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Category: Finance

  • MIL-OSI: Park National Corporation reports 2024 results

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, Ohio, Jan. 27, 2025 (GLOBE NEWSWIRE) — Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the fourth quarter and full year of 2024. Park’s board of directors declared a quarterly cash dividend of $1.07 per common share, payable on March 10, 2025, to common shareholders of record as of February 14, 2025.

    “Our consistent and measured growth stems from our team’s absolute focus on meeting customer needs to produce meaningful results,” said Park Chairman and Chief Executive Officer David Trautman. “Helping customers flourish remains our primary goal.”

    Park’s net income for the fourth quarter of 2024 was $38.6 million, a 57.7 percent increase from $24.5 million for the fourth quarter of 2023. Fourth quarter 2024 net income per diluted common share was $2.37, compared to $1.51 for the fourth quarter of 2023. Park’s net income for the full year of 2024 was $151.4 million, a 19.5 percent increase from $126.7 million for the full year of 2023. Net income per diluted common share for the full year of 2024 was $9.32 compared to $7.80 for the full year of 2023.

    Park’s total loans increased 4.6 percent during 2024. Park’s total deposits increased 1.3 percent during 2024, with an increase of 2.7 percent including off balance sheet deposits. The combination of solid loan growth and steady deposits contributed to Park’s success in 2024.

    “As we enter the new year, we look forward to the opportunity to deepen relationships with our customers, communities and all stakeholders,” said Park President Matthew Miller. “Our bankers are dedicated to helping all those we serve achieve their financial goals and thrive in 2025.”

    Headquartered in Newark, Ohio, Park National Corporation has $9.8 billion in total assets (as of December 31, 2024). Park’s banking operations are conducted through its subsidiary The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.

    Complete financial tables are listed below.

    Category: Earnings

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

    Risks and uncertainties that could cause actual results to differ materially include, without limitation: (1) Park’s ability to execute our business plan successfully and within the expected timeframe; (2) adverse changes in future economic and financial market conditions; (3) adverse changes in real estate values and liquidity in our primary market areas; (4) the financial health of our commercial borrowers; (5) adverse changes in federal, state and local governmental law and policy, including the regulatory landscape, capital markets, elevated government debt, potential changes in tax legislation, government shutdown, infrastructure spending and social programs; (6) changes in consumer spending, borrowing and saving habits; (7) our litigation and regulatory compliance exposure; (8) increased credit risk and higher credit losses resulting from loan concentrations; (9) competitive pressures among financial services organizations; (10) changes in accounting policies and practices as may be adopted by regulatory agencies; (11) Park’s assumptions and estimates used in applying critical accounting policies and modeling which may prove unreliable, inaccurate or not predictive of actual results; (12) Park’s ability to anticipate and respond to technological changes and Park’s reliance on, and the potential failure of, a number of third-party vendors to perform as expected; (13) failures in or breaches of Park’s operational or security systems or infrastructure, or those of our third-party vendors and other service providers; (14) negative impacts on financial markets and the economy of any changes in the credit ratings of the U.S. Treasury obligations and other U.S. government-backed debt, as well as issues surrounding the levels of U.S., European and Asian government debt and concerns regarding the growth rates and financial stability of certain sovereign governments, supranationals and financial institutions in Europe and Asia; (15) effects of a fall in stock market prices on Park’s asset and wealth management businesses; (16) continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; (17) the impact on Park’s business, personnel, facilities or systems of losses related to acts of fraud, scams and schemes of third parties; (18) the impact of widespread natural and other disasters, pandemics, dislocations, regional or national protests and civil unrest (including any resulting branch closures or damages), military or terrorist activities or international hostilities on the economy and financial markets generally and on us or our counterparties specifically; (19) the potential further deterioration of the U.S. economy due to financial, political, or other shocks; (20) the effect of healthcare laws in the U.S. and potential changes for such laws that may increase our healthcare and other costs and negatively impact our operations and financial results; (21) the impact of larger or similar-sized financial institutions encountering problems that may adversely affect the banking industry; and (22) other risk factors relating to the financial services industry.

    Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

       
    PARK NATIONAL CORPORATION  
    Financial Highlights  
    As of or for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023  
                     
        2024       2024       2023       Percent change vs.  
    (in thousands, except common share and per common share data and ratios) 4th QTR 3rd QTR 4th QTR   3Q ’24   4Q ’23  
    INCOME STATEMENT:                
    Net interest income $ 103,445     $ 101,114     $ 95,074       2.3   % 8.8   %
    Provision for credit losses   3,935       5,315       1,809       (26.0 ) % 117.5   %
    Other income   31,064       36,530       15,519       (15.0 ) % 100.2   %
    Other expense   83,241       85,681       79,043       (2.8 ) % 5.3   %
    Income before income taxes $ 47,333     $ 46,648     $ 29,741       1.5   % 59.2   %
    Income taxes   8,703       8,431       5,241       3.2   % 66.1   %
    Net income $ 38,630     $ 38,217     $ 24,500       1.1   % 57.7   %
                     
    MARKET DATA:                
    Earnings per common share – basic (a) $ 2.39     $ 2.37     $ 1.52       0.8   % 57.2   %
    Earnings per common share – diluted (a)   2.37       2.35       1.51       0.9   % 57.0   %
    Quarterly cash dividend declared per common share   1.06       1.06       1.05       —   % 1.0   %
    Special cash dividend declared per common share   0.50       —       —       N.M.   N.M.  
    Book value per common share at period end   76.98       76.74       71.06       0.3   % 8.3   %
    Market price per common share at period end   171.43       167.98       132.86       2.1   % 29.0   %
    Market capitalization at period end   2,770,134       2,713,152       2,141,235       2.1   % 29.4   %
                     
    Weighted average common shares – basic (b)   16,156,827       16,151,640       16,113,215       —   % 0.3   %
    Weighted average common shares – diluted (b)   16,283,701       16,264,393       16,216,562       0.1   % 0.4   %
    Common shares outstanding at period end   16,158,982       16,151,640       16,116,479       —   % 0.3   %
                     
    PERFORMANCE RATIOS: (annualized)                
    Return on average assets (a)(b)   1.54   %   1.53   %   0.98   %   0.7   % 57.1   %
    Return on average shareholders’ equity (a)(b)   12.32   %   12.56   %   8.81   %   (1.9 ) % 39.8   %
    Yield on loans   6.21   %   6.24   %   5.84   %   (0.5 ) % 6.3   %
    Yield on investment securities   3.46   %   3.74   %   3.88   %   (7.5 ) % (10.8 ) %
    Yield on money market instruments   4.75   %   5.38   %   5.30   %   (11.7 ) % (10.4 ) %
    Yield on interest earning assets   5.82   %   5.88   %   5.48   %   (1.0 ) % 6.2   %
    Cost of interest bearing deposits   1.90   %   2.06   %   1.84   %   (7.8 ) % 3.3   %
    Cost of borrowings   3.86   %   3.97   %   4.42   %   (2.8 ) % (12.7 ) %
    Cost of paying interest bearing liabilities   1.99   %   2.15   %   2.01   %   (7.4 ) % (1.0 ) %
    Net interest margin (g)   4.51   %   4.45   %   4.17   %   1.3   % 8.2   %
    Efficiency ratio (g)   61.60   %   61.98   %   70.93   %   (0.6 ) % (13.2 ) %
                     
    OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:                
    Tangible book value per common share (d) $ 66.89     $ 66.62     $ 60.87       0.4   % 9.9   %
    Average interest earning assets   9,176,540       9,100,594       9,120,407       0.8   % 0.6   %
    Pre-tax, pre-provision net income (j)   51,268       51,963       31,550       (1.3 ) % 62.5   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
                     
                     
    PARK NATIONAL CORPORATION  
    Financial Highlights (continued)  
    As of or for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023
    		  
                     
              Percent change vs.  
    (in thousands, except ratios) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   3Q ’24   4Q ’23  
    BALANCE SHEET:                
    Investment securities $ 1,100,861     $ 1,233,297     $ 1,429,144       (10.7 ) % (23.0 ) %
    Loans   7,817,128       7,730,984       7,476,221       1.1   % 4.6   %
    Allowance for credit losses   87,966       87,237       83,745       0.8   % 5.0   %
    Goodwill and other intangible assets   163,032       163,320       164,247       (0.2 ) % (0.7 ) %
    Other real estate owned (OREO)   938       1,119       983       (16.2 ) % (4.6 ) %
    Total assets   9,805,350       9,903,049       9,836,453       (1.0 ) % (0.3 ) %
    Total deposits   8,143,526       8,214,671       8,042,566       (0.9 ) % 1.3   %
    Borrowings   280,083       306,964       517,329       (8.8 ) % (45.9 ) %
    Total shareholders’ equity   1,243,848       1,239,413       1,145,293       0.4   % 8.6   %
    Tangible equity (d)   1,080,816       1,076,093       981,046       0.4   % 10.2   %
    Total nonperforming loans   69,932       71,541       61,118       (2.2 ) % 14.4   %
    Total nonperforming assets   70,870       72,660       62,101       (2.5 ) % 14.1   %
                     
    ASSET QUALITY RATIOS:                
    Loans as a % of period end total assets   79.72   %   78.07   %   76.01   %   2.1   % 4.9   %
    Total nonperforming loans as a % of period end loans   0.89   %   0.93   %   0.82   %   (4.3 ) % 8.5   %
    Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets   0.91   %   0.94   %   0.83   %   (3.2 ) % 9.6   %
    Allowance for credit losses as a % of period end loans   1.13   %   1.13   %   1.12   %   —   % 0.9   %
    Net loan charge-offs $ 3,206     $ 4,653     $ 2,666       (31.1 ) % 20.3   %
    Annualized net loan charge-offs as a % of average loans (b)   0.16   %   0.24   %   0.14   %   (33.3 ) % 14.3   %
                     
    CAPITAL & LIQUIDITY:                
    Total shareholders’ equity / Period end total assets   12.69   %   12.52   %   11.64   %   1.4   % 9.0   %
    Tangible equity (d) / Tangible assets (f)   11.21   %   11.05   %   10.14   %   1.4   % 10.6   %
    Average shareholders’ equity / Average assets (b)   12.47   %   12.20   %   11.16   %   2.2   % 11.7   %
    Average shareholders’ equity / Average loans (b)   16.08   %   15.76   %   14.94   %   2.0   % 7.6   %
    Average loans / Average deposits (b)   93.00   %   92.69   %   89.48   %   0.3   % 3.9   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.      
               
       
    PARK NATIONAL CORPORATION  
    Financial Highlights  
    Year months ended December 31, 2024 and December 31, 2023        
               
    (in thousands, except common share and per common share data and ratios)   2024       2023       Percent change vs ’23  
    INCOME STATEMENT:          
    Net interest income $ 398,019     $ 373,113       6.7   %
    Provision for credit losses   14,543       2,904       400.8   %
    Other income   122,588       92,634       32.3   %
    Other expense   321,339       309,239       3.9   %
    Income before income taxes $ 184,725     $ 153,604       20.3   %
    Income taxes   33,305       26,870       23.9   %
    Net income $ 151,420     $ 126,734       19.5   %
               
    MARKET DATA:          
    Earnings per common share – basic (a) $ 9.38     $ 7.84       19.6   %
    Earnings per common share – diluted (a)   9.32       7.80       19.5   %
    Quarterly cash dividend declared per common share   4.24       4.20       1.0   %
    Special cash dividend declared per common share   0.50       —       N.M.    
               
    Weighted average common shares – basic (b)   16,143,708       16,163,500       (0.1 ) %
    Weighted average common shares – diluted (b)   16,244,797       16,250,019       —   %
               
    PERFORMANCE RATIOS:          
    Return on average assets (a)(b)   1.53   %   1.27   %   20.5   %
    Return on average shareholders’ equity (a)(b)   12.65   %   11.55   %   9.5   %
    Yield on loans   6.14   %   5.55   %   10.6   %
    Yield on investment securities   3.74   %   3.73   %   0.3   %
    Yield on money market instruments   5.16   %   5.00   %   3.2   %
    Yield on interest earning assets   5.78   %   5.18   %   11.6   %
    Cost of interest bearing deposits   1.97   %   1.52   %   29.6   %
    Cost of borrowings   4.05   %   3.79   %   6.9   %
    Cost of paying interest bearing liabilities   2.08   %   1.67   %   24.6   %
    Net interest margin (g)   4.41   %   4.11   %   7.3   %
    Efficiency ratio (g)   61.44   %   65.87   %   (6.7 ) %
               
    ASSET QUALITY RATIOS:          
    Net loan charge-offs $ 10,322     $ 4,921       109.8   %
    Net loan charge-offs as a % of average loans (b)   0.14   %   0.07   %   100.0   %
               
    CAPITAL & LIQUIDITY          
    Average shareholders’ equity / Average Assets (b)   12.09   %   11.02   %   9.7   %
    Average shareholders’ equity / Average loans (b)   15.69   %   15.19   %   3.3   %
    Average loans / Average deposits (b)   92.34   %   86.39   %   6.9   %
               
    OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:          
    Average interest earning assets   9,085,850       9,171,721       (0.9 ) %
    Pre-tax, pre-provision net income (j)   199,268       156,508       27.3   %
               
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
       
     
    PARK NATIONAL CORPORATION
    Consolidated Statements of Income
                     
        Three Months Ended   Twelve Month Ended
        December 31   December 31
    (in thousands, except share and per share data)     2024     2023     2024     2023
                     
    Interest income:                
    Interest and fees on loans   $ 120,870   $ 108,495   $ 467,602   $ 399,795
    Interest on debt securities:                
    Taxable     8,641     13,055     41,718     52,786
    Tax-exempt     1,351     2,248     5,524     10,966
    Other interest income     2,751     1,408     8,121     8,123
    Total interest income     133,613     125,206     522,965     471,670
                     
    Interest expense:                
    Interest on deposits:                
    Demand and savings deposits     19,802     19,467     82,789     71,776
    Time deposits     7,658     6,267     29,594     12,677
    Interest on borrowings     2,708     4,398     12,563     14,104
    Total interest expense     30,168     30,132     124,946     98,557
                     
    Net interest income     103,445     95,074     398,019     373,113
                     
    Provision for credit losses     3,935     1,809     14,543     2,904
                     
    Net interest income after provision for credit losses     99,510     93,265     383,476     370,209
                     
    Other income     31,064     15,519     122,588     92,634
                     
    Other expense     83,241     79,043     321,339     309,239
                     
    Income before income taxes     47,333     29,741     184,725     153,604
                     
    Income taxes     8,703     5,241     33,305     26,870
                     
    Net income   $ 38,630   $ 24,500   $ 151,420   $ 126,734
                     
    Per common share:                
    Net income – basic   $ 2.39   $ 1.52   $ 9.38   $ 7.84
    Net income – diluted   $ 2.37   $ 1.51   $ 9.32   $ 7.80
                     
    Weighted average common shares – basic     16,156,827     16,113,215     16,143,708     16,163,500
    Weighted average common shares – diluted     16,283,701     16,216,562     16,244,797     16,250,019
                     
    Cash dividends declared:                
    Quarterly dividend   $ 1.06   $ 1.05   $ 4.24   $ 4.20
    Special dividend   $ 0.50   $ —   $ 0.50   $ —
                             
       
    PARK NATIONAL CORPORATION   
    Consolidated Balance Sheets  
             
    (in thousands, except share data) December 31, 2024   December 31, 2023  
             
    Assets        
             
    Cash and due from banks $ 122,363     $ 160,477    
    Money market instruments   38,203       57,791    
    Investment securities   1,100,861       1,429,144    
    Loans   7,817,128       7,476,221    
    Allowance for credit losses   (87,966 )     (83,745 )  
    Loans, net   7,729,162       7,392,476    
    Bank premises and equipment, net   69,522       74,211    
    Goodwill and other intangible assets   163,032       164,247    
    Other real estate owned   938       983    
    Other assets   581,269       557,124    
    Total assets $ 9,805,350     $ 9,836,453    
             
    Liabilities and Shareholders’ Equity        
             
    Deposits:        
    Noninterest bearing $ 2,612,708     $ 2,628,234    
    Interest bearing   5,530,818       5,414,332    
    Total deposits   8,143,526       8,042,566    
    Borrowings   280,083       517,329    
    Other liabilities   137,893       131,265    
    Total liabilities $ 8,561,502     $ 8,691,160    
             
             
    Shareholders’ Equity:        
    Preferred shares (200,000 shares authorized; no shares outstanding at December 31, 2024 and December 31, 2023) $ —     $ —    
    Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at December 31, 2024 and December 31, 2023)   463,706       463,280    
    Total shareholders’ equity $ 1,243,848     $ 1,145,293    
    Total liabilities and shareholders’ equity $ 9,805,350     $ 9,836,453    
     
    PARK NATIONAL CORPORATION 
    Consolidated Average Balance Sheets
               
      Three Months Ended   Twelve Months Ended
      December 31,   December 31,
    (in thousands)   2024     2023       2024     2023  
               
    Assets          
               
    Cash and due from banks $ 122,949   $ 134,593     $ 129,070   $ 147,414  
    Money market instruments   230,591     105,425       157,292     162,544  
    Investment securities    1,167,467     1,544,942       1,265,680     1,716,037  
    Loans   7,757,229     7,387,512       7,627,419     7,222,479  
    Allowance for credit losses   (87,608 )   (85,493 )     (85,930 )   (87,002 )
    Loans, net   7,669,621     7,302,019       7,541,489     7,135,477  
    Bank premises and equipment, net   70,615     76,718       72,689     79,443  
    Goodwill and other intangible assets   163,221     164,466       163,669     164,960  
    Other real estate owned   1,079     1,342       1,192     1,654  
    Other assets   582,785     560,683       570,183     550,025  
    Total assets $ 10,008,328   $ 9,890,188     $ 9,901,264   $ 9,957,554  
               
               
    Liabilities and Shareholders’ Equity          
               
    Deposits:          
    Noninterest bearing $ 2,593,128   $ 2,694,148     $ 2,564,009   $ 2,814,259  
    Interest bearing   5,747,671     5,561,845       5,696,185     5,546,015  
    Total deposits   8,340,799     8,255,993       8,260,194     8,360,274  
    Borrowings   279,149     394,423       309,996     371,955  
    Other liabilities   140,700     136,046       133,954     128,182  
    Total liabilities $ 8,760,648   $ 8,786,462     $ 8,704,144   $ 8,860,411  
               
    Shareholders’ Equity:          
    Preferred shares $ —   $ —     $ —   $ —  
    Common shares   462,146     461,864       461,433     460,973  
    Accumulated other comprehensive loss, net of taxes   (41,229 )   (108,219 )     (60,619 )   (98,154 )
    Retained earnings   978,267     906,091       949,160     884,711  
    Treasury shares   (151,504 )   (156,010 )     (152,854 )   (150,387 )
    Total shareholders’ equity $ 1,247,680   $ 1,103,726     $ 1,197,120   $ 1,097,143  
    Total liabilities and shareholders’ equity $ 10,008,328   $ 9,890,188     $ 9,901,264   $ 9,957,554  
               
