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  • MIL-OSI Europe: Minutes – Thursday, 23 January 2025 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2025-01-23

    EN

    EN

    iPlPv_Sit

    Minutes
    Thursday, 23 January 2025 – Strasbourg

     Abbreviations and symbols

    + adopted
    – rejected
    ↓ lapsed
    W withdrawn
    RCV roll-call votes
    EV electronic vote
    SEC secret ballot
    split split vote
    sep separate vote
    am amendment
    CA compromise amendment
    CP corresponding part
    D deleting amendment
    = identical amendments
    § paragraph

    IN THE CHAIR: Younous OMARJEE
    Vice-President

    1. Opening of the sitting

    The sitting opened at 09:01.


    2. Combating Desertification: 16th session of the Conference of the Parties (COP16) of the United Nations Convention (debate)

    Commission statement: Combating Desertification: 16th session of the Conference of the Parties (COP16) of the United Nations Convention (2025/3018(RSP))

    Jessika Roswall (Member of the Commission) made the statement.

    The following spoke: Carmen Crespo Díaz, on behalf of the PPE Group, Marta Temido, on behalf of the S&D Group, Julien Leonardelli, on behalf of the PfE Group, Francesco Ventola, on behalf of the ECR Group, Martin Hojsík, on behalf of the Renew Group, Pär Holmgren, on behalf of the Verts/ALE Group, Catarina Martins, on behalf of The Left Group, Zsuzsanna Borvendég, on behalf of the ESN Group, Christine Schneider, Sakis Arnaoutoglou, Mireia Borrás Pabón, Laurence Trochu, Billy Kelleher, Kai Tegethoff, João Oliveira, Daniel Buda, Maria Grapini, Mathilde Androuët, Marie Toussaint, Valentina Palmisano, Salvatore De Meo, Thomas Bajada, France Jamet, Vicent Marzà Ibáñez, who also answered a blue-card question from João Oliveira, Sebastian Everding, who also answered a blue-card question from Sander Smit, Gabriella Gerzsenyi, César Luena, who also answered a blue-card question from Carmen Crespo Díaz, Jutta Paulus, who also answered a blue-card question from Maria Grapini, Nikolas Farantouris, Borja Giménez Larraz, Camilla Laureti, Marco Falcone, who also answered a blue-card question from Kai Tegethoff, Leire Pajín, Manuela Ripa, Jean-Marc Germain, Dan-Ştefan Motreanu, Stefano Bonaccini and Ştefan Muşoiu.

    The following spoke under the catch-the-eye procedure: Grzegorz Braun, Hélder Sousa Silva and Seán Kelly.

    The following spoke: Jessika Roswall.

    The debate closed.

    (The sitting was suspended for a few moments.)


    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    3. Resumption of the sitting

    The sitting resumed at 10:29.


    4. Cryptocurrencies – need for global standards (debate)

    Commission statement: Cryptocurrencies – need for global standards (2025/2514(RSP))

    Magnus Brunner (Member of the Commission) made the statement.

    The following spoke: Markus Ferber, on behalf of the PPE Group, Jonás Fernández, on behalf of the S&D Group, Pierre Pimpie, on behalf of the PfE Group, Marlena Maląg, on behalf of the ECR Group, Stéphanie Yon-Courtin, on behalf of the Renew Group, Rasmus Andresen, on behalf of the Verts/ALE Group (the President reminded the speaker of the rules on conduct), Pasquale Tridico, on behalf of The Left Group, René Aust, on behalf of the ESN Group, Regina Doherty, Eero Heinäluoma, Aleksandar Nikolic, Guillaume Peltier, Gilles Boyer, Damian Boeselager, Catarina Martins, Stanislav Stoyanov, Kateřina Konečná, Kinga Kollár, Aurore Lalucq, Mathilde Androuët, Adrian-George Axinia, Cynthia Ní Mhurchú, Giuseppe Antoci, Marcin Sypniewski, Luis-Vicențiu Lazarus, Lídia Pereira (the President provided some clarifications on the blue-card procedure), Nikos Papandreou, who also answered a blue-card question from Diana Iovanovici Şoşoacă, Angéline Furet, Ondřej Krutílek, Michalis Hadjipantela, Adnan Dibrani, Diego Solier, Andrey Kovatchev, Waldemar Buda, Caterina Chinnici and Seán Kelly.

    The following spoke under the catch-the-eye procedure: Niels Geuking, Maria Grapini, Alexander Jungbluth, Grzegorz Braun, Vytenis Povilas Andriukaitis and Diana Iovanovici Şoşoacă.

    The following spoke: Magnus Brunner.

    The debate closed.

    (The sitting was suspended at 11:48.)


    IN THE CHAIR: Sabine VERHEYEN
    Vice-President

    5. Resumption of the sitting

    The sitting resumed at 11:59.


    6. Composition of new committees

    Following the creation of the standing committees on security and defence and on public health, and the creation of the special committees on the European Democracy Shield and on the housing crisis in the European Union, the President had received nominations for membership of these new standing and special committees from the political groups and the non-attached Members, in accordance with Rules 212 and 213.

    The decisions took effect as of that day.

    The lists of Members nominated to form these committees are annexed to these minutes (minutes of 23.1.2025 Annex 1).


    7. Composition of committees and delegations

    The Renew Group and non-attached Members had notified the President of the following decisions changing the composition of committees:

    – ITRE Committee: Oihane Agirregoitia Martínez to replace Barry Andrews, Elena Yoncheva

    – REGI Committee: Elsi Katainen

    – LIBE Committee: Raquel García Hermida-Van Der Walle

    – PETI Committee: Cynthia Ní Mhurchú and Eugen Tomac were no longer members, Taner Kabilov

    The decisions took effect as of that day.

    ⁂

    The following spoke: Jordan Bardella, Carlo Fidanza and Patryk Jaki on points of order (the President cut off the speakers as their remarks did not constitute points of order).


    8. Voting time

    For detailed results of the votes, see also ‘Results of votes’ and ‘Results of roll-call votes’.




    8.2. Systematic repression of human rights in Iran, notably the cases of Pakhshan Azizi and Wrisha Moradi, and the taking of EU citizens as hostages (vote)

    Motions for resolutions RC-B10-0066/2025 (minutes of 23.1.2025, item I), B10-0063/2025, B10-0066/2025, B10-0067/2025, B10-0073/2025, B10-0082/2025, B10-0085/2025 and B10-0086/2025 (minutes of 22.1.2025, item 1) (2025/2511(RSP))

    The debate had taken place on 22 January 2025 (minutes of 22.1.2025, item 16.2).

    (Majority of the votes cast)

    JOINT MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0004)

    (Motions for resolutions B10-0063/2025 and B10-0067/2025 fell.)

    Detailed voting results








    9. Resumption of the sitting

    The sitting resumed at 15:00.


    10. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    11. Major interpellations (debate)

    Major interpellation for written answer with debate (G-001002/2024) submitted by Charlie Weimers, Sebastian Tynkkynen, Kristoffer Storm, Jaak Madison, Carlo Fidanza, Adam Bielan, Alexandr Vondra, Patryk Jaki, Johan Van Overtveldt, Roberts Zīle, Emmanouil Fragkos, Georgiana Teodorescu, Geadis Geadi, Marion Maréchal, Ivaylo Valchev, Kosma Złotowski, Mariusz Kamiński, Maciej Wąsik, Dick Erixon, Joachim Stanisław Brudziński, Beatrice Timgren, Nicolas Bay, Jadwiga Wiśniewska, Ondřej Krutílek, Guillaume Peltier, Michał Dworczyk, Laurence Trochu, Şerban-Dimitrie Sturdza, Tobiasz Bocheński, Gheorghe Piperea, on behalf of the ECR Group, to the Commission: EU funding of physical border protection structures such as walls, fences or other barriers at the external border (B10-0001/2025)

    Jaak Madison moved the major interpellation.

    Magnus Brunner (Member of the Commission) answered the major interpellation.

    The following spoke: Lena Düpont, on behalf of the PPE Group, Ana Catarina Mendes, on behalf of the S&D Group, András László, on behalf of the PfE Group, Joachim Stanisław Brudziński, on behalf of the ECR Group, Fabienne Keller, on behalf of the Renew Group, Mélissa Camara, on behalf of the Verts/ALE Group, Christine Anderson, on behalf of the ESN Group, Fredis Beleris, Murielle Laurent, France Jamet and Riho Terras.

    The following spoke under the catch-the-eye procedure: Kinga Kollár, Bogdan Rzońca and Siegbert Frank Droese.

    The following spoke: Magnus Brunner.

    The debate closed.


    12. Explanations of vote

    Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.


    13. Approval of the minutes of the sitting and forwarding of texts adopted

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the sitting on Monday, 10 February 2025.

    With Parliament’s agreement, the texts adopted during the part-session would be forwarded to their respective addressees without delay.


    14. Dates of forthcoming sittings

    The next sitting would be held on 29 January 2025.


    15. Closure of the sitting

    The sitting closed at 15:41.


    16. Adjournment of the session

    The session of the European Parliament was adjourned.

    Alessandro Chiocchetti

    Roberta Metsola

    Secretary-General

    President


    LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT


    I. Motions for resolutions tabled

    Case of Jean-Jacques Wondo in the Democratic Republic of the Congo

    Joint motion for a resolution tabled under Rule 150(5) and Rule 136(4):

    on the case of Jean-Jacques Wondo in the Democratic Republic of the Congo (2025/2510(RSP)) (RC-B10-0069/2025)
    (replacing motions for resolutions B10-0069/2025, B10-0072/2025, B10-0078/2025, B10-0081/2025 and B10-0084/2025)
    Sebastião Bugalho, Wouter Beke, Isabel Wiseler-Lima, Michael Gahler, Luděk Niedermayer, Christophe Gomart, Antonio López-Istúriz White, Danuše Nerudová, Davor Ivo Stier, Michał Wawrykiewicz, Jessica Polfjärd, Tomáš Zdechovský, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group
    Yannis Maniatis, Francisco Assis, Elio Di Rupo
    on behalf of the S&D Group
    Waldemar Tomaszewski, Joachim Stanisław Brudziński, Sebastian Tynkkynen
    on behalf of the ECR Group
    Bernard Guetta, Petras Auštrevičius, Oihane Agirregoitia Martínez, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Svenja Hahn, Karin Karlsbro, Ľubica Karvašová, Ilhan Kyuchyuk, Jan-Christoph Oetjen, Urmas Paet, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Lucia Yar
    on behalf of the Renew Group
    Catarina Vieira
    on behalf of the Verts/ALE Group

    Systematic repression of human rights in Iran, notably the cases of Pakhshan Azizi and Wrisha Moradi, and the taking of EU citizens as hostages

    Joint motion for a resolution tabled under Rule 150(5) and Rule 136(4):

    on the systematic repression of human rights in Iran, notably the cases of Pakhshan Azizi and Wrisha Moradi, and the taking of EU citizens as hostages (2025/2511(RSP)) (RC-B10-0066/2025)
    (replacing motions for resolutions B10-0066/2025, B10-0073/2025, B10-0082/2025, B10-0085/2025 and B10-0086/2025)
    Sebastião Bugalho, Tomáš Zdechovský, Loucas Fourlas, Isabel Wiseler-Lima, David McAllister, Michael Gahler, Željana Zovko, Christophe Gomart, Isabel Benjumea Benjumea, Javier Zarzalejos, Luděk Niedermayer, Wouter Beke, Davor Ivo Stier, Michał Wawrykiewicz, Jessica Polfjärd, Danuše Nerudová, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group
    Yannis Maniatis, Francisco Assis, Evin Incir, Chloé Ridel, Daniel Attard, Alessandra Moretti
    on behalf of the S&D Group
    Rihards Kols, Mariusz Kamiński, Sebastian Tynkkynen, Carlo Fidanza, Reinis Pozņaks, Aurelijus Veryga, Ondřej Krutílek, Veronika Vrecionová, Alberico Gambino, Joachim Stanisław Brudziński, Dick Erixon, Beatrice Timgren, Waldemar Tomaszewski, Alexandr Vondra, Marion Maréchal, Małgorzata Gosiewska, Carlo Ciccioli, Charlie Weimers
    on behalf of the ECR Group
    Petras Auštrevičius, Oihane Agirregoitia Martínez, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Bart Groothuis, Bernard Guetta, Svenja Hahn, Karin Karlsbro, Ľubica Karvašová, Ilhan Kyuchyuk, Nathalie Loiseau, Jan-Christoph Oetjen, Urmas Paet, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Sophie Wilmès, Lucia Yar
    on behalf of the Renew Group
    Hannah Neumann
    on behalf of the Verts/ALE Group
    Per Clausen, Hanna Gedin, Jonas Sjöstedt

    Case of Boualem Sansal in Algeria

    Joint motion for a resolution tabled under Rule 150(5) and Rule 136(4):

    on the case of Boualem Sansal in Algeria (2025/2512(RSP)) (RC-B10-0087/2025)
    (replacing motions for resolutions B10-0087/2025, B10-0089/2025, B10-0091/2025, B10-0092/2025 and B10-0093/2025)
    Sebastião Bugalho, Christophe Gomart, Isabel Wiseler-Lima, Michael Gahler, Luděk Niedermayer, Wouter Beke, Davor Ivo Stier, Michał Wawrykiewicz, Jessica Polfjärd, Tomáš Zdechovský, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group
    Yannis Maniatis, Francisco Assis, Marta Temido
    on behalf of the S&D Group
    Adam Bielan, Ondřej Krutílek, Veronika Vrecionová, Joachim Stanisław Brudziński, Waldemar Tomaszewski, Alexandr Vondra, Marion Maréchal, Sebastian Tynkkynen, Małgorzata Gosiewska
    on behalf of the ECR Group
    Helmut Brandstätter, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Bernard Guetta, Ilhan Kyuchyuk, Nathalie Loiseau, Urmas Paet, Lucia Yar
    on behalf of the Renew Group
    Leoluca Orlando
    on behalf of the Verts/ALE Group

    Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine

    Motions for resolutions tabled under Rule 136(2) to wind up the debate:

    on Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine (2024/2988(RSP)) (B10-0074/2025)
    Yannis Maniatis, Nacho Sánchez Amor, Thijs Reuten, Raphaël Glucksmann
    on behalf of the S&D Group

    on Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine (2024/2988(RSP)) (B10-0075/2025)
    Rasa Juknevičienė, Michael Gahler, Andrzej Halicki, Sebastião Bugalho, David McAllister, Siegfried Mureşan, Željana Zovko, Isabel Wiseler-Lima, Nicolás Pascual de la Parte, Mika Aaltola, Krzysztof Brejza, Daniel Caspary, Sandra Kalniete, Seán Kelly, Ondřej Kolář, Łukasz Kohut, Andrey Kovatchev, Miriam Lexmann, Antonio López-Istúriz White, Danuše Nerudová, Mirosława Nykiel, Ana Miguel Pedro, Paulius Saudargas, Davor Ivo Stier, Michał Szczerba, Alice Teodorescu Måwe, Ingeborg Ter Laak, Matej Tonin, Pekka Toveri, Inese Vaidere, Milan Zver
    on behalf of the PPE Group

    on Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine (2024/2988(RSP)) (B10-0076/2025)
    Sergey Lagodinsky, Hannah Neumann, Markéta Gregorová, Mārtiņš Staķis, Maria Ohisalo, Virginijus Sinkevičius, Villy Søvndal, Nicolae Ştefănuță, Reinier Van Lanschot
    on behalf of the Verts/ALE Group

    on Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine (2024/2988(RSP)) (B10-0077/2025)
    Bernard Guetta, Petras Auštrevičius, Malik Azmani, Dan Barna, Olivier Chastel, Karin Karlsbro, Ľubica Karvašová, Ilhan Kyuchyuk, Michał Kobosko, Jan-Christoph Oetjen, Urmas Paet, Marie-Agnes Strack-Zimmermann, Eugen Tomac, Hilde Vautmans, Sophie Wilmès, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group

    on Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine (2024/2988(RSP)) (B10-0079/2025)
    Adam Bielan, Mariusz Kamiński, Małgorzata Gosiewska, Joachim Stanisław Brudziński, Rihards Kols, Ondřej Krutílek, Jaak Madison, Ivaylo Valchev, Sebastian Tynkkynen, Veronika Vrecionová, Roberts Zīle, Aurelijus Veryga, Maciej Wąsik, Michał Dworczyk, Cristian Terheş, Reinis Pozņaks, Alexandr Vondra
    on behalf of the ECR Group

    Joint motion for a resolution tabled under Rule 136(2) and (4):

    on Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine (2024/2988(RSP)) (RC-B10-0074/2025)
    (replacing motions for resolutions B10-0074/2025, B10-0075/2025, B10-0076/2025, B10-0077/2025 and B10-0079/2025)
    Rasa Juknevičienė, Michael Gahler, Andrzej Halicki, Sebastião Bugalho, David McAllister, Siegfried Mureşan, Željana Zovko, Isabel Wiseler-Lima, Nicolás Pascual de la Parte, Mika Aaltola, Krzysztof Brejza, Daniel Caspary, Sandra Kalniete, Seán Kelly, Ondřej Kolář, Łukasz Kohut, Andrey Kovatchev, Miriam Lexmann, Antonio López-Istúriz White, Danuše Nerudová, Mirosława Nykiel, Ana Miguel Pedro, Paulius Saudargas, Davor Ivo Stier, Michał Szczerba, Alice Teodorescu Måwe, Ingeborg Ter Laak, Matej Tonin, Pekka Toveri, Inese Vaidere, Milan Zver
    on behalf of the PPE Group
    Yannis Maniatis, Nacho Sánchez Amor, Thijs Reuten, Raphaël Glucksmann
    on behalf of the S&D Group
    Adam Bielan, Rihards Kols, Reinis Pozņaks, Jadwiga Wiśniewska, Roberts Zīle, Ondřej Krutílek, Veronika Vrecionová, Jaak Madison, Małgorzata Gosiewska, Cristian Terheş, Maciej Wąsik, Ivaylo Valchev, Aurelijus Veryga, Joachim Stanisław Brudziński
    on behalf of the ECR Group
    Bernard Guetta, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Karin Karlsbro, Veronika Cifrová Ostrihoňová, Ľubica Karvašová, Ilhan Kyuchyuk, Michał Kobosko, Nathalie Loiseau, Jan-Christoph Oetjen, Urmas Paet, Marie-Agnes Strack-Zimmermann, Eugen Tomac, Hilde Vautmans, Sophie Wilmès, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group
    Sergey Lagodinsky
    on behalf of the Verts/ALE Group

    Situation in Venezuela following the usurpation of the presidency on 10 January 2025

    Motions for resolutions tabled under Rule 136(2) to wind up the debate:

    on the situation in Venezuela following the usurpation of the presidency on 10 January 2025 (2025/2519(RSP)) (B10-0064/2025)
    Gabriel Mato, Sebastião Bugalho, Davor Ivo Stier
    on behalf of the PPE Group

    on the situation in Venezuela following the usurpation of the presidency on 10 January 2025 (2025/2519(RSP)) (B10-0068/2025)
    Jorge Buxadé Villalba, Hermann Tertsch, Jorge Martín Frías, Silvia Sardone, Nikola Bartůšek, Susanna Ceccardi, Roberto Vannacci, António Tânger Corrêa, Enikő Győri
    on behalf of the PfE Group

    on the situation in Venezuela following the usurpation of the presidency on 10 January 2025 (2025/2519(RSP)) (B10-0071/2025)
    Leire Pajín
    on behalf of the S&D Group
    Catarina Vieira, Ville Niinistö, Nicolae Ştefănuță
    on behalf of the Verts/ALE Group

    on the situation in Venezuela following the usurpation of the presidency on 10 January 2025 (2025/2519(RSP)) (B10-0080/2025)
    Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, João Cotrim De Figueiredo, Valérie Devaux, Karin Karlsbro, Ľubica Karvašová, Ilhan Kyuchyuk, Urmas Paet, Marie-Agnes Strack-Zimmermann, Ana Vasconcelos, Hilde Vautmans, Lucia Yar
    on behalf of the Renew Group

    on the situation in Venezuela following the usurpation of the presidency on 10 January 2025 (2025/2519(RSP)) (B10-0083/2025)
    Carlo Fidanza, Adam Bielan, Mariusz Kamiński, Alberico Gambino, Waldemar Tomaszewski, Joachim Stanisław Brudziński, Diego Solier, Rihards Kols, Ondřej Krutílek, Jaak Madison, Nora Junco García, Şerban-Dimitrie Sturdza, Sebastian Tynkkynen, Veronika Vrecionová, Małgorzata Gosiewska, Jadwiga Wiśniewska, Alexandr Vondra
    on behalf of the ECR Group

    Joint motion for a resolution tabled under Rule 150(5) and Rule 136(4):

    on the situation in Venezuela following the usurpation of the presidency on 10 January 2025 (2025/2519(RSP)) (RC-B10-0064/2025)
    (replacing motions for resolutions B10-0064/2025, B10-0080/2025 and B10-0083/2025)
    Gabriel Mato, Sebastião Bugalho, Davor Ivo Stier, Francisco José Millán Mon
    on behalf of the PPE Group
    Carlo Fidanza, Adam Bielan, Mariusz Kamiński, Ivaylo Valchev, Sebastian Tynkkynen, Ondřej Krutílek, Veronika Vrecionová, Rihards Kols, Alexandr Vondra, Małgorzata Gosiewska, Alberico Gambino, Joachim Stanisław Brudziński
    on behalf of the ECR Group
    Oihane Agirregoitia Martínez, Petras Auštrevičius, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, João Cotrim De Figueiredo, Karin Karlsbro, Ľubica Karvašová, Ilhan Kyuchyuk, Urmas Paet, Marie-Agnes Strack-Zimmermann, Ana Vasconcelos, Hilde Vautmans, Lucia Yar
    on behalf of the Renew Group


    II. Decisions to draw up own-initiative reports

    Decisions to draw up own-initiative reports (Rule 55)

    (Following the Conference of Presidents’ decision of 15 January 2025)

    AFCO Committee

    – Reform of the European Electoral Act – hurdles to ratification and implementation in the Member States (2025/2028(INI))

    – Institutional aspects of the Report on the future of European Competitiveness (Draghi Report) (2025/2013(INI))

    – Stock-taking of the European elections 2024 (2025/2012(INI))

    AFET Committee

    – 2023 and 2024 Commission reports on Ukraine (2025/2026(INI))

    – 2023 and 2024 Commission reports on Moldova (2025/2025(INI))

    – 2023 and 2024 Commission reports on Georgia (2025/2024(INI))

    – 2023 and 2024 Commission reports on Türkiye (2025/2023(INI))

    – 2023 and 2024 Commission reports on Serbia (2025/2022(INI))

    – 2023 and 2024 Commission reports on North Macedonia (2025/2021(INI))

    – 2023 and 2024 Commission reports on Montenegro (2025/2020(INI))

    – 2023 and 2024 Commission reports on Kosovo (2025/2019(INI))

    – 2023 and 2024 Commission reports on Bosnia and Herzegovina (2025/2018(INI))

    – 2023 and 2024 Commission reports on Albania (2025/2017(INI))

    DEVE Committee

    – Financing for development – ahead of the Fourth International Conference on Financing for Development in Seville (2025/2004(INI))

    – Implementation and delivery of the Sustainable Development Goals in view of the 2025 High-Level Political Forum (2025/2014(INI))
    (opinion: FEMM)

    IMCO Committee

    – Implementation and streamlining of EU internal market rules to strengthen the single market (2025/2009(INI))

    ITRE Committee

    – Future of the EU biotechnology and biomanufacturing sector: leveraging research, boosting innovation and enhancing competitiveness (2025/2008(INI))

    – European technological sovereignty and digital infrastructure (2025/2007(INI))

    – Electricity grids: the backbone of the EU energy system (2025/2006(INI))

    JURI Committee

    – Monitoring the application of European Union law in 2023 and 2024 (2025/2016(INI))
    (opinion: PETI)

    – European Union regulatory fitness and subsidiarity and proportionality – report on Better Law-Making covering 2023 and 2024 (2025/2015(INI))

    PECH Committee

    – Fisheries management approaches for safeguarding sensitive species, tackling invasive species and benefiting local economies (2025/2011(INI))

    – The role of social, economic and environmental standards in safeguarding fair competition for all aquatic food products and improving food security (2025/2010(INI))

    PETI Committee

    – Deliberations of the Committee on Petitions in 2023 (2025/2027(INI))

    (Following the Conference of Presidents’ decision of 19 December 2024)

    – The multiannual plan for the Baltic Sea and ways forward (2024/2127(INI))

    – The impact of the implementation of the Maritime Spatial Planning Directive 2014/89/EU on fisheries in selected fishing areas and sea basins (2024/2126(INI))

    – Decarbonisation and modernisation of EU fisheries, and the development and deployment of fishing gear (2024/2123(INI))

    AGRI Committee

    – The position of farmers in the agri-food value chain (2024/2122(INI))

    ECON Committee

    – The role of simple tax rules and tax fragmentation in European competitiveness (2024/2118(INI))

    – A coherent tax framework for the EU’s financial sector (2024/2117(INI))

    – Facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report) (2024/2116(INI))
    (opinion: BUDG)

    FEMM Committee

    – Gender Equality Strategy 2025 (2024/2125(INI))
    (opinion: LIBE)

    – Women’s entrepreneurship in rural and island areas and outermost regions (2024/2124(INI))
    (opinion: AGRI)

    IMCO Committee

    – A new legislative framework for products that is fit for the digital and sustainable transition (2024/2119(INI))

    REGI Committee

    – The role of cohesion policy in supporting the just transition (2024/2121(INI))
    (opinion: EMPL)

    – The role of cohesion policy investment in resolving the current housing crisis (2024/2120(INI))
    (opinion: EMPL)


    III. Consent procedure

    Reports with a motion for a non-legislative resolution (consent procedure) (Rule 107(5))

    (Following notification by the Conference of Committee Chairs on 15 January 2025)

    AFET Committee

    – Interim report in view of the consent procedure on the Agreement establishing an association between the EU and the Principality of Andorra and the Republic of San Marino (2024/0101R(NLE) – 2024/0101(NLE))
    (opinion: ECON, IMCO)


    IV. Petitions

    Petitions Nos 1427-24 to 1518-24 had been entered in the register on 17 January 2025 and had been forwarded to the committee responsible, in accordance with Rule 232(9) and (10).

