 2023. The decrease can mainly be attributed to higher costs paid on deposits which increased $5.1 million year over year.

    Net interest income for the twelve months ended December 31, 2024, decreased 11% or $1.8 million, to $14.1 million from $15.9 million at December 31, 2023. The decrease can be attributed to increased interest expense for deposits, partially offset by increased interest income earned on the loan portfolio.

    Provision for credit losses totaled $12 thousand for the twelve months ended December 31, 2024, compared to a $20 thousand provision for the twelve months ended December 31, 2023.

    Non-interest income totaled $1.2 million for the twelve months ended December 31, 2024, compared with noninterest income of $758 thousand for the twelve months ended December 31, 2023. The increase can be attributed to the gain recorded on extinguishment of sub-debt which is partially offset by decreased in gain on sale of loans period over period.

    Operating expenses totaled $14.0 million for the twelve months ended December 31, 2024, compared to $15.0 million for the twelve months ended December 31, 2023, or a decrease of 7.1%. The decrease in non-interest expense can be attributed to initiatives taking effect from the cost-cutting program launched in 2024.

    About ES Bancshares Inc.
    ES Bancshares, Inc. (the “Company”) is incorporated under Maryland law and serves as the holding company for Empire State Bank (the “Bank”). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary.

    The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank’s deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank’s principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations.

    We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company’s website address is www.esbna.com. The Company’s annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable.

    Forward-Looking Statements

    This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc’s. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements.

    Investor Contact:
    Peggy Edwards, Corporate Secretary
    (845) 451-7825

     
    ES Bancshares, Inc.
    Consolidated Statements of Financial Condition
    (in thousands)
        December 31,   December 31,
    2024   2023
        |—-(unaudited)—-|    
    Assets        
    Cash and cash equivalents $ 26,713     32,728  
    Securities, net   22,336     15,220  
    Loans receivable, net:        
    Real estate mortgage loans   545,569     551,124  
    Commercial and Lines of Credit   14,418     13,301  
    Home Equity and Consumer Loans 398     349  
    Deferred costs   4,084     4,233  
    Allowance for Loan Credit Losses (5,137 )   (5,086 )
    Total loans receivable, net   559,330     563,920  
    Accrued interest receivable   2,628     2,625  
    Investment in restricted stock, at cost   4,335     5,191  
    Goodwill   581     581  
    Bank premises and equipment, net   4,845     5,600  
    Repossessed assets   –     –  
    Right of use lease assets   5,894     6,415  
    Bank Owned Life Insurance   5,489     5,341  
    Other Assets   4,471     1,129  
    Total Assets $ 636,622     638,750  
             
    Liabilities & Stockholders’ Equity        
    Non-Interest-Bearing Deposits   133,268     109,065  
    Interest-Bearing Deposits   359,816     328,479  
    Brokered Deposits   20,750     56,581  
    Total Deposits   513,834     494,125  
    Bond Issue, net of costs   11,787     13,708  
    Borrowed Money   50,084     70,805  
    Lease Liability   6,172     6,672  
    Other Liabilities   7,195     7,578  
    Total Liabilities   589,071     592,888  
    Stockholders’ equity   47,551     45,862  
    Total liabilities and stockholders’ equity $ 636,622     638,750  
     
       
      ES Bancshares, Inc.
      Consolidated Statements of Income
      (in thousands)
                   
      Three Months Ended   Twelve Months Ended
      December 31, 2024 September 30, 2024   December 31, 2023   December 31, 2024 December 31, 2023
      |————–(unaudited)————–|   |—-(unaudited)—-|
    Interest income              
    Loans $ 7,405 $ 7,315     $ 7,059     $ 29,273 $ 26,343
    Securities   224   218       110       678   446
    Other interest-earning assets   373   428       278       1,624   1,418
    Total Interest Income   8,002   7,961       7,447       31,576   28,207
    Interest expense              
    Deposits   3,436   3,674       2,945       14,531   9,052
    Borrowings   690   720       1,048       2,950   3,268
    Total Interest Expense   4,126   4,394       3,993       17,482   12,320
    Net Interest Income   3,876   3,567       3,454       14,094   15,887
    (Rev)Prov for Credit Losses   2   (38 )     (83 )     12   20
    Net Interest Income after (Rev)Prov for Credit Losses   3,874   3,605       3,537       14,082   15,867
    Non-interest income              
    Service charges and fees   192   264       254       828   762
    Gain on loan sales   139   –       30       140   168
    Gain on extinguishment of Sub-debt   –   245       –       245   –
    Other   42   100       38       314   149
    Total non-interest income   372   609       322       1,527   1,080
    Non-interest expenses              
    Compensation and benefits   1,662   1,719       1,745       6,830   7,408
    Occupancy and equipment   618   618       646       2,509   2,656
    Data processing service fees   295   315       357       1,253   1,396
    Professional fees   247   155       357       808   1,104
    FDIC & NYS Banking Assessments   132   100       88       428   272
    Advertising   64   84       101       308   406
    Insurance   56   55       51       208   190
    Other   518   365       405       1,622   1,603
    Total non-interest expense   3,592   3,411       3,750       13,966   15,035
    Income prior to tax expense   654   803       109       1,643   1,912
    Income taxes   188   221       25       539   440
    Net Income $ 466 $ 582     $ 84     $ 1,104 $ 1,472
                   
                       
      ES Bancshares, Inc.
      Average Balance Sheet Data
      For the Three Months Ended (dollars in thousands)
      December 31, 2024 September 30, 2024 June 30, 2024
      Avg Bal Interest Average Avg Bal Interest Average Avg Bal Interest Average
      Rolling Rolling Rolling Rolling Rolling Rolling
    Assets  3 Mos.  3 Mos. Yield/Cost  3 Mos.  3 Mos. Yield/Cost  3 Mos.  3 Mos. Yield/Cost
    Interest-earning assets:                  
    Loans receivable $ 564,745 $ 7,405 5.24 % $ 566,031 $ 7,315 5.17 % $ 569,515 $ 7,059 4.96 %
    Investment securities   22,898   224 3.91 %   22,480   218 3.87 %   15,957   110 2.75 %
    Other interest-earning assets   31,135   373 4.69 %   31,656   428 5.29 %   20,128   278 5.40 %
    Total interest-earning assets   618,778   8,002 5.17 %   620,167   7,961 5.13 %   605,600   7,447 4.92 %
    Non-interest earning assets   18,048       17,919       16,840    
    Total assets $ 636,826     $ 638,086     $ 622,440    
    Liabilities and Stockholders’ Equity                  
    Interest-bearing liabilities:                  
    Interest-bearing checking $ 32,800 $ 27 0.33 % $ 33,512 $ 55 0.65 % $ 25,368 $ 23 0.36 %
    Savings accounts   217,746   1,695 3.09 %   200,248   1,728 3.42 %   123,641   884 2.84 %
    Certificates of deposit   166,368   1,714 4.09 %   173,577   1,891 4.32 %   207,091   2,037 3.90 %
    Total interest-bearing deposits   416,914   3,436 3.27 %   407,337   3,674 3.58 %   356,101   2,945 3.28 %
    Borrowings   50,189   499 3.94 %   52,984   519 3.89 %   76,844   827 4.27 %
    Subordinated debenture   11,784   191 6.43 %   13,726   201 5.81 %   13,705   221 6.41 %
    Total interest-bearing liabilities   478,887   4,126 3.42 %   474,047   4,394 3.68 %   446,649   3,993 3.55 %
    Non-interest-bearing demand deposits   96,011       104,782       114,293    
    Other liabilities   14,580       13,045       15,803    
    Total non-interest-bearing liabilities   110,591       117,827       130,096    
    Stockholders’ equity   47,347       46,211       45,695    
    Total liabilities and stockholders’ equity $ 636,826     $ 638,086     $ 622,440    
    Net interest income   $ 3,874     $ 3,567     $ 3,454  
    Average interest rate spread      1.75 %     1.46 %     1.37 %
    Net interest margin      2.50 %     2.30 %     2.28 %
                       
                       
                   
    Five Quarter Performance Ratio Highlights Three Months Ended
    December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023  
    Performance Ratios (%) – annualized            
    Return(loss) on Average Assets   0.29     0.36     0.10     (0.07 )   0.05  
    Return(loss) on Average Equity   3.94     4.98     1.37     (0.90 )   0.73  
    Return(loss) on Average Tangible Equity   3.99     5.04     1.38     (0.91 )   0.74  
    Efficiency Ratio   84.58     81.70     92.86     101.08     99.31  
    Yields / Costs (%)            
    Average Yield – Interest Earning Assets   5.17     5.13     5.16     5.03     4.92  
    Average Cost – Interest-bearing Liabilities   3.42     3.69     3.86     3.82     3.55  
    Net Interest Margin   2.50     2.30     2.21     2.12     2.28  
    Capital Ratios (%)            
    Equity / Assets   7.47     7.44     7.12     7.34     7.18  
    Tangible Equity / Assets   7.38     7.36     7.03     7.26     7.09  
    Tier I leverage ratio (a)   9.31     9.18     9.30     9.52     9.45  
    Common equity Tier I capital ratio (a)   13.68     13.67     13.81     13.63     13.60  
    Tier 1 Risk-based capital ratio (a)   13.68     13.67     13.81     13.63     13.60  
    Total Risk-based capital ratio (a)   14.93     14.92     15.06     14.88     14.85  
    Stock Valuation            
    Book Value $ 6.89   $ 6.85   $ 6.74   $ 6.75   $ 6.83  
    Tangible Book Value $ 6.81   $ 6.77   $ 6.65   $ 6.67   $ 6.74  
    Shares Outstanding (b)   6,900     6,878     6,884     6,834     6,714  
    Asset Quality (%)            
    ACL / Total Loans   0.91     0.90     0.90     0.89     0.89  
    Non Performing Loans / Total Loans   0.94     0.91     0.22     0.24     0.22  
    Non Performing Assets / Total Assets   0.84     0.81     0.19     0.21     0.22  
                   
    (a) Ratios at Bank level                            (b) Shares information presented in thousands        
                   

    The MIL Network –

  • MIL-OSI: American Armed Forces Mutual Aid Association Simplifies Insurance Application Processes Through Sapiens Implementation

    Source: GlobeNewswire (MIL-OSI)

    FT. MYER, Va., Jan. 29, 2025 (GLOBE NEWSWIRE) — The American Armed Forces Mutual Aid Association (AAFMAA), the nation’s longest-standing nonprofit financial solutions provider for the military community, today announced that it has implemented the Sapiens ApplicationPro, IllustrationPro, UnderwritingPro and DataSuite, to simplify its life insurance application, enrollment and underwriting process for active-duty servicemembers, Veterans, and their families. AAFMAA has upgraded its systems with Sapiens solutions to better serve its Members by making the important insurance decision-making process faster and easier for them.

    AAFMAA offers a variety of term and whole life insurance policies designed to meet the unique needs and circumstances of members of the military community. The Sapiens system presents applicants with appropriately tailored options side-by-side and the incorporation of automation dramatically shortens the application review cycle for complex cases, reducing approvals or other decisions from weeks to just a few days.

    “Our Members and their families will see incredibly helpful improvements to our insurance procurement platform, thanks to our partnership with Sapiens,” said Jerry Quinn, AAFMAA Chief Operating Officer. “Making decisions about insurance isn’t just important, it’s also quite complicated; sometimes our Members find themselves unsure of how to even begin the process. With Sapiens’ technology, that complicated process has become much simpler.”

    “We admire AAFMAA’s mission and are thrilled that the implementation of our technology is helping their team provide military servicemembers and their families with their necessary insurance needs,” said Roni Al-Dor, Sapiens President and CEO. “We look forward to hearing more about how our technology is making the process of obtaining insurance easier for their Members.”

    To get started on protecting your family more easily with life insurance or for more information, members of the military community can visit aafmaa.com.

    About AAFMAA

    The American Armed Forces Mutual Aid Association (AAFMAA) is the longest-standing nonprofit financial solutions provider that empowers the military community with affordable financial solutions, including always-affordable life insurance, expert investment management, and customized residential mortgages. Follow the organization on X, Facebook and LinkedIn. 

    AAFMAA Media Contact:
    FischTank PR
    aafmaa@fischtankpr.com

    About Sapiens  
    Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens’ robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers’ compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.  

    For more information visit https://sapiens.com or follow us on LinkedIn   
      
    Investor and Media Contact:  
    Yaffa Cohen-Ifrah  
    Sapiens Chief Marketing Officer and Head of Investor Relations  
    Mobile: +1 917 533 4782 
    Email: Yaffa.cohen-ifrah@sapiens.com  

    The MIL Network –

  • MIL-OSI: Safe Harbor Financial Commences CEO Succession and Strategic Planning Initiative

    Source: GlobeNewswire (MIL-OSI)

    Sundie Seefried to Immediately Become Co-CEO and Retire in 30 Days; Will Remain on Board of Directors Post-Transition

    Business Transformation Expert, Terry Mendez, Appointed Co-CEO; Will Become CEO Upon Retirement of Seefried

    GOLDEN, Colo., Jan. 29, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today that its current CEO, Sundie Seefried, plans to retire in 30 days. Karl A. Racine, chair of the Safe Harbor’s Nominating and Governance Committee, has been overseeing due diligence activities and advising the executive team and the Governance Committee to evaluate both internal and external candidates as part of the process. This strategic approach and review are part of the Company’s long-term growth strategy, ensuring that Safe Harbor continues to maximize shareholder value and executes its strategic vision.

    Sundie Seefried will serve as co-CEO throughout this transition period. The Company signed a three-year executive employment agreement with Terry Mendez to serve as co-CEO and will be appointed CEO upon Seefried’s retirement. Post-transition, Seefried will remain on the Board of Directors.

    During the transition, Mendez will work closely with Safe Harbor’s leadership team and Board of Directors to capture opportunities for innovation and growth, while Seefried will focus on achieving operational continuity. Seefried and Mendez will be the key decision-makers, ensuring that all strategic recommendations are evaluated and presented to the Board, as needed, for approval.

    “We remain committed to thoughtful succession planning and long-term strategic growth, with the goal of capitalizing on optimizing our market position,” said Sundie Seefried, co-CEO of Safe Harbor Financial. “Terry’s experience in business expansion, transformation and strategic advisory will provide a valuable perspective as we explore ways to enhance our operations and maximize shareholder value. I look forward to working closely with him.”

    “At a time when most financial institutions were unwilling to work with the cannabis industry, Safe Harbor emerged as a pioneer, providing essential banking and financial services to the sector for the past decade. We are now looking at the challenges currently facing the industry and determining how we can leverage our people to develop technology that delivers trusted solutions to the marketplace,” said Terry Mendez, co-CEO of Safe Harbor Financial. “I look forward to diving into the business, learning from Sundie and partnering with my fellow operators to deliver value for our shareholders.”

    Terry Mendez brings extensive experience in strategic planning and operational transformation within the information technology and cannabis industries. In his role as founder of Amos Advisory Solutions, Mr. Mendez served as the CEO of both single-state and multi-state cannabis operators successfully leading turnaround efforts. Terry began his career in public accounting with Arthur Andersen and Deloitte & Touche. Previously, he served as the vice president of Finance and global chief accounting officer for Hitachi Vantara, a subsidiary of Hitachi, overseeing 52 countries.

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements
    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact Information
    Safe Harbor Investor Relations
    ir@SHFinancial.org

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

  • MIL-OSI: KraneShares Confirms New Caps of 20% and 40% For KWEB Buffer Strategies KPRO & KBUF, Respectively

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Today, Krane Funds Advisors, LLC (“KraneShares”), an asset management firm known for its global exchange-traded funds (ETFs) announced new Caps, Buffer periods, and name changes for the KPRO and KBUF 100% and 90% Buffer ETFs. KPRO is now the KraneShares 100% KWEB Defined Outcome January 2027 ETF (Ticker: KPRO), formerly Defined Outcome January 2026, and KBUF is now the KraneShares 90% KWEB Defined Outcome January 2027 ETF (Ticker: KBUF), also formerly Defined Outcome January 2026.

    These ETFs are designed to provide investors with the opportunity over a limited period (the “Outcome Period”) to benefit up to a certain extent (the “Cap”) from increases in the total return of the KraneShares CSI China Internet ETF (Ticker: KWEB) with a defined level of protection (the “Buffer”). The current Outcome Period for the Funds is from January 27, 2025 to January 22, 2027.

    The new performance Cap for KPRO over the Outcome Period will be 20.01% and the new Cap for KBUF will be 40.01%. The new Caps stem from a decision earlier this month to extend the Outcome Period for both Funds due to strong China Internet momentum.

    The Funds will retain the same buffers of 100% and 90%, respectively, based on KWEB’s price on January 25, 2025.

    “KWEB has exceeded performance expectations since KPRO and KBUF were launched in February 2024,” said Jonathan Shelon, KraneShares COO. “We believe that resetting the downside protection and increasing the upside potential by extending the outcome period, is a benefit to existing and new investors. We are extremely pleased with the results of these strategies and are excited to introduce these enhancements.”

    KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. The caps and buffers mentioned above do not reflect the effect of fees and assume the Funds are held from launch to the end of the outcome period (2 years). For more information regarding whether an investment in the Funds is right for you, please read each Fund’s prospectus, including “Investor Suitability Considerations.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Uncorrelated Assets. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/kweb, www.kraneshares.com/kpro and www.kraneshares.com/kbuf. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that any of the Funds will achieve their stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    A-Shares are issued by companies in mainland China and traded on local exchanges. They are available to domestic and certain foreign investors, including QFIs and those participating in Stock Connect Programs like Shanghai-Hong Kong and Shenzhen-Hong Kong. Foreign investments in A-Shares face various regulations and restrictions, including limits on asset repatriation. A-Shares may experience frequent trading halts and illiquidity, which can lead to volatility in the Funds’ share prices and increased trading halt risks. The Chinese economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Funds. U.S.-China tensions raise concerns over tariffs and trade restrictions, which could harm China’s exports and the Funds. China’s regulatory standards are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Funds and leading to unexpected liabilities for foreign investors. Fluctuations in currency of foreign countries may have an adverse effect on domestic currency values.

    KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. An investment in any of the Funds may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the returns realized by the investor may not match those that the Funds seek to provide. The Funds may not fully protect against KWEB losses if their share prices drop during the Outcome Period. Buying or selling shares during this time may affect the Buffer’s availability. Even if KWEB’s value rises, the Buffer won’t guard against any subsequent decrease.

    A new Cap is set at the start of each Outcome Period and depends on current market conditions. Therefore, the Cap may change between Outcome Periods and is unlikely to stay constant. Investors should keep track of Cap changes for each Outcome Period, details of which will be provided according to the process outlined in each Fund’s prospectus. The Funds aim to provide returns subject to a Cap, but there is no guarantee of success. If any Fund’s gains exceed the Cap, that Fund won’t appreciate beyond the Cap and will underperform. Due to the Cap, the Funds may significantly underperform KWEB. Buying shares after the Outcome Period starts may limit gains, exposing investors to potential losses. Selling shares before the Outcome Period ends may result in underperformance.

    The Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Funds’ gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Funds are subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Funds to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative. KPRO and KBUF will use FLEX options from the Options Clearing Corporation (OCC). There’s a risk of the OCC failing to meet its obligations. The Funds may face challenges in less liquid FLEX options markets and have difficulty closing positions at desired times and prices. If the unlikely event the OCC becomes insolvent, the Funds could suffer losses. Failure by market participants to enter into FLEX options transactions that reflect market value could result in losses. Some FLEX options may expire worthless. The value of these options is associated with KWEB and influenced by factors such as market fluctuations and time until expiration.

    KPRO and KBUF are new and do not yet have a significant number of shares outstanding. If the Funds do not grow in size, they will be at greater risk than larger funds of wider bid-ask spreads for their shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. The Funds’ assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Funds are subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KWEB, KPRO and KBUF are non-diversified.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    The MIL Network –

  • MIL-OSI: Thea Energy Announces Peer-Reviewed Publications Outlining the Planar Coil Stellarator Approach for Commercial Fusion Energy

    Source: GlobeNewswire (MIL-OSI)

    KEARNY, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Thea Energy, Inc., a fusion technology company advancing the stellarator for the commercialization of a carbon-free and abundant source of energy, today announced four peer-reviewed publications in the journal Nuclear Fusion. These papers together support the planar coil stellarator as a scalable, maintainable, and simpler approach to commercial fusion energy, with an additional real-world use case as a neutron source. The articles are accessible on the Company’s website under “Presentations & Publications” and via Nuclear Fusion.

    These papers detail the practical advantages of the planar coil stellarator as well as the methods used to design the planar (i.e. flat) magnetic coils, allowing for a commercial maintenance scheme. Thea Energy also shares new results in the papers on the simulated and optimized performance of Eos, the Company’s first integrated fusion system that will be constructed and operated later this decade. Thea Energy is designing Eos, based on the same planar coil stellarator architecture, to produce tritium, a vital fusion fuel isotope. The papers also discuss the ability of the Eos stellarator magnetic field to confine energetic plasma particles, heating the plasma and sustaining fusion.

    “Complex, 3D magnet coils have limited prior generations of stellarators, making them extremely difficult to build and maintain,” said David Gates, Ph.D., co-founder and chief technology officer of Thea Energy. “These results are a part of a new era for stellarator systems. Eos will serve as an important technology test bed that will also breed tritium for commercial use. Eos will leverage simpler coils as well as a software control layer, allowing future fusion power plants to be built and deployed on-the-grid at scale. As the team starts to construct Eos, we look forward to further expanding these findings, while at the same time increasing the fidelity of our models.”

    Brian Berzin, co-founder and chief executive officer of Thea Energy, added, “Thea Energy is advancing a system architecture that from the beginning focused on real-world use and practicality, further outlined in these papers. The team’s hard work to complete this cohort of publications is a major milestone, motivated by the opportunity to share details with the broader scientific community on what makes the planar coil stellarator such a transformative approach. Peer-reviewed research is fundamental to the rapidly advancing fusion industry, and it is our intention to continue to publish our results.”

    Key takeaways from “Stellarator fusion systems enabled by arrays of planar coils”:

    • Planar coil stellarators can use systems of simpler coils to produce the magnetic fields required to confine plasmas while leveraging key advantages in terms of manufacturability, controllability, and maintainability. These benefits are crucial to a commercial fusion power plant architecture.
    • Thea Energy will build and utilize the first planar coil stellarator system as a neutron source, named Eos. The Company will scale and deploy a subsequent planar coil stellarator system as a fusion pilot plant, named Helios. Helios is approximately twice the linear dimension of the Eos neutron source stellarator and is being designed to generate net electric power in steady state.

    Key takeaways from “Coil optimization methods for a planar coil stellarator”:

    • The planar coil stellarator architecture uses two types of coils, encircling coils and shaping coils. These simpler coils can produce a specific stellarator magnetic field with sufficient precision to confine a fusion plasma in the same way as a set of more complex, 3D stellarator coils for an equivalent equilibrium, subject to realistic engineering constraints.
    • The planar coil stellarator approach enables large system sectors designed for removal between the encircling coils, providing a sector maintenance capability.

    Key takeaways from “The scoping, design, and plasma physics optimization of the Eos neutron source stellarator”:

    • The Thea Energy team utilized coupled plasma physics models to downselect an optimal design for Eos to a medium-sized facility with required electric power of less than 40 MW.
    • Eos will have the ability to produce tritium at a rate in line with current commercial methods of production, approximately 0.2 grams/day or 70 grams/year.

    Key takeaways from “Fast ion confinement in quasi-axisymmetric stellarator equilibria”:

    • The Company’s electromagnetic coils are designed to confine energetic plasma particles. High-fidelity supercomputer simulation verifies that the intended Eos magnetic field is efficient at this confinement, and that the Eos system will be capable of producing tritium using deuterium-deuterium fusion.
    • The analysis also validates that the Helios design will confine enough fusion products to produce net energy, and the simulation work points to future analysis for further improving this confinement, increasing the efficiency of the power plant.

    The simulations presented in “Coil optimization methods for a planar coil stellarator” and “Fast ion confinement in quasi-axisymmetric stellarator equilibria” were performed on computational resources managed and supported by Princeton Research Computing, a consortium of groups including the Princeton Institute for Computational Science and Engineering (“PICSciE”) and the Office of Information Technology’s High Performance Computing Center and Visualization Laboratory at Princeton University.

    Work highlighted in “The scoping, design, and plasma physics optimization of the Eos neutron source stellarator” and “Fast ion confinement in quasi-axisymmetric stellarator equilibria” was partially funded by an INFUSE award given in round 2022b and carried out in collaboration with researchers at the U.S. Department of Energy’s Princeton Plasma Physics Laboratory, which is managed by Princeton University.

    About Thea Energy, Inc.
    Thea Energy, Inc. is building an economical and scalable fusion energy system utilizing arrays of mass-manufacturable magnets and dynamic software controls. Commercial fusion energy can uniquely provide an abundant source of zero-emission power for a sustainable future. Thea Energy is leveraging recent breakthroughs in computation and controls to reinvent the stellarator, a scientifically mature form of magnetic fusion technology. Thea Energy was founded in 2022 as a spin-out of the Princeton Plasma Physics Laboratory and Princeton University, where the stellarator was originally invented. Thea Energy is currently designing its first integrated fusion system, Eos, based on its planar coil stellarator architecture which will produce fusion neutrons at scale and in steady state. To learn more about Thea Energy’s mission to create a limitless source of zero-emission energy for a sustainable future, visit https://thea.energy/ and follow us on X and LinkedIn. 

    Investor Contact
    Robin Brown
    robin@thea.energy

    Media Contact
    Madeline Joanis
    maddy@thea.energy

    The MIL Network –

  • MIL-OSI: TAB Bank Expands Lender Finance Portfolio with $12 Million Deal for Steel Capital Management

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, Jan. 29, 2025 (GLOBE NEWSWIRE) — TAB Bank announces the addition of Steel Capital Management, a New York City-based finance company specializing in e-commerce solutions, to its portfolio of Lender Finance clients. TAB Bank has extended a $12 million credit facility to support Steel Capital Management as they provide capital solutions to accelerate growth for Direct-to-Consumer (DTC) companies.

    Steel Capital Management selected TAB Bank because of its expertise in lender finance, flexible financing structures, competitive cost of capital and scalability. The $12 million credit facility will provide Steel Capital Management with the working capital to continue scaling its business and supporting its clients.

    “TAB Bank is looking forward to helping Steel Capital Management continue driving growth and innovation in the e-commerce space by providing a flexible and scalable financing structure,” said Jerry Clinton, Managing Director of Corporate Underwriting at TAB Bank. “Our ability to tailor loans to fit a company’s market and unique needs demonstrates our mission—unlocking dreams with bold financial solutions that lift and empower.”

    Based in New York City, Steel Capital Management was born out of the necessity to help early to mid-stage consumer brands grow by providing alternative financing options. The firm understands recurring industry problems—seasonality, stale inventory, shipping and fulfillment backlogs, and marketing channels changing how they operate—and aims to tailor its investments to address them.

    “TAB Bank has been a pleasure to work with throughout the due diligence, documentation and closing process,” said Michael Hoffman, co-CEO of Steel Capital Management. “The TAB Bank team’s willingness to fit our flexible financing needs demonstrated their commitment to building a long and successful partnership with Steel Capital. We’re confident we’ve found the right partner to continue Steel’s growth.”

    TAB Bank is committed to empowering businesses with innovative financial solutions, including term loans, lines of credit and accounts receivable financing. By tailoring its offerings to fit each client’s specific needs, TAB Bank ensures consistent cash flow and growth opportunities for small and midsize businesses nationwide.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com

    The MIL Network –

  • MIL-OSI: EXL Schedules Fourth Quarter and Full Year 2024 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, will release financial results for the fourth quarter and year ended Dec. 31, 2024, on Tuesday, February 25, 2025, after the market closes. An earnings news release, investor fact sheet and presentation will be published on the company’s investor relations website offering an overview of the financial results.

    The company will host a conference call at 10:00 a.m. EST the following day, Wednesday, Feb. 26, 2024, with Chairman and Chief Executive Officer Rohit Kapoor and Executive Vice President and Chief Financial Officer Maurizio Nicolelli, who will provide insights into the company’s operational and financial results.

    To listen to video live webcast or to participate in the call, please register here. A replay of the webcast will be available for approximately one year.