     
    PARK NATIONAL CORPORATION 
    Consolidated Statements of Income – Linked Quarters
               
      2024 2024 2024 2024 2023
    (in thousands, except per share data) 4th QTR 3rd QTR 2nd QTR 1st QTR 4th QTR
               
    Interest income:          
    Interest and fees on loans  $ 120,870 $ 120,203 $ 115,318 $ 111,211 $ 108,495
    Interest on debt securities:          
    Taxable   8,641   10,228   10,950   11,899   13,055
    Tax-exempt   1,351   1,381   1,382   1,410   2,248
    Other interest income   2,751   1,996   1,254   2,120   1,408
    Total interest income   133,613   133,808   128,904   126,640   125,206
               
    Interest expense:          
    Interest on deposits:          
    Demand and savings deposits   19,802   22,762   20,370   19,855   19,467
    Time deposits   7,658   7,073   7,525   7,338   6,267
    Interest on borrowings   2,708   2,859   3,172   3,824   4,398
    Total interest expense   30,168   32,694   31,067   31,017   30,132
               
    Net interest income   103,445   101,114   97,837   95,623   95,074
               
    Provision for credit losses   3,935   5,315   3,113   2,180   1,809
               
    Net interest income after provision for credit losses   99,510   95,799   94,724   93,443   93,265
               
    Other income   31,064   36,530   28,794   26,200   15,519
               
    Other expense   83,241   85,681   75,189   77,228   79,043
               
    Income before income taxes   47,333   46,648   48,329   42,415   29,741
               
    Income taxes   8,703   8,431   8,960   7,211   5,241
               
    Net income  $ 38,630 $ 38,217 $ 39,369 $ 35,204 $ 24,500
               
    Per common share:          
    Net income – basic $ 2.39 $ 2.37 $ 2.44 $ 2.18 $ 1.52
    Net income – diluted $ 2.37 $ 2.35 $ 2.42 $ 2.17 $ 1.51
                         
     
    PARK NATIONAL CORPORATION 
    Detail of other income and other expense – Linked Quarters
               
       2024   2024  2024  2024   2023 
    (in thousands) 4th QTR 3rd QTR 2nd QTR 1st QTR 4th QTR
               
    Other income:          
    Income from fiduciary activities $ 11,122   $ 10,615 $ 10,728 $ 10,024   $ 8,943  
    Service charges on deposit accounts   2,319     2,362   2,214   2,106     2,054  
    Other service income   3,277     3,036   2,906   2,524     2,349  
    Debit card fee income   6,511     6,539   6,580   6,243     6,583  
    Bank owned life insurance income   1,519     2,057   1,565   2,629     1,373  
    ATM fees   415     471   458   496     517  
    Pension settlement gain   365     5,783   —   —     —  
    Loss on sale of debt securities, net   (128 )   —   —   (398 )   (7,875 )
    Gain (loss) on equity securities, net   1,852     1,557   358   (687 )   353  
    Other components of net periodic benefit income   2,651     2,204   2,204   2,204     1,893  
    Miscellaneous   1,161     1,906   1,781   1,059     (671 )
    Total other income $ 31,064   $ 36,530 $ 28,794 $ 26,200   $ 15,519  
               
    Other expense:          
    Salaries $ 37,254   $ 38,370 $ 35,954 $ 35,733   $ 36,192  
    Employee benefits   10,129     10,162   9,873   11,560     10,088  
    Occupancy expense   2,929     3,731   2,975   3,181     3,344  
    Furniture and equipment expense   2,375     2,571   2,454   2,583     2,824  
    Data processing fees   10,450     11,764   9,542   8,808     9,605  
    Professional fees and services   10,465     7,842   6,022   6,817     7,015  
    Marketing   1,949     1,464   1,164   1,741     1,716  
    Insurance   1,600     1,640   1,777   1,718     1,708  
    Communication   1,104     955   1,002   1,036     993  
    State tax expense   1,145     1,116   1,129   1,110     1,158  
    Amortization of intangible assets   288     287   320   320     334  
    Foundation contributions   —     2,000   —   —     1,000  
    Miscellaneous   3,553     3,779   2,977   2,621     3,066  
    Total other expense $ 83,241   $ 85,681 $ 75,189 $ 77,228   $ 79,043  
               
     
    PARK NATIONAL CORPORATION 
    Asset Quality Information
                 
        Year ended December 31,
    (in thousands, except ratios)     2024       2023       2022       2021       2020    
                 
    Allowance for credit losses:            
    Allowance for credit losses, beginning of period   $ 83,745     $ 85,379     $ 83,197     $ 85,675     $ 56,679    
    Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021     —       383       —       6,090       —    
    Charge-offs     18,334       10,863       9,133       5,093       10,304    
    Recoveries     8,012       5,942       6,758       8,441       27,246    
    Net charge-offs (recoveries)     10,322       4,921       2,375       (3,348 )     (16,942 )  
    Provision for (recovery of) credit losses     14,543       2,904       4,557       (11,916 )     12,054    
    Allowance for credit losses, end of period   $ 87,966     $ 83,745     $ 85,379     $ 83,197     $ 85,675    
                 
    General reserve trends:            
    Allowance for credit losses, end of period   $ 87,966     $ 83,745     $ 85,379     $ 83,197     $ 85,675    
    Allowance on accruing purchased credit deteriorated (“PCD”) loans (purchased credit impaired (“PCI”) loans for years 2020 and prior)     —       —       —       —       167    
    Allowance on purchased loans excluded from collectively evaluated loans (for years 2020 and prior)     N.A.       N.A.       N.A.       N.A.       678    
    Specific reserves on individually evaluated loans     1,299       4,983       3,566       1,616       5,434    
    General reserves on collectively evaluated loans   $ 86,667     $ 78,762     $ 81,813     $ 81,581     $ 79,396    
                 
    Total loans   $ 7,817,128     $ 7,476,221     $ 7,141,891     $ 6,871,122     $ 7,177,785    
    Accruing PCD loans (PCI loans for years 2020 and prior)     2,174       2,835       4,653       7,149       11,153    
    Purchased loans excluded from collectively evaluated loans (for years 2020 and prior)     N.A.       N.A.       N.A.       N.A.       360,056    
    Individually evaluated loans (k)     53,149       45,215       78,341       74,502       108,407    
    Collectively evaluated loans   $ 7,761,805     $ 7,428,171     $ 7,058,897     $ 6,789,471     $ 6,698,169    
                 
    Asset Quality Ratios:            
    Net charge-offs (recoveries) as a % of average loans     0.14   %   0.07   %   0.03   %   (0.05 ) %   (0.24 ) %
    Allowance for credit losses as a % of period end loans     1.13   %   1.12   %   1.20   %   1.21   %   1.19   %
    General reserve as a % of collectively evaluated loans     1.12   %   1.06   %   1.16   %   1.20   %   1.19   %
                 
    Nonperforming assets:            
    Nonaccrual loans   $ 68,178     $ 60,259     $ 79,696     $ 72,722     $ 117,368    
    Accruing troubled debt restructurings (for years 2022 and prior) (k)     N.A.       N.A.       20,134       28,323       20,788    
    Loans past due 90 days or more     1,754       859       1,281       1,607       1,458    
    Total nonperforming loans   $ 69,932     $ 61,118     $ 101,111     $ 102,652     $ 139,614    
    Other real estate owned     938       983       1,354       775       1,431    
    Other nonperforming assets     —       —       —       2,750       3,164    
    Total nonperforming assets   $ 70,870     $ 62,101     $ 102,465     $ 106,177     $ 144,209    
    Percentage of nonaccrual loans to period end loans     0.87   %   0.81   %   1.12   %   1.06   %   1.64   %
    Percentage of nonperforming loans to period end loans     0.89   %   0.82   %   1.42   %   1.49   %   1.95   %
    Percentage of nonperforming assets to period end loans     0.91   %   0.83   %   1.43   %   1.55   %   2.01   %
    Percentage of nonperforming assets to period end total assets     0.72   %   0.63   %   1.04   %   1.11   %   1.55   %
                 
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
                 
     
    PARK NATIONAL CORPORATION 
    Asset Quality Information (continued)
                 
        Year ended December 31,
    (in thousands, except ratios)    2024  2023  2022  2021  2020
                 
    New nonaccrual loan information:            
    Nonaccrual loans, beginning of period   $ 60,259 $ 79,696 $ 72,722 $ 117,368 $ 90,080
    New nonaccrual loans     65,535   48,280   64,918   38,478   103,386
    Resolved nonaccrual loans     57,616   67,717   57,944   83,124   76,098
    Nonaccrual loans, end of period   $ 68,178 $ 60,259 $ 79,696 $ 72,722 $ 117,368
                 
    Individually evaluated commercial loan portfolio information (period end): (k)
    Unpaid principal balance   $ 58,158 $ 47,564 $ 80,116 $ 75,126 $ 109,062
    Prior charge-offs     5,009   2,349   1,775   624   655
    Remaining principal balance     53,149   45,215   78,341   74,502   108,407
    Specific reserves     1,299   4,983   3,566   1,616   5,434
    Book value, after specific reserves   $ 51,850 $ 40,232 $ 74,775 $ 72,886 $ 102,973
                 
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
     
           
    PARK NATIONAL CORPORATION      
    Financial Reconciliations            
    NON-GAAP RECONCILIATIONS            
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
    (in thousands, except share and per share data) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   December 31,
    2024    		 December 31,
    2023
    Net interest income $ 103,445     $ 101,114     $ 95,074       $ 398,019     $ 373,113    
    less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions   250       281       124         1,154       633    
    less interest income on former Vision Bank relationships   38       9       35         54       631    
    Net interest income – adjusted $ 103,157     $ 100,824     $ 94,915       $ 396,811     $ 371,849    
                 
    Provision for credit losses $ 3,935     $ 5,315     $ 1,809       $ 14,543     $ 2,904    
    less recoveries on former Vision Bank relationships   —       (234 )     —         (1,304 )     (788 )  
    Provision for credit losses – adjusted $ 3,935     $ 5,549     $ 1,809       $ 15,847     $ 3,692    
                 
    Other income $ 31,064     $ 36,530     $ 15,519       $ 122,588     $ 92,634    
    less loss on sale of debt securities, net   (128 )     —       (7,875 )       (526 )     (7,875 )  
    less pension settlement gain   365       5,783       —         6,148       —    
    less impact of strategic initiatives   117       —       (1,038 )       775       (1,038 )  
    less Vision related OREO valuation adjustments, net   —       1       (370 )       115       (370 )  
    less other service income related to former Vision Bank relationships   299       —       40         312       175    
    Other income – adjusted $ 30,411     $ 30,746     $ 24,762       $ 115,764     $ 101,742    
                 
    Other expense $ 83,241     $ 85,681     $ 79,043       $ 321,339     $ 309,239    
    less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions   288       287       334         1,215       1,323    
    less Foundation contribution   —       2,000       1,000         2,000       1,000    
    less special incentive   —       1,700       —         1,700       —    
    less building demolition costs   44       349       —         458       —    
    less direct expenses related to collection of payments on former Vision Bank loan relationships   215       —       —         215       100    
    Other expense – adjusted $ 82,694     $ 81,345     $ 77,709       $ 315,751     $ 306,816    
                 
    Tax effect of adjustments to net income identified above (i) $ (83 )   $ (414 )   $ 2,188       $ (787 )   $ 1,991    
                 
    Net income – reported $ 38,630     $ 38,217     $ 24,500       $ 151,420     $ 126,734    
    Net income – adjusted (h) $ 38,319     $ 36,659     $ 32,730       $ 148,459     $ 134,222    
                 
    Diluted earnings per common share $ 2.37     $ 2.35     $ 1.51       $ 9.32     $ 7.80    
    Diluted earnings per common share, adjusted (h) $ 2.35     $ 2.25     $ 2.02       $ 9.14     $ 8.26    
                 
    Annualized return on average assets (a)(b)   1.54   %   1.53   %   0.98   %     1.53   %   1.27   %
    Annualized return on average assets, adjusted (a)(b)(h)   1.52   %   1.47   %   1.31   %     1.50   %   1.35   %
                 
    Annualized return on average tangible assets (a)(b)(e)   1.56   %   1.56   %   1.00   %     1.56   %   1.29   %
    Annualized return on average tangible assets, adjusted (a)(b)(e)(h)   1.55   %   1.49   %   1.34   %     1.52   %   1.37   %
                 
    Annualized return on average shareholders’ equity (a)(b)   12.32   %   12.56   %   8.81   %     12.65   %   11.55   %
    Annualized return on average shareholders’ equity, adjusted (a)(b)(h)   12.22   %   12.05   %   11.76   %     12.40   %   12.23   %
                 
    Annualized return on average tangible equity (a)(b)(c)   14.17   %   14.52   %   10.35   %     14.65   %   13.60   %
    Annualized return on average tangible equity, adjusted (a)(b)(c)(h)   14.06   %   13.93   %   13.83   %     14.37   %   14.40   %
                 
    Efficiency ratio (g)   61.60   %   61.98   %   70.93   %     61.44   %   65.87   %
    Efficiency ratio, adjusted (g)(h)   61.63   %   61.55   %   64.48   %     61.31   %   64.28   %
                 
    Annualized net interest margin (g)   4.51   %   4.45   %   4.17   %     4.41   %   4.11   %
    Annualized net interest margin, adjusted (g)(h)   4.50   %   4.43   %   4.17   %     4.39   %   4.09   %
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
         
           
    PARK NATIONAL CORPORATION      
    Financial Reconciliations (continued)            
                 
    (a) Reported measure uses net income
    (b) Averages are for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023 and the twelve months ended December 31, 2024 and December 31, 2023, as appropriate
    (c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period.
                 
    RECONCILIATION OF AVERAGE SHAREHOLDERS’ EQUITY TO AVERAGE TANGIBLE EQUITY:      
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    AVERAGE SHAREHOLDERS’ EQUITY $ 1,247,680 $ 1,210,565 $ 1,103,726   $ 1,197,120 $ 1,097,143
    Less: Average goodwill and other intangible assets   163,221   163,509   164,466     163,669   164,960
    AVERAGE TANGIBLE EQUITY $ 1,084,459 $ 1,047,056 $ 939,260   $ 1,033,451 $ 932,183
                 
    (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at the end of the period.
                 
    RECONCILIATION OF TOTAL SHAREHOLDERS’ EQUITY TO TANGIBLE EQUITY:
      December 31, 2024 September 30, 2024 December 31, 2023      
    TOTAL SHAREHOLDERS’ EQUITY $ 1,243,848 $ 1,239,413 $ 1,145,293      
    Less: Goodwill and other intangible assets   163,032   163,320   164,247      
    TANGIBLE EQUITY $ 1,080,816 $ 1,076,093 $ 981,046      
                 
    (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.
                 
    RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS      
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    AVERAGE ASSETS $ 10,008,328 $ 9,920,633 $ 9,890,188   $ 9,901,264 $ 9,957,554
    Less: Average goodwill and other intangible assets   163,221   163,509   164,466     163,669   164,960
    AVERAGE TANGIBLE ASSETS $ 9,845,107 $ 9,757,124 $ 9,725,722   $ 9,737,595 $ 9,792,594
                 
    (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.
                 
    RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
      December 31, 2024 September 30, 2024 December 31, 2023      
    TOTAL ASSETS $ 9,805,350 $ 9,903,049 $ 9,836,453      
    Less: Goodwill and other intangible assets   163,032   163,320   164,247      
    TANGIBLE ASSETS $ 9,642,318 $ 9,739,729 $ 9,672,206      
                 
    (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.
                 
    RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    Interest income $ 133,613 $ 133,808 $ 125,206   $ 522,965 $ 471,670
    Fully taxable equivalent adjustment   617   594   838     2,432   3,726
    Fully taxable equivalent interest income $ 134,230 $ 134,402 $ 126,044   $ 525,397 $ 475,396
    Interest expense   30,168   32,694   30,132     124,946   98,557
    Fully taxable equivalent net interest income $ 104,062 $ 101,708 $ 95,912   $ 400,451 $ 376,839
                 
    (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
    (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
    (j) Pre-tax, pre-provision (“PTPP”) net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.
                 
     
    RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    Net income $ 38,630 $ 38,217 $ 24,500   $ 151,420 $ 126,734
    Plus: Income taxes   8,703   8,431   5,241     33,305   26,870
    Plus: Provision for credit losses   3,935   5,315   1,809     14,543   2,904
    Pre-tax, pre-provision net income $ 51,268 $ 51,963 $ 31,550   $ 199,268 $ 156,508
                 
    (k) Effective January 1, 2023, Park adopted Accounting Standards Update (“ASU”) 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings (“TDRs”). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans (“NPLs”) and total nonperforming assets (“NPAs”) each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, individually evaluated loans decreased by $11.5 million effective January 1, 2023.
     

    The MIL Network –

  • MIL-OSI: HZJL Cayman Limited Announces Entering into a Merger Agreement with Rising Dragon Acquisition Corporation

    Source: GlobeNewswire (MIL-OSI)

    HANGZHOU, CHINA, Jan. 27, 2025 (GLOBE NEWSWIRE) — HZJL Cayman Limited (“HZJL”), a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”) for a business combination with Rising Dragon Acquisition Corporation (Nasdaq: RDACU, RDAC, RDACR) (“RDAC”), a publicly traded special purpose acquisition company.

    Upon consummation of the transaction contemplated by the Merger Agreement, (i) RDAC will reincorporate by merging with and into Xpand Boom Technology Inc., a Cayman Islands exempted company and wholly owned subsidiary of RDAC (“Xpand Boom Technology”), and (ii) concurrently with the reincorporation merger, Xpand Boom Solution Inc., a Cayman Islands exempted company and wholly owned subsidiary of Xpand Boom Technology, will be merged with and into HZJL, resulting in HZJL being a wholly owned subsidiary of Xpand Boom Technology (the “Business Combination” and the transactions in connection with the Business Combination collectively, the “Transaction”). Upon the closing of the Transaction, the parties plan to remain Nasdaq-listed under a new ticker symbol.

    HZJL Overview

    HZJL is a dynamic solution provider dedicated to empowering local lifestyle businesses such as restaurants, coffee shops, beauty salons, convenience stores, and massage centers, through innovative online social branding, software application, and supply chain services.

    HZJL’s core service offering is its online branding service, which leverages the power of social media to promote compelling success stories for both businesses and their founders. This service helps businesses build strong, authentic identities that resonate with their target audience, and enhance brand visibility and customer loyalty. In addition, HZJL offers a sophisticated online application designed to streamline operations and optimize customer relationship management. HZJL also provides comprehensive supply chain solutions, with a special focus on supporting local restaurants.