    The President had, on 17 January 2025, forwarded to the committee responsible, in accordance with Rule 232(15), petitions addressed to the European Parliament by natural or legal persons who were not citizens of the European Union and who did not reside, or have their registered office, in a Member State.


    V. Documents received

    The following documents had been received from Members:

    – Mathilde Androuët, Gerolf Annemans, Jordan Bardella, Nikola Bartůšek, Rachel Blom, Barbara Bonte, Paolo Borchia, Mireia Borrás Pabón, Irmhild Boßdorf, Jaroslav Bžoch, Klara Dostalova, Marieke Ehlers, Dick Erixon, Tomasz Froelich, Petras Gražulis, Branko Grims, Catherine Griset, Enikő Győri, Roman Haider, Fernand Kartheiser, Ondřej Knotek, Vilis Krištopans, Julien Leonardelli, Jorge Martín Frías, Milan Mazurek, Tiago Moreira de Sá, Jana Nagyová, Hans Neuhoff, Julie Rechagneux, Dominik Tarczyński, Hermann Tertsch, Isabella Tovaglieri, António Tânger Corrêa, Milan Uhrík, Tom Vandendriessche, Harald Vilimsky, Ewa Zajączkowska-Hernik and Auke Zijlstra. Motion for a resolution on Dismantling Overregulation and Government Encroachment: reclaiming competitiveness and innovation in the European Union (B10-0214/2024)
    referred to committee responsible: JURI
    opinion: ITRE

    – Pekka Toveri and Sebastian Tynkkynen. Motion for a resolution on restricting the ability of passenger and cargo traffic to enter European Union airspace from Russia (B10-0220/2024)
    referred to committee responsible: TRAN
    opinion: AFET

    – Matthieu Valet. Motion for a resolution on EU policy on Syrian refugees following the overthrow of the Bashar al-Assad regime (B10-0237/2024)
    referred to committee responsible: LIBE

    – Christine Anderson, Anja Arndt, René Aust, Arno Bausemer, Zsuzsanna Borvendég, Markus Buchheit, Petr Bystron, Elisabeth Dieringer, Siegbert Frank Droese, Marc Jongen, Mary Khan, Sarah Knafo, Maximilian Krah and Jaroslava Pokorná Jermanová. Motion for a resolution on financial and organisational support for Member States to repatriate Syrian nationals (B10-0238/2024)
    referred to committee responsible: LIBE


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barley Katarina, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Adrian-Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Berendsen Tom, Berger Stefan, Berg Sibylle, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Brudziński Joachim Stanisław, Bryłka Anna, Buczek Tomasz, Buda Daniel, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Burkhardt Delara, Buxadé Villalba Jorge, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Ciccioli Carlo, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Cristea Andi, Cunha Paulo, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Demirel Özlem, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Di Rupo Elio, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostál Ondřej, Droese Siegbert Frank, Düpont Lena, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Everding Sebastian, Ezcurra Almansa Alma, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Fernández Jonás, Fidanza Carlo, Fiocchi Pietro, Firmenich Ruth, Fita Claire, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Furet Angéline, Furore Mario, Gahler Michael, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glück Andreas, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gómez López Sandra, Gonçalves Bruno, Gonçalves Sérgio, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Groothuis Bart, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guarda Cristina, Guetta Bernard, Guzenina Maria, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hassan Rima, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Homs Ginel Alicia, Humberto Sérgio, Ijabs Ivars, Imart Céline, Incir Evin, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jalloul Muro Hana, Jamet France, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kemp Martine, Kennes Rudi, Khan Mary, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lagodinsky Sergey, Lakos Eszter, Lalucq Aurore, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Loiseau Nathalie, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Magoni Lara, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Mariani Thierry, Marino Ignazio Roberto, Martín Frías Jorge, Martins Catarina, Martusciello Fulvio, Marzà Ibáñez Vicent, Matthieu Sara, Mavrides Costas, Mayer Georg, Mazurek Milan, Mažylis Liudas, McNamara Michael, Mebarek Nora, Mehnert Alexandra, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Millán Mon Francisco José, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Motreanu Dan-Ştefan, Mularczyk Arkadiusz, Müller Piotr, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ondruš Branislav, Ó Ríordáin Aodhán, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual de la Parte Nicolás, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pereira Lídia, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picula Tonino, Piera Pascale, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Šarec Marjan, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schneider Christine, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Serra Sánchez Isabel, Sienkiewicz Bartłomiej, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Stier Davor Ivo, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarquinio Marco, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Temido Marta, Teodorescu Georgiana, Teodorescu Måwe Alice, Ter Laak Ingeborg, Terras Riho, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomašič Zala, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Toveri Pekka, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Tynkkynen Sebastian, Uhrík Milan, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Overtveldt Johan, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verheyen Sabine, Verougstraete Yvan, Veryga Aurelijus, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Vind Marianne, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Zacharia Maria, Zajączkowska-Hernik Ewa, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan

    Excused:

    Sidl Günther


    ANNEX 1 – Composition of new committees

    C01A SEDE

    [ 20/01/2025 – ]

    Комисия по сигурност и отбрана

    Comisión de Seguridad y Defensa

    Výbor pro bezpečnost a obranu

    Udvalget om Sikkerhed og Forsvar

    Ausschuss für Sicherheit und Verteidigung

    Julgeoleku- ja kaitsekomisjon

    Επιτροπή Ασφάλειας και Άμυνας

    Committee on Security and Defence

    Commission de la sécurité et de la défense

    An Coiste um Shlándáil agus Cosaint

    Odbor za sigurnost i obranu

    Commissione per la sicurezza e la difesa

    Drošības un aizsardzības komiteja

    Saugumo ir gynybos komitetas

    ssBiztonság- és Védelempolitikai Bizottság

    Kumitat għas-Sigurtà u d-Difiża

    Commissie veiligheid en defensie

    Komisja Bezpieczeństwa i Obrony

    Comissão da Segurança e da Defesa

    Comisia pentru securitate și apărare

    Výbor pre bezpečnosť a obranu

    Odbor za varnost in obrambo

    Turvallisuus- ja puolustuspolitiikan valiokunta

    Utskottet för säkerhet och försvar

    (43 members)

    PPE (11)

    BEKE Wouter

    DE MEO Salvatore

    GOMART Christophe

    HERBST Niclas

    MEIMARAKIS Vangelis

    NOVAKOV Andrey

    PASCUAL DE LA PARTE Nicolás

    SZCZERBA Michał

    TEODORESCU MÅWE Alice

    TERRAS Riho

    TOVERI Pekka

    S&D (8)

    CREMER Tobias

    DI RUPO Elio

    GLUCKSMANN Raphaël

    LÓPEZ Javi

    MAVRIDES Costas

    MENDES Ana Catarina

    MIKSER Sven

    TUDOSE Mihai

    PfE (5)

    HÖLVÉNYI György

    POKORNÁ JERMANOVÁ Jaroslava

    STÖTELER Sebastiaan

    THIONNET Pierre-Romain

    VANNACCI Roberto

    ECR (5)

    DONAZZAN Elena

    DWORCZYK Michał

    GAMBINO Alberico

    POZŅAKS Reinis

    VONDRA Alexandr

    Renew (5)

    AUŠTREVIČIUS Petras

    LOISEAU Nathalie

    ŠAREC Marjan

    STRACK-ZIMMERMANN Marie-Agnes

    YAR Lucia

    Verts/ALE (3)

    NEUMANN Hannah

    STAĶIS Mārtiņš

    VAN LANSCHOT Reinier

    The Left (3)

    BOTENGA Marc

    DEMIREL Özlem

    KYLLÖNEN Merja

    ESN (1)

    NEUHOFF Hans

    NI (2)

    PAPADAKIS Kostas

    VON DER SCHULENBURG Michael

    C08A SANT

    [ 20/01/2025 – ]

    Комисия по обществено здраве

    Comisión de Salud Pública

    Výbor pro veřejné zdraví

    Udvalget om Folkesundhed

    Ausschuss für öffentliche Gesundheit

    Rahvatervishoiu komisjon

    Επιτροπή Δημόσιας Υγείας

    Committee on Public Health

    Commission de la santé publique

    An Coiste um Shláinte Phoiblí

    Odbor za javno zdravlje

    Commissione per la sanità pubblica

    Sabiedrības veselības komiteja

    Visuomenės sveikatos komitetas

    Közegészségügyi Bizottság

    Kumitat għas-Saħħa Pubblika

    Commissie volksgezondheid

    Komisja Zdrowia Publicznego

    Comissão da Saúde Pública

    Comisia pentru sănătate publică

    Výbor pre verejné zdravie

    Odbor za javno zdravje

    Kansanterveyden valiokunta

    Utskottet för folkhälsa

    (43 members)

    PPE (11)

    ARŁUKOWICZ Bartosz

    CASTILLO Laurent

    HADJIPANTELA Michalis

    JARUBAS Adam

    KULJA András Tivadar

    LIESE Peter

    MORATTI Letizia

    NEVADO DEL CAMPO Elena

    POLFJÄRD Jessica

    SCHENK Oliver

    SOKOL Tomislav

    S&D (8)

    ANDRIUKAITIS Vytenis Povilas

    CLERGEAU Christophe

    GONZÁLEZ CASARES Nicolás

    JERKOVIĆ Romana

    MORETTI Alessandra

    NEGRESCU Victor

    PAPANDREOU Nikos

    WÖLKEN Tiemo

    PfE (5)

    BRASIER-CLAIN Marie-Luce

    DE LA PISA CARRIÓN Margarita

    FERENC Viktória

    HAUSER Gerald

    KNOTEK Ondřej

    ECR (5)

    BUDA Waldemar

    FRAGKOS Emmanouil

    PICARO Michele

    RAZZA Ruggero

    TROCHU Laurence

    Renew (5)

    BOSSE Stine

    CANFIN Pascal

    CHASTEL Olivier

    CIFROVÁ OSTRIHOŇOVÁ Veronika

    VASILE-VOICULESCU Vlad

    Verts/ALE (3)

    HÄUSLING Martin

    MARINO Ignazio Roberto

    METZ Tilly

    The Left (3)

    MARTINS Catarina

    PALMISANO Valentina

    TAMBURRANO Dario

    ESN (1)

    ANDERSON Christine

    NI (2)

    BEŇOVÁ Monika

    DOSTÁL Ondřej

    CS01 EUDS

    [ 20/01/2025 – ]

    Специална комисия относно европейския щит за демокрацията

    Comisión Especial sobre el Escudo Europeo de la Democracia

    Zvláštní výbor pro Evropský štít pro demokracii

    Det Særlige Udvalg om Det Europæiske Demokratiskjold

    Sonderausschuss für den Europäischen Schutzschild für die Demokratie

    Euroopa demokraatia kaitse erikomisjon

    Ειδική Επιτροπή για την Ευρωπαϊκή Ασπίδα Δημοκρατίας

    Special committee on the European Democracy Shield

    Commission spéciale sur le bouclier européen de la démocratie

    An Coiste Speisialta um an Sciath Eorpach don Daonlathas

    Posebni odbor za europski štit za zaštitu demokracije

    Commissione speciale sullo scudo europeo per la democrazia

    Īpašā komiteja attiecībā uz Eiropas demokrātijas vairogu

    Specialusis komitetas Europos demokratijos skydo klausimais

    Az európai demokráciapajzzsal foglalkozó különbizottság

    Kumitat Speċjali dwar it-Tarka Ewropea għad-Demokrazija

    Bijzondere Commissie inzake een schild voor de Europese democratie

    Komisja Specjalna ds. Europejskiej Tarczy Demokracji

    Comissão Especial sobre o Escudo Europeu da Democracia

    Comisia specială pentru Scutul democrației europene

    Osobitný výbor pre európsky štít na obranu demokracie

    Posebni odbor za evropski ščit za demokracijo

    Eurooppalaista demokratian kilpeä käsittelevä erityisvaliokunta

    Särskilda utskottet för det europeiska demokratiförsvaret

    (33 members)

    PPE (9)

    AALTOLA Mika

    BOGDAN Ioan-Rareş

    DÜPONT Lena

    KALNIETE Sandra

    MARTUSCIELLO Fulvio

    SIENKIEWICZ Bartłomiej

    TOBÉ Tomas

    ZDECHOVSKÝ Tomáš

    ZOIDO ÁLVAREZ Juan Ignacio

    S&D (6)

    DÎNCU Vasile

    MENDES Ana Catarina

    MOLNÁR Csaba

    PICIERNO Pina

    SCHALDEMOSE Christel

    VAN BREMPT Kathleen

    PfE (4)

    BŽOCH Jaroslav

    LEGGERI Fabrice

    SCHALLER-BAROSS Ernő

    TÂNGER CORRÊA António

    ECR (4)

    CAVEDAGNA Stefano

    KANKO Assita

    SZYDŁO Beata

    TERHEŞ Cristian

    Renew (4)

    BRANDSTÄTTER Helmut

    GROOTHUIS Bart

    LOISEAU Nathalie

    WILMÈS Sophie

    Verts/ALE (2)

    GEESE Alexandra

    VAN SPARRENTAK Kim

    The Left (2)

    ARVANITIS Konstantinos

    DELLA VALLE Danilo

    ESN (1)

    ANDERSON Christine

    NI (1)

    PANAYIOTOU Fidias

    CS02 HOUS

    [ 20/01/2025 – ]

    Специална комисия относно жилищната криза в Европейския съюз

    Comisión Especial sobre la Crisis de la Vivienda en la Unión Europea

    Zvláštní výbor pro krizi v oblasti bydlení v Evropské unii

    Det Særlige Udvalg om Boligkrisen i Den Europæiske Union

    Sonderausschuss zur Wohnraumkrise in der Europäischen Union

    Euroopa Liidu eluasemekriisi erikomisjon

    Ειδική Επιτροπή για τη στεγαστική κρίση στην Ευρωπαϊκή Ένωση

    Special committee on the Housing Crisis in the European Union

    Commission spéciale sur la crise du logement dans l’Union européenne

    An Coiste Speisialta um an nGéarchéim Tithíochta san Aontas Eorpach

    Posebni odbor za stambenu krizu u Europskoj uniji

    Commissione speciale sulla crisi degli alloggi nell’Unione europea

    Īpašā komiteja mājokļu krīzes risināšanai Eiropas Savienībā

    Specialusis komitetas būsto krizės Europos Sąjungoje klausimais

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  • MIL-OSI: South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, Jan. 24, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter and year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net income for the fourth quarter of 2024 was $16.5 million, compared to $11.2 million for the third quarter of 2024 and $10.3 million for the fourth quarter of 2023.
    • Diluted earnings per share for the fourth quarter of 2024 was $0.96, compared to $0.66 for the third quarter of 2024 and $0.61 for the fourth quarter of 2023.
    • Average cost of deposits for the fourth quarter of 2024 was 229 basis points, compared to 247 basis points for the third quarter of 2024 and 224 basis points for the fourth quarter of 2023.
    • Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for the fourth quarter of 2023.
    • Return on average assets for the fourth quarter of 2024 was 1.53% annualized, compared to 1.05% annualized for the third quarter of 2024 and 0.99% annualized for the fourth quarter of 2023.
    • Tangible book value (non-GAAP) per share was $25.40 as of December 31, 2024, compared to $25.75 as of September 30, 2024 and $23.47 as of December 31, 2023.
    • The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at December 31, 2023 were 16.74%, 12.41%, and 11.33%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”.

    Full Year 2024 Highlights

    • Full year net income of $49.7 million in 2024, compared to $62.7 million in 2023.
    • Diluted earnings per share of $2.92 in 2024, compared to $3.62 in 2023.
    • The Bank’s wholly-owned subsidiary, Windmark Insurance Agency, Inc. (“Windmark”), was sold in the second quarter of 2023 for $36.1 million, resulting in a gain, net of related charges and taxes, of $22.9 million or $1.32 of diluted earnings per share.
    • Loans held for investment grew $40.9 million, or 1.4%, during 2024.
    • Total assets were $4.23 billion at December 31, 2024, compared to $4.20 billion at December 31, 2023.
    • Return on average assets of 1.17% for the full year 2024, compared to 1.54% for 2023.

    Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very proud of our performance this past year as we successfully navigated a challenging environment with a focus on delivering strong financial results. We tightly managed our liquidity to optimize our profitability and return metrics while maintaining our conservative approach to underwriting and risk management. We have also managed the anticipated decline in our indirect auto portfolio as well as a heightened level of loan payoffs and paydowns that has obscured the strong, underlying loan production that has built through the year. Importantly, we are seeing a growing level of optimism across our customer base that is translating into the strongest new business production pipeline that we have seen in more than two years. This bodes positively for the year ahead where we expect to deliver low to mid-single digit loan growth for the full year 2025. Additionally, we are seeing deposit pricing fall across our markets which contributed to our strong margin expansion in the fourth quarter.”

    Results of Operations, Quarter Ended December 31, 2024

    Net Interest Income

    Net interest income was $38.5 million for the fourth quarter of 2024, compared to $37.3 million for the third quarter of 2024 and $35.2 million for the fourth quarter of 2023. Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for the fourth quarter of 2023. The average yield on loans was 6.69% for the fourth quarter of 2024, compared to 6.68% for the third quarter of 2024 and 6.29% for the fourth quarter of 2023. The average cost of deposits was 229 basis points for the fourth quarter of 2024, which is 18 basis points lower than the third quarter of 2024 and 5 basis points higher than the fourth quarter of 2023.

    Interest income was $61.3 million for the fourth quarter of 2024, compared to $61.6 million for the third quarter of 2024 and $57.2 million for the fourth quarter of 2023. Interest income decreased $316 thousand in the fourth quarter of 2024 from the third quarter of 2024, which was primarily comprised of a decrease of $243 thousand in loan interest income. The decline in loan interest income was due primarily to a decrease in average loans of $20.2 million. Interest income increased $4.1 million in the fourth quarter of 2024 compared to the fourth quarter of 2023. This increase was primarily due to an increase of average loans of $30.5 million and higher loan interest rates during the period, resulting in growth of $3.4 million in loan interest income.

    Interest expense was $22.8 million for the fourth quarter of 2024, compared to $24.3 million for the third quarter of 2024 and $22.1 million for the fourth quarter of 2023. Interest expense decreased $1.6 million compared to the third quarter of 2024 and increased $702 thousand compared to the fourth quarter of 2023. The $1.6 million decrease was primarily as a result of a 24 basis point decline in the cost of interest-bearing deposits. The $702 thousand increase was primarily a result of growth in average interest-bearing deposits of $136.0 million.

    Noninterest Income and Noninterest Expense

    Noninterest income was $13.3 million for the fourth quarter of 2024, compared to $10.6 million for the third quarter of 2024 and $9.1 million for the fourth quarter of 2023. The increase from the third quarter of 2024 was primarily due to an increase of $3.1 million in mortgage banking revenues, mainly from an increase of $3.5 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value increased in the fourth quarter of 2024. This growth was partially offset by approximately $700 thousand in insurance proceeds received for property damage in the third quarter of 2024. The increase in noninterest income for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was primarily due to an increase of $3.3 million in mortgage banking activities revenue mainly from a rise of $3.0 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value increased in the fourth quarter of 2024.

    Noninterest expense was $29.9 million for the fourth quarter of 2024, compared to $33.1 million for the third quarter of 2024 and $30.6 million for the fourth quarter of 2023. The $3.2 million decrease from the third quarter of 2024 was largely the result of a decline of $1.4 million in personnel expenses, primarily from decreased health insurance costs of $668 thousand, as annual rebates were received in the fourth quarter, and a reduction of $400 thousand in mortgage commissions as mortgage activity slowed in the fourth quarter. There were also decreases in net occupancy expense, professional service expenses, and the ineffectiveness related to fair value hedges on municipal securities. The decrease in noninterest expense for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was largely the result of a decrease of $593 thousand in personnel expenses, related to the decline in health insurance costs previously noted.

    Loan Portfolio and Composition

    Loans held for investment were $3.06 billion as of December 31, 2024, compared to $3.04 billion as of September 30, 2024 and $3.01 billion as of December 31, 2023. The $17.7 million, or 2.3% annualized, increase during the fourth quarter of 2024 as compared to the third quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate loans. As of December 31, 2024, loans held for investment increased $40.9 million, or 1.4%, from December 31, 2023, primarily attributable to organic loan growth, occurring mainly in multi-family property loans, direct-energy loans, commercial owner-occupied real estate loans, and single-family property loans, partially offset by decreases in consumer auto loans and construction, land, and development loans.

    Deposits and Borrowings

    Deposits totaled $3.62 billion as of December 31, 2024, compared to $3.72 billion as of September 30, 2024 and $3.63 billion as of December 31, 2023. Deposits decreased by $94.8 million, or 2.6%, in the fourth quarter of 2024 from September 30, 2024. As of December 31, 2024, deposits were essentially unchanged, from December 31, 2023. Noninterest-bearing deposits were $935.5 million as of December 31, 2024, compared to $998.5 million as of September 30, 2024 and $974.2 million as of December 31, 2023. Noninterest-bearing deposits represented 25.8% of total deposits as of December 31, 2024. The quarterly change in total deposits was mainly due to the seasonal decline in escrow accounts of approximately $35 million and a planned reduction of approximately $50 million in customer sweep deposits as part of balance sheet management. Deposits were essentially unchanged, year-over-year, with an increase in interest-bearing deposits offset by a decline in noninterest-bearing deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the fourth quarter of 2024 of $1.2 million, compared to $495 thousand in the third quarter of 2024 and $600 thousand in the fourth quarter of 2023. The provision during the fourth quarter of 2024 was largely attributable to net charge-off activity and increased loan balances.

    The ratio of allowance for credit losses to loans held for investment was 1.42% as of December 31, 2024, compared to 1.41% as of September 30, 2024 and 1.41% as of December 31, 2023.

    The ratio of nonperforming assets to total assets was 0.58% as of December 31, 2024, compared to 0.59% as of September 30, 2024 and 0.14% as of December 31, 2023. Annualized net charge-offs were 0.11% for the fourth quarter of 2024, compared to 0.11% for the third quarter of 2024 and 0.08% for the fourth quarter of 2023.

    Capital

    Book value per share decreased to $26.67 at December 31, 2024, compared to $27.04 at September 30, 2024. The change was primarily driven by a decrease in accumulated other comprehensive income (“AOCI”) of $18.2 million, partially offset by $14.0 million of net income after dividends paid. The decrease in AOCI was attributed to the after-tax decrease in fair value of our available for sale securities, net of fair value hedges, as a result of increases in long-term market interest rates during the period. The tangible common equity to tangible assets ratio (non-GAAP) increased 15 basis points to 9.92% in the fourth quarter of 2024.

    Conference Call

    South Plains will host a conference call to discuss its fourth quarter and year-end 2024 financial results today, January 24, 2025, at 10:00 a.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13750452. The replay will be available until February 7, 2025.

    About South Plains Financial, Inc.

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

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

    We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

    A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

    Available Information

    The Company routinely posts important information for investors on its web site (under http://www.spfi.bank and, more specifically, under the News & Events tab at http://www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, http://www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

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

    Source: South Plains Financial, Inc.