    EXL [NASDAQ: EXLS] is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 57,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contact:
    John Kristoff
    Vice President, Head of Investor Relations
    +1 212 209 4613

    Source: ExlService Holdings, Inc.

    The MIL Network –

  • MIL-OSI United Kingdom: Teeside Airport Boosted with £173m Government Defence Investment

    Source: United Kingdom – Executive Government & Departments

    A £173 million Ministry of Defence training contract with British business Draken will boost Teesside International Airport and support jobs across Teesside, Bournemouth and the Midlands – delivering on the Government’s Plan for Change.

    A £173 million Ministry of Defence training contract with British business Draken will boost Teesside International Airport and support jobs across Teesside, Bournemouth and the Midlands – delivering on the Government’s Plan for Change.

    In addition to strengthening our national security, the deal will maintain vital infrastructure in the North East and support more than 200 UK jobs. The new contract will deliver Armed Forces training for responding to a range of threats – including air-to-air combat, electronic warfare and missile attacks.

    Using a fleet of aircraft, Draken will simulate threats for UK personnel, including:

    • Air-to-air combat.
    • Missile attacks.
    • Attacks on ships from aircraft.

    Defence Minister Maria Eagle announced the deal today on a visit to Teesside International Airport. The Minister spoke with staff and apprentices, reinforcing the Government’s commitment to boosting national security and economic growth.

    The project will help deliver the government’s Plan for Change by strengthening national security and supporting the mission to kickstart economic growth. It also follows the launch of the Defence Industrial Strategy, which will ensure the defence sector is an engine for growth in every region and nation of the UK.

    Through live exercises with UK personnel over the North Sea, Draken private pilots will replicate the tactics and techniques of a range of adversaries.

    Using the latest electronic warfare technology, Draken will also train Royal Naval personnel to protect Carrier Strike Group assets from air and missile attacks and train Army personnel to quickly receive reconnaissance and intelligence information on enemy forces from the air.

    Altogether, this training will ensure that our Armed Forces receive demanding and realistic training, meeting NATO standards.

    Minister for Defence Procurement and Industry, Maria Eagle MP, said:

    This investment will deliver world-class training for our Armed Forces and boost British business, jobs and national security.

    In line with our Plan for Change and upcoming Defence Industrial Strategy, this deal with Draken will support 200 UK jobs and ensure the future of Teesside International Airport.

    We are showing defence can be an engine for growth, in every region and nation.

    To deliver the training, Draken will use 14 Dassault Falcon 20, one Diamond DA42 and eight L-159E ‘Honey Badger’ fighter jets based at Teesside and Bournemouth. Draken will enrol a minimum of 12 apprentices at both sites.

    Air Officer Commanding 1 Group, Air Vice Marshal Mark Flewin said:

    Our partnership with Draken is of fundamental importance as we continue to train and prepare all of our front-line forces to meet emerging threats across the globe.

    The training delivered to date, simulating adversary threats while also allowing us to train in a representative and contested electro-magnetic environment, has never been more important to ensure the Royal Air Force is ready and able to support NATO and meet the threats of tomorrow.

    The contract will allow us to continue to evolve the high-end training available for all of our front-line forces, as we look to out-compete our potential adversaries.

    Nic Anderson, CEO at Draken, said:

    We are proud to continue serving the Royal Air Force, the Royal Navy and the Army through the Interim Medium Speed Operational Readiness Training Services.

    Our purpose is to provide leading edge operational training to help the warfighter to be ready to fight and win. Through this ground-breaking contract we will continually innovate to improve their training experience. 

    Thank you to the whole Draken team who work relentlessly to support our customers, it is the high performance that the Draken team delivers every day that has enabled this contract win.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: WFP and Chad’s meteorological agency partner to modernize weather forecasting and enhance climate response in Chad

    Source: World Food Programme

    N’DJAMENA –The World Meteorological Organization’s Systemic Observations Financing Facility (SOFF) and the United Nations World Food Programme (WFP) have launched a five-year project aiming to modernise Chad’s meteorological network, improve weather forecasts, and anticipate the consequences of climate events in Chad.

    The US$ 6.98 million project, led by WFP in collaboration with Chad’s National Meteorological Agency (ANAM) with technical support from GeoSphere Austria, involves installing six new surface stations and four upper-air stations, while renovating 27 existing stations across the country. The project prioritizes national capacity-building to enhance synergies between development programmes and maximize the SOFF project’s impact.

    “Strengthening ANAM’s capacities through the SOFF project aligns perfectly with the government’s vision and policies, providing users with high-quality forecasts to anticipate climate extremes and mitigate disaster risks affecting populations and natural resources” said Fatima Goukouni Weddeye, Minister of Transport, Civil Aviation, and National Meteorology.

    Upgraded meteorological infrastructure will improve the anticipation and management of climate extremes like droughts and floods, while strengthening national capacities through sustainable data management.

    “Collaborating along the meteorological value chain is key to leveraging weather and climate data” said Markus Repnik, Director of the SOFF Secretariat. “Closing Chad’s data gap significantly improves weather and climate forecasts for Chad, Africa, and the world, as forecasts beyond three days require global data, including from Chad. SOFF’s investments support Chad’s objectives of increasing climate resilience, protecting communities, and the agricultural sector”

    Sarah Gordon-Gibson, WFP’s Country Director and Representative in Chad, noted, “The people of Chad are among the hardest hit by the current climate crisis and face some of the highest levels of food insecurity globally. Reliable meteorological data is essential to anticipate, alert, and respond to crises and their impact on people’s food security”.

    The latest Cadre Harmonisé food security analysis indicates that over 2.4 million people in Chad will face food insecurity by 2025, potentially rising to 3.7 million during the June-August lean season. Food insecurity in Chad is primarily driven by conflicts and a decline in agricultural production, particularly due to recent floods in the south, the country’s breadbasket.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X (formerly Twitter): @wfp_media @wfp_wafrica @wfp_chad

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Chancellor vows to go further and faster to kickstart economic growth

    Source: United Kingdom – Executive Government & Departments

    Chancellor of the Exchequer Rachel Reeves spoke at Siemens Healthineers in Oxfordshire on 29 January 2025.

    Thank you everyone. 

    It’s fantastic to be here at Siemens at this amazing facility.  

    Today, I want to talk about economic growth. 

    Why it matters.  

    How we achieve it.  

    And what we are going to do further and faster to deliver it. 

    Before we came into office… 

    … the Prime Minister and I have said loud and clear:  

    Economic growth is the number one mission of this government.  

    Without growth, we cannot cut hospital waiting lists or put more police on the streets.  

    Without growth, we cannot meet our climate goals… 

    … or give the next generation the opportunities that they need to thrive. 

    But most of all… 

    … without economic growth… 

    … we cannot improve the lives of ordinary working people.  

    Because growth isn’t simply about lines on a graph. 

    It’s about the pounds in people’s pockets. 

    The vibrancy of our high streets. 

    And the thriving businesses that create wealth, jobs and new opportunities for us, for our children, and grandchildren.  

    We will have succeeded in our mission when working people are better off. 

    I know that the cost of living crisis is still very real for many families across Britain.  

    The sky high inflation and interest rates of the past few years have left a deep mark… 

    … with too many people still making sacrifices to pay the bills and to pay their mortgages.   

    But we have begun to turn this around.  

    Everything I see as I travel around the country gives me more belief in Britain. 

    And more optimism about our future. 

    Because we as a country have huge potential.  

    A country of strong communities, with small and local businesses at their heart.  

    We are at the forefront of some of the most exciting developments in the world… 

    … like artificial intelligence and life sciences…  

    … with great companies like DeepMind, AstraZeneca, Rolls Royce… and of course Siemens…  

    … delivering jobs and investment across Britain. 

    We have fundamental strengths – in our history, in our language, and in our legal system – to compete in a global economy.  

    But for too long, that potential has been held back.  

    For too long, we have accepted low expectations and accepted decline. 

    We no longer have to do that.  

    We can do so much better. 

    Low growth is not our destiny.  

    But growth will not come without a fight.  

    Without a government willing to take the right decisions now to change our country’s future for the better. 

    That’s what our Plan for Change is all about. 

    That is what drives me as Chancellor.  

    In my Mais lecture in March last year, I set out my approach to achieving economic growth… 

    … and identified the fundamental barriers to realising our full potential.  

    The productive capacity of the UK economy has become far too weak.  

    Productivity, the driver of living standards…   

    …has grown more slowly here than in countries like Germany and the US.  

    The supply side of our economy has suffered due to chronic underinvestment… 

    … and stifling and unpredictable regulation…  

    … not helped by the shocks we have faced in recent years. 

    [redacted political content]

    The strategy that I have consistently set out… 

    … is to grow the supply-side of our economy… 

    … recognising that first and foremost… 

    … it is businesses, investors and entrepreneurs who drive economic growth… 

    … a government that systematically removes the barriers that they face – one by one and has their back 

    This strategy has three essential elements: 

    First, stability in our politics, our public finances and our economy – the basic condition for secure economic growth. 

    Second, reform – reform which makes it easier for businesses to trade, to raise finance and to build.  

    And third, investment, the lifeblood of economic growth. 

    Let me explain each of those in turn.  

    Stability – the first line of our manifesto was a promise to bring stability to the public finances.  

    It is the rock upon which everything else is built. 

    And it is the essential foundation of our Plan for Change.  

    Because economic stability is the precondition for economic growth. 

    That’s why the first piece of legislation that we passed as a government was the Budget Responsibility Act… 

    … so never again will we see our independent forecaster sidelined.

    [redacted political content]

    At my first Budget in October… 

    … it was my duty as Chancellor… 

    … to fix the foundations of our economy, and repair the public finances that we inherited. 

    To restore stability and create the conditions for growth and investment.  

    I set out new fiscal rules which are non-negotiable, and will always be met. 

    We began to rebuild our NHS and our schools – the start of a programme of public service reform.  

    I capped the rate of corporation tax – and I extended our generous capital allowances for the duration of this parliament – as the CBI and the BCC have long called for.  

    And I protected working people after a cost of living crisis… 

    … by freezing fuel duty… 

    … and with no increases in their National Insurance, Income Tax or VAT. 

    But taking the right decisions and the responsible decisions does not always mean taking the easy decisions. 

    The increase in Employers’ National Insurance contributions has consequences on business and beyond.   

    I said that up front in my Budget speech. 

    I accept that there are costs to responsibility. 

    But the costs of irresponsibility would have been far higher. 

    Those who oppose my Budget know that too. 

    That is why, since October, I have seen no alternative put forward [redacted political content].

    No alternatives to deal with the challenges we face.  

    No alternatives to restoring economic stability… 

    … and therefore no plan for driving economic growth. 

    Alongside stability, we need to drive forward the reform which makes investment more likely… 

    … by removing the constraints on the supply side of our economy… 

    … making it easier for businesses to trade… 

    … to raise finance… 

    … and to build.  

    Let me first address our approach to trade.  

    We stand at a moment of global change.  

    In that context, we should be guided by one clear principle above all.  

    To act in the national interest… 

    … for our economy… 

    … for our businesses… 

    … and for the British people. 

    That means building on our special relationship with the United States under President Trump. 

    The Prime Minister discussed the vital importance of growth with the President last weekend…  

    … and I look forward to working with the new Treasury Secretary, Scott Bessent… 

    … to deepen our economic relationship in the months and the years ahead. 

    Acting in our national interest also means resetting our relationship with the EU – our nearest and our largest trading partner – to drive growth and support business.  

    We are pragmatic about the challenges that we have inherited from the last government’s failed Brexit deal.  

    But we are also ambitious in our goals.  

    [redacted political content]

    … we will prioritise proposals that are consistent with our manifesto commitments… 

    … and which contribute to British growth and British prosperity… 

    … because that is what the national interest demands.  

    Our approach to trade also means building stronger relationships with fast-growing economies all around the world. 

    That is why I led a delegation to China for the first Economic and Financial Dialogue since 2019… 

    … alongside world-leading financial service businesses, including HSBC, Standard Chartered and Schroders…  

    … unlocking £600 million of tangible benefits for the UK economy. 

    And I am pleased to confirm that the Business and Trade Secretary will shortly visit India … 

    … to restart talks on the free trade agreement and bilateral investment treaty [redacted political content].  

    Our businesses can only realise these opportunities if they can recruit the skilled staff that they need. 

    So we are reforming our employment system to create a national jobs and careers service. 

    We have created Skills England to meet the skills of the next decade in sectors like construction and engineering.  

    And we will deliver fundamental reform of our welfare system.  

    That includes looking at areas that have been ducked for too long… 

    … like the rising cost of health and disability benefits… 

    … and the Secretary of State for Work and Pensions will set out our plans to address this ahead of the Spring Statement.  

    Next, the Immigration White Paper, that will bring forward concrete proposals to bring the overall levels of net migration down. 

    But we know that the UK is in an international competition for talent in vital growth sectors.    

    That is why last week, I set out plans for attracting global talent. 

    We will look at the visa routes for very highly skilled people…  

    … so the best people in the world choose the UK to live, work and create wealth… 

    … bringing jobs and investment to Britain. 

    To help businesses access the finance and support they need to grow…  

    … we have delivered significant reforms to provide greater flexibility for firms and founders to raise finance on UK capital markets, by rewriting the UK’s listing rules.  

    In my Mansion House speech, I announced a series of reforms to our pensions system…  

    … including the creation of larger, consolidated funds… 

    … which have much greater capacity to invest in high growth British companies at the scale that we need them to.  

    The consultation on these reforms is already complete and the final report will be published in the Spring. 

    Yesterday we confirmed that we have plans to go further, whilst always protecting the important role that pension funds play in the gilt market. 

    We will introduce new flexibilities for well-funded Defined Benefit schemes… 

    … to release surplus funds where it is safe to do so… 

    … generating even more investment into some of our fastest growing industries. 

    I know too that businesses are held back by a complex and unpredictable regulatory system… 

    … and that is a drag on investment and innovation. 

    We have already provided new growth-focused remits to our financial services regulators… 

    … we have announced a new interim Chair of the Competition and Markets Authority…  

    … and we have established the Regulatory Innovation Office, with an initial focus on synthetic biology, space, AI, and connected and autonomous vehicles.  

    But we need to go further and we need to go faster.  

    So earlier this month, I met the Heads of some of our largest regulators. 

    They have already provided a range of options to drive growth in their sectors… 

    … and proposals for how they can be more agile and responsive to businesses… 

    … and we will publish that final action plan in March to make regulation work much better for our economy. 

    To get Britain building again… 

    … we have delivered the most significant reforms to our planning system in a generation.  

    I have been genuinely shocked about how slow our planning system is. 

    By how long it takes to get things done.  

    Take the decision to build a solar farm in Cambridgeshire – a decision the Energy Secretary took only a few weeks into the job in July… 

    [redacted political content]

    The Deputy Prime Minister has already driven significant progress across government in addressing these issues.   

    My colleagues have determined 13 major planning decisions in just six months… 

    … including for airports, data centres and major housing developments.   

    We have significantly raised housing targets across our country and made them mandatory, so that we can build one-and-a-half million homes in this parliament.  

    We have reformed decades-old “green belt” policies, making it easier to build on the “grey belt” land around our major cities. 

    And we have opened up our planning system to build new infrastructure – like onshore wind farms or data centres driving the AI revolution. 

    Having listened closely to calls from business groups like the Institute of Directors… 

    … and businesses across our economy about the need to speed up infrastructure delivery… 

    … including Mace, Skanska and Arup who are here today… 

    … and members of our British Infrastructure Taskforce like Lloyds, Blackrock and Phoenix… 

    … we have now set out plans to go even further. 

    Last week we confirmed our priorities for the Planning and Infrastructure Bill … 

    … to rapidly streamline the process for determining applications… 

    … to make the consultation process far less burdensome… 

    … and to fundamentally reform our approach to environmental regulation. 

    The problems in our economy… 

    … the lack of bold reform that we have seen over decades… 

    … can be summed up by a £100 million bat tunnel built for HS2… 

    … the type of decision that has made delivering major infrastructure in our country far too expensive and far too slow. 

    So we are reducing the environmental requirements placed on developers when they pay into the nature restoration fund that we have created… 

    …so they can focus on getting things built, and stop worrying about bats and newts.  

    And to build our new infrastructure like nuclear power plants, trainlines and windfarms more quickly… 

    … we are changing the rules to stop blockers getting in the way of development… 

    … through excessive use of Judicial Review. 

    This Bill, the Planning and Infrastructure Bill, is a priority for this government. 

    It will be introduced in the Spring… 

    … and we will work tirelessly in parliament to ensure its smooth, and speedy and rapid delivery.  

    By providing a foundation of economic stability… 

    … and by delivering the reforms needed to make it easier for businesses to succeed and grow… 

    … we will create the right conditions to increase investment in our economy – the final key element of our strategy. 

    Investment and innovation go hand in hand.  

    I want to see the sounds and the sights of the future arriving.    

    Delivered by amazing businesses like Wayve and Oxford Nanopore. 

    They are the future. 

    And Britain should be the best place in the world to be an entrepreneur. 

    That is why we protected funding for research and development… 

    … and it is why one of the first decisions I made as Chancellor… 

    … was to extend the Enterprise Investment Scheme and the Venture Capital Trust schemes for a further 10 years… 

    … to get more investment into new companies, driving their innovation and growth.  

    I am determined to make Britain the best place in the world to invest.  

    That was my message in Davos last week.  

    That ambition demands action. 

    The International Investment Summit that we hosted in October delivered £63 billion of investment right across our country… 

    … from Iberdrola doubling its investment in clean energy in places like Suffolk… 

    … Blackstone investing £10 billion in a data centre in Northumberland… 

    … and Eren Holdings investing £1 billion in advanced manufacturing in North Wales.  

    While the lifeblood of growth is business investment, a strategic state has a crucial role to play. 

    That is why we established the National Wealth Fund… 

    … to create that partnership between business, private investors and government to invest in the industries of the future…  

    … like clean energy. 

    Today I can announce two further investments by the National Wealth Fund. 

    First, a £65 million investment for Connected Kerb, to expand their electric vehicle charging network across the UK. 

    And second, a £28 million equity investment in Cornish Metals… 

    … providing the raw materials to be used in solar panels, wind turbines and electric vehicles… 

    … supporting growth and jobs in the South-West of England.  

    There is no trade-off between economic growth and net zero. 

    Quite the opposite. 

    Net zero is the industrial opportunity of the 21st century, and Britain must lead the way. 

    That is why we will publish a refreshed Carbon Budget Delivery Plan later this year, which alongside the Spending Review, will set out our plans to deliver Carbon Budget 6. 

    Today, I can also announce that we are removing barriers to deliver 16 gigawatts of offshore wind…   

    … by designating new Marine Protected Areas to enable the development of this technology in areas like East Anglia and Yorkshire… 

    … crowding in up to £30 billion of investment in homegrown clean power. 

    And there’s more. 

    Our industrial and manufacturing base, brilliantly represented by Make UK, have been banging their heads against the wall for years at the lack of a proper industrial strategy from government. 

    That is why we have launched our modern industrial strategy… 

    … to drive investment into the industries that will define our success in the years ahead. 

    We have already provided funding to unlock investment in sectors like aerospace, automotives and life sciences… 

    … and we have set out reforms to boost financial services, the AI sector and creative industries. 

    We are not wasting any time, and we will move forward with the next stages of the Industrial Strategy ahead of its publication in the Spring.  

    We will work with the private sector to deliver the infrastructure that our country desperately needs.  

    This includes the Lower Thames Crossing, which will improve connectivity at Port of Tilbury and Dover, London Gateway and Medway… 

    … alleviating severe congestion… 

    … as goods destined for export come from the North, and the Midlands and across the country to markets overseas.   

    To drive growth and deliver value for money for taxpayers, we are exploring options to privately finance this important project.  

    And we have changed course on public investment, too… 

    … with a new Investment Rule to ensure that we don’t just count the costs of investment – we count the benefits too.    

    We are now investing 2.6% of GDP on average over the next five years, compared to 1.9% planned by the previous government..  

    … delivering an additional £100 billion of growth-enhancing capital spending… 

    … which catalyses private sector investment… 

    … in more housing… 

    … better transport links… 

    … and clean energy.  

    These are significant steps in just six months… 

    … and we are seeing some encouraging signs in the British economy. 

    The IMF have upgraded our growth prospects for 2025… 

    … the only G7 country outside the US to see this happen.  

    This gives us the fastest growth of any major European economy this year.  

    And a global survey of CEOs by PWC, has shown Britain is now the second most attractive country in the world for businesses looking to invest.  

    The first time the UK has been in that position for 28 years.  

    This is all welcome news.  

    But there is still more that we can and will do.  

    I am not satisfied with the position we are in. 

    While we have huge amounts of potential, the structural problems in our economy run deep. 

    And the low growth of the last 14 years cannot just be turned around overnight. 

    This has to be our focus for the duration of the parliament.  

    Because the situation demands us to do more. 

    And today I will go further and faster in kickstarting economic growth. 

    Our mission to grow our economy is about raising living standards in every single part of the United Kingdom.  

    Manchester is home to the UK’s fastest growing tech sector.  

    Leeds is one of the largest financial services centres outside of London.  

    These great northern cities have so much potential and promise… 

    …which our brilliant metro mayors, Andy Burnham and Tracy Brabin, are working hard to realise…  

    … just like our other metro mayors are doing to deliver new opportunities in their areas.  

    And there is so much more that government can do to support our city regions.    

    To achieve this requires greater focus on two key areas: infrastructure and investment.  

    If we can improve connectivity between towns and cities across the North of England, we can unlock their true growth potential… 

    … by making it easier for people to live, travel and work across the area.  

    At the Budget, I set out funding for the Transpennine Route Upgrade… 

    … a multi-billion-pound programme of improvements that will connect towns and cities from Manchester to York via Stalybridge, Leeds and Huddersfield. 

    We are delivering railway schemes to improve journeys for people across the North… 

    … including upgrades at Bradford Forster Square and by electrifying the Wigan-Bolton line. 

    We have committed to supporting the delivery of a new mass transit system in West Yorkshire.  

    And in Spring, we will publish the Spending Review and a 10-Year Infrastructure Strategy… 

    … which will set out further detail of our plans for infrastructure right across the UK. 

    New transport infrastructure can also act as a catalyst for new housing. 

    We have already seen the benefits that unlocking untapped land around stations can deliver in places like Stockport… 

    … where joint work spearheaded by Andy Burnham and council leaders has delivered new housing and wider commercial opportunities. 

    We will introduce a new approach to planning decisions on land around stations, changing the default answer to yes. 

    We are working with the devolved governments to ensure the benefits of growth can be felt across Scotland, Wales and Northern Ireland… 

    … including by partnering with them on the Industrial Strategy to support their considerable sectoral strengths. 

    And in December, I met with Metro Mayors from across England.  

    They told me that more opportunities for investment are vital if their local economies are to grow in the years ahead. 

    We are listening closely to them. 

    As the Metro Mayor of Liverpool, Steve Rotherham, has called for… 

    … we will review the Green Book and how it is being used to provide objective, transparent advice on public investment across the country, including outside London and the Southeast.  

    This means that investment in all regions is given a fair hearing by the Treasury that I lead. 

    The Office for Investment is going to be working hand in hand with local areas… 

    … to develop a commercially attractive pipeline of investment opportunities for a global audience… 

    … starting with the Liverpool City Region and the North East Combined Authority, led by Kim McGuinness. 

    The National Wealth Fund is establishing strategic partnerships to provide deeper, more focused support for city regions, starting in Glasgow, West Yorkshire, the West Midlands, and Greater Manchester. 

    We are supporting key investment opportunities across the UK. 

    The government is backing Andy Burnham’s plans for the redevelopment of Old Trafford, which promises to create new housing and commercial development around a new stadium… 

    … to drive regeneration and growth in the area. 

    We are moving forward with the Wrexham and Flintshire Investment Zone… 

    … focusing on the area’s strengths in advanced manufacturing… 

    … backed by major businesses like Airbus and JCB… 

    … to leverage £1 billion of private investment in the next ten years… 

    … creating up to 6,000 jobs. 

    [redacted political content]

    So I can announce today that we will work with Doncaster Council and the Mayor of South Yorkshire, Oliver Coppard… 

    … to support their efforts to recreate South Yorkshire Airport City as a thriving regional airport.  

    And finally, I am pleased to announce a partnership between Prologis and Manchester Airport Group in the East Midlands, where the Metro Mayor Claire Ward is doing an excellent job growing the local economy there. 

    Prologis and MAG will work together to build a new advanced manufacturing and logistics park at East Midlands Airport … 

    … unlocking up to £1 billion of investment and 2,000 jobs at the site… 

    … a major investment from a global business into our country… 

    … representing a huge vote of confidence in the East Midlands and in the UK. 

    This is just the start of our work to get more investment into every nation and region of Britain. 

    Next, I want to set out further detail for plans for the area we are in today.  

    Oxford and Cambridge offer huge potential for our nation’s growth prospects. 

    Only 66 miles apart… 

    … these cities are home to two of the best universities in the world… 

    … and the area is a hub for globally renowned science and technology firms. 

    This area has the potential to be Europe’s Silicon Valley.  

    To make that a reality, we need a systematic approach to attract businesses to come here and to grow here. 

    At the moment, it takes over two and a half hours to travel between Oxford and Cambridge by train.  

    There is no way to commute directly by rail from places like Bedford and Milton Keynes to Cambridge. 

    And there is a lack of affordable housing right across the region.  

    In other words, the demand is there… 

    … but there are far too many supply side constraints on economic growth here.  

    We are going to fix that.  

    The Ox Cam arc was initially launched in 2003 – over 20 years ago.  

    [redacted political content]

    We are not prepared to miss out on the opportunities here any longer.  

    So working with the Deputy Prime Minister… 

    … who is already driving forward vital work in the region…  

    … we are going further and faster to unlock the potential of the Oxford-Cambridge Growth Corridor.   

    First, we are funding the transport links needed to make the Oxford Cambridge growth corridor a success… 

    … including East-West Rail, with new services between Oxford and Milton Keynes starting this year… 

    … and road upgrades to reduce journey times between Milton Keynes and Cambridge. 

    East West Rail will also support vibrant new and expanded communities along the route. 

    We have already received proposals for New Towns along the new railway… 

    … with 18 submissions for sizeable new developments. 

    At Tempsford – the nexus of the East Coast Mainline, the A1 and East West Rail… 

    …we will move quicker to deliver a mainline station, meaning journey times to London of under an hour…  

    … and to Cambridge in under 30 minutes when East West Rail is operational. 

     Second, we are ensuring that the area has the right infrastructure and public services in place to support the growth corridor as it expands. 

    A new Cambridge Cancer Research Hospital is being prioritised for investment as part of wave 1 of the New Hospital Programme.  

    Water infrastructure has also been a major hindrance to development. 

    So we have now agreed water resources management plans, unlocking £7.9 billion of investment in the next 5 years…  

    …including plans for the new Fens Reservoir serving Cambridge and the South East Strategic Reservoir near Oxford.  

    And I can confirm today that the Environment Agency have now lifted their objections to new development in Cambridge, following this government’s intervention to address water scarcity… 

    … which means 4,500 additional homes, new schools, and new office, retail and laboratory space can be built.  

    Third, I am delighted that Cambridge University have come forward with plans for a new flagship innovation hub at the centre of Cambridge… 

    … to attract global investment and foster a community that catalyses innovation, as other cities around the world like Boston and Paris have done.  

    Just yesterday, Moderna completed the build for their new vaccine production and R&D site in Harwell, right here in Oxfordshire, alongside a commitment to invest a further £1 billion in the UK.  

    And we are creating a new AI Growth Zone in Culham to speed up planning approvals for the rapid build-out of data centres.  

    And finally, to take this project forward at real pace… 

    … and catalyse private sector investment into the region… 

    … I am pleased to announce that the Deputy Prime Minister and I have asked Lord Patrick Vallance to be the champion for the Oxford Cambridge Growth Corridor.  

    Lord Vallance has extensive experience across the sciences, academia, and government. 

    He will work with local leaders and with the Housing and Planning Minister to deliver this exciting project… 

    … including with Peter Freeman, who is already doing excellent work in Cambridge… 

    … and a new Growth Commission for Oxford, which will help to accelerate growth in the city and its surrounding area.   

    This is the government’s modern Industrial Strategy in action. 