    With a mission to fuel scalable growth for business owners, HZJL combines these three key service areas that work together to drive operational excellence, customer engagement, and efficient growth strategies.

    Key Transaction Terms

    Under the terms of the Merger Agreement, RDAC’s wholly owned subsidiary, Xpand Boom Technology, will acquire HZJL, resulting in Xpand Boom Technology being a listed company on the Nasdaq Capital Market. At the effective time of the Transaction, HZJL’s shareholders and management will receive 35 million ordinary shares of Xpand Boom Technology. In addition, certain HZJL shareholders will be entitled to receive earn-out consideration of up to an additional 20 million ordinary shares of Xpand Boom Technology, subject to HZJL meeting certain revenue targets in the two subsequent years as set forth in the Merger Agreement. The shares held by certain HZJL’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the Transaction, subject to certain exceptions.

    The Transaction, which has been unanimously approved by the boards of directors of both RDAC and HZJL, is subject to regulatory approvals, the approvals by the shareholders of RDAC and HZJL, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of the combined company.

    The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the Business Combination. A more detailed description of the Transaction and a copy of the Merger Agreement will be included in a Current Report on Form 8-K to be filed by RDAC with the SEC and will be available on the SEC’s website at www.sec.gov.

    Comments on HZJL

    “We are excited for the proposed Business Combination with HZJL and admire the company that Mr. Xiong Bin and the HZJL management team have built,” said Xing Lulu, Chief Executive Officer of RDAC. “I look forward to working with HZJL’s first-class management team to help them thrive as a public company while they continue to grow.”

    Xiong Bin, founder of HZJL, stated: “For several years, HZJL has been evolving with the local lifestyle business services market. Our motto, ‘Scalable Growth-Engine Empowering Local Business,’ underlines our ongoing commitment to delivering innovative solutions that foster substantial local business growth and scalability. We have garnered valuable industrial experience and know-how from assisting our customers from various industries in achieving their goals, including with respect to brand building, business operations and supply chain optimization. Our solutions specifically address the challenges faced by small and medium-sized enterprises, providing them critical assistance in overcoming marketing and management hurdles. We are excited to collaborate with RDAC, with which we share similar market visions and business strategies. We are confident that the RDAC team will play a key role in helping us achieve our aspirations and long-term success.”

    Advisors

    Loeb & Loeb LLP, Joint-Win Partners, and Maples and Calder (Hong Kong) LLP serve as legal counsel to RDAC. Han Kun Law Offices, Han Kun Law Offices LLP, and Harney Westwood & Riegels serve as legal counsel to HZJL. Chain Stone Capital Limited (CTM) serves as the financial advisor to HZJL.

    About Rising Dragon Acquisition Corporation

    Rising Dragon Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

    About HZJL Cayman Limited

    HZJL is a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services. The company is dedicated to fuel the scalable growth of business owners by combining technology, customer service, and operational excellence to unlock new levels of success. The company’s innovative solutions can help small and medium-sized enterprises better leverage social platforms to build their own stories in the rapidly changing Internet era, use online applications to improve efficiency and engage new customers, and use optimized supply chain services to produce better products and services, helping these companies grow bigger and faster.

    Participants in the Solicitation

    Xpand Boom Technology Inc., Rising Dragon Acquisition Corp., and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of RDAC ordinary shares in respect of the proposed Transaction. Information about RDAC’s directors and executive officers and their ownership of RDAC’s ordinary shares is currently set forth in RDAC’s prospectus related to its initial public offering dated October 11, 2024, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form F-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the “Registration Statement”) pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of RDAC or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Important Information about the Proposed Business Combination and Where to Find It

    In connection with the Transaction, Xpand Boom Technology will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all RDAC shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of RDAC are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction.

    Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through RDAC through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.

    Wenyi Shen
    Chief Financial Officer
    Rising Dragon Acquisition Corp.
    Email: woody.shen@hywincapital.cn

    Zhiguo Sun
    HZJL Cayman Limited
    Investor Relations Officer
    Email: ir@xpandboom.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RDAC’s and HZJL’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RDAC’s and HZJL’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of RDAC or HZJL and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against RDAC or HZJL following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of RDAC or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from PRC regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that HZJL or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by RDAC and Xpand Boom Technology (when available) relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by RDAC and HZJL. RDAC and HZJL caution that the foregoing list of factors is not exclusive. RDAC and HZJL caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither RDAC or HZJL undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

    The MIL Network –

  • MIL-OSI: Lake Shore Bancorp, Inc. Declares Fourth Quarter 2024 Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors declared a cash dividend of $0.18 per share on its outstanding common stock on January 27, 2025. The dividend is expected to be paid on February 14, 2025 to stockholders of record as of February 10, 2025. The Company received the written approval from the Federal Reserve Bank of Philadelphia (the “Reserve Bank”) on January 9, 2025 to pay a cash dividend of $0.18 per share to its stockholders.

    About Lake Shore
    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor
    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Kim C. Liddell
    President, CEO, and Director
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1012

    The MIL Network –

  • MIL-OSI: Diginex Limited Announces Underwriters’ Full Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Jan. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), incorporated in the Cayman Islands, is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action, today announced that on January 27, 2025, the underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 337,500 ordinary shares of the Company at the public offering price of $4.10 per share, resulting in additional gross proceeds of $1.38 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of ordinary shares sold by the Company in the Offering increased to 2,587,500 ordinary shares and the gross proceeds increased to $10.61 million, before deducting underwriting discounts and other related expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market under the symbol “DGNX” on January 22, 2025.

    The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.

    Dominari Securities, LLC acted as the representative of the underwriters to the Offering, and Revere Securities LLC was a co-underwriter. Loeb & Loeb LLP acted as U.S. and Hong Kong counsel to the Company, and Robinson & Cole LLP acted as U.S. counsel to Dominari Securities LLC and Revere Securities LLC in connection with this Offering.

    A registration statement on Form F-1 (File No. 333-282027) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 20, 2024. A final prospectus relating to the Offering was filed with the SEC on January 23, 2025 and available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this Offering may be obtained from Dominari Securities LLC, 725 5th Ave, 23rd Floor, New York, NY 10022, Telephone: (212) 393-4500; Email: investmentbanking@dominarisecurities.com.

    Before you invest, you should read the registration statement (including the post-effective amendment) and the preliminary prospectus contained therein, the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s Offering and the use of proceeds. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: Preferred Bank Reports Fourth Quarter and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank (“the Bank”) reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calculation error goes back to the adoption of ASC 842 in 2019 and the $8.1 million item represents the cumulative erroneous calculation through the years from 2019 to present.

    Net interest income was $69.2 million, up by $325,000 compared to last quarter’s $68.8 million and down slightly from the $69.4 million recorded one year ago. Noninterest expense was $28.2 million, an increase of $6.2 million from the previous quarter and an increase of $10.4 million over the same quarter last year. These increases were due to the aforementioned non-recurring occupancy expense item. The provision for credit losses was $2.0 million this quarter compared to $3.2 million last quarter and compared to $3.5 million this quarter last year. Despite the non-recurring expense item, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.74%
    • Return on beginning equity of 16.03%
    • Net interest margin (NIM) held strong at 4.06%
    • Total loans increased by $71 million or 1.3%
    • Efficiency ratio was 38.8%

    Highlights for the Year:

    • Return on average assets was 1.91%
    • Return on beginning equity of 18.80%
    • The NIM was 4.08%
    • Total loans increased by $369 million or 7.0%
    • Efficiency ratio was 31.47%

    Li Yu, Chairman and CEO, commented, “We completed the year 2024 with net income of $130.7 million or $9.64 per diluted share. Return on assets was 1.91% for the year and return on beginning equity was 18.8%, which should be well above peer group and the industry average.

    ”Fourth quarter net income of $30.2 million or $2.25 per diluted share was negatively impacted by a correction to our lease expense of $8.1 million. This correction was previously announced and is non-recurring in nature. The after-tax effect of this item was approximately $0.42.

    “Under a high interest rate and high inflation environment, Preferred Bank’s loan growth and deposit growth were less than our historical performance. 2024 loan growth of 7.0% and deposit growth of 3.6% were still in- line with industry averages.

    “At December 31, 2024, our credit metrics improved from September 30, 2024. Non-performing loans decreased by $10.0 million or 52% and criticized loans decreased by $76.7 million or 32.6%. The Bank’s allowance for credit losses to total loans was 1.27% as of December 31, 2024.

    “The recent wildfires in the Los Angeles area have wrought unprecedented damage to our community. We at Preferred Bank will be dedicated to making the utmost effort to help rebuild the homes and businesses lost in this tragedy. At this time, the Bank has confirmed the existence of one property that secures a commercial loan which was affected by the fires but we can confirm the property had the appropriate insurance. We are most grateful that none of our residential home mortgage borrowers have been affected and that none of our employees have been directly impacted.

    “In December, our Board of Directors announced an increase in the quarterly dividend from $0.70 per quarter to $0.75 per quarter, the first of which is payable in January of 2025. For the year, we also repurchased 464,314 shares of our common stock for total consideration of $34.3 million. At December 31, 2024, the Bank’s tier 1 leverage ratio improved to 11.33% from 10.85% as of December 31, 2023. Tangible book value per common share increased from $50.54 at the end of 2023 to $57.86 as of December 31, 2024, a 13.1% increase.

    “We look forward to continue our consistently strong financial performance into 2025.”

    Results of Operations – Quarter

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $69.2 million for the fourth quarter of 2024. This was a $325,000 increase from the $68.8 million recorded in the prior quarter and a $223,000 decrease from the same quarter last year. Compared to the prior quarter, interest income was down by $3.6 million but interest expense also decreased by $3.9 million. In comparison to the same quarter last year, interest income increased by $894,000 but interest expense increased by $1.1 million. The Bank’s net interest margin came in at 4.06% for the quarter, this is down slightly from the 4.10% recorded last quarter and was down by 18 basis points from the 4.24% margin achieved in the fourth quarter of the prior year. Management believes that efforts to reduce the Bank’s asset sensitivity have been largely effective as the margin has held up much better than originally anticipated when the first rate cut occurred in September of 2024.

    Noninterest Income. For the fourth quarter of 2024, noninterest income was $3.6 million compared with $2.1 million for the same quarter last year and compared to $3.5 million for the third quarter of 2024. The increase over the prior quarter was primarily due to other income and fees which increased by $131,000. In comparing to the same quarter last year, letter of credit (LC) fee income was up by $491,000 and last year the Bank recorded a loss on sale of investment securities of $929,000. Finally, other income was up by $303,000 over last year.

    Noninterest Expense. Total noninterest expense was $28.2 million for the fourth quarter of 2024 compared to $22.1 million for the third quarter of 2024 and compared to the $17.9 million recorded in the same period last year. The primary reason for the increase over the prior year and over the prior quarter was the $8.1 million occupancy expense adjustment related to accounting pronouncement ASC 842 mentioned earlier. In comparing to the prior quarter; personnel expense was down by $246,000, business development expense was up by $99,000 and OREO expense was lower by $1.8 million due to a $1.6 million valuation allowance recorded last quarter. In comparing to same quarter last year; personnel expense was up by $1.2 million due to additional personnel, professional services was up by $251,000 and other expense was up by $360,000.   For the quarter ended December 31, 2024, the Bank’s efficiency ratio was 38.8%, higher than the 30.6% posted last quarter and higher than the 25.0% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $12.3 million for the fourth quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at December 31, 2024 were $5.64 billion, an increase of $369 million from the total of $5.27 billion as of December 31, 2023. Total deposits were $5.92 billion, an increase of $207.5 million from the $5.71 billion as of December 31, 2023. Total assets were $6.92 billion, an increase of $264.2 million over the total of $6.66 billion as of December 31, 2023.

    Results of Operations – Year

    The Bank’s net income for the year ended December 31, 2024 was $130.7 million or $9.64 per diluted share. This is down from $150.0 million or $10.52 per diluted share for 2023. The decrease was due to net interest income which was down by $16.7 million as well as noninterest expense which increased by $13.4 million. This was partially offset by noninterest income which increased in 2024 by $6.5 million over 2023. Despite this decline, the Bank’s earnings metrics still remain top-of-class as ROA was 1.91%, ROBE was 18.8% and the Bank’s efficiency ratio was 31.5%. Also, during 2024 the Bank repurchased 464,314 shares at an average price of $73.76 which contributed approximately $0.17 per diluted share for 2024.

    Asset Quality

    Non-accrual loans and loans 90 days past due and still accruing totaled $9.4 million as of December 31, 2024, a decrease of $10.0 million from $19.4 million on September 30, 2024 and a decrease of $19.3 million from the $28.7 million in nonperforming loans as of December 31, 2023. Total net charge-offs for the quarter were $6.6 million and all were previously fully reserved.

    Total criticized loans decreased to $158.1 million from $234.8 million last quarter. The Bank expects to upgrade a number of the remaining credits in this cohort once more collateral is in place.

    Allowance for Credit Losses

    The provision for credit losses for the fourth quarter of 2024 was $2.0 million compared to $3.2 million last quarter and compared to $3.5 million in the same quarter last year.   The Bank’s allowance coverage ratio declined to 1.27% of loans as compared to 1.36% in the prior quarter.

    Capitalization

    As of December 31, 2024, the Bank’s leverage ratio was 11.33%, the common equity tier 1 capital ratio was 11.80% and the total capital ratio stood at 15.11%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s fourth quarter 2024 financial results will be held tomorrow, January 28, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through February 11, 2025; the passcode is 6335378.

    About Preferred Bank

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

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

    Financial Tables to Follow

     
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Quarter Ended
      December 31,   September 30,   December 31,
      2024   2024   2023
    Interest income:          
    Loans, including fees $ 111,596     $ 114,112     $ 107,709  
    Investment securities   14,013       15,032       16,973  
    Fed funds sold   249       280       282  
    Total interest income   125,858       129,424       124,964  
               
    Interest expense:          
    Interest-bearing demand   18,245       23,211       21,716  
    Savings   85       84       72  
    Time certificates   37,030       35,956       32,455  
    Subordinated debt   1,325       1,325       1,325  
    Total interest expense   56,685       60,576       55,568  
    Net interest income   69,173       68,848       69,396  
    Provision for credit losses   2,000       3,200       3,500  
    Net interest income after provision for credit losses   67,173       65,648       65,896  
               
    Noninterest income:          
    Fees & service charges on deposit accounts   761       747       857  
    Letters of credit fee income   1,977       1,959       1,486  
    BOLI income   102       108       105  
    Net loss on called and sale of investment securities   –       –       (929 )
    Net gain on sale of loans   112       91       205  
    Other income   685       554       382  
    Total noninterest income   3,637       3,459       2,106  
               
    Noninterest expense:          
    Salary and employee benefits   13,279       13,525       12,058  
    Net occupancy expense   10,110       1,883       1,536  
    Business development and promotion expense   340       241       239  
    Professional services   1,606       1,816       1,355  
    Office supplies and equipment expense   396       435       391  
    OREO valuation allowance and related expense   155       1,915       294  
    Other   2,360       2,274       2,000  
    Total noninterest expense   28,246       22,089       17,873  
    Income before provision for income taxes   42,564       47,018       50,129  
    Income tax expense   12,343       13,635       14,290  
    Net income $ 30,221     $ 33,383     $ 35,839  
               
    Income per share available to common shareholders          
    Basic $ 2.29     $ 2.50     $ 2.63  
    Diluted $ 2.25     $ 2.46     $ 2.60  
               
    Weighted-average common shares outstanding          
    Basic   13,190,696       13,327,848       13,617,225  
    Diluted   13,442,294       13,544,273       13,804,315  
               
    Cash dividends per common share $ 0.75     $ 0.70     $ 0.70  
               
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Twelve Months Ended    
      December 31,   December 31,   Change
      2024   2023   %
    Interest income:          
    Loans, including fees $ 445,139     $ 412,505       7.9 %
    Investment securities   62,854       64,427       -2.4 %
    Fed funds sold   1,103       1,056       4.5 %
    Total interest income   509,096       477,988       6.5 %
               
    Interest expense:          
    Interest-bearing demand   87,951       75,417       16.6 %
    Savings   323       225       43.5 %
    Time certificates   142,894       103,853       37.6 %
    FHLB borrowings   0       3,819       -100.0 %
    Subordinated debt   5,300       5,300       0.0 %
    Total interest expense   236,468       188,614       25.4 %
    Net interest income   272,628       289,374       -5.8 %
    Provision for credit losses   12,100       10,000       21.0 %
    Net interest income after provision for credit losses   260,528       279,374       -6.7 %
               
    Noninterest income:          
    Fees & service charges on deposit accounts   3,172       3,333       -4.8 %
    Letters of credit fee income   7,188       5,798       24.0 %
    BOLI income   420       412       2.1 %
    Net loss on called and sale of investment securities   –       (5,046 )     -100.0 %
    Net gain on sale of loans   659       752       -12.4 %
    Other income   2,126       1,864       14.0 %
    Total noninterest income   13,565       7,113       90.7 %
               
    Noninterest expense:          
    Salary and employee benefits   53,648       51,314       4.5 %
    Net occupancy expense   15,420       6,049       154.9 %
    Business development and promotion expense   1,250       737       69.6 %
    Professional services   6,711       5,270       27.3 %
    Office supplies and equipment expense   1,781       1,588       12.2 %
    OREO valuation allowance and related expense   2,234       3,344       -33.2 %
    Other   9,016       8,332       8.2 %
    Total noninterest expense   90,060       76,634       17.5 %
    Income before provision for income taxes   184,033       209,853       -12.3 %
    Income tax expense   53,371       59,813       -10.8 %
    Net income $ 130,662     $ 150,040       -12.9 %
               
    Income per share available to common shareholders          
    Basic $ 9.79     $ 10.64       -8.0 %
    Diluted $ 9.64     $ 10.52       -8.4 %
               
    Weighted-average common shares outstanding          
    Basic   13,347,004       14,095,745       -5.3 %
    Diluted   13,554,266       14,261,644       -5.0 %
               
    Dividends per share $ 2.85     $ 2.35       21.3 %
               
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
           
      December 31,   December 31,
      2024   2023
      (Unaudited)   (Audited)
    Assets      
    Cash and due from banks $ 765,515     $ 890,852  
    Fed funds sold   20,000       20,000  
    Cash and cash equivalents   785,515       910,852  
           
    Securities held-to-maturity, at amortized cost   20,021       21,171  
    Securities available-for-sale, at fair value   348,706       313,842  
           
    Loans held for sale, at lower of cost or fair value   2,214       360  
           
    Loans   5,640,615       5,273,498  
    Less allowance for credit losses   (71,477 )     (78,355 )
    Less amortized deferred loan fees, net   (9,234 )     (11,079 )
    Loans, net   5,559,904       5,184,064  
           