     
    South Plains Financial, Inc.
    Consolidated Financial Highlights – (Unaudited)
    (Dollars in thousands, except share data)
     
      As of and for the quarter ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Selected Income Statement Data:                            
    Interest income $ 61,324     $ 61,640     $ 59,208     $ 58,727     $ 57,236  
    Interest expense   22,776       24,346       23,320       23,359       22,074  
    Net interest income   38,548       37,294       35,888       35,368       35,162  
    Provision for credit losses   1,200       495       1,775       830       600  
    Noninterest income   13,319       10,635       12,709       11,409       9,146  
    Noninterest expense   29,948       33,128       32,572       31,930       30,597  
    Income tax expense   4,222       3,094       3,116       3,143       2,787  
    Net income   16,497       11,212       11,134       10,874       10,324  
    Per Share Data (Common Stock):                            
    Net earnings, basic $ 1.01     $ 0.68     $ 0.68     $ 0.66     $ 0.63  
    Net earnings, diluted   0.96       0.66       0.66       0.64       0.61  
    Cash dividends declared and paid   0.15       0.14       0.14       0.13       0.13  
    Book value   26.67       27.04       25.45       24.87       24.80  
    Tangible book value (non-GAAP)   25.40       25.75       24.15       23.56       23.47  
    Weighted average shares outstanding, basic   16,400,361       16,386,079       16,425,360       16,429,919       16,443,908  
    Weighted average shares outstanding, dilutive   17,161,646       17,056,959       16,932,077       16,938,857       17,008,892  
    Shares outstanding at end of period   16,455,826       16,386,627       16,424,021       16,431,755       16,417,099  
    Selected Period End Balance Sheet Data:                            
    Cash and cash equivalents $ 359,082     $ 471,167     $ 298,006     $ 371,939     $ 330,158  
    Investment securities   577,240       606,889       591,031       599,869       622,762  
    Total loans held for investment   3,055,054       3,037,375       3,094,273       3,011,799       3,014,153  
    Allowance for credit losses   43,237       42,886       43,173       42,174       42,356  
    Total assets   4,232,239       4,337,659       4,220,936       4,218,993       4,204,793  
    Interest-bearing deposits   2,685,366       2,720,880       2,672,948       2,664,397       2,651,952  
    Noninterest-bearing deposits   935,510       998,480       951,565       974,174       974,201  
    Total deposits   3,620,876       3,719,360       3,624,513       3,638,571       3,626,153  
    Borrowings   110,354       110,307       110,261       110,214       110,168  
    Total stockholders’ equity   438,949       443,122       417,985       408,712       407,114  
    Summary Performance Ratios:                            
    Return on average assets (annualized)   1.53 %     1.05 %     1.07 %     1.04 %     0.99 %
    Return on average equity (annualized)   14.88 %     10.36 %     10.83 %     10.72 %     10.52 %
    Net interest margin (1)   3.75 %     3.65 %     3.63 %     3.56 %     3.52 %
    Yield on loans   6.69 %     6.68 %     6.60 %     6.53 %     6.29 %
    Cost of interest-bearing deposits   3.12 %     3.36 %     3.33 %     3.27 %     3.14 %
    Efficiency ratio   57.50 %     68.80 %     66.72 %     67.94 %     68.71 %
    Summary Credit Quality Data:                            
    Nonperforming loans $ 24,023     $ 24,693     $ 23,452     $ 3,380     $ 5,178  
    Nonperforming loans to total loans held for investment   0.79 %     0.81 %     0.76 %     0.11 %     0.17 %
    Other real estate owned   530       973       755       862       912  
    Nonperforming assets to total assets   0.58 %     0.59 %     0.57 %     0.10 %     0.14 %
    Allowance for credit losses to total loans held for investment   1.42 %     1.41 %     1.40 %     1.40 %     1.41 %
    Net charge-offs to average loans outstanding (annualized)   0.11 %     0.11 %     0.10 %     0.13 %     0.08 %
                                           
      As of and for the quarter ended
      December 31
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Capital Ratios:                            
    Total stockholders’ equity to total assets   10.37 %     10.22 %     9.90 %     9.69 %     9.68 %
    Tangible common equity to tangible assets (non-GAAP)   9.92 %     9.77 %     9.44 %     9.22 %     9.21 %
    Common equity tier 1 to risk-weighted assets   13.53 %     13.25 %     12.61 %     12.67 %     12.41 %
    Tier 1 capital to average assets   12.04 %     11.76 %     11.81 %     11.51 %     11.33 %
    Total capital to risk-weighted assets   17.86 %     17.61 %     16.86 %     17.00 %     16.74 %
    (1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Three Months Ended
      December 31, 2024   December 31, 2023
           
      Average
    Balance    		   Interest   Yield/Rate   Average
    Balance    		   Interest   Yield/Rate
    Assets                                          
    Loans $ 3,049,718     $ 51,270       6.69 %   $ 3,019,228     $ 47,903       6.29 %
    Debt securities – taxable   518,646       4,994       3.83 %     560,143       5,563       3.94 %
    Debt securities – nontaxable   154,203       1,014       2.62 %     157,341       1,032       2.60 %
    Other interest-bearing assets   390,090       4,267       4.35 %     255,454       2,963       4.60 %
                                               
    Total interest-earning assets   4,112,657       61,545       5.95 %     3,992,166       57,461       5.71 %
    Noninterest-earning assets   189,422                     156,541                
                                               
    Total assets $ 4,302,079                   $ 4,148,707                
                                               
    Liabilities & stockholders’ equity                                          
    NOW, Savings, MMDA’s $ 2,249,062       16,570       2.93 %   $ 2,201,190       16,894       3.04 %
    Time deposits   445,173       4,566       4.08 %     357,067       3,325       3.69 %
    Short-term borrowings   3       –       0.00 %     3       –       0.00 %
    Notes payable & other long-term borrowings   –       –       0.00 %     –       –       0.00 %
    Subordinated debt   63,938       834       5.19 %     73,740       981       5.28 %
    Junior subordinated deferrable interest debentures   46,393       806       6.91 %     46,393       874       7.47 %
                                               
    Total interest-bearing liabilities   2,804,569       22,776       3.23 %     2,678,393       22,074       3.27 %
    Demand deposits   978,742                     1,021,091                
    Other liabilities   77,732                     59,808                
    Stockholders’ equity   441,036                     389,415                
                                               
    Total liabilities & stockholders’ equity $ 4,302,079                   $ 4,148,707                
                                               
    Net interest income         $ 38,769                   $ 35,387        
    Net interest margin (2)                   3.75 %                     3.52 %
    (1) Average loan balances include nonaccrual loans and loans held for sale.
    (2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
       
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Twelve Months Ended
      December 31, 2024   December 31, 2023
                           
      Average
    Balance    		   Interest   Yield/Rate   Average
    Balance    		   Interest   Yield/Rate
    Assets                                          
    Loans $ 3,054,189     $ 202,301       6.62 %   $ 2,924,473     $ 176,627       6.04 %
    Debt securities – taxable   532,730       21,090       3.96 %     570,655       21,590       3.78 %
    Debt securities – nontaxable   155,168       4,076       2.63 %     185,205       4,901       2.65 %
    Other interest-bearing assets   312,917       14,319       4.58 %     223,152       9,973       4.47 %
                                               
    Total interest-earning assets   4,055,004       241,786       5.96 %     3,903,485       213,091       5.46 %
    Noninterest-earning assets   179,527                     176,495                
                                               
    Total assets $ 4,234,531                   $ 4,079,980                
                                               
    Liabilities & stockholders’ equity                                          
    NOW, Savings, MMDA’s $ 2,250,942       70,362       3.13 %   $ 2,117,985       55,423       2.62 %
    Time deposits   411,028       16,719       4.07 %     321,205       9,564       2.98 %
    Short-term borrowings   3       –       0.00 %     84       5       5.95 %
    Notes payable & other long-term borrowings   –       –       0.00 %     –       –       0.00 %
    Subordinated debt   63,868       3,339       5.23 %     75,458       4,018       5.32 %
    Junior subordinated deferrable interest debentures   46,393       3,381       7.29 %     46,393       3,276       7.06 %
                                               
    Total interest-bearing liabilities   2,772,234       93,801       3.38 %     2,561,125       72,286       2.82 %
    Demand deposits   968,307                     1,069,280                
    Other liabilities   70,777                     71,102                
    Stockholders’ equity   423,213                     378,473                
                                               
    Total liabilities & stockholders’ equity $ 4,234,531                   $ 4,079,980                
                                               
    Net interest income         $ 147,985                   $ 140,805        
    Net interest margin (2)                   3.65 %                     3.61 %
    (1) Average loan balances include nonaccrual loans and loans held for sale.
    (2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
       
    South Plains Financial, Inc.
    Consolidated Balance Sheets
    (Unaudited)
    (Dollars in thousands)
     
      As of
      December 31,
    2024    		   December 31,
    2023
               
    Assets          
    Cash and due from banks $ 54,114     $ 62,821  
    Interest-bearing deposits in banks   304,968       267,337  
    Securities available for sale   577,240       622,762  
    Loans held for sale   20,542       14,499  
    Loans held for investment   3,055,054       3,014,153  
    Less:  Allowance for credit losses   (43,237 )     (42,356 )
    Net loans held for investment   3,011,817       2,971,797  
    Premises and equipment, net   52,951       55,070  
    Goodwill   19,315       19,315  
    Intangible assets   1,720       2,429  
    Mortgage servicing rights   26,292       26,569  
    Other assets   163,280       162,194  
    Total assets $ 4,232,239     $ 4,204,793  
               
    Liabilities and Stockholders’ Equity          
    Noninterest-bearing deposits $ 935,510     $ 974,201  
    Interest-bearing deposits   2,685,366       2,651,952  
    Total deposits   3,620,876       3,626,153  
    Subordinated debt   63,961       63,775  
    Junior subordinated deferrable interest debentures   46,393       46,393  
    Other liabilities   62,060       61,358  
    Total liabilities   3,793,290       3,797,679  
    Stockholders’ Equity          
    Common stock   16,456       16,417  
    Additional paid-in capital   97,287       97,107  
    Retained earnings   385,827       345,264  
    Accumulated other comprehensive income (loss)   (60,621 )     (51,674 )
    Total stockholders’ equity   438,949       407,114  
    Total liabilities and stockholders’ equity $ 4,232,239     $ 4,204,793  
                   
    South Plains Financial, Inc.
    Consolidated Statements of Income
    (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended   Twelve Months Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
                                   
    Interest income:                              
    Loans, including fees $ 51,262     $ 47,895     $ 202,270     $ 176,598  
    Other   10,062       9,341       38,629       35,435  
    Total interest income   61,324       57,236       240,899       212,033  
    Interest expense:                              
    Deposits   21,136       20,219       87,081       64,987  
    Subordinated debt   834       981       3,339       4,018  
    Junior subordinated deferrable interest debentures   806       874       3,381       3,276  
    Other   –       –       –       5  
    Total interest expense   22,776       22,074       93,801       72,286  
    Net interest income   38,548       35,162       147,098       139,747  
    Provision for credit losses   1,200       600       4,300       4,610  
    Net interest income after provision for credit losses   37,348       34,562       142,798       135,137  
    Noninterest income:                              
    Service charges on deposits   2,241       1,844       8,026       7,130  
    Income from insurance activities   31       37       123       1,515  
    Mortgage banking activities   4,955       1,671       14,187       13,817  
    Bank card services and interchange fees   3,225       3,167       13,640       13,323  
    Gain on sale of subsidiary   —       —       —       33,778  
    Other   2,867       2,427       12,096       9,663  
    Total noninterest income   13,319       9,146       48,072       79,226  
    Noninterest expense:                              
    Salaries and employee benefits   17,384       17,977       74,338       79,377  
    Net occupancy expense   3,901       3,856       16,105       16,102  
    Professional services   1,555       1,509       6,583       6,433  
    Marketing and development   1,153       880       3,782       3,453  
    Other   5,955       6,375       26,770       29,581  
    Total noninterest expense   29,948       30,597       127,578       134,946  
    Income before income taxes   20,719       13,111       63,292       79,417  
    Income tax expense   4,222       2,787       13,575       16,672  
    Net income $ 16,497     $ 10,324     $ 49,717     $ 62,745  
                                   
    South Plains Financial, Inc.
    Loan Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      December 31,
    2024    		   December 31,
    2023
                   
    Loans:              
    Commercial Real Estate $ 1,119,063     $ 1,081,056  
    Commercial – Specialized   388,955       372,376  
    Commercial – General   557,371       517,361  
    Consumer:              
    1-4 Family Residential   566,400       534,731  
    Auto Loans   254,474       305,271  
    Other Consumer   64,936       74,168  
    Construction   103,855       129,190  
    Total loans held for investment $ 3,055,054     $ 3,014,153  
                   
    South Plains Financial, Inc.
    Deposit Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      December 31,
    2024    		   December 31,
    2023
                   
    Deposits:              
    Noninterest-bearing deposits $ 935,510     $ 974,201  
    NOW & other transaction accounts   498,718       562,066  
    MMDA & other savings   1,741,988       1,722,170  
    Time deposits   444,660       367,716  
    Total deposits $ 3,620,876     $ 3,626,153  
                   
    South Plains Financial, Inc.
    Reconciliation of Non-GAAP Financial Measures (Unaudited)
    (Dollars in thousands)
       
      For the quarter ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Pre-tax, pre-provision income                                      
    Net income $ 16,497     $ 11,212     $ 11,134     $ 10,874     $ 10,324  
    Income tax expense   4,222       3,094       3,116       3,143       2,787  
    Provision for credit losses   1,200       495       1,775       830       600  
    Pre-tax, pre-provision income $ 21,919     $ 14,801     $ 16,025     $ 14,847     $ 13,711  
                                           
      As of
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Tangible common equity                            
    Total common stockholders’ equity $ 438,949     $ 443,122     $ 417,985     $ 408,712     $ 407,114  
    Less:  goodwill and other intangibles   (21,035 )     (21,197 )     (21,379 )     (21,562 )     (21,744 )
                                 
    Tangible common equity $ 417,914     $ 421,925     $ 396,606     $ 387,150     $ 385,370  
                                 
    Tangible assets                            
    Total assets $ 4,232,239     $ 4,337,659     $ 4,220,936     $ 4,218,993     $ 4,204,793  
    Less:  goodwill and other intangibles   (21,035 )     (21,197 )     (21,379 )     (21,562 )     (21,744 )
                                 
    Tangible assets $ 4,211,204     $ 4,316,462     $ 4,199,557     $ 4,197,431     $ 4,183,049  
                                 
    Shares outstanding   16,455,826       16,386,627       16,424,021       16,431,755       16,417,099  
                                 
    Total stockholders’ equity to total assets   10.37 %     10.22 %     9.90 %     9.69 %     9.68 %
    Tangible common equity to tangible assets   9.92 %     9.77 %     9.44 %     9.22 %     9.21 %
    Book value per share $ 26.67     $ 27.04     $ 25.45     $ 24.87     $ 24.80  
    Tangible book value per share $ 25.40     $ 25.75     $ 24.15     $ 23.56     $ 23.47  
                                           

    The MIL Network –

  • MIL-OSI: American National Announces Full Redemption of Outstanding Depositary Shares Representing Interests in its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A and Intent to Voluntarily Delist and Deregister

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 24, 2025 (GLOBE NEWSWIRE) — American National Group Inc. (the “Company”) (NYSE: ANG PRA) today announced that the Company will redeem (the “Redemption”) all the 16,000 outstanding shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and the corresponding 16,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series A Preferred Stock (the “Depositary Shares”), on February 24, 2025 (the “Redemption Date”).

    The Depositary Shares will be redeemed for a redemption price equal to $25.00 per Depositary Share (equivalent to $25,000 per share of Series A Preferred Stock) plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend attributable to 1/1,000th of a share of Series A Preferred Stock to the then-current dividend period that has not been declared and paid to, but excluding, the Redemption Date (the “Redemption Price”).

    The Depositary Shares are held through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the applicable procedures of DTC. Payment to DTC for the Depositary Shares will be made by Computershare Inc., the Company’s redemption agent (the “Redemption Agent”), in accordance with the terms set forth in the Redemption Agent Agreement that governs the redemption of the Depositary Shares. All questions about the notice of redemption and related materials should be directed to the Redemption Agent at the following address and phone number:

    Computershare Inc.
    Attention: Corporate Actions Department
    150 Royall Street
    Canton, MA 02021
    Tel: 1-800-546-5141

    Upon the Redemption, no Series A Preferred Stock or Depositary Shares will remain outstanding, and all rights with respect to such stock or depositary shares will cease and terminate except only the right of the holders of the Depositary Shares to receive the Redemption Price, without interest. The information contained in this press release does not constitute a notice of redemption with respect to the Series A Preferred Stock or Depositary Shares. Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the Depositary Shares in which they have a beneficial interest.

    In connection with the Redemption, the Company intends to delist the Depositary Shares from the New York Stock Exchange (“NYSE”) and to deregister the Depositary Shares from registration with the Securities and Exchange Commission (the “SEC”). The Company intends to request that NYSE file with the SEC a notification of removal from listing and registration on Form 25 to effect the delisting of all of the Depositary Shares from NYSE. In addition, after the Redemption Date, the Company intends to file a certification on Form 15 with the SEC requesting the termination of registration of all of the Depositary Shares. Deregistration of the Depositary Shares is expected to become effective 90 days after the Form 15 is filed.

    ABOUT AMERICAN NATIONAL GROUP INC.

    American National Group Inc. offers a broad array of insurance products and services through its operating subsidiaries, American National and American Equity Life. Operating across 50 U.S. states, the group’s customer offering includes annuities, personal and commercial property and casualty insurance and life insurance. For more information, please visit AmericanNational.com/home/about-us/investor-relations.

    Forward-Looking Statements

    All statements contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They may relate to markets for our products, trends in our operations or financial results, strategic alternatives, future operations, strategies, plans, partnerships, investments, share buybacks and other financial developments. They use words and terms such as “anticipate,” “assume,” “believe,” “can,” “continue,” “could,” “enable,” “estimate,” “expect,” “foreseeable,” “goal,” “improve,” “intend,” “likely,” “may,” “model,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “remain,” “risk,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all forms of speech and derivative forms, or similar words, as well as any projections of future events or results. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by the Company. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things, the factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and any other documents we file with the SEC.

    Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements except as required by law. There can be no assurance that other factors not currently disclosed or anticipated by the Company will not materially adversely affect our results of operations or plans. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

    Contact: Steven Schwartz   
    Treasurer, Head of Investor Relations
    888-221-1234 ext. 3763
    sschwartz@american-equity.com

    The MIL Network –

  • MIL-OSI: CareCloud Shareholders Tentatively Approve Proposal to Increase Authorized Common Shares with Record Voter Turnout

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Jan. 24, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDO, CCLDP), a leading provider of healthcare information technology and generative AI solutions for medical practices and health systems nationwide, today announced that shareholders have tentatively approved the proposal to increase the number of authorized common shares.

    Approximately 10.4 million votes by proxy have been returned (the “votes”) in favor of increasing the authorized number of shares of common stock from 35 million to 85 million shares, marking one of the highest levels of positive votes in the Company’s history. The votes in favor represent over 80% of the total votes submitted.

    “We truly appreciate the shareholders’ confidence in the Company’s direction, reflected in the nearly record-breaking number of ‘yes’ votes received by proxy,” said Stephen Snyder, Co-CEO of CareCloud.

    The final vote count will be announced after the Common Stock Shareholder Special Meeting, scheduled for January 27, 2025.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at http://www.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-CEO
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

  • MIL-OSI: Lakeland Financial Reports Annual Net Income of $93.5 million, Organic Average Loan Growth of 5% and Average Deposit Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $93.5 million for the year ended December 31, 2024, versus $93.8 million for the year ended December 31, 2023. Diluted earnings per share were $3.63 for the twelve months ended December 31, 2024, versus $3.65 for 2023.

    Net income was $24.2 million for the three months ended December 31, 2024, a decrease of $5.4 million, or 18%, compared with net income of $29.6 million for the three months ended December 31, 2023. Diluted earnings per share of $0.94 for the fourth quarter of 2024 decreased by 19% from $1.16 for the fourth quarter of 2023. On a linked quarter basis, net income increased 4%, or $852,000, from third quarter 2024 net income of $23.3 million. Linked quarter diluted earnings per share improved by 3% from $0.91 for the third quarter of 2024.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $128.4 million for the twelve months ended December 31, 2024, an increase of $12.3 million, or 11%, compared to $116.2 million for the twelve months ended December 31, 2023. Pretax pre-provision earnings were $32.9 million for the three months ended December 31, 2024, a decrease of $3.4 million, or 9%, compared to $36.4 million for the three months ended December 31, 2023. Pretax pre-provision earnings increased by $2.1 million, or 7%, compared to $30.8 million on a linked quarter basis.

    “2024 continued a long and consistent trend of organic growth in our balance sheet. We successfully expanded both our loan and deposit franchises during the year,” stated David M. Findlay, Chairman and CEO. “We are particularly pleased with the 9-basis point expansion of our net interest margin on a linked quarter basis as we effectively managed the balance sheet throughout the year.”

    Quarterly Financial Performance

    Fourth Quarter 2024 versus Fourth Quarter 2023 highlights:

    • Tangible book value per share grew by $1.25, or 5%, to $26.47
    • Total risk-based capital ratio improved to 15.90%, compared to 15.47%
    • Tangible capital ratio improved to 10.19%, compared to 9.91%
    • Average loans grew by $206.9 million, or 4%, to $5.09 billion
    • Core deposit growth of $274.3 million, or 5%, to $5.9 billion
    • Average equity increased by $121.1 million, or 21%
    • Return on average equity of 13.87%, compared to 20.52%
    • Return on average assets of 1.42%, compared to 1.80%
    • Net interest margin improved to 3.25% versus 3.23%
    • Net interest income increased by $3.1 million, or 6%
    • Noninterest expense increased by $1.2 million, or 4%
    • Provision expense of $3.7 million, compared to $300,000
    • Net charge offs of $1.4 million versus $433,000
    • Watch list loans as a percentage of total loans increased to 4.13% from 3.72%

    Fourth Quarter 2024 versus Third Quarter 2024 highlights:

    • Total risk-based capital ratio improved to 15.90% from 15.75%
    • Average equity growth of $23.6 million, or 4%
    • Average loans grew by $22.3 million, or less than 1%, to $5.09 billion
    • Core deposits increased by $118.6 million, or 2%, to $5.8 billion
    • Net interest margin improved 9 basis points to 3.25% versus 3.16%
    • Return on average equity of 13.87%, compared to 13.85%
    • Return on average assets of 1.42%, compared to 1.39%
    • Noninterest income decreased by $41,000, or less than 1%
    • Noninterest expense increased by $260,000, or 1%
    • Provision expense of $3.7 million, compared to $3.1 million
    • Individually analyzed and watch list loans declined by $56.4 million, or 21%
    • Watch list loans as a percentage of total loans improved to 4.13% from 5.27%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.90% at December 31, 2024, compared to 15.47% at December 31, 2023 and 15.75% at September 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.19% at December 31, 2024, compared to 9.91% at December 31, 2023. The tangible common equity ratio contracted from 10.47% at September 30, 2024. Unrealized losses from available-for-sale investment securities were $191.1 million at December 31, 2024, compared to $174.6 million at December 31, 2023 and $154.5 million at September 30, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.37% at December 31, 2024, compared to 11.99% at December 31, 2023 and 12.29% at September 30, 2024.

    As announced on January 14, 2025, the board of directors approved a cash dividend for the fourth quarter of $0.50 per share, payable on February 5, 2025, to shareholders of record as of January 25, 2025. The fourth quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the fourth quarter of 2023.

    “The continued growth in our capital base supports the increase in our dividend rate paid to shareholders and contributes to the growth in total return for shareholders. The compounded annual growth rate for our dividend is 15% since 2012,” stated Kristin L. Pruitt, President.

    Loan Portfolio

    Average total loans for the twelve months ended December 31, 2024 were $5.04 billion, an increase of $225.7 million, or 5%, from $4.81 billion for the twelve months ended December 31, 2023. Average total loans of $5.09 billion in the fourth quarter of 2024, increased $206.9 million, or 4%, from $4.88 billion for the fourth quarter of 2023, and increased $22.3 million, or less than 1%, from $5.06 billion for the third quarter of 2024.

    “Loan growth in 2024 benefited from healthy increases in both our commercial and consumer lending activities,” noted Findlay. “We were pleased to report 8% growth in consumer loans, 6% growth in CRE and multi-family loans, and 2% growth in commercial and industrial loans for 2024. Our Indiana markets continue to benefit from expanding economic activity stimulated by the pro-business operating environment. We continue to be focused on active business development efforts in every market and we are looking forward to continued organic growth in 2025.”

    Total loans, net of deferred loan fees, increased by $200.6 million, or 4%, from $4.92 billion as of December 31, 2023 to $5.12 billion as of December 31, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $155.0 million, or 6%, our commercial and industrial loan portfolio growing by $30.1 million, or 2%, and our consumer 1-4 family mortgage loans portfolio growing by $34.0 million, or 7%. These increases were offset by a decrease to other commercial loans of $25.1 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $35.7 million, or 1%, from $5.08 billion at September 30, 2024. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $42.7 million, or 2%, and growth in total agri-business and agricultural loans of $29.0 million, or 8%. Offsetting these increases was a decrease in total commercial and industrial loans of $42.0 million, or 3%.

    Commercial loan originations for the fourth quarter included approximately $390.0 million in loan originations, offset by approximately $359.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of December 31, 2024, compared to 39% at December 31, 2023 and was unchanged from 41% as of September 30, 2024. Total available lines of credit contracted by $238.0 million, or 5%, as compared to a year ago, and line usage decreased by $2.0 million, or less than 1%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $101.7 million for this sector represented 2% of total loans at December 31, 2024, a decrease of $899,000, or 1%, from September 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 213% of total risk-based capital at December 31, 2024.

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

     
    DEPOSIT DETAIL
    (unaudited, in thousands)
               
      December 31, 2024   September 30, 2024   December 31, 2023
    Retail $ 1,780,726     30.2 %   $ 1,709,899     29.3 %   $ 1,794,958     31.4 %
    Commercial   2,269,049     38.4       2,304,041     39.5       2,227,147     38.9  
    Public funds   1,809,631     30.7       1,726,869     29.6       1,563,015     27.3  
    Core deposits   5,859,406     99.3       5,740,809     98.4       5,585,120     97.6  
    Brokered deposits   41,560     0.7       96,504     1.6       135,405     2.4  
    Total $ 5,900,966     100.0 %   $ 5,837,313     100.0 %   $ 5,720,525     100.0 %
                                             

    Total deposits increased $180.4 million, or 3%, from $5.72 billion as of December 31, 2023 to $5.90 billion as of December 31, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $274.3 million, or 5%. Total core deposits at December 31, 2024 were $5.86 billion and represented 99% of total deposits, as compared to $5.59 billion and 98% of total deposits at December 31, 2023. Brokered deposits were $41.6 million, or 1% of total deposits, at December 31, 2024, compared to $135.4 million, or 2% of total deposits, at December 31, 2023.

    The increase in core deposits since December 31, 2023 reflects growth in commercial deposits and public funds deposits. Public funds deposits grew annually by $246.6 million, or 16%, to $1.81 billion. Commercial deposits grew annually by $41.9 million, or 2%, to $2.27 billion. Retail deposits contracted annually by $14.2 million, or 1%, to $1.78 billion. The increase in public funds deposits drove the change in the composition of core deposits as public funds deposits as a percentage of total deposits increased to 31%, from 27%. Commercial and retail deposits as a percentage of total deposits contracted to 38%, from 39%, and to 30%, from 31%, respectively. Growth in public funds was positively impacted by the addition of a new public funds customers in the Lake City Bank footprint which included the addition of their operating accounts.

    On a linked quarter basis, total deposits increased $63.7 million, or 1%, from $5.84 billion at September 30, 2024 to $5.90 billion at December 31, 2024. Core deposits increased by $118.6 million, or 2%, while brokered deposits decreased by $54.9 million, or 57%. Linked quarter growth in core deposits resulted primarily from an increase in public funds deposits of $82.8 million, or 5%, and growth in retail deposits of $70.8 million, or 4%. Offsetting these increases was a decrease in commercial deposits of $35.0 million, or 2%.

    “Core deposit growth was steady throughout 2024 and accounts for 99% of the funding sources for Lake City Bank,” commented Findlay. “We are pleased that our growth in core deposits came from every region of the bank. We continue to successfully fund the loan growth with in-market stable and diversified deposit growth. We continue to gain market share in our more mature Northern Indiana markets and implemented strategies to enhance growth in the Indianapolis market through data-driven marketing and business development efforts.”

    Average total deposits were $6.01 billion for the fourth quarter of 2024, an increase of $208.5 million, or 4%, from $5.80 billion for the fourth quarter of 2023. Average interest-bearing deposits drove the increase in average total deposits and increased by $301.1 million, or 7%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $431.9 million, or 14%. Offsetting this increase was a reduction in average time deposits of $98.9 million, or 9%, and a decrease to average savings deposits of $31.9 million, or 10%. Average noninterest-bearing demand deposits decreased by $92.5 million, or 7%.