    With central government, local leaders and business working together… 

    … the Oxford and Cambridge Growth Corridor could add up to £78 billion to the UK economy by 2035 … 

    … driving investment, innovation and growth. 

    Finally, I come to the decision that perhaps more than any other… 

    … has been delayed… 

    … has been avoided… 

    … has been ducked. 

    The question of whether to give Heathrow … 

    … our only hub airport… 

    … a third runway… 

    … has run on for decades. 

    The last full length runway in Britain was built in the 1940s. 

    No progress in eighty years.  

    Why is this so damaging?  

    It’s because Heathrow is at the heart of the UK’s openness as a country.   

    It connects us to emerging markets all over the world, opening up new opportunities for growth. 

    Around three-quarters of all long-haul flights in the UK go from Heathrow. 

    Over 60% of UK air freight comes through Heathrow. 

    And about 15 million business travellers used Heathrow in 2023. 

    But for decades, its growth has been constrained.  

    Successive studies have shown that this really matters for our economy. 

    According to the most recent study from Frontier Economics, a third runway could increase potential GDP by 0.43% by 2050. 

    Over half – 60% of that boost, would go to areas outside London and the South-East. 

    … increasing trade opportunities for products like Scotch whiskey and Scottish salmon – already two of the biggest British exports out of Heathrow.  

    And a third runway could create over 100,000 jobs. 

    For international investors, persistent delays have cast doubt about our seriousness towards improving our economic prospects. 

    Business groups, like the CBI, the Federation of Small Businesses and the Chambers of Commerce right across the UK… 

    …as well trade unions like GMB and Unite are clear… 

    … a third runway is badly needed. 

    In 2018, the previous government steered its Airports National Policy Statement through parliament.  

    But no action was taken. 

    It simply sat on the shelf. 

    We are taking a totally different approach to airport expansion.  

    This Government has already given its support to expansion at City Airport and at Stansted.  

    And there are two live decisions on Luton and Gatwick which will be made by the Transport Secretary shortly.  

    But as our only hub airport, Heathrow is in a unique position – and we cannot duck the decision any longer.   

    I have always been clear that a third runway at Heathrow would unlock further growth… 

    … boost investment… 

    … increase exports… 

    … and make the UK more open and more connected.   

    And now, the case is stronger than ever… 

    … because our reforms to the economy… 

    … like speeding up the planning system… 

    … and our plans for modernised UK airspace…  

    … mean the delivery of this project is set up for success.  

    So I can confirm today that this Government supports a third runway at Heathrow… 

    … and is inviting proposals to be brought forward by the summer.  

    We will then take forward a full assessment through the Airport National Policy Statement. 

    That will ensure that the project is value for money – and our clear expectation is that any associated surface transport costs will be financed through private funding. 

    And it will ensure that a third runway is delivered in line with our legal, environmental and climate obligations.  

    Heathrow themselves are clear that their proposal for expansion will meet strict rules on noise, air quality and carbon emissions. 

    And we are already making great strides in transitioning to cleaner and greener aviation.  

    Sustainable Aviation Fuel reduces CO2 emissions compared to fossil fuel by around 70%. 

    At the start of this month, the Sustainable Aviation Fuel mandate became law.  

    And today I can announce that we are investing £63 million into the Advanced Fuels Fund over the next year… 

    … and we have today set out the details of how we will deliver a Revenue Certainty Mechanism to encourage investment into this growing industry. 

    These measures will encourage more investors to back production in the UK, bringing good, high-skilled jobs to areas like Teesside… 

    … demonstrating that investment in the right technology can help us deliver both our growth and our clean energy missions. 

    Now is the moment to grasp the opportunity in front of us. 

    By backing a third runway at Heathrow, we can make Britain the world’s best connected place to do business. 

    That is what it takes to make bold decisions in the national interest. 

    That is what I mean by going further and faster to kickstart economic growth. 

    The work of change has begun.  

    We have already made great progress.  

    But I am not satisfied.  

    And I know that there is more to be done.  

    We must go further and faster if we are to build a brighter future.  

    The prize on offer is immense.  

    The next generation with more opportunities than the last. 

    An engineer in Teesside, working in some of the most exciting industries of the future – from carbon capture to sustainable aviation fuel. 

    A scientist in Milton Keynes or Bedford, working in our life sciences industry to solve some of the most important medical challenges in the world.  

    A small business owner in Scotland, knowing that they can expand and export to new markets right across the globe.   

    Wealth created, and wealth shared, in every part of Britain.    

    This is a Government on the side of working people. 

    Taking the right decisions to secure their future, to secure our future. 

    Stepping up to the challenges we face. 

    Ending the era of low expectations. 

    Putting Britain on a different path. 

    Delivering for the British people. 

    And I am determined, this Government is determined, to do just that.  

    Thank you.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: illumin Partners with Adsquare to Deliver Advanced Footfall Attribution, Bridging Online Advertising with Real-World Impact

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM) (OTCQB: ILLMF) (“illumin” or “Company”), a leader in digital marketing technology, is excited to unveil its latest in-platform integration with Adsquare’s Measurement solution, delivering store visit data directly to the illumin platform to enable advanced footfall attribution. This collaboration further empowers marketers with daily insights into how digital campaigns drive in-store visits, seamlessly connecting online engagement with offline outcomes.

    This integration marks a significant milestone in illumin’s mission to simplify and enhance the consumer journey. By leveraging Adsquare’s privacy-first location intelligence, marketers can now access unmatched transparency and actionable foot traffic data to optimize their campaigns with precision.

    Key benefits for advertisers:

    • Enhance campaign measurement: Accurately track in-store foot traffic to better understand consumer behavior.
    • Comprehensive footfall attribution: Link foot traffic insights to specific campaigns or customer journey stages within the illumin platform.
    • Robust performance insights: Leverage daily performance insights to make agile, data-driven optimizations.
    • Unified views: Seamlessly integrate store visit data into illumin’s intuitive platform to attribute campaign tactics and creatives to performance for a complete omnichannel overview.
    • Privacy-first design: Fully compliant with global privacy regulations (GDPR, CCPA), ensuring consumer trust while delivering actionable insights.

    “By integrating Adsquare’s Measurement solution, we’re equipping advertisers with a more complete picture of their customer’s journey,” said Rachel Kapcan, Chief Product Officer at illumin. “This partnership enhances our ability to deliver actionable insights, enabling marketers to optimize their strategies with confidence and clarity. It’s a powerful step forward in bridging the gap between digital engagement and in-store impact.”

    “At Adsquare, we are dedicated to redefining marketing through our privacy-first location intelligence, enabling platforms like illumin to offer clients robust, data-driven solutions,” said Maria Botelho, VP of Global Partnerships at Adsquare. “This partnership exemplifies how our Measurement solution fuels leading platforms with precise, actionable footfall insights, connecting online campaigns to in-store visits with unmatched accuracy. Together with illumin, we’re empowering marketers to optimize their strategies with confidence, bridging the gap between digital engagement and real-world impact.”

    This collaboration further cements illumin’s position as a transformative force in programmatic advertising. From campaign planning and execution to robust attribution, illumin’s platform offers a seamless solution for marketers across industries, including retail, automotive, quick-service restaurants (QSR), and more.

    For more information, please contact:

    Bridget Westerholz
    SVP, Marketing
    illumin Holdings Inc.
    416-218-9888
    bridget.westerholz@illumin.com

    Steve Hosein
    Investor Relations
    illumin Holdings Inc.
    416-218-9888 x5313
    investors@illumin.com

    David Hanover
    Investor Relations – U.S.
    KCSA Strategic Communications
    212-896-1220
    dhanover@kcsa.com

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

    About Adsquare
    Adsquare is redefining marketing with cutting-edge location intelligence, empowering advertisers to deliver and optimize impactful, data-driven campaigns with precision. The Adsquare solution suite includes advanced Analytics to uncover deep customer insights, precise Activation tools for targeted audience engagement, real-time Measurement for connecting digital ad exposure to real-world consumer behavior, and transparent Attribution to credit the effectiveness of your marketing strategies.

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

    For more complete information about the Company, please read our disclosure documents filed on SEDAR+ at www.sedarplus.com.

    The MIL Network –

  • MIL-OSI: Asset Entities Passes Milestone of 9,000 Members on its TikTok Shop Creator Discord Community

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Asset Entities Inc. (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary Payment Platform company, today announced it has passed a total of 9,000 Members on its TikTok Shop Creator Discord community within their ecosystem.

    Asset Entities announced that it had become an official TikTok Shop partner on December 11, 2024. The partnership with TikTok Shop brought Asset Entities to the forefront in signing up creators, executing campaigns with brands, connecting creators with products to sell, and utilizing the TikTok platform. Just over 30 days after announcing this pivotal partnership with TikTok Shop, the Company has now exceeded the milestone of 9,000 members on its creator community who are learning how to use TikTok Shop through the Company’s platform. This incredible achievement allows Asset Entities to collaborate with more brands simultaneously, while also increasing the GMV (Gross Merchandise Value) for brands. The TikTok Shop creators earn commissions by producing UGC content featuring products, and brands that benefit from increased revenue, as more content is shared and sales are driven by content. As a TAP (or TikTok Affiliate), Asset Entities receives a fixed negotiated commission on each sale the creators make for the brands. Increasing the TikTok shop creator community has a strong correlation with higher GMV potential for brands, thus bringing more potential revenue to the Company.

    We are excited to highlight one of our members, Kimberly, who generated over $195,000 in GMV to the brands for which she produces content, earning a commission payout of over $35,000. This is just one creator of the more than 9,000 members in our ecosystem utilizing the power of TikTok Shop and the education provided in the Company’s digital community. Kimberly works with many of the brands that are connected with Asset Entities, and we are excited for more creators in our ecosystem to see similar success.

    Image: Analytic Screenshot sent in by Kimberly within the discord community teaching our members how to grow and make money using TikTok Shop. Source: Asset Entities

    “As more brands start to realize the importance of UGC content, Asset Entities has positioned itself with its recent acquisition and through becoming an official partner of TikTok Shop to seek out additional brands for our ecosystem to increase their sales on the ever-growing market on TikTok. We are excited to see the growth in our TikTok creator numbers as we expand marketing efforts,” commented Asset Entities’ Chief Executive Officer, Arshia Sarkhani.

    To learn about Asset Entities, please go to www.assetentities.com. To learn about the Ternary payment platform, please go to www.ternarydev.com. To learn about Asset Entities 360 suite of discord services, go to https://www.ae360ddm.com/ and https://discord.gg/ae360ddm.

    About Asset Entities, Inc. 

    Asset Entities Inc. is a technology company providing social media marketing, management, and content delivery across Discord, TikTok, Instagram, X (formerly Twitter), YouTube, and other social media platforms. Asset Entities is believed to be the first publicly traded Company based on the Discord platform, where it hosts some of Discord’s largest social community-based education and entertainment servers. The Company’s AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development, and Management of Discord community servers. Asset Entities’ initial AE.360.DDM customers have included businesses and celebrities. The Company also has its Ternary payment platform that is a Stripe-verified partner and CRM for Discord communities. The Company’s Social Influencer Network (SiN) service offers white-label marketing, content creation, content management, TikTok promotions, and TikTok consulting to clients in all industries and markets. The Company’s SiN influencers can increase the social media reach of client Discord servers and drives traffic to their businesses. Learn more at assetentities.com, and follow the Company on X at $ASST and @assetentities.

    Important Cautions Regarding Forward-Looking Statements

    This press release contains forward-looking statements. In addition, from time to time, representatives of the Company may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which are derived from the information currently available to the Company. Such forward-looking statements relate to future events or the Company’s future performance, including its financial performance and projections, growth in revenue and earnings, and business prospects and opportunities. Forward-looking statements can be identified by those statements that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors including those that are described in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

    Company Contacts:

    Arshia Sarkhani, President and Chief Executive Officer
    Michael Gaubert, Executive Chairman
    Asset Entities Inc.
    Tel +1 (214) 459-3117 
    Email Contact

    Investor Contact:

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Office: (646) 893-5835
    Email: info@skylineccg.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/9dfd2c85-c5c2-4aea-840d-0bcdac04cecc

    The MIL Network –

  • MIL-OSI: CALIFORNIA BANCORP REPORTS NET INCOME OF $16.8 MILLION FOR THE FOURTH QUARTER AND $5.4 MILLION FOR THE FULL YEAR OF 2024

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the fourth quarter and full year of 2024.

    The Company reported net income of $16.8 million, or $0.51 per diluted share, for the fourth quarter of 2024, compared to a net loss of $16.5 million, or $0.59 per diluted share for the third quarter of 2024, and net income of $4.4 million, or $0.24 per diluted share for the fourth quarter of 2023. The Company reported net income of $5.4 million, or $0.22 per diluted share, for the full year of 2024, compared to net income of $25.9 million, or $1.39 per diluted share for the full year of 2023.

    “I’m pleased to report our strong fourth quarter earnings of $16.8 million, the result of a full quarter of combined operations after our July 31, 2024, merger close,” said David Rainer, Executive Chairman of the Company and Bank. “We continue to derisk our consolidated balance sheet and are making significant headway in reducing our exposure in the Sponsor Finance portfolio. Additionally, we are rapidly reducing our reliance on brokered deposits, which despite the reduction of the high-yielding Sponsor Finance product, has allowed us to maintain a consistent, strong net interest margin. We are focused on building tangible book value, which increased to $11.71 in the fourth quarter, up $0.43 from the prior quarter, and up $0.79 in the five months since the merger close. While we are pleased to report these strong financial results, we, along with all our fellow Southern California residents, have been through a very difficult period due to the recent wildfires and we are working with all our constituents to assist them in any way we can.”

    “On behalf of the Company and the Bank, I want to express our condolences to all our neighbors, clients and employees that have been affected by the recent Southern California wildfires,” said Steven Shelton, CEO of the Company and the Bank. “You are in our thoughts and prayers and will remain so as we work to rebuild and recover going forward. Except for the one-day closure of one branch as a precautionary measure for the safety of our employees, I’m pleased to report there were no other disruptions to our operations and all other offices remained open. We are fortunate to report that the fires are expected to have a minimal impact on our loan portfolio, and we continue to focus on providing outstanding service to our combined client base throughout California, and on building shareholder value.”

    Fourth Quarter 2024 Highlights

    • Net income of $16.8 million or $0.51 diluted earnings per share for the fourth quarter; adjusted net income (non-GAAP1) was $17.2 million or $0.53 per share for the fourth quarter.
    • Net interest margin of 4.61%, compared with 4.43% in the prior quarter; average total loan yield of 6.84% compared with 6.79% in the prior quarter.
    • Reversal of provision for credit losses of $3.8 million for the fourth quarter, compared with a provision for credit losses of $23.0 million for the prior quarter, of which $21.3 million was due to the day one provision for credit losses on non-purchased credit deteriorated (“non-PCD”) loans and unfunded loan commitments related to the merger with California BanCorp (the “Merger”).
    • Return on average assets of 1.60%, compared with (1.82)% in the prior quarter.
    • Return on average common equity of 13.21%, compared with (15.28)% in the prior quarter.
    • Efficiency ratio (non-GAAP1) of 57.4% compared with 98.9% in the prior quarter; excluding Merger related expenses the efficiency ratio was 55.9%, compared with 60.5% in the prior quarter.
    • Tangible book value per common share (“TBV”) (non-GAAP1) of $11.71 at December 31, 2024, up $0.43 from $11.28 at September 30, 2024.
    • Total assets of $4.03 billion at December 31, 2024, compared with $4.36 billion at September 30, 2024.
    • Total loans, including loans held for sale of $3.16 billion at December 31, 2024, compared with $3.23 billion at September 30, 2024.
    • Nonperforming assets to total assets ratio of 0.76% at December 31, 2024, compared with 0.68% at September 30, 2024.
    • Allowance for credit losses (“ACL”) was 1.71% of total loans held for investment at December 31, 2024; allowance for loan losses (“ALL”) was 1.61% of total loans held for investment at December 31, 2024.
    • Total deposits of $3.40 billion at December 31, 2024, decreased $342.2 million or 9.1% compared with $3.74 billion at September 30, 2024.
    • Noninterest-bearing demand deposits of $1.26 billion at December 31, 2024, a decrease of $111.3 million or 8.1% from September 30, 2024; noninterest bearing deposits represented 37.0% of total deposits, compared with $1.37 billion, or 36.6% of total deposits at September 30, 2024.
    • Total brokered deposits of $121.1 million, a decrease of $101.5 million from September 30, 2024.
    • Cost of deposits was 1.87%, compared with 2.09% in the prior quarter.
    • Cost of funds was 1.99%, compared with 2.19% in the prior quarter.
    • The Company’s preliminary capital exceeds minimums required to be “well-capitalized,” the highest regulatory capital category.

    Full Year 2024 Highlights

    • Merger closed on July 31, 2024, whereby predecessor California BanCorp (“CALB”) merged with and into the Company and California Bank of Commerce merged with and into the Bank. CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. The Merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California, with approximately 300 employees serving our communities. Total aggregate consideration paid for the Merger was approximately $216.6 million and resulted in approximately $74.7 million of preliminary goodwill, subject to adjustment in accordance with ASC 805.
    • Net income of $5.4 million, down $20.5 million, or 79.0% from the prior year largely due to the after-tax one-time day one provision for credit losses related to non-PCD loans and unfunded loan commitments of $15.0 million and merger related expenses of $12.0 million; adjusted net income (non-GAAP1) was $32.4 million or $1.32 per share for the year.
    • Diluted earnings per share of $0.22, down $1.17, or 84.2% from the prior year.
    • Total loan interest income increased to $160.0 million, up $46.0 million or 40.4% from the prior year largely due to the Merger.
    • Net interest margin of 4.28% for 2024, compared with 4.33% in the prior year; average loan yield was 6.55%, up from 5.94% in the prior year.
    • Efficiency ratio (non-GAAP1) of 76.6%, compared to 61.3% in the prior year; excluding merger related expenses the efficiency ratio was 63.8%, compared with 61.3% in the prior year.
    • Provision for credit losses of $21.7 million, of which $21.3 million was due to the day one provision for credit losses on non-PCD loans and unfunded loan commitments in connection with the Merger, compared to $915 thousand for the year ended December 31, 2023.
    • Total assets of $4.03 billion, up $1.7 billion or 70.8% from December 31, 2023, largely due to the Merger.
    • Total loans, including loans held for sale, increased to $3.16 billion, up $1.2 billion from December 31, 2023, largely due to the Merger, with the fair value of the acquired loans totaling $1.36 billion.
    • Total deposits of $3.40 billion, up $1.46 billion from December 31, 2023, largely due to the $1.64 billion of deposits acquired in the Merger.
    • Noninterest-bearing demand deposits were $1.26 billion, representing 37.0% of total deposits, compared to $675.1 million, or 34.7% of total deposits at December 31, 2023.
    • Cost of deposits was 2.01%, up from 1.37% in the prior year.
    • Tangible book value per common share (“TBV”) (non-GAAP1) of $11.71 at December 31, 2024, down $1.85 from December 31, 2023.

    Fourth Quarter Operating Results

    Net Income

    Net income for the fourth quarter of 2024 was $16.8 million, or $0.51 per diluted share, compared with a net loss of $16.5 million, or a loss of $0.59 per diluted share in the third quarter of 2024. Our third quarter results were negatively impacted by a day one $15.0 million after-tax current expected credit losses (“CECL”)-related provision for credit losses on non-PCD loans and unfunded loan commitments related to the merger, or $0.54 loss per diluted share, and $10.6 million of after-tax merger expenses, or $0.38 loss per diluted share. Pre-tax, pre-provision income (non-GAAP1) for the fourth quarter was $19.4 million, an increase of $19.0 million from the prior quarter. Excluding the merger and related expenses, the adjusted pre-tax, pre-provision income (non-GAAP1) for the fourth quarter was $20.1 million, an increase of $5.0 million from the prior quarter. The net income and diluted earnings per share increases for all of the periods presented were largely driven by the Merger and the operating results since the closing date of the Merger.

    Net Interest Income and Net Interest Margin

    Net interest income for the fourth quarter of 2024 was $44.5 million, compared with $36.9 million in the prior quarter. The increase in net interest income was primarily due to an $8.4 million increase in total interest and dividend income, partially offset by an $832 thousand increase in total interest expense in the fourth quarter of 2024, as compared to the prior quarter. During the fourth quarter of 2024, loan interest income increased $7.3 million, of which $6.1 million was related to accretion income from the net purchase accounting discounts on acquired loans, total debt securities income increased $10 thousand, and interest and dividend income from other financial institutions increased $1.2 million. The increase in interest income was mainly due to reporting a full quarter of combined operations for the fourth quarter of 2024 and primarily driven by the mix of interest-earning assets added by the Merger and the impact of the accretion and amortization of fair value interest rate marks. Average total interest-earning assets increased $526.5 million in the fourth quarter of 2024, the result of a $401.3 million increase in average total loans, a $260.4 million increase in average deposits in other financial institutions and a $5.8 million increase in average restricted stock investments and other bank stock, partially offset by a $1.3 million decrease in average total debt securities and a $139.8 million decrease in average Fed funds sold/resale agreements. The increase in interest expense for the fourth quarter of 2024 was primarily due to a $466 thousand increase in interest expense on interest-bearing deposits, the result of a $217.9 million increase in average interest-bearing deposits, coupled with a $17.2 million increase in average subordinated debt, partially offset by a 22 basis point decrease in average interest-bearing deposit costs, and a $9 thousand decrease in interest expense on Federal Home Loan Bank (“FHLB”) borrowings, the result of a $611 thousand decrease in average FHLB borrowings in the fourth quarter of 2024.

    Net interest margin for the fourth quarter of 2024 was 4.61%, compared with 4.43% in the prior quarter. The increase was primarily related to a 20 basis point decrease in the cost of funds, partially offset by a one basis point decrease in the total interest-earning assets yield. The yield on total average interest-earning assets in the fourth quarter of 2024 was 6.48%, compared with 6.49% in the prior quarter. The yield on average total loans in the fourth quarter of 2024 was 6.84%, an increase of five basis points from 6.79% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $6.1 million, increasing the yield on average total loans by 76 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $467 thousand, the combination of which increased the net interest margin by 58 basis points in the fourth quarter of 2024.

    Cost of funds for the fourth quarter of 2024 was 1.99%, a decrease of 20 basis points from 2.19% in the prior quarter. The decrease was primarily driven by a 22 basis point decrease in the cost of average interest-bearing deposits, and an increase in average noninterest-bearing deposits, partially offset by an increase of 26 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $559 thousand from the purchase accounting discounts on acquired subordinated debt which increased the cost on total borrowing by 320 basis points. Average noninterest-bearing demand deposits increased $251.7 million to $1.28 billion and represented 36.3% of total average deposits for the fourth quarter of 2024, compared with $1.03 billion and 33.6%, respectively, in the prior quarter; average interest-bearing deposits increased $217.9 million to $2.26 billion during the fourth quarter of 2024. The total cost of deposits in the fourth quarter of 2024 was 1.87%, a decrease of 22 basis points from 2.09% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and the ongoing pay off of high cost brokered deposits and California State certificates of deposit in the fourth quarter of 2024.

    Average total borrowings increased $16.6 million to $69.4 million in the fourth quarter of 2024, primarily due to an increase of $17.2 million in average subordinated debt acquired in the Merger, partially offset by a decrease of $611 thousand in average FHLB borrowings during the fourth quarter of 2024. The average cost of total borrowings was 7.97% for the fourth quarter of 2024, up from 7.71% in the prior quarter.

    (Reversal of) Provision for Credit Losses

    The Company recorded a reversal of provision for credit losses of $3.8 million in the fourth quarter of 2024, compared to a provision for credit losses of $23.0 million in the prior quarter. The decrease was largely related to the third quarter provision for credit losses including the effects of the Merger, and the resulting one-time initial provision for credit losses on acquired non-PCD loans of $18.5 million and unfunded loan commitments of $2.7 million. Total net charge-offs were $154.0 thousand in the fourth quarter of 2024, which included $103 thousand from an acquired consumer solar loan portfolio and $51 thousand from a commercial real-estate loan. The provision for credit losses in the fourth quarter of 2024 included a $1.0 million reversal of provision for unfunded loan commitments related to the decrease in unfunded loan commitments during the fourth quarter of 2024, coupled with lower loss rates, offset by higher average funding rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments decreased $108.6 million to $925.3 million at December 31, 2024, compared to $1.03 billion in unfunded loan commitments at September 30, 2024.

    The reversal of provision for credit losses for loans held for investment in the fourth quarter of 2024 was $2.9 million, a decrease of $22.6 million for the fourth quarter of 2024 from a provision for credit losses of $19.7 million in the prior quarter. The decrease was driven primarily by the third quarter amount including the one-time initial provision for credit losses on acquired non-PCD loans and decreases in legacy special mention loans and loans held for investment. Additionally, qualitative factors, coupled with changes in the portfolio mix and in the reasonable and supportable forecast, primarily related to the economic outlook for California, which were partially offset by an increase in legacy substandard accruing loans, were factors related to the decrease in the provision for credit losses. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

    Noninterest Income

    The Company recorded noninterest income of $1.0 million in the fourth quarter of 2024, a decrease of $170 thousand compared to $1.2 million in the third quarter of 2024. The Company reported a loss on sale of loans of $1.1 million, related to the sale of certain Sponsor Finance loans, in the fourth quarter of 2024, compared to a gain on sale of loans of $8 thousand in the prior quarter. There was no gain on SBA 7A loan sales in the third and fourth quarters of 2024. Bank owned life insurance income of $823 thousand in the fourth quarter of 2024 increased $425 thousand from the prior quarter. Service charges and fees on deposit accounts of $911 thousand in the fourth quarter of 2024 decreased $225 thousand from the prior quarter, related to the one-time waiver of analysis charges for certain deposit accounts in light of the core system conversion. Other charges and fees income increased to $208 thousand in the fourth quarter of 2024, compared to a loss of $450 thousand in the prior quarter, primarily related to a $614 thousand valuation allowance on other real estate owned (“OREO”) due to a decline in the fair value of the underlying property in the third quarter of 2024. No comparable valuation allowance on OREO was recorded in the fourth quarter of 2024.

    Noninterest Expense

    Total noninterest expense for the fourth quarter of 2024 was $26.1 million, a decrease of $11.6 million from total noninterest expense of $37.7 million in the prior quarter, which was largely due to the decrease in merger related expenses.

    Salaries and employee benefits increased $689 thousand during the quarter to $16.1 million. The increase in salaries and employee benefits was primarily related to the growth in headcount due to the Merger, partially offset by the third quarter amount including the one-time costs associated with non-continuing directors, executives and employees of $1.4 million. Merger and related expenses in connection with the Merger decreased $14.0 million during the quarter to $643 thousand. Data processing and communications of $2.0 million in the fourth quarter of 2024 increased by $424 thousand, due primarily to increases in transaction volume from both organic growth and the Merger. Intangible assets amortization of $1.1 million in the fourth quarter of 2024 increased by $373 thousand, due primarily to a full quarter of amortization of the core deposit intangible asset acquired in the Merger, compared with only two months of amortization of the asset in the prior quarter. Other expenses of $2.1 million in the fourth quarter of 2024 increased by $443 thousand, due primarily to higher loan related expenses, customer service related expenses, travel expenses and insurance expenses.

    Efficiency ratio (non-GAAP1) for the fourth quarter of 2024 was 57.4%, compared to 98.9% in the prior quarter. Excluding the merger and related expenses of $643 thousand and $14.6 million, the efficiency ratio (non-GAAP1) for the fourth and third quarters of 2024 would have been 55.9% and 60.5%, respectively.

    Income Tax

    In the fourth quarter of 2024, the Company’s income tax expense was $6.5 million, compared with a $6.1 million income tax benefit in the third quarter of 2024. The effective rate was 27.9% for the fourth quarter of 2024 and 26.9% for the third quarter of 2024. The increase in the effective tax rate for the fourth quarter of 2024 was primarily attributable to the impact of the non-tax deductible portion of the merger expenses and the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, partially offset by the impact of the tax on the excess executive compensation.

    Balance Sheet

    Assets

    Total assets at December 31, 2024 were $4.03 billion, a decrease of $331.1 million or 7.6% from September 30, 2024. The decrease in total assets from the prior quarter was primarily related to a decrease in cash and cash equivalents of $226.3 million and a decrease in loans, including loans held for sale, of $77.1 million as compared to the prior quarter. These decreases primarily relate to the decreases in wholesale funding sources and the Sponsor Finance portfolio from loan sales and payoffs.