    Other real estate owned and repossessed assets   14,991       16,716  
    Customers’ liability on acceptances   –       315  
    Bank furniture and fixtures, net   8,462       9,694  
    Bank-owned life insurance   10,433       10,632  
    Accrued interest receivable   33,561       33,892  
    Investment in affordable housing partnerships   58,346       65,276  
    Federal Home Loan Bank stock, at cost   15,000       15,000  
    Deferred tax assets   47,316       48,991  
    Income tax receivable   2,281       2,391  
    Operating lease right-of-use assets   13,182       22,050  
    Other assets   3,497       4,030  
    Total assets $ 6,923,429     $ 6,659,276  
           
    Liabilities and Shareholders’ Equity      
    Deposits:      
    Noninterest bearing demand deposits $ 704,859     $ 786,995  
    Interest bearing deposits:   2,026,965       2,075,156  
    Savings   30,150       29,167  
    Time certificates of $250,000 or more   1,477,931       1,317,862  
    Other time certificates   1,676,943       1,500,162  
    Total deposits   5,916,848       5,709,342  
           
    Acceptances outstanding   –       315  
    Subordinated debt issuance, net   148,469       148,232  
    Commitments to fund investment in affordable housing partnerships   21,623       30,824  
    Operating lease liabilities   16,990       19,766  
    Accrued interest payable   16,517       16,124  
    Other liabilities   39,830       39,568  
    Total liabilities   6,160,277       5,964,171  
           
    Shareholders’ equity   763,152       695,105  
    Total liabilities and shareholders’ equity   6,923,429       6,659,276  
           
    Book value per common share $ 57.86     $ 50.54  
    Number of common shares outstanding   13,188,776       13,753,246  
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
               
      For the Quarter Ended
      December 31, September 30, June 30, March 31, December 31,
      2024 2024 2024 2024 2023
    Unaudited historical quarterly operations data:          
    Interest income $ 125,858   $ 129,424   $ 127,294   $ 126,520   $ 124,964  
    Interest expense   56,685     60,576     61,187     58,020     55,568  
    Interest income before provision for credit losses   69,173     68,848     66,107     68,500     69,396  
    Provision for credit losses   2,000     3,200     2,500     4,400     3,500  
    Noninterest income   3,637     3,459     3,404     3,065     2,106  
    Noninterest expense   28,246     22,089     19,697     20,028     17,873  
    Income tax expense   12,343     13,635     13,722     13,671     14,290  
    Net income $ 30,221   $ 33,383   $ 33,592   $ 33,466   $ 35,839  
               
    Earnings per share          
    Basic $ 2.29   $ 2.50   $ 2.51   $ 2.48   $ 2.63  
    Diluted $ 2.25   $ 2.46   $ 2.48   $ 2.44   $ 2.60  
               
    Ratios for the period:          
    Return on average assets   1.74 %   1.95 %   1.97 %   2.00 %   2.15 %
    Return on beginning equity   16.03 %   18.37 %   19.44 %   19.36 %   21.21 %
    Net interest margin (Fully-taxable equivalent)   4.06 %   4.10 %   3.96 %   4.19 %   4.24 %
    Noninterest expense to average assets   1.62 %   1.29 %   1.15 %   1.20 %   1.07 %
    Efficiency ratio   38.79 %   30.55 %   28.34 %   27.99 %   25.00 %
    Net charge-offs to average loans (annualized)   0.47 %   -0.00 %   0.68 %   0.26 %   -0.00 %
               
    Ratios as of period end:          
    Tangible common equity ratio   11.02 %   10.92 %   10.55 %   10.35 %   10.43 %
    Tier 1 leverage capital ratio   11.33 %   11.28 %   10.89 %   10.80 %   10.85 %
    Common equity tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Total risk-based capital ratio   15.11 %   15.06 %   14.93 %   15.08 %   15.18 %
    Allowances for credit losses to loans at end of period   1.27 %   1.36 %   1.34 %   1.49 %   1.49 %
    Allowance for credit losses to non-performing loans   7.64 x   3.92 x   1.79 x   4.33 x   2.73 x
               
    Average balances:          
    Total securities $ 350,732   $ 356,590   $ 353,357   $ 348,961   $ 349,863  
    Total loans   5,542,558     5,458,613     5,320,360     5,263,562     5,126,918  
    Total earning assets   6,788,487     6,684,766     6,728,498     6,585,853     6,499,469  
    Total assets   6,920,325     6,817,979     6,863,829     6,718,018     6,627,349  
    Total time certificate of deposits   3,144,523     2,874,985     2,884,259     2,852,860     2,767,385  
    Total interest bearing deposits   5,220,655     5,124,245     5,203,034     5,004,834     4,906,947  
    Total deposits   5,905,127     5,828,227     5,901,976     5,761,488     5,689,713  
    Total interest bearing liabilities   5,369,092     5,272,617     5,351,347     5,153,089     5,055,143  
    Total equity   760,345     747,222     715,190     704,996     683,141  
               
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
           
      For the Twelve Months Ended
      December 31,   December 31,
      2024   2023
           
    Interest income $ 509,096     $ 477,988  
    Interest expense   236,468       188,614  
    Interest income before provision for credit losses   272,628       289,374  
    Provision for credit losses   12,100       10,000  
    Noninterest income   13,565       7,113  
    Noninterest expense   90,060       76,634  
    Income tax expense   53,371       59,813  
    Net income $ 130,662     $ 150,040  
           
    Earnings per share      
    Basic $ 9.79     $ 10.64  
    Diluted $ 9.64     $ 10.52  
           
    Ratios for the period:      
    Return on average assets   1.91 %     2.28 %
    Return on beginning equity   18.80 %     23.80 %
    Net interest margin (Fully-taxable equivalent)   4.08 %     4.49 %
    Noninterest expense to average assets   1.32 %     1.17 %
    Efficiency ratio   31.47 %     25.85 %
    Net charge-off to average loans   0.35 %     0.00 %
           
    Average balances:      
    Total securities $ 352,416     $ 389,584  
    Total loans   5,396,844       5,068,486  
    Total earning assets   6,697,118       5,067,870  
    Total assets   6,830,252       6,452,661  
    Total time certificate of deposits   2,939,543       6,577,690  
    Total interest bearing deposits   5,849,300       2,570,706  
    Total deposits   5,849,300       4,678,893  
    Total interest bearing liabilities   5,849,300       5,577,155  
    Total equity   732,058       4,902,616  
           
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
            As of
            December 31,   September 30,   June 30,   March 31,   December 31,
            2024   2024   2024   2024   2023
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 785,515     $ 804,994     $ 917,677     $ 936,600     $ 910,852  
      Securities held-to-maturity, at amortized cost   20,021       20,311       20,605       20,904       21,171  
      Securities available-for-sale, at fair value   348,706       337,363       331,909       333,411       313,842  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 790,069     $ 753,453     $ 732,251     $ 724,101     $ 688,058  
          Real estate—Commercial   2,840,771       2,882,506       2,833,430       2,777,608       2,760,761  
          Total Real Estate – Mortgage   3,630,840       3,635,959       3,565,681       3,501,709       3,448,819  
        Real estate – Construction:                  
          R/E Construction — Residential   296,580       274,214       238,062       236,596       246,201  
          R/E Construction — Commercial   287,185       290,308       247,582       213,727       179,775  
          Total real estate construction loans   583,765       564,522       485,644       450,323       425,976  
        Commercial and industrial   1,418,930       1,365,550       1,371,694       1,369,529       1,394,871  
        SBA   6,833       5,424       5,463       3,914       3,469  
        Consumer and others   247       124       118       379       363  
          Gross loans   5,640,615       5,571,579       5,428,600       5,325,854       5,273,498  
      Allowance for credit losses on loans   (71,477 )     (76,051 )     (72,848 )     (79,311 )     (78,355 )
      Net deferred loan fees   (9,234 )     (10,414 )     (10,502 )     (10,460 )     (11,079 )
        Net loans, excluding loans held for sale $ 5,559,904     $ 5,485,114     $ 5,345,250     $ 5,236,083     $ 5,184,064  
      Loans held for sale $ 2,214     $ 225     $ 955     $ 605     $ 360  
        Net loans $ 5,562,118     $ 5,485,339     $ 5,346,205     $ 5,236,688     $ 5,184,424  
                             
      Other real estate owned and repossessed assets $ 14,991     $ 15,082     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,346       58,009       60,432       62,854       65,276  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   118,732       136,246       138,036       134,040       131,995  
        Total assets $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 704,859     $ 682,859     $ 675,767     $ 709,767     $ 786,995  
        Interest bearing demand   2,026,965       1,994,288       2,326,214       2,159,948       2,075,156  
        Savings   30,150       29,793       28,251       29,261       29,167  
        Time certificates of $250,000 or more   1,477,931       1,478,500       1,406,149       1,349,927       1,317,862  
        Other time certificates   1,676,943       1,682,324       1,442,381       1,552,805       1,500,162  
        Total deposits $ 5,916,848     $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342  
                             
      Acceptances outstanding $ –     $ –     $ –     $ –     $ 315  
      Subordinated debt issuance, net   148,469       148,410       148,351       148,292       148,232  
      Commitments to fund investment in affordable housing partnerships   21,623       23,617       27,946       29,647       30,824  
      Other liabilities   73,337       82,436       68,394       77,008       75,458  
        Total liabilities $ 6,160,277     $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171  
                             
    Equity:                    
      Net common stock, no par value $ 105,501     $ 109,928     $ 113,509     $ 115,915     $ 134,534  
      Retained earnings   685,108       664,808       640,675       616,417       592,325  
      Accumulated other comprehensive income   (27,457 )     (24,619 )     (31,057 )     (32,774 )     (31,754 )
        Total shareholders’ equity $ 763,152     $ 750,117     $ 723,127     $ 699,558     $ 695,105  
        Total liabilities and shareholders’ equity $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (unaudited)
                           
                       
      Three months ended December 31,   Three months ended September 30,   Three months ended December 31,
      2024   2024   2023
        Interest Average     Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
    Loans (1,2) $ 5,543,215   $ 111,596     8.01 %   $ 5,459,842   $ 114,112     8.31 %   $ 5,127,935   $ 107,709     8.33 %
    Investment securities (3)   350,732     3,566     4.04 %     356,590     3,610     4.03 %     349,863     3,335     3.78 %
    Federal funds sold   20,172     249     4.91 %     20,164     280     5.52 %     20,028     282     5.58 %
    Other earning assets   874,368     10,546     4.80 %     848,170     11,521     5.40 %     1,001,643     13,739     5.44 %
    Total interest earning assets   6,788,487     125,957     7.38 %     6,684,766     129,523     7.71 %     6,499,469     125,065     7.63 %
    Deferred loan fees, net   (9,808 )         (10,248 )         (10,421 )    
    Allowance for credit losses on loans   (75,474 )         (72,899 )         (74,965 )    
    Noninterest earning assets:                      
    Cash and due from banks   10,626           10,826           12,376      
    Bank furniture and fixtures   8,866           9,419           9,243      
    Right of use assets   28,570           22,496           20,338      
    Other assets   169,058           173,619           171,309      
    Total assets $ 6,920,325         $ 6,817,979         $ 6,627,349      
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
    Deposits:                      
    Interest bearing demand and savings $ 2,076,132   $ 18,330     3.51 %   $ 2,249,260   $ 23,295     4.12 %   $ 2,139,562   $ 21,788     4.04 %
    TCD $250K or more   1,481,219     17,514     4.70 %     1,412,073     17,866     5.03 %     1,294,531     15,600     4.78 %
    Other time certificates   1,663,304     19,516     4.67 %     1,462,912     18,090     4.92 %     1,472,854     16,855     4.54 %
    Total interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Short-term borrowings   3     0     3.31 %     –     –     0.00 %     2     0     6.08 %
    Subordinated debt, net   148,434     1,325     3.55 %     148,372     1,325     3.55 %     148,194     1,325     3.55 %
    Total interest bearing liabilities   5,369,092     56,685     4.20 %     5,272,617     60,576     4.57 %     5,055,143     55,568     4.36 %
    Noninterest bearing liabilities:                      
    Demand deposits   684,472           703,982           782,766      
    Lease liability   25,486           18,882           18,179      
    Other liabilities   80,930           75,276           88,120      
    Total liabilities   6,159,980           6,070,757           5,944,208      
    Shareholders’ equity   760,345           747,222           683,141      
    Total liabilities and shareholders’ equity $ 6,920,325         $ 6,817,979         $ 6,627,349      
    Net interest income   $ 69,272         $ 68,947         $ 69,497    
    Net interest spread       3.18 %         3.14 %         3.27 %
    Net interest margin       4.06 %         4.10 %         4.24 %
                           
    Cost of Deposits:                      
    Noninterest bearing demand deposits $ 684,472         $ 703,982         $ 782,766      
    Interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Total Deposits $ 5,905,127   $ 55,360     3.73 %   $ 5,828,227   $ 59,251     4.04 %   $ 5,689,713   $ 54,243     3.78 %
    (1) Includes non-accrual loans and loans held for sale    
    (2) Net loan fee income of $1.2 million, $991,000, and $1.0 million for the quarter ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, are included in the yield computations  
    (3) Yields on securities have been adjusted to a tax-equivalent basis  
         
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (unaudited)
                                           
      Twleve Months ended December 31,
      2024
    		   2023
        Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
    Loans (1,2) $ 5,398,916   $ 445,139     8.24 %   $ 5,068,486   $ 412,505     8.14 %
    Investment securities (3)   352,416     14,257     4.05 %     389,584     14,461     3.71 %
    Federal funds sold   20,397     1,103     5.41 %     20,090     1,056     5.26 %
    Other earning assets   925,389     48,994     5.29 %     974,501     50,372     5.17 %
    Total interest earning assets   6,697,118     509,493     7.61 %     6,452,661     478,394     7.41 %
    Deferred loan fees, net   (10,301 )         (10,212 )    
    Allowance for credit losses on loans   (76,448 )         (70,992 )    
    Noninterest earning assets:              
    Cash and due from banks   10,624           11,978      
    Bank furniture and fixtures   9,537           9,010      
    Right of use assets   23,997           21,417      
    Other assets   175,725           163,828      
    Total assets $ 6,830,252         $ 6,577,690      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
    Deposits:              
    Interest bearing demand/ savings $ 2,198,837   $ 88,274     4.01 %   $ 2,108,187   $ 75,642     3.59 %
    TCD $250K or more   1,403,663     69,176     4.93 %     1,267,859     53,200     4.20 %
    Other time certificates   1,535,880     73,718     4.80 %     1,302,847     50,653     3.89 %
    Total interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Short-term borrowings   1     0     2.50 %     1     0     3.06 %
    Advance from Federal Home Loan Bank   –     0     0.00 %     75,616     3,819     5.05 %
    Subordinated debt, net   148,344     5,300     3.57 %     148,106     5,300     3.58 %
    Total interest bearing liabilities   5,286,725     236,468     4.47 %     4,902,616     188,614     3.85 %
    Noninterest bearing liabilities:              
    Demand deposits   710,920           898,262      
    Lease liability   20,931           19,902      
    Other liabilities   79,618           84,449      
    Total liabilities   6,098,194           5,905,229      
    Shareholders’ equity   732,058           672,461      
    Total liabilities and shareholders’ equity $ 6,830,252         $ 6,577,690      
    Net interest income   $ 273,025         $ 289,780    
    Net interest spread       3.13 %         3.57 %
    Net interest margin       4.08 %         4.49 %
                   
    Cost of Deposits:              
    Noninterest bearing demand deposits $ 710,920         $ 898,262      
    Interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Total Deposits $ 5,849,300   $ 231,168     3.95 %   $ 5,577,155   $ 179,495     3.22 %
    (1) Includes non-accrual loans and loans held for sale  
    (2) Net loan fee income of $4.6 million and $4.2 million for the year ended December 31, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis
         
    Preferred Bank
    Loan and Credit Quality Information
           
    Allowance For Credit Losses History
      Year ended
      December 31, 2024   December 31, 2023
      (Dollars in 000’s)
    Allowance For Credit Losses      
    Balance at Beginning of Period $ 78,355     $ 68,472  
    Charge-Offs      
    Commercial & Industrial   19,028       124  
    Total Charge-Offs   19,028       124  
           
    Recoveries      
    Commercial & Industrial   50       7  
    Total Recoveries   50       7  
           
    Net Charge-Offs   18,978       117  
    Provision for Credit Losses:   12,100       10,000  
    Balance at End of Period $ 71,477     $ 78,355  
           
    Average Loans Held for Investment $ 5,396,844     $ 5,067,870  
    Loans Held for Investment at End of Period $ 5,640,615     $ 5,273,498  
    Net Charge-Offs to Average Loans   0.35 %     0.00 %
    Allowances for Credit Losses to Loans at End of Period   1.27 %     1.49 %
           
    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com
       

    The MIL Network –

  • MIL-OSI: PDF Solutions to Report Fourth Quarter and Fiscal Year 2024 Financial Results on February 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor ecosystem, announced that it will release fourth quarter and fiscal year 2024 financial results after the market close on Thursday, February 13, 2025. John Kibarian, CEO, and Adnan Raza, CFO, will host a live teleconference on Thursday, February 13, 2025, beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the results.

    To participate on the live call, analysts and investors should pre-register at:
    https://register.vevent.com/register/BI901bfd5ff82340f4be29473c242c6655.

    Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial-in into the call ten minutes ahead of scheduled time.

    The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

    About PDF Solutions
    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

    Company Contacts

    Adnan Raza
    Chief Financial Officer
    (408) 516-0237
    adnan.raza@pdf.com

    Sonia Segovia
    Investor Relations
    (408) 938-6491
    sonia.segovia@pdf.com

    The MIL Network –

  • MIL-OSI: SPS Commerce Announces Date of Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Minn., Jan. 27, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced that it will issue its financial results for the fourth quarter and year ended December 31, 2024, after the market close on Monday, February 10, 2025. SPS Commerce will host a call to discuss the results at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on the same day.

    To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to be joined into the SPS Commerce conference call. A live webcast of the call will be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service and accessible experts so our customers can focus on what they do best. To date, more than 120,000 companies in retail, grocery, distribution, supply, and logistics have chosen SPS as their retail network. SPS has achieved 95 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. 

    Contact:

    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk
    Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962 

    SPS-F

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Appoints Angela J. Panzarella to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC, today announced the appointment of Angela J. Panzarella as a new independent member of the Boards of Directors of both the Company and the Bank, on January 22, 2025.

    Ms. Panzarella brings extensive business and nonprofit leadership experience, including as CEO of the YWCA of Rochester and Monroe County from 2018 to 2020 and through her 20-year tenure with Bausch + Lomb, as well as prior public company board experience. During her eight years of board service to publicly-traded Transcat, Inc., a Rochester-based calibration services and equipment provider, she served as Chair of the Compensation Committee and as a member of the Technology and Governance Committees. Ms. Panzarella’s appointment increases the size of the Company’s Board to twelve members, eleven of whom are independent and three of whom were appointed within the last four years. She will serve on the Audit and Management Development & Compensation Committees.