    On a linked quarter basis, average total deposits increased by $130.9 million, or 2%, from $5.88 billion for the third quarter of 2024 to $6.01 billion for the fourth quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $93.2 million, or 2%. An increase to interest bearing checking accounts of $209.6 million, or 6%, drove the increase to average interest-bearing deposits on a linked quarter basis. Offsetting this increase was a decrease to total average time deposits of $111.1 million, or 10%. Average noninterest-bearing demand deposits increased by $37.7 million, or 3%.

    Checking account trends as of December 31, 2024 compared to December 31, 2023, include growth of $310.5 million, or 24%, in aggregate public fund checking account balances, growth of $24.5 million, or 1%, in aggregate commercial checking account balances, and expansion of $34.4 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during 2024.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 62% as of December 31, 2024, compared to 61% at September 30, 2024, and 57% at December 31, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of December 31, 2024, compared to 32% at September 30, 2024, and 31% as of December 31, 2023. As of December 31, 2024, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.25% for the fourth quarter of 2024, representing a 2 basis point increase from 3.23% for the fourth quarter of 2023. Earning assets yields decreased by 15 basis points to 5.81% for the fourth quarter of 2024 from 5.96% for the fourth quarter of 2023. The decrease in earning asset yields was offset by a decrease in the company’s funding costs of 17 basis points as interest expense as a percentage of average earning assets decreased to 2.56% for the fourth quarter of 2024, compared to 2.73% for the fourth quarter of 2023.

    Linked quarter net interest margin expanded by 9 basis point to 3.25% for the fourth quarter of 2024, compared to 3.16% for the third quarter of 2024. Average earning asset yields decreased by 23 basis points from 6.04% during the third quarter of 2024 to 5.81% during the fourth quarter of 2024 and were offset by a 32 basis point decrease in interest expense as a percentage of average earning assets from 2.88% to 2.56%. The cumulative 100 basis point decline in the Federal Funds Rate during 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the monetary tightening cycle of March 2022 through September 2024 has stabilized with noninterest bearing deposits representing 22% of total deposits at December 31, 2024, compared to 24% at December 31, 2023 and 22% at September 30, 2024.

    “Our thoughtful and strategic balance sheet management strategies led to healthy net interest margin expansion of 9 basis points during the fourth quarter,” noted Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer. “Net interest margin expansion resulted from reduced deposit costs that outpaced loan repricing due to falling short term rates. Our public fund balances are largely tied to the effective federal funds rate, and we also continue to benefit from fixed rate loan repricing to the higher interest rate environment.”

    The loan beta for the current rate-easing cycle is 25% compared to the deposit beta of 31%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

    Liquidity Overview

    The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, federal funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of December 31, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.4 billion at December 31, 2023 and $3.7 billion at September 30, 2024. Utilization from these sources totaled $41.6 million at December 31, 2024, compared to $185.4 million at December 31, 2023 and $96.5 million at September 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 99% of total deposits and purchased funds.

    Investment Portfolio Overview

    Total investment securities were $1.12 billion at December 31, 2024, reflecting a decrease of $58.7 million, or 5%, as compared to $1.18 billion at December 31, 2023. On a linked quarter basis, investment securities decreased $24.8 million, or 2%, due primarily to a decline in the fair market value of available-for-sale securities of $36.6 million, portfolio cash flows of $15.1 million and partially offset by investment security purchases of $30 million. Investment securities represented 17% of total assets on December 31, 2024, compared to 18% at December 31, 2023 and 17% at September 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.0 years at December 31, 2024, compared to 6.5 years and 6.3 years at December 31, 2023 and September 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the impact of the higher interest rate environment. The company anticipates receiving principal and interest cash flows of approximately $104.2 million during 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and to fund new investment securities purchases.

    Net interest income decreased by $356,000, or less than 1%, for the twelve months ended December 31, 2024, as compared to the twelve months ended December 31, 2023. Deposit interest expense increased by $35.0 million. Offsetting the increase in deposit interest expense was an increase in loan interest income of $29.8 million and a reduction in borrowings interest expense of $4.7 million. Net interest income was $51.7 million for the fourth quarter of 2024, representing an increase of $3.1 million, or 6%, as compared to the fourth quarter of 2023. Net interest income for the fourth quarter of 2024 benefited from an increase in loan interest income of $1.9 million and a reduction in interest expense of $667,000 compared to the prior year quarter. On a linked quarter basis, net interest income increased $2.4 million, or 5%, from $49.3 million for the third quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a $4.1 million reduction in interest expense and a $1.1 million increase in income from short-term investments. Offsetting the reduction in interest expense was a reduction in loan interest income of $2.9 million.

    On a full year basis, revenue increased by $6.6 million, or 3%, to $253.5 million as compared to $246.9 million for 2023. Revenue was $63.6 million for the fourth quarter 2024 representing a decrease of $ 2.2 million or 3%, as compared to the fourth quarter of 2023. On a linked quarter basis, revenue increased by $2.4 million, or 4% from $61.2 million in the third quarter of 2024.

    Asset Quality

    Provision expense was $16.8 million for the year ended December 31, 2024, an increase of $10.9 million, or 186%, as compared to $5.9 million during 2023. The elevated provision recorded during 2024 as compared to the prior year was primarily driven by an increase in specific allocations from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana. The relationship was placed on nonperforming status in conjunction with the downgrade, which occurred during the second quarter of 2024. Additional specific allocations of $5.5 million were reserved for this credit during the fourth quarter of 2024. The company recorded a provision expense of $3.7 million in the fourth quarter of 2024, compared to provision expense of $300,000 in the fourth quarter of 2023. On a linked quarter basis, provision expense increased by $632,000 from $3.1 million for the third quarter of 2024, or 21%.

    The allowance for credit loss reserve to total loans was 1.68% at December 31, 2024, up from 1.46% at December 31, 2023, and 1.65% at September 30, 2024. Net charge offs were $2.8 million for the full year 2024 compared to $6.5 million for 2023. Net charge offs to total loans were 0.05% for 2024 compared to 0.13% for 2023. Net charge offs in the fourth quarter of 2024 were $1.4 million compared to $433,000 in the fourth quarter of 2023 and $143,000 during the linked third quarter of 2024. Annualized net charge offs to average loans were 0.11% for the fourth quarter of 2024, compared to 0.04% for the fourth quarter of 2023, and 0.01% for the linked third quarter of 2024.

    Nonperforming assets increased $40.8 million, or 253%, to $56.9 million as of December 31, 2024, versus $16.1 million as of December 31, 2023. On a linked quarter basis, nonperforming assets decreased $1.2 million, or 2%, compared to $58.1 million as of September 30, 2024. The ratio of nonperforming assets to total assets at December 31, 2024 increased to 0.85% from 0.25% at December 31, 2023 and decreased from 0.87% at September 30, 2024. The full-year increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

    Total individually analyzed and watch list loans increased by $28.1 million, or 15%, to $211.1 million as of December 31, 2024, versus $183.1 million as of December 31, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $56.4 million, or 21%, from $267.6 million at September 30, 2024. Watch list loans as a percentage of total loans increased by 41 basis points to 4.13% at December 31, 2024, compared to 3.72% at December 31, 2023, and decreased by 114 basis points from 5.27% at September 30, 2024. The linked quarter decrease in total individually analyzed and watch list loans was primarily driven by the removal of six relationships from the watch list with an aggregate balance of $63.7 million, offset by the addition of four downgraded credits with an aggregated balance of $8.4 million. Approximately $45.5 million of the watch list removals were attributable to credit upgrades, with the remaining $18.2 million in removals attributable to payoffs.

    “We are encouraged by the $56 million decrease in watch list credits during the quarter and are cautiously optimistic following our fourth quarter, semi-annual portfolio reviews meetings during which we review every commercial banker’s portfolio,” stated Findlay. “Economic conditions in all of our markets remain stable and we continue to actively manage our loan portfolio challenges.”

    Noninterest Income

    Noninterest income increased by $7.0 million, or 14%, to $56.8 million for the twelve months ended December 31, 2024, compared to $49.9 million for the prior year. The increase in noninterest income for the twelve months ended December 31, 2024 was primarily driven by the net gain on sale of Visa shares of $9.0 million. Contributing further to the increase in noninterest income was an increase to wealth and advisory fees of $1.4 million, or 15%, driven by growth in customers and favorable market performance. Bank owned life insurance income increased $1.1 million, or 34%, due to favorable market performance of the company’s variable bank owned life insurance policies. Offsetting these increases was a $4.5 million, or 49%, decrease to other income. Other income was elevated during the twelve months ended December 31, 2023 from insurance and loss recoveries of $6.3 million that were related to the 2023 wire fraud loss. Offsetting the impact of these recoveries was increased investment income from the company’s limited partnership investments and the receipt of an additional $1.0 million in recoveries from the wire fraud loss. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $46.8 million for the twelve months ended December 31, 2024, an increase of $3.3 million, or 8%, compared to $43.6 million for twelve months ended December 31, 2023.

    Findlay added, “It is very gratifying to report strong growth in core noninterest income for 2024. Our fee-based lines of business made significant contributions to revenue growth during the year. Notably, Wealth Advisory fees grew by 15% and treasury management fees grew by 5%. As we move into 2025, our teams continue to be focused on driving continued growth in these business lines.”

    The company’s noninterest income decreased $5.3 million, or 31%, to $11.9 million for the fourth quarter of 2024, compared to $17.2 million for the fourth quarter of 2023. Wealth advisory fees increased $388,000, or 17%, and bank owned life insurance increased $476,000, or 64%. Other income decreased $6.5 million, or 89%. Other income was elevated during the fourth quarter of 2023 primarily due to insurance and loss recoveries of $6.3 million related to the wire fraud loss. Adjusted core noninterest income was $11.9 million for the fourth quarter of 2024, an increase of $968,000, or 9%, compared to $10.9 million for the fourth quarter of 2023.

    On a linked quarter basis, noninterest income for the fourth quarter of 2024 decreased by $41,000, or less than 1%, from $11.9 million during the third quarter of 2024. The linked quarter decrease was driven by a decrease to other income of $261,000, or 25%, and was offset by an increase to bank owned life insurance income $148,000, or 14%.

    Noninterest Expense

    Noninterest expense decreased by $5.6 million, or 4%, from $130.7 million to $125.1 million for the twelve months ended December 31, 2023 and 2024, respectively. Noninterest expense during 2023 was elevated as compared to 2024 due to the wire fraud loss, which added a net $16.7 million to noninterest expense. Offsetting this impact on noninterest expense was a $7.6 million, or 13%, increase in salaries and employees benefits during the full year 2024. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $3.2 million, performance-based incentive compensation of $2.3 million, health insurance expense of $918,000, and variable deferred compensation of $950,000, which relates to the company’s variable bank owned life insurance. Other expense increased $2.6 million, or 24%, primarily due to an accrued legal expense of $4.5 million. Data processing fees and supplies increased by $1.2 million, or 8%, from the continued investment in customer-facing and operational technology solutions. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $120.5 million for the twelve months ended December 31, 2024, an increase of $6.5 million, or 6%, compared to $114.0 million for the twelve months ended December 31, 2023.

    Noninterest expense increased $1.2 million, or 4%, to $30.7 million for the fourth quarter of 2024, compared to $29.4 million during the fourth quarter of 2023. Driving the fourth quarter 2024 increase to noninterest expense was an increase to salaries and benefits expense of $1.5 million, or 10%, which was primarily attributable to increased salary expense of $825,000, deferred compensation of $414,000 and increased health insurance of $222,000. Other expense decreased by $595,000, or 20%, from lower legal accruals. Adjusted core noninterest expense increased by $1.7 million, or 6%, from $29.0 million during the fourth quarter of 2023.

    On a linked quarter basis, noninterest expense increased by $260,000, or 1%, from $30.4 million during the third quarter of 2024. Driving the increase in noninterest expense was an increase in salaries and employee benefits of $785,000, or 5% primarily due to performance-based incentive compensation. Corporate and business development expense decreased by $419,000, or 31%, which was driven by a reduction in advertising expense during the quarter. Other expense decreased by $132,000, or 5%.

    The company’s efficiency ratio for the twelve months ended December 31, 2024 was 49.3% compared to 52.9% for the twelve months ended December 31, 2023. The company’s adjusted core efficiency ratio, a non-GAAP financial measure that excludes the impact of certain non-routine operating events, was 49.5% for the twelve months ended December 31, 2024 as compared to 47.4% for the twelve months ended December 31, 2023.

    The company’s efficiency ratio was 48.2% for the fourth quarter of 2024, compared to 44.7% for the fourth quarter of 2023 and 49.7% for the linked third quarter of 2024. The company’s adjusted core efficiency ratio was 48.7% for the fourth quarter of 2023 and unchanged when compared to the company’s efficiency ratio for the third and fourth quarters of 2024.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.7 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

     
    LAKELAND FINANCIAL CORPORATION
    FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS
           
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    END OF PERIOD BALANCES 2024   2024   2023   2024   2023
    Assets $ 6,678,374     $ 6,645,371     $ 6,524,029     $ 6,678,374     $ 6,524,029  
    Investments   1,122,994       1,147,806       1,181,646       1,122,994       1,181,646  
    Loans   5,117,948       5,081,990       4,916,534       5,117,948       4,916,534  
    Allowance for Credit Losses   85,960       83,627       71,972       85,960       71,972  
    Deposits   5,900,966       5,837,313       5,720,525       5,900,966       5,720,525  
    Brokered Deposits   41,560       96,504       135,405       41,560       135,405  
    Core Deposits (1)   5,859,406       5,740,809       5,585,120       5,859,406       5,585,120  
    Total Equity   683,911       699,181       649,793       683,911       649,793  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   680,108       695,378       645,990       680,108       645,990  
    Adjusted Tangible Common Equity (2)   846,040       832,813       800,450       846,040       800,450  
    AVERAGE BALANCES                  
    Total Assets $ 6,795,596     $ 6,656,464     $ 6,514,430     $ 6,662,718     $ 6,464,980  
    Earning Assets   6,470,920       6,329,287       6,145,937       6,328,498       6,114,225  
    Investments   1,134,011       1,128,705       1,107,862       1,134,979       1,184,659  
    Loans   5,086,614       5,064,348       4,879,695       5,039,406       4,813,678  
    Total Deposits   6,011,122       5,880,177       5,802,592       5,836,025       5,604,228  
    Interest Bearing Deposits   4,729,201       4,635,993       4,428,140       4,578,219       4,128,922  
    Interest Bearing Liabilities   4,729,206       4,649,745       4,441,425       4,644,553       4,295,743  
    Total Equity   693,744       670,160       572,653       662,087       588,667  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 51,694     $ 49,273     $ 48,599     $ 196,679     $ 197,035  
    Net Interest Income-Fully Tax Equivalent   52,804       50,383       49,914       201,363       202,347  
    Provision for Credit Losses   3,691       3,059       300       16,750       5,850  
    Noninterest Income   11,876       11,917       17,208       56,844       49,858  
    Noninterest Expense   30,653       30,393       29,445       125,084       130,710  
    Net Income   24,190       23,338       29,626       93,478       93,767  
    Pretax Pre-Provision Earnings (2)   32,917       30,797       36,362       128,439       116,183  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 0.94     $ 0.91     $ 1.16     $ 3.64     $ 3.67  
    Diluted Net Income Per Common Share   0.94       0.91       1.16       3.63       3.65  
    Cash Dividends Declared Per Common Share   0.48       0.48       0.46       1.92       1.84  
    Dividend Payout   51.06 %     52.75 %     39.66 %     52.89 %     50.41 %
    Book Value Per Common Share (equity per share issued) $ 26.62     $ 27.22     $ 25.37     $ 26.62     $ 25.37  
    Tangible Book Value Per Common Share (2)   26.47       27.07       25.22       26.47       25.22  
    Market Value – High $ 78.61     $ 72.25     $ 67.88     $ 78.61     $ 77.07  
    Market Value – Low   61.10       57.45       45.59       57.45       43.05  
                                           
                                           
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    Basic Weighted Average Common Shares Outstanding   25,686,276       25,684,407       25,614,420       25,676,543       25,604,751  
    Diluted Weighted Average Common Shares Outstanding   25,792,460       25,767,739       25,732,870       25,769,018       25,723,165  
    KEY RATIOS                  
    Return on Average Assets   1.42 %     1.39 %     1.80 %     1.40 %     1.45 %
    Return on Average Total Equity   13.87       13.85       20.52       14.12       15.93  
    Average Equity to Average Assets   10.21       10.07       8.79       9.94       9.11  
    Net Interest Margin   3.25       3.16       3.23       3.18       3.31  
    Efficiency  (Noninterest Expense/Net Interest Income plus Noninterest Income)   48.22       49.67       44.74       49.34       52.94  
    Loans to Deposits   86.73       87.06       85.95       86.73       85.95  
    Investment Securities to Total Assets   16.82       17.27       18.11       16.82       18.11  
    Tier 1 Leverage (3)   12.15       12.18       11.82       12.15       11.82  
    Tier 1 Risk-Based Capital (3)   14.64       14.50       14.21       14.64       14.21  
    Common Equity Tier 1 (CET1) (3)   14.64       14.50       14.21       14.64       14.21  
    Total Capital (3)   15.90       15.75       15.47       15.90       15.47  
    Tangible Capital (2)   10.19       10.47       9.91       10.19       9.91  
    Adjusted Tangible Capital (2)   12.37       12.29       11.99       12.37       11.99  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 4,273     $ 829     $ 3,360     $ 4,273     $ 3,360  
    Loans Past Due 90 Days or More   28       95       27       28       27  
    Nonaccrual Loans   56,431       57,551       15,687       56,431       15,687  
    Nonperforming Loans   56,459       57,646       15,714       56,459       15,714  
    Other Real Estate Owned   284       384       384       284       384  
    Other Nonperforming Assets   143       21       8       143       8  
    Total Nonperforming Assets   56,886       58,051       16,106       56,886       16,106  
    Individually Analyzed Loans   78,647       77,654       16,124       78,647       16,124  
    Non-Individually Analyzed Watch List Loans   132,499       189,918       166,961       132,499       166,961  
    Total Individually Analyzed and Watch List Loans   211,146       267,572       183,085       211,146       183,085  
    Gross Charge Offs   1,657       231       566       3,468       7,332  
    Recoveries   299       88       133       706       848  
    Net Charge Offs/(Recoveries)   1,358       143       433       2,762       6,484  
    Net Charge Offs/(Recoveries) to Average Loans   0.11 %     0.01 %     0.04 %     0.05 %     0.13 %
    Credit Loss Reserve to Loans   1.68       1.65       1.46       1.68       1.46  
    Credit Loss Reserve to Nonperforming Loans   152.25       145.07       458.01       152.25       458.01  
    Nonperforming Loans to Loans   1.10       1.13       0.32       1.10       0.32  
    Nonperforming Assets to Assets   0.85       0.87       0.25       0.85       0.25  
    Total Individually Analyzed and Watch List Loans to Total Loans   4.13 %     5.27 %     3.72 %     4.13 %     3.72 %
                       
                       
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    OTHER DATA                  
    Full Time Equivalent Employees   643       639       619       643       619  
    Offices   54       54       53       54       53  

    ________________________________________________________________
    (1)  Core deposits equals deposits less brokered deposits.
    (2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)  Capital ratios for December 31, 2024 are preliminary until the Call Report is filed.

     
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
     
    ​ December 31,
    2024    		   December 31,
    2023
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 71,733     $ 70,451  
    Short-term investments   96,472       81,373  
    Total cash and cash equivalents   168,205       151,824  
    ​      
    Securities available-for-sale, at fair value   991,426       1,051,728  
    Securities held-to-maturity, at amortized cost (fair value of $113,107 and $119,215, respectively)   131,568       129,918  
    Real estate mortgage loans held-for-sale   1,700       1,158  
    ​      
    Loans, net of allowance for credit losses of $85,960 and $71,972   5,031,988       4,844,562  
    ​      
    Land, premises and equipment, net   60,489       57,899  
    Bank owned life insurance   113,320       109,114  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,446       30,011  
    Goodwill   4,970       4,970  
    Other assets   124,842       121,425  
    Total assets $ 6,678,374     $ 6,524,029  
    ​      
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,297,456     $ 1,353,477  
    Interest bearing deposits   4,603,510       4,367,048  
    Total deposits   5,900,966       5,720,525  
           
    Borrowings – Federal Home Loan Bank advances   0       50,000  
    Accrued interest payable   15,117       20,893  
    Other liabilities   78,380       82,818  
    Total liabilities   5,994,463       5,874,236  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024      
    25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023   129,664       127,692  
    Retained earnings   736,412       692,760  
    Accumulated other comprehensive income (loss)   (166,500 )     (155,195 )
    Treasury stock, at cost (469,239 shares and 473,120 shares as of December 31, 2024 and December 31, 2023, respectively)   (15,754 )     (15,553 )
    Total stockholders’ equity   683,822       649,704  
    Noncontrolling interest   89       89  
    Total equity   683,911       649,793  
    Total liabilities and equity $ 6,678,374     $ 6,524,029  
                   
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
     
    ​ Three Months Ended December 31,   Twelve Months Ended December 31,
    ​ 2024
    		   2023   2024   2023
    NET INTEREST INCOME              
    Interest and fees on loans              
    Taxable $ 83,253     $ 80,631     $ 335,639     $ 304,130  
    Tax exempt   296       1,016       2,126       3,885  
    Interest and dividends on securities              
    Taxable   2,997       3,187       12,048       13,153  
    Tax exempt   3,914       4,009       15,714       16,396  
    Other interest income   2,910       2,099       7,631       5,703  
    Total interest income   93,370       90,942       373,158       343,267  
    ​ ​   ​   ​   ​
    Interest on deposits   41,676       42,154       172,759       137,791  
    Interest on short-term borrowings   0       189       3,720       8,441  
    Total interest expense   41,676       42,343       176,479       146,232  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME   51,694       48,599       196,679       197,035  
    ​ ​   ​   ​   ​
    Provision for credit losses   3,691       300       16,750       5,850  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   48,003       48,299       179,929       191,185  
    ​ ​   ​   ​   ​
    NONINTEREST INCOME              
    Wealth advisory fees   2,699       2,311       10,469       9,080  
    Investment brokerage fees   456       445       1,894       1,815  
    Service charges on deposit accounts   2,825       2,682       11,157       10,773  
    Loan and service fees   2,977       2,968       11,832       11,750  
    Merchant and interchange fee income   889       907       3,542       3,651  
    Bank owned life insurance income   1,216       740       4,210       3,133  
    Interest rate swap fee income   0       0       0       794  
    Mortgage banking income (loss)   48       (70 )     116       (254 )
    Net securities gains (losses)   0       (9 )     (46 )     (25 )
    Net gain on Visa shares   0       0       8,996       0  
    Other income   766       7,234       4,674       9,141  
    Total noninterest income   11,876       17,208       56,844       49,858  
    ​ ​   ​   ​   ​
    NONINTEREST EXPENSE              
    Salaries and employee benefits   17,261       15,733       66,728       59,147  
    Net occupancy expense   1,706       1,486       6,865       6,360  
    Equipment costs   1,405       1,443       5,612       5,632  
    Data processing fees and supplies   3,742       3,698       15,161       14,003  
    Corporate and business development   950       877       4,965       4,807  
    FDIC insurance and other regulatory fees   894       894       3,465       3,363  
    Professional fees   2,275       2,299       8,950       8,583  
    Wire fraud loss   0       0       0       18,058  
    Other expense   2,420       3,015       13,338       10,757  
    Total noninterest expense   30,653       29,445       125,084       130,710  
    ​ ​   ​   ​   ​
    INCOME BEFORE INCOME TAX EXPENSE   29,226       36,062       111,689       110,333  
    Income tax expense   5,036       6,436       18,211       16,566  
    NET INCOME $ 24,190     $ 29,626     $ 93,478     $ 93,767  
    ​ ​   ​   ​   ​
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,686,276       25,614,420       25,676,543       25,604,751  
    ​ ​   ​   ​   ​
    BASIC EARNINGS PER COMMON SHARE $ 0.94     $ 1.16     $ 3.64     $ 3.67  
    ​              
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,792,460       25,732,870       25,769,018       25,723,165  
    ​              
    DILUTED EARNINGS PER COMMON SHARE $ 0.94     $ 1.16     $ 3.63     $ 3.65  
                                   
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 649,609     12.7 %   $ 678,079     13.3 %   $ 604,893     12.3 %
    Non-working capital loans   801,256     15.6       814,804     16.0       815,871     16.6  
    Total commercial and industrial loans   1,450,865     28.3       1,492,883     29.3       1,420,764     28.9  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   567,781     11.1       729,293     14.3       634,435     12.9  
    Owner occupied loans   807,090     15.8       810,453     15.9       825,464     16.8  
    Nonowner occupied loans   872,671     17.0       766,821     15.1       724,101     14.7  
    Multifamily loans   344,978     6.7       243,283     4.8       253,534     5.1  
    Total commercial real estate and multi-family residential loans   2,592,520     50.6       2,549,850     50.1       2,437,534     49.5  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   156,609     3.1       157,413     3.1       162,890     3.3  
    Loans for agricultural production   230,787     4.5       200,971     4.0       225,874     4.6  
    Total agri-business and agricultural loans   387,396     7.6       358,384     7.1       388,764     7.9  
              ​            
    Other commercial loans   95,584     1.9       94,309     1.9       120,726     2.5  
    Total commercial loans   4,526,365     88.4       4,495,426     88.4       4,367,788     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   259,286     5.1       261,462     5.1       258,103     5.2  
    Open end and junior lien loans   214,125     4.2       210,275     4.1       189,663     3.9  
    Residential construction and land development loans   16,818     0.3       14,200     0.3       8,421     0.2  
    Total consumer 1-4 family mortgage loans   490,229     9.6       485,937     9.5       456,187     9.3  
      ​       ​            
    Other consumer loans   104,041     2.0       103,547     2.1       96,022     1.9  
    Total consumer loans   594,270     11.6       589,484     11.6       552,209     11.2  
    Subtotal   5,120,635     100.0 %     5,084,910     100.0 %     4,919,997     100.0 %
    Less:  Allowance for credit losses   (85,960 )         (83,627 )   ​     (71,972 )   ​
    Net deferred loan fees   (2,687 )         (2,920 )   ​     (3,463 )   ​
    Loans, net $ 5,031,988         $ 4,998,363     ​   $ 4,844,562     ​
                                       
