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Category: Finance

  • MIL-OSI: Turtle Beach Corporation Appoints Mark Weinswig Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories provider, today announced the appointment of Mark Weinswig as Chief Financial Officer effective February 3, 2025.

    Mr. Weinswig brings over 25 years of extensive financial leadership experience to Turtle Beach. Most recently, he served as CFO at Ouster following its merger with Velodyne Lidar, where he successfully led the development and implementation of integration strategies, resulting in significant cost savings and operational efficiencies. He’s previously held CFO positions at other companies, including Avinger, EMCORE and Avanex, where he consistently delivered improved financial performance and strategic growth.

    “We’re excited to welcome Mark to the Turtle Beach team. His wealth of experience in financial leadership across multiple publicly traded companies makes him an ideal fit for our organization,” said Cris Keirn, CEO, Turtle Beach Corporation. “Mark’s proven track record of driving financial performance and strategic initiatives will be invaluable as we continue executing our growth strategy and enhancing shareholder value. We look forward to his contributions and leadership.”

    Mr. Weinswig holds an MBA from Santa Clara University and a BS in Accounting from Indiana University. He has held both Certified Public Accountant and Chartered Financial Analyst designations.

    “I’m thrilled to join Turtle Beach as the new Chief Financial Officer. Together, we will continue delivering cutting-edge products, while also maximizing value for our shareholders. I look forward to contributing to Turtle Beach’s exciting future, and building on its legacy of excellence,” said Mr. Weinswig.

    Mr. Weinswig succeeds John Hanson, who will move into to a senior advisor role for the next six months to ensure a smooth and effective transition.

    “We are deeply grateful to John for his significant contributions to Turtle Beach during his tenure,” added Cris Keirn. “His leadership and dedication over the years has been instrumental in our success, and we’re pleased that he will continue providing his expertise as a senior advisor during this transition period. We wish him all the best in his retirement.”

    About Turtle Beach Corporation
    Turtle Beach Corporation (the “Company”) (www.turtlebeachcorp.com) is one of the world’s leading gaming accessories providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.

    Cautionary Note on Forward-Looking Statements
    This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

    While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to logistic and supply chain challenges and costs, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

    CONTACTS

    Investors:
    tbch@icrinc.com
    (646) 277-1285

    Public Relations & Media:
    MacLean Marshall
    Sr. Director, Global Communications
    Turtle Beach Corporation
    (858) 914-5093
    maclean.marshall@turtlebeach.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI Security: Morrisville, Vermont Man Sentenced to 18 Months of Incarceration in Firearm Possession Case

    Source: Office of United States Attorneys

    Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that on January 23, 2025, Jordan Phelps, 36, of Morrisville, Vermont was sentenced by Chief United States District Judge Christina Reiss to 18 months’ imprisonment to be followed by a three-year term of supervised release. Phelps previously pleaded guilty to being an unlawful user of controlled substances, specifically cocaine base, in possession of a firearm.

    According to court records, on March 11, 2024, Jordan Phelps called the Morristown Police Department on four occasions and threatened to go to the home of a sworn member of law enforcement. The threatening phone calls were recorded, and law enforcement investigated Phelps. The investigation demonstrated that Phelps sought to go to the officer’s home in response to what Phelps considered was unlawful surveillance of his activities. On March 13, 2024, law enforcement executed a state search warrant at Phelps’ residence that led to the seizure of a loaded Marlin Model 336 .30-30 Caliber Rifle from Phelps’ bedroom. Further investigation into Phelps revealed that he was an unlawful user of controlled substances.

    Acting United States Attorney Michael P. Drescher commended the collaborative investigatory efforts of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Federal Bureau of Investigation (FBI), the Morristown Police Department, the Stowe Police Department, the Lamoille County Sheriff’s Department, and the Vermont State Police.

    The case was prosecuted by Assistant U.S. Attorney Zachary Stendig. Phelps was represented by Chandler Matson, Esq.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN. 

    MIL Security OSI –

    January 28, 2025

  • MIL-OSI: Jamf achieves StateRAMP Authorized status to meet organizations’ most stringent compliance needs

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Jan. 27, 2025 (GLOBE NEWSWIRE) — Today, Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, announced it has achieved StateRAMP Authorized status for its Jamf Pro and Jamf School products. Achieving this certification highlights Jamf’s continued commitment to meeting the needs of high compliance organizations.

    StateRAMP is a critical cloud security assessment and authorization program designed to address the specific technology and compliance requirements of education institutions as well as state and local governments. 

    Jamf Pro and Jamf School can now be found on the StateRAMP Authorized Product List. Authorized status is the highest level of verification within the StateRAMP program. It signifies that Jamf Pro and Jamf School meet all the required security controls within the StateRAMP framework, have been assessed by a third-party assessment organization (3PAO), and the results have been verified by the StateRAMP PMO.

    “StateRAMP Authorized status is a significant accomplishment,” said Linh Lam, CIO at Jamf. “As a best of breed solution, our high compliance customers expect us to help them comply with the most demanding industry regulations. With Authorized status, Jamf’s state, local, and education customers can be assured our StateRAMP environment will help protect their information systems and assets from cyber threats, while meeting their compliance obligations.”

    To maintain this status, Jamf must comply with monthly continuous monitoring requirements and conduct annual and significant change audits. 

    To learn more about Jamf information security, compliance and privacy, visit: https://www.jamf.com/trust-center/.

    About Jamf
    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit www.jamf.com.

    Media Contact:
    Liarna La Porta | media@jamf.com

    Investor Contact:
    Jennifer Gaumond | ir@jamf.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Voxtur Terminates Definitive Agreement with University Bancorp

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and TAMPA, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF), a technology company creating a more transparent and accessible real estate lending ecosystem, today announced the termination of the definitive agreement dated Friday July 26, 2024, with University Bancorp, Inc. (“University”) for the acquisition of 50.5% stake in Blue Water Financial Technologies Holding Company, LLC, an indirect subsidiary of Voxtur (“Blue Water”).

    About Voxtur

    Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.

    Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s strategic initiatives, plans, business prospects, and opportunities. Forward-looking statements should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the effects of unexpected costs, liabilities or delays; success of software activities; the competition for skilled personnel; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: implementation of new products; changing global financial conditions; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.

    This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.

    NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.

    Voxtur Contact:
    Jordan Ross
    Chief Operating Officer
    Tel: (416) 708-9764
    Email: jordan@voxtur.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Discover the Future of AI Video in an Online Webinar with Beamr, Oracle and NVIDIA

    Source: GlobeNewswire (MIL-OSI)

    Join an online webinar, “The Future of Video AI – From Infrastructure to Experience,” on January 29, 2025, at 11:30 AM ET

    Herzliya Israel, Jan. 27, 2025 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today announced a webinar exploring “The Future of Video AI – From Infrastructure to Experience”, with Jeffrey Schick, VP Strategic Client Engagement Media and Entertainment at Oracle, Richard Kerris, VP of Media and Entertainment at NVIDIA, and Sharon Carmel, CEO and Co-Founder at Beamr. The online webinar will be held on January 29, 2025, at 11:30 AM ET. To join the webinar, please register here.

    The webinar will explore the opportunities and challenges of building high-performance video pipelines for AI-driven applications. The discussion will highlight the infrastructures and technologies essential for creating engaging experiences, providing insights relevant to companies already utilizing AI video pipelines or those considering using them. The webinar will discuss Oracle Cloud Infrastructure (OCI), which delivers powerful AI compute with advanced graphics and media accelerated with NVIDIA L40S GPUs. Beamr’s proprietary Content Adaptive Bitrate technology (CABR) is available on OCI through the Beamr Cloud service, allowing high-efficiency video operations. The webinar will also highlight NVIDIA Holoscan for Media, NVIDIA’s AI platform for live media, NVIDIA’s 8th-generation GPU encoder (NVENC), the NVIDIA Blackwell architecture for Generative AI and NVIDIA RTX 4000 Ada Generation GPUs.

    The webinar will cover:

    • How AI is revolutionizing the video industry: Explore the upcoming change in handling, storing and delivering media content while improving user experiences.
    • Real-time content personalization: Learn about AI models’ ability to adapt videos and deliver unlimited content versions within the same process, as well as other innovative use cases.
    • The landscape of video AI models: Gain insights about generative AI models translating text to video, algorithms transforming video to text, enabling automated tagging and editing, or advanced features like super resolution – taking low resolution videos and transforming them to 4K resolution and beyond.

    To join the online webinar “The Future of Video AI – From Infrastructure to Experience”, please register here.

    ​​About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit www.beamr.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Ninepoint Partners LP Launches Two New Series of Ninepoint Global Infrastructure Fund and Announces Termination of Ninepoint Carbon Credit ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (Ninepoint Partners) is pleased to announce the launch of two new series of Ninepoint Global Infrastructure Fund, being Series T and Series FT. As of January 16, 2025, Ninepoint Global Infrastructure Fund is now available in Series A, Series F, Series T, Series FT, Series I and Series D securities.

    The investment objective of Ninepoint Global Infrastructure Fund is primarily to maximize risk adjusted long-term returns and secondarily to achieve a high level of income. Ninepoint Global Infrastructure Fund focuses on achieving growth of capital through securities selection and pursues a long-term investment program with the aim of generating capital gains and seeks to provide a moderate level of volatility and a low degree of correlation to other asset classes through diversifying across a relatively concentrated group of global infrastructure stocks.

    “The Series T and Series FT are designed to provide investors with a greater amount of cash flow compared to other available series, making them an attractive option for those seeking a reliable source of investment income,” commented Jeff Sayer, Vice President & Portfolio Manager, Ninepoint Partners. “With a target annualized distribution of 6.0%, paid monthly, these series’ distributions are comprised of return of capital, net income, and capital gains, delivering a consistent income stream.”

    Ninepoint Partners also announced today it intends to terminate Ninepoint Carbon Credit ETF effective on or about March 28, 2025 (the Termination Date). Effective immediately, Ninepoint Carbon Credit ETF is closed to new purchases, however, investors can continue to trade ETF series units on Cboe Canada until they are delisted. Investors may also redeem or switch their mutual fund series units of Ninepoint Carbon Credit ETF up to the close of business on the Termination Date. Ninepoint Partners will waive any short-term trading fees for redemptions of units of Ninepoint Carbon Credit ETF prior to the Termination Date. Investors that still hold units of Ninepoint Carbon Credit ETF on the Termination Date will receive a cash payment for their units equal to the proportionate share of all property and assets of Ninepoint Carbon Credit ETF attributable to the applicable series of Ninepoint Carbon Credit ETF, which is expected to be the series net asset value per unit on the Termination Date multiplied by the number of units held.

    Ninepoint Partners will send a notice to each investor in Ninepoint Carbon Credit ETF regarding the termination. The ETF series units of Ninepoint Carbon Credit ETF are expected to be delisted from Cboe Canada, at the request of Ninepoint Partners, at the close of business on or about March 26, 2025. As Ninepoint Carbon Credit ETF prepares to terminate, it may no longer be fully invested in accordance with its stated investment objectives outlined in the simplified prospectus.

    About Ninepoint Partners LP

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the Fund will be able to maintain its NAV per security at a constant amount or that the full amount of your investment in the Fund will be returned to you. Past performance may not be repeated.

    Forward-Looking Statements

    This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada (“forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Ninepoint Partners LP to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Ninepoint Partners LP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Ninepoint Partners LP undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

    Sales Inquiries:
    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Arax Investment Partners Acquires Cedrus Financial

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Arax Investment Partners (“Arax”), a premier wealth and asset management platform company backed by RedBird Capital Partners (“RedBird”), today announced that it has acquired Cedrus Financial (“Cedrus”), an established RIA headquartered in Littleton, Colorado, managing around $1 billion in assets under management. Financial terms of the transaction were not disclosed.

    The acquisition marks the latest addition to Arax’s expanding platform, which partners with leading boutique wealth management firms and financial advisors to unlock strategic business growth and provide complementary investment opportunities, alongside an enhanced client experience. Cedrus will operate within Arax Advisory Partners, which is Arax’s coalition of independent firms focused on specialized services, investment advice and supervisory solutions for institutions, high-net-worth families and elite athletes.

    “At Cedrus, our goal has always been meeting the needs of our clients,” said Mark Neely, Managing Partner at Cedrus. “Joining the Arax platform provides access to operational synergies and technological advancements that will support the scaled growth of our business, compounding our ability to deliver premium service to our clients and help them achieve their financial goals.”

    “Our multi-boutique wealth management strategy continues to attract the best in the business, supporting the growth and expansion of the Arax platform,” said Haig Ariyan, Chief Executive Officer of Arax. “In Cedrus, we found a partner firm with a unique and personalized approach that prioritizes integrity and collaboration in service of clients – in other words, a natural fit for our platform. We look forward to working with the Cedrus team.”

    About CĒDRUS Financial
    Founded in 2013, Cedrus is a wealth management and investment advisory firm providing financial planning, portfolio management and advisor selection services to high-net-worth families. The firm pairs cutting-edge wealth management strategies with 100 years of combined experience in small business ownership, corporate management and wealth preservation to create holistic wealth management solutions in support of its clients’ financial goals. With a footprint across Colorado and Idaho, Cedrus is the partner of choice for individuals seeking a transparent and communicative approach to managing family wealth.

    About Arax Investment Partners
    Arax Investment Partners is a rapidly growing, multi-boutique wealth management platform making strategic control investments in best-in-class operating companies in partnership with their founders and management teams. Arax is focused on making strategic investments and supporting RIAs, hybrid wealth managers, and advisor teams seeking a new growth platform to scale their businesses.

    Arax enables its partners and affiliates to be entrepreneurial and focus on delivering industry-leading financial services to their clients. Firms within the Arax network benefit from a seasoned management team with a successful track record of scaling wealth platforms, M&A experience, capital sourcing capabilities and company-building expertise backed by a proven investor with an extensive network, RedBird Capital Partners. Our experienced leaders, multi-platform structure and growth equity partnership create a unique advantage for our partners. For more information, please go to www.araxpartners.com.

    About RedBird Capital Partners
    RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

    Media Contact:

    Dan Gagnier
    Gagnier Communications
    RedBird@gagnierfc.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: LPL Financial Welcomes Bruen Wealth Management

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA) announced today that father and son financial advisors William “Bill” Bruen, Jr., and Andrew Bruen have joined LPL Financial’s broker-dealer, aligned with existing firm Paradigm Partners. The Bruens reported serving approximately $1.3 billion in advisory, brokerage and retirement plan assets* and join LPL from UBS.

    The Bruen family has a long and distinguished history of providing investment advice and wealth management services in Morristown, N.J., dating back to 1922 with the establishment of family patriarch James Bruen’s practice. His son, William Bruen, Sr., joined the business in 1950, retiring in 2020 after 70 years of dedicated service, and now Bill and Andrew continue the family legacy, extending their services to third and fourth generations of clients.

    Bill, who served in the U.S. Navy prior to joining the family business, said the opportunity to work alongside his father and son has been his greatest blessing. Andrew shares that sentiment, noting that he interned at the family practice throughout high school and college and gained valuable early insight into the industry that accelerated his career.

    “For over a century, our practice’s guiding principle has been to provide clients with ‘a plan for today, tomorrow and generations to come,” Andrew said. “We want to empower individuals and families to build lasting legacies through steadfast wealth management backed by personal relationships.”

    Seeking freedom and flexibility in how they evolve the next chapter of the family business, the Bruens chose to move their firm to LPL. They are proud to launch their new independent practice, Bruen Wealth Management.

    “Our vision for this firm is a direct reflection of my father’s and grandfather’s goals, as we learned how the business should be operated from them,” Bill said. “As stewards of the practice, we value the autonomy to act in the best interests of our clients, outside of corporate directives. By going independent with LPL, and with an added layer of support from Paradigm, we control the legacy that our family has sustained over the past 103 years, which is diligent care of our practice and clients. It is a promising signal for the next 100 years of our firm.”

    The Bruens are highly active in their community. Bill serves on the board of the Foundation for Morristown Medical Center and is a member of the Washington Association of New Jersey. He is also chairman of the Brookfield Legacy Society and a Trustee Emeritus of the United States Naval Academy Foundation. Andrew has served as a volunteer at Morristown Medical Center in a variety of capacities, currently serving on the Brookfield Legacy Society Committee. He also serves on the board of the New Vernon Cemetery Association in New Vernon, N.J.

    Andrew Koltunowicz, Managing Partner at Paradigm Partners, said, “We are so pleased to welcome Bill and Andrew to Paradigm Partners. Their longstanding history in their community, commitment to clients, multigenerational wealth management expertise and focus on delivering personalized advice make them an ideal fit for our firm. We look forward to a long and successful partnership.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to Bill and Andrew, and congratulate Paradigm on growing its network. We understand that successful advisors like the Bruens want the freedom to choose what suits their clients’ needs and the autonomy to shape and enhance their client relationships. We look forward to supporting their growth as they build on their family’s impressive legacy.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Bruen Wealth Management, Paradigm Partners and LPL are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated based on asset and holding details provided to LPL from end of year, 2024.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #681312

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Urgently Announces Appointment of Alex Zyngier to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va, Jan. 27, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently” or “the Company”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today its board of directors has appointed Alex Zyngier to serve as a member of the board, effective January 23, 2025.