    “We are incredibly pleased to welcome Angela Panzarella to the Boards of Directors of both Financial Institutions, Inc. and Five Star Bank,” said Susan R. Holliday, Chair of the Boards of Directors of the Company and the Bank. “Having spent the majority of her career in the highly regulated health care industry, we expect that her experience overseeing corporate strategy, financial and business operations, business development, and more, will prove to be a tremendous asset as our Company continues to execute on its long-term strategy.”

    “Angela is not only a seasoned executive with a proven ability to develop and execute successful business strategies that drive strong financial outcomes, often on a global scale, but a respected leader in the Greater Rochester community, a key growth market for us,” said Martin K. Birmingham, President, CEO and Director of the Company and the Bank. “As we continue to grow and evolve as a company, we look forward to benefitting from her perspective and counsel.”

    Prior to joining the YWCA, Ms. Panzarella served as President of ACM Medical Laboratory, Inc., a leader in clinical and global central laboratory services. From 1988 to 2008, she held a variety of executive and legal roles at Bausch + Lomb, most recently as President of the Canada and Latin American Division and Corporate Vice President of Global Vision Care. She began her career as an attorney with Harris Beach PLLC.

    Active in the community, Ms. Panzarella previously served on the boards of directors for UR Medicine Home Care and the United Way of Greater Rochester. She earned her B.A. from St. John Fisher College and J.D. from the Albany Law School of Union University.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.2 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Safe Harbor Statement
    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “believe,” “anticipate,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: additional information regarding the deposit fraudulent activity; changes in interest rates; inflation; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to the impact of a pandemic or global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd49cdb2-c77b-4d34-9745-23f9029a6398

    The MIL Network –

  • MIL-OSI USA: Durbin Requests Materials Related To FBI Nominee Kash Patel’s Involvement In Hostage Recovery Mission After Allegations Of Endangering American Citizens

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    January 27, 2025
    This is the second known instance of Mr. Patel breaking hostage recovery protocol to inappropriately insert himself in a sensitive or high-profile recovery mission
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, sent a letter to the Federal Bureau of Investigation (FBI), the Department of Defense (DOD), the State Department, and the Department of Treasury requesting they produce all relevant materials related to alleged misconduct by Kash Patel, President Trump’s nominee to be Director of the FBI, related to the rescue of two Americans held captive by Iranian-backed militants in Yemen. Allegedly, Mr. Patel publicly commented without authorization and prior to the confirmed safe retrieval of the two hostages. If true, Mr. Patel appears to have inappropriately involved himself in a sensitive operation with no regard to the safety of the hostages or the success of the mission.
    Durbin wrote, “I have recently received highly credible information revealing that while serving in the first Trump Administration’s National Security Council, Kash Patel broke protocol regarding hostage rescues by publicly commenting without authorization on the then in-progress retrieval of two Americans held captive by Iranian-backed militants in Yemen in October 2020.”
    On October 14, 2020, the Wall Street Journal first published comments from Mr. Patel regarding the hostage swap at 10:55 a.m., several hours before the hostages were confirmed to be in the custody of the United States. In the wake of multiple failed hostage recovery missions, the Hostage Recovery Fusion Cell was created in 2015 as a multi-agency group housed in the FBI tasked with coordinating the recovery of Americans held hostage abroad and improving communications with impacted families and the public. The Fusion Cell’s specific protocols are in place to help protect the privacy of impacted families and ensure the timing for public acknowledgement of a hostage rescue effort does not endanger these sensitive life-or-death missions.
    The letter continued, “The information my office received alleges that Mr. Patel inserted himself inappropriately in a hostage recovery mission and violated these protocols. Mr. Patel, prior to his interview with the Wall Street Journal and contrary to his public assertions, allegedly had no role in the planning, negotiations, or execution of this hostage recovery. The source also alleges the interagency communications were clear that there would be no public comment until after the recovery was complete, and the families were notified.”
    “Mr. Patel’s nomination to be Director of the Federal Bureau of Investigation (FBI) is currently pending before the Senate Judiciary Committee. Among the many qualities and qualifications the Senate must consider when reviewing presidential appointments is whether the nominee has the requisite character and fitness to be entrusted with the authority of their position. This is the second known instance of Mr. Patel breaking hostage recovery protocol to inappropriately insert himself in a sensitive or high-profile recovery mission. An official who puts missions and the lives of Americans in jeopardy for public notoriety and personal gain is unfit to lead the country’s primary federal law enforcement and investigation agency. This Committee has a constitutional obligation to perform oversight over the FBI and to provide advice and consent on the nominations of officers to lead the Bureau,” the letter wrote.
    In the letter, Durbin requests the Hostage Recovery Fusion Cell protocols for public acknowledgement of successful hostage rescue missions, communications between the Hostage Recovery Fusion Cell and Mr. Patel, and all of the cables regarding the rescue mission during the relevant four days in order to validate this new allegation. Durbin requests all relevant information no later than January 30, the date of Mr. Patel’s confirmation hearing.
    In October 2020, Mr. Patel was accused of breaking protocol and incorrectly providing foreign airspace approval during the rescue of Philip Walton in northern Nigeria.
    Full text of the letter is available here and below.
    January 27, 2025
    Dear Acting Director Driscoll, Secretary Hegseth, Secretary Rubio, and Acting Secretary Lebryk:
    I have recently received highly credible information revealing that while serving in the first Trump Administration’s National Security Council, Kash Patel broke protocol regarding hostage rescues by publicly commenting without authorization on the then in-progress retrieval of two Americans held captive by Iranian-backed militants in Yemen in October 2020.
    On October 14, 2020, the Wall Street Journal first published comments from Mr. Patel regarding the hostage swap at 10:55 a.m., several hours before the hostages were in confirmed custody of the United States. In the wake of multiple failed hostage recovery missions, the Hostage Recovery Fusion Cell was created in 2015 as a multi-agency group housed in the FBI tasked with coordinating the recovery of Americans held hostage abroad and improving communications with impacted families and the public. The specific protocols are in place to help protect the privacy of the impacted families and ensure the timing for public acknowledgement of a hostage rescue effort does not endanger these sensitive life-or-death missions. The information my office received alleges that Mr. Patel inserted himself inappropriately in a hostage recovery mission and violated these protocols. Mr. Patel, prior to his interview with the Wall Street Journal and contrary to his public assertions, allegedly had no role in the planning, negotiations, or execution of this hostage recovery. The source also alleges the interagency communications were clear that there would be no public comment until after the recovery was complete, and the families were notified.
    Mr. Patel’s nomination to be Director of the Federal Bureau of Investigation (FBI) is currently pending before the Senate Judiciary Committee. Among the many qualities and qualifications the Senate must consider when reviewing presidential appointments is whether the nominee has the requisite character and fitness to be entrusted with the authority of their position. This is the second known instance of Mr. Patel breaking hostage recovery protocol to inappropriately insert himself in a sensitive or high-profile recovery mission. An official who puts missions and the lives of Americans in jeopardy for public notoriety and personal gain is unfit to lead the country’s primary federal law enforcement and investigation agency. This Committee has a constitutional obligation to perform oversight over the FBI and to provide advice and consent on the nominations of officers to lead the Bureau. To those ends, please provide the following information:
    The Hostage Recovery Fusion Cell protocols for the public acknowledgement of hostage rescue missions, including any ad hoc protocols established specifically for the rescue of Ms. Sandra Loli and Mr. Mikael Gidada;
    All records between February 1, 2020 through October 15, 2020 reflecting or relating to communications between and among Mr. Patel and the Hostage Recovery Fusion Cell concerning the rescue of Ms. Sandra Loli and Mr. Mikael Gidada;
    All interagency cables and memos from October 11, 2020 through October 15, 2020 concerning the rescue of Ms. Sandra Loli and Mr. Mikael Gidada; and
    All records reflecting or relating to authorization permitting Mr. Patel to disclose any details concerning the rescue of Ms. Sandra Loli and Mr. Mikael Gidada prior to receiving confirmation of their retrieval and/or notification to the families.
    Please provide these materials as soon as possible, and no later than January 30, 2025. I appreciate your prompt attention to this important request.
    Sincerely,
    -30-

    MIL OSI USA News –

  • MIL-OSI Security: Melfort — Melfort RCMP investigating fatal collision

    Source: Royal Canadian Mounted Police

    On January 24, 2025 at approximately 12:30 p.m., Melfort RCMP received a report of a collision on Highway #41 in the RM of Flett’s Springs.

    Officers immediately responded. Investigation determined two SUVs collided.

    One SUV had three occupants. All three were declared deceased by EMS at the scene. They have been identified as a 70-year-old female from Crystal Springs, a 42-year-old female from Saskatoon and a 44-year-old male from Saskatoon. Their families have been notified.

    The driver of the other SUV, who was the only occupant in the vehicle, was taken to hospital for injuries described as non-life-threatening in nature.

    Highway #41 was closed during initial investigation but has since re-opened. Melfort RCMP continue to investigate with the assistance of a Saskatchewan RCMP collision reconstructionist.

    MIL Security OSI –

  • MIL-OSI USA: Wyden Joins Bipartisan Legislation to Support Firefighters with Service-Related Cancers

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    January 27, 2025
    Washington, D.C. – U.S. Senator Ron Wyden said today that he joined the reintroduction of legislation that would expand access to federal support for the families of firefighters and other first responders who died or became permanently disabled from service-related cancers. 
    The Honoring Our Fallen Heroes Act would also extend disability benefits in cases where these first responders become permanently and totally disabled due to cancer.
    “In the wake of record wildfires last year in Oregon and California’s current wildfires, we have seen firefighters and first responders work tirelessly around the clock to save lives,” Wyden said. “They put their health, safety, and lives on the line without receiving an ounce of support that comes with the long-term risks of fighting fires. Let’s give these everyday heroes and their families the help they deserve so they don’t have to shoulder these challenges alone.”
    Currently, firefighters are only eligible for support under the Public Safety Officer Benefits (PSOB) program for physical injuries sustained in the line-of-duty, or for deaths from duty-related heart attacks, strokes, mental health conditions such as post-traumatic stress disorder, and 9/11 related illnesses.
    The PSOB program provides benefits to the survivors of fire fighters; law enforcement officers; and other first responders killed as the result of injuries sustained in the line of duty. The program also provides disability benefits where first responders become permanently or totally disabled. The Public Safety Officers’ Educational Assistance (PSOEA) program, a component of the PSOB program, provides higher-education assistance to the children and spouses of public safety officers killed or permanently disabled in the line of duty. The Department of Justice’s Bureau of Justice Assistance administers the PSOB and PSOEA programs.
    In addition to Wyden, the legislation is led by U.S. Senators Amy Klobuchar, D-Minn., and Kevin Cramer, R-N.D., and cosponsored by Senators Jim Banks, R-Ind., John Barrasso, R-Wyo., Marsha Blackburn, R-Tenn., Richard Blumenthal, D-Conn., Chris Coons, D-Del., John Cornyn, R-Texas, Ted Cruz, R-Texas, Tammy Duckworth, D-Ill., Dick Durbin, D-Ill., John Fetterman, D-Pa., Deb Fischer, R-Neb., Lindsey Graham, R-S.C., Mazie Hirono, D-Hawai’i, John Hoeven, R-N.D., Jim Justice, R-W. Va., Mark Kelly, D-Ariz., Edward J. Markey, D-Mass., Alex Padilla, D-Calif., Mike Rounds, R-S.D., Adam Schiff, D-Calif., Jeanne Shaheen, D-N.H., Tim Sheehy, R-Mont., Tina Smith, D-Minn., Mark Warner, D-Va., Elizabeth Warren, D-Mass., Peter Welch, D-Vt., and Sheldon Whitehouse, D-R.I.
    The legislation is endorsed by the International Association of Fire Fighters, as well as the Association of State Criminal Investigative Agencies; Congressional Fire Services Institute; Federal Law Enforcement Officers Association; Fraternal Order of Police; International Association of Fire Chiefs; Major County Sheriffs of America; Metropolitan Fire Chiefs Association; National Association of Police Organizations; National Fallen Firefighters Foundation; National Fire Protection Association; National Narcotics Officers’ Associations’ Coalition; National Volunteer Fire Council; and Sergeants Benevolent Association of the New York Police Department. 

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – NRRP and other EU instruments supporting the construction of student halls of residence – E-000161/2025

    Source: European Parliament

    Question for written answer  E-000161/2025
    to the Commission
    Rule 144
    João Oliveira (The Left)

    In its answer to question E-002214/2024[1] on speculation-driven rent hikes and the need to increase the number of student halls of residence, the Commission writes that it ‘supports investment in student housing as a priority under the InvestEU Fund and provides substantial support through the NextGeneration EU’s Recovery and Resilience Facility, which allocates EUR 447 million in loans for the construction or rehabilitation of buildings and the modernisation and expansion of existing residences for higher education students, notably in areas where housing pressure is most acute’. It goes on to add: ‘This is complementary to the Portuguese national plan for housing in higher education adopted in 2019. From 2021 to 2026, a 78 % increase in capacity of housing for higher education students is expected in Portugal.’

    In light of this:

    • 1.Can the Commission name the specific projects which have been financed using the above-mentioned instruments to date, and state the amounts involved and the scheduled completion date in each case?
    • 2.What proportion of the planned 78 % capacity increase has been achieved? How much is still expected to be achieved in the stated period?
    • 3.Aside from the loans, are there any NRRP grants earmarked for this purpose which are at risk of going to waste due to a failure to use them in time?

    Submitted: 15.1.2025

    • [1] https://www.europarl.europa.eu/doceo/document/E-10-2024-002214-ASW_EN.html
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – BUDG–ECON: debate with Elena Flores, InvestEU Steering Board Chair – Committee on Economic and Monetary Affairs

    Source: European Parliament

    Ms Flores, Chair of the InvestEU Steering Board, will attend a joint BUDG-ECON meeting for an exchange of views with Members on the performance of InvestEU, in accordance with Article 27 of the InvestEU Regulation, on Monday 3 February 2025.

    InvestEU is an important investment tool for the European Union, which is expected to mobilise EUR 372 billion in investment by 2027. The Steering Board is a key part of the governance of the programme and – amongst other tasks – oversees its implementation.

    MIL OSI Europe News –

  • MIL-OSI Europe: Netherlands: Samotics secures €20 million EIB financing to accelerate the transformation of industrial efficiency and reliability with AI

    Source: European Investment Bank

    • Dutch-based leader in electrical data analytics for condition and energy efficiency monitoring signs €20 million financing with European Investment Bank.
    • Samotics will use the funds to accelerate the research and development on its technology, which can boost reliability and energy efficiency in electrical motors using AI.
    • The EIB financing is supported by the European Commission under its InvestEU initiative.

    Dutch-based electrical data analytics company Samotics has signed a €20 million financing agreement with the European Investment Bank (EIB) to accelerate its research and development activities. The EIB’s investment will enhance the company’s solutions regarding the monitoring of machine health and energy efficiency, while accelerating work on its next-generation integrated solution, planned for launch this year. The funding aligns with Samotics’ mission to make industries more reliable, efficient, and sustainable.

    The EIB Group wants to accelerate digitalisation and innovation in Industry 4.0 related technology, such as artificial intelligence and microchips, as this kind of innovation is key to Europe’s green and digital transitions, and crucial in ensuring its technological and strategic autonomy. Reliability and energy efficiency are instrumental for Europe’s public and private efforts for decarbonisation and sustainability across different sectors. The EIB’s financing benefits from the backing of the “Future Tech” guarantee within the InvestEU initiative of the European Commission.

    “This is one those applications where the use of artificial intelligence can really make a difference.“ stated EIB Vice President Robert de Groot. “It highlights that modern challenges require modern solutions, and this intelligent way to pre-empting problems and optimising energy efficiency is an important element in our decarbonisation journey. As part of our commitment to supporting technology and innovations critical for Europe’s competitiveness, we are proud to back Samotics.”.

    “This funding from the EIB highlights the trust placed in our technology and its potential to revolutionise industrial reliability and sustainability. It’s a defining moment for Samotics as we further accelerate our growth and innovation journey,” said Jasper Hoogeweegen, CEO of Samotics.

    The electrical signature analysis (ESA) that Samotics technology applies, relies on the principle that subtle changes in the operational characteristics of an electrical motor, often occurring before a failure, impact the machine’s magnetic field. This affects the supply voltage and operating current, and by using various analytical techniques, ESA provides a comprehensive overview of the entire powertrain, from motor to transmission to load, to accurately predict faults.

    Samotics’ system specifically focuses on AI driven monitoring and analysis to predict malfunctioning, detect energy inefficiencies and provide actionable recommendations. The system can be installed directly in the electric cabinet, avoiding the need to access the often-inaccessible motors. The predictive analytics for malfunction detection are vital, as these motors typically support critical infrastructure where unplanned downtime is unacceptable, and the costs of complete failure are high. Additionally, identifying and correcting energy inefficiencies can significantly reduce operating costs.

    Background information:

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The Netherlands owns a 5,2% share of the EIB. It makes long-term finance available for sound investment in order to contribute towards EU policy goals and national priorities. More than 90% of its activity is in Europe. Over the last ten years, the EIB has made available more than €27 billion in financing for Dutch projects in various sectors, including research & development, sustainable mobility, drinking water, healthcare and SMEs. The EIB will announce its 2024 annual figures on January 30th 2025.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    Samotics is a leading company in electrical data analytics for condition and energy efficiency monitoring. It has developed a predictive maintenance and energy efficiency optimisation solution for industrial companies based on Electrical Signature Analysis. The company’s system specifically focuses on monitoring and analysing electric motors to detect energy inefficiencies and predict malfunctioning through Artificial Intelligence driven recommendations.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Funding for local authorities in the Republic of Moldova through the Growth Plan – E-002159/2024(ASW)

    Source: European Parliament

    The Commission currently supports local authorities and local communities under the Neighbourhood Development and International Cooperation Instrument — Global Europe (NDICI-GE).

    The project ‘EU4Moldova: Local Communities’, active from 2022 to 2025, helps local authorities improve governance and service delivery in rural areas, enhances local public services while empowering Local Action Groups and consolidating the National Leader Network to drive community-led development[1].

    The ‘Edinet — Insights into Tomorrow Cities’ project, running from 2021 to 2025, aims to strengthen local governance by enhancing urban development and public services through smart solutions[2].

    The Commission’s proposal for the Growth Plan[3] will provide opportunities to continue and potentially scale up such projects. The proposal on a Reform and Growth Facility for the Republic of Moldova[4] foresees EUR 285 million of non-repayable financial support funded under NDICI-GE.

    The non-repayable financial support will cover support for projects approved under the Neighbourhood Investment Platform (NIP), support to civil society organisations as well as technical assistance to facilitate the implementation of reforms.

    The support to the local dimension and to local authorities is mentioned as part of the Multiannual Indicative Programme (2021-2027)[5].