    Loans

    Total loans held for investment were $3.14 billion at December 31, 2024, a decrease of $60.5 million, compared to September 30, 2024, primarily the result of Sponsor Finance loans sales and loan payoffs in the amount of $90.8 million. During the fourth quarter of 2024, there were new originations of $128.5 million and net advances of $25.6 million, offset by loan sales and payoffs of $214.5 million, and the partial charge-off of loans in the amount of $154 thousand. Total loans secured by real estate decreased by $5.1 million, construction and land development loans decreased by $20.6 million, commercial real estate and other loans increased by $11.8 million, 1-4 family residential loans increased by $11.9 million and multifamily loans decreased by $8.1 million. Commercial and industrial loans decreased by $54.5 million, and consumer loans decreased by $1.0 million. The Company had $17.2 million in loans held for sale at December 31, 2024, compared to $33.7 million at September 30, 2024.

    Deposits

    Total deposits at December 31, 2024 were $3.40 billion, a decrease of $342.2 million from September 30, 2024. The decrease primarily consisted of $111.3 million noninterest-bearing demand deposits, $73.9 million interest-bearing non-maturity deposits, and $157.0 million time deposits. Noninterest-bearing demand deposits at December 31, 2024, were $1.26 billion, or 37.0% of total deposits, compared with $1.37 billion, or 36.6% of total deposits at September 30, 2024. At December 31, 2024, total interest-bearing deposits were $2.14 billion, compared to $2.37 billion at September 30, 2024. At December 31, 2024, total brokered time deposits were $121.1 million, compared to $222.6 million at September 30, 2024. The Company offers the Insured Cash Sweep (ICS) product, Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, all of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At December 31, 2024, total reciprocal deposits were $754.4 million, or 22.2% of total deposits at December 31, 2024, compared to $839.7 million , or 22.4% of total deposits at September 30, 2024.

    Federal Home Loan Bank (“FHLB”) and Liquidity

    At December 31, 2024 and September 30, 2024, the Company had no overnight FHLB borrowings. There were no outstanding Federal Reserve Discount Window borrowings at December 31, 2024 or September 30, 2024.

    At December 31, 2024, the Company had available borrowing capacity from an FHLB secured line of credit of approximately $753.9 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $318.5 million. The Company also had available borrowing capacity from four unsecured credit lines from correspondent banks of approximately $90.5 million at December 31, 2024, with no outstanding borrowings. Total available borrowing capacity was $1.16 billion at December 31, 2024. Additionally, the Company had unpledged liquid securities at fair value of approximately $129.4 million and cash and cash equivalents of $388.2 million at December 31, 2024.

    Asset Quality

    Total non-performing assets increased slightly to $30.6 million, or 0.76% of total assets at December 31, 2024, compared with $29.8 million, or 0.68% of total assets at September 30, 2024.

    There were no loans downgraded to nonaccrual during the fourth quarter of 2024. Non-performing assets in the fourth quarter of 2024 included OREO, net of valuation allowance, of $4.1 million related to a multifamily building, the same balance as the prior quarter.

    Total non-performing loans increased slightly to $26.5 million, or 0.85% of total loans held for investment at December 31, 2024, compared with $25.7 million, or 0.80% of total loans held for investment at September 30, 2024.

    Special mention loans decreased by $24.1 million during the fourth quarter of 2024 to $69.3 million, including $25.5 million of non-PCD loans and $10.1 million of purchase credit deteriorated (“PCD”) loans, at December 31, 2024. The decrease in the special mention loans was due mostly to a $9.0 million payoff, $24.5 million in downgrades to substandard accruing loans and $8.4 million in upgrades to Pass loans, partially offset by $18.1 million in downgrades from Pass loans. Substandard loans increased by $13.6 million during the fourth quarter of 2024 to $117.9 million, including $11.0 million of non-PCD loans, $55.9 million PCD loans and $14.1 million nonaccrual PCD loans, at December 31, 2024. The increase in the substandard loans was due primarily to $29.8 million in downgrades and $2.9 million in net advances, partially offset by a $17.3 million in payoffs, $1.7 million in upgrades to Pass and $103 thousand in charge-offs.

    The Company had $150 thousand in consumer solar loans that were over 90 days past due and still accruing interest at December 31, 2024, compared to $37 thousand in such delinquencies at September 30, 2024.

    There were $12.2 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at December 31, 2024, compared to $19.1 million in such loan delinquencies at September 30, 2024.

    The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $53.6 million at December 31, 2024, compared to $57.6 million at September 30, 2024. The $4.0 million decrease in the allowance for credit losses included a $2.9 million and $968 thousand reversal of provision for credit losses for the loan portfolio and reserve for unfunded loan commitments, respectively, partially offset by total net charge-offs of $145 thousand for the quarter ended December 31, 2024.

    The ALL was $50.5 million, or 1.61% of total loans held for investment at December 31, 2024, compared with $53.6 million, or 1.67% at September 30, 2024.

    Capital

    Tangible book value (non-GAAP1) per common share at December 31, 2024, was $11.71, compared with $11.28 at September 30, 2024. In the fourth quarter of 2024, tangible book value was primarily impacted by net income of $16.8 million for the fourth quarter, stock-based compensation expense, and an increase in net of tax unrealized losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities increased by $3.8 million to $6.6 million at December 31, 2024, from $2.9 million at September 30, 2024. The increase in the unrealized losses, net of taxes, on available-for-sale debt securities was attributable to non-credit related factors , including an increase in bond prices at the long end of the yield curve, even as the Federal Reserve decreased the Fed funds rate by 25 basis points in December 2024. Tangible common equity (non-GAAP1) as a percentage of total tangible assets (non-GAAP1) at December 31, 2024, increased to 9.69% from 8.58% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP1) at December 31, 2024 increased to 1.8% from 0.8% in the prior quarter.

    The Company’s preliminary capital exceeds minimums required to be “well-capitalized” at December 31, 2024.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Merger, as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risk related to the Merger, including the risks that costs may be greater than anticipated, cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the
    costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

    Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    California BanCorp and Subsidiary
    Financial Highlights (Unaudited)

        At or for the
    Three Months Ended    		     At or for the
    Year Ended    		  
        December 31,
    2024    		     September 30,
    2024    		     December 31,
    2023    		     December 31,
    2024    		     December 31,
    2023    		  
        ($ in thousands except share and per share data)  
    EARNINGS      
    Net interest income   $ 44,541     $ 36,942     $ 22,559     $ 122,984     $ 94,138  
    (Reversal of) provision for credit losses   $ (3,835 )   $ 22,963     $ 824     $ 21,690     $ 915  
    Noninterest income (expense)   $ 1,004     $ 1,174     $ (102 )   $ 4,760     $ 3,379  
    Noninterest expense   $ 26,125     $ 37,680     $ 15,339     $ 97,791     $ 59,746  
    Income tax expense (benefit)   $ 6,483     $ (6,063 )   $ 1,882     $ 2,830     $ 10,946  
    Net income (loss)   $ 16,772     $ (16,464 )   $ 4,412     $ 5,433     $ 25,910  
    Pre-tax pre-provision income (1)   $ 19,420     $ 436     $ 7,118     $ 29,953     $ 37,771  
    Adjusted pre-tax pre-provision income (1)   $ 20,063     $ 15,041     $ 7,118     $ 46,241     $ 37,771  
    Diluted earnings (loss) per share   $ 0.51     $ (0.59 )   $ 0.24     $ 0.22     $ 1.39  
    Shares outstanding at period end     32,265,935       32,142,427       18,369,115       32,265,935       18,369,115  
                                             
    PERFORMANCE RATIOS                                        
    Return on average assets     1.60 %     (1.82 )%     0.75 %     0.18 %     1.12 %
    Adjusted return on average assets (1)     1.64 %     1.01 %     0.75 %     1.05 %     1.12 %
    Return on average common equity     13.21 %     (15.28 )%     6.21 %     1.43 %     9.48 %
    Adjusted return on average common equity (1)     13.57 %     8.44 %     6.21 %     8.53 %     9.48 %
    Yield on total loans     6.84 %     6.79 %     6.08 %     6.55 %     5.94 %
    Yield on interest earning assets     6.48 %     6.49 %     5.85 %     6.26 %     5.69 %
    Cost of deposits     1.87 %     2.09 %     1.81 %     2.01 %     1.37 %
    Cost of funds     1.99 %     2.19 %     1.95 %     2.12 %     1.46 %
    Net interest margin     4.61 %     4.43 %     4.05 %     4.28 %     4.33 %
    Efficiency ratio (1)     57.36 %     98.86 %     68.30 %     76.55 %     61.27 %
    Adjusted efficiency ratio (1)     55.95 %     60.54 %     68.30 %     63.80 %     61.27 %
        As of  
        December 31,
    2024    		     September 30,
    2024    		     December 31,
    2023    		  
        ($ in thousands except share and per share data)  
    CAPITAL      
    Tangible equity to tangible assets (1)     9.69 %     8.58 %     10.73 %
    Book value (BV) per common share   $ 15.86     $ 15.50     $ 15.69  
    Tangible BV per common share (1)   $ 11.71     $ 11.28     $ 13.56  
                             
    ASSET QUALITY                        
    Allowance for loan losses (ALL)   $ 50,540     $ 53,552     $ 22,569  
    Reserve for unfunded loan commitments   $ 3,103     $ 4,071     $ 933  
    Allowance for credit losses (ACL)   $ 53,643     $ 57,623     $ 23,502  
    Allowance for loan losses to nonperforming loans     1.90 x     2.08 x     1.74 x
    ALL to total loans held for investment     1.61 %     1.67 %     1.15 %
    ACL to total loans held for investment     1.71 %     1.80 %     1.20 %
    30-89 days past due, excluding nonaccrual loans   $ 12,232     $ 19,110     $ 19  
    Over 90 days past due, excluding nonaccrual loans   $ 150     $ 37     $ —  
    Special mention loans   $ 69,339     $ 93,448     $ 2,996  
    Special mention loans to total loans held for investment     2.21 %     2.92 %     0.15 %
    Substandard loans   $ 117,926     $ 104,298     $ 19,502  
    Substandard loans to total loans held for investment     3.76 %     3.26 %     1.00 %
    Nonperforming loans   $ 26,536     $ 25,698     $ 13,004  
    Nonperforming loans to total loans held for investment     0.85 %     0.80 %     0.66 %
    Other real estate owned, net   $ 4,083     $ 4,083     $ —  
    Nonperforming assets   $ 30,619     $ 29,781     $ 13,004  
    Nonperforming assets to total assets     0.76 %     0.68 %     0.55 %
                             
    END OF PERIOD BALANCES                        
    Total loans, including loans held for sale   $ 3,156,345     $ 3,233,418     $ 1,964,791  
    Total assets   $ 4,031,654     $ 4,362,767     $ 2,360,252  
    Deposits   $ 3,398,760     $ 3,740,915     $ 1,943,556  
    Loans to deposits     92.9 %     86.4 %     101.1 %
    Shareholders’ equity   $ 511,836     $ 498,064     $ 288,152  
    (1 ) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

    California BanCorp and Subsidiary
    Financial Highlights (Unaudited)

        At or for the
    Three Months Ended    		     At or for the
    Year Ended    		  
    ALLOWANCE for CREDIT LOSSES   December 31,
    2024    		     September 30,
    2024    		     December 31,
    2023    		     December 31,
    2024    		     December 31,
    2023    		  
        ($ in thousands)  
    Allowance for loan losses                                        
    Balance at beginning of period   $ 53,552     $ 23,788     $ 22,705     $ 22,569     $ 17,099  
    Adoption of ASU 2016-13 (1)     —       —       —       —       5,027  
    Initial Allowance for PCD loans     —       11,216       —       11,216       —  
    (Reversal of) provision for credit losses (2)     (2,867 )     19,711       1,131       19,520       1,731  
    Charge-offs     (154 )     (1,163 )     (1,267 )     (2,774 )     (1,303 )
    Recoveries     9       —       —       9       15  
    Net charge-offs     (145 )     (1,163 )     (1,267 )     (2,765 )     (1,288 )
    Balance, end of period   $ 50,540     $ 53,552     $ 22,569     $ 50,540     $ 22,569  
    Reserve for unfunded loan commitments (3)                                        
    Balance, beginning of period   $ 4,071     $ 819     $ 1,240     $ 933     $ 1,310  
    Adoption of ASU 2016-13 (1)     —       —       —       —       439  
    (Reversal of) provision for credit losses (4)     (968 )     3,252       (307 )     2,170       (816 )
    Balance, end of period     3,103       4,071       933       3,103       933  
    Allowance for credit losses   $ 53,643     $ 57,623     $ 23,502     $ 53,643     $ 23,502  
                                             
    ALL to total loans held for investment     1.61 %     1.67 %     1.15 %     1.61 %     1.15 %
    ACL to total loans held for investment     1.71 %     1.80 %     1.20 %     1.71 %     1.20 %
    Net charge-offs to average total loans     (0.02 )%     (0.17 )%     (0.26 )%     (0.11 )%     (0.07 )%
    (1 ) Represents the impact of adopting ASU 2016-13, Financial Instruments – Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.
    (2 ) Includes $18.5 million for the three months ended September 30, 2024 and year ended December 31, 2024 related to the initial provision for credit losses for non-PCD loans acquired in the Merger.
    (3 ) Included in “Accrued interest and other liabilities” on the consolidated balance sheet.
    (4 ) Includes $2.7 million for the three months ended September 30, 2024 and year ended December 31, 2024 related to the initial provision for credit losses on unfunded commitments acquired in the Merger.

    California BanCorp and Subsidiary
    Balance Sheets (Unaudited)

        December 31,
    2024    		     September 30,
    2024    		     December 31,
    2023    		  
        ($ in thousands)  
    ASSETS                  
    Cash and due from banks   $ 60,471     $ 115,165     $ 33,008  
    Federal funds sold & interest-bearing balances     327,691       499,258       53,785  
    Total cash and cash equivalents     388,162       614,423       86,793  
                             
    Debt securities available-for-sale, at fair value (amortized cost of $151,429, $163,384 and $136,366 at December 31, 2024, September 30, 2024 and December 31, 2023)     142,001       159,330       130,035  
    Debt securities held-to-maturity, at cost (fair value of $47,823, $49,487 and $50,432 at December 31, 2024, September 30, 2024 and December 31, 2023)     53,280       53,364       53,616  
    Loans held for sale     17,180       33,704       7,349  
    Loans held for investment:                        
    Construction & land development     227,325       247,934       243,521  
    1-4 family residential     164,401       152,540       143,903  
    Multifamily     243,993       252,134       221,247  
    Other commercial real estate     1,767,727       1,755,908       1,024,243  
    Commercial & industrial     710,970       765,472       320,142  
    Other consumer     24,749       25,726       4,386  
    Total loans held for investment     3,139,165       3,199,714       1,957,442  
    Allowance for credit losses – loans     (50,540 )     (53,552 )     (22,569 )
    Total loans held for investment, net     3,088,625       3,146,162       1,934,873  
                             
    Restricted stock at cost     30,829       27,394       16,055  
    Premises and equipment     13,595       13,996       13,270  
    Right of use asset     14,350       15,310       9,291  
    Other real estate owned, net     4,083       4,083       —  
    Goodwill     111,787       112,515       37,803  
    Intangible assets     22,271       23,031       1,195  
    Bank owned life insurance     66,636       66,180       38,918  
    Deferred taxes, net     43,127       45,644       11,137  
    Accrued interest and other assets     35,728       47,631       19,917  
    Total assets   $ 4,031,654     $ 4,362,767     $ 2,360,252  
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                        
    Deposits:                        
    Noninterest-bearing demand   $ 1,257,007     $ 1,368,303     $ 675,098  
    Interest-bearing NOW accounts     673,589       781,125       381,943  
    Money market and savings accounts     1,182,927       1,149,268       636,685  
    Time deposits     285,237       442,219       249,830  
    Total deposits     3,398,760       3,740,915       1,943,556  
                             
    Borrowings     69,725       69,142       102,865  
    Operating lease liability     18,310       19,211       12,117  
    Accrued interest and other liabilities     33,023       35,435       13,562  
    Total liabilities     3,519,818       3,864,703       2,072,100  
                             
    Shareholders’ Equity:                        
    Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,265,935, 32,142,427 and 18,369,115 at December 31, 2024, September 30, 2024 and December 31, 2023)     442,469       441,684       222,036  
    Retained earnings     76,008       59,236       70,575  
    Accumulated other comprehensive loss – net of taxes     (6,641 )     (2,856 )     (4,459 )
    Total shareholders’ equity     511,836       498,064       288,152  
    Total liabilities and shareholders’ equity   $ 4,031,654     $ 4,362,767     $ 2,360,252  

    California BanCorp and Subsidiary
    Income Statements – Quarterly and Year-to-Date (Unaudited)

        Three Months Ended     Year Ended  
        December 31,
    2024    		     September 30,
    2024    		     December 31,
    2023    		     December 31,
    2024    		     December 31,
    2023    		  
        ($ in thousands except share and per share data)  
    INTEREST AND DIVIDEND INCOME                                        
    Interest and fees on loans   $ 54,791     $ 47,528     $ 29,968     $ 159,960     $ 113,951  
    Interest on debt securities     1,698       1,687       991       5,827       3,497  
    Interest on tax-exempted debt securities     305       306       353       1,223       1,655  
    Interest and dividends from other institutions     5,764       4,606       1,257       12,788       4,419  
    Total interest and dividend income     62,558       54,127       32,569       179,798       123,522  
                                             
    INTEREST EXPENSE                                        
    Interest on NOW, savings, and money market accounts     12,447       11,073       6,606       37,329       20,161  
    Interest on time deposits     4,179       5,087       2,331       15,432       6,704  
    Interest on borrowings     1,391       1,025       1,073       4,053       2,519  
    Total interest expense     18,017       17,185       10,010       56,814       29,384  
    Net interest income     44,541       36,942       22,559       122,984       94,138  
                                             
    (Reversal of) provisions for credit losses (1)     (3,835 )     22,963       824       21,690       915  
    Net interest income after (reversal of) provision for credit losses     48,376       13,979       21,735       101,294       93,223  
                                             
    NONINTEREST INCOME                                        
    Service charges and fees on deposit accounts     911       1,136       507       3,140       1,946  
    (Loss) gain on sale of loans     (1,095 )     8       —       (672 )     831  
    Bank owned life insurance income     823       398       253       1,748       946  
    Servicing and related income on loans     157       82       17       307       240  
    Loss on sale of debt securities     —       —       (1,008 )     —       (974 )
    Loss on sale of building and related fixed assets     —       —       —       (19 )     —  
    Other charges and fees     208       (450 )     129       256       390  
    Total noninterest income (expense)     1,004       1,174       (102 )     4,760       3,379  
                                             
    NONINTEREST EXPENSE                                        
    Salaries and employee benefits     16,074       15,385       9,598       49,845       39,249  
    Occupancy and equipment expenses     2,314       2,031       1,678       7,242       6,231  
    Data processing     1,960       1,536       1,158       5,832       4,534  
    Legal, audit and professional     817       669       1,161       2,559       3,211  
    Regulatory assessments     436       544       320       1,714       1,508  
    Director and shareholder expenses     458       520       207       1,410       849  
    Merger and related expenses     643       14,605       —       16,288       —  
    Intangible assets amortization     1,060       687       80       1,877       389  
    Other real estate owned expense     220       3       —       5,246       —  
    Other expense     2,143       1,700       1,137       5,778       3,775  
    Total noninterest expense     26,125       37,680       15,339       97,791       59,746  
    Income (loss) before income taxes     23,255       (22,527 )     6,294       8,263       36,856  
    Income tax expense (benefit)     6,483       (6,063 )     1,882       2,830       10,946  
    Net income (loss)   $ 16,772     $ (16,464 )   $ 4,412     $ 5,433     $ 25,910  
                                             
    Net income (loss) per share – basic   $ 0.52     $ (0.59 )   $ 0.24     $ 0.22     $ 1.42  
    Net income (loss) per share – diluted   $ 0.51     $ (0.59 )   $ 0.24     $ 0.22     $ 1.39  
    Weighted average common shares-diluted     32,698,714       27,705,844       18,727,519       24,623,397       18,656,742  
    Pre-tax, pre-provision income (2)   $ 19,420     $ 436     $ 7,118     $ 29,953     $ 37,771  
    (1 ) Included (reversal of) provision for unfunded loan commitments of $(1.0) million, $3.3 million and $(307) thousand for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $2.2 million and $(816) thousand for the years ended December 31, 2024 and 2023, respectively
    (2 ) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

    California BanCorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

        Three Months Ended  
        December 31, 2024     September 30, 2024     December 31, 2023  
        Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		  
        ($ in thousands)  
    Assets                                                      
    Interest-earning assets:                                                                        
    Total loans   $ 3,184,918     $ 54,791       6.84   %   $ 2,783,581     $ 47,528       6.79 %   $ 1,954,396     $ 29,968       6.08 %
    Taxable debt securities     147,895       1,698       4.57   %     149,080       1,687       4.50 %     113,375       991       3.47 %
    Tax-exempt debt securities (1)     53,607       305       2.87   %     53,682       306       2.87 %     58,644       353       3.02 %
    Deposits in other financial institutions     422,032       5,123       4.83   %     161,616       2,215       5.45 %     56,313       759       5.35 %
    Fed funds sold/resale agreements     3,353       38       4.51   %     143,140       1,886       5.24 %     9,008       125       5.51 %
    Restricted stock investments and other bank stock     30,341       603       7.91   %     24,587       505       8.17 %     16,394       373       9.03 %
    Total interest-earning assets     3,842,146       62,558       6.48   %     3,315,686       54,127       6.49 %     2,208,130       32,569       5.85 %
    Total noninterest-earning assets     326,601                       277,471                       137,193                  
    Total assets   $ 4,168,747                     $ 3,593,157                     $ 2,345,323                  
                                                                             
    Liabilities and Shareholders’ Equity                                                                        
    Interest-bearing liabilities:                                                                        
    Interest-bearing NOW accounts   $ 704,017     $ 3,784       2.14   %   $ 617,373     $ 2,681       1.73 %   $ 362,579     $ 1,860       2.04 %
    Money market and savings accounts     1,192,692       8,663       2.89   %     999,322       8,392       3.34 %     669,391       4,746       2.81 %
    Time deposits     359,111       4,179       4.63   %     421,241       5,087       4.80 %     208,700       2,331       4.43 %
    Total interest-bearing deposits     2,255,820       16,626       2.93   %     2,037,936       16,160       3.15 %     1,240,670       8,937       2.86 %
    Borrowings:                                                                        
    FHLB advances     —       —       — %       611       9       5.86 %     56,380       802       5.64 %
    Subordinated debt     69,420       1,391       7.97   %     52,246       1,016       7.74 %     17,854       271       6.02 %
    Total borrowings     69,420       1,391       7.97   %     52,857       1,025       7.71 %     74,234       1,073       5.73 %
    Total interest-bearing liabilities     2,325,240       18,017       3.08   %     2,090,793       17,185       3.27 %     1,314,904       10,010       3.02 %
                                                                             
    Noninterest-bearing liabilities:                                                                        
    Noninterest-bearing deposits (2)     1,283,591                       1,031,844                       721,169                  
    Other liabilities     55,007                       41,962                       27,178                  
    Shareholders’ equity     504,909                       428,558                       282,072                  
    Total Liabilities and Shareholders’ Equity   $ 4,168,747                     $ 3,593,157                     $ 2,345,323                  
                                                                             
    Net interest spread                     3.40   %                     3.22 %                     2.83 %
    Net interest income and margin           $ 44,541       4.61   %           $ 36,942       4.43 %           $ 22,559       4.05 %
    Cost of deposits   $ 3,539,411     $ 16,626       1.87   %   $ 3,069,780     $ 16,160       2.09 %   $ 1,961,839     $ 8,937       1.81 %
    Cost of funds   $ 3,608,831     $ 18,017       1.99   %   $ 3,122,637     $ 17,185       2.19 %   $ 2,036,073     $ 10,010       1.95 %
    (1 ) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2 ) Average noninterest-bearing deposits represent 36.27%, 33.61% and 36.76% of average total deposits for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

    California BanCorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

        Year Ended  
        December 31, 2024     December 31, 2023  
        Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		  
        ($ in thousands)  
    Assets                                    
    Interest-earning assets:                                                
    Total loans   $ 2,443,127     $ 159,960       6.55 %   $ 1,918,443     $ 113,951       5.94 %
    Taxable debt securities     136,984       5,827       4.25 %     107,021       3,497       3.27 %
    Tax-exempt debt securities (1)     53,721       1,223       2.88 %     65,674       1,655       3.19 %
    Deposits in other financial institutions     171,939       8,692       5.06 %     46,826       2,434       5.20 %
    Fed funds sold/resale agreements     43,990       2,319       5.27 %     18,114       923       5.10 %
    Restricted stock investments and other bank stock     22,137       1,777       8.03 %     15,930       1,062       6.67 %
    Total interest-earning assets     2,871,898       179,798       6.26 %     2,172,008       123,522       5.69 %
    Total noninterest-earning assets     224,018                       134,225                  
    Total assets   $ 3,095,916                     $ 2,306,233                  
                                                     
    Liabilities and Shareholders’ Equity                                                
    Interest-bearing liabilities:                                                
    Interest-bearing NOW accounts   $ 511,425     $ 10,644       2.08 %   $ 308,537     $ 5,161       1.67 %
    Money market and savings accounts     911,684       26,685       2.93 %     673,176       15,000       2.23 %
    Time deposits     324,249       15,432       4.76 %     180,219       6,704       3.72 %
    Total interest-bearing deposits     1,747,358       52,761       3.02 %     1,161,932       26,865       2.31 %
    Borrowings:                                                
    FHLB advances     19,543       1,103       5.64 %     26,390       1,434       5.43 %
    Subordinated debt     39,479       2,950       7.47 %     17,818       1,085       6.09 %
    Total borrowings     59,022       4,053       6.87 %     44,208       2,519       5.70 %
    Total interest-bearing liabilities     1,806,380       56,814       3.15 %     1,206,140       29,384       2.44 %
                                                     
    Noninterest-bearing liabilities:                                                
    Noninterest-bearing deposits (2)     873,043                       801,882                  
    Other liabilities     36,677                       24,865                  
    Shareholders’ equity     379,816                       273,346                  
    Total Liabilities and Shareholders’ Equity   $ 3,095,916                     $ 2,306,233                  
                                                     
    Net interest spread                     3.11 %                     3.25 %
    Net interest income and margin           $ 122,984       4.28 %           $ 94,138       4.33 %
    Cost of deposits   $ 2,620,401     $ 52,761       2.01 %   $ 1,963,814     $ 26,865       1.37 %
    Cost of funds   $ 2,679,423     $ 56,814       2.12 %   $ 2,008,022     $ 29,384       1.46 %
    (1 ) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2 ) Average noninterest-bearing deposits represent 33.32%, and 40.83% of average total deposits for the year ended December 31, 2024 and December 31, 2023, respectively.