    “Alex is a seasoned leader with a proven track record of navigating complex business challenges and driving growth,” said Matt Booth, Chief Executive Officer and President of Urgently. “With over 30 years of investment, strategy, governance and operating experience across a range of industries, Alex brings a wealth of expertise to Urgently as the Company continues to transform the roadside assistance industry. We are thrilled to welcome him to our board and look forward to his contributions.”

    “I am honored to join the Board of Directors at Urgently, a company at the forefront of digital innovation in roadside assistance,” said Alex Zyngier. “Since debuting as a public company, Urgently has made remarkable progress in driving margin expansion through financial and operational improvements, while continuing to deliver an exceptional customer experience and value to its partners. In addition, the Company has demonstrated positive traction in the marketplace, as evident by the significant contract renewals, expansions and new customer wins. Urgently is at an exciting point in its growth, and I look forward to working with the board and leadership team to help drive strategic initiatives, enhance operational excellence, and expand Urgently’s impact on the mobility ecosystem.”

    Alex is the Founder and Managing Director of Batuta Capital Advisors, a private investment and advisory firm. He currently serves as Chairman of the Board for COFINA and EVO Transportation, as well as a director for various public and private companies, including Atari SA, Nu Ride, SlamCorp and Unifin Financiera. His extensive experience includes leadership roles in complex transactions, mergers and acquisitions, and strategic financial advisory. Alex’s diverse background spans roles as a Portfolio Manager at Alden Global/Smith Management, Goldman Sachs, and Deutsche Bank, focusing on distressed investments and special situations. He has also served as an Engagement Manager at McKinsey & Co. and a Technical Brand Manager at Procter & Gamble. His educational background includes an MBA in Finance and Accounting from the University of Chicago and a Bachelor of Science in Chemical Engineering from UNICAMP.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Northrim BanCorp, Inc. Declares Quarterly Cash Dividend of $0.64 per Share

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Jan. 27, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.64 per share. The dividend will be payable on March 14, 2025, to shareholders of record at the close of business on March 6, 2025.

    “We are pleased to announce a quarterly dividend of $0.64 per share, as we continue to provide returns to our shareholders,” said Mike Huston, President and CEO. At the stock price of $78.80 per share at the close of the market on January 23, 2025, the current dividend equates to a yield of 3.25% on an annualized basis.

    On January 24, 2025, Northrim reported net income of $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, compared to $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, and $6.6 million, or $1.19 per diluted share, in the fourth quarter a year ago.

    About Northrim BanCorp

    Northrim BanCorp, Inc. is the holding company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

    www.northrim.com

    Contact:   Mike Huston, President, CEO, and COO
      (907) 261-8750
      Jed Ballard, Chief Financial Officer
      (907) 261-3539

    The MIL Network –

    January 28, 2025

  • MIL-OSI: ARRAY Technologies Names Gina Gunning as Chief Legal Officer

    Source: GlobeNewswire (MIL-OSI)

    ALBUQUERQUE, N.M., Jan. 27, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, today announced the appointment of Gina Gunning as its new chief legal officer and corporate secretary, effective immediately. Gunning will report directly to ARRAY’s chief executive officer, Kevin G. Hostetler, and will relocate to Chandler, Arizona. 

    Gunning joins ARRAY with more than 25 years of legal and compliance experience across global organizations. She is a recognized leader in corporate law, governance, compliance, and risk management, with expertise in structuring complex transactions, navigating regulatory landscapes, and leading diverse legal teams. Most recently, she served as Chief Legal Officer and Corporate Secretary at GrafTech International Ltd., where she led the legal department, developed strategic legal frameworks, and managed global litigation and arbitrations. 

    “Gina’s wealth of experience in corporate law, governance, compliance and strategy makes her uniquely qualified to navigate the regulatory landscape and support ARRAY’s ambitious growth plans,” said Hostetler. “Her ability to align legal strategies with business objectives will be instrumental as we continue to lead in renewable energy innovation.”  

    Prior to her tenure at GrafTech, Gunning held senior legal roles at FirstEnergy Corp. and Cliffs Natural Resources Inc., where she demonstrated expertise in mergers and acquisitions, securities law, and capital markets transactions. Earlier in her career, she was a capital markets partner at the global law firm Jones Day, advising Fortune 500 clients on corporate finance and governance. 

    “I am excited to join ARRAY Technologies and contribute to its mission of driving the global transition to sustainable energy,” said Gunning. “ARRAY’s innovative spirit and dedication to advancing renewable energy solutions resonate deeply with me, and I look forward to collaborating with the team to support its continued success.”  

    As chief legal officer, Gunning will lead ARRAY’s legal, compliance, and risk management teams, supporting business objectives and adherence to legal and ethical standards worldwide. Her responsibilities will also include providing strategic counsel on corporate governance, contracts, intellectual property, and environmental, social, and governance (ESG) initiatives. 

    Gunning earned her Juris Doctor from Notre Dame Law School, where she served on the Notre Dame Law Review, and her Bachelor of Arts from the University of Notre Dame. 

    About ARRAY 
    ARRAY Technologies (NASDAQ: ARRY) is a leading global renewable energy company and provider of utility-scale solar tracking technology. Engineered to withstand the harshest conditions on the planet, ARRAY’s high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, ARRAY relies on its diversified global supply chain and customer-centric approach to deliver, commission, and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy. For more news and information on ARRAY, please visit arraytechinc.com. 

    Forward Looking Statement 
    This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. 

    Media Contact 
    Nicole Stewart 
    505.589.8257 
    nicole.stewart@arraytechinc.com  

    Investor Relations Contact 
    Array Technologies, Inc. 
    Investor Relations 
    investors@arraytechinc.com 

    The MIL Network –

    January 28, 2025

  • MIL-OSI Europe: €100 million money laundering scheme busted with help from Eurojust and Europol

    Source: European Union 2

    Investigations into the group began in 2023 when border police in Spain noticed suspicious trips from their airports transporting large sums of money. The trips to Cyprus by members of the criminal group were used to deliver criminal profits, which were then laundered. Authorities stopped the criminals from travelling and seized more than EUR 1.8 million.

    The authorities discovered that the group was running a sophisticated money laundering service for other criminal organisations. The group acted as a financial service to transfer criminal profits internationally. Cryptocurrencies were used to move cash profits between criminal organisations. To dispose of the cash profits, money was transported on commercial flights, mainly to Cyprus, and by public transport to neighbouring countries of Spain. The group was able to carry out four to six money laundering transactions per week. 

    Running this financial service required a professionally structured organisation consisting of at least 52 members, operating mostly from Spain and Cyprus. The group worked with contacts outside of their organisation to liaise with clients and receive the cash to be laundered. Their contacts are linked to several commercial companies around the world. 

    As the financial service was used throughout Europe, authorities had to work together to stop the criminal group. An international investigation was launched by setting up a joint investigation team (JIT) at Eurojust between Spanish, Cypriot and German authorities, Eurojust and Europol. Through the JIT, information from tax and judicial authorities was exchanged that led to the takedown of the criminal group. Europol supported this international operation with experts specialised in financial crime, fighting high-risk criminal networks, unravelling money laundering structures, and tracing cryptocurrency flows.

    A series of actions were carried out to stop the financial service. In October 2024, actions were carried out in Spain, France and Cyprus to dismantle the criminal group. This was followed by actions in November 2024 that targeted actors working with the criminal group. A total of 91 searches were carried out, 77 in Spain, 1 in France and 13 in Cyprus. Twenty suspects were arrested in Spain, one in France and two in Slovenia. Authorities seized a total of EUR 8 million in cash, 2 million in bank accounts and froze EUR 27 million in cryptocurrency. Investigations into the group and its financial service continue.

    The following authorities were involved in the actions:

    • Spain: Investigating Judge no 2 of El Prat de Llobregat; Public Prosecution Office of Barcelona; Guardia Civil Special Central Unit 3, Destabilizing Threat Group-UCO
    • Cyprus: Attorney General’s Office; MOKAS (Unit for Combating Money Laundering); Criminal Investigation Department (CID) (in collaboration with other police departments)
    • Germany: Public Prosecutor’s Office, Landshut; Customs Investigation Office, München
    • France: Judicial Court of Marseille, Interregional Specialised Jurisdiction against organised crime (JIRS) ; National Anti-Fraud Office (ONAF), Marseille/Nice. 

    MIL OSI Europe News –

    January 28, 2025

  • MIL-OSI: LM Funding America Achieves 560 PH/s with 15 MW Oklahoma Mining Site Active

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Jan. 27, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA), (“LM Funding” or the “Company”) a Bitcoin mining and technology-based specialty finance company, today announced the successful deployment of approximately 432 petahash per second (“PH/s”) of miners at its 15 MW mining site in Oklahoma. This expansion increases the Company’s total fleet to 5,121 active miners for an energized hashrate of approximately 560 PH/s across multiple sites, of which 432 PH/s can be overclocked at the Oklahoma mining site.

    Bruce M. Rodgers, Chairman and CEO of LM Funding America stated, “We are pleased to announce that with the deployment of additional miners at our 15 MW Oklahoma site, we now have approximately 560 PH/s across our mining operations. This marks the achievement of our previously outlined objectives and we plan to aggressively pursue the acquisition of additional mining sites that align with our strategic investment criteria.”

    Ryan Duran, President of LM Funding America’s US Digital Mining & Hosting Co. subsidiary, stated, “Through the dedicated efforts of our team and strategic partnerships, we successfully met our installation targets. This includes the successful transition of 1,440 miners from storage to active deployment, showcasing our commitment to operational excellence.”

    About LM Funding America
    LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. It operates through two segments; Specialty Finance and Mining Operations. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

    Forward-Looking Statements
    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    Contact:
    Crescendo Communications, LLC
    Tel: (212) 671-1021
    Email: LMFA@crescendo-ir.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.73 Per Share for Q4 2024; Twelve Month 2024 Earnings up 10% to $2.37 per Share

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported fourth quarter earnings ending December 31, 2024 of $0.73 per common share on net income of $3.0 million, compared to $0.69 per common share on net income of $2.9 million during the third quarter ending September 30, 2024, and $0.55 per common share on net income of $2.3 million during the fourth quarter ending December 31, 2023. For the fiscal year ended December 31, 2024, PSB reported earnings of $2.37 per common share on net income of $9.8 million compared to $2.16 per common share on earnings of $9.1 million for the fiscal year ended December 31, 2023.

    PSB’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) higher net interest income supported by a net interest margin increase of six basis points; (2) lower non-interest income due primarily to a loss on the sale of securities; (3) slightly lower non-interest expenses due to lower salaries and employee benefit expenses; and (4) loan growth of 2% during the quarter.

    “We are pleased with our results for the fourth quarter and fiscal 2024. We continue to maintain strong asset quality and controlled expenses, and expect to see continued expansion in our net interest margin as loan products continue to reset to higher yields and funding costs stabilize or decline. Additionally, we expect to see stronger loan growth in fiscal 2025. We are focused on delivering strong returns to shareholders through capital growth, payment of dividends and supporting our stock price through stock repurchases, when economically appropriate,” stated Scott Cattanach, President and CEO.

    December 31, 2024, Highlights:

    • Net interest income increased to $10.4 million for the quarter ended December 31, 2024, from $9.9 million for the quarter ended September 30, 2024. Asset and loan yields increased while funding costs declined slightly.
    • Noninterest income decreased $566,000 to $1.3 million for the quarter ended December 31, 2024, compared to $1.8 million the prior quarter due primarily to a loss on the sale of securities.
    • Noninterest expenses decreased to $8.0 million during the quarter ended December 31, 2024 from $8.2 million for the quarter ended September 30, 2024, reflecting lower salary and benefit expenses.
    • Loans increased $20.2 million, or 2% in the fourth quarter ended December 31, 2024, to $1.08 billion largely due to new commercial real estate and construction and development loans. Allowance for credit losses was 1.13% of gross loans.
    • Non-performing assets remained unchanged at $10.4 million, or 0.71% of total assets at December 31, 2024 compared to the previous quarter.
    • Total deposits increased slightly to $1.15 billion at December 31, 2024 from $1.14 billion at September 30, 2024, with the increase largely consisting of interest-bearing demand and savings deposits.
    • Return on average tangible common equity was 11.07% for the quarter ended December 31, 2024, compared to 10.96% the prior quarter and 9.64% in the year ago quarter.
    • Tangible book value per common share was up 9.0% over the past year to $25.98 at December 31, 2024, compared to $23.84 at December 31, 2023. Additionally, PSB paid dividends totaling $0.64 per share during 2024, up 6.7% over the prior year.
    • On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

    Balance Sheet and Asset Quality Review

    Total assets decreased $10.0 million during the fourth quarter to $1.47 billion at December 31, 2024, compared to September 30, 2024. Cash and cash equivalents decreased $46.6 million to $40.5 million at December 31, 2024 from $87.1 million at September 30, 2024 as funds were used to originate new loans and pay down FHLB advances. Cash and cash equivalents increased $12.7 million from one year earlier. Investment securities available for sale increased $14.2 million to $189.1 million at December 31, 2024, from $174.9 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $349 million at December 31, 2024, with an additional $354 million that could be raised in a short time frame from the brokered CDs market.

    Total loans receivable increased $20.2 million to $1.08 billion at December 31, 2024, compared to one quarter earlier, due primarily to increased commercial non-real estate, commercial real estate and construction lending. Commercial non-real estate loans increased $5.1 million to $144.2 million at December 31, 2024, from $139.0 million one quarter earlier. Commercial real estate loans increased $10.1 million to $551.6 million at December 31, 2024 and construction and development lending increased $18.4 million to $79.4 million at December 31, 2024, compared to one quarter earlier. Offsetting gross loan growth, loans in process of disbursement increased $10.0 million to $27.8 million as new construction and development loans have not been fully funded. Residential real estate loans decreased $3.9 million from the prior quarter to $337.5 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.5% of gross loans, followed by residential real estate loans at 30.2% of gross loans, commercial non-real estate loans at 12.9% and consumer loans at 0.4%.

    The allowance for credit losses decreased slightly to 1.13% of gross loans at December 31, 2024, from 1.18% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended December 31, 2024. Non-performing assets remained at 0.71% of total assets at December 31, 2024 and totaled $10.4 million. Approximately 71% of the non-performing assets consisted of three loan relationships. For the eighth consecutive quarter, the Bank did not own any foreclosed real estate.

    Total deposits increased $8.2 million to $1.15 billion at December 31, 2024, from $1.14 billion at September 30, 2024. The increase in deposits reflects a $12.9 million increase in interest-bearing demand and savings deposits and a $3.3 million increase in retail and local time deposits greater than $250,000, offset by a $1.5 million decrease in money market deposits, a $5.6 million decrease in non-interest bearing deposits and a $0.9 million decrease in retail and local time deposits less than $250,000.

    At December 31, 2024, non-interest bearing demand deposits decreased to 22.6% of total deposits from 23.3% the prior quarter, while interest-bearing demand and savings deposits increased to 29.4% of deposits, compared to 28.4% at September 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at December 31, 2024, from 21.7% of total deposits at September 30, 2024.

    FHLB advances decreased $19.0 million to $162.3 million at December 31, 2024, compared to $181.3 million at September 30, 2024.

    Tangible stockholder equity as a percent of total tangible assets was 7.76% at December 31, 2024, compared to 7.85% at September 30, 2024, and 7.49% at December 31, 2023.

    Tangible net book value per common share increased $2.14 to $25.98, at December 31, 2024, compared to $23.84 one year earlier, an increase of 9.0% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.41, tangible net book value per common share decreased primarily due to a fair market value decrease in the investment portfolios and payment of dividends. The accumulated other comprehensive loss on the investment portfolio was $19.3 million at December 31, 2024, compared to $15.8 million one quarter earlier.

    Operations Review

    Net interest income increased to $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, from $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the fourth quarter of 2023. Earning asset yields remained flat at 5.29% during the fourth quarter of 2024, while interest bearing deposit and borrowing costs decreased seven basis points to 3.06% compared to 3.13% during the third quarter of 2024. Relative to one year earlier, earning asset yields were up 30 basis points while interest bearing deposit and borrowing costs increased 27 basis points.

    The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the fourth quarter of 2024 to 5.80% from 5.78% for the third quarter of 2024. Taxable security yields were 3.16% for the quarter ended December 31, 2024, compared to 3.01% for the quarter ended September 30, 2024, while tax-exempt security yields were flat at 3.31% for the quarter ended December 31, 2024. The increase in taxable security yields reflect the rise in interest rates and security restructuring activity from security sales.

    The cost of all deposits declined to 2.08% for the quarter ended December 31, 2024, compared to 2.11% the prior quarter, while the overall cost of funds decreased seven basis points to 3.06% from 3.13% during the same time period. Deposit costs for all deposit categories decreased during the fourth quarter with time deposits decreasing two basis points to 4.02%, money market deposits decreasing 13 basis points to 2.56% and savings and demand deposits decreasing two basis points to 2.56%. FHLB advances also declined four basis points to 4.40% for the quarter ended December 31, 2024.

    Total noninterest income decreased during the fourth quarter of 2024 to $1.28 million, from $1.84 million for the third quarter of 2024 due primarily to a net loss on sale of securities. Mortgage banking income decreased slightly to $414,000 in the fourth quarter from $433,000 the prior quarter while various decreases in nominal revenue sources accounted for the remaining decline in noninterest income. At December 31, 2024, the Bank serviced $373.5 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses decreased $149,000 to $8.0 million for the fourth quarter of 2024, compared to $8.2 million for the third quarter of 2024 and increased $644,000 from $7.4 million for the fourth quarter of 2023. Relative to one year earlier, salary and benefit cost increased $447,000, or 10.5% to $4.7 million for the quarter ended December 31, 2024, compared to $4.2 million for the fourth quarter ended December 31, 2023.