    Further support to local authorities and local communities could therefore be envisaged for the years 2025-2027, notably through the technical assistance component. Future investments under the Growth Plan may also have a local dimension.

    The financial assistance received by international donors is managed and monitored by the State Chancellery of the Government of the Republic of Moldova.

    • [1] Project description of ‘EU4Moldova: Local Communities’ available here: https://eu4moldova.eu/projects/eu-project-page/?id=1651
    • [2] Project description of ‘Edinet — Insights into tomorrow cities’ available here: https://eu4moldova.eu/projects/eu-project-page/?id=1556
    • [3] Communication on the Moldova Growth Plan, COM(2024) 470 final: https://neighbourhood-enlargement.ec.europa.eu/document/download/ff73c5dd-3fd1-4dcd-ab7d-ad04760c538c_en?filename=Growth%20Plan%20for%20Moldova%20-%20Commission%20proposal.pdf
    • [4] Proposal for a regulation on establishing the Reform and Growth Facility for the Republic of Moldova, COM(2024) 469 final: https://neighbourhood-enlargement.ec.europa.eu/document/download/029c4a4c-1586-46e8-b94e-38a4a1f6ae07_en?filename=Growth%20Plan%20for%20Moldova%20-%20Regulation.pdf
    • [5] Multiannual Indicative Programme (MIP) 2021-2027 for the Republic of Moldova: https://neighbourhood-enlargement.ec.europa.eu/document/download/ecfd53f7-c434-4b78-9d22-fce05e28b793_en
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – EU grant for building in Ciney – E-002424/2024(ASW)

    Source: European Parliament

    Renovations to improve a building’s energy performance qualify for support under the Recovery and Resilience Facility (RRF). The total estimated expenditure in energy efficiency in buildings under the RRF is EUR 81.1 billion in the EU, of which EUR 67.5 billion for renovation and EUR 13.5 billion for new construction[1]. Belgium’s Recovery and Resilience plan (BE RRP) includes investments of over EUR 1 billion in the renovation of buildings[2].

    The Commission recognises the importance of preserving cultural heritage. According to the Energy Performance of Buildings Directive[3] and the Energy Efficiency Directive[4], Member States may exempt buildings officially protected as part of a designated environment or because of their special architectural or historical merit from renovation requirements.

    A measure in the BE RRP is I-1.09 ‘Renovation of public buildings — schools’ covers light, medium and deep renovations, as well as demolitions and reconstructions.

    It is mentioned that demolition/reconstruction would apply to buildings that are in most cases prefabricated and where renovation is not possible due to their dilapidation[5].

    The BE RRP did not provide any indication regarding protected buildings as part of a designated environment or because of their special architectural or historic merit .

    The RRF is performance-based. After receiving a payment request, the Commission assesses whether the actions completed comply with the requirements of the Council Implementing Decision[6] before paying out the respective amount to the requesting Member State.

    The Commission does not give an opinion on individual projects before they start. Investment I-1.09 will be assessed under the fifth and sixth payment request by Belgium, expected in 2026.

    • [1] https://ec.europa.eu/economy_finance/recovery-and-resilience-scoreboard/assets/thematic_analysis/scoreboard_thematic_analysis_efficiency.pdf
    • [2] Council Implementing Decision on the approval of the assessment of the recovery and resilience plan for Belgium, 10161/21.
    • [3] Directive (EU) 2024/1275, Article 5(2).
    • [4] Directive (EU) 2023/1791, Article 6(2)a.
    • [5] https://commission.europa.eu/business-economy-euro/economic-recovery/recovery-and-resilience-facility/country-pages/belgiums-recovery-and-resilience-plan_en
    • [6] Council implementing Decision amending the Implementing Decision of 13 July 2021 on the approval of the assessment of the recovery and resilience plan for Belgium and Annex, 15570/23.
    Last updated: 27 January 2025

    MIL OSI Europe News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 27.01.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    27 January 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 27.01.2025

    Espoo, Finland – On 27 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.34
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 872,093 4.34

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 27 January 2025 was EUR 3,786,889. After the disclosed transactions, Nokia Corporation holds 232,542,619 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Willis Aviation Services Limited and TUI Airways Forge Transformative Long-Term Base Maintenance Partnership

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announces its subsidiary, Willis Aviation Services Limited (“WASL”), a leading aircraft maintenance, repair and overhaul (“MRO”) provider, has entered into a long-term General Terms Agreement with TUI Airways (“TUI”) to provide long-term base maintenance on TUI’s narrowbody aircraft, starting with two Boeing 737NG maintenance checks. Utilizing its specialized knowledge, WASL will conduct comprehensive base maintenance services for TUI at its expanding facility located at Teesside International Airport in Northeastern England.

    “We are thrilled to collaborate with TUI Airways, a highly regarded airline recognized for its customer-centric approach and operational excellence. This partnership underscores our dedication to providing top-tier MRO solutions, supporting TUI’s fleet, and contributing to local economic growth by creating skilled job opportunities within the UK aerospace industry,” said Austin C. Willis, Chief Executive Officer of WLFC.

    Willis Lease Finance Corporation
    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing  and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    CONTACT: Lynn Mailliard Kohler
      Director, Global Corporate Communications
      (415) 328-4798
       

    The MIL Network –

  • MIL-OSI Asia-Pac: THDC India Limited Marks Landmark Achievement with Commercial Operation Date (COD) of Unit #1 at 1320 MW Khurja Super Thermal Power Plant

    Source: Government of India (2)

    Posted On: 27 JAN 2025 5:07PM by PIB Delhi

    THDC India Limited, a Mini-Ratna Public Sector Enterprise, has achieved a monumental milestone in its commitment to strengthening India’s power generation capacity with the announcement of the Commercial Operation Date (COD) of the Unit#1 of 1320 MW Khurja Super Thermal Power Plant (KSTPP). Sh. R. K. Vishnoi, CMD THDCIL informed that it is a proud moment that the Commercial Operation Date (COD) of the Unit#1 of the 2×660 MW (1320 MW) of KSTPP has been declared in the midnight of 25th January 2025. He mentioned that while traditionally, THDCIL’s core Business Area had been harnessing of Hydropower, this landmark achievement marks a significant display of company’s capabilities, further also showcasing it’s excellence and expertise in the Thermal Power sector, furthering India’s journey towards Energy self-reliance. With the successful commissioning of this unit, THDCIL is poised to play an even more prominent role in powering the Nation’s growth and contributing to its Sustainable Energy future.

    He also added that the Foundation Stone of the project was laid by Hon’ble  Prime Minister of India and presently the synchronization with the grid; Full load testing (660 MW) and Trial Run for 72 Hrs on full load have already been completed. The Commercial Operation Declaration (COD) is a significant milestone as it marks the official point when the plant is considered commercially operational and capable of generating and supplying electricity to the grid. Essentially, the COD signifies that the plant has passed all necessary tests and inspections, meets the performance standards, and is ready to contribute to the electrical system in a stable and efficient manner.

    Sh. Vishnoi highlighted that the Flue Gas De-sulphurization (FGD) system which has been integrated in the Khurja STPP is unique of its kind has been completed in a record time, marking a significant achievement for the Khurja STPP project.

    COD also ensures that the plant complies with regulatory requirements and contractual obligations. After the declaration of COD, the plant can begin supplying electricity to the grid under the signed Power Purchase Agreements and the thermal power plant will be fully integrated into the grid, ensuring stability and continuous supply of electricity in the region. With this achievement the Khurja Super Thermal Power Plant (KSTPP) will start feeding reliable electricity to UP (64.7%), Rajasthan (21.3%), Uttarakhand (3.9%) and Unallocated regions(10.1%).

    Sh. Shallinder Singh, Director (Personnel) congratulated team Khurja for this remarkable success and expressed his pride in the collective efforts of the team, stating, “This achievement is a reflection of the hard work, dedication, and teamwork of all those involved in the project. Our employees have shown immense commitment in overcoming challenges to ensure the timely commissioning of the first unit. It is a proud moment for all of us as we continue to play an integral role in India’s Energy progress.”

    Sh. Bhupender Gupta, Director (Technical) who was present during the occasion of COD at Khurja project appreciated the team’s efforts and highlighted the project’s importance. He mentioned that the Flue Gas De-sulphurization (FGD) system has been integrated into the Khurja Thermal Power Plant to control emissions, specifically targeting the removal of Sulphur Di Oxide (SO₂) from flue gas. This system reduces the environmental impact of burning fossil fuels, thus improving air quality.

    Sh. Sipan Kumar Garg, Director (Finance), THDCIL also congratulated the team, emphasizing the financial and strategic importance of the milestone. He remarked, “This achievement represents the successful execution of a complex power project and also showcases our continued focus on financial discipline and Sustainable investments. This milestone is not only a reflection of our effective financial management and strategic planning but also a key driver for strengthening the financial growth of the company. As the plant contributes to the nation’s power generation, it will also improve THDCIL’s financial parameters, creating a positive ripple effect across our operations. This will help further stabilize and strengthen India’s Energy infrastructure, ensuring long-term benefits for the country’s Economic growth and Energy Security.”

    In addition to the 1320 MW Khurja Super Thermal Power Plant (STPP), THDC India Limited (THDCIL) is also overseeing the completion of several other significant projects i.e. 1000 MW Tehri Pumped Storage Plant and 444 MW Vishnugad Pipalkoti Hydro Electric Project (VPHEP). THDCIL is a holding company of NTPC Limited, India’s largest power utility.

    Sh. Kumar Sharad, ED (Project), Sh. B.K. Sahoo, GM (O&M); Sh. RM Dubey, GM (Elec.); Sh. Shailesh Dhyani, AGM; Sh. Mukul Sharma, AGM; Sh. Manoj Grover, AGM; Sh. Anil Tyagi, AGM, Sh. NK Bhatt, AGM and Sh. A. K. Vishwakarma, DGM  and other employees of KSTPP were also present during the occasion.

    ****

    JN/SK

    (Release ID: 2096725) Visitor Counter : 80

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Rosen Meets with Nominee for Secretary of Energy Chris Wright, Presses Him on Clean Energy Investments

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    As A Result Of Mr. Wright’s Lack Of Commitment To Support Clean Energy Investments In Nevada, Senator Rosen Has Serious Concerns About His Nomination
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) met with the nominee to be the U.S. Secretary of Energy, Chris Wright, and pressed him on President Trump’s misguided action to pause clean energy investments, delaying projects that are critical to growing our clean energy economy and reducing our reliance on China. She also asked Mr. Wright to acknowledge Yucca Mountain is dead and to commit to no new federal funding or support for it.
    “The historic investments we’ve made in clean energy are bringing good-paying jobs to Nevada and helping reduce our reliance on China, which is why I’m going to fight back against the Trump Administration’s attempt to delay and roll back investments,” said Senator Rosen. “After discussing this issue with Mr. Wright and hearing his lack of commitment to support these investments, I’m deeply concerned that the Department of Energy’s actions and future direction will hurt Nevada.”
    Senator Rosen has been a strong supporter of Nevada’s clean energy economy. She helped pass the Bipartisan Infrastructure Law and Inflation Reduction Act, which are making significant investments in Nevada’s clean energy economy and the jobs it supports. Senator Rosen has also been a strong supporter of Nevada’s solar industry, successfully leading the charge against solar tariffs that would have decimated the industry. Senator Rosen has also sent letters urging Senate appropriators to fund the Department of Energy’s Geothermal Technologies Office to support a reliable, clean energy source for the United States that would allow the country to secure its energy grid.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: India’s Petroleum Industry

    Source: Government of India

    India’s Petroleum Industry

    Fueling Growth and Innovation

    Posted On: 27 JAN 2025 8:22PM by PIB Delhi

    Introduction

    India’s petroleum industry is a comprehensive sector encompassing exploration, production, refining, distribution, and marketing of petroleum and its by-products. This includes upstream activities like extraction of crude oil and natural gas, midstream activities such as transportation and storage, and downstream processes including refining and distribution of fuels like petrol, diesel, LPG, and kerosene. A critical contributor to India’s energy basket, the petroleum industry ensures energy security and underpins various economic activities.

    At present, India has nineteen Public-Sector Undertaking (PSU) refineries, three Private-Sector refineries, and one Joint Venture refinery. The country’s refining capacity increased from 215.066 Million Metric Tons per annum (MMTPA) in April 2014 to 256.816 MMTPA in April 2024.

     

    Origin and Brief History

    The roots of India’s petroleum industry trace back to 1867 when the first oil well was drilled in Digboi, Assam. This discovery marked the inception of the country’s exploration and production activities. The establishment of the Indian Oil Corporation in 1959 heralded a structured approach to refining and distribution. Over the decades, the sector witnessed significant expansion, from small-scale refineries to a robust network capable of meeting domestic and export demands. Today, India’s petroleum industry stands as a symbol of resilience and innovation, evolving in response to global and domestic energy challenges.

    Industry Development and Evolution

    The Indian petroleum industry has evolved significantly, driven by technological advancements and policy reforms. The 1990s marked a pivotal era with economic liberalization, leading to increased private and foreign investment. Public sector undertakings (PSUs) like ONGC and Indian Oil Corporation have played a crucial role in exploration and refining. Establishing state-of-the-art refineries, such as Jamnagar Refinery in Gujarat, has bolstered refining capacities, making India a refining hub in Asia. Furthermore, government initiatives like the National Exploration Licensing Policy (NELP) have incentivized exploration activities.

    India’s energy landscape is rapidly evolving. The country boasts 651.8 million metric tons of recoverable crude oil reserves and 1,138.6 billion cubic meters of recoverable natural gas reserves within its sedimentary basins.

    Here are some recent updates in India’s petroleum industry:

    1. India is on track to increase its exploration acreage to 1million square kilometers by 2030, with a 16% increase expected in 2025.
    2. The price of a domestic LPG cylinder in India is among the lowest worldwide, with costs as low as Rs. 803 per 14.2 Kg cylinder. For PMUY households, after a targeted subsidy of Rs 300 per cylinder, the effective price is Rs 503/ cylinder.
    3. The approval process for exploration and production activities in the petroleum industry has now been simplified, reducing 37 approval processes to just 18, of which nine are now available for self-certification.
    4. Introducing the Oilfields (Regulation and Development) Amendment Bill in 2024 ensures policy stability for oil and gas producers, and enables single license for all hydrocarbons. This bill was recently passed by the Rajya Sabha on December 3, 2024.

     

    Foreign trade of Petroleum

    India has witnessed a remarkable surge in petroleum product exports over the last decade. The country’s refining capacity, now exceeding 250 million metric tonnes per annum (MMTPA), has enabled it to cater to global markets.

    Key export destinations include South Asian, African, and European countries. The government’s emphasis on export-oriented growth and establishing Special Economic Zones (SEZs) for refineries have further boosted this trend. Exports not only contribute to foreign exchange reserves but also enhance India’s stature as a global energy supplier.

    Source: https://ppac.gov.in/

     

    Share in GDP

    As per the information provided by the Ministry of Statistics and Programme Implementation, Gross Value Addition (GVA) of manufacture of Coke and Refined Petroleum Products has increased from Rs.1.56 lakh Crore in 2012-13 to Rs. 2.12 lakh Crore in 2022-23 (as per first revised estimates) which has also contributed in increase of All India GDP from Rs.99.44 lakh Crore to Rs. 269.49 lakh Crore in the corresponding period, at current prices. This industry also provides direct and indirect employment to millions, spanning exploration, refining, distribution, and retail sectors. The industry’s value chain supports ancillary industries such as petrochemicals, logistics, and manufacturing. The sector enhances socio-economic stability by fostering skill development and offering diverse career opportunities.

    Global Ranking in Refining and Supply

    India ranks among the top five refining nations globally, thanks to its robust infrastructure and strategic geographic location. The country is the seventh-largest exporter of refined petroleum products. Facilities like the Jamnagar refinery, one of the world’s largest, underscore India’s dominance in the refining sector. This global standing enhances India’s energy security and positions it as a key player in international energy markets. International Energy Agency (IEA) in February 2024 assessed that India will become the largest source of global oil demand growth between now and 2030. India is the second-largest economy in biofuel blending, following Brazil.

     

    Metric

    India’s Global Rank

    Exporter of Refined Products

    7th

    Ethanol Blending in Petrol

    2nd

    BioFuel Producer

    3rd

    LNG Terminal Capacity

    4th

    Refining Capacity (MMTPA)

    4th

     

    Technological Advancements in Petroleum Industry

    Adopting cutting-edge technologies has been pivotal to the petroleum industry’s growth. Enhanced Oil Recovery (EOR) techniques, digitalization, and the use of artificial intelligence (AI) have optimized exploration and production processes. Refineries are increasingly adopting green technologies to minimize environmental impact. Projects such as bio-refineries and the development of alternative fuels like compressed bio-gas (CBG) showcase the industry’s commitment to sustainability and innovation.

    Government Initiatives

    The Indian government has launched several initiatives to bolster the petroleum sector. Here are some key schemes:

    1. Pradhan Mantri JI-VAN Yojana: Supporting bio-ethanol projects such as second generation and third generation plants for sustainable fuel production.
    2. Strategic Petroleum Reserves: Enhancing energy security through storage facilities. In India, the SPR is primarily located at three underground storage facilities in Visakhapatnam, Mangalore, and Padur (Karnataka), with a total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil managed by the Indian Strategic Petroleum Reserve Limited (ISPRL).
    3. Ethanol Blending Program: Promoting biofuels to reduce dependence on fossil fuels and curb emissions. The government has a target of achieving 20% ethanol blending in petrol by 2025-26. Since the inception of the EBP Programme, ethanol blending has increased from 38 crore litres in the Ethanol Supply Year (ESY) 2013-14 to over 707.4 crore litres in ESY 2023-24.
    4. City Gas Distribution Network Expansion: Expanding piped natural gas (PNG) and compressed natural gas (CNG) infrastructure by covering 733 districts in 34 states/UTs covering almost 100% of the mainland area and almost 100% of total geographical area of the country.
    5. Energy Security Initiatives: Investing in overseas exploration and acquisition of oil blocks.

    Moving towards Greener Fuels

    1. SATAT Initiative (Sustainable Alternative Towards Affordable Transportation): The SATAT initiative invites potential investors to set up Compressed Biogas (CBG) production plants. The aim is to make better use of agricultural residue, cattle dung, and municipal solid waste, and provide farmers with an additional source of revenue.
    2. Mission Green Hydrogen: Promoting green hydrogen production to reduce carbon footprint. According to the Ministry of New and Renewable Energy, a global demand of over 100 MMT of Green Hydrogen and its derivatives like Green Ammonia is expected to emerge by 2030. Aiming at about 10% of the global market, India can potentially export about 10 MMT Green Hydrogen/Green Ammonia per annum. The production capacity targeted by 2030 is likely to leverage over ₹8 lakh crore in total investments and create over 6 lakh jobs. Nearly 50 MMT per annum of CO2 emissions are expected to be averted as a result of the various Green Hydrogen initiatives under the Mission. Achievement of Mission targets is expected to contribute to India’s energy security and reduce a cumulative ₹1 lakh crore worth of fossil fuel imports by 2030 .
    3.  National Bio-Energy Programme: Focused on bio-energy production and reducing waste.
    4. Hydrocarbon Exploration and Licensing Policy (HELP): Encouraging private investment in exploration and production.