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Noninterest bearing demand deposits $ 1,297,456     $ 1,284,527     $ 1,353,477  
    Savings and transaction accounts:          
    Savings deposits   276,179       276,468       301,168  
    Interest bearing demand deposits   3,471,455       3,273,405       3,049,059  
    Time deposits:          
    Deposits of $100,000 or more   642,776       787,095       792,738  
    Other time deposits   213,100       215,818       224,083  
    Total deposits $ 5,900,966     $ 5,837,313     $ 5,720,525  
    FHLB advances and other borrowings   0       30,000       50,000  
    Total funding sources $ 5,900,966     $ 5,867,313     $ 5,770,525  
                           
     
    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
                 
        Three Months Ended December 31, 2024   Three Months Ended September 30, 2024   Three Months Ended December 31, 2023
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,060,397     $ 83,253     6.54 %   $ 5,037,855     $ 86,118     6.80 %   $ 4,820,389     $ 80,631     6.64 %
    Tax exempt (1)     26,217       364     5.52       26,493       366     5.50       59,306       1,265     8.46  
    Investments: (1)                                    
    Securities     1,134,011       7,953     2.79       1,128,705       7,871     2.77       1,107,862       8,262     2.96  
    Short-term investments     2,765       29     4.17       2,841       35     4.90       2,610       32     4.86  
    Interest bearing deposits     247,530       2,881     4.63       133,393       1,738     5.18       155,770       2,067     5.26  
    Total earning assets   $ 6,470,920     $ 94,480     5.81 %   $ 6,329,287     $ 96,128     6.04 %   $ 6,145,937     $ 92,257     5.96 %
    Less:  Allowance for credit losses     (84,687 )             (81,353 )             (72,165 )        
    Nonearning Assets                                    
    Cash and due from banks     67,994               63,744               69,563          
    Premises and equipment     60,325               59,493               58,436          
    Other nonearning assets     281,044               285,293               312,659          
    Total assets   $ 6,795,596             $ 6,656,464             $ 6,514,430          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 274,960     $ 43     0.06 %   $ 280,180     $ 45     0.06 %   $ 306,875     $ 52     0.07 %
    Interest bearing checking accounts     3,505,470       31,562     3.58       3,295,911       33,822     4.08       3,073,570       30,953     4.00  
    Time deposits:                                    
    In denominations under $100,000     214,429       1,921     3.56       215,020       1,914     3.54       220,678       1,810     3.25  
    In denominations over $100,000     734,342       8,150     4.42       844,882       9,775     4.60       827,017       9,339     4.48  
    Miscellaneous short-term borrowings     5       0     5.30       13,752       189     5.48       13,285       189     5.64  
    Total interest bearing liabilities   $ 4,729,206     $ 41,676     3.51 %   $ 4,649,745     $ 45,745     3.91 %   $ 4,441,425     $ 42,343     3.78 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,281,921               1,244,184               1,374,452          
    Other liabilities     90,725               92,375               125,900          
    Stockholders’ Equity     693,744               670,160               572,653          
    Total liabilities and stockholders’ equity   $ 6,795,596             $ 6,656,464             $ 6,514,430          
    Interest Margin Recap                                    
    Interest income/average earning assets         94,480     5.81 %         96,128     6.04 %         92,257     5.96 %
    Interest expense/average earning assets         41,676     2.56           45,745     2.88           42,343     2.73  
    Net interest income and margin       $ 52,804     3.25 %       $ 50,383     3.16 %       $ 49,914     3.23 %
                                                           

    (1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.32 million in the three-month periods ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
    (2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, are included as taxable loan interest income.
    (3)  Nonaccrual loans are included in the average balance of taxable loans.

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Twelve Months Ended
      Dec. 31, 2024   Sep. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    Total Equity $ 683,911     $ 699,181     $ 649,793     $ 683,911     $ 649,793  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   680,108       695,378       645,990       680,108       645,990  
    Market Value Adjustment in AOCI   165,932       137,435       154,460       165,932       154,460  
    Adjusted Tangible Common Equity   846,040       832,813       800,450       846,040       800,450  
                       
    Assets $ 6,678,374     $ 6,645,371     $ 6,524,029     $ 6,678,374     $ 6,524,029  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,674,571       6,641,568       6,520,226       6,674,571       6,520,226  
    Market Value Adjustment in AOCI   165,932       137,435       154,460       165,932       154,460  
    Adjusted Tangible Assets   6,840,503       6,779,003       6,674,686       6,840,503       6,674,686  
                       
    Ending Common Shares Issued   25,689,730       25,684,916       25,614,585       25,689,730       25,614,585  
                       
    Tangible Book Value Per Common Share $ 26.47     $ 27.07     $ 25.22     $ 26.47     $ 25.22  
                       
    Tangible Common Equity/Tangible Assets   10.19 %     10.47 %     9.91 %     10.19 %     9.91 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.37 %     12.29 %     11.99 %     12.37 %     11.99 %
                       
    Net Interest Income $ 51,694     $ 49,273     $ 48,599     $ 196,679     $ 197,035  
    Plus:  Noninterest Income   11,876       11,917       17,208       56,844       49,858  
    Minus:  Noninterest Expense   (30,653 )     (30,393 )     (29,445 )     (125,084 )     (130,710 )
                       
    Pretax Pre-Provision Earnings $ 32,917     $ 30,797     $ 36,362     $ 128,439     $ 116,183  
                                           

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Twelve Months Ended
      Dec. 31, 2024   Sep. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    Noninterest Income $ 11,876     $ 11,917     $ 17,208     $ 56,844     $ 49,858  
    Less: Net (Gain) Loss on Visa Shares   0       15       0       (8,996 )     0  
    Less: Insurance and Loss Recoveries   0       0       (6,300 )     (1,000 )     (6,300 )
    Adjusted Core Noninterest Income $ 11,876     $ 11,932     $ 10,908     $ 46,848     $ 43,558  
                       
    Noninterest Expense $ 30,653     $ 30,393     $ 29,445     $ 125,084     $ 130,710  
    Less: Legal Accrual   0       0       0       (4,537 )     0  
    Less: Wire Fraud Loss   0       0       0       0       (18,058 )
    Plus: Salaries and Employee Benefits (1)   0       0       (453 )     0       1,397  
    Adjusted Core Noninterest Expense $ 30,653     $ 30,393     $ 28,992     $ 120,547     $ 114,049  
                       
    Earnings Before Income Taxes $ 29,226     $ 27,738     $ 36,062     $ 111,689     $ 110,333  
    Adjusted Core Impact:                  
    Noninterest Income   0       15       (6,300 )     (9,996 )     (6,300 )
    Noninterest Expense   0       0       453       4,537       16,661  
    Total Adjusted Core Impact   0       15       (5,847 )     (5,459 )     10,361  
    Adjusted Earnings Before Income Taxes   29,226       27,753       30,215       106,230       120,694  
    Tax Effect   (5,036 )     (4,404 )     (4,996 )     (16,853 )     (19,119 )
    Core Operational Profitability (2) $ 24,190     $ 23,349     $ 25,219     $ 89,377     $ 101,575  
                       
    Diluted Earnings Per Common Share $ 0.94     $ 0.91     $ 1.16     $ 3.63     $ 3.65  
    Impact of Adjusted Core Items   0.00       0.00       (0.18 )     (0.16 )     0.30  
    Core Operational Diluted Earnings Per Common Share $ 0.94     $ 0.91     $ 0.98     $ 3.47     $ 3.95  
                       
    Adjusted Core Efficiency Ratio   48.22 %     49.66 %     48.72 %     49.49 %     47.40 %
                                           

    (1)  In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
    (2)  Core operational profitability was $11,000 higher and $4.4 million lower than reported net income for the three months ended September 30, 2024 and December 31, 2023, respectively. Core operational profitability was $4.1 million lower and $7.8 million higher than reported net income for the twelve months ended December 31, 2024 and 2023, respectively.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI: RYVYL Executes Repurchase and Repayment Agreement with Securityholder to Retire All Outstanding Series B Convertible Preferred Stock and Outstanding Balance of 8% Senior Convertible Note

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, CA, Jan. 24, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology for diverse international markets, has executed a Preferred Stock Repurchase and Note Repayment Agreement for the full repayment and termination of an 8% Senior Convertible Note (the “Note) and the redemption of all shares of the Company’s Series B Convertible Preferred Stock (the “Preferred Stock”). The Definitive Agreement provides for:

    • A first tranche payment of $13.0 million for the redemption of all of the shares of Preferred Stock held by the Securityholder, and payment of a portion of the outstanding balance of the Note so that the remaining outstanding principal balance will be $4.0 million.
    • Advancing the maturity date for the remaining balance of $4.0 million due under the Note, following payment of the first tranche, to April 30, 2025.

    The Company is required to pay the first tranche payment of $13.0 million on or before January 27, 2025. The first tranche due date may be extended to February 3, 2025, at the sole option of the Company, in consideration for RYVYL’s payment of an additional $50,000.

    • Upon payment of the first tranche payment and execution of the Preferred Stock Repurchase and Note Repayment Agreement, certain restrictive covenants contained in the transaction documents pursuant to which the Note and the shares of Preferred Stock were issued will be waived and no additional interest will accrue and be payable, as long as the Company pays the remaining $4.0 million principal balance of the Note ($4,050,000, if the date of the first tranche payment date is extended) on or before April 30, 2025. If the Company fails to pay the remaining balance by such date, the Note will be restored to its terms prior to the first tranche payment, and interest will again accrue and be payable.
    • Prior to payment of the first tranche payment, the Securityholder shall retain the ability, subject to certain market limitations, to convert the Note and the Preferred Stock into common stock.

    This communication is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and does not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. http://www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes 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. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding timely payment of the first and second tranches, the benefit to stockholders from the repayment of the note and repurchase of the preferred shares, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –

  • MIL-OSI Russia: GUU among the most mentioned Russian universities in the media based on the results of 2024

    Translation. Region: Russian Federation –

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

    The State University of Management entered the top 30 media rating of Russian higher education institutions for 2024. The data on this was published by the information and analytical company Medialogiya.

    The most cited material mentioning our university was the article “Director of the Institute of Economics and Finance of the State University of Management, Professor Galina Sorokina: two categories of citizens may be allowed to retire at age 50,” which was published in June of last year.

    It should be noted that the main indicator of the rating is the Media Index of Medialogy, which allows for a qualitative analysis of the effectiveness of PR.

    The index is calculated automatically using linguistic analysis technologies according to the methodology developed by the Medialogia company in collaboration with mathematicians and mass media and PR analysts.

    The ratings are based on the media database of the Medialogy system, which currently includes more than 100 thousand mass media: TV, radio, newspapers, magazines, news agencies and online publications.

    Let us add that GUU has previously been included in the media rating: in November and July 2024, as well as in November 2023. And now our university is among the most mentioned universities for the whole of 2024 in 29th place.

    The full rating can be viewed on the Medialogy website.

    Subscribe to the TG channel “Our GUU” Date of publication: 01/24/2025

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

    MIL OSI Russia News –

  • MIL-OSI: AGF Investments Announces January 2025 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) —

    AGF Investments Inc. (AGF Investments) today announced the January 2025 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on January 31, 2025 will receive cash distributions payable on February 6, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange  Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc.  $0.139916
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc.  $0.131000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc.  $0.141593


    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

    Further information about the AGF ETFs can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    AGF ETFs are ETFs offered by AGF Investments Inc. ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –

  • MIL-OSI: Purpose Investments Announces Expansion of Its Yield Shares Suite with the Filling of the Preliminary Prospectus for 8 New ETFs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose Investments”) is pleased to announce that it has filed and received a preliminary prospectus with the Canadian securities regulators for the proposed launch of eight new yield-focused single-stock ETFs, expanding its acclaimed Yield Shares suite. These ETFs are designed to provide investors with monthly income while maintaining exposure to leading global companies.

    The new Yield Shares ETFs include:

    Yield Shares ETF Ticker Underlying Company
    Costco (COST) Yield Shares Purpose ETF YCOS Costco
    Palantir (PLTR) Yield Shares Purpose ETF YPLT Palantir
    UnitedHealth (UNH) Yield Shares Purpose ETF YUNH UnitedHealth Group
    JPMorgan (JPM) Yield Shares Purpose ETF YJPM JPMorgan
    Coinbase (COIN) Yield Shares Purpose ETF YCON Coinbase
    Netflix (NFLX) Yield Shares Purpose ETF YNET Netflix
    Broadcom (AVGO) Yield Shares Purpose ETF YAVG Broadcom
    Tech Innovators Yield Shares Purpose ETF YMAG Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia

    “Since launching in 2022, Purpose Yield Shares has become a leading choice for investors seeking monthly income while maintaining growth exposure to the world’s top companies. In response to strong client demand, we are excited to expand our lineup to include high-growth technology and innovation leaders while also diversifying into market pioneers within the consumer staples, financial, and healthcare sectors. These new ETFs enhance the breadth of the Yield Shares suite, offering investors a wider range of opportunities to generate monthly income from industry giants while participating in their long-term growth,” said Yuan Gao, Vice President of Product. “The Yield Shares lineup remains dedicated to providing investors with access to high-quality companies with strong fundamentals and long-term growth potential. These new ETFs enable investors to continue benefiting from exposure to market leaders driving innovation and economic progress while earning monthly income. Whether in technology, consumer staples, financial services, or healthcare, our Yield Shares suite delivers a compelling mix of income and capital appreciation potential, allowing investors to share in the success of industry leaders.”

    Each ETF seeks to provide shareholders with (i) long-term capital appreciation through purchasing and holding common stock of the underlying companies, including by using leverage through cash borrowing to purchase common stock of the underlying companies and (ii) distributions by writing covered call options and/or cash covered put options on a portion of the fund’s portfolio.

    The Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG) intends to provide investors with exposure to a basket of leading global technology and innovation-driven companies while generating income by writing covered call options and/or cash-covered put options on a portion of the portfolio.

    YMAG provides investors with a one-ticket solution to gain exposure to the Nasdaq trillion-dollar market cap club while generating monthly income. Known as “BATMMAAN,” this select group of industry leaders—Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia—is driving technological innovation across artificial intelligence, cloud computing, digital services, and next-generation infrastructure, positioning themselves as key players in the future of technology and economic growth.

    Building on the success of the Yield Shares lineup, these new ETFs will aim to offer investors monthly cash distributions alongside exposure to the long-term growth potential of industry-leading companies.

    About Purpose Investments Inc.
    Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    A preliminary long-form prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy securities of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose, or at http://www.purposeinvest.com.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the manager’s sole discretion.

    The MIL Network –

  • MIL-OSI: Abaxx Announces Closing of Final Tranche of C$2,756,000 Private Placement

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE CA:ABXX) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, is pleased to announce it has today closed its final tranche (the “Final Tranche”) of a non-brokered private placement financing (the “Financing”). The Final Tranche consisted of the issuance of 50,000 common shares (the “Shares”) of the Company at a price of C$13.00 per Share for aggregate gross proceeds of C$650,000. The Financing, which consisted of the Final Tranche and a tranche which closed on November 22, 2024, consisted of the issuance of 212,000 Shares at a price of C$13.00 per Share for aggregate gross proceeds of C$2,756,000.

    The proceeds of the Financing are expected to be used for general corporate and working capital requirements, including to fund ongoing operations and/or working capital and minimum regulatory requirements for Abaxx Exchange and Abaxx Clearing. No finder’s fees or commissions were paid in connection with the Final Tranche.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issuable under the Financing have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold to or for the account or benefit of persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by the Monetary Authority of Singapore as “recognized market operator” and “approved clearinghouse”, respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 647 490 1590
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals or future plans and intended use of proceeds from the Financing. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, the risk factors in the Company’s most recent management’s discussion and analysis and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI: Stardust Power Inc. Announces Pricing of $5.75 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 24, 2025 (GLOBE NEWSWIRE) — Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced the pricing of its “reasonable best efforts” public offering for the purchase and sale of up to 4,792,000 shares of common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 4,792,000 shares of common stock at a combined offering price of $1.20 per share and accompanying warrant (the “Offering”). The Company expects to receive aggregate gross proceeds of approximately $5.75 million, before deducting placement agent fees and other offering expenses, and assuming no exercise of the warrants. The warrants will have an exercise price of $1.30 per share, will be exercisable immediately and will expire five years from the issuance date.

    “We are proud that we have priced this round of financing with investment from a large institutional investor, representing their support for the Stardust Power story. This financing continues building on our progress towards the FID stage for our large central lithium refinery. The capital provides stability for the company to continue to execute against our business plan,” noted Stardust Power Founder and CEO, Roshan Pujari.

    The closing of the Offering is expected to occur on or about January 27, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this Offering for working capital and general corporate purposes, as well as to satisfy amounts due under certain existing promissory notes of the Company.

    A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

    The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-284298) previously filed with the Securities and Exchange Commission (“SEC”) on January 15, 2025, which was declared effective on January 23, 2025. This Offering is being made only by means of a prospectus forming part of the effective registration statement. A preliminary prospectus relating to the Offering has been filed with the SEC. An electronic copy of the final prospectus relating to the Offering may be obtained, when available, on the SEC’s website located at http://www.sec.gov and may also be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

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

    About Stardust Power Inc.

    Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

    For more information, visit http://www.stardust-power.com

    Stardust Power Contacts

    For Investors:
    Johanna Gonzalez
    investor.relations@stardust-power.com

    For Media:
    Michael Thompson
    media@stardust-power.com

    Forward Looking Statements

    Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, among other things, statements relating to the satisfaction of customary closing conditions related to the Offering, the timing of the anticipated closing of the Offering and the intended use of proceeds from the Offering. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

    Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

    Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    The MIL Network –

  • MIL-OSI Europe: President Keller-Sutter to attend ceremony marking 80th anniversary of Auschwitz liberation

    Source: Switzerland – Department of Finance

    On 27 January, around 40 heads of state and government and heads of international organisations will join Holocaust survivors at a ceremony to commemorate the 80th anniversary of the liberation of the Auschwitz-Birkenau concentration and extermination camp. The President of the Swiss Confederation, Karin Keller-Sutter, will represent Switzerland at the event. She will be accompanied by two Swiss survivors.

    MIL OSI Europe News –

  • MIL-OSI: Westboro Mortgage Investment Fund Announces Bonus Distribution to Unitholders

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, Jan. 24, 2025 (GLOBE NEWSWIRE) — Westboro Mortgage Investment Fund is pleased to announce that it has paid a bonus distribution of 58 bps to all unit classes. This bonus distribution equals the excess income earned by the fund for the fiscal year ended December 31, 2024 and was pro-rated for the number of months an investor had holdings in 2024. The total distribution per unit for the 2024 fiscal year, inclusive of this bonus distribution, was 9.88%. This equates to a total annualized compounded return of 10.34% for the calendar year 2024.

    “We had yet another very successful year in 2024. We ended the year with all-time high totals of mortgage assets and investor capital. We were able to achieve this impressive ROI while simultaneously experiencing minimal mortgage losses. A special thank you to our valued investors, Westboro Broker Nation especially those who qualified for our Private Members Club and to our amazing staff, who are truly best in class,” said Derek Serra, President of Westboro Mortgage Investment Fund.

    About Westboro Mortgage Investment Fund

    The Fund manages a diversified portfolio of residential mortgages, with over 90% in 1st position, located in Ontario. The primary objective of the fund is to provide investors with a consistent and stable risk adjusted return for their investment portfolio. https://westboromic.com/fund-performance/

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, our objectives, our strategies to achieve those objectives, our performance, our mortgage portfolio, and our distributions, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by using forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.

    These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Offering Memorandum under “Risk Factors” (a copy of which can be obtained at https://westboromic.com/fund-performance/).

    Those risks and uncertainties include, among others, risks associated with public health crisis; liquidity; dependence on the Fund manager and the mortgage broker; potential conflicts of interest; no guaranteed return; credit risk; interest rate risk; environmental matters associated with our business; availability of investments; borrowing; limited sources of borrowing; risks related to the renewal of mortgages comprising our investment portfolio; risks related to the composition of our investment portfolio; reliance on borrowers; litigation risks; ability to manage growth; change in legislation; cyber risk; and qualification as a mortgage investment fund. Readers are cautioned that the foregoing list is not exhaustive. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.

    All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    Scott Roberts
    Vice-President Sales – Funds
    Westboro Mortgage Investment Corp.
    267 Richmond Road, 2nd Floor | Ottawa, ON K1Z 6X3
    Email sroberts@westboromic.com

    The MIL Network –

  • MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Announces 2024 Dividend Income Tax Treatment

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today announced the estimated federal income tax treatment of the Company’s 2024 distributions on its common stock (CUSIP #03762U105) and its 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock.

    The federal income tax classification of the 2024 distributions on the Company’s common stock as it is expected to be reported on Form 1099-DIV is set forth in the following table ($ per share):

    Record Date Payable Date Total Distribution Per Share Ordinary Dividend Qualified Dividend Non-dividend Distribution Section 199A Dividend(1)
    12/29/2023 01/12/2024 $0.35000 $0.151978 $0.009218 $0.198022 $0.142760
    03/28/2024 04/15/2024 $0.35000 $0.151978 $0.009218 $0.198022 $0.142760
    06/28/2024 07/15/2024 $0.35000 $0.151978 $0.009218 $0.198022 $0.142760
    09/30/2024 10/15/2024 $0.25000 $0.108555 $0.006584 $0.141445 $0.101971

    (1) May be eligible for a 20% deduction under Section 199A of the Internal Revenue Code of 1986, as amended (the “IRC”). Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.

    The federal income tax classification of the 2024 distributions on the Company’s 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock as it is expected to be reported on Form 1099-DIV is set forth in the following table ($ per share):

    Record Date Payable Date Total Distribution Per Share Ordinary Dividend Qualified Dividend Non-dividend Distribution Section 199A Dividend
    03/28/2024 04/15/2024 $0.453125 $0.453125 $0.027483 – $0.425642
    06/28/2024 07/15/2024 $0.453125 $0.453125 $0.027483 – $0.425642
    09/30/2024 10/15/2024 $0.453125 $0.453125 $0.027483 – $0.425642
                 

    Pursuant to Section 857(b)(9) of the IRC, cash distributions made on January 15, 2025, with a record date of December 31, 2024, are treated as received by stockholders on December 31, 2024 to the extent of 2024 earnings and profits. As the Company’s aggregate 2024 cash distributions exceeded its 2024 earnings and profits, the January 2025 cash distributions declared in December 2024 are treated as 2025 distributions for federal income tax purposes and are not included on the 2024 Form 1099-DIV.

    Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.

    About Apollo Commercial Real Estate Finance, Inc.
    Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $733 billion of assets under management as of September 30, 2024.

    Additional information can be found on the Company’s website at http://www.apollocref.com. Please note that our URL address has changed.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: high interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    CONTACT:     Hilary Ginsberg
    Investor Relations
    (212) 822-0767
         

    The MIL Network –

  • MIL-OSI: 2/2025・Trifork Group AG – Reporting of transactions made by persons discharging managerial responsibilities

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 2 / 2025
    Schindellegi, Switzerland – 24 January 2025

    Reporting of transactions made by persons discharging managerial responsibilities

    Pursuant to the Market Abuse Regulation Article 19, Trifork Group AG (Swiss company registration number CHE-474.101.854) (“Trifork”) hereby notifies receipt of information of the following transactions made by persons discharging managerial responsibilities in Trifork in connection with fixed salaries paid in shares. Reference is made to company announcement no. 1/2025 on 21 January 2025.

    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Jørn Larsen
    2. Reason for the notification
    a) Position/status CEO
    b) Initial notification/
    Amendment    		 Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    		 Shares

    ISIN CH1111227810
    b) Nature of the transaction A share of 25% of the fixed monthly salary is paid out in shares as described in company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 1’323
    d) Aggregated information
    —
    Aggregated volume —
    Price    		 N/A
    e) Date of the transaction 24 January 2025
    f) Place of the transaction Outside a trading venue. Trifork previously held the shares as treasury shares.
    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Kristian Wulf-Andersen
    2. Reason for the notification
    a) Position/status CFO
    b) Initial notification/
    Amendment    		 Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    		 Shares

    ISIN CH1111227810
    b) Nature of the transaction A share of 10% of the fixed monthly salary is paid out in shares as described in company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 352
    d) Aggregated information
    —
    Aggregated volume —
    Price    		 N/A
    e) Date of the transaction 24 January 2025
    f) Place of the transaction Outside a trading venue. Trifork previously held the shares as treasury shares.


    Information and questions
    Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,278 professionals across 76 business units in 15 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Preliminary Results for the Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its preliminary results for the second quarter of fiscal year 2025 ending December 28, 2024.

    For the second quarter of fiscal year 2025, Key Tronic anticipates reporting revenue of approximately $114 million, and a net loss of approximately $0.40-$0.48 per share, both of which are below previous guidance. The lower than anticipated revenue and earnings for the second quarter of fiscal year 2025 are primarily due to the impact from unexpected component shortages, lower-than-expected production during the holiday season, and reduced demand from certain customers which together lowered revenue by approximately $15 million for the quarter. As previously announced, the Company also expects to report approximately $1.0 million in write-offs of unamortized loan fees related to refinancing its debt with a new lender.

    Key Tronic expects revenue and earnings to recover in the third quarter of fiscal year 2025 as strategic initiatives undertaken in previous quarters come to fruition. The Company is actively streamlining its international and domestic operations, with further headcount reductions to enhance efficiency, building on similar actions announced in the third quarter of fiscal year 2024. At the same time, Key Tronic continues to win new programs involving aerospace systems and energy resiliency technology products, which was announced in a separate press release on January 24, 2025, and has reduced inventories to be more in line with current revenue levels.

    For the third quarter of 2025, the Company expects to report revenue in the range of $115 million to $130 million and earnings in the range of $0.00 to $0.15 per diluted share.