    California BanCorp and Subsidiary
    GAAP to Non-GAAP Reconciliation
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net income (loss), (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

        Three Months Ended     Year Ended  
        December 31,
    2024    		     September 30,
    2024    		     December 31,
    2023    		     December 31,
    2024    		     December 31,
    2023    		  
        ($ in thousands)  
    Adjusted net income                                        
    Net income (loss)   $ 16,772     $ (16,464 )   $ 4,412     $ 5,433     $ 25,910  
    Add: After-tax Day1 provision for non PCD loans and unfunded loan commitments (1)     —       14,978       —       14,978       —  
    Add: After-tax merger and related expenses (1)     453       10,576       —       11,988       —  
    Adjusted net income (non-GAAP)   $ 17,225     $ 9,090     $ 4,412     $ 32,399     $ 25,910  
                                             
    Efficiency Ratio                                        
    Noninterest expense   $ 26,125     $ 37,680     $ 15,339     $ 97,791     $ 59,746  
    Deduct: Merger and related expenses     643       14,605       —       16,288       —  
    Adjusted noninterest expense     25,482       23,075       15,339       81,503       59,746  
                                             
    Net interest income     44,541       36,942       22,559       122,984       94,138  
    Noninterest income (expense)     1,004       1,174       (102 )     4,760       3,379  
    Total net interest income and noninterest income   $ 45,545     $ 38,116     $ 22,457     $ 127,744     $ 97,517  
    Efficiency ratio (non-GAAP)     57.4 %     98.9 %     68.3 %     76.6 %     61.3 %
    Adjusted efficiency ratio (non-GAAP)     55.9 %     60.5 %     68.3 %     63.8 %     61.3 %
                                             
    Pre-tax pre-provision income                                        
    Net interest income   $ 44,541     $ 36,942     $ 22,559     $ 122,984     $ 94,138  
    Noninterest income (expense)     1,004       1,174       (102 )     4,760       3,379  
    Total net interest income and noninterest income     45,545       38,116       22,457       127,744       97,517  
    Less: Noninterest expense     26,125       37,680       15,339       97,791       59,746  
    Pre-tax pre-provision income (non-GAAP)     19,420       436       7,118       29,953       37,771  
    Add: Merger and related expenses     643       14,605       —       16,288       —  
    Adjusted pre-tax pre-provision income (non-GAAP)   $ 20,063     $ 15,041     $ 7,118     $ 46,241     $ 37,771  
    (1 ) After-tax Day 1 provision for non-PCD loans and unfunded commitments and merger and related expenses are presented using a 29.56% tax rate.
        Three Months Ended     Year Ended  
        December 31,
    2024    		     September 30,
    2024    		     December 31,
    2023    		     December 31,
    2024    		     December 31,
    2023    		  
        ($ in thousands)  
    Return on Average Assets, Equity, and Tangible Equity                              
    Net income (loss)   $ 16,772     $ (16,464 )   $ 4,412     $ 5,433     $ 25,910  
    Adjusted net income (non-GAAP)   $ 17,225     $ 9,090     $ 4,412     $ 32,399     $ 25,910  
                                             
    Average assets   $ 4,168,747     $ 3,593,157     $ 2,345,323     $ 3,095,916     $ 2,306,233  
    Average shareholders’ equity     504,909       428,558       282,072       379,816       273,346  
    Less: Average intangible assets     135,073       104,409       39,035       79,366       39,195  
    Average tangible common equity (non-GAAP)   $ 369,836     $ 324,149     $ 243,037     $ 300,450     $ 234,151  
                                             
    Return on average assets     1.60 %     (1.82 %)     0.75 %     0.18 %     1.12 %
    Adjusted return on average assets (non-GAAP)     1.64 %     1.01 %     0.75 %     1.05 %     1.12 %
    Return on average equity     13.21 %     (15.28 %)     6.21 %     1.43 %     9.48 %
    Adjusted return on average equity (non-GAAP)     13.57 %     8.44 %     6.21 %     8.53 %     9.48 %
    Return on average tangible common equity (non-GAAP)     18.04 %     (20.21 %)     7.20 %     1.81 %     11.07 %
    Adjusted return on average tangible common equity (non-GAAP)     18.53 %     11.16 %     7.20 %     10.78 %     11.07 %
        December 31,
    2024    		     December 31,
    2023    		  
        ($ in thousands except share and per share data)  
    Tangible Common Equity Ratio/Tangible Book Value Per Share                
    Shareholders’ equity   $ 511,836     $ 288,152  
    Less: Intangible assets     134,058       38,998  
    Tangible common equity (non-GAAP)   $ 377,778     $ 249,154  
                     
    Total assets   $ 4,031,654     $ 2,360,252  
    Less: Intangible assets     134,058       38,998  
    Tangible assets (non-GAAP)   $ 3,897,596     $ 2,321,254  
                     
    Equity to asset ratio     12.70 %     12.21 %
    Tangible common equity to tangible asset ratio (non-GAAP)     9.69 %     10.73 %
    Book value per share   $ 15.86     $ 15.69  
    Tangible book value per share (non-GAAP)   $ 11.71     $ 13.56  
    Shares outstanding     32,265,935       18,369,115  

    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce, N.A.
    kmccabe@bankcbc.com
    818.637.7065

    1 Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

    The MIL Network –

  • MIL-OSI: Kama Capital Secures SCA Category 1 License: A Major Step in Expanding Innovation and Reach

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 29, 2025 (GLOBE NEWSWIRE) — The Securities and Commodities Authority (SCA) of the United Arab Emirates has awarded Kama Capital the prestigious Category 1 licence. This achievement positions Kama Capital as a key player in the trading industry, providing it with the regulatory framework to expand its presence, scale its operations, and fulfill its mission to create advanced, high-tech, AI-driven online trading solutions. 

    What the SCA License Means for Us
    This isn’t merely a licence—it’s a gateway to opportunity. Here’s how it empowers Kama Capital to advance its business to the next level level:

    1.     Expanded Services and Product Offering
    The SCA Category 1 licence allows Kama Capital to offer a broader range of financial services, including direct market access for clients and advanced trading tools. This means we can cater to institutional investors, liquidity providers, and professional traders in the region with solutions tailored to their needs — all underpinned by robust regulation oversight.

    2.    Enhanced Trust and Credibility
    Being licensed by the SCA, one of the most respected regulators in the region, reinforces Kama Capital’s commitment to transparency, security, and compliance. Clients seek assurance that their trading partner operates within strict legal frameworks, and this licence provides precisely that. For technology-driven firms like ours, this trust forms the foundation for our bold innovation.

    3.    A Foundation for Technological Growth
    Regulation isn’t a barrier for us — it’s an enabler. The SCA provides clear, tech-forward guidelines for fintech companies to innovate responsibly. With this licence, Kama Capital can scale its AI-driven trading platform while ensuring that all technology and data management practices meet regulatory expectations. The balance between innovation and oversight enables us to develop faster, smarter trading tools for our clients.

    Why Dubai Is the Perfect HQ for Kama Capital
    Establishing our headquarters in Dubai was a deliberate choice. The city is not only an economic hub but a global centre for entrepreneurship and technology. Here’s why it matters:

    1.     A Fintech-Friendly Ecosystem
    Dubai has established itself as the region’s leader in financial technology. From its thriving startup scene to government-backed accelerators, the city actively supports innovation. This infrastructure allows Kama Capital to stay at the cutting edge of trading technology while benefiting from proximity to like-minded tech innovators.

    2.    Access to World-Class Talent
    The UAE attracts some of the brightest minds in finance and technology. By based in Dubai, we have access to a diverse talent pool with expertise in AI, machine learning, and algorithmic trading. This talent is the engine behind our next-generation trading solutions.

    3.    A Visionary Regulatory Environment
    The SCA and other UAE regulatory bodies are not just gatekeepers but partners in fostering innovation. Their frameworks enable companies like Kama Capital to operate confidently, knowing that technological advancements and client protection go hand in hand.

    Quotes from Leadership

    Razan Assaf, Deputy CEO of Kama Capital: “Securing the SCA Category 1 license for Kama Capital Securites Broker LLC is a major milestone for Kama Capital Group’s expansion. It allows us to broaden our presence in the UAE and across the GCC, giving traders access to a highly regulated, technology-first brokerage that prioritizes performance and security. The UAE continues to set the gold standard for financial innovation, and we are proud to be part of this ecosystem, driving forward the next generation of trading.” Mohammed Omayer, Head of Compliance at Kama Capital: “Regulatory integrity is at the core of everything we do. The SCA Category 1 license confirms that Kama Capital operates under the most rigorous financial, compliance, and AML (Anti-Money Laundering) standards. As trading technology evolves, so do the risks associated with financial crime, and we remain committed to ensuring that every aspect of our operations meets and exceeds global regulatory expectations. This license strengthens our ability to enforce strict AML policies, investor protection measures, and financial security protocols, ensuring a safe and transparent trading environment for all our clients.”

    About Kama Capital

    Kama Capital was founded in 2021 to lead a new breed of traders powered by cutting-edge AI and technology to redefine the future of trading. Headquartered in Dubai, the company leverages advanced machine learning, algorithmic trading, Expert Advisors, data analytics, and next-generation trading tools to provide traders with the technology, intelligence, and control needed to transform their trading practices. Kama Capital has received industry recognition for its innovative approach, earning awards such as “Fintech of the Year” from Entrepreneur Magazine, forming strategic partnerships with Tech Crunch, Finance Magnates, Acuity, and FutureTech Con, and now operates under the prestigious SCA Category 1 licence, further solidifying its position as a leader in the financial trading sector.

    For more information about Kama Capital, users can visit https://kamacapital.ae/

    Contact

    Head of Digital & Partnerships
    Karthik R. Arumugam
    Kama Capital
    k.arumugam@kama-capital.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/95c11624-3979-4f38-84b2-648cf3ebceaf

    The MIL Network –

  • MIL-OSI USA: Office of the Governor — News Release — Governor Green Applauds Federal Judge for Halting Funding Freeze

    Source: US State of Hawaii

    Office of the Governor — News Release — Governor Green Applauds Federal Judge for Halting Funding Freeze

    Posted on Jan 28, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI 
    KA MOKU ʻĀINA O HAWAIʻI 
     
    JOSH GREEN, M.D. 
    GOVERNOR
    KE KIAʻĀINA 
     

    GOVERNOR GREEN APPLAUDS FEDERAL JUDGE FOR HALTING FUNDING FREEZE
     

    FOR IMMEDIATE RELEASE
    January 28, 2025

    HONOLULU — Governor Josh Green, M.D., applauds the ruling by a federal court judge today, blocking the order by President Trump to freeze federal funding for crucial programs serving Americans. The Governor stands in strong opposition to President Trump’s executive order pausing federal disbursements, which has caused a great deal of chaos, confusion and uncertainty.

    “The presidential order seeks to prevent the people of Hawai‘i from receiving crucial services funded by the millions of dollars they pay to the federal government each year. This cannot stand,” said Governor Green. “My administration is currently assessing the impact of this pause on essential state programs and services, including education, health care, social services, and wildfire recovery. For those programs that are found to be impacted, the state of Hawai‘i will work to develop alternate plans to ensure that key services for local residents are continued. The state Attorney General has joined other states in initiating legal action to challenge the federal administration’s actions, as Hawai‘i has already encountered impacts of this threatened funding freeze.”

    The U.S. Office of Management and Budget (OMB) issued a memorandum on January 27, 2025, which requires federal agencies to complete a comprehensive analysis of all of their federal financial assistance programs to identify programs, projects and activities that may be impacted by any of the president’s executive orders. During this review period, the obligation and disbursement of federal funds were to be paused effective January 28, 2025 at 5:00 p.m.

    “The OMB has since issued clarification guidance indicating that any program that provides direct benefits to individuals is not subject to the pause, such as Medicaid, SNAP or Social Security benefits, among others,” said state Department of Budget and Finance Director Luis Salaveria.

    “The Department of Accounting and General Services (DAGS) has several divisions or attached agencies that would be affected,” said state Comptroller Keith Regan. “The main impact would be to our public arts initiatives in the State Foundation of Culture and the Arts. Indirectly, it is possible the Archives may need to halt projects funded by its federal grants and our State Procurement Office’s Surplus Property Program may be affected by the pause in funding.”

    The Hawai‘i Department of Transportation is working with the Trump Administration on clarifications to the OMB memo, including its impacts on obligated formula projects and discretionary funds.

    The state Department of Law Enforcement welcomed the OMB’s clarification memo, but is still seeking final determination of impacts from federal partners.

    “The Hawaiʻi Department of Labor and Industrial Relations (DLIR) is deeply concerned about the temporary pause on federal financial assistance and its potential impacts on our ability to deliver essential services,” said DLIR Director Jade T. Butay. “A significant portion of our operations, including workforce development, unemployment insurance, job training and workplace safety through our Occupational Safety and Health division, is supported by federal funds. Any disruption to these critical programs could affect workers, employers and communities statewide. We are actively monitoring the situation and are awaiting further guidance from the U.S. Department of Labor to understand the full scope of the impacts and next steps. We remain committed to serving the people of Hawaiʻi and ensuring the continuity of essential programs.”

    The State of Hawaiʻi Department of Defense (HIDOD) (comprising the Hawaiʻi National Guard, Hawaiʻi Emergency Management Agency, Office of Veterans’ Services and Civilian Military Programs) evaluated potential impacts to its core mission to enable a safe, secure, and thriving state of Hawaiʻi. HIDOD relies on approximately $88M in federal funding for its annual operating budget; about $350M to administer its Hazardous Mitigation Program Grant; close to $25M for its Emergency Management Program Grant, and anticipates approximately $56M in FEMA reimbursement for the recent Maui Wildfires disaster response and recovery. It also receives federal grant funding for the High Intensity Drug Trafficking Areas (HIDTA) program to synergize its counter-narcotics efforts with federal, state and county law enforcement agencies.

    “While these federal programs are being reviewed by OMB, there’s no immediate impact to operate, retain qualified personnel, and continue to protect the citizens of the state of Hawaiʻi,”, said Maj. Gen. Stephen Logan, State Adjutant General.

    The Hawaiʻi State Public Library System (HSPLS) receives about $1.5M in Library Services and Technology Act funding that ensures that all local residents have access to library materials, technology in the library to connect to the Internet, and online databases that provide equal access to information and learning opportunities no matter where they live. The suspension of this funding will cause our communities to face limited access to information that supports their health, business, education and ability to connect to the world. Specifically, students will not have free access to test preparation and families will not have easy access to legal forms to support their needs.

    HSPLS also is a recipient and partner for two digital equity projects. One provides basic digital literacy classes in all of our communities through May of this year. The second is part of the Federal Broadband Equity Access Deployment (BEAD) funding received by the University of Hawaiʻi. The funding supports Digital Literacy Navigators in all public libraries to ensure our patrons have access to learning the digital literacy skills they need to be successful.

    Governor Green and his administration will continue to work to support the people of Hawai‘i, prioritizing affordability, housing, reducing homelessness, increasing food security and more, to allow the residents of the islands to live and thrive in the place they love and call home.

    # # # 

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Phone: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Europe: ASIA/INDIA – Bishop of Manipur: “The situation is polarized: we need peacemakers”

    Source: Agenzia Fides – MIL OSI

    Imphal (Agenzia Fides) – “There is less violence in Manipur today than a year ago, thanks to the massive presence of the Indian armed forces: more than 70,000 soldiers are deployed in all the buffer zones that separate the two conflicting communities. But the situation remains tense and very polarized. An official ceasefire and concrete mediation measures for pacification are needed. We need peacemakers”, explains to Fides Archbishop Linus Neli of Imphal, capital of the Indian state of Manipur, describing the situation in this state in northeastern India, where an inter-ethnic conflict broke out between the Meitei and Kuki-zo communities in May 2023. To avoid clashes, the temporary solution found by the local government was to separate the belligerents into isolated territories. Constructive steps towards peace are lacking today. Manipur Finance Minister N. Biren Singh said on Sunday that “the government is working for the development of the state” and that it intends to work “for a new Manipur, where peace and love for the past will reign.”Bishop Neli says he is encouraged by this prospect, which, he stresses, must necessarily start from listening to the two conflicting communities: “The two communities,” he notes, “cannot cross into each other’s territory because of the 24-hour surveillance by armed men. In the Meitei community, Christians present report a climate of repression. The Kuki Zo, for their part, are fighting fiercely for a separate administration, which goes against the wishes of the Meitei majority. The Meitei are for the territorial integrity of Manipur and are demanding the status of “recognized tribe,” which has been the cause of intercommunal violence. Today, he says, in this situation, “there is no spontaneous political solution in sight until the state government and the central government work on it.”At the social level, worrying phenomena are manifesting themselves: “The increase in drug trafficking, armed militancy by people who procure weapons, increasing cases of extortion: in other words, crime thrives on the difficulties of the state and the central government in ensuring security,” says the bishop, who notes that “society is highly polarized.” “Only members of neutral communities or other ethnic groups such as the Nagas are allowed to cross the border between the strictly closed areas of the Meitei and the Kuki,” reports Bishop Neli. “The local Church,” he says, “with its religious priests and lay people, continues to provide humanitarian assistance: we are engaged in building houses, providing livelihoods, education, psychosocial support. In addition, he reports, Christians are active and involved in an interfaith forum that is constantly trying to bring the parties to dialogue and peace. We are now calling for a formal truce and a pact, so that civilians can move safely on national roads and have free access to the airport and medical facilities,” he hopes.The Catholic faithful of Manipur, who are part of both the Kuki and the Meitei, are facing the same difficulties and are unable to move, which is impacting the celebrations and activities of the Church: “On the occasion of the Jubilee,” he says, “we celebrated the solemn opening Eucharist in the cathedral, which is in Meitei territory. The Archbishop Emeritus opened another holy door in another church for the Kuki Zo who cannot come here, in the city cathedral. We therefore allow everyone to pray and benefit from the plenary indulgence. We have set the theme of hope for 2025 and a nine-year programme that will lead us to the Jubilee of 2033. We really hope that it will be a journey marked by peace and reconciliation.” (PA) (Agenzia Fides, 29/1/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI Africa: African Energy Meets Mining: Top 5 Reasons to Attend African Mining Week (AMW) 2025

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, January 29, 2025/APO Group/ —

    African Mining Week (AMW) 2025 – held under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth – will highlight the continent’s focus on advancing local beneficiation and industrial development. Organized by Energy Capital & Power (www.EnergyCapitalPower.com), AMW brings together global mining and energy stakeholders to explore and maximize the opportunities arising from the energy-mining nexus within Africa.

    Explore Africa’s Mining Potential

    Africa is home to 30% of the world’s critical minerals, including lithium, cobalt and copper, along with a significant share of traditional minerals such as gold, diamonds and iron ore. This makes the continent an unparalleled destination for investors, manufacturers and developers. AMW 2025 will offer insights into recent mineral discoveries, available exploration basins and innovative infrastructure projects designed to strengthen Africa’s position in global supply chains. From exploration to processing and manufacturing, AMW will demonstrate Africa’s capacity for sustainable economic growth through value addition.

    Connect Energy and Mining Stakeholders Under One Roof

    Held concurrently with the African Energy Week: Invest in African Energies conference, AMW 2025 will emphasize the crucial link between the energy and mining sectors. By bringing these stakeholders together, AMW will showcase how both industries are leveraging traditional and emerging energy solutions to enhance mining operations. Discussions will focus on how the synergy between energy and mining can unlock new opportunities for the development of local and regional economies, as well as share insights into energy-efficient technologies and renewable energy solutions. 

    Gain Exclusive Insights and Opportunities

    AMW 2025 will feature country spotlights, mineral showcases and technology displays, providing attendees with the latest information on exploration opportunities and available basins in Africa. The event will also include a Ministerial Forum and an Investment Forum, offering firsthand access to African ministers, investment banks and project developers. This will give delegates the unique chance to discuss strategic projects and collaborations directly with key decision-makers.

    Forge Strategic Partnerships

    With countries such as Zimbabwe, Angola, Botswana, Ghana, the Democratic Republic of Congo and Mali securing new investments, AMW 2025 will serve as an ideal platform for these markets to build on the increasing investment flow. Focused on unlocking Africa’s mineral wealth and capital influx, AMW 2025 provides a prime setting for deal signings and the formation of new partnerships. Delegates will be able to network with a wide range of industry leaders and innovators, creating opportunities for cross-sector collaborations.

    Discover Cutting-Edge Technologies and Innovations

    AMW 2025 will feature a variety of technological showcases and discussions highlighting the latest innovations in mining and energy. Attendees will have the chance to explore advancements in mining equipment, automation and energy-efficient technologies that are transforming the industry. By engaging with technology providers and solution developers, participants will gain a competitive edge in understanding how these innovations can be applied to enhance operational efficiency and sustainability.

    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference (www.AECWeek.com) from October 1 -3. in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@EnergyCapitalPower.com

    MIL OSI Africa –

  • MIL-OSI: Carbon Streaming Announces Project Update

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today provided a project update with respect to the Purchase and Sale Agreement dated as of May 9, 2023, as amended pursuant to that First Amending Agreement, dated as of February 7, 2024 (the “Sheep Creek Stream”), among Carbon Streaming, Mast Reforestation SPV I, LLC (“Mast”) and its parent company DroneSeed Co., d/b/a Mast Reforestation (“Mast Parent Co”).

    Carbon Streaming has received a Notice of Adverse Impact from Mast and Mast Parent Co under the Sheep Creek Stream Agreement pursuant to which, among other things, Mast advised Carbon Streaming that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to Carbon Streaming that it no longer expects to deliver the agreed-upon 286,229 forecast mitigation units to Carbon Streaming under the Sheep Creek Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. Carbon Streaming has formally responded to the Notice of Adverse Impact and requested that Mast respond to Carbon Streaming’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Agreement.

    The Company had entered into a project pipeline streaming agreement (the “Pipeline Agreement”) for up to US$15 million with Mast and Mast Parent Co, to advance its pipeline of post-wildfire reforestation projects in the Western USA. Carbon Streaming also invested US$2 million into Mast Parent Co through a convertible note (the “Convertible Note”). In October 2023, the Convertible Note was converted into preferred shares of Mast Parent Co upon the execution of a qualifying financing event, resulting in 1.3 million preferred shares of Mast Parent Co (the “Preferred Shares”) being issued to the Company at a fair value of $2.6 million. The Company expects that the facts described above will materially decrease the fair value of the Sheep Creek Stream and the Preferred Shares on the Company’s consolidated financial statements.

    About Carbon Streaming

    The Company’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. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.

    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 feasibility of the project under the Sheep Creek Stream and the implications to the Company’s financial statements; statements regarding the fair value of the Sheep Creek Streaming and the Preferred Shares; and statements regarding the Company’s evaluation of legal avenues under the Sheep Creek Stream.

    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 statements. 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: future engagement with Mast after the date hereof in respect of the Sheep Creek Stream and matters related thereto and arising therefrom; 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 ESG initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; limited operating history for the Company’s current strategy; risks arising from competition and future acquisition activities; concentration risk; inaccurate estimates of growth strategy; dependence upon key management; impact of corporate restructurings; reputational risk; 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 27, 2024 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: Hanover Bancorp, Inc. Reports 2024 Full Year And Fourth Quarter Results Highlighted by Fourth Quarter Robust Margin Expansion and Record Non-interest Income

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Performance Highlights

    • Net Income: Net income for the quarter ended December 31, 2024 totaled $3.9 million or $0.52 per diluted share (including Series A preferred shares).
    • Record Non-interest Income: The Company reported record non-interest income of $4.2 million for the quarter ended December 31, 2024, an increase of $0.2 million or 5.89% from the quarter ended September 30, 2024 and $0.9 million or 28.67% from the quarter ended December 31, 2023.
    • Net Interest Income: Net interest income was $13.8 million for the quarter ended December 31, 2024, an increase of $0.7 million or 5.39% from the quarter ended September 30, 2024 and $1.1 million, or 9.08% from the quarter ended December 31, 2023.
    • Net Interest Margin: The Company’s net interest margin during the quarter ended December 31, 2024 increased to 2.53% from 2.37% in the quarter ended September 30, 2024 and 2.40% in the quarter ended December 31, 2023.
    • Strong Liquidity Position: At December 31, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $713.1 million, or approximately 283% of uninsured deposit balances.
    • Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $3.1 million or 0.84% annualized from September 30, 2024 and $74.1 million or 5.36% from December 31, 2023. Demand deposits increased $5.3 million or 10.33% annualized from September 30, 2024 and $3.9 million or 1.86% from December 31, 2023. Total deposits increased $49.7 million or 2.61% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 87% of total deposits at December 31, 2024.
    • Loan Diversification Strategy: The continued success in loan diversification resulted in C&I loans increasing by $61.0 million, or 56.52%, year over year, increasing to 8.51% of total loans at December 31, 2024. In addition, the commercial real estate concentration ratio improved, declining from 432% of capital at December 31, 2023 to 385% of capital at December 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non-interest income.
    • Asset Quality: At December 31, 2024, the Bank’s asset quality remained solid with non-performing loans totaling $16.4 million, representing 0.82% of the total loan portfolio, while the allowance for credit losses was 1.15% of total loans. Loans secured by office space accounted for 2.45% of the total loan portfolio with a total balance of $48.7 million, of which less than 1% is located in Manhattan.
    • Banking Initiatives: At December 31, 2024, the Company’s banking initiatives reflected continuing momentum:
      • SBA & USDA Banking: Gains on sale of SBA loans totaled $2.5 million for the quarter ended December 31, 2024, representing a 9.76% increase over the comparable 2023 quarter. Total SBA loans sold were $30.9 million for the quarter ended December 31, 2024, representing a 3.98% increase over the comparable 2023 quarter. Premiums earned on the sale of SBA loans increased to 9.06% for the quarter ended December 31, 2024 from 8.26% for the quarter ended December 31, 2023.
      • C&I Banking/Hauppauge Business Banking Center: The C&I Banking Team and the Hauppauge Business Banking Center increased deposits to $96.4 million as of December 31, 2024 from $44.9 million at December 31, 2023. This growth has continued since year end, with these deposits reaching $104 million at January 27, 2025. Loan originations tied to this office were $33.5 million during the fourth quarter of 2024 and $88.4 million for the full year. Momentum continues to build with deposit and C&I loan pipelines related to this office of $43 million and $112 million, respectively.
      • Residential Lending: The Bank continues to originate loans for its portfolio and for sale in the secondary market under its recently developed flow origination program. Of the $26.1 million in closed loans originated in the quarter ended December 31, 2024, $11.7 million were originated for the Bank’s portfolio and reflected a weighted average yield of 6.88% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 62%. The remaining $14.4 million of closed loans were originated for sale in the secondary market. Under this program, the Bank produced total gains of $0.5 million and a resulting premium of 2.42% in the fourth quarter of 2024.
    • Technology: The Company expects to complete a core processing system conversion from its existing provider to FIS Horizon on or about February 15, 2025. This conversion is expected to deliver immediate and tangible benefits to the Bank’s operations and customers, offering material improvements in user interfaces, functionality and efficiency that will better support our commitment to a digital forward future on better financial terms.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.86 at December 31, 2024, an increase of 9.97% annualized from $23.28 at September 30, 2024 and 6.00% from $22.51 at December 31, 2023.
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on February 19, 2025 to stockholders of record on February 12, 2025.

    MINEOLA, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter and year ended December 31, 2024 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on February 19, 2025 to stockholders of record on February 12, 2025.

    Earnings Summary for the Quarter Ended December 31, 2024

    The Company reported net income for the quarter ended December 31, 2024 of $3.9 million or $0.52 per diluted share (including Series A preferred shares), versus $3.8 million or $0.51 per diluted share (including Series A preferred shares) in the quarter ended December 31, 2023. Returns on average assets, average stockholders’ equity and average tangible equity were 0.70%, 7.98% and 8.87%, respectively, for the quarter ended December 31, 2024, versus 0.69%, 8.10% and 9.06%, respectively, for the comparable quarter of 2023.

    While net interest income and non-interest income increased during the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023, these gains were partially offset by an increase in non-interest expenses, particularly compensation and benefits. The increase in non-interest income is primarily related to the increases in the gain on sale of loans held-for-sale and loan servicing and fee income. This increase is reflective of the strengthening of secondary market premiums in connection with sales of SBA loans and the gains on the recently developed residential loan flow program. The increase in compensation and benefits expense in the fourth quarter of 2024 versus the comparable 2023 quarter was primarily related to lower deferred loan origination costs that were offset by lower incentive compensation expense resulting from reduced lending activity.

    Net interest income was $13.8 million for the quarter ended December 31, 2024, an increase of $1.1 million, or 9.08%, versus the comparable 2023 quarter due to improvement of the Company’s net interest margin to 2.53% in the 2024 quarter from 2.40% in the comparable 2023 quarter. The yield on interest earning assets increased to 6.06% in the 2024 quarter from 5.91% in the comparable 2023 quarter, an increase of 15 basis points that was partially offset by a 5 basis point increase in the cost of interest-bearing liabilities to 4.24% in 2024 from 4.19% in the fourth quarter of 2023. The increase in the net interest margin was a result of the recent reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    Earnings Summary for the Year Ended December 31, 2024

    For the year ended December 31, 2024, the Company reported net income of $12.3 million or $1.66 per diluted share (including Series A preferred shares), versus $13.6 million or $1.84 per diluted share (including Series A preferred shares) a year ago.