     

    Implications for India’s Growth and Development

    The petroleum industry’s expansion has multifaceted implications. Economically, it boosts GDP, foreign exchange earnings, and industrial growth. Politically, energy independence strengthens India’s global standing and reduces strategic vulnerabilities. Socially, the industry’s growth promotes rural development through improved energy access and employment.

     

    Future Prospects

    India’s petroleum industry faces a dynamic future, shaped by global energy transitions and domestic demand. Increasing investments in exploration, expanding refining capacities, and embracing renewable energy sources will define its trajectory. Initiatives like green hydrogen production and carbon capture technologies highlight the sector’s adaptability. With a focus on sustainability and energy efficiency, India is poised to maintain its leadership in the global energy landscape while aligning with its climate commitments.

     

    Key Area

    Future Target

    Refining Capacity

    309.5 MMTPA by 2030

    Ethanol Blending

    20% by 2025-26

    Green Hydrogen Production

    5 MMTPA by 2030

    Exploration Acreage

    1 million sq. kms. by 2030

     

    References

    https://www.isprlindia.com/aboutus.asp

    https://mopng.gov.in/

    https://nghm.mnre.gov.in/overviews.php

    https://ongcindia.com/web/eng/about-ongc/ongc-at-a-glance/oil-and-gas-industry

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043042

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2038435

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1940265

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1946408

    https://www.pib.gov.in/PressReleasePage.aspx?PRID=2003519

    https://pib.gov.in/PressNoteDetails.aspx?NoteId=152007&ModuleId=3&reg=3&lang=1

    https://pib.gov.in/newsite/pmreleases.aspx?mincode=20

    https://ppac.gov.in/import-export

    https://ppac.gov.in/infrastructure/installed-refinery-capacity

    https://pmuy.gov.in/

    https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/jan/doc202413295811.pdf

    Click here to see PDF.

    ******

    Santosh Kumar/ Ritu Kataria/ Rishita Aggarwal

     

    Annexure 1

    Refineries in India:

    Refinery Location

    Name of the Company

    Name Plate Capacity (MMTPA)

     

    PSU Refineries

    		  

    Digboi – 1901

    Indian Oil Corporation Ltd.

    0.650

    Guwahati – 1962

    Indian Oil Corporation Ltd.

    1.200

    Barauni – 1964

    Indian Oil Corporation Ltd.

    6.000

    Koyali – 1965

    Indian Oil Corporation Ltd.

    13.700

    Bongaigaon – 1974

    Indian Oil Corporation Ltd.

    2.700

    Haldia – 1975

    Indian Oil Corporation Ltd.

    8.000

    Mathura – 1982

    Indian Oil Corporation Ltd.

    8.000

    Panipat – 1998

    Indian Oil Corporation Ltd.

    15.000

    Paradip – 2016

    Indian Oil Corporation Ltd.

    15.000

    Manali – 1965

    Chennai Petroleum Corporation Ltd.

    10.500

    Cauvery Basin* – 1993

    Chennai Petroleum Corporation Ltd.

    0.000

    Mumbai – 1954

    Hindustan Petroleum Corporation Ltd.

    9.500

    Vizag – 1957

    Hindustan Petroleum Corporation Ltd.

    13.700

    Mumbai – 1955

    Bharat Petroleum Corporation Ltd.

    12.000

    Bina^ – 2011

    Bharat Petroleum Corporation Ltd.

    7.800

    Kochi – 1963

    Bharat Petroleum Corporation Ltd.

    15.500

    Numaligarh – 2000

    Numaligarh Refinery Ltd.

    3.000

    Mangalore – 1996

    Mangalore Refinery and Petrochemicals Ltd.

    15.000

    Tatipaka, AP – 2001

    Oil and Natural Gas Corporation Ltd.

    0.066

    Total PSU Refineries

    		  

    157.316

     

     

     
     

    JV Refineries

    		  

    Bathinda – 2012

    HPCL Mittal Energy Ltd.

    11.300

    Total JV Refineries

    		  

    11.300

     

     

     

     

    Private Sector Refineries

    		  

    DTA-Jamnagar – 1999

    Reliance Industries Ltd.

    33.000

    SEZ-Jamnagar – 2008

    Reliance Industries Ltd.

    35.200

    Vadinar – 2006

    Nayara Energy (Formerly Essar Oil Ltd.)

    20.000

    Total Private Sector

    		  

    88.200

    Grand Total

    		  

    256.816

     

     

    * The Cauvery Basin refinery is under capacity augmentation.

    ^The Bina oil refinery, in the year 2021, become wholly owned subsidiary of Bharat Petroleum Corporation Limited – a ‘Maharatna’ PSU of Government of India.

    (Release ID: 2096817) Visitor Counter : 95

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PM to visit Odisha and Uttarakhand on 28th January

    Source: Government of India

    PM to visit Odisha and Uttarakhand on 28th January

    PM to inaugurate the Utkarsh Odisha – Make in Odisha Conclave 2025 in Bhubaneswar

    Conclave aims to position Odisha as the anchor of Purvodaya vision, leading investment destination and industrial hub in India

    PM to inaugurate the 38th National Games in Dehradun

    Theme for National Games: Green Games

    Posted On: 27 JAN 2025 6:44PM by PIB Delhi

    Prime Minister Shri Narendra Modi will visit Odisha and Uttarakhand on 28th January. At around 11 AM, he will inaugurate the Utkarsh Odisha – Make in Odisha Conclave 2025 at Janata Maidan in Bhubaneswar. Thereafter, he will travel to Dehradun in Uttarakhand and at around 6 PM, he will inaugurate the 38th National Games.

    PM in Odisha

    Prime Minister will  inaugurate the Utkarsh Odisha – Make in Odisha Conclave 2025 in Bhubaneswar. The flagship Global Investment Summit, being hosted by the Government of Odisha, aims to position the state as the anchor of the Purvodaya vision as well as a leading investment destination and industrial hub in India.

    Prime Minister will also inaugurate the Make in Odisha Exhibition that highlights achievements of the state in developing a vibrant industrial ecosystem. The two day conclave will be held from 28th to 29th January. It will serve as a platform for industry leaders, investors, and policymakers to converge and discuss the opportunities Odisha offers as a preferred investment destination. The conclave will host CEOs and Leaders’ Roundtables, Sectoral Sessions, B2B meetings, and Policy Discussions, ensuring targeted engagement with investors across the globe.

    PM in Uttarakhand

    Prime Minister will inaugurate the 38th National Games in Dehradun. It is being hosted in Uttarakhand during its Silver Jubilee year and will be held in 11 cities across 8 districts of Uttarakhand from 28th January to 14th February.

    36 states and one union territory will participate in the National Games. Over 17 days, competitions for 35 sports disciplines will be held. Among these, medals will be awarded for 33 sports, while two will be exhibition sports. Yoga and Mallakhamb have been included in the National Games for the first time. More than 10,000 athletes from across the country will participate in the event.

    With a focus on sustainability, the theme for the National Games this year is “Green Games.” A special park, called the Sports Forest, will be developed near the venue, where more than 10,000 saplings will be planted by athletes and guests. The medals and certificates for the athletes will be made from environmentally friendly and biodegradable materials.

    *******

    Mattu J.P.Singh/Siddhant Tiwari

    (Release ID: 2096772) Visitor Counter : 61

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Office of PSA, IISc and MEA organise Technology Dialogue 2025 to Explore New Frontiers in Technology Diplomacy on 24th and 25th January 2025

    Source: Government of India

    Posted On: 27 JAN 2025 6:21PM by PIB Delhi

    Office of the Principal Scientific Adviser (PSA) to the Government of India, Indian Institute of Science (IISc) and the Ministry of External Affairs (MEA) jointly organised an international technology policy summit titled “Technology Dialogue 2025: Exploring New Frontiers in Technology Diplomacy” on 24 and 25 January 2025 in IISc, Bengaluru as a continuation to Dialogue 2023 held in November 2023.

    Recognising the importance of technology in driving India’s global partnerships, the summit focused on India’s international technology engagement framework, and the need for leveraging strategic partnerships on critical and emerging technologies such as quantum, AI, semiconductors, space tech, and bioeconomy.

    The summit was inaugurated with a keynote address on International Technology Engagement Framework (ITEF) by the Hon’ble Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, who highlighted various national initiatives and missions aimed at advancing India’s technological aspirations while emphasizing the importance of global partnerships and collaborations. Hon’ble Minister Dr Singh also emphasised the need for a structured framework and approach in elevating India’s International Technology Engagements. The inauguration ceremony was joined by Prof. Ajay Kumar Sood (Principal Scientific Adviser to the Government of India), H.E. Pavan Kapoor (Deputy National Security Adviser, Government of India), Shri S. Raghuram (Joint Secretary of Policy Planning & Research, Ministry of External Affairs), Prof. G. Rangarajan (Director of IISc), and Dr. Kiran Mazumdar-Shaw (Chairperson and Managing Director of Biocon), and was chaired by Prof. G.K. Ananthasuresh (Dean of the Division of Mechanical Sciences, IISc). PSA Prof. Ajay Kumar Sood delivered a special address on conceptualisation and building blocks of ITEF. Dr. Kiran Mazumdar-Shaw delivered a special address on industrial perspective that should shape India’s ITEF.

    The summit featured a keynote address on leveraging strategic partnerships on critical and emerging technologies for India by H.E. Pavan Kapoor (Deputy National Security Adviser, Government of India). This was followed by a featured panel on expanding the contours of international engagements for technology partnerships featuring H.E. Chandru Iyer (His Majesty’s Deputy Trade Commissioner for Investment for Souh Asia, Deputy High Commissioner of the United Kingdom to Karnataka and Kerala), H.E. Carly Partridge (Minister Counsellor,  Australian High Commission), H.E. Alfonso Tagliaferri (Consulate General of Italy in Bengaluru), Dr Soren Tranberg Hansen (Consulate General of Denmark) and Dr Rama Swami Bansal (Chief Scientist & Head, International S&T Affairs Directorate, Council for Scientific and Industrial Research (CSIR).

    The second day began with a keynote address on Technology and Development Partnerships of India by Shri Periasamy Kumaran, Special Secretary (ER & DPA), Ministry of External Affairs where he highlighted the ongoing bilateral efforts of Government of India with multiple countries in emerging and critical technologies.

    Thematic panel on ‘Fostering Collaboration for Quantum Revolution’ was organised on to deliberate on advancements in quantum technologies and policy imperatives globally. The panel began with a lead presentation by Prof. Ajay Kumar Sood highlighting features of India’s National Quantum Mission (NQM). The panel also featured Prof Andrew White (ARC Australian Laureate Fellow), Dr Amith Singhee (Director, IBM Research India) and Prof Urbasi Sinha (Professor at Raman Research Institute), moderated by Mr Luke Preskey (Chief Revenue Officer, Resonance).

    The summit also featured a dialogue between Dr S Somanath (Former Secretary, Department of Space and former Chairman of ISRO), and Dr Koichi Wakata (Astronaut and CTO, Asia-Pacific at Axiom Space) on the theme, ‘Unlocking Potentials of Space Tech’ discussing space exploration boom, the entry of private entities, industry partners and foreign investment, as well the encouraging growth of space startups.

    The panel on ‘Accelerating Artificial Intelligence (AI) Innovation’ featured Shri S Krishnan (Secretary, Ministry of Electronics and Information Technology), H.E. Arthur Barichard (Deputy Ambassador for Digital Affairs, Ministry for Europe and Foreign Affairs, Republic of France), Ms Laxmi Shenoy (Managing Director, Accenture), Shri Biswajit Das (Head – Data Analytics and AI, Amazon Web Services), and Dr Leah Junck (Global Center on AI Governance, South Africa), moderated by Prof Chiranjib Bhattacharyya (Chair, Department of Computer Science and Automation, IISc). The panel deliberated on building a trustworthy AI ecosystem, focusing on AI governance, the future of work, and AI for public interest.

    The panel on ‘Advancing India’s Bio-Economy’ featured Dr Alka Sharma (Adviser, Department of Biotechnology), Shri Krishna Mohan Puvvada (Senior Vice President, MEIA Novonesis), Mr Peter Bains (Group CEO of Biocon Group), Prof Usha Vijayraghavan (Dean, Biological Science Division, IISc) and Dr Bhuvnesh Shrivastava (Director- Healthcare, US-India Strategic Partnership Forum (USISPF), moderated by Prof Gayatri Saberwal (Dean, Institute of Bioinformatics and Applied Biotechnology). The panel discussed the importance of international collaboration for India to achieve its bio-economy ambitions.

    The valedictory session featured a keynote address on driving sectoral transformation through independent and synergistic technology advancements by Dr Parvinder Maini, Scientific Secretary, Office of the Principal Scientific Adviser to the Government of India. The session also featured a fireside chat on positioning India in the global semiconductor value chain between Shri Utpal Shah (Senior Vice President – Strategy and Business Development, Tata Electronics) and Prof Andrew White, chaired by Prof Navakanta Bhat (Dean, Division of Interdisciplinary Sciences, IISc).

    The Technology Dialogue 2025 also featured the India-France AI Policy Roundtable: Roadmap for the AI Action Summit 2025. The roundtable was co-chaired by Shri Abhishek Singh, Additional Secretary, Ministry of Electronics and Information Technology (MeitY), Government of India, and Chief Executive Officer of the IndiaAI Mission, representing India, and H.E. Mr. Marc Lamy, Consul General of France in Bengaluru, representing France. The discussion focused on key policy positions related to global AI development and governance, while also exploring opportunities for collaboration and synergy between India and France. The roundtable focused on the following key objectives:

     

    ●          Unified Global AI Governance

    ●          Understanding AI Technologies and Implications

    ●          Addressing Digital Divide and Market Concentration

    ●          Common and Open AI Infrastructure

    ●          Cultural and Linguistic Diversity in AI

    ●          Sustaining AI Innovation and Addressing Resource Needs

     

    The India-France AI Policy Roundtable, during Technology Dialogue 2025, served as a platform for discussions leading up to the 2025 AI Action Summit to be co-chaired by Hon’ble Prime Minister Shri Narendra Modi.

    The two day summit exploring technology policy and diplomacy efforts with key partner countries witnessed the participation from various foreign missions in India, global thought leaders on critical and emerging technologies, industry and academia thought leadership in various technologies, industries bodies, start-ups and scholars of public policy.

    More details at: https://technologydialogue.in/

    *****

    Mattu J.P. Singh/Siddhant Tiwari

    (Release ID: 2096762) Visitor Counter : 59

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Voluntary assisted dying is legal in Australia – but many of us don’t know

    Source: The Conversation (Au and NZ) – By Ben White, Professor of End-of-Life Law and Regulation, Australian Centre for Health Law Research, Queensland University of Technology

    imtmphoto/Shutterstock

    Voluntary assisted dying is lawful in all Australian states. This allows terminally ill adults who are suffering and have decision-making capacity to choose to receive help to die.

    Victoria’s law was the first, coming into effect in 2019. New South Wales was the last state, with its voluntary assisted dying law beginning in late 2023.

    Voluntary assisted dying will be allowed in the Australian Capital Territory in November, and a Northern Territory report has recommended it pass a voluntary assisted dying law too.

    While the vast majority of Australians now live in jurisdictions where voluntary assisted dying is permitted, accessing voluntary assisted dying depends on knowing it’s a legal option. But our new research suggests many Australians don’t know this.

    A study in Queensland

    Voluntary assisted dying became legal in Queensland on January 1, 2023. We conducted an online survey of 1,000 Queensland adults in mid-2024 to find out if the community knew about this new end-of-life choice.

    We set quotas for age, gender and geographical location to ensure the people we surveyed represented the overall Queensland population.

    First, we asked whether people thought voluntary assisted dying was legal in Queensland. Only one-third (33%) correctly identified it was. Of the 67% who didn’t, 41% thought voluntary assisted dying was illegal and 26% said they didn’t know.

    People who did know voluntary assisted dying was legal had generally found out in one of three ways:

    • from the media

    • from professional experience (for example, working in health care)

    • from personal experience (for example, knowing someone who had asked about, requested or accessed voluntary assisted dying).

    We then told our survey participants voluntary assisted dying was legal in Queensland and asked if they would know how to go about accessing it if they wished to. Only one-quarter (26%) answered yes.

    The survey also asked people where they might look for information about voluntary assisted dying. Most people said they would seek this information online, but asking health practitioners, especially doctors, was also important.

    We found two-thirds of people didn’t know voluntary assisted dying was legal.
    Ground Picture/Shutterstock

    Legal and cultural barriers

    Perhaps it’s not surprising so few members of the surveyed public know voluntary assisted dying is a legal choice. It’s still a relatively new law. But there are specific barriers in Australia that can prevent people finding out about it.

    One major barrier is health practitioners are often not able to freely discuss voluntary assisted dying with their patients. The laws in all states control how conversations about voluntary assisted dying can occur.

    For example, in Queensland, only doctors and nurse practitioners can raise voluntary assisted dying and only if they also discuss available treatment and palliative care options and their likely outcomes.

    But the most problematic are Victorian and South Australian laws which prohibit health practitioners from raising the topic with patients altogether. Many people rely on their doctor to tell them about treatment options, so it’s a problem if the onus is on the patient to bring it up first.

    Conscientious objection is another significant barrier. Some doctors are opposed to voluntary assisted dying and even if they practise in a state where they can legally raise it, may choose not to tell their patients about it. This is another reason patients may not know voluntary assisted dying could be a choice for them.

    It’s important to note our study was only done in Queensland, so we can’t be confident the findings represent the wider Australian population. But given these barriers to knowing about voluntary assisted dying, it’s reasonable to anticipate similar trends in other states.

    A national challenge

    Raising community awareness of voluntary assisted dying is a challenge around the country. Voluntary assisted dying oversight boards from five states (Queensland, Tasmania, Victoria, Western Australia and South Australia) have all discussed this issue in their most recent annual reports.

    In addition, Western Australia recently reviewed its voluntary assisted dying laws, identifying lack of community knowledge as a problem. The review called for a strategy to fix this.

    We see this challenge as one of “voluntary assisted dying literacy”. Greater voluntary assisted dying literacy will enable members of the public to know the options available to them, and how to make the choices they want.

    Raising community awareness about voluntary assisted dying is a challenge nationally.
    Tero Vesalainen/Shutterstock

    What can we do about this?

    We need community awareness initiatives to increase knowledge that voluntary assisted dying is legal and ensure people know where to find information about this option. Information about voluntary assisted dying is already available from all state government health departments, but more action is needed to ensure it reaches more people.