    Taxes decreased $69,000 during the fourth quarter to $524,000, from $593,000 one quarter earlier. The effective tax rate for the quarter ended December 31, 2024, was 14.4% compared to 16.6% for the third quarter ended September 30, 2024, and 26.7% for the fourth quarter ended December 31, 2023.

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

               
               
    PSB Holdings, Inc.     
    Consolidated Balance Sheets     
    December 31, September 30, June 30, and March 31, 2024, unaudited, December 31, 2023 derived from audited financial statements 
               
      Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands, except per share data)   2024     2024     2024     2024     2023  
               
    Assets          
               
    Cash and due from banks $ 21,414   $ 23,554   $ 16,475   $ 13,340   $ 20,887  
    Interest-bearing deposits   3,724     5,126     251     105     1,431  
    Federal funds sold   15,360     58,434     69,249     2,439     5,462  
               
    Cash and cash equivalents   40,498     87,114     85,975     15,884     27,780  
    Securities available for sale (at fair value)   189,086     174,911     165,177     165,566     164,024  
    Securities held to maturity (fair values of $79,654, $82,389, $79,993, $81,234 and        
      $82,514 respectively)   86,748     86,847     86,825     87,104     87,081  
    Equity securities   2,782     1,752     1,661     1,474     1,474  
    Loans held for sale   217     –     2,268     865     230  
    Loans receivable, net (allowance for credit losses of $12,342, $12,598, $12,597,        
     $12,494 and $12,302 respectively)   1,078,204     1,057,974     1,074,844     1,081,394     1,078,475  
    Accrued interest receivable   5,042     4,837     5,046     5,467     5,136  
    Foreclosed assets   –     –     –     –     –  
    Premises and equipment, net   13,805     14,065     14,048     13,427     13,098  
    Mortgage servicing rights, net   1,742     1,727     1,688     1,657     1,664  
    Federal Home Loan Bank stock (at cost)   8,825     8,825     8,825     7,006     6,373  
    Cash surrender value of bank-owned life insurance   24,732     24,565     24,401     24,242     24,085  
    Core deposit intangible   195     212     229     249     273  
    Goodwill   2,541     2,541     2,541     2,541     2,541  
    Other assets   11,539     10,598     12,111     11,682     11,866  
               
    TOTAL ASSETS $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    Liabilities          
               
    Non-interest-bearing deposits $ 259,515   $ 265,078   $ 250,435   $ 247,608   $ 266,829  
    Interest-bearing deposits   887,834     874,035     901,886     865,744     874,973  
               
       Total deposits   1,147,349     1,139,113     1,152,321     1,113,352     1,141,802  
               
    Federal Home Loan Bank advances   162,250     181,250     184,900     158,250     134,000  
    Other borrowings   6,872     6,128     5,775     8,096     8,058  
    Senior subordinated notes   4,781     4,779     4,778     4,776     4,774  
    Junior subordinated debentures   13,023     12,998     12,972     12,947     12,921  
    Allowance for credit losses on unfunded commitments   672     477     477     477     577  
    Accrued expenses and other liabilities   14,723     12,850     13,069     10,247     12,681  
               
       Total liabilities   1,349,670     1,357,595     1,374,292     1,308,145     1,314,813  
               
    Stockholders’ equity          
               
    Preferred stock – no par value:          
       Authorized – 30,000 shares; no shares issued or outstanding          
       Outstanding – 7,200 shares, respectively   7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:          
       Authorized – 18,000,000 shares; Issued – 5,490,798 shares          
       Outstanding – 4,092,977, 4,105,594, 4,128,382, 4,147,649 and          
         4,164,735 shares, respectively   1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital   8,610     8,567     8,527     8,466     8,460  
    Retained earnings   139,838     138,142     135,276     134,271     132,666  
    Accumulated other comprehensive income (loss), net of tax   (19,314 )   (15,814 )   (20,503 )   (20,775 )   (20,689 )
    Treasury stock, at cost – 1,397,821, 1,385,204, 1,362,416, 1,343,149 and          
      1,326,063 shares, respectively   (21,878 )   (21,552 )   (20,983 )   (20,579 )   (20,180 )
               
       Total stockholders’ equity   116,286     118,373     111,347     110,413     109,287  
               
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    PSB Holdings, Inc.        
    Consolidated Statements of Income            
                            Quarter Ended     Years Ended
    (dollars in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,   December
    except per share data – unaudited)   2024     2024   2024   2024     2023       2024     2023  
                       
    Interest and dividend income:                
       Loans, including fees $ 15,646   $ 15,634 $ 15,433 $ 15,109   $ 14,888     $ 61,822   $ 53,633  
       Securities:                
          Taxable   1,545     1,345   1,295   1,197     1,147       5,382     4,919  
          Tax-exempt   522     522   521   526     532       2,091     2,137  
       Other interest and dividends   948     699   265   343     320       2,255     851  
                       
             Total interest and dividend income   18,661     18,200   17,514   17,175     16,887       71,550     61,540  
                       
    Interest expense:                
       Deposits   6,027     5,905   5,838   6,082     5,526       23,852     16,993  
       FHLB advances   1,890     2,038   1,860   1,450     1,349       7,238     4,417  
       Other borrowings   57     57   58   60     54       232     215  
       Senior subordinated notes   59     59   58   59     59       235     238  
       Junior subordinated debentures   252     252   255   251     254       1,010     985  
                       
             Total interest expense   8,285     8,311   8,069   7,902     7,242       32,567     22,848  
                       
    Net interest income   10,376     9,889   9,445   9,273     9,645       38,983     38,692  
    Provision for credit losses   –     –   100   95     100       195     450  
                       
    Net interest income after provision for credit losses     10,376     9,889   9,345   9,178     9,545       38,788     38,242  
                       
    Noninterest income:                
       Service fees   362     367   350   336     360       1,415     1,448  
       Mortgage banking income   414     433   433   308     247       1,588     1,228  
       Investment and insurance sales commissions   226     230   222   121     100       799     910  
       Net loss on sale of securities   (511 )   –   –   (495 )   (297 )     (1,006 )   (576 )
       Increase in cash surrender value of life insurance     166     165   159   157     154       647     615  
       Life insurance death benefit   –     –   –   –     –       –     533  
       Other noninterest income   620     648   742   617     540       2,627     2,562  
                       
             Total noninterest income   1,277     1,843   1,906   1,044     1,104       6,070     6,720  
                       
    Noninterest expense:                
       Salaries and employee benefits   4,691     4,771   5,167   5,123     4,244       19,752     18,648  
       Occupancy and facilities   691     757   733   721     675       2,902     2,761  
       Loss (gain) on foreclosed assets   –     1   –   –     1       1     (45 )
       Data processing and other office operations   1,111     1,104   1,047   1,022     1,001       4,284     3,785  
       Advertising and promotion   141     164   171   129     244       605     733  
       Core deposit intangible amortization   17     17   20   24     24       78     109  
       Other noninterest expenses   1,351     1,337   1,257   1,306     1,169       5,251     4,557  
                       
            Total noninterest expense   8,002     8,151   8,395   8,325     7,358       32,873     30,548  
                       
    Income before provision for income taxes   3,651     3,581   2,856   1,897     3,291       11,985     14,414  
    Provision for income taxes   524     593   410   169     878       1,696     4,845  
                       
    Net income $ 3,127   $ 2,988 $ 2,446 $ 1,728   $ 2,413     $ 10,289   $ 9,569  
    Preferred stock dividends declared $ 122   $ 122 $ 122 $ 122   $ 122     $ 486   $ 486  
                       
    Net income available to common shareholders $ 3,005   $ 2,866 $ 2,324 $ 1,606   $ 2,291     $ 9,803   $ 9,083  
    Basic earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
    Diluted earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
                       
    PSB Holdings, Inc.
    Quarterly Financial Summary
    (dollars in thousands, except per share data) Quarter ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    Earnings and dividends:     2024     2024     2024     2024     2023  
                   
      Interest income   $ 18,661   $ 18,200   $ 17,514   $ 17,175   $ 16,887  
      Interest expense   $ 8,285   $ 8,311   $ 8,069   $ 7,902   $ 7,242  
      Net interest income   $ 10,376   $ 9,889   $ 9,445   $ 9,273   $ 9,645  
      Provision for credit losses   $ –   $ –   $ 100   $ 95   $ 100  
      Other noninterest income   $ 1,277   $ 1,843   $ 1,906   $ 1,044   $ 1,104  
      Other noninterest expense   $ 8,002   $ 8,151   $ 8,395   $ 8,325   $ 7,358  
      Net income available to common shareholders $ 3,005   $ 2,866   $ 2,324   $ 1,606   $ 2,291  
                   
      Basic earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Diluted earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Dividends declared per common share (3) $ 0.32   $ –   $ 0.32   $ –   $ 0.30  
      Tangible net book value per common share (4) $ 25.98   $ 26.41   $ 24.55   $ 24.21   $ 23.84  
                   
      Semi-annual dividend payout ratio     23.27 %   n/a     33.61 %   n/a     38.14 %
      Average common shares outstanding   4,094,360     4,132,218     4,139,456     4,154,702     4,168,924  
                   
                   
    Balance sheet – average balances:            
      Loans receivable, net of allowances for credit loss   $ 1,064,619   $ 1,066,795   $ 1,088,013   $ 1,081,936   $ 1,081,851  
      Assets   $ 1,479,812   $ 1,445,613   $ 1,433,749   $ 1,429,437   $ 1,424,240  
      Deposits   $ 1,151,450   $ 1,110,854   $ 1,111,240   $ 1,138,010   $ 1,148,399  
      Stockholders’ equity   $ 118,396   $ 114,458   $ 110,726   $ 109,473   $ 105,060  
                   
                   
    Performance ratios:            
      Return on average assets (1)     0.84 %   0.82 %   0.69 %   0.49 %   0.67 %
      Return on average common stockholders’ equity (1)     10.75 %   10.63 %   9.03 %   6.32 %   9.29 %
      Return on average tangible common          
        stockholders’ equity (1)(4)     11.07 %   10.96 %   9.34 %   6.57 %   9.64 %
      Net loan charge-offs to average loans (1)   0.02 %   0.00 %   0.00 %   0.00 %   0.00 %
      Nonperforming loans to gross loans     0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
      Nonperforming assets to total assets     0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
      Allowance for credit losses to gross loans   1.13 %   1.18 %   1.16 %   1.14 %   1.13 %
      Nonperforming assets to tangible equity          
        plus the allowance for credit losses (4)   8.85 %   8.71 %   11.09 %   10.59 %   5.38 %
      Net interest rate margin (1)(2)     2.96 %   2.90 %   2.84 %   2.80 %   2.88 %
      Net interest rate spread (1)(2)     2.23 %   2.16 %   2.15 %   2.12 %   2.20 %
      Service fee revenue as a percent of            
        average demand deposits (1)     0.53 %   0.56 %   0.56 %   0.54 %   0.52 %
      Noninterest income as a percent            
        of gross revenue     6.40 %   9.20 %   9.81 %   5.73 %   6.14 %
      Efficiency ratio (2)     67.59 %   68.43 %   72.52 %   78.93 %   67.04 %
      Noninterest expenses to average assets (1)   2.15 %   2.24 %   2.35 %   2.34 %   2.05 %
      Average stockholders’ equity less accumulated          
        other comprehensive income (loss) to          
        average assets     9.08 %   9.06 %   9.03 %   8.98 %   8.88 %
      Tangible equity to tangible assets (4)   7.76 %   7.85 %   7.32 %   7.60 %   7.49 %
                   
    Stock price information:            
                   
      High   $ 27.90   $ 25.00   $ 21.40   $ 22.50   $ 22.30  
      Low   $ 25.00   $ 20.30   $ 19.75   $ 20.05   $ 20.10  
      Last trade value at quarter-end   $ 26.50   $ 25.00   $ 20.40   $ 21.25   $ 22.11  
                   
    (1) Annualized            
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.  
    (4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.      
               
    PSB Holdings, Inc.          
    Consolidated Statements of Comprehensive Income        
                   
          Quarter Ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands – unaudited)   2024     2024     2024     2024     2023  
                   
    Net income $ 3,127   $ 2,988   $ 2,446   $ 1,728   $ 2,413  
                   
    Other comprehensive income:          
                   
      Unrealized gain (loss) on securities available for sale, net of tax      (3,955 )   4,738     184     (615 )   5,278  
                 
      Reclassification adjustment for security  loss included in net income, net of tax     404     –     –     391     280  
                   
      Accretion of unrealized loss included in net  income on securities available for sale deferred tax adjustment for Wisconsin Act 19     (76 )   –     –     (35 )   –  
                   
      Amortization of unrealized loss included in net  income on securities available for sale transferred to securities held to maturity, net of tax     90     90     89     91     91  
                   
      Unrealized gain (loss) on interest rate swap, net of tax     65     (101 )   39     122     (109 )
                   
      Reclassification adjustment of interest rate swap settlements included in earnings, net of tax     (27 )   (38 )   (40 )   (41 )   (39 )
                   
                   
    Other comprehensive income (loss)   (3,499 )   4,689     272     (87 )   5,501  
                   
    Comprehensive income (loss) $ (372 ) $ 7,677   $ 2,718   $ 1,641   $ 7,914  
                   
    PSB Holdings, Inc.        
    Nonperforming Assets as of:        
      Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
               
    Nonaccrual loans (excluding restructured loans) $ 10,109   $ 10,116   $ 12,184   $ 11,498   $ 5,596  
    Nonaccrual restructured loans   18     25     28     30     34  
    Restructured loans not on nonaccrual   286     292     299     304     310  
    Accruing loans past due 90 days or more   –     –     –     –     –  
               
    Total nonperforming loans   10,413     10,433     12,511     11,832     5,940  
    Other real estate owned   –     –     –     –     –  
               
    Total nonperforming assets $ 10,413   $ 10,433   $ 12,511   $ 11,832   $ 5,940  
               
    Nonperforming loans as a % of gross loans receivable   0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
    Total nonperforming assets as a % of total assets   0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
    Allowance for credit losses as a % of nonperforming loans   118.52 %   120.75 %   100.69 %   105.59 %   207.10 %
               
    PSB Holdings, Inc.     
    Nonperforming Assets >= $500,000 net book value before specific reserves    
    At December 31, 2024     
    (dollars in thousands)     
        Gross Specific
    Collateral Description Asset Type Principal Reserves
           
    Real estate – Recreational Facility Nonaccrual $ 4,126   $ 151  
    Real estate – Independent Auto Repair Nonaccrual   538     –  
    Real estate – Dealership Nonaccrual   2,708     560  
           
           
    Total listed nonperforming assets   $ 7,372   $ 711  
    Total bank wide nonperforming assets   $ 10,413   $ 1,043  
    Listed assets as a % of total nonperforming assets     71 %   68 %
           
    PSB Holding, Inc.          
    Loan Composition by Collateral Type          
    Quarter-ended (dollars in thousands) Dec 31,
    2024    		 Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
               
    Commercial:          
    Commercial and industrial $ 116,864   $ 115,234   $ 125,508   $ 118,821   $ 117,207  
    Agriculture   11,568     11,203     11,480     12,081     12,304  
    Municipal   15,733     12,596     11,190     28,842     31,530  
               
    Total Commercial   144,165     139,033     148,178     159,744     161,041  
               
    Commercial Real Estate:          
    Commercial real estate   551,641     541,577     544,171     546,257     536,209  
    Construction and development   79,377     60,952     70,540     63,375     81,701  
               
    Total Commercial Real Estate   631,018     602,529     614,711     609,632     617,910  
               
    Residential real estate:          
    Residential   271,643     269,954     270,944     274,300     274,453  
    Construction and development   28,959     34,655     36,129     34,158     33,960  
    HELOC   36,887     36,734     33,838     31,357     29,766  
               
    Total Residential Real Estate   337,489     341,343     340,911     339,815     338,179  
               
    Consumer installment   5,060     4,770     4,423     4,867     4,357  
               
    Subtotals – Gross loans   1,117,732     1,087,675     1,108,223     1,114,058     1,121,487  
    Loans in process of disbursement   (27,791 )   (17,836 )   (21,484 )   (20,839 )   (31,359 )
               
    Subtotals – Disbursed loans   1,089,941     1,069,839     1,086,739     1,093,219     1,090,128  
    Net deferred loan costs   605     733     702     669     649  
    Allowance for credit losses   (12,342 )   (12,598 )   (12,597 )   (12,494 )   (12,302 )
               
    Total loans receivable $ 1,078,204   $ 1,057,974   $ 1,074,844   $ 1,081,394   $ 1,078,475  
               
    PSB Holding, Inc.                       
    Selected Commercial Real Estate Loans by Purpose                  
      Dec 31,   Sept 30,   June 30,   Mar 31,   Dec 31,
     (dollars in thousands)  2024     2024     2024     2024     2023 
                                 
      Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)
    Multi Family $ 140,087 14.0 %   $ 140,307 14.7 %   $ 146,873 15.2 %   $ 142,001 14.4 %   $ 132,386 13.2 %
    Industrial and Warehousing   88,297 8.8       86,818 9.1       86,025 8.9       85,409 8.6       83,817 8.3  
    Retail   33,991 3.4       33,020 3.5       34,846 3.6       33,177 3.4       35,419 3.5  
    Hotels   31,101 3.1       31,611 3.3       34,613 3.6       35,105 3.6       36,100 3.6  
    Office   6,234 0.6       6,378 0.7       6,518 0.7       6,655 0.7       6,701 0.7  
                                 
    (1) Percentage of commercial and commercial real estate portfolio and commitments.              
                   