    The revenue and earnings estimates for the second and third quarters of fiscal 2025, and the finalization of financial results for the second quarter of 2025, are subject to completion of the Company’s quarterly close and review procedures which are still ongoing. The Company plans to report its complete results and host its earnings conference call for the second quarter of fiscal 2025 on February 4, 2025. Details for the conference call have been announced in a separate press release.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies, including reductions in inventories. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

         
    CONTACTS: Anthony G. Voorhees Michael Newman
      Chief Financial Officer Investor Relations
      Key Tronic Corporation StreetConnect
      (509) 927-5345 (206) 729-3625

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Second Quarter Reporting Date

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), announced today that it plans to report its results for the second quarter of fiscal 2025 after market close on February 4, 2025.

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) on February 4, 2025. A broadcast of the conference call will be available at http://www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2254355). A replay will be available at http://www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    CONTACTS: Anthony G. Voorhees Michael Newman
      Chief Financial Officer Investor Relations
      Key Tronic Corporation StreetConnect
      (509) 927-5345 (206) 729-3625

    The MIL Network –

  • MIL-OSI: AvePoint Submits Application for Dual Listing on the Singapore Exchange

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Jan. 24, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance, and resilience, has submitted an application to list its shares of common stock, par value $0.0001 per share (the “Shares”), on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Company’s Shares currently trade on the Nasdaq Global Select Market, and if such application is approved would also trade on the SGX-ST. 

    “Our application to list AvePoint’s common stock on the Singapore Exchange – which would be in addition to our current and continuing listing on Nasdaq – aligns with our ongoing strategy to broaden our presence in the APAC region, where we have a long and successful track record,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “We established a presence in Singapore in 2009, and since then have fostered strong relationships with governmental organizations and corporations in the region; today, Singapore serves as our Asia headquarters and International R&D Hub. Finally, we believe that our consistent execution and strong financial performance, both globally and particularly in APAC, will make us attractive to APAC-focused investors seeking in-region high quality B2B SaaS opportunities.”

    No final decision or commitment has been made as to the timing, terms or conditions of any such listing on the SGX-ST, and the Company may decide to not proceed with an SGX-ST listing of its Shares.

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

    About AvePoint:

    Securing the Future. AvePoint is a global leader in data security, governance, and resilience, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit http://www.avepoint.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, http://www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Disclosure Information:

    AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI: Meridian Corporation Reports Fourth Quarter 2024 Results and Announces a Quarterly Dividend of $0.125 per Common Share

    Source: GlobeNewswire (MIL-OSI)

    MALVERN, Pa., Jan. 24, 2025 (GLOBE NEWSWIRE) — Meridian Corporation (Nasdaq: MRBK) today reported:

      Three Months Ended   Year Ended
    (Dollars in thousands, except per share data)(Unaudited) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2023
    Income:              
    Net income $ 5,601   $ 4,743   $ 16,346   $ 13,243
    Diluted earnings per common share $ 0.49   $ 0.42   $ 1.45   $ 1.16
    Pre-tax, pre-provision income(1) $ 11,168   $ 8,527   $ 33,186   $ 23,782
    (1) See Non-GAAP reconciliation in the Appendix              
                   
    • Net income for the quarter ended December 31, 2024 was $5.6 million, or $0.49 per diluted share and $16.3 million, or $1.45 per diluted share, for the year.
    • Pre-tax, pre-provision income1 for the quarter and the year were $11.2 million and $33.2 million, respectively.
    • Net interest margin was 3.29% for the fourth quarter of 2024, with a loan yield of 7.17%. Net interest margin was 3.16% with a loan yield of 7.28% for the year.
    • Return on average assets and return on average equity for the fourth quarter of 2024 were 0.92% and 13.01%, respectively, and 0.70% and 9.93% for the year.
    • During the quarter a net gain of $4.0 million was recognized on the sale of $6.6 million in residential mortgage loan servicing rights held at amortized cost and, a $317 thousand gain was recognized on the sale of a $1.7 million OREO property.
    • Fees and other disposal costs of $1.0 million, net, were recognized during the quarter for the early termination of the Blue Bell lease.
    • Total assets at December 31, 2024 were $2.4 billion, compared to $2.4 billion at September 30, 2024 and $2.2 billion at December 31, 2023.
    • Commercial loans, excluding leases, increased $34.8 million, or 2% for the quarter and $177.1 million, or 12% year over year.
    • Fourth quarter deposit growth was $26.4 million, or 1%, and $181.9 million, or 10% year over year.
    • Non-interest-bearing deposits were up $3.7 million or 2%, quarter over quarter, and $1.6 million or 1%, year over year.
    • On January 23, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable February 18, 2025 to shareholders of record as of February 10, 2025.

    Christopher J. Annas, Chairman and CEO commented:

    Our fourth quarter earnings showed significant improvement from the third quarter, increasing by 18.1% to $5.6 million, or $0.49 per share. For the year, net income increased 23.4% to $16.3 million, and $1.45 per share. While we are pleased with the improvement, we are still working through the drastic rate shock brought on by the Fed, particularly in our net interest margin which is down 50 basis points from 2019 levels. The team is working diligently each day to return to historical spreads.

    Loan growth of 12% (minus planned lease paydowns) for 2024 was exceptional, and our three main lending groups all contributed. Commercial real estate is benefiting from a continued lack of homes for sale, and our C&I and SBA teams are winning client relationships with persistence and creative advisory. Legacy low fixed-rate loans often made it unprofitable for us to solicit business from prospects. Deposits were up nearly 10%, mostly from money market accounts that can be rate-adjusted anytime.

    The mortgage group had significant improvement, with a $4.1 million pre-tax income versus a large loss in 2023. The hard cuts we made in the cyclical slowdown have given us much operational leverage and allows us to pivot quickly based on market conditions. Part of the cuts included prepaying a major lease at a discount and allowing many operations personnel to work from home. The Philadelphia metro region is still very low in housing inventory, which stymied an even bigger improvement in our business.

    Our wealth segment had a banner year with pre-tax income nearly doubling to $2.4 million. Strong growth in assets under management along with better stock market returns were the big contributors. We will devote more resources to wealth in 2025 to leverage our brand and deepen relationships with our commercial customers for referrals.

    We are encouraged by the new administration and communications about reduced regulatory burdens and prospects for economic growth. Our regulatory costs are substantial and, quite frankly, make little sense for a bank our size that is not systemically significant. We are hopeful that new and broader thinking can help banks like Meridian to better serve their markets and produce better returns for shareholders.

    Select Condensed Financial Information

      As of or for the three months ended (Unaudited)
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      (Dollars in thousands, except per share data)
    Income:                  
    Net income $ 5,601     $ 4,743     $ 3,326     $ 2,676     $ 571  
    Basic earnings per common share   0.50       0.43       0.30       0.24       0.05  
    Diluted earnings per common share   0.49       0.42       0.30       0.24       0.05  
    Net interest income   19,299       18,242       16,846       16,609       16,942  
                       
    Balance Sheet:                  
    Total assets $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923     $ 2,246,193  
    Loans, net of fees and costs   2,030,437       2,008,396       1,988,535       1,956,315       1,895,806  
    Total deposits   2,005,368       1,978,927       1,915,436       1,900,696       1,823,462  
    Non-interest bearing deposits   240,858       237,207       224,040       220,581       239,289  
    Stockholders’ equity   171,522       167,450       162,382       159,936       158,022  
                       
    Balance Sheet Average Balances:                  
    Total assets $ 2,434,270     $ 2,373,261     $ 2,319,295     $ 2,269,047     $ 2,219,340  
    Total interest earning assets   2,342,651       2,277,523       2,222,177       2,173,212       2,121,068  
    Loans, net of fees and costs   2,029,739       1,997,574       1,972,740       1,944,187       1,891,170  
    Total deposits   2,043,505       1,960,145       1,919,954       1,823,523       1,820,532  
    Non-interest bearing deposits   259,118       246,310       229,040       233,255       254,025  
    Stockholders’ equity   171,214       165,309       162,119       159,822       157,210  
                       
    Performance Ratios (Annualized):                  
    Return on average assets   0.92 %     0.80 %     0.58 %     0.47 %     0.10 %
    Return on average equity   13.01 %     11.41 %     8.25 %     6.73 %     1.44 %


    Income Statement –     Fourth Quarter 2024 Compared to Third Quarter 2024

    Fourth quarter net income increased $858 thousand, or 18.1%, to $5.6 million due to increased net interest income, combined with increased non-interest income which included a gain of $4.0 million on the sale of mortgage servicing rights, along with a $317 thousand gain on sale of a residential property included in other real estate owned. These increases were largely offset by a quarterly provision for credit losses that was higher by $1.3 million and an increase in non-interest expense of $865 thousand, or 4.2%, which was impacted by the early termination of the Blue Bell lease. Detailed explanations of the major categories of income and expense follow below.

    Net Interest income

    The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.

      Three Months Ended                
    (dollars in thousands) December 31,
    2024    		   September 30,
    2024    		   $ Change   % Change   Change due
    to rate    		   Change due
    to volume
    Interest income:                      
    Cash and cash equivalents $ 801   $ 416   $ 385     92.5 %   $ (52 )   $ 437  
    Investment securities – taxable   1,684     1,480     204     13.8 %     124       80  
    Investment securities – tax exempt(1)   397     397     —     — %     5       (5 )
    Loans held for sale   565     766     (201 )   (26.2 )%     (49 )     (152 )
    Loans held for investment(1)   36,666     37,339     (673 )   (1.8 )%     (1,268 )     595  
    Total loans   37,231     38,105     (874 )   (2.3 )%     (1,317 )     443  
    Total interest income $ 40,113   $ 40,398   $ (285 )   (0.7 )%   $ (1,240 )   $ 955  
    Interest expense:                      
    Interest-bearing demand deposits $ 1,244   $ 1,390   $ (146 )   (10.5 )%   $ (234 )   $ 88  
    Money market and savings deposits   8,266     8,391     (125 )   (1.5 )%     (934 )     809  
    Time deposits   8,831     9,532     (701 )   (7.4 )%     (465 )     (236 )
    Total interest – bearing deposits   18,341     19,313     (972 )   (5.0 )%     (1,633 )     661  
    Borrowings   1,608     1,985     (377 )   (19.0 )%     (10 )     (367 )
    Subordinated debentures   780     779     1     0.1 %     —       1  
    Total interest expense   20,729     22,077     (1,348 )   (6.1 )%     (1,643 )     295  
    Net interest income differential $ 19,384   $ 18,321   $ 1,063     5.80 %   $ 403     $ 660  
    (1) Reflected on a tax-equivalent basis.                    

    Interest income decreased $285 thousand quarter-over-quarter on a tax equivalent basis, driven by rate changes, particularly in the loan portfolio. The overall yield on earnings assets decreased 25 basis points during the period, impacting interest income by $1.2 million. This decrease was significantly offset by favorable volume changes as the level of average earning assets increased by $65.1 million contributing $955 thousand to lessen the interest income decrease.

    Average total loans, excluding residential loans for sale, increased $32.5 million resulting in an increase due to volume in interest income of $595 thousand. The largest drivers of this increase were commercial, commercial real estate, and small business loans which on a combined basis increased $40.4 million on average, partially offset by a decrease in average leases of $11.4 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $3.2 million on average. The yield on total loans decreased 24 basis points, and the yield on cash and investments increased 6 basis points on a combined basis.

    Total interest expense decreased $1.3 million, quarter-over-quarter, due to a lower volume of time deposits and borrowings, combined with a decrease in the cost of all deposit types, despite a higher level of interest-bearing and money market deposits. Interest expense on total deposits decreased $972 thousand and interest expense on borrowings decreased $377 thousand. During the period, interest-bearing deposits and money market accounts increased $8.8 million and $81.4 million on average, respectively, while time deposits decreased $19.7 million on average. Borrowings decreased $29.7 million on average. Overall increase in interest expense on deposits due to volume changes was $661 thousand.

    The cost of interest-bearing deposits decreased 35 basis points driven by certain money market funds and wholesale time deposits which repriced at lower costs. The total decrease in interest expense on deposits attributable to rate changes was $1.6 million. Overall the net interest margin increased 9 basis points to 3.29% as the cost of funds decline outpaced the decline in yield on earning assets, and non-interest bearing balances increased $14.2 million on average.

    Provision for Credit Losses

    The overall provision for credit losses for the fourth quarter increased $1.3 million to $3.6 million, from $2.3 million in the third quarter. The provision for funded loans increased $1.6 million and the provision on unfunded loan commitments decreased $331 thousand during the current quarter. The fourth quarter provision for funded loans of $3.6 million increased from the prior quarter due largely to an increase of $5.0 million in net charge-offs and was positively impacted by favorable changes in certain portfolio baseline loss rates.

    Non-interest income

    The following table presents the components of non-interest income for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) December 31,
    2024    		   September 30,
    2024    		   $ Change   % Change
    Mortgage banking income $ 5,516     $ 6,474     $ (958 )   (14.8 )%
    Wealth management income   1,527       1,447       80     5.5 %
    SBA loan income   1,143       544       599     110.1 %
    Earnings on investment in life insurance   224       222       2     0.9 %
    Gain on sale of MSRs   3,992       —       3,992     100.0 %
    Net change in the fair value of derivative instruments   (146 )     (102 )     (44 )   43.1 %
    Net change in the fair value of loans held-for-sale   (163 )     169       (332 )   (196.4 )%
    Net change in the fair value of loans held-for-investment   (552 )     965       (1,517 )   (157.2 )%
    Net (loss) gain on hedging activity   192       (197 )     389     (197.5 )%
    Net loss on sale of investment securities available-for-sale   2       (57 )     59     (103.5 )%
    Other   1,545       1,366       179     13.1 %
    Total non-interest income $ 13,280     $ 10,831     $ 2,449     22.6 %

    Total non-interest income increased $2.4 million, or 22.6%, quarter-over-quarter after recognizing a gain of $4.0 million on the sale of $6.6 million in residential mortgage loan servicing rights; change in gains of $389 thousand in hedging activity; and a $317 thousand gain on the sale of a $1.7 million residential OREO property, which is recorded in other non-interest income. In addition, SBA income increased $599 thousand due largely to a higher level of SBA loan sales. SBA loans sold for the quarter-ended December 31, 2024 totaled $19.9 million, up $8.0 million, or 67.4%, compared to the quarter-ended September 30, 2024. The gross margin on SBA sales was 7.5% for the quarter, down from 7.9% for the previous quarter. These gains were partially offset by unfavorable portfolio fair value changes of $1.9 million combined, and lower levels of mortgage banking income, which decreased $1.0 million, or 14.8%. Mortgage loan sales decreased $29.8 million or 12.1% quarter over quarter driving lower gain on sale income at a slightly lower margin.

    Non-interest expense

    The following table presents the components of non-interest expense for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) December 31,
    2024    		   September 30,
    2024    		   $ Change   % Change
    Salaries and employee benefits $ 12,429   $ 12,829   $ (400 )   (3.1 )%
    Occupancy and equipment   2,270     1,243     1,027     82.6 %
    Professional fees   1,134     1,106     28     2.5 %
    Data processing and software   1,553     1,553     —     — %
    Advertising and promotion   839     717     122     17.0 %
    Pennsylvania bank shares tax   243     181     62     34.3 %
    Other   2,943     2,917     26     0.9 %
    Total non-interest expense $ 21,411   $ 20,546   $ 865     4.2 %

    Occupancy and equipment expense increased $1.0 million, net, due to fees, credits and other disposal costs for the early termination of the Blue Bell lease. The lease termination is expected to improve occupancy expense by $359 thousand per year. Advertising and promotion, which includes business development with other expenses, were up $148 thousand due to seasonal events. These increases were partially offset by a decrease in salaries and benefits of $400 thousand. Bank and wealth segments combined increased $5 thousand, while the mortgage segment decreased $405 thousand. Mortgage segment salaries, commissions, and employee benefits expense are impacted by volume and decreased commensurate with the lower levels of originations, which were down $36.1 million over the prior quarter.

    Balance Sheet – December 31, 2024 Compared to September 30, 2024

    Total assets decreased $1.9 million, or 0.1%, to $2.4 billion as of December 31, 2024 from $2.4 billion at September 30, 2024. Despite continued strong loan growth during the quarter, total assets decreased due to the decline in mortgage loans held for sale and the sale of mortgage servicing rights. Interest-bearing cash increased $2.1 million, or 10.4%, to $21.9 million as of December 31, 2024, from September 30, 2024.

    Portfolio loan growth was $22.8 million, or 1.1% quarter-over-quarter. The portfolio growth was generated from commercial mortgage loans which increased $23.0 million, or 2.9%, construction loans which increased $9.0 million, or 3.6%, commercial & industrial loans which increased $3.5 million, or 1.0%. Lease financings decreased $10.7 million, or 12.4% from September 30, 2024, partially offsetting the above noted loan growth, but this decline was expected as we continue to refocus away from lease originations.

    Total deposits increased $26.4 million, or 1.3% quarter-over-quarter, due largely to higher levels of money market accounts and interest bearing demand deposits to a lesser degree. Money market accounts and savings accounts increased a combined $90.7 million, while interest bearing demand deposits increased $8.0 million. Time deposits decreased $75.9 million from largely wholesale efforts. Non-interest bearing deposits increased $3.7 million. Overall borrowings decreased $20.4 million, or 14.1% quarter-over-quarter.

    Total stockholders’ equity increased by $4.1 million from September 30, 2024, to $171.5 million as of December 31, 2024. Changes to equity for the current quarter included net income of $5.6 million, less dividends paid of $1.4 million, offset by a decrease of $876 thousand in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.21% at December 31, 2024.

    Asset Quality Summary

    Non-performing loans decreased $18 thousand to $45.1 million at December 31, 2024 compared to $45.1 million at September 30, 2024. As a result of the decrease, the ratio of non-performing loans to total loans decreased 1 bps to 2.19% as of December 31, 2024, from 2.20% as of September 30, 2024. During the quarter a $1.7 million residential property in OREO was sold, reducing non-performing assets by $1.7 million. As a result, the ratio of non-performing assets to total assets decreased 7 bps to 1.90% as of December 31, 2024, compared to 1.97% as of September 30, 2024. The decrease in non-performing loans was primarily due to the partial charge-off of a commercial loan relationship discussed below, largely offset by an increase in non-performing construction loans.

    Meridian realized net charge-offs of 0.34% of total average loans for the quarter ended December 31, 2024, up from 0.11% for the quarter ended September 30, 2024. Net charge-offs increased to $7.1 million for the quarter ended December 31, 2024, compared to net charge-offs of $2.3 million for the quarter ended September 30, 2024. Fourth quarter charge-offs consisted of $3.5 million in charge-offs on a protracted commercial advertising loan relationship, $1.3 million of small ticket equipment leases which are charged-off after becoming more than 120 days past due, and $1.7 million in SBA loans. Overall there were recoveries of $315 thousand, largely related to leases and small business loans.

    The ratio of allowance for credit losses to total loans held for investment, excluding loans at fair value (a non-GAAP measure, see reconciliation in the Appendix), was 0.91% as of December 31, 2024, a decrease from the coverage ratio of 1.10% as of September 30, 2024 due largely to the level of charge-offs in the quarter discussed above. As of December 31, 2024 there were specific reserves of $2.7 million against individually evaluated loans, a decrease of $4.1 million from $6.8 million in specific reserves as of September 30, 2024. The specific reserve decline over the prior quarter was the result of the commercial loan relationship specific reserve charge-off, combined with specific reserve charge-offs on SBA loans, while new specific reserves were established on additional SBA loans in the current quarter.

    About Meridian Corporation

    Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through its 18 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at http://www.meridianbanker.com. Member FDIC.

    “Safe Harbor” Statement

    In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

    MERIDIAN CORPORATION AND SUBSIDIARIES
    FINANCIAL RATIOS (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      Three Months Ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Earnings and Per Share Data:                  
    Net income $ 5,601     $ 4,743     $ 3,326     $ 2,676     $ 571  
    Basic earnings per common share $ 0.50     $ 0.43     $ 0.30     $ 0.24     $ 0.05  
    Diluted earnings per common share $ 0.49     $ 0.42     $ 0.30     $ 0.24     $ 0.05  
    Common shares outstanding   11,240       11,229       11,191       11,186       11,183  
                       
    Performance Ratios:                  
    Return on average assets(2)   0.92 %     0.80 %     0.58 %     0.47 %     0.10 %
    Return on average equity(2)   13.01       11.41       8.25       6.73       1.44  
    Net interest margin (tax-equivalent)(2)   3.29       3.20       3.06       3.09       3.18  
    Yield on earning assets (tax-equivalent)(2)   6.81       7.06       6.98       6.90       6.81  
    Cost of funds(2)   3.71       4.05       4.10       4.00       3.81  
    Efficiency ratio   65.72 %     70.67 %     72.89 %     73.90 %     78.63 %
                       
    Asset Quality Ratios:                  
    Net charge-offs (recoveries) to average loans   0.34 %     0.11 %     0.20 %     0.12 %     0.11 %
    Non-performing loans to total loans   2.19       2.20       1.84       1.93       1.76  
    Non-performing assets to total assets   1.90       1.97       1.68       1.74       1.58  
    Allowance for credit losses to:                  
    Total loans and other finance receivables   0.91       1.09       1.09       1.18       1.17  
    Total loans and other finance receivables (excluding loans at fair value)(1)   0.91       1.10       1.10       1.19       1.17  
    Non-performing loans   40.86 %     48.66 %     57.66 %     60.59 %     65.48 %
                       
    Capital Ratios:                  
    Book value per common share $ 15.26     $ 14.91     $ 14.51     $ 14.30     $ 14.13  
    Tangible book value per common share $ 14.93     $ 14.58     $ 14.17     $ 13.96     $ 13.78  
    Total equity/Total assets   7.19 %     7.01 %     6.91 %     6.98 %     7.04 %
    Tangible common equity/Tangible assets – Corporation(1)   7.05       6.87       6.76       6.82       6.87  
    Tangible common equity/Tangible assets – Bank(1)   9.06       8.95       8.85       8.93       8.94  
    Tier 1 leverage ratio – Bank   9.21       9.32       9.33       9.42       9.46  
    Common tier 1 risk-based capital ratio – Bank   10.33       10.17       9.84       9.87       10.10  
    Tier 1 risk-based capital ratio – Bank   10.33       10.17       9.84       9.87       10.10  
    Total risk-based capital ratio – Bank   11.20 %     11.22 %     10.84 %     10.95 %     11.17 %
    (1) See Non-GAAP reconciliation in the Appendix                
    (2) Annualized                  
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      Three Months Ended   Year Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Interest income:                  
    Loans and other finance receivables, including fees $ 37,229     $ 38,103     $ 34,469     $ 147,157     $ 130,081  
    Securities – taxable   1,684       1,480       1,020       5,739       3,873  
    Securities – tax-exempt   314       320       331       1,283       1,369  
    Cash and cash equivalents   801       416       526       1,848       1,266  
    Total interest income   40,028       40,319       36,346       156,027       136,589  
    Interest expense:                  
    Deposits   18,341       19,313       16,806       74,037       57,819  
    Borrowings and subordinated debentures   2,388       2,764       2,598       10,994       9,828  
    Total interest expense   20,729       22,077       19,404       85,031       67,647  
    Net interest income   19,299       18,242       16,942       70,996       68,942  
    Provision for credit losses   3,572       2,282       4,628       11,400       6,815  
    Net interest income after provision for credit losses   15,727       15,960       12,314       59,596       62,127  
    Non-interest income:                  
    Mortgage banking income   5,516       6,474       3,394       21,044       16,537  
    Wealth management income   1,527       1,447       1,239       5,735       4,928  
    SBA loan income   1,143       544       1,022       3,458       4,485  
    Earnings on investment in life insurance   224       222       204       868       789  
    Gain on sale of MSRs   3,992       —       —       3,992       —  
    Net change in the fair value of derivative instruments   (146 )     (102 )     (126 )     30       91  
    Net change in the fair value of loans held-for-sale   (163 )     169       120       (25 )     32  
    Net change in the fair value of loans held-for-investment   (552 )     965       805       214       132  
    Net (loss) gain on hedging activity   192       (197 )     (53 )     (87 )     28  
    Net loss on sale of investment securities available-for-sale   2       (57 )     —       (55 )     (58 )
    Other   1,545       1,366       1,512       6,166       5,001  
    Total non-interest income   13,280       10,831       8,117       41,339       31,965  
    Non-interest expense:                  
    Salaries and employee benefits   12,429       12,829       11,744       47,268       47,377  
    Occupancy and equipment   2,270       1,243       1,232       5,976       4,842  
    Professional fees   1,134       1,106       1,382       4,767       4,312  
    Data processing and software   1,553       1,553       1,651       6,144       6,415  
    Advertising and promotion   839       717       931       3,293       3,730  
    Pennsylvania bank shares tax   243       181       233       972       968  
    Other   2,943       2,917       2,530       10,729       9,481  
    Total non-interest expense   21,411       20,546       19,703       79,149       77,125  
    Income before income taxes   7,596       6,245       728       21,786       16,967  
    Income tax expense   1,995       1,502       157       5,440       3,724  
    Net income $ 5,601     $ 4,743     $ 571     $ 16,346     $ 13,243  
                       
    Basic earnings per common share $ 0.50     $ 0.43     $ 0.05     $ 1.47     $ 1.19  
    Diluted earnings per common share $ 0.49     $ 0.42     $ 0.05     $ 1.45     $ 1.16  
                       