    The decrease in net income recorded for the year ended December 31, 2024 from the comparable 2023 period resulted from an increase in the provision for credit losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income. The year-over-year increase in the provision for credit losses was primarily related to the recording of a $4.0 million provision for credit losses in the June 2024 quarter that was mainly attributable to an ACL on an individually evaluated loan of $2.5 million and $1.1 million related to ongoing enhancements to the CECL model. The increase in non-interest income is primarily related to the increases in the gain on sale of loans held-for-sale and loan servicing and fee income which were partially offset by a decrease in other operating income. In September 2023, the Company settled ongoing litigation and received a settlement payment of $975 thousand which was recorded in other operating income. The increase in non-interest expense was primarily attributed to additional staff for the SBA, C&I Banking and Operations teams. The Company’s effective tax rate decreased to 24.62% for the year ended December 31, 2024 from 25.85% in the comparable 2023 period.

    Net interest income was $53.1 million for the year ended December 31, 2024, an increase of $1.2 million, or 2.32% from the comparable 2023 period. The Company’s net interest margin was 2.44% in 2024 and 2.59% in 2023. The yield on interest earning assets increased to 6.12% in 2024 from 5.67% in 2023, an increase of 45 basis points that was offset by a 72 basis point increase in the cost of interest-bearing liabilities to 4.40% in 2024 from 3.68% in 2023 due to the rapid and significant rise in market interest rates.

    Our imminent core system conversion is expected to position us to compete more effectively across all lines of business, as customers expect greater convenience and technological capabilities, and will enable the Bank to realize operational efficiencies while maximizing our customer appeal. The substantial improvement in features and functionality expected with the conversion will be achieved on better financial terms than under our current system, enabling us to realize a material gain in performance with no adverse impact to operating expenses.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with fourth-quarter results. Notable increases in net interest margin, tangible book value, returns on average assets and average tangible equity complemented further improvement in our CRE concentration ratio and sound credit quality, bringing 2024 to a well-rounded conclusion. Building on this momentum, we enter 2025 with strong loan and deposit pipelines across our critical verticals, including C&I, SBA and Residential Banking and the benefit of diversified income streams. Ongoing performance will be enhanced by our pending core system conversion, which will deliver tangible operational efficiencies and customer benefits, and could be positively impacted by further Federal Open Market Committee (“FOMC”) rate decreases, an improved yield curve, a favorable banking environment and potential qualification for the Russell 2000, which would increase institutional ownership and enhance the liquidity of our stock. We continue to focus on scaling our key verticals while maintaining prudent expense management, which we believe will increase shareholder value through enhanced performance.”

    Balance Sheet Highlights

    Total assets at December 31, 2024 were $2.31 billion versus $2.27 billion at December 31, 2023. Total securities available for sale at December 31, 2024 were $83.8 million, an increase of $22.3 million from December 31, 2023, primarily driven by growth in U.S. Treasury securities, corporate bonds and mortgage-backed securities.

    Total deposits at December 31, 2024 were $1.95 billion, an increase of $49.7 million or 2.61%, compared to $1.90 billion at December 31, 2023. Our loan to deposit ratio was 102% at December 31, 2024 and 103% at December 31, 2023.

    The Company had $509.3 million in total municipal deposits at December 31, 2024, at a weighted average rate of 3.72% versus $528.1 million at a weighted average rate of 4.62% at December 31, 2023. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings. The Company continues to broaden its municipal deposit base and currently services 39 customer relationships.

    Total borrowings at December 31, 2024 were $107.8 million, with a weighted average rate and term of 4.11% and 23 months, respectively. At December 31, 2024 and 2023, the Company had $107.8 million and $126.7 million, respectively, of term FHLB advances outstanding. The Company had no FHLB overnight borrowings outstanding at December 31, 2024 and 2023. At December 31, 2024 the Company had no borrowings outstanding from the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”), while at December 31, 2023 the Company had $2.3 million in borrowings from the PPPLF. The Company had no borrowings outstanding under lines of credit with correspondent banks at December 31, 2024 and 2023.

    Stockholders’ equity was $196.6 million at December 31, 2024 compared to $184.8 million at December 31, 2023. The $11.8 million increase was primarily due to an increase of $9.4 million in retained earnings and a decrease of $1.1 million in accumulated other comprehensive loss. The increase in retained earnings was due primarily to net income of $12.3 million for the year ended December 31, 2024, which was offset by $2.9 million of dividends declared. The accumulated other comprehensive loss at December 31, 2024 was 0.68% of total equity and was comprised of a $1.0 million after tax net unrealized loss on the investment portfolio and a $0.3 million after tax net unrealized loss on derivatives.

    Loan Portfolio

    For the year ended December 31, 2024, the Bank’s loan portfolio grew to $1.99 billion, an increase of $28.3 million or 1.45%. Growth was concentrated primarily in residential, SBA and C&I loans. At December 31, 2024, the Company’s residential loan portfolio (including home equity) amounted to $729.3 million, with an average loan balance of $483 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate and multifamily loans totaled $1.09 billion at December 31, 2024, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 385% of capital at December 31, 2024 from 432% of capital at December 31, 2023, with loans secured by office space accounting for 2.45% of the total loan portfolio and totaling $48.7 million. The Company’s loan pipeline with executed term sheets at December 31, 2024 is approximately $237 million, with approximately 89% being niche-residential, conventional C&I and SBA & USDA lending opportunities.

    The Bank’s investments in diversification continue to deliver results, with the volume of SBA & USDA loans originated for sale and the volume of residential loans originated for sale sustaining momentum. During the quarter ended December 31, 2024, the Company sold $19.1 million of residential loans under this program and recorded gains on sale of loans held-for-sale of $0.5 million. During the quarters ended December 31, 2024 and 2023, the Company sold approximately $30.9 million and $29.7 million, respectively, in the government guaranteed portion of SBA loans and recorded gains on sale of loans held-for-sale of $2.5 million and $2.3 million, respectively. We expect the volume of activity to increase in 2025. Because we continue to prioritize the management of liquidity and capital, new business development with respect to residential and SBA & USDA lending is largely focused on originations for sale over portfolio growth. Conversely, portfolio growth is the primary focus of our C&I Banking initiative, which continues to drive deposit and loan growth at our Hauppauge Business Banking Center and will expand with the pending launch of our Port Jefferson branch.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $13.5 million, all at floating interest rates, and CRE-owner occupied loans have a mix of floating rates. As shown below, 23% of the loan balances in these combined portfolios will mature in 2025 and 2026, with another 55% maturing in 2027.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate   Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                                                     
    2025   10   $ 16,416   $ 1,642   4.30 %   2025   14   $ 19,527   $ 1,395   4.82 %
    2026   36     118,503     3,292   3.66 %   2026   20     42,901     2,145   3.67 %
    2027   71     176,490     2,486   4.30 %   2027   53     124,773     2,354   4.22 %
    2028   18     29,858     1,659   6.15 %   2028   12     10,221     852   7.14 %
    2029   6     4,957     826   7.70 %   2029   4     4,346     1,087   6.38 %
    2030+   2     639     320   4.47 %   2030+   4     1,169     292   5.41 %
    Fixed Rate   143     346,863     2,426   4.29 %   Fixed Rate   107     202,937     1,897   4.36 %
    Floating Rate   3     716     239   9.22 %   Floating Rate   —     —     —   — %
    Total   146   $ 347,579   $ 2,381   4.30 %   Total   107   $ 202,937   $ 1,897   4.36 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                           
    2025   30   $ 23,439   $ 781   6.12 %
    2026   33     44,679     1,354   4.87 %
    2027   90     163,358     1,815   5.03 %
    2028   30     31,803     1,060   6.63 %
    2029   4     2,378     595   7.03 %
    2030+   12     5,745     479   6.24 %
    Fixed Rate   199     271,402     1,364   5.33 %
    Floating Rate   10     27,103     2,710   8.95 %
    Total CRE-Inv.   209   $ 298,505   $ 1,428   5.66 %


    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type. Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding Loan Balance   % of Total Multi-Family   Avg Loan Size   LTV   Current DSCR   Avg # of Units
            ($000’s omitted)         ($000’s omitted)              
                                         
    Market   146   $ 347,579   63 %   $ 2,381   61.6 %   1.39   11
    Location                                    
    Manhattan   7   $ 17,840   3 %   $ 2,549   51.9 %   1.62   15
    Other NYC   93   $ 244,408   44 %   $ 2,628   61.2 %   1.38   10
    Outside NYC   46   $ 85,331   16 %   $ 1,855   64.8 %   1.39   13
                                         
    Stabilized   107   $ 202,937   37 %   $ 1,897   62.4 %   1.39   12
    Location                                    
    Manhattan   6   $ 9,035   2 %   $ 1,506   44.7 %   1.59   17
    Other NYC   89   $ 174,888   32 %   $ 1,965   63.2 %   1.38   11
    Outside NYC   12   $ 19,014   3 %   $ 1,584   64.4 %   1.40   16

    Office Property Exposure

    The Bank’s exposure to the Office market is minor at $49 million. The pool has a 1.28x weighted average DSCR, a 53% weighted average LTV and less than $400,000 of exposure in Manhattan.

    Asset Quality and Allowance for Credit Losses

    At December 31, 2024, the Bank’s asset quality remained solid with non-performing loans totaling $16.4 million which represented 0.82% of total loans outstanding. Non-performing loans were $14.5 million at December 31, 2023 and $15.4 million at September 30, 2024.

    During the fourth quarter of 2024, the Bank recorded a provision for credit losses expense of $0.4 million. The December 31, 2024, allowance for credit losses balance was $22.8 million versus $19.7 million at December 31, 2023 and $23.4 million at September 30, 2024. The allowance for credit losses as a percent of total loans was 1.15% at December 31, 2024 and 1.17% at September 30, 2024, inclusive of a $3.2 million allowance on individually analyzed loans, versus 1.00% at December 31, 2023, which does not include the aforementioned $3.2 million allowance.

    Net Interest Margin

    The Bank’s net interest margin increased to 2.53% for the quarter ended December 31, 2024 compared to 2.37% in the quarter ended September 30, 2024 and 2.40% in the quarter ended December 31, 2023 due to the recent reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in the first quarter of 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion includes non-GAAP financial measures, including the Company’s tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

    HANOVER BANCORP, INC.            
    STATEMENTS OF CONDITION (unaudited)            
    (dollars in thousands)            
                   
                   
        December 31,   September 30,   December 31,  
          2024       2024       2023    
    Assets              
    Cash and cash equivalents $ 162,857     $ 141,231     $ 177,207    
    Securities-available for sale, at fair value   83,755       98,359       61,419    
    Investments-held to maturity   3,758       3,828       4,041    
    Loans held for sale   12,404       16,721       8,904    
                   
    Loans, net of deferred loan fees and costs   1,985,524       2,005,813       1,957,199    
    Less: allowance for credit losses   (22,779 )     (23,406 )     (19,658 )  
    Loans, net   1,962,745       1,982,407       1,937,541    
                   
    Goodwill     19,168       19,168       19,168    
    Premises & fixed assets   15,337       16,373       15,886    
    Operating lease assets   8,337       8,776       9,754    
    Other assets   43,749       40,951       36,140    
      Assets $ 2,312,110     $ 2,327,814     $ 2,270,060    
                   
    Liabilities and stockholders’ equity            
    Core deposits $ 1,456,513     $ 1,453,444     $ 1,382,397    
    Time deposits   497,770       504,100       522,198    
    Total deposits   1,954,283       1,957,544       1,904,595    
                   
    Borrowings   107,805       125,805       128,953    
    Subordinated debentures   24,689       24,675       24,635    
    Operating lease liabilities   9,025       9,472       10,459    
    Other liabilities   19,670       17,979       16,588    
      Liabilities   2,115,472       2,135,475       2,085,230    
                   
    Stockholders’ equity   196,638       192,339       184,830    
      Liabilities and stockholders’ equity $ 2,312,110     $ 2,327,814     $ 2,270,060    
                   
    HANOVER BANCORP, INC.                
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)              
    (dollars in thousands, except per share data)                
                       
        Three Months Ended   Year Ended  
        12/31/2024   12/31/2023   12/31/2024   12/31/2023  
                       
    Interest income $ 33,057   $ 31,155   $ 133,022   $ 113,626  
    Interest expense   19,249     18,496     79,930     61,739  
      Net interest income   13,808     12,659     53,092     51,887  
    Provision for credit losses   400     200     4,940     2,132  
      Net interest income after provision for credit losses   13,408     12,459     48,152     49,755  
                       
    Loan servicing and fee income   981     778     3,690     2,809  
    Service charges on deposit accounts   136     85     469     297  
    Gain on sale of loans held-for-sale   3,014     2,326     10,940     5,841  
    Gain on sale of investments   27     –     31     –  
    Other operating income   29     65     209     1,744  
      Non-interest income   4,187     3,254     15,339     10,691  
                       
    Compensation and benefits   6,699     5,242     25,600     21,562  
    Occupancy and equipment   1,810     1,746     7,222     6,628  
    Data processing   536     530     2,096     2,063  
    Professional fees   782     729     3,079     3,191  
    Federal deposit insurance premiums   375     375     1,418     1,476  
    Other operating expenses   2,198     2,048     7,697     7,200  
      Non-interest expense   12,400     10,670     47,112     42,120  
                       
      Income before income taxes   5,195     5,043     16,379     18,326  
    Income tax expense   1,293     1,280     4,033     4,737  
                       
      Net income $ 3,902   $ 3,763   $ 12,346   $ 13,589  
                       
    Earnings per share (“EPS”):(1)                
    Basic $ 0.53   $ 0.51   $ 1.67   $ 1.85  
    Diluted $ 0.52   $ 0.51   $ 1.66   $ 1.84  
                       
    Average shares outstanding for basic EPS (1)(2)   7,427,583     7,324,133     7,403,758     7,326,903  
    Average shares outstanding for diluted EPS (1)(2)   7,456,471     7,383,529     7,432,741     7,386,299  
                       
    (1) Calculation includes common stock and Series A preferred stock.              
    (2) Average shares outstanding before subtracting participating securities.              
                       
    Note: Prior period information has been adjusted to conform to current period presentation.          
    HANOVER BANCORP, INC.                    
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)                  
    QUARTERLY TREND                    
    (dollars in thousands, except per share data)                    
                           
        Three Months Ended  
        12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023  
                           
    Interest income $ 33,057   $ 34,113   $ 33,420   $ 32,432   $ 31,155  
    Interest expense   19,249     21,011     20,173     19,497     18,496  
      Net interest income   13,808     13,102     13,247     12,935     12,659  
    Provision for credit losses   400     200     4,040     300     200  
      Net interest income after provision for credit losses   13,408     12,902     9,207     12,635     12,459  
                           
    Loan servicing and fee income   981     960     836     913     778  
    Service charges on deposit accounts   136     123     114     96     85  
    Gain on sale of loans held-for-sale   3,014     2,834     2,586     2,506     2,326  
    Gain on sale of investments   27     –     4     –     –  
    Other operating income   29     37     82     61     65  
      Non-interest income   4,187     3,954     3,622     3,576     3,254  
                           
    Compensation and benefits   6,699     6,840     6,499     5,562     5,242  
    Occupancy and equipment   1,810     1,799     1,843     1,770     1,746  
    Data processing   536     547     495     518     530  
    Professional fees   782     762     717     818     729  
    Federal deposit insurance premiums   375     360     365     318     375  
    Other operating expenses   2,198     1,930     1,751     1,818     2,048  
      Non-interest expense   12,400     12,238     11,670     10,804     10,670  
                           
      Income before income taxes   5,195     4,618     1,159     5,407     5,043  
    Income tax expense   1,293     1,079     315     1,346     1,280  
                           
      Net income $ 3,902   $ 3,539   $ 844   $ 4,061   $ 3,763  
                           
    Earnings per share (“EPS”):(1)                    
    Basic $ 0.53   $ 0.48   $ 0.11   $ 0.55   $ 0.51  
    Diluted $ 0.52   $ 0.48   $ 0.11   $ 0.55   $ 0.51  
                           
    Average shares outstanding for basic EPS (1)(2)   7,427,583     7,411,064     7,399,816     7,376,227     7,324,133  
    Average shares outstanding for diluted EPS (1)(2)   7,456,471     7,436,068     7,449,110     7,420,926     7,383,529  
                           
    (1) Calculation includes common stock and Series A preferred stock.                  
    (2) Average shares outstanding before subtracting participating securities.                  
                           
    Note: Prior period information has been adjusted to conform to current period presentation.              
    HANOVER BANCORP, INC.                
    SELECTED FINANCIAL DATA (unaudited)              
    (dollars in thousands)                
                     
                     
      Three Months Ended   Year Ended  
      12/31/2024   12/31/2023   12/31/2024   12/31/2023  
    Profitability:                
    Return on average assets   0.70 %     0.69 %     0.55 %     0.66 %  
    Return on average equity (1)   7.98 %     8.10 %     6.45 %     7.44 %  
    Return on average tangible equity (1)   8.87 %     9.06 %     7.18 %     8.33 %  
    Pre-provision net revenue to average assets   1.00 %     0.97 %     0.95 %     0.99 %  
    Yield on average interest-earning assets   6.06 %     5.91 %     6.12 %     5.67 %  
    Cost of average interest-bearing liabilities   4.24 %     4.19 %     4.40 %     3.68 %  
    Net interest rate spread (2)   1.82 %     1.72 %     1.72 %     1.99 %  
    Net interest margin (3)   2.53 %     2.40 %     2.44 %     2.59 %  
    Non-interest expense to average assets   2.21 %     1.97 %     2.11 %     2.04 %  
    Operating efficiency ratio (4)   69.01 %     67.05 %     68.88 %     67.31 %  
                     
    Average balances:                
    Interest-earning assets $ 2,169,595     $ 2,090,839     $ 2,174,000     $ 2,004,634    
    Interest-bearing liabilities   1,804,700       1,751,330       1,818,110       1,678,464    
    Loans   2,003,686       1,910,409       2,005,524       1,829,586    
    Deposits   1,853,828       1,767,753       1,840,378       1,675,913    
    Borrowings   153,126       170,793       174,327       182,307    
                     
                     
    (1) Includes common stock and Series A preferred stock.              
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.          
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income excluding gain on sale of securities available for sale.
    HANOVER BANCORP, INC.                
    SELECTED FINANCIAL DATA (unaudited)                
    (dollars in thousands, except share and per share data)              
                     
      At or For the Three Months Ended  
      12/31/2024   9/30/2024   6/30/2024   3/31/2024  
    Asset quality:                
    Provision for credit losses – loans (1) $ 400     $ 200     $ 3,850     $ 300    
    Net (charge-offs)/recoveries   (1,027 )     (438 )     (79 )     (85 )  
    Allowance for credit losses   22,779       23,406       23,644       19,873    
    Allowance for credit losses to total loans (2)   1.15 %     1.17 %     1.17 %     0.99 %  
    Non-performing loans $ 16,368     $ 15,365     $ 15,828     $ 14,878    
    Non-performing loans/total loans   0.82 %     0.77 %     0.79 %     0.74 %  
    Non-performing loans/total assets   0.71 %     0.66 %     0.68 %     0.64 %  
    Allowance for credit losses/non-performing loans   139.17 %     152.33 %     149.38 %     133.57 %  
                     
    Capital (Bank only):                
    Tier 1 Capital $ 201,744     $ 198,196     $ 195,703     $ 195,889    
    Tier 1 leverage ratio   9.13 %     8.85 %     8.89 %     8.90 %  
    Common equity tier 1 capital ratio   13.32 %     12.99 %     12.78 %     12.99 %  
    Tier 1 risk based capital ratio   13.32 %     12.99 %     12.78 %     12.99 %  
    Total risk based capital ratio   14.58 %     14.24 %     14.21 %     14.19 %  
                     
    Equity data:                
    Shares outstanding (3)   7,427,127       7,428,366       7,402,163       7,392,412    
    Stockholders’ equity $ 196,638     $ 192,339     $ 190,072     $ 189,543    
    Book value per share (3)   26.48       25.89       25.68       25.64    
    Tangible common equity (3)   177,220       172,906       170,625       170,080    
    Tangible book value per share (3)   23.86       23.28       23.05       23.01    
    Tangible common equity (“TCE”) ratio (3)   7.73 %     7.49 %     7.38 %     7.43 %  
                     
    (1) Excludes $0, $0, $190 thousand and $0 provision for credit losses on unfunded commitments for the quarters ended 12/31/24,
    9/30/24, 6/30/24 and 3/31/24, respectively.                
    (2) Calculation excludes loans held for sale.                
    (3) Includes common stock and Series A preferred stock.                
                     
    Note: Prior period information has been adjusted to conform to current period presentation.          
    HANOVER BANCORP, INC.                
    STATISTICAL SUMMARY                
    QUARTERLY TREND                
    (unaudited, dollars in thousands, except share data)              
                       
        12/31/2024   9/30/2024   6/30/2024   3/31/2024  
                       
    Loan distribution (1):                
    Residential mortgages $ 702,832     $ 719,037     $ 733,040     $ 730,017    
    Multifamily     550,570       557,634       562,503       568,043    
    Commercial real estate   536,288       529,948       549,725       556,708    
    Commercial & industrial   168,909       171,899       139,209       123,419    
    Home equity   26,422       26,825       27,992       26,879    
    Consumer     503       470       485       449    
                       
    Total loans $ 1,985,524     $ 2,005,813 $ 2,012,954     $ 2,005,515    
                       
    Sequential quarter growth rate   -1.01 %     -0.35 %     0.37 %     2.47 %  
                       
    CRE concentration ratio   385 %     397 %     403 %     416 %  
                       
    Loans sold during the quarter $ 53,499     $ 43,537     $ 35,302     $ 26,735    
                       
    Funding distribution:                
    Demand   $ 211,656     $ 206,327     $ 199,835     $ 202,934    
    N.O.W.     692,890       621,880       661,998       708,897    
    Savings     48,885       53,024       44,821       48,081    
    Money market   503,082       572,213       571,170       493,123    
    Total core deposits   1,456,513       1,453,444       1,477,824       1,453,035    
    Time     497,770       504,100       464,105       464,227    
    Total deposits   1,954,283       1,957,544       1,941,929       1,917,262    
    Borrowings   107,805       125,805       148,953       148,953    
    Subordinated debentures   24,689       24,675       24,662       24,648    
                       
    Total funding sources $ 2,086,777     $ 2,108,024 $ 2,115,544     $ 2,090,863    
                       
    Sequential quarter growth rate – total deposits   -0.17 %     0.80 %     1.29 %     0.67 %  
                       
    Period-end core deposits/total deposits ratio   74.53 %     74.25 %     76.10 %     75.79 %  
                       
    Period-end demand deposits/total deposits ratio   10.83 %     10.54 %     10.29 %     10.58 %  
                       
    (1) Excluding loans held for sale                
    HANOVER BANCORP, INC.                    
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)          
    (dollars in thousands, except share and per share amounts)              
                         
                         
      12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023  
    Tangible common equity                    
    Total equity (2) $ 196,638     $ 192,339     $ 190,072     $ 189,543     $ 184,830    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (250 )     (265 )     (279 )     (295 )     (311 )  
    Tangible common equity (2) $ 177,220     $ 172,906     $ 170,625     $ 170,080     $ 165,351    
                         
    Tangible common equity (“TCE”) ratio                  
    Tangible common equity (2) $ 177,220     $ 172,906     $ 170,625     $ 170,080     $ 165,351    
    Total assets   2,312,110       2,327,814       2,331,098       2,307,508       2,270,060    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (250 )     (265 )     (279 )     (295 )     (311 )  
    Tangible assets $ 2,292,692     $ 2,308,381     $ 2,311,651     $ 2,288,045     $ 2,250,581    
    TCE ratio (2)   7.73 %     7.49 %     7.38 %     7.43 %     7.35 %  
                         
    Tangible book value per share                    
    Tangible equity (2) $ 177,220     $ 172,906     $ 170,625     $ 170,080     $ 165,351    
    Shares outstanding (2)   7,427,127       7,428,366       7,402,163       7,392,412       7,345,012    
    Tangible book value per share (2) $ 23.86     $ 23.28     $ 23.05     $ 23.01     $ 22.51    
                         
    (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.  
                         
    (2) Includes common stock and Series A preferred stock.  
    HANOVER BANCORP, INC.                      
    NET INTEREST INCOME ANALYSIS                      
    For the Three Months Ended December 31, 2024 and 2023                    
    (unaudited, dollars in thousands)                      
                           
                           
        2024       2023  
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,003,686   $ 30,753   6.11 %   $ 1,910,409   $ 28,394   5.90 %
    Investment securities   94,886     1,381   5.79 %     56,834     940   6.56 %
    Interest-earning cash   62,850     747   4.73 %     114,033     1,570   5.46 %
    FHLB stock and other investments   8,173     176   8.57 %     9,563     251   10.41 %
    Total interest-earning assets   2,169,595     33,057   6.06 %     2,090,839     31,155   5.91 %
    Non interest-earning assets:                      
    Cash and due from banks   8,973             7,429        
    Other assets   50,068             50,677        
    Total assets $ 2,228,636           $ 2,148,945        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,152,755   $ 11,916   4.11 %   $ 1,039,062   $ 11,547   4.41 %
    Time deposits   498,819     5,642   4.50 %     541,475     5,231   3.83 %
    Total savings and time deposits   1,651,574     17,558   4.23 %     1,580,537     16,778   4.21 %
    Borrowings   128,446     1,365   4.23 %     146,167     1,392   3.78 %
    Subordinated debentures   24,680     326   5.25 %     24,626     326   5.25 %
    Total interest-bearing liabilities   1,804,700     19,249   4.24 %     1,751,330     18,496   4.19 %
    Demand deposits   202,254             187,216        
    Other liabilities   27,168             26,031        
    Total liabilities   2,034,122             1,964,577        
    Stockholders’ equity   194,514             184,368        
    Total liabilities & stockholders’ equity $ 2,228,636           $ 2,148,945        
    Net interest rate spread         1.82 %           1.72 %
    Net interest income/margin     $ 13,808   2.53 %       $ 12,659   2.40 %
                           
    HANOVER BANCORP, INC.                      
    NET INTEREST INCOME ANALYSIS                      
    For the Years Ended December 31, 2024 and 2023                    
    (unaudited, dollars in thousands)                      
                           
                           
        2024       2023  
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,005,524   $ 122,970 6.13 %   $ 1,829,586   $ 103,975 5.68 %
    Investment securities   98,238     5,992   6.10 %     26,171     1,534   5.86 %
    Interest-earning cash   60,868     3,191   5.24 %     139,006     7,243   5.21 %
    FHLB stock and other investments   9,370     869   9.27 %     9,871     874   8.85 %
    Total interest-earning assets   2,174,000     133,022   6.12 %     2,004,634     113,626   5.67 %
    Non interest-earning assets:                      
    Cash and due from banks   8,567             8,034        
    Other assets   50,461             52,953        
    Total assets $ 2,233,028           $ 2,065,621        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,160,115   $ 51,457   4.44 %   $ 1,029,415   $ 39,430   3.83 %
    Time deposits   483,668     21,060   4.35 %     466,742     14,888   3.19 %
    Total savings and time deposits   1,643,783     72,517   4.41 %     1,496,157     54,318   3.63 %
    Borrowings   149,667     6,109   4.08 %     157,701     6,124   3.88 %
    Subordinated debentures   24,660     1,304   5.29 %     24,606     1,297   5.27 %
    Total interest-bearing liabilities   1,818,110     79,930   4.40 %     1,678,464     61,739   3.68 %
    Demand deposits   196,595             179,756        
    Other liabilities   27,000             24,701        
    Total liabilities   2,041,705             1,882,921        
    Stockholders’ equity   191,323             182,700        
    Total liabilities & stockholders’ equity $ 2,233,028           $ 2,065,621        
    Net interest rate spread         1.72 %           1.99 %
    Net interest income/margin     $ 53,092   2.44 %       $ 51,887   2.59 %
                           

    The MIL Network –

  • MIL-OSI Russia: Meeting of the Academic Council of the State University of Management: preparations for the 2025 admissions campaign begin

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    On January 28, a meeting of the Academic Council was held at the State University of Management.

    The meeting traditionally began with a congratulatory part. Rector of the State University of Management Vladimir Stroyev presented the medal of the Ministry of Science and Higher Education of the Russian Federation “For impeccable work and distinction” to Associate Professor of the Department of Management in International Business and Tourism Industry Elena Frolova, honorary certificates of the Ministry of Education and Science “For significant merits in the field of education, scientific activity and conscientious work” to Associate Professor of the Department of Advertising and Public Relations Galina Dovzhik and Senior Lecturer of the Department of Project Management Artem Geokchakyan.