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Insured and Collateralized Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 204,167 17.8 % $ 210,534 18.5 % $ 202,343 17.5 % $ 199,076 17.8 % $ 197,571 17.3 %
    Interest-bearing demand and savings   315,900 27.6 %   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %   317,984 27.8 %
    Money market deposits   141,024 12.3 %   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %   142,887 12.5 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   816,190 71.2 %   810,529 71.2 %   793,670 69.0 %   809,320 72.7 %   807,587 70.7 %
    Retail and local time deposits > $250   25,500 2.2 %   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %   23,000 2.0 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 899,095 78.4 % $ 891,434 78.3 % $ 873,988 76.0 % $ 897,809 80.7 % $ 904,077 79.1 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 55,348 4.8 % $ 54,544 4.8 % $ 48,092 4.1 % $ 48,532 4.4 % $ 69,258 6.1 %
    Interest-bearing demand and savings   20,934 1.8 %   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %   20,316 1.8 %
    Money market deposits   153,334 13.4 %   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %   124,518 10.9 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   229,616 20.0 %   230,350 20.2 %   258,720 22.3 %   193,833 17.4 %   214,092 18.8 %
    Retail and local time deposits > $250   18,638 1.6 %   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %   23,633 2.1 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 248,254 21.6 % $ 247,679 21.7 % $ 278,333 24.0 % $ 215,543 19.3 % $ 237,725 20.9 %
                         
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 259,515 22.6 % $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 % $ 266,829 23.4 %
    Interest-bearing demand and savings   336,834 29.4 %   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %   338,300 29.6 %
    Money market deposits   294,358 25.7 %   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %   267,405 23.4 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   1,045,806 91.2 %   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %   1,021,679 89.5 %
    Retail and local time deposits > $250   44,138 3.8 %   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %   46,633 4.1 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 1,147,349 100.0 % $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 % $ 1,141,802 100.0 %
                         
    PSB Holdings, Inc. 
    Average Balances ($000) and Interest Rates         
    (dollars in thousands)           
                           
                           
      Quarter ended December 31, 2024   Quarter ended September 30, 2024   Quarter ended December 31, 2023
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
       Loans (1)(2) $ 1,077,242   $ 15,693 5.80 %   $ 1,079,393   $ 15,674 5.78 %   $ 1,094,152   $ 14,974 5.43 %
       Taxable securities   194,272     1,545 3.16 %     177,520     1,345 3.01 %     167,366     1,147 2.72 %
       Tax-exempt securities (2)   79,475     661 3.31 %     79,472     661 3.31 %     80,922     673 3.30 %
       FHLB stock   8,825     227 10.23 %     8,825     176 7.93 %     6,373     158 9.84 %
       Other   58,405     721 4.91 %     36,680     523 5.67 %     11,846     162 5.43 %
                           
       Total (2)   1,418,219     18,847 5.29 %     1,381,890     18,379 5.29 %     1,360,659     17,114 4.99 %
                           
    Non-interest-earning assets:                    
       Cash and due from banks   15,500           17,162           16,243      
       Premises and equipment,                    
          net   14,001           14,216           13,243      
       Cash surrender value ins   24,625           24,458           23,990      
       Other assets   20,090           20,485           22,406      
       Allowance for credit                      
          losses   (12,623 )         (12,598 )         (12,301 )    
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Liabilities & stockholders’ equity                    
    Interest-bearing liabilities:                    
       Savings and demand                      
          deposits $ 319,777   $ 1,479 1.84 %   $ 323,841   $ 1,515 1.86 %   $ 327,036   $ 1,296 1.57 %
       Money market deposits   304,897     1,961 2.56 %     277,884     1,876 2.69 %     272,087     1,820 2.65 %
       Time deposits   256,201     2,587 4.02 %     247,296     2,514 4.04 %     273,332     2,410 3.50 %
       FHLB borrowings   170,701     1,890 4.40 %     182,414     2,038 4.44 %     133,560     1,349 4.01 %
       Other borrowings   6,848     57 3.31 %     6,702     57 3.38 %     6,999     54 3.06 %
       Senior sub. notes    4,780     59 4.91 %     4,779     59 4.91 %     4,773     59 4.90 %
       Junior sub. debentures   13,011     252 7.71 %     12,985     252 7.72 %     12,909     254 7.81 %
                           
       Total   1,076,215     8,285 3.06 %     1,055,901     8,311 3.13 %     1,030,696     7,242 2.79 %
                           
    Non-interest-bearing liabilities:                    
       Demand deposits   270,575           261,833           275,944      
       Other liabilities   14,626           13,421           12,540      
       Stockholders’ equity   118,396           114,458           105,060      
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Net interest income   $ 10,562       $ 10,068       $ 9,872  
    Rate spread     2.23 %       2.16 %       2.20 %
    Net yield on interest-earning assets   2.96 %       2.90 %       2.88 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.     
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. 
                           
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)       
          Year ended December 31, 2024   Year ended December 31, 2023
          Average   Yield/   Average   Yield/
          Balance Interest Rate   Balance Interest Rate
    Assets                
    Interest-earning assets:              
       Loans (1)(2) $ 1,087,816   $ 62,085 5.71 %   $ 1,043,144   $ 53,824 5.16 %
       Taxable securities   179,074     5,382 3.01 %     183,984     4,919 2.67 %
       Tax-exempt securities (2)   79,735     2,647 3.32 %     81,481     2,705 3.32 %
       FHLB stock   8,024     750 9.35 %     5,304     386 7.28 %
       Other     29,153     1,505 5.16 %     9,073     465 5.13 %
                       
       Total (2)     1,383,802     72,369 5.23 %     1,322,986     62,299 4.71 %
                       
    Non-interest-earning assets:              
       Cash and due from banks   16,841           17,110      
       Premises and equipment, net     13,834           13,294      
       Cash surrender value ins   24,382           24,331      
       Other assets   20,911           23,136      
                     
       Allowance for credit losses     (12,528 )         (12,079 )    
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Liabilities & stockholders’ equity            
    Interest-bearing liabilities:              
       Savings and demand deposits   $ 331,411   $ 6,133 1.85 %   $ 344,906   $ 4,582 1.33 %
       Money market deposits   281,828     7,569 2.69 %     249,079     5,328 2.14 %
       Time deposits   256,265     10,150 3.96 %     261,595     7,083 2.71 %
       FHLB borrowings   167,708     7,238 4.32 %     116,282     4,417 3.80 %
       Other borrowings   7,241     232 3.20 %     7,061     215 3.04 %
       Senior sub. notes      4,778     235 4.92 %     4,927     238 4.83 %
       Junior sub. debentures   12,972     1,010 7.79 %     12,870     985 7.65 %
                       
       Total     1,062,203     32,567 3.07 %     996,720     22,848 2.29 %
                       
    Non-interest-bearing liabilities:            
       Demand deposits   258,173           274,273      
       Other liabilities   13,475           12,397      
       Stockholders’ equity   113,391           105,388      
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Net interest income   $ 39,802       $ 39,451  
    Rate spread       2.16 %       2.42 %
    Net yield on interest-earning assets   2.88 %       2.98 %
                       
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.  
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
                       

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $2.7 million and earnings per diluted share of $0.27 for the fourth quarter ended December 31, 2024, compared to $3.3 million and earnings per diluted share of $0.32 for the quarter ended September 30, 2024, and $3.7 million and $0.35 earnings per diluted share for the quarter ended December 31, 2023, respectively.

    The Company’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) increase in net interest income of $0.4 million with net interest margin increased by 16 basis points; (2) a $0.05 million increase in negative provision for credit losses to $0.45 million in the fourth quarter; (3) lower non-interest income of $0.9 million primarily due to $0.5 million lower gain on sale of loans and $0.2 million higher net losses on sale of equity securities in the fourth quarter of 2024; and (4) higher non-interest expense primarily due to higher REO expenses of $0.2 million and higher professional fees of $0.2 million.

    Book value per share improved to $17.94 at December 31, 2024, compared to $17.88 at September 30, 2024, and $16.60 at December 31, 2023. Tangible book value per share (non-GAAP)1 was $14.69 at December 31, 2024, compared to $14.64 at September 30, 2024, and a 9.5% increase from $13.42 at December 31, 2023. For the fourth quarter of 2024, tangible book value was positively influenced by net income and intangible amortization which was mostly offset by the impact of higher long-term interest rates which increased the net unrealized loss on the available for sale securities portfolio. Stockholders’ equity as a percentage of total assets was 10.24% at December 31, 2024, compared to 10.01% at September 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 increased to 8.54% at December 31, 2024, compared to 8.35% at September 30, 2024, largely due to the impact of asset shrinkage.

    “As we closed 2024, I am pleased with the execution on our strategic objectives, continuing to strengthen franchise value. The quarter reflected our balance sheet optimization efforts, which increased the net interest margin 6%, and increased the tangible common equity ratio for the continued repurchase of shares at prices that were accretive to earnings per share and tangible book value. The TCE ratio increased to 8.54%, from 8.35% in the prior quarter which provides flexibility to grow the loan portfolio and potentially repurchase shares in 2025. Deposits, net of the decrease in wholesale deposits, increased $27 million. Loans decreased $56 million during the quarter, primarily in non-strategic relationships, but we forecast modest loan growth of one to three percent in 2025. Credit metrics improved and we continue to maintain a healthy reserve for credit losses to total loans at 1.50%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    December 31, 2024, Highlights:

    • Quarterly earnings were $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, a decrease compared to earnings of $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, and $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023.
    • Net interest income increased $0.4 million to $11.7 million for the current quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat with $11.7 million for the quarter ended December 31, 2023. The increase in net interest income from the third quarter of 2024 was primarily due to an increase in net interest margin of 16 basis points.
    • The net interest margin increased to 2.79%, primarily due to lower deposit costs, for the quarter ended December 31, 2024, compared to 2.63% for the previous quarter, and 2.69% for the quarter ended December 31, 2023. The net interest margin increase in the fourth quarter of 2024, was also favorably impacted by accelerated deferred fee accretion on loan payoffs of 3 basis points.
    • Negative provision for credit losses of $0.45 million, $0.40 million, and $0.65 million were recorded during the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The fourth quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.324 million and a $0.126 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income decreased $0.9 million in the fourth quarter of 2024, due to $0.5 million in lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Non-interest income decreased by $0.5 million compared to the fourth quarter of 2023, due to higher net losses on equity securities.
    • Non-interest expense increased $0.4 million to $10.8 million in the fourth quarter of 2024 from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million in the fourth quarter one year earlier. The $0.4 million increase in non-interest expense from the third quarter was largely due to $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 was due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase of $0.2 million on losses on repossessed assets; and (3) higher data processing of $0.2 million, partially offset by lower other expenses of $0.5 million primarily due to 2023 branch closure costs.
    • Loans receivable decreased $55.8 million during the fourth quarter ended December 31, 2024, to $1.369 billion compared to the prior quarter end, due to pay offs of non-strategic relationships as part of the balance sheet optimization plan.
    • Total deposits decreased $32.5 million during the fourth quarter of 2024, compared to three months earlier, as wholesale deposits were reduced with brokered deposits decreasing $47.5 million to $19.1 million at December 31, 2024, compared to three months earlier.
    • Federal Home Loan Bank advances decreased $16.0 million to $5.0 million at December 31, 2024, from $21.0 million at September 30, 2024.
    • The effective tax rate was 19.5% for the quarter ended December 31, 2024, compared to 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.
    • Nonperforming assets decreased to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024. The decrease was largely due to a partial paydown on one agricultural real estate loan relationship in forestry services that was placed on nonaccrual status in the third quarter.
    • Net charge-offs remain minimal and were 0.009% of average loans during the fourth quarter and 0.007% over the twelve-month period ending December 31, 2024.
    • Common stock totaling 94 thousand shares were repurchased in the fourth quarter ending December 31, 2024, at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share.
    • In November 2024, the Company notified its customers that it would be closing the Faribault, Minnesota branch on February 3, 2025, with account balances transferred to the nearest branch which is 39 miles away. The branch closure costs recognized in the fourth quarter were minimal.
    • The efficiency ratio was 76% for the quarter ended December 31, 2024, compared to 72% for the quarter ended September 30, 2024.
    • On January 23, 2025, the Board of Directors declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025.

    Balance Sheet and Asset Quality

    Total assets decreased by $50.6 million during the quarter to $1.749 billion at December 31, 2024.

    Securities available for sale (AFS”) decreased $6.6 million during the quarter ended December 31, 2024, to $142.8 million from $149.4 million at September 30, 2024. The decrease was due to higher pre-tax unrealized losses of $3.3 million and principal repayments of $3.3 million.

    Securities held to maturity (“HTM”) decreased $1.5 million to $85.5 million during the quarter ended December 31, 2024, from $87.0 million at September 30, 2024, due to principal repayments.

    The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.75% of total assets at December 31, 2024, compared to 11.46% at September 30, 2024. On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $725 million, or 273%, of uninsured and uncollateralized deposits at December 31, 2024, and $718 million, or 269%, at September 30, 2024.

    Continued balance sheet optimization resulted in loans decreasing by $55.8 million during the fourth quarter ended December 31, 2024, to $1.372 billion, compared to September 30, 2024. A large level of non-strategic relationships were repaid during the quarter as well as a $4.9 million reduction in criticized loans.

    The office loan portfolio consisting of 71 loans totaled $28 million at December 31, 2024, and decreased $3 million from $31 million at September 30, 2024. Criticized loans in the office loan portfolio for the quarter ended December 31, 2024, totaled $0.5 million and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.45 million to $20.5 million at December 31, 2024, representing 1.50% of total loans receivable compared to 1.47% of total loans receivable at September 30, 2024. For the quarter ended December 31, 2024, the Bank recorded a negative provision of $0.45 million which included a negative provision on ACL for loans of $0.32 million and a negative provision of $0.13 million on ACL for unfunded commitments.

    Allowance for Credit Losses (“ACL”) – Loans Percentage

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Allowance for credit losses – Loans   $ 20,549     $ 21,000     $ 21,178     $ 22,908  
    ACL – Loans as a percentage of loans, end of period     1.50 %     1.47 %     1.48 %     1.57 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.334 million at December 31, 2024, $0.460 million at September 30, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.
    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

        December 31, 2024 and Three Months Ended   December 31, 2023 and Three Months Ended   December 31, 2024 and Twelve Months Ended   December 31, 2023 and Twelve Months Ended
    ACL – Unfunded commitments – beginning of period   $ 460     $ 1,571     $ 1,250     $ —  
    Cumulative effect of ASU 2016-13 adoption     —       —       —       1,537  
    (Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations     (126 )     (321 )     (916 )     (287 )
    ACL – Unfunded commitments – end of period   $ 334     $ 1,250     $ 334     $ 1,250  

    Special mention loans decreased by $2.5 million to $8.5 million at December 31, 2024, compared to $11.0 million at September 30, 2024. Over the past 12 months, special mention loans have declined $9.9 million from $18.4 million at December 31, 2023.

    Substandard loans decreased by $2.3 million to $18.9 million at December 31, 2024, compared to $21.2 million at September 30, 2024, primarily due to a $1.6 million reduction in a nonperforming loan, classified as substandard, agricultural real estate forestry services loan.

    Nonperforming assets decreased $2.8 million to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024, primarily due to the $1.6 million reduction in nonperforming assets discussed above and the sale of a real estate owned property.

        (in thousands)
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Special mention loan balances   $ 8,480   $ 11,047   $ 8,848   $ 13,737   $ 18,392
    Substandard loan balances     18,891     21,202     14,420     14,733     19,596
    Criticized loans, end of period   $ 27,371   $ 32,249   $ 23,268   $ 28,470   $ 37,988

    Total deposits decreased $32.5 million during the quarter ended December 31, 2024, to $1.49 billion as $59.7 million of wholesale brokered deposits were repaid. Brokered deposits declined $47.5 million to $19.1 million at December 31, 2024, from $66.6 million at September 30, 2024, and declined $79.1 million from $98.2 million at December 31, 2023.

    Deposit Portfolio Composition
    (in thousands)

        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Consumer deposits   $ 852,083   $ 844,808   $ 822,665   $ 827,290   $ 814,899
    Commercial deposits     412,355     406,095     395,148     400,910     415,715
    Public deposits     190,460     176,844     187,698     202,175     182,172
    Wholesale deposits     33,250     92,920     114,033     97,114     106,306
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544   $ 1,527,489   $ 1,519,092

    At December 31, 2024, the deposit portfolio composition was 57% consumer, 28% commercial, 13% public, and 2% wholesale deposits compared to 55% consumer, 27% commercial, 12% public, and 6% wholesale deposits at September 30, 2024.