    Basic weighted average shares outstanding   11,158       11,110       11,070       11,113       11,115  
    Diluted weighted average shares outstanding   11,375       11,234       11,206       11,243       11,387  
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Assets:                  
    Cash and due from banks $ 5,598     $ 12,542     $ 8,457     $ 8,935     $ 10,067  
    Interest-bearing deposits at other banks   21,864       19,805       15,601       14,092       46,630  
    Cash and cash equivalents   27,462       32,347       24,058       23,027       56,697  
    Securities available-for-sale, at fair value   174,304       171,568       159,141       150,996       146,019  
    Securities held-to-maturity, at amortized cost   33,771       33,833       35,089       35,157       35,781  
    Equity investments   2,086       2,166       2,088       2,092       2,121  
    Mortgage loans held for sale, at fair value   32,413       46,602       54,278       29,124       24,816  
    Loans and other finance receivables, net of fees and costs   2,030,437       2,008,396       1,988,535       1,956,315       1,895,806  
    Allowance for credit losses   (18,438 )     (21,965 )     (21,703 )     (23,171 )     (22,107 )
    Loans and other finance receivables, net of the allowance for credit losses   2,011,999       1,986,431       1,966,832       1,933,144       1,873,699  
    Restricted investment in bank stock   7,753       8,542       10,044       8,560       8,072  
    Bank premises and equipment, net   12,151       12,807       13,114       13,451       13,557  
    Bank owned life insurance   29,712       29,489       29,267       29,051       28,844  
    Accrued interest receivable   9,958       10,012       9,973       9,864       9,325  
    Other real estate owned   159       1,862       1,862       1,703       1,703  
    Deferred income taxes   4,669       3,537       3,950       4,339       4,201  
    Servicing assets   4,382       4,364       11,341       11,573       11,748  
    Servicing assets held for sale   —       6,609       —       —       —  
    Goodwill   899       899       899       899       899  
    Intangible assets   2,767       2,818       2,869       2,920       2,971  
    Other assets   31,382       33,835       26,779       37,023       25,740  
    Total assets $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923     $ 2,246,193  
                       
    Liabilities:                  
    Deposits:                  
    Non-interest bearing $ 240,858     $ 237,207     $ 224,040     $ 220,581     $ 239,289  
    Interest bearing                  
    Interest checking   141,439       133,429       130,062       121,204       150,898  
    Money market and savings deposits   913,536       822,837       787,479       797,525       747,803  
    Time deposits   709,535       785,454       773,855       761,386       685,472  
    Total interest-bearing deposits   1,764,510       1,741,720       1,691,396       1,680,115       1,584,173  
    Total deposits   2,005,368       1,978,927       1,915,436       1,900,696       1,823,462  
    Borrowings   124,471       144,880       187,260       145,803       174,896  
    Subordinated debentures   49,743       49,928       49,897       49,867       49,836  
    Accrued interest payable   6,860       7,017       7,709       8,350       10,324  
    Other liabilities   27,903       39,519       28,900       28,271       29,653  
    Total liabilities   2,214,345       2,220,271       2,189,202       2,132,987       2,088,171  
                       
    Stockholders’ equity:                  
    Common stock   13,243       13,232       13,194       13,189       13,186  
    Surplus   81,545       81,002       80,639       80,487       80,325  
    Treasury stock   (26,079 )     (26,079 )     (26,079 )     (26,079 )     (26,079 )
    Unearned common stock held by employee stock ownership plan   (1,006 )     (1,204 )     (1,204 )     (1,204 )     (1,204 )
    Retained earnings   111,961       107,765       104,420       102,492       101,216  
    Accumulated other comprehensive loss   (8,142 )     (7,266 )     (8,588 )     (8,949 )     (9,422 )
    Total stockholders’ equity   171,522       167,450       162,382       159,936       158,022  
    Total liabilities and stockholders’ equity $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923     $ 2,246,193  
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      Three Months Ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Interest income $ 40,028   $ 40,319   $ 38,465   $ 37,215   $ 36,346
    Interest expense   20,729     22,077     21,619     20,606     19,404
    Net interest income   19,299     18,242     16,846     16,609     16,942
    Provision for credit losses   3,572     2,282     2,680     2,866     4,628
    Non-interest income   13,280     10,831     9,244     7,984     8,117
    Non-interest expense   21,411     20,546     19,018     18,174     19,703
    Income before income tax expense   7,596     6,245     4,392     3,553     728
    Income tax expense   1,995     1,502     1,066     877     157
    Net Income $ 5,601   $ 4,743   $ 3,326   $ 2,676   $ 571
                       
    Basic weighted average shares outstanding   11,158     11,110     11,096     11,088     11,070
    Basic earnings per common share $ 0.50   $ 0.43   $ 0.30   $ 0.24   $ 0.05
                       
    Diluted weighted average shares outstanding   11,375     11,234     11,150     11,201     11,206
    Diluted earnings per common share $ 0.49   $ 0.42   $ 0.30   $ 0.24   $ 0.05
      Segment Information
      Three Months Ended December 31, 2024   Three Months Ended December 31, 2023
    (dollars in thousands) Bank   Wealth   Mortgage   Total   Bank   Wealth   Mortgage   Total
    Net interest income $ 19,178     $ 70     $ 51     $ 19,299     $ 16,908     $ (15 )   $ 49     $ 16,942  
    Provision for credit losses   3,572       —       —       3,572       4,628       —       —       4,628  
    Net interest income after provision   15,606       70       51       15,727       12,280       (15 )     49       12,314  
    Non-interest income   2,669       1,527       9,084       13,280       2,051       1,239       4,827       8,117  
    Non-interest expense   13,641       1,026       6,744       21,411       13,202       957       5,544       19,703  
    Income (loss) before income taxes $ 4,634     $ 571     $ 2,391     $ 7,596     $ 1,129     $ 267     $ (668 )   $ 728  
    Efficiency ratio   62 %     64 %     74 %     66 %     70 %     78 %     114 %     79 %
                                   
      Year Ended December 31, 2024   Year Ended December 31, 2023
    (dollars in thousands) Bank   Wealth   Mortgage   Total   Bank   Wealth   Mortgage   Total
    Net interest income $ 70,706     $ 146     $ 144     $ 70,996     $ 68,835     $ (27 )   $ 134     $ 68,942  
    Provision for credit losses   11,400       —       —       11,400       6,815       —       —       6,815  
    Net interest income after provision   59,306       146       144       59,596       62,020       (27 )     134       62,127  
    Non-interest income   7,576       5,735       28,028       41,339       7,743       4,928       19,294       31,965  
    Non-interest expense   51,584       3,506       24,059       79,149       48,827       3,661       24,637       77,125  
    Income (loss) before income taxes $ 15,298     $ 2,375     $ 4,113     $ 21,786     $ 20,936     $ 1,240     $ (5,209 )   $ 16,967  
    Efficiency ratio   66 %     60 %     85 %     70 %     64 %     75 %     127 %     76 %
                                   

    MERIDIAN CORPORATION AND SUBSIDIARIES
    APPENDIX: NON-GAAP MEASURES (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)

    Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

      Pre-tax, Pre-provision Reconciliation
      Three Months Ended   Year Ended
    (Dollars in thousands, except per share data, Unaudited) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Income before income tax expense $ 7,596   $ 6,245   $ 728   $ 21,786   $ 16,967
    Provision for credit losses   3,572     2,282     4,628     11,400     6,815
    Pre-tax, pre-provision income $ 11,168   $ 8,527   $ 5,356   $ 33,186   $ 23,782
      Pre-tax, Pre-provision Reconciliation
      Three Months Ended   Year Ended
    (Dollars in thousands, except per share data, Unaudited) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Bank $ 8,206   $ 6,222   $ 5,757     $ 26,698   $ 27,751  
    Wealth   571     653     267       2,375     1,240  
    Mortgage   2,391     1,652     (668 )     4,113     (5,209 )
    Pre-tax, pre-provision income $ 11,168   $ 8,527   $ 5,356     $ 33,186   $ 23,782  
      Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Allowance for credit losses (GAAP) $ 18,438     $ 21,965     $ 21,703     $ 23,171     $ 22,107  
                       
    Loans and other finance receivables (GAAP)   2,030,437       2,008,396       1,988,535       1,956,315       1,895,806  
    Less: Loans at fair value   (14,501 )     (13,965 )     (12,900 )     (13,139 )     (13,726 )
    Loans and other finance receivables, excluding loans at fair value (non-GAAP) $ 2,015,936     $ 1,994,431     $ 1,975,635     $ 1,943,176     $ 1,882,080  
                       
    ACL to loans and other finance receivables (GAAP)   0.91 %     1.09 %     1.09 %     1.18 %     1.17 %
    ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)   0.91 %     1.10 %     1.10 %     1.19 %     1.17 %
      Tangible Common Equity Ratio Reconciliation – Corporation
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Total stockholders’ equity (GAAP) $ 171,522     $ 167,450     $ 162,382     $ 159,936     $ 158,022  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible common equity (non-GAAP)   167,856       163,733       158,614       156,117       154,152  
                       
    Total assets (GAAP)   2,385,867       2,387,721       2,351,584       2,292,923       2,246,193  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible assets (non-GAAP) $ 2,382,201     $ 2,384,004     $ 2,347,816     $ 2,289,104     $ 2,242,323  
    Tangible common equity to tangible assets ratio – Corporation (non-GAAP)   7.05 %     6.87 %     6.76 %     6.82 %     6.87 %
      Tangible Common Equity Ratio Reconciliation – Bank
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Total stockholders’ equity (GAAP) $ 219,119     $ 217,028     $ 211,308     $ 208,319     $ 204,132  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible common equity (non-GAAP)   215,453       213,311       207,540       204,500       200,262  
                       
    Total assets (GAAP)   2,382,014       2,385,994       2,349,600       2,292,894       2,244,893  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible assets (non-GAAP) $ 2,378,348     $ 2,382,277     $ 2,345,832     $ 2,289,075     $ 2,241,023  
    Tangible common equity to tangible assets ratio – Bank (non-GAAP)   9.06 %     8.95 %     8.85 %     8.93 %     8.94 %
                       
                       
      Tangible Book Value Reconciliation
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Book value per common share $ 15.26     $ 14.91     $ 14.51     $ 14.30     $ 14.13  
    Less: Impact of goodwill /intangible assets   0.33       0.33       0.34       0.34       0.35  
    Tangible book value per common share $ 14.93     $ 14.58     $ 14.17     $ 13.96     $ 13.78  

    Contact:
    Christopher J. Annas
    484.568.5001
    CAnnas@meridianbanker.com

    The MIL Network –

  • MIL-OSI: MKS Instruments Completes Repricing on its Secured Term Loan B USD and EUR Tranches and Makes a $100 Million Voluntary Prepayment on its Secured Term Loan B USD

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Jan. 24, 2025 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, announced today that it successfully completed the repricing of its $2.5 billion and €0.6 billion secured tranche B term loans maturing in 2029. The repricing results in a reduction of the interest rate for the USD tranche B term loans from SOFR plus a margin of 225 basis points to SOFR plus 200 basis points and EUR tranche B term loans from EURIBOR plus a margin of 275 basis points to EURIBOR plus 250 basis points.

    In addition, concurrently with the repricing, MKS made a voluntary prepayment of $100 million on its USD tranche B term loans, reducing the principal amount of USD tranche B term loans from $2.6 billion to $2.5 billion.

    Based on the current interest rates, the annualized cash interest savings from the combined actions is approximately $15 million.

    “We continue to demonstrate our commitment to deleveraging our balance sheet,” said Ram Mayampurath, Executive Vice President, Chief Financial Officer and Treasurer. “Our latest term loan B repricing is one of many actions taken over the last 18 months to proactively seek opportunities to reduce costs and maximize free cash flow to repay debt.”

    JPMorgan Chase Bank, N.A., Barclays Bank PLC, BofA Securities, Inc., Citibank, N.A., HSBC Securities (USA) Inc., Mizuho Bank, Ltd., Morgan Stanley Senior Funding, Inc., and PNC Bank, National Association acted as the joint lead arrangers and joint bookrunners for the tranche B term loan repricing.

    About MKS Instruments
    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at http://www.mks.com.

    SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
    This press release contains a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act regarding MKS’ cash interest savings. This statement is only a prediction based on current assumptions and expectations. Actual events or results, including changes in interest rates, may differ materially from those in the forward-looking statement set forth herein. Readers are referred to MKS’ filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning MKS and its operations. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

    Company Contact:
    Paretosh Misra
    Vice President, Investor Relations
    Telephone: (978) 284-4705
    Email: paretosh.misra@mksinst.com

    The MIL Network –

  • MIL-OSI: Fusion Fuel Provides Update on Gas Business, Announces Key Developments in Middle East Operations

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Jan. 24, 2025 (GLOBE NEWSWIRE) — via IBN – Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a leading provider of full-service energy engineering and advisory solutions, is pleased to announce several significant developments in its Al Shola Gas (“Al Shola”) subsidiary, which continues to serve as a core driver of growth and profitability for the Company.

    Between November 2024 and January 2025, Al Shola secured new orders and renewals valued at approximately USD $3.5 million. These include the renewal of an exclusive LPG supply contract in the residential sector and multiple supply and installation projects across diverse customer segments, such as manufacturing, hospitality, and construction.

    Commenting on the commercial progress, JP Backwell, CEO of Fusion Fuel, said: “Our gas business continues to generate meaningful cash flows in its core markets in the Middle East, representing a strong and profitable foundation for Fusion Fuel. The recent orders and renewals underscore the trust our customers place in us and our ability to deliver both fuel and value-added solutions safely and reliably. Looking ahead, we see tremendous potential for growth with additional investment in our infrastructure, particularly to expand our bulk LPG supply capabilities. We are excited about the opportunity to broaden our geographical reach, expand our service offerings, and increase our capacity, which we believe will unlock new revenue streams and enable us to meet the growing demand from our customers, both in the Middle East and beyond. With our Al Shola Gas and BrightHy operating businesses, Fusion Fuel is well-positioned to drive sustainable growth and create long-term value for our shareholders by delivering innovative energy solutions across the full energy value chain.”

    About Fusion Fuel Green plc

    Fusion Fuel Green PLC (NASDAQ: HTOO) is an emerging leader in the energy services sector, offering a comprehensive suite of energy engineering and advisory solutions through its Al Shola Gas and BrightHy subsidiaries. Al Shola Gas provides full-service industrial gas solutions, including the design, supply, and maintenance of liquefied petroleum gas (LPG) systems, as well as the transport and distribution of LPG to a broad range of customers across commercial, industrial, and residential sectors. BrightHy, the Company’s newly launched hydrogen solutions platform, focuses on delivering innovative engineering and advisory services that enable decarbonization across hard-to-abate industries.

    Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu and following us on LinkedIn.

    Forward-Looking Statements

    This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Fusion Fuel has based these forward-looking statements largely on its current expectations, including but not limited the ability of the investment reported on to be consummated as anticipated. Such forward-looking statements are subject to risks and uncertainties (including those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission) which could cause actual results to differ from the forward-looking statements.

    Investor Relations Contact
    ir@fusion-fuel.eu

    Wire Service Contact:
    IBN
    Austin, Texas
    http://www.InvestorBrandNetwork.com
    512.354.7000 Office
    Editor@InvestorBrandNetwork.com

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Awarded Major New Contract with Energy Resilience Technology Provider

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it expects to begin manufacturing in the second half of 2025 for a market revolutionizing, innovative energy resilience technology provider.   

    Key Tronic has been awarded the manufacturing of an industry leading, innovative energy resiliency product. Initial production will ramp in late 2025 at the Key Tronic manufacturing campuses in Juarez, Mexico and Arkansas. Once fully ramped, Key Tronic believes the yearly revenue could exceed $60 million dollars.

    “We are looking forward to the design and manufacturing expertise of Key Tronic to help accelerate introduction of new products, as well as enhance our ability to increase product availability to fulfill the anticipated overwhelming demand,” said the CEO of Key Tronic’s new customer.

    “We are very excited to be working with a recognized, emerging leader in the energy resiliency industry,” said Brett Larsen, President and CEO of Key Tronic. “The product has the potential to assist in better asset management and public safety by ensuring increased vigilance across all operations. Our new customer is a highly respected company and we are thrilled to be involved with a product that can assist in the greater good. This important new strategic relationship represents an expansion of our customer base and we expect it will contribute to profitable long term growth.”

    About Key Tronic

    Key Tronic is a leading design engineering and contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    CONTACTS: Anthony G. Voorhees   Michael Newman
      Chief Financial Officer   Investor Relations
      Key Tronic Corporation   StreetConnect
      (509) 927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI: China Medical System（00867）Obtained Class 1 Innovative Drug Long-acting Anti-IL-4Rα Monoclonal Antibody MG-K10

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, CHINA, Jan. 24, 2025 (GLOBE NEWSWIRE) — China Medical System Holdings Limited (the “Company”, together with its subsidiaries, the “Group” or “CMS”) is pleased to announce that on 24 January 2025, the Group through subsidiaries of the Company entered into a Collaboration Agreement with Hunan Mabgeek Biotechnology Co., Ltd. (“Mabgeek Biotechnology”) and its subsidiary for Class 1 innovative drug anti-IL-4Rα humanized monoclonal antibody injection MG-K10 (“MG-K10” or the “Product”). The Group has obtained the co-development right as specifically agreed upon in the Agreement and exclusive commercialization right to the Product in Mainland China, Hong Kong Special Administrative Region, Macao Special Administrative Region, Taiwan Region and Singapore (the “Territory”); Mabgeek Biotechnology will support the commercialization activities and is responsible for the sale and supply of the Product. The collaboration term is perpetual.

    IL-4Rα is considered a key target for the treatment of type 2 inflammatory diseases, such as atopic dermatitis (AD), asthma, prurigo nodularis, etc. Anti-IL-4Rα monoclonal antibodies are among the best-selling biologics in this field. MG-K10 is an innovative long-acting anti-IL-4Rα humanized monoclonal antibody that simultaneously blocks the signaling of key type 2 inflammatory cytokines IL-4 and IL-13. Following Fc mutation, MG-K10 allows long dosing interval owing to its prolonged half-life, and it is expected to be the first long-acting anti-IL-4Rα monoclonal antibody marketed in China. Currently marketed anti-IL-4Rα drugs require dosing every two weeks, whereas MG-K10 only requires dosing every four weeks, demonstrating good efficacy and safety. MG-K10 has the potential to be the Best-in-Class (BIC).

    This collaboration marks another significant milestone for Dermavon (formerly known as CMS Skinhealth)’s layout in the dermatology field. MG-K10 will enrich the global differentiated innovative pipeline of Dermavon, and will strongly synergize with the existing product portfolio, such as marketed innovative drug ILUMETRI (tildrakizumab injection), marketed exclusive drug Hirudoid (mucopolysaccharide polysulfate cream) and dermatology-grade skincare products of Heling soothing product series (developed for AD patients), and innovative pipeline drugs ruxolitinib cream (for the topical treatment of mild to moderate AD and non-segmental vitiligo) and povorcitinib (for the treatment of non-segmental vitiligo, hidradenitis suppurativa, prurigo nodularis and chronic spontaneous urticaria), etc. Leveraging its proven clinical development and commercialization capabilities, the Group will fully cooperate with Mabgeek Biotechnology to promote the approval of MG-K10 in China, bringing a new treatment option with lower dosing frequency, good efficacy and safety to patients with type 2 inflammatory diseases in China.

    More information about MG-K10
    MG-K10 is a Class 1 innovative drug anti-IL-4Rα humanized monoclonal antibody injection that used for the treatment of type 2 inflammatory diseases, including AD, asthma, prurigo nodularis, allergic rhinitis, chronic rhinosinusitis with nasal polyps, eosinophilic esophagitis, chronic obstructive pulmonary disease and so on. It holds substance patents in specific countries/regions within the Territory.

    MG-K10 has entered Phase III clinical trials in China for AD, asthma, and prurigo nodularis. In the completed Phase II clinical trials for adult moderate-to-severe AD and moderate-to-severe asthma, MG-K10 has demonstrated good efficacy and safety[1-2]. Additionally, MG-K10 has obtained IND approval for eosinophilic esophagitis, chronic rhinosinusitis with nasal polyps, and seasonal allergic rhinitis in China.

    According to Frost & Sullivan, the global market for treatments targeting IL-4Rα is expected to reach US$28.7 billion by 2030, with a compound annual growth rate (CAGR) of 21.8% from 2020 to 2030. In China, the market is projected to reach US$4.08 billion by 2030, with a CAGR of 76.8% from 2020 to 2030.

    About AD indication
    MG-K10’s first indication, AD, is a chronic inflammatory skin condition characterized by severe itching. It is the most burdensome non-fatal skin disease globally, with at least 230 million people affected worldwide[3]. AD is also a prevalent and high-burden chronic disease in China, with the prevalence showing an upward trend[3]. According to the Global Burden of Disease Study 2019, the number of AD patients in China increased by 25.65% from 1990 to 2019[3]. It is estimated that there are approximately 36.09 million AD patients in China[3], with approximately 9.625 million suffering from moderate-to-severe AD[4].

    Current treatment options for AD primarily include topical and systemic treatments. For moderate-to-severe AD, topical medications are often insufficient to achieve disease control, necessitating the initiation of systemic treatments. However, due to the limitations in efficacy and safety of traditional systemic therapies for AD, moderate-to-severe AD patients often experience delays in systemic treatment initiation, poor compliance, and suboptimal disease control, leaving a significant unmet need in clinical practice[3]. MG-K10, with its extended dosing interval of once every four weeks, is expected to improve patient adherence and provide a new, effective, and safe systemic treatment option for patients with moderate-to-severe AD.

    About Mabgeek Biotechnology
    Mabgeek Biotechnology was founded in 2016 and has always adhered to the research and development concept of “innovation, efficiency and safety”, focusing on the fields of allergic inflammatory diseases and autoimmune diseases. Mabgeek Biotechnology is equipped with a research and development team composed of top industry experts. With excellent research capabilities and deep industry experience, Mabgeek Biotechnology uses its unique TEADA high-throughput antibody screening platform to develop innovative antibody drugs with high biological activity, excellent druggability, and differentiation. Mabgeek Biotechnology is committed to providing safer, more effective and more convenient treatment solutions for patients worldwide. For more information about Mabgeek Biotechnology and its products, please visit: https://www.mabge.com/.

    About CMS
    CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.

    CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.

    CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development of its advantageous specialty fields and expand business boundaries. While strengthening the competitiveness of the cardio-cerebrovascular/gastroenterology business, CMS independently operates its dermatology and medical aesthetics business, and ophthalmology business, aiming to gain leading positions in specialty therapeutic fields, whilst enhancing the scale and efficiency. At the same time, CMS has expanded its business territory to the Southeast Asian market, striving to become a “bridgehead” for global pharmaceutical companies to enter the Southeast Asian market, further escorting the sustainable and healthy development of the Group.

    Reference:

    1. The data of the product’s Phase II clinical trial for AD indication as disclosed by Mabgeek: https://www.mabge.com/en/index.php?c=show&id=23
    2. The interim data of the product’s Phase II clinical trial for asthma indication as disclosed by Mabgeek: https://www.mabge.com/index.php?c=show&id=18
    3. Chinese Society of Dermatology, China Dermatologist Association. Clinical pathway for the diagnosis and treatment of moderate to severe atopic dermatitis in China (2023): an expert consensus[J]. Chinese Journal of Dermatology, 2023, 56(11): 1000-1007. DOI: 10.35541/cjd.20230247.
    4. Mao, Dandan et al. Prevalence and risk factors of atopic dermatitis in Chinese adults: a nationwide population-based cross-sectional study. Chinese medical journal vol. 136,5 604-606. 5 Mar. 2023, DOI:10.1097/CM9.0000000000002560

    CMS Disclaimer and Forward-Looking Statements
    This press release is not intended to promote any products to you and is not for advertising purposes. This press release does not recommend any drugs, medical devices and/or indications. If you want to know more about the diagnosis and treatment of specific diseases, please follow the opinions or guidance of your doctor or other medical and health professionals. Any treatment-related decisions made by healthcare professionals should be based on the patient’s specific circumstances and in accordance with the drug package insert.

    This press release which has been prepared by CMS does not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This press release has been prepared by CMS based on information and data which it considers reliable, but CMS makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this press release. Certain matters discussed in this press release may contain statements regarding the Group’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Group and the Company is not responsible for such third-party statements and projections.

    Media Contact

    Brand: China Medical System Holdings Ltd.

    Contact: CMS Investor Relations

    Email: ir@cms.net.cn

    Website: https://web.cms.net.cn/en/home/

    Source: China Medical System Holdings Ltd.

    The MIL Network –

  • MIL-OSI: The Drone Market Size Continues to Rise Steeply Generating Lucrative Revenue Opportunity

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The drone platform services segment dominated the global drone services market share in recent years and is estimated to be the fastest growing through 2032. This is due to the growing use of drones for emergency response and public safety. Drone platform services refer to a range of software and hardware solutions that enable the safe and efficient operation of drones. Drone MRO services comprise maintenance, repair, and overhaul services for items such as wind turbine blades, solar plates, and oil & gas pipelines, especially in hard-to-reach locations. The drone MRO services segment is expected to register significant growth during the forecast period due to increasing demand for low cost and effective inspection services across various sectors. Autonomous drones are UAVs that can operate without human intervention, using advanced software, sensors, and cameras. These drones have been playing an essential role in various industries such as agriculture, construction, mining, and logistics. The introduction of artificial intelligence (AI) software improves the overall performance of unmanned aerial systems, enabling drones to recognize objects, examine information, and provide real-time analytical feedback. A report from Fortune Business Insights said that: “The increase in precision farming needs, aiming to boost crop productivity, drives market growth. Drone OEMs are investing in R&D for thermal cameras, multispectral sensors, and LiDAR, improving drone efficacy in monitoring fields, creating vegetation maps, and detecting issues such as disease and irrigation irregularities. Thus, it drives the market growth during the forecast period.”    Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), AgEagle Aerial Systems Inc. (NYSE: UAVS), Palladyne AI Corp. (NASDAQ: PDYN), Red Cat Holdings, Inc. (NASDAQ: RCAT), Ambarella, Inc. (NASDAQ: AMBA).

    Fortune Business Insights continued: “Agricultural drones, flying at a specific altitude with sensors, provide crucial analytical data for controls crop health, treatment, exploration, field soil analysis, and yield assessments, aiding farmers in making informed decisions and reducing time and costs. The surveillance & inspection segment dominates the market. It is estimated to be the fastest growing segment during the forecast period, owing to rising demand for surveillance and inspection operations from agriculture, oil & gas, mining, and other sectors. The product delivery segment held the second-largest share in the application segment. It refers to the use of drones to deliver goods to customers. This entails specialized drones equipped with sensors and GPS technology to navigate and deliver packages to their intended destinations. The rising demand for fast and efficient delivery services is anticipated to boost the product delivery segment.”