    The rector also presented a first-degree diploma of the international startup competition “Business Generation 2024” to 3rd-year students of the Institute of Economics and Finance Victoria Kostikova and Yulia Popova and their consultant, professor of the Department of Theory and Organization of Management at the State University of Management Nadezhda Psareva.

    In addition, Vladimir Stroyev presented a Letter of Gratitude from the IEF for providing humanitarian aid in the conditions of the SVO, after which he congratulated the birthday people of the month.

    Director of the Institute of Marketing Gennady Azoev made a report on the activities of the Institute of Marketing in 2024 and on development prospects for 2025.

    “We exceeded the recruitment plan for the 2024 admission campaign, in 2025 it will be a bit more difficult, since both the control figures and the cost of education are higher, but still more profitable than competitors. This year we will participate in the network program “Development and Marketing of Digital Products” together with the Mari State University. I would also like to note the high interest of foreign students in the tournaments and competitions for bachelors and masters held by the institute, it is worth expanding this area,” shared Gennady Azoev.

    Also, at his suggestion, a new educational program, “International Marketing and Brand Management,” taught in English, was approved.

    Vice-Rector Pavel Pavlovsky spoke about the successes of work in the field of educational activities and proposed opening a Center for the implementation of projects in the social and humanitarian profile at the State University of Management.

    “We closely cooperate with centers engaged in the development of key traditional values and ways of communicating them to young people. One of them is the Digoria Center. The Ministry of Education and Science proposes to place part of this project on the territory of the State University of Management. Our university has long had the right to be called the ideological center of the state agenda, let me remind you that all the heads of Rosmolodezh are connected with the State University of Management in one way or another. Today, the issues of educating the younger generation and interacting with young people are extremely important for the country, and we can help in this direction,” concluded Pavel Vladimirovich.

    The Academic Council also considered issues of assigning recommendation stamps to educational publications, assigning employees to departments to prepare candidate dissertations, approving the Russian language as the language of education at the university, and other working issues.

    At the end of the meeting, Vladimir Stroyev recalled the start of work within the framework of the 2025 admissions campaign.

    “A new admission campaign has begun and everyone needs to actively participate. The work is not easy every year, the number of applicants will increase and we need to prepare properly so that as many children as possible come to GUU. To strengthen this work, we have created an entire operational headquarters that will make decisions collectively. I am personally present there and have already seen that it was not created in vain, since there are moments that require coordinated actions and systematic work that we can improve,” the GUU rector concluded.

    Subscribe to the TG channel “Our GUU” Date of publication: 01/29/2025

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

    MIL OSI Russia News –

  • MIL-OSI Economics: W&T Offshore Announces Closing of $350 Million Senior Second Lien Notes Offering And Additional Strengthening of Balance Sheet

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Closing of $350 Million Senior Second Lien Notes Offering And Additional Strengthening of Balance Sheet

    HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T Offshore” or the “Company”) today announced the closing, on January 28, 2025, of its previously announced offering of $350 million in aggregate principal amount of 10.750% Senior Second Lien Notes due 2029 (the “Notes”) at par in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and receipt of proceeds from a previously-announced insurance settlement. In conjunction with the issuance of the Notes, the Company entered into a credit agreement with certain lenders and other parties which provides the Company a revolving credit facility of $50 million.

    • Closed $350 million of Notes;
      • Lowered the interest rate from the previous 11.750% Senior Second Lien Notes due 2026 (the “2026 Senior Second Lien Notes”) by one hundred basis points;
      • Repaid $114.2 million outstanding under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”);
    • Entered into a new credit agreement for a $50 million revolving credit facility through July 2028 that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC; and
    • Received in cash $58.2 million of the previously announced $58.5 million insurance settlement related to the Mobile Bay 78-1 well, with the remainder expected shortly, which further bolsters W&T’s balance sheet.

    Tracy W. Krohn, Chairman and Chief Executive Officer, commented, “We have begun 2025 with several positive events that improve W&T’s financial position. Over the past month, we have strengthened the balance sheet by closing the new senior second lien notes offering, entering into a new revolving credit facility and collecting our insurance settlement. I would like to thank our banks for running such a smooth process. The new senior second lien notes, which received improved credit ratings from S&P and Moody’s, had a broad distribution. This included international investors and was significantly oversubscribed, further demonstrating the investment community’s confidence in W&T’s underlying asset base. We are likewise pleased to now have access to the bank revolver market again. With pathways in place to bring additional fields back online and our successful actions to enhance our balance sheet, we are well-positioned for success moving forward.”

    The Company has used a portion of the proceeds from the Notes offering, along with cash on hand to, (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 2026 Senior Second Lien Notes that were validly tendered pursuant to the terms thereof (the “Tender Offer”), (ii) repay outstanding amounts under the MRE Term Loan, (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 2026 Senior Second Lien Notes not validly tendered and accepted for purchase in the Tender Offer and (iv) pay premiums, fees and expenses related to the offering of Notes, the Tender Offer, the redemption of the remaining 2026 Senior Second Lien Notes, the satisfaction and discharge of the indenture governing the 2026 Senior Second Lien Notes and the repayment of the MRE Term Loan. On the closing date of the offering of the Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 2026 Senior Second Lien Notes.

    On January 28, 2025, in conjunction with the issuance of the Notes, the Company entered into a credit agreement (the “Credit Agreement”), by and among the Company, as borrower, Texas Capital Bank, as Administrative Agent, lender and L/C Issuer, TCBI Securities, Inc., doing business as Texas Capital Securities, as Lead Arranger and Bookrunner, the other lenders named therein and other parties thereto which provides the Company a revolving credit and letter of credit facility (the “Credit Facility”), with initial lending commitments of $50 million with a letter of credit sublimit of $10 million. The Credit Facility matures on July 28, 2028.

    The Credit Facility is guaranteed by each of the Company’s wholly owned direct and indirect subsidiaries (the “Guarantors”) and is secured by a first-priority lien on substantially all of the natural gas and oil properties and personal property assets of the Company and the Guarantors, other than the Company’s membership interest in its Unrestricted Subsidiaries (as defined in the Credit Agreement) and minority ownership in certain joint venture entities. Certain future-formed or acquired majority-owned domestic subsidiaries of the Company may also be required to guarantee the Credit Facility and grant a security interest in substantially all of their natural gas and oil properties and personal property assets to secure the obligations under the Credit Facility.

    This press release is being issued for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell the 2026 Senior Second Lien Notes, and it does not constitute a notice of redemption of the 2026 Senior Second Lien Notes.

    The Notes and the related guarantees have not been and will not be registered under the Securities Act or any other securities laws, and the Notes and the related guarantees may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The Notes and the related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in the United States under Rule 144A and to non-U.S. investors outside the United States pursuant to Regulation S.

    This press release is being issued for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a sale of the Notes, the related guarantees, or any other securities, nor does it constitute an offer to sell, a solicitation of an offer to buy or a sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

    ABOUT W&T OFFSHORE

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. As of September 30, 2024, the Company had working interests in 53 fields in federal and state waters (which include 46 fields in federal waters and 7 in state waters). The Company has under lease approximately 673,100 gross acres (515,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 514,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates.

    FORWARD-LOOKING AND CAUTIONARY STATEMENTS

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding the Company’s financial position, operating and financial performance, and potential to return fields back to production are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

    CONTACT:

    Al Petrie
    Investor Relations Coordinator
    investorrelations@wtoffshore.com
    713-297-8024

    Sameer Parasnis
    Executive Vice President and Chief Financial Officer
    sparasnis@wtoffshore.com
    713-513-8654

    Source: W&T Offshore, Inc.

    Source: W&T Offshore, Inc.

    Released January 29, 2025

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Cabinet Approves ‘National Critical Mineral Mission’ to build a resilient Value Chain for critical mineral resources vital to Green Technologies, with an outlay of Rs.34,300 crore over seven years

    Source: Government of India (2)

    Posted On: 29 JAN 2025 3:08PM by PIB Delhi

    The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs.16,300 crore and expected investment of Rs.18,000 crore by PSUs, etc.

    As part of the Atmanirbhar Bharat initiative, and recognizing the indispensable role of critical minerals in high-tech industries, clean energy, and defense, the Government of India has undertaken several initiatives over the past two years to address challenges in the critical minerals sector.

    There is a need to establish an effective framework for India’s self-reliance in the critical mineral sector. In line with this vision, the Finance Minister announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on 23rd July 2024.
     
    The National Critical Mineral Mission, approved by the Union Cabinet, will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products. The mission will intensify the exploration of critical minerals within the country and in its offshore areas. It aims to create a fast track regulatory approval process for critical mineral mining projects. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.

    The mission aims to encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of stockpile of critical minerals within the country.

    The mission includes provisions for setting up of mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up Centre of Excellence on Critical Minerals.

    Adopting a whole-of-government approach, the Mission will work closely with relevant ministries, PSUs, private companies, and research institutions to achieve its objectives.

    Mines and Minerals (Development and Regulation) Act, 1957, has been amended in 2023 to increase exploration and mining of critical minerals. Consequently, the Ministry of Mines has auctioned 24 blocks of strategic minerals. Further, Geological Survey of India (GSI) has undertaken 368 exploration projects for critical minerals over the past three years, with 195 projects currently underway in FS 2024-25. Further, for FY 2025-26, GSI is going to take up 227 projects for various critical minerals. To foster innovation, the Ministry launched the Science and Technology – Promotion of Research and Innovation in Start-ups and MSMEs (S&T  PRISM) program in 2023, funding start-ups and MSMEs to bridge the gap between R&D and commercialization. Moreover, KABIL, a JV of Ministry of Mines, has acquired an area of about 15703 Ha in the Catamarca province of Argentina, for exploration and mining of Lithium. Government of India has already eliminated customs duties on the majority of critical minerals in Union budget 2024-25. This will increase the availability of critical mineral in the country and will encourage the industry to set up processing facilities in India. These initiatives highlight India’s commitment to securing critical mineral supplies.

    ******

    MJPS/SKS

    (Release ID: 2097308) Visitor Counter : 144

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – EU accession negotiations with Albania – P-000165/2025

    Source: European Parliament

    Priority question for written answer  P-000165/2025
    to the Commission
    Rule 144
    Harald Vilimsky (PfE)

    In the context of the EU accession negotiations with Albania, the serious shortcomings in the rule of law and the effect these will have on the enlargement process needs to be addressed. Investments have been made, including EUR 14.7 million from Austria in the EURALIUS project, yet the reform objectives have not been met. The fact that Irena Gojka was given a position in the anti-corruption court in spite of all the controversy evinces the conflicts of interest and shortcomings in the rule of law. Furthermore, a planned ban on TikTok threatens freedom of expression and is viewed as a form of censorship to suppress critics. Shortcomings in the rule of law and restrictions on freedom of expression thus continue to be a problem in Albania.

    • 1.What is the Commission’s assessment of the effectiveness of Euralius-supported reforms in Albania’s judiciary, in particular as regards the independence, efficiency and accountability of the judiciary?
    • 2.What is its view on the planned TikTok ban in Albania as a measure which, according to critics, is intended to restrict freedom of expression?
    • 3.Does it think it is justifiable to open comprehensive accession negotiations when not only are significant reforms in Albania’s judiciary still pending but there is also considerable controversy around the choices made by the Albanian Government for key posts, and serious allegations of corruption persist and are virtually unresolved?

    Submitted: 15.1.2025

    Last updated: 29 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Global lends €125 million to finance SES’s medium earth orbit satellites

    Source: European Investment Bank

    • EIB Global loan will partially fund SES’s continued O3b mPOWER medium earth orbit fleet expansion, enabling additional capacity worldwide.
    • The O3b mPOWER satellite network aims to bridge the urban-rural digital divide, supporting objectives of the EU’s Global Gateway initiative and the EU Space Programme 2021-2027.

    The European Investment Bank’s global arm, EIB Global, has signed a €125 million loan agreement with SES, a provider of satellite-enabled content and connectivity solutions, for three satellites of its second-generation medium earth orbit (MEO) system, O3b mPOWER. SES has already launched eight of 13 O3b mPOWER satellites, which operate 8 000 km away from the Earth, delivering high throughput and flexibility.

    The loan will enable SES to provide enhanced broadband connectivity through its MEO system, reaching underserved and remote areas across Africa, Asia and Latin America. It will also help close the urban-rural digital divide and improve access to essential services like education, healthcare and e-governance.

    “Digital connectivity is essential for economic and social development, particularly in regions where access to broadband is limited. By fostering enhanced connectivity, this collaboration with SES will not only help to bridge the digital divide, but will also unlock new opportunities by improving quality of life for millions of people. The project will also help strengthen Europe’s independence in the area of access to space-based data traffic – reflecting the EIB’s commitment to supporting Europe’s strategic autonomy in the domains of space and global connectivity,” said EIB Vice-President Robert de Groot.

    Sandeep Jalan, Chief Financial Officer at SES, said, “We are pleased to have secured this term loan from the EIB, which reflects their confidence in our business and network and underscores our ability to secure funding from diverse sources while bolstering SES’s financial foundation. This agreement further enables us to deliver high-performance, multi-orbit connectivity services securely and reliably to our customers worldwide.”

    The loan aligns with the European Union’s Global Gateway initiative, which promotes investment in secure and sustainable infrastructure to connect people and improve lives around the world. It is also part of the EIB’s activities related to the EU Space Programme 2021-2027, strengthening Europe’s position in space technology and innovation.

    Background information

    About EIB Global

    The EIB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world.

    About SES

    SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous orbit fleet and medium earth orbit (GEO-MEO) constellation of satellites, offering a combination of global coverage and high-performance services. Using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG).

    MIL OSI Europe News –

  • MIL-OSI Europe: Belgium: UZ Leuven gets support from EIB for modernisation and expansion

    Source: European Investment Bank

    UZ Leuven to benefit from €230 million lending agreement between KU Leuven and the European Investment Bank (EIB), to finance its infrastructure plans up to 2031. The works will cover an overhaul of the main Health Sciences campus Gasthuisberg in Leuven. A well-planned layout of medical departments and supporting services will allow for optimised patient- and workflows.

    UZ Leuven’s “Health Sciences Campus 2.0” masterplan foresees works on the intensive care units, operating theatres, imaging, nuclear medicine and ambulatory care facilities such as endoscopy and dentistry, as well as works on the pharmacy.

    The European Investment Bank will support UZ Leuven 2022-2031 investment plan with a €230 million loan to the Catholic University Leuven (KU Leuven). The hospital will use the financing to support its masterplan of adapting the infrastructure on existing campuses to current research and medical care requirements.

    The financing supports UZ Leuven’s “Health Sciences campus 2.0” masterplan, which will further transform its campus into an innovation ecosystem, in-line with Flanders’ ambition to support and develop its knowledge economy, in close collaboration with the KU Leuven. The intensive care units and operating theatres will benefit from new facilities to substitute aging buildings, allowing also to better connect and integrate them with other parts of the care site, including the new construction featuring, hospitalisation facilities and the extension for oncological care.

    The loan will also be used to finance research facilities for nuclear medicine, the tissue and biobank facility, as well as a new production site for the hospital pharmacy in Leuven. Next to the investments in the expansion, modernisation and renovation of parts of the Gasthuisberg campus, the EIB loan will also support further renewal of UZ Leuven’s rehabilitation campus Pellenberg, for both hospitalisation and one-day care.

    EIB Vice-President Robert de Groot said: “UZ Leuven’s plans will not only help the hospital cater for profound changes to existing care models, it will also further integrate the facilities in the knowledge and innovation ecosystem that Leuven is creating. This is the EIB’s second financing for Leuven’s hospital campus, showing the commitment of the EIB in supporting social infrastructure and financing projects that have a positive impact on citizens.”

    “UZ Leuven and KU Leuven greatly appreciate the essential support from EIB. This financing allows us, together with VIPA resources and internal funding, to establish state of the art facilities for both our top patient care programs as well as our research and innovation infrastructure. This way, as a university hospital, we can continue to push boundaries for our patients.” said UZ Leuven CEO prof. dr. Paul Herijgers.

    Background information:

    The European Investment Bank (EIB) is the EU institution for long-term loans. Its shares are held by the 27 EU Member States, with 5.2% owned by Belgium. The EIB makes long-term financing available for sound investments that contribute towards the EU’s policy objectives. In 2023 the EIB provided over €2.1 billion in financing for Belgian projects.

    UZ Leuven is affiliated with KU Leuven university and is the largest tertiary care university hospital in Belgium, tracing its origins to the Sint-Pieter Hospital, established in the heart of the City of Leuven in 1080. Consisting of the Gasthuisberg, Pellenberg and Sint-Rafaël (city) campuses, it’s one of the leading university hospitals in Europe, providing more than 1,800 beds which are served by almost 10,000 employees. Gasthuisberg is the main campus and contains all the highly specialised services, connected to the biomedical facilities of KU Leuven.

     

    MIL OSI Europe News –

  • MIL-OSI Security: Criminals smuggling 1.5 billion untaxed cigarettes stopped

    Source: Eurojust

    The investigation into the smuggling group started in May 2020, when three containers arrived in Belgium filled with undeclared cigarettes instead of the supposed construction material destined for Germany. The group tried to avoid suspicion by filling one of the three containers with the declared goods and presenting it correctly to customs. The building materials would then be loaded into the second and third containers to get them through customs. The smuggling did not go unnoticed as customs officers discovered that the containers were filled with undeclared cigarettes.

    With the support of the European Anti-Fraud Office, Belgian and German customs launched a cross-border investigation into the criminal group. They discovered that the same method had been used to smuggle over 150 containers filled with cigarettes into the EU. During the investigation, customs authorities also learned that the group was now also unloading cigarettes at warehouses in the Netherlands. The Dutch customs authorities joined the international investigation to take down the smuggling operation.

    The cigarettes were manufactured in Türkiye and Iran, then exported to ports worldwide, reloaded and brought into EU ports using forged sea freight documents. The criminal group is suspected of smuggling 150 containers into the EU. The fiscal loss of the smuggling scheme is estimated at EUR 550 million.

    The four-year long investigation culminated in an action day coordinated from Eurojust’s headquarters in The Hague. Authorities executed arrest warrants in three countries, leading to two arrests in Belgium, one in the Netherlands and seven in Germany. Seventeen locations and one vehicle were searched where authorities seized multiple phones laptops and paper documents.

    The following authorities carried out the operations:

    • Germany: Public Prosecutor’s Office Bielefeld; Customs Investigation Office Hanover
    • Belgium: Public Prosecution Office Namur; Public Prosecution Office Charleroi; Federal Police Namur; Federal Police Charleroi; Belgian Customs Authorities
    • The Netherlands: National Public Prosecutors Office for Economic and Environmental Crimes; Fiscal Intelligence and Investigation Service
    • European Anti-Fraud Office (OLAF)

    MIL Security OSI –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on PLTY ($2.9826), MARO ($2.1002), NVDY ($0.8294), YMAX ($0.1469), YMAG ($0.1898) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group B ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Ex-Date & R
    ecord Date    		 Payment
    Date
    GPTY* YieldMax™ AI & Tech
    Portfolio Option
    Income ETF    		 Multiple – Weekly – –
    LFGY YieldMax™ Crypto
    Industry & Tech
    Portfolio Income ETF    		 Multiple $0.6294 Weekly 1/30/2025 1/31/2025
    YMAX YieldMax™ Universe
    Fund of Option
    Income ETFs    		 Multiple $0.1469 Weekly 1/30/2025 1/31/2025
    YMAG YieldMax™
    Magnificent 7 Fund of
    Option Income ETFs    		 Multiple $0.1898 Weekly 1/30/2025 1/31/2025
    NVDY YieldMax™ NVDA
    Option Income
    Strategy ETF    		 NVDA $0.8294 Every 4 Weeks 1/30/2025 1/31/2025
    DIPS YieldMax™ Short
    NVDA Option Income
    Strategy ETF    		 NVDA $0.5026 Every 4 Weeks 1/30/2025 1/31/2025
    FBY YieldMax™ META
    Option Income
    Strategy ETF    		 META $0.6390 Every 4 Weeks 1/30/2025 1/31/2025
    GDXY YieldMax™ Gold
    Miners Option Income
    Strategy ETF    		 GDX® $0.5937 Every 4 Weeks 1/30/2025 1/31/2025
    BABO YieldMax™ BABA
    Option Income
    Strategy ETF    		 BABA $0.4693 Every 4 Weeks 1/30/2025 1/31/2025
    JPMO YieldMax™ JPM
    Option Income
    Strategy ETF    		 JPM $0.6929 Every 4 Weeks 1/30/2025 1/31/2025
    MRNY YieldMax™ MRNA O
    ption Income
    Strategy ETF    		 MRNA $0.2730 Every 4 Weeks 1/30/2025 1/31/2025
    PLTY YieldMax™ PLTR
    Option Income
    Strategy ETF    		 PLTR $2.9826 Every 4 Weeks 1/30/2025 1/31/2025
    MARO YieldMax™ MARA
    Option Income
    Strategy ETF    		 MARA $2.1002 Every 4 Weeks 1/30/2025 1/31/2025
    Weekly Payers & Group C ETFs scheduled for next week: GPTY LFGY YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs.”

    You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *The inception date for GPTY is January 22, 2025.

    1 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
       
      Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.
       

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies, and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Lantronix Launches New 28-Port PoE++ Network Switch at 2025 BICSI Winter Conference & Exhibition

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX) (the “Company”), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced it will launch its new 28-port SM24TBT4XPA Managed 2.5G Ethernet PoE++ network switch as well as feature its 24-port SM24TBT4SA and 8-port SM8TBT2SA Managed Gigabit Ethernet PoE++ network switches at the 2025 BICSI Winter Conference & Exhibition. Taking place Feb. 4–6, 2025, at the Gaylord Palms Resort & Convention Center in Orlando, Fla., Lantronix will exhibit these newest items, along with more IoT network solutions, at booth Number 910.

    “At BICSI, we will feature our new PoE++ network switches that offer flexibility in port speed and power while delivering the always-on performance needed for critical applications, such as smart building, wireless and security and surveillance. Our users know they can rely on Lantronix’s secure network solutions to stay connected at the network edge while gaining easy, intuitive control of end-to-end devices,” said Mathi Gurusamy, chief strategy officer at Lantronix.

    Ideal for connecting and powering wireless devices in security and surveillance, smart building and other applications that require always-on performance, Lantronix’s new 28-port Managed Ethernet PoE++ Switch features 2.5G ports and IEEE 1588v2 precision clock synchronization protocol, providing the highly accurate time synchronization needed for use in applications like wireless networks and financial trading. Similar to other Lantronix switches, it also includes the unique, simple-to-navigate user interface with device management features that help reduce troubleshooting time and operating costs. The switches come integrated with Lantronix’s Percepxion™ Software End-to-End Solutions platform, providing comprehensive device life cycle management, enterprise application integration and data analytics, all through a single pane of glass.

    Lantronix Speaker to Present on Lantronix’s New 24-Port Switch

    Dennis Troxell, senior field applications engineer at Lantronix, will speak about Lantronix’s 24-port SM24TBT4SA Managed Gigabit Ethernet PoE++ switch. He will highlight its benefits in smart buildings and security and surveillance applications as part of the “What’s New, What’s It Do?” speaker series held on Monday, Feb. 3, at 5:40 p.m. at the BICSI Theatre.

    Other solutions on display at the Lantronix booth include:

    Network Extension Solutions

    Secure Data Transmission at the Desktop Solutions

    • Fiber to the Desk Solutions: Learn how to improve security and increase network reliability by integrating fiber optic cabling with existing copper infrastructure utilizing compact Mini Media Converters or Network Interface Cards (NICs) at desktop workstations

    Solutions for Connecting and Powering at the Network Edge

    Industrial IoT Solutions

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOBM) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix leadership. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI: Nasdaq Reports Fourth Quarter and Full Year 2024 Results; A Year of Strong Financial Performance and Strategic Execution

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the fourth quarter and full year of 2024

    • 2024 net revenues1 were $4.6 billion, or $4.7 billion on a non-GAAP basis2, an increase of 19% over 2023, or up 9% on an adjusted3 basis. This included Solutions4 revenue increasing 25%, or up 10% on an adjusted basis.
    • Fourth quarter 2024 net revenue was $1.2 billion, an increase of 10% over the fourth quarter of 2023. This included Solutions revenue increasing 10%, or up 9% on an adjusted basis.
    • Annualized Recurring Revenue (ARR)5 of $2.8 billion increased 7% over the fourth quarter of 2023. Annualized SaaS revenues increased 14% and represented 37% of ARR.
    • Financial Technology revenue of $438 million increased 10% over the fourth quarter of 2023, or up 7% on an adjusted basis.
    • Index revenue of $188 million grew 29%, with $80 billion of net inflows over the trailing twelve months and $28 billion in the fourth quarter.
    • GAAP diluted earnings per share fell 7% in 2024 and grew 72% in the fourth quarter of 2024. Non-GAAP diluted earnings per share was flat in 2024 and grew 5% in the fourth quarter of 2024, or grew 11% and 10% on organic6 basis, respectively.
    • In the fourth quarter of 2024, the company returned $138 million to shareholders through dividends. The company also repurchased $181 million of senior unsecured notes in the fourth quarter of 2024.

    Fourth Quarter and Full Year 2024 Highlights

    (US$ millions,
    except per share,
    % changes YoY)    		 4Q24 Change % Adjusted
    change    3%    		 Organic
    change %    		 2024 Change % Adjusted
    change    3%    		 Organic
    change %
    GAAP Solutions revenue $949 10%     $3,593 25%    
    Non-GAAP Solutions revenue $949 10% 9% 9% $3,627 26% 10% 10%
    Market Services net revenue $268 8% 12% 8% $1,020 3% 4% 3%
    GAAP net revenue $1,227 10%     $4,649 19%    
    Non-GAAP net revenue $1,227 10% 10% 9% $4,683 20% 9% 8%
    GAAP operating income $517 47%     $1,798   14%  
    Non-GAAP operating income $671 10% 13% 12% $2,521 22% 11% 9%
    ARR $2,768 7% 7% 7% $2,768 7% 7% 7%
    GAAP diluted EPS $0.61 72%     $1.93 (7)%    
    Non-GAAP diluted EPS $0.76 5%   10% $2.82 0%   11%


    Adena Friedman, Chair and CEO     said, “2024 was a transformative year for Nasdaq. With the integration of AxiomSL and Calypso largely complete, we’ve made substantial progress as a scalable platform company. We are executing well across our strategic priorities, including driving cross-sell opportunities, innovating across our solutions, and expanding client relationships with our One Nasdaq strategy.

    Looking to 2025, we are well positioned to provide more value to our clients while driving profitable and durable growth as the trusted fabric of the world’s financial system.”

    Sarah Youngwood, Executive Vice President and CFO said, “After setting ambitious targets, Nasdaq delivered strong revenue growth and profitability across 2024 and is tracking ahead of schedule against our deleveraging and cost synergy targets.

    Our achievements this year reflect our team’s relentless focus on our clients and our ability to deliver outsized, long-term growth within our large and expanding market opportunity.”