    Deposit Composition By Type
    (in thousands)

        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Non-interest-bearing demand deposits   $ 252,656   $ 256,840   $ 255,703   $ 248,537   $ 265,704
    Interest-bearing demand deposits     355,750     346,971     353,477     361,278     343,276
    Savings accounts     159,821     169,096     170,946     177,595     176,548
    Money market accounts     369,534     366,067     370,164     387,879     374,055
    Certificate accounts     350,387     381,693     369,254     352,200     359,509
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544     1,527,489   $ 1,519,092

    Uninsured and uncollateralized deposits were $265.4 million, or 18% of total deposits, at December 31, 2024, and $267.1 million, or 18% of total deposits, at September 30, 2024. Uninsured deposits alone at December 31, 2024, were $428.0 million, or 29% of total deposits, and $413.6 million, or 27% of total deposits at September 30, 2024.

    As part of the balance sheet optimization plan, $16.0 million in Federal Home Loan Bank advances were repaid during the fourth quarter and totaled $5.0 million at December 31, 2024, compared to $21.0 million one quarter earlier.

    Common stock totaling approximately 94 thousand shares were repurchased in the fourth quarter of 2024 at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share. There are 238 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

    Review of Operations

    Net interest income increased $0.4 million for the quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat from $11.7 million for the quarter ended December 31, 2023. The increase in net interest income compared to the third quarter of 2024 was primarily due to an increase in net interest margin, partially offsetting the impact of asset shrinkage. The net interest margin increase was favorably impacted by 3 basis points due to deferred fee accretion on loan payoffs.

    Net interest income and net interest margin analysis:
    (in thousands, except yields and rates)

        Three months ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
        Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin
    As reported   $ 11,708     2.79 %   $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %   $ 11,747     2.69 %
    Less accretion for PCD loans     (42 )   (0.01)%     (45 )   (0.01)%     (62 )   (0.01)%     (75 )   (0.02)%     (37 )   (0.01)%
    Less scheduled accretion interest     (33 )   (0.01)%     (33 )   (0.01)%     (32 )   (0.01)%     (33 )   (0.01)%     (33 )   (0.01)%
    Without loan purchase accretion   $ 11,633     2.77 %   $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %   $ 11,677     2.67 %

    The table below shows the impact of certificate, loan and securities contractual fixed rate maturing and repricing.

    Portfolio Contractual Repricing:
    (in millions, except yields)

        Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026
    Maturing Certificate Accounts:                    
    Contractual Balance   $ 95     $ 177     $ 43     $ 14     $ 13  
    Contractual Interest Rate     4.63 %     4.68 %     4.25 %     3.07 %     3.36 %
    Maturing or Repricing Loans:                    
    Contractual Balance   $ 46     $ 97     $ 18     $ 55     $ 322  
    Contractual Interest Rate     5.27 %     7.10 %     6.15 %     4.79 %     3.85 %
    Maturing or Repricing Securities:                    
    Contractual Balance   $ 4     $ 3     $ 3     $ 4     $ 19  
    Contractual Interest Rate     6.15 %     5.12 %     4.07 %     4.31 %     3.49 %

    Non-interest income decreased $0.9 million in the fourth quarter of 2024 to $2.0 million from $2.9 million the prior quarter due to $0.5 million of lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Total non-interest income for the quarter ended December 31, 2023, was higher at $2.5 million due to an increase in net losses on equity securities in 4Q 2024.

    Non-interest expense increased $0.4 million to $10.8 million from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million one year earlier. The $0.4 million increase in non-interest expense compared to the linked quarter was largely due to the $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 is due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase in the current quarter of $0.2 million on losses on repossessed assets; (3) higher data processing of $0.2 million partially offset by lower other expenses $0.5 million primarily due to 2023 branch closure costs.

    Provision for income taxes decreased to $0.7 million in the fourth quarter of 2024 from $0.9 million in the third quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 19.5% for the quarter ended December 31, 2024, 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.

    These financial results are preliminary until Form 10-K is filed in March 2025.
    About the Company

    Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

    1Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

    Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

    Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

    Contact: Steve Bianchi, CEO
    (715)-836-9994

    (CZWI-ER)

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Balance Sheets
    (in thousands, except shares and per share data)
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   June 30, 2024 (unaudited)   December 31, 2023 (audited)
    Assets                
    Cash and cash equivalents   $ 50,172     $ 36,632     $ 36,886     $ 37,138  
    Securities available for sale “AFS”     142,851       149,432       146,438       155,743  
    Securities held to maturity “HTM”     85,504       87,033       88,605       91,229  
    Equity investments     4,702       5,096       5,023       3,284  
    Other investments     12,500       12,311       13,878       15,725  
    Loans receivable     1,368,981       1,424,828       1,428,588       1,460,792  
    Allowance for credit losses     (20,549 )     (21,000 )     (21,178 )     (22,908 )
    Loans receivable, net     1,348,432       1,403,828       1,407,410       1,437,884  
    Loans held for sale     1,329       697       275       5,773  
    Mortgage servicing rights, net     3,663       3,696       3,731       3,865  
    Office properties and equipment, net     17,075       17,365       17,774       18,373  
    Accrued interest receivable     5,653       6,235       6,289       5,409  
    Intangible assets     979       1,158       1,336       1,694  
    Goodwill     31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Bank owned life insurance (“BOLI”)     26,102       25,901       25,708       25,647  
    Other assets     17,144       16,683       15,794       16,334  
    TOTAL ASSETS   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Liabilities and Stockholders’ Equity                
    Liabilities:                
    Deposits   $ 1,488,148     $ 1,520,667     $ 1,519,544     $ 1,519,092  
    Federal Home Loan Bank (“FHLB”) advances     5,000       21,000       31,500       79,530  
    Other borrowings     61,606       61,548       61,498       67,465  
    Other liabilities     14,681       15,773       13,720       11,970  
    Total liabilities     1,569,435       1,618,988       1,626,262       1,678,057  
    Stockholders’ equity:                
    Common stock— $0.01 par value, authorized 30,000,000; 9,981,996, 10,074,136, 10,297,341, and 10,440,591 shares issued and outstanding, respectively     100       101       103       104  
    Additional paid-in capital     114,564       115,455       117,838       119,441  
    Retained earnings     80,840       78,438       75,501       71,117  
    Accumulated other comprehensive loss     (16,420 )     (13,845 )     (17,397 )     (17,328 )
    Total stockholders’ equity     179,084       180,149       176,045       173,334  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  

                    Note: Certain items previously reported were reclassified for consistency with the current presentation.

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Statements of Operations
    (in thousands, except per share data)
        Three Months Ended   Twelve Months Ended
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   December 31, 2023 (unaudited)   December 31, 2024 (unaudited)   December 31, 2023 (audited)
    Interest and dividend income:                    
    Interest and fees on loans   $ 19,534     $ 20,115     $ 19,408     $ 79,738     $ 73,577  
    Interest on investments     2,427       2,397       2,618       9,877       10,671  
    Total interest and dividend income     21,961       22,512       22,026       89,615       84,248  
    Interest expense:                    
    Interest on deposits     9,273       10,165       7,851       37,985       25,749  
    Interest on FHLB borrowed funds     65       128       1,371       1,281       5,966  
    Interest on other borrowed funds     915       934       1,057       3,875       4,184  
    Total interest expense     10,253       11,227       10,279       43,141       35,899  
    Net interest income before provision for credit losses     11,708       11,285       11,747       46,474       48,349  
    (Negative) provision for credit losses     (450 )     (400 )     (650 )     (3,175 )     (475 )
    Net interest income after provision for credit losses     12,158       11,685       12,397       49,649       48,824  
    Non-interest income:                    
    Service charges on deposit accounts     450       513       485       1,924       1,949  
    Interchange income     550       577       581       2,247       2,324  
    Loan servicing income     520       643       539       2,271       2,218  
    Gain on sale of loans     218       752       191       2,216       1,692  
    Loan fees and service charges     292       165       124       996       432  
    Net realized gains on debt securities     —       —       —       —       12  
    Net (losses) gains on equity securities     (287 )     (78 )     277       (856 )     447  
    Bank Owned Life Insurance (BOLI) death benefit     —       —       —       184       —  
    Other     266       349       283       1,125       1,176  
    Total non-interest income     2,009       2,921       2,480       10,107       10,250  
    Non-interest expense:                    
    Compensation and related benefits     5,840       5,743       5,139       22,741       21,106  
    Occupancy     1,217       1,242       1,314       5,159       5,431  
    Data processing     1,743       1,665       1,511       6,530       5,951  
    Amortization of intangible assets     179       178       179       715       755  
    Mortgage servicing rights expense, net     107       163       159       534       615  
    Advertising, marketing and public relations     218       225       262       793       734  
    FDIC premium assessment     192       201       204       798       812  
    Professional services     514       336       371       1,763       1,524  
    Losses (gains) on repossessed assets, net     247       65       —       294       62  
    Other     552       603       1,067       2,979       3,152  
    Total non-interest expense     10,809       10,421       10,206       42,306       40,142  
    Income before provision for income taxes     3,358       4,185       4,671       17,450       18,932  
    Provision for income taxes     656       899       978       3,699       5,873  
    Net income attributable to common stockholders   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Per share information:                    
    Basic earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Diluted earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Cash dividends paid   $ —     $ —     $ —     $ 0.32     $ 0.29  
    Book value per share at end of period   $ 17.94     $ 17.88     $ 16.60     $ 17.94     $ 16.60  
    Tangible book value per share at end of period (non-GAAP)   $ 14.69     $ 14.64     $ 13.42     $ 14.69     $ 13.42  

    Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    (in thousands, except per share data)

        Three Months Ended   Twelve Months Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
                       
    GAAP pretax income   $ 3,358   $ 4,185   $ 4,671   $ 17,450   $ 18,932
    Branch closure costs (1)     —     —     380     168     380
    Pretax income as adjusted (2)   $ 3,358   $ 4,185   $ 5,051   $ 17,618   $ 19,312
    Provision for income tax on net income as adjusted (3)     656     899     1,058     3,735     5,991
    Net income as adjusted (non-GAAP) (2)   $ 2,702   $ 3,286   $ 3,993   $ 13,883   $ 13,321
    GAAP diluted earnings per share, net of tax   $ 0.27   $ 0.32   $ 0.35   $ 1.34   $ 1.25
    Branch closure costs, net of tax     —     —     0.03     0.01     0.03
    Diluted earnings per share, as adjusted, net of tax (non-GAAP)   $ 0.27   $ 0.32   $ 0.38   $ 1.35   $ 1.28
                         
    Average diluted shares outstanding     10,033,957     10,204,195     10,457,184     10,262,710     10,470,298

    (1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
    (2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
    (3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

    Loan Composition

    (in thousands)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total Loans:                
    Commercial/Agricultural real estate:                
    Commercial real estate   $ 709,018     $ 730,459     $ 729,236     $ 750,531  
    Agricultural real estate     73,130       76,043       78,248       83,350  
    Multi-family real estate     220,805       239,191       234,758       228,095  
    Construction and land development     78,489       87,875       87,898       110,941  
    C&I/Agricultural operating:                
    Commercial and industrial     115,657       119,619       127,386       121,666  
    Agricultural operating     31,000       27,550       27,409       25,691  
    Residential mortgage:                
    Residential mortgage     132,341       134,944       133,503       129,021  
    Purchased HELOC loans     2,956       2,932       2,915       2,880  
    Consumer installment:                
    Originated indirect paper     3,970       4,405       5,110       6,535  
    Other consumer     5,012       5,438       5,860       6,187  
    Gross loans   $ 1,372,378     $ 1,428,456     $ 1,432,323     $ 1,464,897  
    Unearned net deferred fees and costs and loans in process     (2,547 )     (2,703 )     (2,733 )     (2,900 )
    Unamortized discount on acquired loans     (850 )     (925 )     (1,002 )     (1,205 )
    Total loans receivable   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Nonperforming assets:                
    Nonaccrual loans                
    Commercial real estate   $ 4,594     $ 4,778     $ 5,350     $ 10,359  
    Agricultural real estate     6,222       6,193       382       391  
    Construction and land development     103       106       —       54  
    Commercial and industrial (“C&I”)     597       1,956       422       —  
    Agricultural operating     793       901       1,017       1,180  
    Residential mortgage     858       1,088       1,145       1,167  
    Consumer installment     1       20       36       33  
    Total nonaccrual loans   $ 13,168     $ 15,042     $ 8,352     $ 13,184  
    Accruing loans past due 90 days or more     186       530       256       389  
    Total nonperforming loans (“NPLs”) at amortized cost     13,354       15,572       8,608       13,573  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Total nonperforming assets (“NPAs”)   $ 14,269     $ 17,144     $ 10,270     $ 15,368  
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Total assets, end of period   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Ratios:                
    NPLs to total loans     0.98 %     1.09 %     0.60 %     0.93 %
    NPAs to total assets     0.82 %     0.95 %     0.57 %     0.83 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

        Three Months Ended
    December 31, 2024    		   Three Months Ended
    September 30, 2024    		   Three Months Ended
    December 31, 2023
        Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                                    
    Cash and cash equivalents   $ 26,197   $ 327   4.97 %   $ 25,187   $ 360   5.69 %   $ 16,699   $ 241   5.73 %
    Loans receivable     1,396,854     19,534   5.56 %     1,429,928     20,115   5.60 %     1,458,558     19,408   5.28 %
    Investment securities     235,268     1,940   3.28 %     236,960     1,966   3.30 %     243,705     2,102   3.42 %
    Other investments     12,318     160   5.17 %     12,553     71   2.25 %     15,760     275   6.92 %
    Total interest earning assets   $ 1,670,637   $ 21,961   5.23 %   $ 1,704,628   $ 22,512   5.25 %   $ 1,734,722   $ 22,026   5.04 %
    Average interest-bearing liabilities:                                    
    Savings accounts   $ 162,501   $ 383   0.94 %   $ 170,777   $ 450   1.05 %   $ 175,281   $ 323   0.73 %
    Demand deposits     346,411     1,891   2.17 %     357,201     2,152   2.40 %     329,096     1,680   2.03 %
    Money market accounts     351,566     2,720   3.08 %     381,369     3,126   3.26 %     326,981     2,217   2.69 %
    CD’s     374,087     4,279   4.55 %     379,722     4,437   4.65 %     368,110     3,631   3.91 %
    Total deposits   $ 1,234,565   $ 9,273   2.99 %   $ 1,289,069   $ 10,165   3.14 %   $ 1,199,468   $ 7,851   2.60 %
    FHLB advances and other borrowings     72,431     980   5.38 %     80,338     1,062   5.26 %     191,575     2,428   5.03 %
    Total interest-bearing liabilities   $ 1,306,996   $ 10,253   3.12 %   $ 1,369,407   $ 11,227   3.26 %   $ 1,391,043   $ 10,279   2.93 %
    Net interest income       $ 11,708           $ 11,285           $ 11,747    
    Interest rate spread           2.11 %           1.99 %           2.11 %
    Net interest margin           2.79 %           2.63 %           2.69 %
    Average interest earning assets to average interest-bearing liabilities           1.28             1.24             1.25  
        Twelve Months Ended
    December 31, 2024    		   Twelve Months Ended
    December, 2023
        Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                        
    Cash and cash equivalents   $ 20,864   $ 1,150   5.51 %   $ 18,469   $ 1,010   5.47 %
    Loans receivable     1,430,631     79,738   5.57 %     1,430,035     73,577   5.15 %
    Interest bearing deposits     —     —   — %     63     1   1.59 %
    Investment securities     238,851     7,977   3.34 %     257,020     8,606   3.35 %
    Other investments     12,816     750   5.85 %     16,274     1,054   6.48 %
    Total interest earning assets   $ 1,703,162   $ 89,615   5.26 %   $ 1,721,861   $ 84,248   4.89 %
    Average interest-bearing liabilities:                        
    Savings accounts   $ 171,069   $ 1,684   0.98 %   $ 200,087   $ 1,427   0.71 %
    Demand deposits     353,107     8,083   2.29 %     359,866     6,727   1.87 %
    Money market accounts     371,909     11,725   3.15 %     306,020     6,976   2.28 %
    CD’s     366,634     16,493   4.50 %     317,376     10,619   3.35 %
    Total deposits   $ 1,262,719   $ 37,985   3.01 %   $ 1,183,349   $ 25,749   2.18 %
    FHLB advances and other borrowings     99,731     5,156   5.17 %     208,373     10,150   4.87 %
    Total interest-bearing liabilities   $ 1,362,450   $ 43,141   3.17 %   $ 1,391,722   $ 35,899   2.58 %
    Net interest income       $ 46,474           $ 48,349    
    Interest rate spread           2.09 %           2.31 %
    Net interest margin           2.73 %           2.81 %
    Average interest earning assets to average interest bearing liabilities           1.25             1.24  

    Wholesale Deposits
    (in thousands)

        Quarter Ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Brokered certificate accounts   $ 14,123   $ 48,578   $ 54,123   $ 43,507   $ 58,209
    Brokered money market accounts     5,002     18,076     42,673     40,429     40,050
    Third party originated reciprocal deposits     14,125     26,266     17,237     13,178     8,047
    Total   $ 33,250   $ 92,920   $ 114,033   $ 97,114   $ 106,306

    Key Financial Metric Ratios:

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Ratios based on net income:                    
    Return on average assets (annualized)   0.61 %   0.72 %   0.79 %   0.76 %   0.71 %
    Return on average equity (annualized)   6.00 %   7.34 %   8.72 %   7.84 %   7.87 %
    Return on average tangible common equity4 (annualized)   7.72 %   9.38 %   11.29 %   10.03 %   10.26 %
    Efficiency ratio   76 %   72 %   72 %   72 %   68 %
    Net interest margin with loan purchase accretion   2.79 %   2.63 %   2.69 %   2.73 %   2.81 %
    Net interest margin without loan purchase accretion   2.77 %   2.61 %   2.67 %   2.69 %   2.78 %
    Ratios based on net income as adjusted (non-GAAP)                    
    Return on average assets as adjusted2 (annualized)   0.61 %   0.72 %   0.86 %   0.77 %   0.73 %
    Return on average equity as adjusted3 (annualized)   6.00 %   7.34 %   9.43 %   7.91 %   8.03 %

    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
           
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average assets   $ 1,771,351     $ 1,810,826     $ 1,843,789     $ 1,808,256     $ 1,836,337  
    Return on average assets (annualized)     0.61 %     0.72 %     0.79 %     0.76 %     0.71 %
    Return on average assets as adjusted (non-GAAP) (annualized)     0.61 %     0.72 %     0.86 %     0.77 %     0.73 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average equity   $ 179,242     $ 178,050     $ 168,058     $ 175,475     $ 165,968  
    Return on average equity (annualized)     6.00 %     7.34 %     8.72 %     7.84 %     7.87 %
    Return on average equity as adjusted (non-GAAP) (annualized)     6.00 %     7.34 %     9.43 %     7.91 %     8.03 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of tangible book value per share (non-GAAP)

    (in thousands, except per share data)

    Tangible book value per share at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Ending common shares outstanding     9,981,996       10,074,136       10,297,341       10,440,591  
    Book value per share   $ 17.94     $ 17.88     $ 17.10     $ 16.60  
    Tangible book value per share (non-GAAP)   $ 14.69     $ 14.64     $ 13.91     $ 13.42  

    Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

    (in thousands, except ratios)

    Tangible common equity as a percent of tangible assets at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )   $ (31,498 )   $ (31,498 )     (31,498 )
    Less: Intangible assets     (979 )   $ (1,158 )   $ (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Total Assets   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible Assets (non-GAAP)   $ 1,716,042     $ 1,766,481     $ 1,769,473     $ 1,818,199  
    Total stockholders’ equity to total assets ratio     10.24 %     10.01 %     9.77 %     9.36 %
    Tangible common equity as a percent of tangible assets (non-GAAP)     8.54 %     8.35 %     8.09 %     7.71 %

    Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 173,334     $ 179,084     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,694 )     (979 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 140,142     $ 146,607     $ 140,142  
    Average tangible common equity (non-GAAP)   $ 146,676     $ 145,305     $ 134,776     $ 142,641     $ 132,409  
    GAAP earnings after income taxes     2,702       3,286       3,693       13,751       13,059  
    Amortization of intangible assets, net of tax     144       140       142       563       521  
    Tangible net income   $ 2,846     $ 3,426     $ 3,835     $ 14,314     $ 13,580  
    Return on average tangible common equity (annualized)     7.72 %     9.38 %     11.29 %     10.03 %     10.26 %

    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Twelve Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Non-interest expense (GAAP) $ 10,809     $ 10,421     $ 10,206     $ 42,306     $ 40,142  
    Less amortization of intangibles   (179 )     (178 )     (179 )     (715 )     (755 )
    Efficiency ratio numerator (GAAP) $ 10,630     $ 10,243     $ 10,027     $ 41,591     $ 39,387  
                       
    Non-interest income $ 2,009     $ 2,921     $ 2,480     $ 10,107     $ 10,250  
    Add back net losses on debt and equity securities   (287 )     (78 )     —       (856 )     —  
    Subtract net gains on debt and equity securities   —       —       277       —       459  
    Net interest income   11,708       11,285       11,747       46,474       48,349  
    Efficiency ratio denominator (GAAP) $ 14,004     $ 14,284     $ 13,950     $ 57,437     $ 58,140  
    Efficiency ratio (GAAP)   76 %     72 %     72 %     72 %     68 %

    1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

    2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

    3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

    4Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Byrna Technologies Partners with USCCA to Promote Less-Lethal Self-Defense Solutions

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that it is partnering with the United States Concealed Carry Association (USCCA). This collaboration will enable Byrna to highlight its less-lethal solutions to nearly one million USCCA members.

    The United States Concealed Carry Association (USCCA) helps responsible Americans prepare for what happens before, during, and after an Act of Self-Defense. In addition to offering education and training, the USCCA has an insurance policy that provides the association’s members with self-defense liability insurance.

    “This collaboration further legitimizes our less-lethal launchers as viable alternatives to traditional firearms,” said Bryan Ganz, CEO of Byrna. “With nearly a million members, the USCCA also offers us a new channel to introduce our products to responsible gun owners, a key demographic for us. We encourage our customers to take advantage of the USCCA’s self-defense training and liability insurance to ensure they are well-prepared and protected.”

    USCCA Chairman and Co-Founder Tim Schmidt added: “Byrna is a leader in the less-lethal market, and we are proud to showcase their products to our members as an important self-defense option. We look forward to providing Byrna customers with access to best-in-class liability protection and important self-defense training lessons.”

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI Global: Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history

    Source: The Conversation – USA – By Jeb Card, Associate Teaching Professor of Anthropology, Miami University

    The ‘black mailbox’ along Highway 375 near Rachel, Nev., a traditional spot for UFO hunters to meet and search the skies near Area 51. AP Photo/John Locher

    Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

    Title of course:

    “Investigating the Paranormal”

    What prompted the idea for the course?

    My training and professional work have been in Mesoamerican archaeology, but I’ve had a lifelong fascination with paranormal concepts. In fact, I considered studying the UFO community for my doctoral research in cultural anthropology.

    I eventually fused these two interests in my book “Spooky Archaeology: Myth and the Science of the Past,” which examines why archaeology shows up so much in ideas about the mysterious and weird. Most people are familiar with pop culture characters like Indiana Jones seeking magical artifacts. Perhaps less immediately obvious is just how common archaeological topics are in paranormal and conspiracy culture.

    The popularity of paranormal ideas – from television shows and thousands of podcasts to UFOs on the front page of The New York Times and in government investigations – made it clear that a course on paranormal culture would be an excellent way for students to get a taste of social science research.

    What does the course explore?

    The material begins with premodern ideas of magic, myth and metaphysics. The narrative that “Western” societies tell of the development of the modern world is that the Enlightenment cast off supernatural thinking in favor of science. The historical reality, however, is not so simple.

    As science based on observation of material evidence emerged in the 17th through 19th centuries, so did a paranormal worldview: theories about a nonmaterial or hidden reality beyond the mundane, from monsters to psychic powers. Some of these ideas were tied to older religious notions of the sacred or strange but not divine phenomena. Others were new – particularly those suggesting the hidden existence of prehistoric extinct creatures or lost cities.

    In either case, the key element was that proponents of these ideas often tried to support their existence with the kind of evidence used in science, though their “proofs” fell short of scientific standards. In other words, the paranormal is in conflict with the knowledge and worldview of modernity but also attempts to use the concepts of modernity to oppose it.

    The class examines how this tension produced 20th century “-ologies” like parapsychology, which examines evidence for consciousness beyond matter, and cryptozoology, which searches the ends of the Earth for creatures tied to the mythic past. We also learn about UFOlogy, whose proponents have collected alleged contacts with technology and beings from beyond this world ever since the Cold War, as great earthly powers filled the skies with secretive hi-tech aircraft and spaceships.

    As the class concludes, we examine how the “-ologies” declined after the Cold War, alongside the cultural capital of science, whose height of public respect was in the mid-20th century. Since then, proving the existence of paranormal things to institutional scientists has become less important in paranormal communities than promoting them to a broader public.

    Why is this course relevant now?

    Beyond public interest in paranormal topics, the paranormal is entwined with sociocultural forces that have dramatically increased the role of conspiracy rhetoric in the United States and elsewhere. At their core, both types of belief claim to have figured out some kind of supposedly hidden knowledge.

    Furthermore, the conspiracy theories that are now commonplace in American political discourse are more rooted in paranormal ideas than in previous decades. Conspiracy theories about the JFK assassination or even 9/11 were still largely within the materialist realm. People argued that “the truth” had been covered up, but their arguments did not rely on metaphysical ideas. Today, major conspiracy theories involve secret cabals, mystical symbols and code words, demonic forces and extraterrestrial entities.

    What’s a critical lesson from the course?

    Evidence must be interrogated on its own, regardless of whether it fits your perspective. I find time and again that students have a hard time approaching evidence without bias, whether that bias is conscious or not: “knowing” that something must be true, or must be absurd.

    One person apparently makes a death bed confession of faking a famous Loch Ness Monster photo, pleasing skeptics. Another claims to have seen a Bigfoot at close range, pleasing believers. Without further evidence, both are stories: no more, no less.

    The issue isn’t to draw an equivalence between the bigger concepts. Not all narratives are equally well-founded. But students learn how to collect evidence, rather than simply rely on their gut sense of what is plausible or not.

    What will the course prepare students to do?

    This course is meant to help students discern useful and reliable information about claims and events, separating them from irrelevant or inaccurate narratives or sources. The goal is not just “critical thinking” aimed at combating disinformation, though that is part of what they should learn. Students practice evaluating evidence but also develop an approach for analyzing and understanding phenomena behind it: how factors like history, culture and institutions of authority, such as science and government, shape what people trust and what they believe.

    Jeb Card does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history – https://theconversation.com/understanding-paranormal-beliefs-and-conspiracy-theories-isnt-just-about-misinformation-this-course-unpacks-the-history-242007

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Fourth Quarter 2024 and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Jan. 27, 2025 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the fourth quarter of 2024 (three months ended December 31, 2024) and full year of 2024 ahead of its quarterly filing.

    Financial Highlights

    • Revenue is expected to be between $1.1 million – $1.3 million in 4Q24, an increase of 882% at the midpoint of the range from revenue of $117,000 in 4Q23
    • Gross margin is expected to increase from 36% in 4Q23 to 72-74% in 4Q24, driven by increased sales and efficiencies in the manufacturing process in calendar 2024
    • Full year 2024 revenue is expected to increase from $349,000 in fiscal 2023 to $3.4 million – $3.6 million, representing almost 10-fold growth
    • Full year 2024 gross margin is expected to increase from 35% in fiscal 2023 to 65-67%, driven by increased volume in manufacturing in calendar 2024

    2024 Corporate Highlights

    • Announced a complete rebranding of the Company to NEWTON GOLF Company
    • Launched the Newton Fairway Motion shafts
    • Launched the new Newton Gravity premium putter line through the introduction of five new putter models
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in 50 of Japan’s largest golf retail locations
    • Increased the number of golf professionals using the Newton Motion Shafts on the PGA TOUR Champions from less than five at the beginning of 2024 to 34 at the end of 2024
    • Executed successful digital campaigns with high return on ad spending that were instrumental in the Company’s revenue growth
    • Closed on $9.1 million in financings to support the Company’s strategic growth
    • Introduced new advanced performance shafts for higher swing speeds in January 2025

    NEWTON GOLF Executive Chairman Greg Campbell commented, “Our expected improved results in 4Q24 and full year 2024 is reflective of the growing acceptance of our unique technology and design elements in our putters and replacement shafts. We recognized significantly increased sales of our NEWTON Motion replacement shafts throughout 2024 from both professional and recreational golfers, and we expect that momentum to continue in 2025. Despite it being generally off season for golf, we were pleased with our Black Friday and Cyber Monday sales, and we look forward to improved gross margin performance as we scale production and bring down unit cost.”

    This press release contains preliminary estimated financial results for the quarter and fiscal year ended December 31, 2024, and the financial results may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI United Kingdom: UK drives green growth by connecting millions to electricity across Africa

    Source: United Kingdom – Executive Government & Departments

    UK Minister for Africa Lord Collins announces support to extend electricity access to millions across Africa.

    • Minister for Africa Lord Collins announces support to extend electricity access to millions across Africa.

    • New deal between British International Investment and UK cleantech company MOPO will connect over a million people across the DRC to renewable energy sources, delivering on the Plan for Change by unleashing the power of British technological innovation.

    • UK partnership with the African Development Bank will also channel private sector capital into African clean energy.

    Millions more people across Africa will have access to clean power thanks to UK investment, Africa Minister Lord Collins has announced.

    This comes as UK Special Representative for Climate Rachel Kyte attends the Mission 300 Africa Energy Summit today [27 January] in Dar Es Salaam, Tanzania.

    The UK is one of the largest investors in clean energy in Africa and is working in partnership to support the Mission 300 initiative, which aims to expand electricity access to 300 million people in Africa by 2030. Half of Africa’s population – 600 million people – lack vital access to electricity.

    Lord Collins is announcing a £5.3 million new deal between British International Investment (BII), the UK’s development finance institution, and UK cleantech firm MOPO. 

    This investment will enable MOPO to expand its pay-per-use battery rental operations in the DRC where over 80% of the population lack access to electricity. It demonstrates how UK companies are unlocking new opportunities for growth and positive impact that the clean energy transition has to offer in the UK and beyond.

    Lord Collins will also announce new UK support of £8.5 million towards the African Development Bank’s Sustainable Energy Fund for Africa (SEFA) to build on existing efforts between the UK and African partners to connect millions of people across the continent with clean, reliable power.

    Today’s announcement will unlock private sector investment in renewable energy projects including clean cooking and energy efficiency.

    The support, which will be delivered as part of the UK’s Africa Regional Climate and Nature Programme (ARCAN), will accelerate renewable energy adoption and improve energy efficiency, developing solar-powered mini-grids in rural communities and providing technical assistance for large-scale renewable energy projects.

     Minister for Africa Lord Collins of Highbury said:

    The UK has set a landmark goal to be the first major economy to deliver clean power by 2030, and through our Plan for Change we’ll harness technology to transform the UK into a clean energy superpower. We want to leverage this ambition with our African partners to power green growth, eradicate poverty and tackle climate change.

    Connecting the continent to clean, reliable energy is vital, and UK support is helping ensure millions are getting the access they need to prosper through planet-friendly solutions. This will also allow us to deepen our partnerships across Africa, sharing expertise, finance and innovation.

    These announcements from Lord Collins show how the UK Government is delivering on the Plan for Change, which will transform the UK into a clean energy superpower, cutting bills and guaranteeing our energy independence, while championing clean technology innovation overseas  and generating opportunities for investment and jobs in British businesses. 

    Speaking at the summit, the UK’s Special Representative on Climate, Rachel Kyte, said:

    Reliable, affordable and clean energy is the cornerstone of economic growth and development. Clean energy, through modern grids and distributed renewable energy offers an opportunity for inclusive growth. Helping end energy poverty supports growth, builds resilience and puts countries on a pathway that helps our common challenge of fighting climate change.  The UK is working with partners across Africa to connect millions of people in the region with cleaner and more efficient power. That is why I’m pleased to be at this summit, supporting Mission 300 and reaffirming our commitment to our shared sustainable development goals especially in Africa.

    At the summit, the UK’s Special Representative for Climate will set out how the UK is deepening our partnerships with African nations and multilateral institutions to fuel the clean energy revolution and stimulate growth whilst tackling the climate emergency.

    Leslie Maasdorp, BII CEO said: 

    At BII we want to use our distinctive position, and track record, to create more early-stage solutions that help expand access to energy for more Africans. This is demonstrated through our investment in MOPO, which is expected to reach over a million people in DRC where energy access is limited.

    More broadly, we welcome the partnership of African governments, as well as other institutions like the African Development Bank, in making that ambition a reality.

    Today’s announcements at the Dar Es Salaam summit also reinforce the long-standing UK-Tanzania partnership.

    Tanzania was one of the first countries to sign up to the first mission of the UK’s Global Clean Power Alliance. The two countries are working together to boost the global clean energy transition, whilst furthering trade opportunities that will create jobs and deliver economic growth.   

    Notes to Editors:

    • BII is playing its part in the overall ecosystem to meet the goals of Mission 300. Today, BII’s investments provide clean energy to over 26 million people across sub-Saharan Africa and it has ambitions to do more.
    • MOPO installs hundreds of solar powered hubs which rent MOPO batteries to customers in regions far from the main grid. MOPO was supported in its early stages to develop its technology, business model and partnerships through the FCDO’s Transforming Energy Access programme.
    • The ADB funding will be delivered through the Sustainable Energy Fund for Africa (SEFA) and will provide concessional finance and technical assistance to mobilise finance from the private sector into innovate, clean energy projects. Investments made by SEFA with support from the UK and other donors is expected to create 1.3 million new electricity connections in Africa.
    • The Africa Regional Climate and Nature Programme (ARCAN) is part of the UK’s wider £11.6bn International Climate Finance commitment. Other projects include the Climate Adaptation and Resilience research programme (CLARE), FSD Africa and FSD Africa investments, and Cooperation in International Waters in Africa (CIWA).

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Updates to this page

    Published 27 January 2025

    MIL OSI United Kingdom –

    January 28, 2025

  • MIL-OSI: Wyoming Department of Education Chooses BIO-key PortalGuard IDaaS Platform to Secure Identity and Access Management for Critical Systems and Data

    Source: GlobeNewswire (MIL-OSI)

    HOLMDEL, N.J., Jan. 27, 2025 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software for phoneless, tokenless, passwordless, and phishing-resistant authentication experiences, announced today that the State of Wyoming Department of Education (WDE) has awarded BIO-key a contract to implement its PortalGuard IDaaS platform for up to 20,000 staff members. This solution will enhance the WDE’s security posture and improve the user experience by providing both Multi-Factor Authentication (MFA) and Single Sign-On (SSO) access to digital resources and applications.