    ZenaTech (NASDAQ:ZENA) Announces Listing of its Common Shares on the Mexican Stock Exchange – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it its common shares are approved for listing and trading on the BMV: Bolsa Mexicana de Valores (Mexican Stock Exchange). The shares trade under the symbol “ZENA” on its International Quotation System (SIC), effective January 23, 2025.

    “As we continue to expand our business into new geographical markets, this additional listing on the Mexican Stock Exchange not only broadens our international exposure but provides increased liquidity for our shareholders. We look forward to sharing our story with Mexican investors as we continue to drive value for our shareholders,” said CEO Shaun Passley, Ph.D.

    In Additional ZENA News – ZenaTech Inc.’s (NASDAQ:ZENA) Acquires KJM Land Surveying LLC, a Second Acquisition to Accelerate Drone Innovation in Land Surveys and Establish a Southeast Base for its Drone as a Service Business – ZenaTech, a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has acquired KJM Land Surveying LLC, a well-established Pensacola Florida land survey engineering company with a long history and roster of repeat customers. This is ZenaTech’s second acquisition as part of a larger roll-up strategy to disrupt the land survey industry by accelerating the use of drones for speed, accuracy and innovation benefits. The acquisition will also form the base of the Southeast US region of its national Drone as a Service or DaaS business which utilizes drone solutions from its subsidiary company ZenaDrone.

    “Closing this second acquisition is another step in our Drone as a Service or DaaS strategy, establishing a Southeast base with an experienced team and customer relationships, which adds to our Northwest base and national rollout. We have the opportunity to significantly disrupt the land survey business at scale using drone technologies. We view our DaaS business model as similar as to how Uber disrupted the taxi industry,” said CEO Shaun Passley, Ph.D. “This acquisition, as well as the 20 others we have identified, have the potential to add accretive revenue over the short term as well as the long term.”

    The US Surveying and Mapping Services industry is estimated at $10.3 billion according to Business Research Insights, growing at least 3% annually. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using traditional methods.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the technology industry include:

    Ambarella, Inc. (NASDAQ: AMBA) recently announced during CES the N1-655 edge GenAI system-on-chip (SoC), which provides on-chip decode of 12x simultaneous 1080p30 video streams, while concurrently processing that video and running a hybrid of multiple, multimodal vision-language models (VLMs) and traditional CNNs. This SoC’s high AI processing performance supports most of the popular multimodal VLMs and large-language models (LLMs), while consuming only 20 watts of power—10-100x lower than cloud processors. For example, the N1-655 reliably runs the Phi, Gemma, LLaVA-OneVision and Llama models, without the need for an internet connection, on data inputs like visuals and speech in applications such as on-premise AI boxes, autonomous mobile robots (AMRs), and smart-city security video recorders.

    Following its initial N1 SoC introduced last year, Ambarella is building up a family of edge GenAI SoCs for tasks that go beyond what can be done on-camera. Both of the current family members process GenAI models locally to improve privacy with state-of-the-art performance per watt, significantly reducing power consumption as well as the total cost of ownership compared to cloud-based inference processing.

    AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the completion of its previously announced historic order of eBee VISION systems to its reseller for French Army surveillance operations. Each system consists of an eBee VISION UAV, ground control systems, comms and antenna package, and a tactical backpack unit. The final 15 units have been delivered pursuant to this purchase order, with the total order valued at $3.4M, which represents the largest single order since the Company was founded.

    Bill Irby, AgEagle President, stated, “As AgEagle embarks on what we anticipate being a promising new year in the expanding drone market, closing out this historic requisition serves as a strong indicator of what we believe will be our most successful year to date. In conjunction with our reseller partner we have conducted multiple training events with the French Army which provided invaluable real-time feedback we are leveraging to accelerate the evolution of our eBee VISION. We believe these insights, in addition to our recent significant milestone achievements, will be essential to the scaling of our high-value intelligence, surveillance, and reconnaissance product offerings to military and commercial operations worldwide. We look forward to driving ongoing sustainable revenue growth and remain committed to building long-term value for all our stakeholders.”

    Palladyne AI Corp. (NASDAQ: PDYN) and Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced the completion of the first successful flight in which multiple Teal drones equipped with Palladyne™ Pilot AI software autonomously collaborated to identify, prioritize, and track objects of interest on the ground. The flight demonstrates how the Palladyne Pilot AI software leverages sensor management and platform collaboration to enable a flight of two or more drones to autonomously collaborate and share multi-modal sensor information under constrained communication between drones. This follows Palladyne AI’s announcement in December 2024 that it had successfully demonstrated a single drone’s ability to interface with a small drone’s autopilot system using Palladyne Pilot to autonomously identify, prioritize, and track terrestrial targets.

    “Enabling multiple Teal and Black Widow drones to synthesize and share multi-modal sensor fusion information in real-time will dramatically improve situational awareness in the field,” said Geoff Hitchcock, Chief Revenue Officer, Red Cat Holdings, Inc. “Even more compelling is the ability to translate that shared information into autonomous navigation, enabling a single operator to manage multiple drones with a substantially reduced cognitive load and in operational environments with limited connectivity. We look forward to engaging with our customers to showcase the value of this groundbreaking joint-solution.”

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at http://www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated fifty four hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: WISeKey Announces HUMAN-AI-T, Universal AI for Humanity Platform, at Davos

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Announces HUMAN-AI-T, Universal AI for Humanity Platform, at Davos

     View video here

    Davos, January 24, 2025 – WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today  unveiled live on CNBC from Davos, that in conjunction with the preview of the forthcoming book “Humanity at the Crossroads,” WISeKey, and SEALSQ, are joining forces with leading organizations and institutions to create a groundbreaking AI platform, codenamed HUMAN-AI-T. This universal AI will harness the wisdom of humanity, derived from certified historical and contemporary resources, to ensure the preservation and application of human knowledge for future generations.

    Building on the principles of the Svalbard Global Seed Vault, which secures the world’s agricultural biodiversity, the HUMAN-AI-T project aims to serve as the digital equivalent for human knowledge. It will consolidate a vast range of sources, including religious texts, legal frameworks, international treaties, philosophical ideas, and spiritual teachings from civilizations across the globe, integrating these with wisdom and local traditions. By doing so, it will holistically define humanity and teach the AI unique intricacies, ensuring that its development remains centered on universal human values.

    A Human-Centric Vision for AI

    The HUMAN-AI-T platform will be built using only certified and digitally signed resources to guarantee neutrality and authenticity in its knowledge base. This collaboration between leading universities, WISeKey, and SEALSQ will employ advanced digital stamping and security technologies, ensuring transparency and integrity in the processing of data.

    The primary objective of HUMAN-AI-T is to create an AI that not only augments human potential but also places humanity at the center of technological progress. By mastering AI in this way, the project aspires to secure the world’s collective knowledge and provide a foundation for a more equitable and ethical digital future.

    Launch Highlights

    The HUMAN-AI-T project was officially introduced alongside the launch of the forthcoming book ‘Humanity at the Crossroads’ from the authors of ‘The TransHuman Code’ Carlos Moreira and David Fergusson, during a live broadcast from the CNBC  Sanctuary at Davos. The discussion underscored the urgent need to harness technology to unleash, rather than overshadow, human potential.

    A Secure and Inclusive Digital Future

    The HUMAN-AI-T project represents a monumental step forward in the journey toward a human-centric approach to AI. By leveraging cutting-edge technologies and ethical principles, this initiative seeks to build a foundation for global cooperation and innovation, ensuring that technology serves as a force for good in the world.

    This collaboration marks a pivotal moment in the history of AI development, setting the stage for a future where technology enhances humanity while preserving the values and wisdom that define us.

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit http://www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

    The MIL Network –

  • MIL-OSI: Adoption of Drones-as-a-Service Industry Explodes Along Rising Revenue Opportunities in the Billions

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The drone market size continues to expand as the drone services industry evolves, offering a diverse range of services for both remotely controlled and autonomously flown drones. This industry integrates software-controlled flight plans into drones’ embedded systems, making it a critical component in sectors like agriculture, insurance, construction, marine, aviation, oil & gas, mining, and infrastructure. The demand for these services, which includes tasks such as search and rescue, package delivery, industrial inspections, imaging, and healthcare supply distribution to remote areas, significantly contributes to the growing drone market size. A study from MarketsAndMarkets said the Global Drone Services Market Size, which was valued at USD 17.0 billion in 2023, is estimated to reach USD 57.8 billion by 2028, growing at a CAGR of 27.7% during the forecast period. The report said: “In terms of market segmentation, drone services are categorized by the type of service provided, including platform services (further divided into flight piloting and operation, data analysis, and data processing), maintenance, repair, and operations (MRO), and simulation and training. The application-based segmentation encompasses inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, as well as security, search, and rescue. The industry-based segmentation covers a wide spectrum of sectors, including construction and infrastructure, agriculture, utility, oil & gas, mining, defense and law enforcement, media and entertainment scientific research, insurance, aviation, marine, healthcare and social assistance, and transportation, logistics, and warehousing. These industries rely heavily on drones for functions like inspection, monitoring, and photography, further driving the drone market size.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Safe Pro Group Inc. (NASDAQ: SPAI), EHang Holdings Limited (NASDAQ: EH), Unusual Machines, Inc. (NYSE: UMAC), Ondas Holdings Inc. (NASDAQ: ONDS).

    MarketsAndMarkets continued: “Furthermore, the market is categorized by solution type into end-to-end solutions, which encompass all platform services like piloting and operations, data analytics, and data processing. Point solutions are specific to piloting or data processing for applications such as surveying, inspection, and monitoring. North America is expected to hold the largest share of the drone market size within the drone services industry, as these services continue to replace legacy solutions in commercial sectors.”

    ZenaTech (NASDAQ:ZENA) Announces Listing of its Common Shares on the Mexican Stock Exchange – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it its common shares are approved for listing and trading on the BMV: Bolsa Mexicana de Valores (Mexican Stock Exchange). The shares trade under the symbol “ZENA” on its International Quotation System (SIC), effective January 23, 2025.

    “As we continue to expand our business into new geographical markets, this additional listing on the Mexican Stock Exchange not only broadens our international exposure but provides increased liquidity for our shareholders. We look forward to sharing our story with Mexican investors as we continue to drive value for our shareholders,” said CEO Shaun Passley, Ph.D.

    In Additional ZENA News – ZenaTech Inc.’s (NASDAQ:ZENA) Acquires KJM Land Surveying LLC, a Second Acquisition to Accelerate Drone Innovation in Land Surveys and Establish a Southeast Base for its Drone as a Service Business – ZenaTech, a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has acquired KJM Land Surveying LLC, a well-established Pensacola Florida land survey engineering company with a long history and roster of repeat customers. This is ZenaTech’s second acquisition as part of a larger roll-up strategy to disrupt the land survey industry by accelerating the use of drones for speed, accuracy and innovation benefits. The acquisition will also form the base of the Southeast US region of its national Drone as a Service or DaaS business which utilizes drone solutions from its subsidiary company ZenaDrone.

    “Closing this second acquisition is another step in our Drone as a Service or DaaS strategy, establishing a Southeast base with an experienced team and customer relationships, which adds to our Northwest base and national rollout. We have the opportunity to significantly disrupt the land survey business at scale using drone technologies. We view our DaaS business model as similar as to how Uber disrupted the taxi industry,” said CEO Shaun Passley, Ph.D. “This acquisition, as well as the 20 others we have identified, have the potential to add accretive revenue over the short term as well as the long term.”

    The US Surveying and Mapping Services industry is estimated at $10.3 billion according to Business Research Insights, growing at least 3% annually. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using traditional methods.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the drone technology industry include:

    EHang Holdings Limited (NASDAQ: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, recently announced the launch of its Exhibition (Experience) Center in Shenzhen’s Luohu Sports and Leisure Park. It is the world’s first EH216-S takeoff and landing site featuring a fully automated vertical lift vertiport. It also marks a new smart infrastructure in Shenzhen dedicated to the commercial operations of the EH216-S pilotless passenger-carrying aerial vehicle, establishing a groundbreaking model for electric vertical takeoff and landing (“eVTOL”) aircraft operations in urban areas.

    The Luohu UAM Center, designed by EHang, boasts an automated three-dimensional vertical lift vertiport. This innovative facility reduces labor costs and optimizes space usage through its automated operations. The Luohu UAM Center, spanning approximately 753 square meters, has brought this advanced design to life. The first floor is dedicated to a hangar and boarding area, providing passengers with a seamless and comfortable experience. The integrated takeoff and landing pad with the hangar enables rapid charging, thereby streamlining flight operations. During the launch ceremony on January 21, an EH216-S aircraft was lifted from the first to the second floor by the vertical lift platform. It then took to the skies, completing a lap over the Luohu Sports and Leisure Park before landing smoothly, marking its first flight at the Luohu UAM Center. The demonstration received widespread acclaim from attendees.

    Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its ballistics protection unit, Safe-Pro USA LLC (Safe-Pro USA) will be exhibiting at the upcoming SHOT Show 2025. The event is scheduled to take place from January 21-24, 2025, at the Venetian Expo and Caesars Forum in Las Vegas, Nevada. Safe-Pro USA will be exhibiting in the Palazzo Ballroom at booth #55939 on January 22nd and 23rd.

    The Shooting, Hunting and Outdoor Trade ShowSM (SHOT Show®) is one of the largest of its kind events for target shooting, hunting, outdoor recreation and law enforcement. The annual event, attracting more than 55,000 industry professionals from around the world, serves as a premier platform to showcase new products, engage in educational sessions, and forge valuable connections. At SHOT Show 2025, Safe-Pro USA will be displaying an array of new ballistic protective solutions designed for law enforcement. Highlighted by its ultra-lightweight and ultra-thin “305 PRO” hard armor plate, Safe-Pro USA will also display newly developed high-performance ballistic plates and vests compliant with the National Institute of Justice (NIJ) latest ballistic standard, NIJ 0101.07, all designed to offer enhanced protection for law enforcement and first responders against high-power rifle threats such as AR-15s and AK-47s.

    Ondas Holdings Inc. (NASDAQ: ONDS) recently announced that its Ondas Autonomous Systems Inc. (“OAS”) business unit’s Airobotics subsidiary has received a purchase order for its Iron Drone Raider from a major defense company. The order includes the integration and testing of new features required for defending from additional ground threats.

    “The Iron Drone Raider is a high performing, modular platform with AI-driven navigation and operating capabilities tailored to the most demanding defense requirements,” said Eric Brock, Chairman and CEO of Ondas. “Indeed, this versatility is allowing for expanded applications further expanding the potential market size for our Iron Drone platform. These new use cases meet an additional need identified by a governmental customer with the required performance and cost parameters. Securing this platform expansion highlights the exceptional talent and experience of our Airobotics team and the confidence our defense partners and customers have in Ondas.”

    During the third quarter of 2024, OAS secured several initial orders in the defense market, totaling approximately $14.4 million, which included several purchase orders totaling $9.0 million from a major government military customer for the Iron Drone Raider system. The Iron Drone Raider systems are being deployed as a core element of a multi-layered homeland security infrastructure to protect critical locations, assets and populations from the threat of hostile drones.

    Unusual Machines, Inc. (NYSE American: UMAC), a leading innovator in drone technology with a current focus on U.S. based manufacturing and marketing of drone parts recently announced the release of the Rotor Riot Brave 55A ESC and its addition to the Blue UAS Framework. This product addresses the critical need for non-Chinese, NDAA-compliant components in the U.S. drone industry. Unusual machines now has two drone components placed on the Blue UAS Framework.

    The Blue UAS Framework is a program established by the Defense Innovation Unit (DIU) to provide the Department of Defense and other government entities with trusted, secure drone components that meet rigorous cybersecurity, performance, and regulatory standards. Products listed on the framework ensure compliance with federal requirements, such as the National Defense Authorization Act (NDAA), reducing risks associated with foreign-made or unverified components. Inclusion in the Blue UAS Framework underscores Unusual Machines’ commitment to supplying reliable solutions for government and defense applications.

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    The MIL Network –

  • MIL-OSI Economics: fincareglobal.org: BaFin warns of website and points out suspected identity theft

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The website operator mainly appears under the name ‘Finance C G’ or ‘Finance C G Global Ltd’. In some places, however, he also calls himself ‘Fincare Global PTE. Ltd’ and claims to be based in Singapore and regulated by the Financial Services Commission of Belize (FSC, Financial Services Commission of Belize).

    In the past, the operator has also provided customers with business addresses in Frankfurt am Main and London, United Kingdom. In addition, he was previously responsible for the identical, now inactive websites fincare-global.org, fincare-global.ltd and fincare-global.net.

    BaFin has no information about a possible connection between the fincareglobal.org website and the fincareglobal.com website, which is operated by FinCARE Global Pte Ltd. This is presumably a case of identity theft at the expense of the company mentioned.

    Anyone offering financial or investment services in Germany requires a licence from BaFin. However, some companies offer such services without the required licence. You can find information on whether a particular company is licensed by BaFin in the company database.

    BaFin bases this information on section 37 (4) of the German Banking Act (Kreditwesengesetz).

    MIL OSI Economics –

  • MIL-OSI Security: Wisconsin Man Pleads Guilty to ‘Swatting’ Scheme That Took Over Ring Doorbell Cameras to Livestream Police Response

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

    LOS ANGELES – A Wisconsin man pleaded guilty today to participating in a one-week nationwide “swatting” spree that gained access to Ring home security door cameras, placed bogus emergency phone calls designed to elicit an armed police response, then livestreamed the events on social media, sometimes while taunting responding police officers in communities such as West Covina and Oxnard.

    Kya Christian Nelson, 23, of Racine, Wisconsin, pleaded guilty to one count of conspiracy and two counts of unauthorized access to a protected computer to obtain information.

    Nelson, who is doing time in a Kentucky state prison after being convicted in an unrelated case, has been in federal custody since August 2024.

    “Swatting puts innocent lives in danger,” said Acting United States Attorney Joseph T. McNally. “Today’s guilty plea demonstrates that individuals who engage in this dangerous conduct will be held accountable through federal prosecutions.”

    “The defendant’s malicious actions traumatized his victims and put their lives – and the lives of responding officers – at risk,” said Akil Davis, Assistant Director in Charge of the FBI Los Angeles Field Office. “Swatting hoaxes drain crucial law enforcement resources at the expense of taxpayers and diverts police officers from responding to actual crisis situations. This case is a good reminder for security doorbell users that it’s important to practice strict cyber hygiene by using difficult passwords and by employing two-factor authentication.”

    According to his plea agreement, from November 7, 2020, to November 13, 2020, Nelson and co-conspirators gained access to home security door cameras sold by Ring LLC, a Santa Monica-based home security technology company. Nelson acquired without authorization the username and password information for Yahoo! email accounts belonging to victims throughout the United States.

    The conspirators then determined whether the owner of each compromised Yahoo! account also had a Ring account using the same email address and password that could control associated internet-connected Ring doorbell camera devices. Using that information, they identified and gathered additional information about their victims.

    Then, the conspirators placed false emergency reports or telephone calls to local law enforcement in the areas where the victims lived. These reports or calls were intended to elicit an emergency police response to the victim’s residence. The conspirators then accessed without authorization the victims’ Ring devices and transmitted the audio and video from those devices on social media during the police response. They also taunted responding police officers and victims through the Ring devices during several of the incidents.

    For example, on November 8, 2020, Nelson and a co-conspirator accessed without authorization Yahoo! and Ring accounts belonging to a victim in West Covina. A hoax telephone call was placed to the West Covina Police Department purporting to originate from the victim’s residence and posing as a minor child reporting her parents drinking and shooting guns inside the residence. The caller claimed that her parents had multiple firearms and had fired approximately seven gunshots inside the house. Based on this hoax call, West Covina Police Department officers made an emergency response to the house and cleared the residents from the home at gunpoint.

    During the police response, Nelson accessed the Ring doorbell camera located at the West Covina residence and used it to verbally threaten and taunt the police officers who responded to the reported incident.

    In another incident, on November 11, 2020, Nelson illegally possessed the Yahoo! and Ring login credentials of a victim living in Oxnard. Nelson then used those credentials to access the victim’s Ring account. Nelson or a co-conspirator made a hoax call to the Oxnard Police Department purporting to be coming from inside the victim’s home.

    The caller told the police that they were a child whose father was wielding a handgun inside the residence. Nelson made a second hoax call to Oxnard Police to report hearing shots fired at the victim’s residence. Based on these hoax calls, Oxnard Police officers made an emergency response to the house and cleared the residents from the home at gunpoint.

    Nelson accessed the Ring doorbell camera located at the Oxnard residence and used it to threaten and taunt the police officers who had responded to the reported incident.

    United States District Judge John A. Kronstadt scheduled a May 1 sentencing hearing, at which time Nelson will face a statutory maximum sentence of five years in federal prison for each count.

    One of Nelson’s indicted co-conspirators, James Thomas Andrew McCarty, 22, of Kayenta, Arizona, was sentenced in June 2024 to seven years in federal prison both for his role in this case, and on additional charges in the District of Arizona. In connection with the Ring swatting incidents, McCarty pleaded guilty to the same conspiracy as Nelson.

    McCarty further admitted to illegally accessing a victim’s Ring camera in Florida and making a call to the North Port Florida Police Department, in which he purported to be the victim’s husband who had just killed her, was holding a hostage, and had rigged explosives at the residence. McCarty then livestreamed the law enforcement response and posted a message on social media taking credit for the swatting incident and stating that he thought it was amusing.

    The FBI investigated this matter.

    Assistant United States Attorney Khaldoun Shobaki of the Cyber and Intellectual Property Crimes Section is prosecuting this case.

    MIL Security OSI –

  • MIL-OSI Security: Four SoCal Residents Found Guilty of Participating in an Armed Robbery and Carjacking at Car Repair Shop in San Bernardino County

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

    RIVERSIDE, California – Three San Gabriel Valley residents and one San Bernardino County man have been found guilty by a jury of participating in an armed robbery and carjacking of a car repair business last year in Bloomington in which one victim was pistol-whipped into near unconsciousness, the Justice Department announced today.

    At the conclusion of a 13-day trial, a federal jury on late Wednesday returned a guilty verdict on all counts against the following defendants:

    • Marcos Guerrero, 49, of Glendora;
    • Elijah Gafare, 35, of West Covina;
    • Cinthia Leal, 39, of Glendora; and
    • Vincent Solarez, 58, of Upland.

    All four defendants were found guilty of one count of conspiracy to interfere with commerce by robbery (Hobbs Act), one count of Hobbs Act robbery, and one count of carjacking.

    Guerrero, Gafare, and Leal also were found guilty of witness tampering and using, carrying, and brandishing a firearm in furtherance of and in relation to a crime of violence. Guerrero further was found guilty of being a felon in possession of a firearm and ammunition.

    “Violent crime tears at the fabric of our communities,” said Acting United States Attorney Joseph T. McNally. “The verdict reached in this case highlights our office’s ongoing efforts to root out and punish criminals who use guns to harm innocent people.”

    According to evidence presented at trial, Guerrero, Gafare, Leal, and Solarez participated in an armed robbery of a car repair shop in Bloomington in the early morning hours of March 12, 2024. During the robbery, two of the defendants brandished firearms and one of the defendants pistol-whipped one of the victims into near unconsciousness.

    The defendants kept the victims hostage and threatened to kill them if the victims did not hand over cash, their car, and if they ever called law enforcement. In total, defendants stole several thousand dollars in cash and the business surveillance system, in addition to the victim’s car and other property.

    Law enforcement tracked the defendants down and arrested them in May and June of 2024.

    On May 30, 2024, Guerrero illegally possessed a .45-caliber firearm and dozens of rounds of ammunition. He is not permitted to possess firearms and ammunition because his criminal history includes convictions in San Bernardino County Superior Court for home invasion robbery, first-degree residential burglary, false imprisonment by violence, possession of a firearm by a felon, and evading a police officer.

    United States District Judge Jesus G. Bernal scheduled an April 21 sentencing hearing, at which Guerrero, Gafare, and Leal will face a mandatory minimum sentence of seven years in federal prison and a statutory maximum sentence of life imprisonment.

    Solarez will face a statutory maximum sentence of 65 years in federal prison.

    The FBI Inland Violent Crimes Suppression Task Force and the San Bernardino County Sheriff’s Department investigated this matter.

    Assistant United States Attorneys Joshua J. Lee and Neil P. Thakor of the General Crimes Section, and Tritia L. Yuen of the Riverside Branch Office, are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI Security: Madison Man Sentenced to 37 Months in Prison for Conspiracy to Defraud the United States

    Source: Office of United States Attorneys

    Jackson, MS – A Madison man was sentenced to 37 months in federal prison for conspiracy to defraud the United States.

    According to court documents and statements made in court, Reginald Fullwood, Jr., 59, of Madison, participated in a scheme to pay kickbacks to a marketer in exchange for completed doctors’ orders so that he could cause his durable medical equipment company, Jackson Medical Supply, to bill Medicare and Medicare Advantage plans for orthotic braces that were medically unnecessary and/or ineligible for reimbursement. When Medicare initiated an investigation of Jackson Medical Supply, the defendant opened another entity in the name of a nominee owner and again paid kickbacks to a marketer in exchange for doctors’ orders so that the new entity could continue to bill Medicare and Medicare Advantage plans for orthotic braces. Overall, Fullwood caused these entities to bill Medicare and Medicare Advantage approximately $12,441,625.30 and the entities were reimbursed approximately $6,448,092.61 for durable medical equipment that was medically unnecessary and/or ineligible for reimbursement.

    Fullwood pleaded guilty to conspiracy to defraud the United States on August 28, 2024.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi, Special Agent in Charge Robert A. Eikhoff of the Federal Bureau of Investigation, and Special Agent in Charge Tamala Miles of the Department of Health and Human Services Office of Inspector General made the announcement.

    The U.S. Department of Health and Human Services Office of Inspector General and the Federal Bureau of Investigation are investigating the case.

    The case was prosecuted by Trial Attorney Sara Porter of the Gulf Coast Strike Force and Assistant United States Attorney Kimberly T. Purdie.

    MIL Security OSI –