    FINANCIAL REVIEW

    • 2024 net revenue was $4,649 million, reflecting 19% growth versus the prior year period while non-GAAP net revenue was $4,683 million. Adjusted net revenue growth was 9%.
    • Fourth quarter 2024 net revenue was $1,227 million, reflecting 10% growth versus the prior year period. Adjusted net revenue growth was also 10%.
    • Solutions revenue was $949 million in the fourth quarter of 2024, up 10% versus the prior year period, or up 9% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
    • ARR grew 7% year over year in the fourth quarter of 2024 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 3% ARR growth for Capital Access Platforms.
    • Market Services net revenue was $268 million in the fourth quarter of 2024, up 8% versus the prior year period, or 12% growth on an adjusted basis. The increase was primarily driven by a $15 million increase in U.S. equity derivatives and a $14 million increase in U.S. cash equities, partly offset by a $4 million decrease in U.S. tape plan revenue.
    • 2024 GAAP operating expenses were $2,851 million, an increase of 23% versus the prior year period. The increase for the year was due to expenses related to the acquisition of Adenza, which resulted in an incremental $288 million in amortization expense of acquired intangible assets, $220 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by lower merger and strategic initiative costs.
    • Fourth quarter 2024 GAAP operating expenses were $710 million, a decrease of 7% versus the prior year period. The decrease in the fourth quarter was primarily due to lower merger and strategic initiative costs and lower general and administrative expense, partially offset by expenses related to the acquisition of Adenza, which resulted in an incremental $29 million in amortization expense of acquired intangible assets, $24 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and people to drive innovation and long-term growth.
    • 2024 non-GAAP operating expenses were $2,162 million, an increase of 18% over 2023, or 6% growth on an adjusted basis. Fourth quarter 2024 non-GAAP operating expenses were $556 million, reflecting 10% growth versus the prior year period, or 6% growth on an adjusted basis. The increase for the full year and fourth quarter included $220 million and $24 million, respectively, of AxiomSL and Calypso operating expenses. The increases for the year and quarter on an adjusted basis reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, as well as increased regulatory costs, partially offset by the benefit of synergies.
    • Cash flow from operations was $705 million for the fourth quarter and $1,939 million for 2024, enabling the company to make additional progress on its deleveraging plan. In the fourth quarter, the company returned $138 million to shareholders through dividends. The company also repurchased $181 million of senior unsecured notes in the fourth quarter of 2024. As of December 31, 2024, there was $1.7 billion remaining under the board authorized share repurchase program.

    2025 EXPENSE AND TAX GUIDANCE UPDATE7

    • The company is initiating its 2025 non-GAAP operating expense guidance at a range of $2,245 million to $2,325 million, and its 2025 non-GAAP tax rate guidance to be in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Strong execution across Financial Technology led to double-digit ARR growth in the fourth quarter. Financial Technology ARR growth was up 12% on an organic basis, in the fourth quarter with 120 new clients, 127 upsells, and 4 cross-sells. Division revenue increased 7% on an adjusted basis. Financial Technology had an exceptional year for new bookings, including a number of sizeable and strategic enterprise deals, underscoring its leadership position and expanding Nasdaq’s right to win across its products. Fourth quarter highlights included:
      • Financial Technology continued its international expansion with several strategic enterprise deals. In the fourth quarter, Nasdaq signed a long-term agreement to provide a future-proof, regulatory management solution through AxiomSL to AuRep, a collaborative joint venture of banks and financial service providers in Austria. The companies will provide additional details on this important partnership in the coming weeks. AxiomSL also secured an upsell with Société Générale to manage its domestic regulatory reporting needs. During the quarter, Calypso also expanded its reach with international customers through upsells with a large European bank and a Middle Eastern bank.
      • Financial Crime Management Technology generated 23% ARR growth with 114% net revenue retention. In the fourth quarter, Nasdaq Verafin added 102 new SMB clients, completed a new cross-sell with a Tier 1 bank, and launched in Europe. Nasdaq Verafin’s data consortium continues to benefit from strong growth in its client base, which now represents nearly $10 trillion in assets.
      • AxiomSL and Calypso accelerated cloud bookings. Cloud bookings as a percent of AxiomSL and Calypso’s combined new annual contract value was 52% for 2024 and 60% in the fourth quarter, increasing the combined business’ cloud mix of ARR to 27% at year end.
    • Index delivered another quarter of outstanding performance benefiting from its growth strategy across innovation, globalization, and institutional client expansion. In 2024, Nasdaq’s Index business launched a record 116 new products with its clients, more than half of which were international, 27 were within the institutional insurance annuity space, and 30 were launched in partnership with new Index clients. For the year, the business had $80 billion of net inflows, including $28 billion in the fourth quarter, and reported its fifth consecutive record quarter in ETP AUM, reaching $647 billion at quarter end.
    • Nasdaq extended listing leadership in 2024 with its sixth consecutive year as the top U.S. exchange by number of IPOs and proceeds raised. For the year, Nasdaq welcomed 180 IPOs, representing $23 billion in total proceeds raised. New listings included 130 operating companies, headlined by Lineage, the largest IPO of the year. In 2024, Nasdaq had an 80% win rate among eligible operating company IPOs in the U.S. In the third quarter, Nasdaq celebrated its 500th listing transfer, bringing the cumulative market capitalization at transfer to nearly $3 trillion. The company had 14 new transfers in the fourth quarter, including Palantir, the largest transfer on a U.S. exchange in 2024, bringing the total to 30 new switches with over $180 billion in market value for the year.  
    • Market Services achieved record fourth quarter and full year net revenue. Fourth quarter net revenue benefited from momentum in U.S. cash equities, including the Closing Cross reaching a new record in fourth quarter share volume, and record U.S. equity derivatives volumes. 2024 Market Services net revenue growth reflected healthy growth in U.S. cash equities, with the Closing Cross setting full year records in both share volume and notional value traded, and index options revenue more than doubling.
    • Nasdaq successfully delivered on its 2024 strategic priorities – Integrate, Innovate, Accelerate – positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq finished the year ahead of its net expense synergy and deleveraging goals. The company has fully actioned the $80 million net expense synergies goal that was announced with the acquisition of AxiomSL and Calypso, a year ahead of the initial target. Nasdaq is broadening its efficiency program beyond the Financial Technology division and now expects to action annual cost savings of $140 million by the end of 2025, inclusive of the net expense synergies related to the AxiomSL and Calypso acquisition.
      • Innovate – In 2024, Nasdaq demonstrated its innovation leadership with the launch of AI-powered solutions and product enhancements across its divisions. Nasdaq has a robust pipeline of new AI capabilities to deliver through our software and analytics solutions, with several feature launches planned for 2025. The company has advanced its focus from “exploration and experimentation” to driving “impact” as it targets AI-driven productivity enhancements across the organization.
      • Accelerate – The company continues to make progress on its One Nasdaq strategy, with 17 cross-sell deals since the Adenza acquisition across solutions such as Nasdaq Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to exceed $100 million in run-rate revenue from cross-sells by the end of 2027.

    ____________
    1 Represents revenue less transaction-based expenses.
    2 Refer to our reconciliations of U.S. GAAP to non-GAAP Solutions revenue, net revenue, net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    3Adjusted change reflects AxiomSL and Calypso on a pro forma basis (including ratable revenue recognition for AxiomSL in 2024 and 2023). Adjusted change also excludes the impacts of foreign currency except for AxiomSL and Calypso, which will be calculated on an organic basis beginning in 2025, and the previously announced one-time revenue benefits in Market Services in 4Q23 and Index in 1Q24. These results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this earnings release.
    4 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    5 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    6 Organic changes reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture.
    7 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.

    ABOUT NASDAQ

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP Solutions revenue, non-GAAP net revenue, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, real estate impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period. We expect to achieve benefits in the form of both increased customer engagement and operating efficiencies. Costs related to the Adenza restructuring and the divisional alignment programs are recorded as “restructuring charges” in our consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, deleveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact
    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi.@Nasdaq.com

    Investor Relations Contact
    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    NDAQF

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
     
               
      Three Months Ended   Year Ended
      December 31,   December 31,   December 31,   December 31,
       2024     2023     2024     2023 
        (unaudited)   (unaudited)   (unaudited)    
    Revenues:              
    Capital Access Platforms $ 511     $ 461     $ 1,972     $ 1,770  
    Financial Technology   438       399       1,621       1,099  
    Market Services   1,070       778       3,771       3,156  
    Other Revenues   10       10       36       39  
      Total revenues   2,029       1,648       7,400       6,064  
    Transaction-based expenses:              
    Transaction rebates   (548 )     (462 )     (2,026 )     (1,838 )
    Brokerage, clearance and exchange fees   (254 )     (69 )     (725 )     (331 )
    Revenues less transaction-based expenses   1,227       1,117       4,649       3,895  
                   
    Operating Expenses:              
    Compensation and benefits   324       305       1,324       1,082  
    Professional and contract services   44       36       152       128  
    Technology and communication infrastructure   75       65       281       233  
    Occupancy   28       30       112       129  
    General, administrative and other   24       52       109       113  
    Marketing and advertising   20       16       54       47  
    Depreciation and amortization   152       125       613       323  
    Regulatory   18       8       55       34  
    Merger and strategic initiatives   12       97       35       148  
    Restructuring charges   13       31       116       80  
      Total operating expenses   710       765       2,851       2,317  
    Operating income   517       352       1,798       1,578  
    Interest income   8       30       28       115  
    Interest expense   (101 )     (111 )     (414 )     (284 )
    Other income (loss)   7       5       21       (1 )
    Net income (loss) from unconsolidated investees   9       2       16       (7 )
    Income before income taxes   440       278       1,449       1,401  
    Income tax provision   85       81       334       344  
    Net income   355       197       1,115       1,057  
    Net loss attributable to noncontrolling interests   —       —       2       2  
    Net income attributable to Nasdaq $ 355     $ 197     $ 1,117     $ 1,059  
                   
    Per share information:              
    Basic earnings per share $ 0.62     $ 0.36     $ 1.94     $ 2.10  
    Diluted earnings per share $ 0.61     $ 0.36     $ 1.93     $ 2.08  
    Cash dividends declared per common share $ 0.24     $ 0.22     $ 0.94     $ 0.86  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   574.8       547.1       575.4       504.9  
    Diluted   579.7       550.6       579.2       508.4  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
     
               
      Three Months Ended   Year Ended
      December 31,   December 31,   December 31,   December 31,
       2024     2023     2024     2023 
      (unaudited)   (unaudited)   (unaudited)    
    CAPITAL ACCESS PLATFORMS              
    Data and Listing Services revenues $ 192     $ 189     $ 754     $ 749  
    Index revenues   188       146       706       528  
    Workflow and Insights revenues   131       126       512       493  
    Total Capital Access Platforms revenues   511       461       1,972       1,770  
                   
    FINANCIAL TECHNOLOGY              
    Financial Crime Management Technology revenues   73       60       273       223  
    Regulatory Technology revenues   98       110       352       212  
    Capital Markets Technology revenues   267       229       996       664  
    Total Financial Technology revenues   438       399       1,621       1,099  
                   
    MARKET SERVICES              
    Market Services revenues   1,070       778       3,771       3,156  
    Transaction-based expenses:              
    Transaction rebates   (548 )     (462 )     (2,026 )     (1,838 )
    Brokerage, clearance and exchange fees   (254 )     (69 )     (725 )     (331 )
    Total Market Services revenues, net   268       247       1,020       987  
                   
    OTHER REVENUES   10       10       36       39  
                   
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,227     $ 1,117     $ 4,649     $ 3,895  
                   
                   
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          December 31,   December 31,
           2024     2023 
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 592     $ 453  
      Restricted cash and cash equivalents     31       20  
      Default funds and margin deposits     5,664       7,275  
      Financial investments     184       188  
      Receivables, net     1,022       929  
      Other current assets     293       231  
    Total current assets     7,786       9,096  
    Property and equipment, net     593       576  
    Goodwill     13,957       14,112  
    Intangible assets, net     6,905       7,443  
    Operating lease assets     375       402  
    Other non-current assets     779       665  
    Total assets   $ 30,395     $ 32,294  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 269     $ 332  
      Section 31 fees payable to SEC     319       84  
      Accrued personnel costs     325       303  
      Deferred revenue     711       594  
      Other current liabilities     215       146  
      Default funds and margin deposits     5,664       7,275  
      Short-term debt     399       291  
    Total current liabilities     7,902       9,025  
    Long-term debt     9,081       10,163  
    Deferred tax liabilities, net     1,594       1,642  
    Operating lease liabilities     388       417  
    Other non-current liabilities     230       220  
    Total liabilities     19,195       21,467  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,530       5,496  
      Common stock in treasury, at cost     (647 )     (587 )
      Accumulated other comprehensive loss     (2,099 )     (1,924 )
      Retained earnings     8,401       7,825  
    Total Nasdaq stockholders’ equity     11,191       10,816  
      Noncontrolling interests     9       11  
    Total equity     11,200       10,827  
    Total liabilities and equity   $ 30,395     $ 32,294  
               
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                       
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP net income attributable to Nasdaq   $ 355     $ 197     $ 1,117     $ 1,059  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     —       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       95       488       206  
      Merger and strategic initiatives expense (3)     12       97       35       148  
      Restructuring charges (4)     13       31       116       80  
      Lease asset impairments (5)     —       1       —       25  
      Net (income) loss from unconsolidated investees (6)     (9 )     (2 )     (16 )     7  
      Extinguishment of debt (7)     4       —       4       —  
      Legal and regulatory matters (8)     2       23       20       12  
      Pension settlement charge (9)     —       9       23       9  
      Other (income) loss (10)     (6 )     3       (15 )     21  
      Total non-GAAP adjustments     138       257       689       508  
      Non-GAAP adjustment to the income tax provision (11)     (55 )     (59 )     (208 )     (134 )
      Tax on intra-group transfer of intellectual property assets (12)     —       —       33       —  
      Total non-GAAP adjustments, net of tax     83       198       514       374  
    Non-GAAP net income attributable to Nasdaq   $ 438     $ 395     $ 1,631     $ 1,433  
                       
    U.S. GAAP diluted earnings per share   $ 0.61     $ 0.36     $ 1.93     $ 2.08  
      Total adjustments from non-GAAP net income above     0.15       0.36       0.89       0.74  
    Non-GAAP diluted earnings per share   $ 0.76     $ 0.72     $ 2.82     $ 2.82  
                       
    Weighted-average diluted common shares outstanding for earnings per share:     579.7       550.6       579.2       508.4  
                       
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
                       
    (7) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (8) For the year ended December 31, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority (SFSA) fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (9) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (10) For the three months and year ended December 31, 2024, other items include net gains from strategic investments entered into through our corporate venture program, which are included in other income (loss) in our Consolidated Statements of Income. For the three months and year ended December 31, 2023, other items included certain financing costs related to the Adenza acquisition and a net loss from a strategic investments entered into through our corporate venture program.
                       
    (11) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months and year ended December 31, 2024, we recorded a tax benefit related to return to provision adjustments and release of tax reserves due to lapse in statute of limitations.
                       
    (12) For the year ended December 31, 2024, the completion of an intra-group transfer of intellectual property assets to U.S. headquarters resulted in a net tax expense of $33 million.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Revenues Less Transaction-Based Expenses
    (in millions)
    (unaudited)
           
      Year Ended
      December 31, 2024
      U.S. GAAP Revenues
    Less Transaction-
    Based Expenses    		 Adenza purchase
    accounting
    adjustment     (1)    		 Non-GAAP Revenues
    Less Transaction-
    Based Expenses
    CAPITAL ACCESS PLATFORMS $ 1,972 $ — $ 1,972
           
    FINANCIAL TECHNOLOGY      
    Financial Crime Management Technology revenues   273   —   273
    Regulatory Technology revenues (1)   352   34   386
    Capital Markets Technology revenues   996   —   996
    Total Financial Technology revenues   1,621   34   1,655
    SOLUTIONS REVENUES   3,593   34   3,627
           
    MARKET SERVICES REVENUES, NET   1,020   —   1,020
    OTHER REVENUES   36   —   36
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 4,649 $ 34 $ 4,683
           
           
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
    (in millions)
    (unaudited)
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP operating income   $ 517     $ 352     $ 1,798     $ 1,578  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     —       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       95       488       206  
      Merger and strategic initiatives expense (3)     12       97       35       148  
      Restructuring charges (4)     13       31       116       80  
      Lease asset impairments (5)     —       1       —       25  
      Extinguishment of debt (6)     4       —       4       —  
      Legal and regulatory matters (7)     2       23       20       12  
      Pension settlement charge (8)     —       9       23       9  
      Other loss     1       5       3       7  
      Total non-GAAP adjustments     154       261       723       487  
    Non-GAAP operating income   $ 671     $ 613     $ 2,521     $ 2,065  
                     
    U.S. GAAP revenues less transaction-based expenses   $ 1,227     $ 1,117     $ 4,649     $ 3,895  
                       
    Non-GAAP revenues less transaction-based expenses   $ 1,227     $ 1,117     $ 4,683     $ 3,895  
                       
    U.S. GAAP operating margin (9)     42 %     32 %     39 %     41 %
                       
    Non-GAAP operating margin (10)     55 %     55 %     54 %     53 %
                       
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
                       
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (7) For the year ended December 31, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (8) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (9) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
                       
    (10) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP operating expenses   $ 710     $ 765     $ 2,851     $ 2,317  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (95 )     (488 )     (206 )
      Merger and strategic initiatives expense (2)     (12 )     (97 )     (35 )     (148 )
      Restructuring charges (3)     (13 )     (31 )     (116 )     (80 )
      Lease asset impairments (4)     —       (1 )     —       (25 )
      Extinguishment of debt (5)     (4 )     —       (4 )     —  
      Legal and regulatory matters (6)     (2 )     (23 )     (20 )     (12 )
      Pension settlement charge (7)     —       (9 )     (23 )     (9 )
      Other (loss)     (1 )     (5 )     (3 )     (7 )
      Total non-GAAP adjustments     (154 )     (261 )     (689 )     (487 )
    Non-GAAP operating expenses   $ 556     $ 504     $ 2,162     $ 1,830  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (4) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (5) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (6) For the year ended December 31, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (7) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Adjusted Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Operating Margin
    (in millions)
    (unaudited)
                                       
      Three Months Ended                    
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   FX & Other (2)   Adjusted YoY
      Non-GAAP   Non-GAAP   Adenza   Pro Forma (1)   $   %   $   $   %
    CAPITAL ACCESS PLATFORMS                                  
    data                                  
    listings                                  
    Data and Listing Services revenues $ 192     $ 189     $ —     $ 189     $ 3     2 %   $ —     $ 3     2 %
    Index revenues   188       146       —       146       42     29 %     —       42     29 %
    Workflow and insights revenues   131       126       —       126       5     4 %     —       5     4 %
    Total Capital Access Platforms revenues   511       461       —       461       50     11 %     —       50     11 %
                                       
    FINANCIAL TECHNOLOGY                                  
    Financial Crime Management Technology revenues   73       60       —       60       13     22 %     —       13     22 %
    Regulatory Technology revenues   98       110       (16 )     94       4     5 %     (1 )     5     6 %
    Capital Markets Technology revenues   267       229       26       255       12     4 %     —       12     4 %
    Total Financial Technology revenues   438       399       10       409       29     7 %     (1 )     30     7 %
                                       
    Non-GAAP Solutions revenues (3)   949       860       10       870       79     9 %     (1 )     80     9 %
                                       
    Market Services, net revenues   268       247       —       247       21     8 %     (8 )     29     12 %
    Other revenues   10       10       —       10       —     (1 )%     —       —     (2 )%
    Non-GAAP Revenues less transaction-based expenses   1,227       1,117       10       1,127       100     9 %     (9 )     109     10 %
                                       
    Non-GAAP operating expenses   556       504       23       527       29     5 %     (3 )     32     6 %
    Non-GAAP operating income $ 671     $ 613     $ (13 )   $ 600     $ 71     12 %   $ (6 )   $ 77     13 %
    Non-GAAP operating margin   55 %     56 %         53 %                    
                                       
                                       
      Year Ended                    
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   FX & Other (2)   Adjusted YoY
      Non-GAAP   Non-GAAP   Adenza   Pro Forma (1)   $   %   $   $   %
    CAPITAL ACCESS PLATFORMS                                  
    Data and Listing Services revenues $ 754     $ 749     $ —     $ 749     $ 5     1 %   $ —     $ 5     1 %
    Index revenues   706       528       —       528       178     34 %     16       162     31 %
    Workflow and insights revenues   512       493       —       493       19     4 %     1       18     4 %
    Total Capital Access Platforms revenues   1,972       1,770       —       1,770       202     11 %     17       185     10 %
                                       
    FINANCIAL TECHNOLOGY                                  
    Financial Crime Management Technology revenues   273       223       —       223       50     22 %     —       50     22 %
    Regulatory Technology revenues   286       212       149       361       25     7 %     1       24     7 %
    Capital Markets Technology revenues   996       664       257       921       75     8 %     1       74     8 %
    Total Financial Technology revenues   1,655       1,099       406       1,505       150     10 %     2       148     10 %
                                       
    Non-GAAP Solutions revenues (3)   3,627       2,869       406       3,275       352     11 %     19       333     10 %
                                       
    Market Services, net revenues   1,020       987       —       987       33     3 %     (8 )     41     4 %
    Other revenues   36       39       —       39       (3 )   (9 )%     (2 )     (1 )   (5 )%
    Non-GAAP Revenues less transaction-based expenses   4,683       3,895       406       4,301       382     9 %     9       373     9 %
                                       
    Operating expenses   2,162       1,830       217       2,047       115     6 %     (4 )     119     6 %
    Operating income $ 2,521     $ 2,065     $ 189     $ 2,254     $ 267     12 %   $ 13     $ 254     11 %
    Operating margin   54 %     53 %         52 %                    
                                       
                                       
                                       
    (1) Includes the pro forma results for AxiomSL and Calypso and are presented assuming AxiomSL and Calypso were included in the entire prior year quarterly and full year results and revenue for AxiomSL on-premises contracts were recognized ratably for 2024 and 2023.
    (2) Reflects the impacts from changes in foreign currency exchange rates (except for AxiomSL and Calypso, which will be calculated on an organic basis beginning in 2025) and the exclusion of a non-recurring payment received in 4Q23 recorded within our Market Services business. In addition, the full year also excludes the impact of a one-time revenue benefit related to a legal settlement to recoup revenue recorded within Index in 1Q24.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                       
    Note: The pro forma results above are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this press release. The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                                       
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions)
    (unaudited)
                                   
      Three Months Ended                        
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   Other Impacts (1)   Organic Impact (2)
      Non-GAAP   Non-GAAP   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 192   $ 189   $ 3     2 %   $ —     — %   $ 3     2 %
    Index revenues   188     146     42     29 %     —     — %     42     29 %
    Workflow and Insights revenues   131     126     5     4 %     —     — %     5     4 %
    Total Capital Access Platforms revenues   511     461     50     11 %     —     — %     50     11 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   73     60     13     22 %     —     — %     13     22 %
    Regulatory Technology revenues   98     110     (12 )   (10 )%     (15 )   (13 )%     3     4 %
    Capital Markets Technology revenues   267     229     38     16 %     27     12 %     11     5 %
    Total Financial Technology revenues   438     399     39     10 %     12     3 %     27     7 %
                                   
    Non-GAAP Solutions revenues (3)   949     860     89     10 %     12     1 %     77     9 %
                                   
    Market Services, net revenues   268     247     21     8 %     —     — %     21     8 %
                                   
    Other revenues   10     10     —     (1 )%     —     — %     —     (2 )%
                                   
    Non-GAAP Revenues less transaction-based expenses $ 1,227   $ 1,117   $ 110     10 %   $ 12     1 %   $ 98     9 %
                                   
    Non-GAAP Operating Expenses $ 556   $ 504   $ 52     10 %   $ 21     4 %   $ 31     6 %
                                   
    Non-GAAP Operating Income $ 671   $ 613   $ 58     10 %   $ (9 )   (1 )%   $ 67     12 %
                                   
    Non-GAAP diluted earnings per share $ 0.76   $ 0.72   $ 0.04     5 %   $ (0.03 )   (5 )%   $ 0.07     10 %
                                   
      Year Ended                        
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   Other Impacts (1)   Organic Impact (2)
      Non-GAAP   Non-GAAP   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 754   $ 749   $ 5     1 %   $ —     — %   $ 5     1 %
    Index revenues   706     528     178     34 %     —     — %     178     34 %
    Workflow and Insights revenues   512     493     19     4 %     1     — %     18     4 %
    Total Capital Access Platforms revenues   1,972     1,770     202     11 %     1     — %     201     11 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   273     223     50     22 %     —     — %     50     22 %
    Regulatory Technology revenues   386     212     174     83 %     165     78 %     9     5 %
    Capital Markets Technology revenues   996     664     332     50 %     316     48 %     16     2 %
    Total Financial Technology revenues   1,655     1,099     556     51 %     481     44 %     75     7 %
                                   
    Non-GAAP Solutions revenues (3)   3,627     2,869     758     26 %     482     17 %     276     10 %
                                   
    Market Services, net revenues   1,020     987     33     3 %     —     — %     33     3 %
                                   
    Other revenues   36     39     (3 )   (9 )%     (2 )   (4 )%     (1 )   (5 )%
                                   
    Non-GAAP Revenues less transaction-based expenses $ 4,683   $ 3,895   $ 788     20 %   $ 480     12 %   $ 308     8 %
                                   
    Non-GAAP Operating Expenses $ 2,162   $ 1,830   $ 332     18 %   $ 216     12 %   $ 116     6 %
                                   
    Non-GAAP Operating Income $ 2,521   $ 2,065   $ 456     22 %   $ 264     13 %   $ 192     9 %
                                   
    Non-GAAP diluted earnings per share $ 2.82   $ 2.82   $ —     — %   $ (0.31 )   (11 )%   $ 0.31     11 %
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
                                   
    (1) Primarily includes the impacts of the Adenza acquisition and changes in FX rates. The revenue adjustments related to the Adenza acquisition reflect an additional $514 million of total revenue recorded in FY 2024 and $48 million for 4Q24, partially offset by an adjustment to reported 2023 revenues related to AxiomSL ratable revenue recognition of $34 million.
    (2) Organic impact reflects adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Year Ended
        December 31,   December 31,   December 31,   December 31,
         2024     2023     2024     2023 
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,268     $ 1,235     $ 1,268     $ 1,235  
      Initial public offerings              
      The Nasdaq Stock Market (2)   66       28       180       130  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   7       4       14       7  
      Total new listings              
      The Nasdaq Stock Market (2)   162       100       463       330  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   13       7       31       23  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,075       4,044       4,075       4,044  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,174       1,218       1,174       1,218  
      Index              
      Number of licensed exchange traded products (6)   401       364       401       364  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 647     $ 473     $ 647     $ 473  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 632     $ 436     $ 558     $ 396  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 80     $ 31     $ 80     $ 31  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 110     $ 128     $ 110     $ 128  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 278     $ 226     $ 278     $ 226  
      Regulatory Technology   354       325       354       325  
      Capital Markets Technology   868       799       868       799  
      Total Financial Technology $ 1,500     $ 1,350     $ 1,500     $ 1,350  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   47.5       40.2       44.4       40.4  
      Nasdaq PHLX matched market share   10.5 %     11.5 %     10.0 %     11.3 %
      The Nasdaq Options Market matched market share   5.2 %     5.5 %     5.5 %     6.1 %
      Nasdaq BX Options matched market share   1.8 %     2.4 %     2.1 %     3.3 %
      Nasdaq ISE Options matched market share   7.2 %     6.1 %     6.9 %     5.9 %
      Nasdaq GEMX Options matched market share   2.6 %     2.7 %     2.6 %     2.4 %
      Nasdaq MRX Options matched market share   3.0 %     2.6 %     2.7 %     2.0 %
      Total matched market share executed on Nasdaq’s exchanges   30.3 %     30.8 %     29.8 %     31.0 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts (8)   228,955       327,680       233,610       301,320  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   13.6       11.2       12.2       11.0  
      Matched share volume (in billions)   125.2       113.3       479.4       455.6  
      The Nasdaq Stock Market matched market share   14.0 %     15.4 %     15.1 %     15.8 %
      Nasdaq BX matched market share   0.3 %     0.4 %     0.3 %     0.4 %
      Nasdaq PSX matched market share   0.1 %     0.3 %     0.2 %     0.3 %
      Total matched market share executed on Nasdaq’s exchanges   14.4 %     16.1 %     15.6 %     16.5 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   47.6 %     40.9 %     44.3 %     36.7 %
      Total market share (9)   62.0 %     57.0 %     59.9 %     53.2 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   669,234       637,403       651,455       666,411  
      Total average daily value of shares traded (in billions) $ 4.5     $ 4.5     $ 4.5     $ 4.5  
      Total market share executed on Nasdaq’s exchanges   70.9 %     72.0 %     71.9 %     71.0 %
                     
      Fixed Income and Commodities Trading and Clearing              
      Fixed Income              
      Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts   91,471       93,128       93,747       95,625  
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended December 31, 2024 and 2023, IPOs included 22 and 8 SPACs, respectively. For the years ended December 31, 2024 and 2023, IPOs included 50 and 27 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the twelve months ended December 31, 2024 and December 31, 2023 included 768 and 600 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of December 31, 2023 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex had a revenue sharing arrangement, which ended in the fourth quarter of 2023.
      (9) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

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