    The agency sought a comprehensive IAM solution to address challenges with managing multiple account credentials per user, and reducing IT Support costs, particularly for password resets. The PortalGuard deployment will also allow for advanced MFA options to improve the phish-resistance and resiliency of their systems against cyberattacks.

    PortalGuard’s SSO feature will streamline user access by allowing users to sign into multiple applications with just one set of strong credentials. PortalGuard’s strong MFA adds an extra layer of protection to guard against phishing and unauthorized access. PortalGuard’s customizable Account Dashboard gives users a centralized interface to manage their authentication preferences and authenticators, and its Application Launchpad will provide one-click access all WDE digital resources and web applications, including cloud storage services like Google Drive and Microsoft OneDrive, to allow seamless file access from a desktop, laptop, tablet, or smartphone. Additionally, PortalGuard’s customizable Administrator Dashboard gives IT teams greater control, visibility and reporting of user access patterns helping to manage security with ease.

    With PortalGuard IDaaS, our clients can continue to make improvements to their overall security posture. Expected additional benefits include a superior tailored user experience, and streamlined access procedures and compliance, a reduction in IT support calls and password reset requests leading to lower operational costs.

    “We are thrilled to partner with the WDE to help them overcome critical challenges in security and user access management,” said Mark Cochran, President of BIO-key’s PortalGuard division. “PortalGuard IDaaS was designed to deliver strong enterprise security while enhancing the end user experience. We are confident it will deliver significant value to the WDE as it has for hundreds of governmental, educational and commercial entities.”

    About BIO-key International, Inc. (www.BIO-key.com)

    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement

    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Engage with BIO-key

    Investor Contacts
    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com or 212-924-9800

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results for the Third Fiscal Quarter and Declaration of Distributions on Common Stock for the Months Ending April, May, and June 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 27, 2025 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (Nasdaq: OXLC) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) (NasdaqGS: OXLCI) (“Oxford Lane,” the “Company,” “we,” “us” or “our”) announced today the following financial results and related information: 

    • On January 24, 2025, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    April 30, 2025 April 16, 2025 April 30, 2025 $ 0.09
    May 31, 2025 May 16, 2025 May 30, 2025 $ 0.09
    June 30, 2025 June 16, 2025 June 30, 2025 $ 0.09
    • Net asset value (“NAV”) per share as of December 31, 2024 stood at $4.82, compared with a NAV per share on September 30, 2024 of $4.76.
    • Net investment income (“NII”), calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), was approximately $72.4 million, or $0.20 per share, for the quarter ended December 31, 2024.
    • Our core net investment income (“Core NII”) was approximately $99.9 million, or $0.28 per share, for the quarter ended December 31, 2024.
      • Core NII incorporates all applicable cash distributions received, or entitled to be received (if any, in either case), on our collateralized loan obligation (“CLO”) equity investments. See additional information under “Supplemental Information Regarding Core Net Investment Income” below.
      • We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.
    • Total investment income for the quarter ended December 31, 2024 amounted to approximately $114.5 million, which represented an increase of approximately $9.3 million from the quarter ended September 30, 2024.
      • For the quarter ended December 31, 2024 we recorded investment income as follows:
        • Approximately $107.6 million from our CLO equity and CLO warehouse investments, and
        • Approximately $6.9 million from our CLO debt investments and other income.
    • Our total expenses for the quarter ended December 31, 2024 were approximately $42.0 million, compared with total expenses of approximately $37.9 million for the quarter ended September 30, 2024.
    • As of December 31, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders): 
      • The  weighted average yield of our CLO debt investments at current cost was 16.6%, down from 17.3% as of September 30, 2024.
      • The weighted average effective yield of our CLO equity investments at current cost was 16.1%, down from 16.5% as of September 30, 2024. For the December quarter, we have excluded the impact of CLO warehouse positions from the calculation.
      • The weighted average cash distribution yield of our CLO equity investments at current cost was 23.9%, down from 24.1% as of September 30, 2024.
    • For the quarter ended December 31, 2024, we recorded a net increase in net assets resulting from operations of approximately $103.7 million, or $0.29 per share, comprised of:
      • NII of approximately $72.4 million;
      • Net realized losses of approximately $3.6 million; and
      • Net unrealized appreciation of approximately $34.9 million. 
    • During the quarter ended December 31, 2024, we made additional investments of approximately $389.3 million, and received approximately $33.9 million from sales and repayments of our CLO investments.
    • For the quarter ended December 31, 2024, we issued a total of approximately 49.0 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $248.9 million. As of December 31, 2024, we had approximately 388.9 million shares of common stock outstanding.
    • On January 24, 2025, our Board of Directors declared the required monthly dividends on our 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares as follows:
    Preferred
     Shares Type    		 Per Share Dividend Amount Declared Record Dates Payment Dates
    6.25% – Series 2027 $         0.13020833  March 17, 2025, April 16, 2025, May
    16, 2025    		 March 31, 2025, April 30, 2025, May
    30, 2025
    6.00% – Series 2029 $         0.12500000  March 17, 2025, April 16, 2025, May
    16, 2025    		 March 31, 2025, April 30, 2025, May
    30, 2025
    7.125% – Series 2029 $         0.14843750  March 17, 2025, April 16, 2025, May
    16, 2025    		 March 31, 2025, April 30, 2025, May
    30, 2025

    In accordance with their terms, each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares will pay a monthly dividend at a fixed rate of 6.25%, 6.00% and 7.125%, respectively, of the $25.00 per share liquidation preference, or $1.5625, $1.5000 and $1.78125 per share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not, in any case, be lower than 6.25%, 6.00% and 7.125% per year, respectively, for each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares and 7.125% Series 2029 Term Preferred Shares.

    Supplemental Information Regarding Core Net Investment Income 

    We provide information relating to Core NII (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. Oxford Lane’s management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of Oxford Lane’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons.

    Income from investments in the “equity” class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by the Company during the period (referred to below as “CLO equity adjustments”). 

    Furthermore, in order for the Company to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.

    The following table provides a reconciliation of GAAP NII to Core NII for the three months ended December 31, 2024:

      Three Months Ended
    December 31, 2024
     

    Amount

    		   Per Share
    Amount
    GAAP net investment income $ 72,425,786   $ 0.20
    CLO equity adjustments   27,482,067     0.08
    Core net investment income $ 99,907,853   $ 0.28

    We will host a conference call to discuss our third fiscal quarter results today, Monday, January 27, 2025 at 9:00 AM ET. Please call 1-833-470-1428, access code number 435642 to participate. A recording of the conference call will be available for replay for approximately 30 days following the call. The replay number is 1-866-813-9403, and the replay passcode is 828365.  

    A presentation containing additional details regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordlanecapital.com. 

    About Oxford Lane Capital Corp. 

    Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of CLO vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties.  Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

    January 28, 2025

  • MIL-OSI: DECEMBER 2024: ELFA CapEx Finance Index Shows New Business Volumes Surged at Year-End

    Source: GlobeNewswire (MIL-OSI)

    • FORECAST: Growth in new business volumes suggests durable goods orders will expand by 0.35% in December
    • Total new business volume (NBV) rose by $11.4 billion, a jump of 8.1% from November to December among surveyed ELFA member companies
    • NBV expanded by 4.2% from 2023 to 2024
    • Charge-offs (losses) dropped to 0.52%, after rising in the prior month

    WASHINGTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — “Just as we predicted last month, the equipment finance industry ended 2024 on a high note,” said Leigh Lytle, President and CEO at ELFA. “A surge in bank financing pushed new business volume to a new high, reflecting more certainty following the election and an acknowledgment that interest rates may not fall much further in 2025. I expect that momentum to continue even if activity slows a little in the months ahead – December is usually a strong month for new business activity with the end-of-quarter, end-of-year spike. The mixture of federal policies will be a big factor in 2025, and deregulation could help demand for construction and mining equipment. However, the industry is well-positioned to face a potentially turbulent 2025.”

    Bank financing drove the jump in new activity. Most of the 8.1% monthly rise in NBV came from the banking industry, which surged by 36.2% from November to December. That jump outweighed the modest 0.2% rise in new business growth for captives and the 5.3% contraction in financing activity at independents. The jump in bank lending is the largest on record and pushed the share of bank business activity to nearly 62% of total new business volume, its highest share since before the Global Financial Crisis in the mid-2000s.

    Employment contracted further. Employment in the equipment finance industry contracted again in December, with the 12-month change from December 2023 dropping by nearly 2.0%. Employment at banks and captives declined year over year by 1.2% and 7.1%, respectively. Those declines were partially offset by the 2.5% increase in headcount at independents.

    The credit approval rate ticked up but remained near its 2024 low. The average credit approval rate increased to 74.3% of all credit decisions in December, after a precipitous decline from August to November. While the overall increase was modest, approval of small ticket financing saw its biggest one-month increase since March, rising by 3.6 percentage points.

    Financial conditions remain healthy. Charge-offs dropped to 0.52% as a percentage of net receivables, a welcome decline after the November jump of 0.26 percentage points. Aging receivables over 30 days also rose slightly to 2.0%, but continue to hover near two-year lows.

    “Equipment finance activity continues to be supported by a resilient U.S. economy, which ended 2024 on strong footing,” said Tina Eickhoff, CLFP, Senior Vice President, Head of Equipment Finance, U.S. Bank. “Despite a solid year in our industry, we think there is still a lot of pent-up demand for equipment purchases in 2025. With the election behind us and a little more clarity around interest rate cuts and the economic outlook, we expect more firms to be focused on growth projects with new equipment.”

    Industry Confidence
    The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, rose for the third consecutive month in January, signaling that industry executives remain optimistic about 2025 despite the high uncertainty surrounding federal immigration and trade policies.

    About ELFA’s CFI
    The CapEx Finance Index (CFI), formerly the Monthly Leasing and Finance Index (MLFI-25), is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The CFI consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/CFI.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/groups/89692/

    Media/Press Contact: Catherine Lockwood, PR Manager, ELFA, catherine@360livemedia.com

    A photo accompanying this announcement is available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5a28c88a-dd81-4000-82e4-bdef8f0fff65

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support

    Source: GlobeNewswire (MIL-OSI)

    • Forbion’s BioEconomy Fund I has raised €164.5 million to date, exceeding its €150 million target in just over a year, since launching in November 2023.
    • Institutional investors, include KfW Capital, Novo Holdings, Rentenbank, Aurae Impact and most recently ABN AMRO Bank and EIFO.
    • The fund focuses on biotech-enabled, B2B solutions that deliver sustainability at price parity or better across Food, Agriculture, Materials, and Environmental Technologies.

    NAARDEN, The Netherlands, Jan. 27, 2025 (GLOBE NEWSWIRE) — Forbion, a leading venture capital firm with deep biotech expertise in Europe and the US, announces that its BioEconomy Fund I has raised €164.5 million. This exceeds the fund’s €150 million target, underscoring growing investor interest in the commercial potential of biotech innovations that address global sustainability challenges.

    BioEconomy Fund I is supported by top-tier institutional investors, including KfW Capital, Novo Holdings, Rentenbank, and Aurae Impact, alongside new backers ABN AMRO Bank and EIFO. The BioEconomy Fund I anticipates a final close at or close to the hard cap of €200 million, demonstrating the growing confidence in biotech innovations that address global sustainability challenges.

    Launched in November 2023, the Forbion BioEconomy Fund I is a planetary health fund that targets business-to-business (B2B) solutions that replace unsustainable products with scalable, cost-effective alternatives. A key pillar of the fund’s strategy is ensuring these innovations achieve price parity with incumbent solutions, enabling wide-scale adoption across the fund’s four target sectors: Food, Agriculture, Materials, and Environmental Technologies industries.

    Sander Slootweg, Managing Partner and co-founder of Forbion, stated, “Exceeding €150 million in just over a year reflects the strength of our team and strategy and the confidence our investors have in our ability to execute. Their support for BioEconomy Fund I demonstrates the growing demand for scalable, cost-competitive biotech solutions that deliver both sustainability and strong returns.”

    Alex Hoffmann, General Partner, added, “Investors recognize the transformative potential of scalable biotech solutions to meet the needs of industries seeking to adopt sustainable practices. Their support empowers us to help companies scale and deliver meaningful change.”

    About Forbion BioEconomy Fund I
    BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion announced the first close of BioEconomy Fund I at €75 million on 20 June 2024.

    About Forbion
    Forbion is a leading global venture capital firm with deep expertise in Europe and the US with offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

    For more information, please contact:

    Forbion Investor Relations
    Email: Robbert.van.de.Griendt@forbion.com
    General Partner IR & Impact

    Forbion Communications
    Email: laura.asbjornsen@forbion.com
    Head of Communications

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Navigating Opportunities and Risks in Web3 Investment: Bybit at Invest Web3 Forum

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 27, 2025 (GLOBE NEWSWIRE) —

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been rising to the challenge of shifts in the global regulatory landscape to capture AI opportunities in Web3, Bybit Web3’s Jase Zhang said at a panel at the Invest Web3 Forum in Dubai on Jan. 16, 2025. 

    The panel navigated the status quo of Web3 investment landscape, exploring the intersection of Web3 and AI technologies and how the convergence could take the sector forward. During the 30-minute discussion moderated by Glass Ventures Managing Partner Cinderella Amar, Law Blocks Co-Founder Ashish Baphana, and Bybit Web3 Product Manager Jase Zhang, the panelists exchanged insights on high-growth areas within Web3, and shed light on strategies for navigating investment opportunities as well as the regulatory landscape. The conversation covered venture capital’s evolution in the decentralized space and risk mitigation approaches for investors. 

    AI Meets Web3 
    “One of the most exciting trends in Web3 is the integration of AI and Web3 combination, especially through tools like most trending DefAI and AI Agents. These innovations will change how users interact with the onchain world. Users engage with decentralized finance by combining smart decision-making, natural language interaction, and automated execution,” said Jase Zhang, Web3 Product Manager at Bybit. “At Bybit, we’re closely following market trends, such as our Web3 Swap latest token categories, recent cex listings and AI products like TradeGPT, and continuously exploring new ways to combine Web3 and AI. Moving forward, we’ll keep focusing on high-growth areas and provide more innovative AI + Web3 products and services to meet evolving market demands,” he added. 

    Exchanges and Regulators: Goals Aligned 
    Zhang also identified regulatory uncertainty as one of the biggest risks in Web3 but was hopeful it was manageable. One of the risk factors includes the absence of a uniform regulatory framework, compounded by the fast-changing nature of the industry, which created challenges for compliance and long-term planning. 

    Zhang expanded on Bybit’s commitment to fostering industry growth through regulatory compliance and collaboration with local authorities, aiming to build a secure trading environment for users. The exchange tripled its user base in 2024, increasing its contact surface with global regulators and policymakers. By working closely with regulators in Dubai, Georgia, and the Netherlands, to name a few, Bybit has strengthened its regulatory posture to meet licensing requirements, reinforcing its commitment to providing a secure and advanced trading platform for its global user base of over 60 million.

    “We aim to adapt to changes while helping shape a sustainable framework for the industry. Bybit’s approach shows that regulatory collaboration isn’t just about compliance—it’s about building trust and fostering responsible innovation,” Zhang said of the shared goals of Bybit and regulators.

    The Invest Web3 Forum successfully concluded at In5 Tech, Dubai, attended by high-profile industry leaders and Web3 visionaries who gathered at the heart of Web3 innovation in the GCC.  

    Jase Zhang, Web3 Product Manager at Bybit at the Invest Web3 Forum in Dubai on Jan. 16, 2025

    #Bybit / #TheCryptoArk / #BybitWeb3

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press
    For media inquiries, please contact: media@bybit.com 
    For updates, please follow: Bybit’s Communities and Social Media
    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e1d1d7-6a00-48aa-af70-11c0f980f815

    The MIL Network –

    January 28, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 24, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. breached the prescribed ceiling of total investments held under Held to Maturity (HTM) category; and

    2. failed to carry out periodic review of risk categorization of certain accounts at least once in six months.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2016

    MIL OSI Economics –

    January 28, 2025

  • MIL-OSI: Greenbacker secures nearly $1 billion financing to support acquisition and construction of largest solar project in New York State

    Source: GlobeNewswire (MIL-OSI)

    • Greenbacker, together with Hecate Energy, has completed the development of its largest clean energy project to date. After acquiring the project from Hecate, Greenbacker closed on construction financing in conjunction with commencing construction.
    • Greenbacker partnered with six of the world’s leading project finance banks and financial institutions to secure $869 million in construction-to-term, letter of credit, and tax equity bridge loan financing and with a global investment manager for an additional $81 million development loan facility.
    • The 674 MWdc solar project is expected to power over 120,000 New York homes, support hundreds of green jobs.

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker”), an independent power producer and energy transition-focused investment manager, today announced it has secured $950 million in aggregate financing to support the acquisition, construction, and operation of its largest clean energy project to date. When complete, the 674 MWdc / 500 MWac utility-scale solar farm (“Cider”) will be the largest solar project in the state of New York.

    Greenbacker acquired Cider from Hecate Energy LLC (“Hecate”), one of the largest renewable energy developers in the US. The two companies initially entered into a development partnership in 2021 to bring the project through development, financing, and the commencement of construction.