    Respondents in our survey suggested using social media campaigns, advertising, and sharing information through Centrelink, health clinics and other trusted community channels.

    We also propose targeted information for particular patient groups who may be eligible for voluntary assisted dying, such as people with cancer or neurodegenerative diseases. This means they will know voluntary assisted dying may be one of the treatment options available to them, and how to navigate the process should they wish to.

    These initiatives would need to be designed sensitively with a focus on providing information to avoid any perception that people could feel induced or directed to access voluntary assisted dying.

    Training for health practitioners is also important. This is particularly needed for GPs and specialists working in end-of-life care. Training will support health practitioners to facilitate informed discussions with patients and families.

    Strong community support was a key argument in legalising voluntary assisted dying in Australia. The public wanted this as an end-of-life choice. But that choice is only a real one if people know it exists.

    Our online resource End of Life Law in Australia has more information about voluntary assisted dying and contact points for accessing it in each state.

    Ben White has received funding from the Australian Research Council, the National Health and Medical Research Council, Commonwealth and state governments, and philanthropic organisations for research and training about the law, policy and practice relating to end-of-life care. In relation to voluntary assisted dying, he (with colleagues) has been engaged by the Victorian, Western Australian and Queensland governments to design and provide the legislatively mandated training for health practitioners involved in voluntary assisted dying in those states. He (with Lindy Willmott) has also developed a model bill for voluntary assisted dying for parliaments to consider. Ben is a recipient of an Australian Research Council Future Fellowship (project number FT190100410: Enhancing End-of-Life Decision-Making: Optimal Regulation of Voluntary Assisted Dying) funded by the Australian government. He is also a Chief Investigator on a current Australian Research Council Linkage Project on voluntary assisted dying (partnering with Voluntary Assisted Dying (Review) Boards and/or Departments of Health in five Australian States. The research this article discusses was funded by Queensland Health.

    Lindy Willmott receives or has received funding from the Australian Research Council, the National Health and Medical Research Council and Commonwealth and state governments for research and training about the law, policy and practice relating to end-of-life care. She is a Chief Investigator on an Australian Research Council Linkage Project on voluntary assisted dying (partnering with Voluntary Assisted Dying (Review) Boards and/or Departments of Health in five Australian States. She (with colleagues) has been engaged by the Victorian, Western Australian and Queensland governments to design and provide the legislatively mandated training for health practitioners involved in voluntary assisted dying in those states. She (with Ben White) has also developed a model bill for voluntary assisted dying for parliaments to consider. Lindy Willmott is also a member of the Queensland Voluntary Assisted Dying Review Board, but writes this piece in her capacity as an academic researcher. She is a former board member of Palliative Care Australia.

    Rachel Feeney receives funding from the Australian Research Council for research about voluntary assisted dying. Rachel has been employed on multiple research projects as a research fellow at the Australian Centre for Health Law Research. She is also employed on End of Life Law for Clinicians, a training program for clinicians about end of life law, funded by the Commonwealth government. Rachel was previously engaged as a clinical consultant for the Voluntary Assisted Dying Training Education Module for Healthcare Workers in Queensland.

    – ref. Voluntary assisted dying is legal in Australia – but many of us don’t know – https://theconversation.com/voluntary-assisted-dying-is-legal-in-australia-but-many-of-us-dont-know-248114

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Climb Channel Solutions Promotes Kim Stevens to CMO and Charles Bass to CAO

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., Jan. 27, 2025 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB) is proud to announce the promotion of two visionary leaders who have been instrumental in shaping the company’s growth and success. Kim Stevens has been elevated to Chief Marketing Officer (CMO), while Charles Bass assumes the newly created role of Chief Alliances Officer (CAO).

    These promotions mark a pivotal moment for Climb Channel Solutions as the company kicks off 2025 with unparalleled momentum, bolstered by more than 12 internal promotions announced during the recent Sales Kickoff, themed “Run With Us.”

    As the former Vice President of Worldwide Marketing, Kim Stevens has been the driving force behind groundbreaking marketing strategies that have transformed Climb’s global presence. Her promotion to CMO is a natural progression, reflecting her exceptional ability to innovate, inspire, and deliver results. Kim’s leadership will ensure that Climb remains agile and adaptable, aligning marketing strategies with the company’s ambitious goals while empowering resellers and partners to achieve new heights.

    “Kim’s proven track record and vision for the future make her the ideal leader to take our marketing strategy to the next level,” said Dale Foster, Climb’s CEO. “Her commitment to excellence is a testament to the talent and dedication we nurture within Climb.”

    Charles Bass, who has served as CMO for the past four years, has been instrumental in identifying and onboarding emerging brands, connecting them with resellers to accelerate business growth. In his new role as Chief Alliances Officer, Charles will focus on fostering high-impact partnerships and expanding Climb’s strategic alliances, ensuring the company continues to lead in the ever-evolving technology landscape.

    “Charles has been a cornerstone of Climb’s success, and his transition to CAO is a game-changer for our approach to partnerships,” said Dale Foster, Climb’s CEO. “His ability to build relationships and bring the best emerging brands into our ecosystem has positioned Climb as a trusted partner for growth.”

    With these leadership advancements, Climb Channel Solutions reaffirms its commitment to innovation, agility, and excellence. Dale Foster continues, “Our pack is growing, becoming more focused, and moving faster than ever. Kim and Charles embody the best of Climb’s values, and their promotions reflect our belief in empowering talent to drive us forward.”

    These leadership promotions symbolize Climb’s dedication to evolving with the industry and investing in its greatest asset—its people.

    Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

    About Climb Channel Solutions and Climb Global Solutions

    Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

    For Media & PR inquiries contact:
    Climb Channel Solutions
    Media Relations 
    media@ClimbCS.com  

    Investor Relations Contact:
    Elevate IR
    Sean Mansouri, CFA
    T: 720-330-2829
    CLMB@elevate-ir.com

    The MIL Network –

  • MIL-OSI Global: What Davos delegates missed when they discussed green finance for business

    Source: The Conversation – UK – By Michael Harrison, Senior Lecturer in Economics and Finance, University of East London

    Addressing the climate crisis was one of the key themes at the World Economic Forum in Davos. Rustam Zagidullin/Shutterstock

    Every year, leaders from politics and business come together with economists, investors and even celebrities at the World Economic Forum in the Swiss resort of Davos. One of the five key themes of this year’s event was safeguarding the planet. The forum’s own figures suggest that human-caused climate change has cost the planet US$3.6 trillion (£2.9 trillion) in damage since 2000 alone.

    Many of the sessions at Davos focused on climate change, which was especially pertinent after US president Donald Trump’s decision to abandon for a second time the Paris Agreement – a framework to keep the warming of the planet to 1.5°C above pre-industrial levels by the end of the century.

    In an online address to Davos delegates, Trump even argued that the oil-producers’ group Opec should reduce the price of oil. This is in stark contrast to the views of many other governments – exemplified by UK energy and climate change secretary Ed Miliband’s assertion that net zero is “unstoppable”.

    But one of the less discussed elements of the path to net-zero by the year 2050 (a key target to keep the Paris Agreement on track) is the role of the financial sector.

    As economists, we believe that banks and financial institutions should play a key role in making the green transition happen. Companies that produce goods and services will need to invest in equipment and technology – either to make new greener products or to ensure that they pollute less.

    But this will cost money – likely money that firms do not actually have on their balance sheet or under their mattress. When banks assist in providing funding for this type of investment, it is known as green finance.

    Green finance from banks can take two forms. Either the banks underwrite corporate bonds, which means they sell bonds to investors in exchange for a fee. Or they become involved in the provision of a syndicated loan, which is when they collaborate with other banks to lend money.

    But both options are constrained by the rule that a bank will only provide finance out of self-interest. This means they act only when the profit they earn is proportional to the credit risk they take on. But this was in contrast to the message from Davos that businesses should take the lead, with the aid of finance from banks, in mitigating the risks of climate change.

    With easier access to finance, more firms could invest in innovative ways to go green like this car park with inbuilt solar panels in Leeds.
    Clare Louise Jackson/Shutterstock

    Sources of credit for businesses to make green investments include philanthropists, public finance and the private sector (that is, commercial banks). However, it is arguable that charity and public money are best used in partnership with private banks, to finance projects that are perceived high risk and low return. Banks alone would not support these because of their promotion of self-interest.

    However, philanthropy can be limited and inconsistent in providing funds for green projects. And the public sector has so many demands on its purse that its ability to support is also limited. This is where the private sector plays a key role in mitigating climate change and where partnerships between these three sectors could offer a way forward.

    This pathway was discussed at Davos but the speakers were not clear on what effective partnerships would look like. As academics who have researched the factors that influence green finance provision across multiple European countries, we would suggest a partnership structure between the public sector and the private sector, based on risk-sharing.

    In these cases where banks perceive the risk to be unbearable (and therefore not in their self-interest), governments could partner with banks in offering finance and so share the consequences of a bad project outcome. In other words, they would form a partnership with the bank to share the downside risk.

    A bank may consider an investment to be higher risk where a project has less certain outcomes, or requires funding for a longer period of time. Both of these factors are comparatively common in green financing deals. This could be because a firm is investing in new or untested tech or production methods – for example car manufacturers exploring new electric vehicle battery technologies.

    The struggle for smaller businesses

    This partnership approach could especially benefit small and medium-sized enterprises (SMEs), which make up 99% of Europe’s companies. But these businesses can struggle to access finance from banks due to their lack of capital, which can make banks see them as a high risk. And this of course is challenging for SMEs, which mostly have no other sources of external finance.

    Research shows that medium-sized firms often rely on loans for finance. Our work focuses on how companies in Europe and the UK source green financing. It has highlighted that larger companies, as well as more liquid and more profitable firms, tend to raise finance via bonds (issued by banks and bought by investors) rather than loans (from a bank or other financial institution).

    In fact, our research shows that in some European countries (including Latvia, Malta and Romania), domestic banks have no record whatsoever of providing green finance to companies.

    This means it is much easier for larger businesses to get green finance compared to their smaller peers. And smaller companies tend to obtain relatively lower amounts of green financing, creating a real risk that SMEs may not get what they need in order to play their part in reducing their emissions.

    Without a significant shift in allowing SMEs to get the finance they need to become greener, governments will struggle to get close to their net-zero goals. But, along with financial regulators, governments could lead the way to create partnerships with banks and other financial institutions to overcome the barriers that SMEs face.

    Sharing the risk would ensure banks continue their green lending activities and accelerate progress toward meeting government climate targets.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. What Davos delegates missed when they discussed green finance for business – https://theconversation.com/what-davos-delegates-missed-when-they-discussed-green-finance-for-business-248208

    MIL OSI – Global Reports –

  • MIL-OSI Africa: BW Energy Joins Invest in African Energy (IAE) 2025 Amid Record Dussafu Output, Namibia Exploration Progress

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

    PARIS, France, January 27, 2025/APO Group/ —

    Jérôme Bertheau, Executive Vice President – Global Projects at BW Energy, will speak at the Invest in African Energy (IAE) 2025 Forum, set to take place May 13-14 in Paris. Bertheau’s participation underscores the company’s commitment to advancing Africa’s energy sector through innovative developments and strategic investments.

    BW Energy is making significant strides in Africa’s energy landscape, particularly in Gabon, where the company is enhancing production at the Dussafu field through advanced recovery techniques. Last October, the company signed PSCs for the Niosi Marin and Guduma Marin offshore exploration blocks in partnership with Panoro Energy and VAALCO Energy. These agreements include drilling one well in the Niosi Marin block during the exploration phase, alongside plans for a 3D seismic acquisition campaign. BW Energy aims to complete the first phase of Hibiscus and Ruche development and bring production to a nameplate capacity of 40,000 barrels per day.

    IAE 2025 (www.Invest-Africa-Energy.com) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    ​​In addition to its activities in Gabon, BW Energy is making progress in Namibia with plans to drill a well on the Kharas prospect offshore, northwest of the Kudu Formation. The company has secured long-lead items and is in discussions with other operators for rig capacity, with drilling expected to begin in the second half of 2025. Furthermore, BW Energy has completed the processing of a PSDM 3D dataset over the offshore Kudu gas field and is advancing its development planning for the proposed Kudu gas-to-power project. The company is also progressing its Maromba oilfield development in Brazil, with a final investment decision expected in early 2025.

    Bertheau’s participation at IAE 2025 highlights BW Energy’s commitment to innovation and its focus on maximizing the value of its African assets while promoting local content and sustainable development. The company’s involvement underscores its position as a leading energy player, leveraging cutting-edge technologies and strategic partnerships to drive growth across its portfolio.

    MIL OSI Africa –

  • MIL-OSI USA: Owners of Florida Labor-Staffing Companies Sentenced for Tax and Immigration Fraud and Money Laundering

    Source: US State Government of Utah

    Two Ukrainian nationals who were extradited from the Kingdom of Thailand to the United States in September 2024 were sentenced today on charges related to labor-staffing companies they operated in Florida. Oleg Oliynyk and Oleksandr Yurchyk were each sentenced to 15 years in prison for conspiracy to defraud the United States and conspiracy to commit money laundering.

    According to court documents, Oliynyk, Yurchyk and others owned and operated a series of labor-staffing companies in South Florida — including Paradise Choice LLC, Paradise Choice Cleaning LLC, Tropical City Services LLC and Tropical City Group LLC — from at least April 2008 and August 2021. Through these staffing companies, Oliynyk, Yurchyk and co-defendants Oleksandr Morgunov, Mykhaylo Chugay and Volodymyr Ogorodnychuk facilitated the employment of non-resident aliens in the hospitality industry who were not authorized to work in the United States and helped evade the assessment and collection of more than $25 million of federal income and employment taxes.

    In addition to the term of imprisonment, U.S. District Court Judge Jose E. Martinez ordered Oliynyk and Yurchyk to each serve three years of supervised release, pay $10,863,233.05 in restitution to the United States and to forfeit $11 million.

    Oliynyk and Yurchyk are the latest defendants sentenced as part of Operation RoomKey, a joint criminal investigation initiative led by the Tax Division, the U.S. Attorney’s Office for the Southern District of Florida, Homeland Security Investigations (HSI) and IRS Criminal Investigation (IRS-CI).

    Co-defendant Chugay, was convicted at trial in June 2022, and was sentenced in August 2022 to more than 24 years in prison. Co-defendants Morgunov and Ogorodnychuk each pleaded guilty and were sentenced to 96 months in prison and 48 months in prison, respectively.

    In March 2022, Mikus Berzins, former City of Key West Police Officer Igor Kasyanenko, Roman Riabov and Andrejs Kozlovs each pleaded guilty to their crimes in the operation of the labor staffing company, Phoenix ADB Services Inc. (Phoenix ADB), which, according to court records, facilitated the employment of aliens without work authorization.

    In May 2022, the court sentenced Igor Kasyanenko and Riabov to 22 months and 18 months in prison, respectively, for their roles in the tax and immigration conspiracy. The court also sentenced Berzins and Kozlovs to 28 months and 12 months in prison, respectively, for knowingly hiring ten or more aliens who were not authorized to work in the United States. Later, in September 2023, Nataliya Vasylivna Kasyanenko, a former housekeeping manager at a large Key West hotel, was sentenced for participating in the tax and immigration conspiracy related to the operation of Phoenix ADB.

    Batyr Myatiev, the owner and operator of two labor staffing companies, AmeriHos LLC and Golden Sands Management LLC, pleaded guilty in March 2023 and was sentenced in June 2023 to 32 months in prison. According to court records, Myatiev’s labor staffing companies caused a tax loss to the United States of more than $3.5 million and facilitated the employment of aliens without work authorization.

    In July 2023, Eka Samadashvili and Davit Pavliashvili were sentenced for their respective roles in the operation of several labor staffing companies, including PSEB Services JD Inc., Paradise Hospitality Solutions LLC, Paradise Hospitality Group LLC, Paradise Hospitality Inc. and HBSM Corp. According to court records, these labor staffing companies caused a tax loss to the United States of more than $8.4 million and facilitated the employment of non-resident aliens in hotels, bars and restaurants in Key West and elsewhere who were not authorized to work in the United States.

    Finally, in March 2024, Petr Sutka was sentenced to four years in prison for his role in operating a series of labor staffing companies — including PSEB Specialty Service Inc., Perfect Service Excellent Benefits Services Inc., Starline Hospitality Inc., Norbert Janitorial Service Inc., E.S.F. Services Inc. and Expert Services F.S. Inc. — which, according to court records, caused a tax loss to the United States of more than $3.5 million and facilitated the employment of aliens without work authorization. In April 2024, Sutka’s co-defendants, Zdenek Strnad and Vasil Khatiashvili, were each sentenced to more than three years, respectively, for their roles in the tax and immigration conspiracy.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Michael S. Davis for the Southern District of Florida made the announcement.

    HSI and IRS-CI are investigating the case.

    Senior Litigation Counsel Sean Beaty and Trial Attorneys Jessica A. Kraft, Matthew C. Hicks and Wilson Rae Stamm of the Tax Division and Senior Litigation Counsel Chris Clark for the U.S. Attorney’s Office for the Southern District of Florida are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI USA: New Jersey Return Preparer Charged with Preparing False Tax Returns and Obstructing the IRS

    Source: US State Government of Utah

    An indictment was unsealed last week charging a New Jersey return preparer with preparing and filing 55 false income tax returns on behalf of clients and obstructing the IRS.

    According to the indictment, from at least 2018 through 2023, Christopher Demba, of Hillsborough, owned and operated Demba & Associates CPA LLC, a return preparation business. Demba allegedly prepared returns for clients that claimed false deductions, credit carryforwards or fraudulently recategorized income to claim expenses that would otherwise be disallowed. The indictment further alleges that Demba obstructed the IRS by providing false working papers to IRS personnel in an attempt to justify some of the claims made on returns he prepared for clients. 

    If convicted, Demba faces a maximum penalty of three years in prison for each count as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Mark McDonald and Alexis Hughes of the Tax Division are prosecuting the case.

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

    MIL OSI USA News –

  • MIL-OSI: Kvika banki hf.: The Central Bank of Iceland Resolution Authority approves a resolution plan for Kvika banki and sets the minimum requirement for own funds and eligible liabilities (MREL)

    Source: GlobeNewswire (MIL-OSI)

    The Central Bank of Iceland Resolution Authority announced today that a resolution plan for Kvika has been approved and thereby a decision on the minimum requirement for own funds and eligible liabilities (MREL) for the bank, in accordance with the Act on Resolution of Credit Institutions and Investment Firms, no. 70/2020. 

    According to the Resolution Authority’s decision, Kvika’s MREL requirements are 22.0% of Total Risk Exposure Amount (MREL-TREA) and 6.0% of Total Exposure Measure (MREL-TEM). The decision is effective from the date of the announcement, and the bank is already considered to meet the MREL requirements.  

    For further information, please contact Kvika’s Investor Relations at ir@kvika.is or by phone at +354 540 3200. 

    The MIL Network –