    Following the acquisition, Greenbacker closed on an $869 million financing composed of a construction-to-term loan, a tax equity bridge loan, and letters of credit. The financing was led collectively by six Coordinating Lead Arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC (“ING”), Intesa Sanpaolo S.p.A., New York Branch (“Intesa Sanpaolo”), Societe Generale, and Wells Fargo. MUFG and KeyBanc Capital Markets served as the Co-Documentation Agents and Co-Administrative Agents; ING, Intesa Sanpaolo, and Societe Generale, served as Co-Syndication Agents; ING and Wells Fargo served as Co-Green Structuring Agents. ING, Intesa Sanpaolo, and Societe Generale acted as Bookrunners.

    Greenbacker also successfully closed on an $81 million development loan with Voya Investment Management (“Voya IM”). The development loan with Voya IM was utilized to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.

    With committed funds totaling nearly $1 billion, Cider represents another milestone for Greenbacker—its largest project financing to date.

    “Greenbacker has called New York home for 14 years, and we’re proud to be both the owner of the largest solar energy project in the state’s history and a driving force in accelerating its ambitious clean energy goals,” said Charles Wheeler, CEO of Greenbacker. “This substantial achievement—the result of successful collaboration across a group of top-tier institutions, including our long-time development partner Hecate—will create hundreds of green jobs, deliver affordable clean power, and help continue to build a sustainable future for New Yorkers.”

    Cider also marks the third clean energy collaboration between Greenbacker and Hecate. Over the past several years, Greenbacker has acquired over 70 MWac of utility-scale solar in New York from the developer.

    “Hecate is proud to once again partner with Greenbacker to complete the development of the Cider Project, which represents a landmark accomplishment for renewable energy development in the state,” said Nick Bullinger, Hecate’s Chief Operating Officer. “This project embodies Hecate’s mission to make impact at scale building out clean generation to power our future.”

    “This is the latest in a long history of project financing transactions with Greenbacker, highlighting our ongoing commitment to deploying capital with high-quality partners to help grow the clean energy industry,” said Gregory Berman, Director KeyBanc Capital Markets.

    “This transaction reflects our strong partnership with Greenbacker, belief in its sustainability mission, and commitment to advancing clean energy in New York and nationwide,” said Alberto Mihelcic Bazzana, Director at MUFG.

    Cider will utilize approximately 2,500 acres of land in Genesee County, where it began construction in late 2024. The project is expected to generate enough annual clean electricity to power approximately 120,000 average New York households.1

    “Greenbacker’s successful closing on this development loan facility and the bank syndicate’s construction and long-term facility is a pivotal achievement for our organization,” said Carl Weatherley-White, Greenbacker’s Head of Capital Markets. “Finalizing $950 million in capital to build the largest solar project in New York is a testament to the deep expertise and dedication of all parties involved.”

    Sheppard Mullin and Barclay Damon served as counsel for Greenbacker; Winston & Strawn LLP served as counsel for Hecate; Winston & Strawn LLP and Rath, Young, and Pignatelli, PC served as counsel for the bank syndicate; Latham & Watkins LLP served as counsel for Voya.

    Greenbacker is committed to empowering a sustainable world by connecting individuals and institutions with investments in clean energy. As of September 30, 2024, the company’s fleet of clean energy projects have produced over 10 million MWh of clean energy since 2016, abating more than 7 million metric tons of carbon2 and supporting thousands of green jobs.3

    About Greenbacker Renewable Energy Company
    Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.

    About Hecate Energy
    Hecate Energy was founded in 2012 by a team of energy industry veterans and has successfully developed 4.1 GWs of projects to construction or operations. Hecate believes in establishing beneficial, sustainable, and collaborative partnerships with the host communities where its projects are located and tailors each renewable energy project it develops to better meet the needs of project stakeholders.
    Hecate Energy has entered over 6 GWac of renewable power purchase agreements (PPAs) across 55 PPAs with 24 counterparties as well as projects that are selling through merchant markets. Projects that Hecate has developed and that are constructed or are under construction include over 4 GWac of solar projects and 103 MWac of battery storage projects totaling over $6 billion in asset value. Hecate has an active development pipeline of over 43.7 GWac of renewable projects.

    About MUFG and MUFG Americas
    Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be “the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.

    MUFG’s Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.

    About Voya Investment Management
    Voya Investment Management (IM) has approximately $392 billion in assets under management and administration as of Sept. 30, 2024, across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

    Greenbacker media contact
    Chris Larson
    Media Communications
    646.569.9532
    c.larson@greenbackercapital.com

    MUFG media contact
    Alicia Faugier
    Corporate Communications
    afaugier@mufg.jp

    1Governor Hochul Announces Siting Approval of New York’s Largest Solar Facility to Date, governor.ny.gov.
    2EPA Greenhouse Gas Equivalencies Calculator. September 30, 2024.
    3 Data is as of September 30, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Xunlei to Acquire Hupu

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Jan. 27, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced that it has entered into a definitive agreement to acquire Shanghai Kuanghui Internet Technology Co., Ltd., which operates Hupu, for a total cash consideration of RMB500 million, subject to certain adjustments. Hupu is China’s leading sports media and data platform. The closing of the transaction is subject to certain conditions and is currently expected to occur in the first half of 2025.

    “Acquiring Hupu is expected to create a powerful synergy with Xunlei,” said Mr. Jinbo Li, Chairman and CEO of Xunlei. “This strategic move will leverage Xunlei’s extensive user base and technological expertise in the internet content transmission sector, combined with Hupu’s high-quality sports content and vibrant community, to foster content downloads, community interaction, and sports consumption in a niche market with high user loyalty. Additionally, the acquisition will strengthen Xunlei’s community operations by enriching its content ecosystem with Hupu’s premium sports content and active user base, while enhancing the user experience through Xunlei’s technological and brand advantages.”

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotes in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com 
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Blackford Capital Acquires Ace Controls, Expanding PACIV, its Industrial Automation Platform

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Jan. 27, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today the acquisition of Ace Controls, a Houston, Texas-based company renowned for designing and building industrial control panels. This acquisition diversifies Blackford’s Industrial Automation Platform, PACIV, to service a broader range of customers. Terms of the transaction are not being disclosed.

    Ace Controls is the third acquisition for the PACIV platform since its establishment in June 2023, following its add-on acquisitions of Data Science Automation in January 2024, and Eight12 Automation in May 2024. PACIV has already established a strong presence in the healthcare and life science industries, and the addition of Ace Controls brings a new focus on industrial applications in the water and wastewater industry, and also further expands the platform’s control panel capabilities. Ace Controls has a 95% repeat business rate from its customers, who represent the equipment manufacturing, electrical contracting, and general contracting sectors.

    Martin Stein, Founder and Managing Director of Blackford Capital, said, “Entering an additional highly regulated, strict tolerance end market with high entry barriers will enable PACIV to scale and diversify its business. Our PACIV platform thesis is to be a multi-dimensional industrial automation enterprise catering to life sciences, food and beverage, and water and wastewater companies.”

    Ace Controls President Agmed Aguirre founded the company in 2005 with a vision to serve the water and wastewater industries by building and distributing high-quality wholesale control panels designed with the end user in mind. Under his leadership over the past 20 years, Ace Controls has flourished, earning recognition as an industry leader. Agmed’s wife Lindsey Aguirre joined the business in 2006, playing a crucial role in administration and bookkeeping, which has helped to build a solid foundation for the company. The entire management team and all employees will remain with the PACIV platform post-acquisition.

    “We are excited to join the PACIV platform and are eager to gain access to new customers, receive additional services, and collaboratively achieve significant growth,” said Mr. Aguirre.

    Jeff Johnson, Managing Director and Chairman of the Board of PACIV, said, “We welcome the Ace Controls team to PACIV, who impressed us with their strong culture of continuous improvement, dedication to cost control, and customer service. We believe that by expanding PACIV’s control panel offerings we can achieve our ’one-stop’ goal for the platform and create a truly synergistic portfolio company.”

    The platform is headquartered in ​San Juan, Puerto Rico with offices in Indiana, Pennsylvania, California, Ireland, and now Texas.

    Generational Group served as exclusive financial advisor and Lancaster | Helling served as legal advisor to Ace Controls. Varnum LLP served as legal advisor and RSM US LLP served as the financial and tax advisor to Blackford and PACIV. Mercantile Bank provided debt financing, and Rush Street Capital provided financing advisory services in support of the transaction.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

    About Ace Controls
    Established in January 2005, Ace Controls leverages over 30 years of combined expertise in control panel design, fabrication, and integration to deliver reliable and cost-effective solutions. Serving the water and wastewater industries, as well as the oil and gas industries, Ace Controls caters to manufacturers of process equipment such as pumps, compressors, blowers, conveyors, mixers, and clarifiers, making Ace Controls a trusted partner in these critical sectors.

    Media Contact:
    Lambert by LLYC
    Jennifer Hurson
    (845) 729-3100
    jhurson@lambert.com

    Jackson Lin
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72daeb91-d04c-4f9e-a1d3-5374ce84b9fb

    The MIL Network –

    January 28, 2025

  • MIL-OSI: QXO Launches $11 Billion Tender Offer to Acquire Beacon Roofing Supply for $124.25 Per Share in Cash

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 27, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) today announced that it is commencing an all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply, Inc. (Nasdaq: BECN) for $124.25 per share. This price implies a 37% premium above Beacon’s 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024. The total transaction enterprise value is approximately $11 billion.

    QXO intends to complete the acquisition quickly after the tender offer expires in 20 business days, subject to the terms of the offer. The proposed transaction is not subject to any contingencies related to financing or due diligence. QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

    Brad Jacobs, chairman and chief executive officer of QXO, said, “Our compelling offer would get cash into the hands of Beacon shareholders immediately at a significant premium to the unaffected share price. We believe that Beacon would be a strong fit for QXO and a key part of our plan to become a forward-looking leader in building products distribution.”

    In addition, QXO reiterates that it intends to pursue all options to complete a transaction, including nominating directors for election at Beacon’s Annual Meeting.

    Secured Financing in Place
    QXO has secured full financing commitments from Goldman Sachs, Morgan Stanley, Citi, Credit Agricole, Wells Fargo and Mizuho. The proceeds from the financing commitments, together with QXO’s cash on hand, will be sufficient to pay 100% of the purchase consideration, any required refinancing of Beacon’s debt, and associated transaction fees and expenses.

    Terms
    The offer and withdrawal rights are scheduled to expire at 12:00 midnight, New York City time, at the end of February 24, 2025, unless the offer is extended. The full terms, conditions and other details of the tender offer are set forth in the offering documents that QXO is filing today with the Securities and Exchange Commission (the “SEC”).

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO and Beacon, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; the possibility that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the SEC on January 27, 2025, and Beacon will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time), and the Solicitation/Recommendation Statement when available, as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants that have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts

    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts ‍

    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Gadfin Ltd. and Israel Acquisitions Corp. Announce Entry into Definitive Business Combination Agreement, Bringing the Unmanned Aerial Delivery Company to Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, Jan. 27, 2025 (GLOBE NEWSWIRE) — Israel Acquisitions Corp. (NASDAQ: ISRL, ISRLU, ISRLW), (“ISRL”), a publicly-traded special purpose acquisition company, and Gadfin Ltd. (“Gadfin”), an Israeli technology company specializing in all-weather, long range, heavy-duty, drone delivery for essential cargo, today announced the entry into a definitive business combination agreement reflecting a total equity value of Gadfin of up to $200 million USD (the “Business Combination Agreement”). The combined company will trade on Nasdaq and leverage Gadfin’s innovative technology augmented with the expertise of the ISRL team.

    Through Gadfin’s patented technology, its unmanned aerial vehicles which are powered by hydrogen fuel cells can deliver medical supplies and other heavy-duty cargo to long-range destinations and in harsh weather conditions. Gadfin’s technology makes it possible to significantly improve logistics delivery in both civil uses and combat zones. Gadfin is well-positioned to be a leading player in drone cargo delivery.

    Upon completion of the transaction, Gadfin aims to achieve a great growth plan based on existing contracts and potential new wins.

    Transaction Details:

    • The Board of Directors of both ISRL and Gadfin have unanimously approved the Business Combination Agreement and signed voting support agreements in favor of the transaction.
    • Minimum net cash condition precedent to closing of $15 million.
    • The combined company’s staggered Board of Directors will initially be comprised of up to seven directors, of which one director will be nominated by ISRL and up to four directors will be nominated by Gadfin. Up to two additional directors will be mutually agreed. Existing Gadfin management will operate the combined company.
    • The parties anticipate completing the business combination in the second half of 2025, contingent upon satisfying all closing conditions, including shareholder approvals, regulatory consents, and compliance with legal and tax requirements.
    • Gadfin’s officers, directors, and >5% shareholders, as well as ISRL’s sponsor will enter into a 6-month lock-up agreement, followed by a gradual release mechanism, from the closing of the business combination.
    • At the closing of the transaction, Gadfin will be listed on Nasdaq in the United States.

    Izhar Shay, Chairman of ISRL’s Board of Directors: “This business combination agreement marks a significant milestone, aligning well with the vision we set forth when launching our SPAC. Gadfin’s innovative hydrogen-powered drones, capable of long-range, zero-emission deliveries, position the company to seize numerous growth opportunities in the drone logistics industry, both in the U.S. and globally. We believe this is an exceptional company to take to the Nasdaq.”

    Eyal Regev, Gadfin’s Founder and CEO: “We are thrilled to announce this business combination, marking a pivotal milestone for Gadfin and underscoring the confidence placed in us by leaders in the hi-tech and financial sectors in Israel and the United States. We deeply appreciate the trust and business expertise of the ISRL team, particularly Ziv Elul and Izhar Shay, whose strategic guidance and proven ability to scale businesses will be invaluable in driving Gadfin’s growth. Together, we are committed to accelerating technological innovation and expanding Gadfin’s global presence. Our gratitude also extends to the dedicated teams at Gadfin and ISRL for their tireless efforts in advancing this merger.”

    Advisors:

    Tiberius Capital Markets, a division of Arcadia Securities is acting as financial advisor to Israel Acquisitions Corp, with Reed Smith LLP, and Stuarts Humpries acting as legal advisors.

    Herzog, Fox, and Neeman is acting as legal advisor to Gadfin.

    About Gadfin Ltd.:

    Gadfin is a pioneering technology company revolutionizing the logistics and cargo delivery industry with its innovative hydrogen-powered drones. Specializing in long-range, heavy-duty, zero-emission aerial delivery, Gadfin provides cutting-edge solutions for time-critical, essential cargo transport, especially to less accessible areas. Gadfin’s proprietary technology is designed to address the evolving needs of sectors such as healthcare, logistics, and industrial supply chains, enabling efficient, sustainable, and reliable deliveries across urban and remote areas.

    Led by Eyal Regev, one of the earliest pioneers of the vertical take-off and landing (“VTOL”) cargo delivery vision, Gadfin’s comprehensive approach includes innovative VTOL design, state-of-the-art drone manufacturing, advanced operational platforms, and tailored support services, ensuring seamless integration into its clients’ logistics frameworks. Headquartered in Israel, Gadfin is pioneering the way in transforming how goods are transported, helping its partners meet the demands of the modern world while reducing environmental impact. Backed by prominent investors, SIBF VC (www.sibf.vc) and Gehr Group (www.gehr.com), Gadfin is poised to lead the charge in sustainable and efficient logistics solutions.

    About Israel Acquisitions Corp.:

    Israel Acquisitions Corp is a Cayman Islands exempted company incorporated as a blank-check company. Formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus on high-growth technology companies that are domiciled in Israel, and that either carry out all or a substantial portion of their activities in Israel or have some other significant Israeli connection. The management team is led by Chairman, Izhar Shay, Chief Executive Officer, Ziv Elul, and Chief Financial Officer, Sharon Barzik Cohen.

    Forward-Looking Statements:

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the proposed business combination ISRL and Gadfin, ISRL and Gadfin’s ability to consummate the transaction, the expected closing date for the transaction, the benefits of the transaction and the public company’s future financial performance following the transaction, as well as ISRL’s and Gadfin’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipates,” “approximately,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecast,” “future, ” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “propose,” “should,” “seeks,” “will,” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by both ISRL and its management, and Gadfin and its management, as the case may be, are inherently uncertain. Except as otherwise required by applicable law, ISRL disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. ISRL cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of ISRL. There may be additional risks that neither ISRL nor Gadfin presently know of or that ISRL or Gadfin currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Author and any of their affiliates, directors, officers and employees expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is being made, or to reflect the occurrence of unanticipated events.

    Additional Information and Where to Find It:

    Additional information about the proposed business combination, including a copy of the business combination agreement, is disclosed in the Current Report on Form 8-K that ISRL filed with the SEC on January 27, 2025 and is available at www.sec.gov. In connection with the proposed transaction, the Company intends to file a registration statement, which will include a preliminary proxy statement/prospectus with the SEC. The proxy statement/prospectus will be sent to the stockholders of the Company. The Company and Gadfin also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of the Company 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 proposed transaction as they become available because they will contain important information about the proposed transaction.

    No Offer or Solicitation:

    This communication is for informational purposes only and shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, 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 offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

    Investor Contact:

    contact@israelspac.com

    The MIL Network –

    January 28, 2025
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