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Category: GlobeNewswire

  • MIL-OSI: Compagnie de Financement Foncier : Press Release – Results of Compagnie de Financement Foncier in 2024

    Source: GlobeNewswire (MIL-OSI)

    Press release for full and effective distribution

    Paris, January 31, 2025

    Compagnie de Financement Foncier’s financial results in 2024

    On January 31, 2025, Compagnie de Financement Foncier’s Board of Directors, chaired by Éric FILLIAT, met to approve the annual financial statements for 2024.

    ***

    1. COMPAGNIE DE FINANCEMENT FONCIER’S BUSINESS ACTIVITY

    In 2024, despite an unstable geopolitical context and a volatile financial environment, Compagnie de Financement Foncier, in synergy with Groupe BPCE, achieved remarkable commercial and financial performances.

    • Issuance of covered bonds

    A key player in Groupe BPCE’s refinancing strategy, Compagnie de Financement Foncier is a benchmark issuer thanks to its ability to seize the best market opportunities and offer investors solutions that meet their expectations. This agility allows it to provide Groupe BPCE institutions with highly competitive refinancing for their lending businesses.

    In 2024, Compagnie de Financement Foncier issued €5.8bn in covered bonds, €1.3bn more than in 2023.

    • In April 2024, Compagnie de Financement Foncier tapped the primary market for a €2bn dual-tranche issuance. These tranches, of €1.25bn and €750m, were issued with maturities of three and eight years respectively. The high level of oversubscription on this transaction, despite market instability, testifies to its success.
    • In May 2024, an issuance of €1.5bn was carried out with a maturity of six years. The wide range of investors in this transaction confirms the diversity of Compagnie de Financement Foncier’s investor base.
    • In September 2024, Compagnie de Financement Foncier took advantage of a favorable issuance window with a benchmark of €1bn over eight and a half years.
    • In October 2024, as part of Groupe BPCE’s Sustainable Development Funding Program, Compagnie de Financement Foncier carried out its second social issuance (€500m over five years). This transaction strengthens Compagnie de Financement Foncier’s presence in this specialized market and aligns with Groupe BPCE’s objectives to integrate ESG criteria into its refinancing activities.

    In 2024, Compagnie de Financement Foncier’s currency diversification strategy continued with two issuances, one in CHF and the other in USD, with respective counter values of €161m and €139m at the transaction date.

    • Refinancing of Groupe BPCE receivables

    In line with its strategic guidelines, Compagnie de Financement Foncier refinanced a total of €6.3bn in receivables contributed by Groupe BPCE institutions, €1.5bn more than in 2023. Noteworthy among this year’s transactions were the refinancing of state-guaranteed loans (PGE) for Groupe BPCE institutions (€1.4bn) and, for the first time, the refinancing of outstanding export credits (€31.5m).

    These performances, in ever-competitive markets, reflect the commitment and efficiency of all the teams involved. They also confirm the success of the system put in place and the relevance of the diversification strategy developed with Groupe BPCE, which enables Compagnie de Financement Foncier to finance the Group’s various business lines under very competitive conditions.

    II. COMPAGNIE DE FINANCEMENT FONCIER’S INCOME STATEMENT

    In millions of euros (1) 2024 2023
    Net interest margin 165 219
    Net commissions 9 13
    Other banking expenses (net) -2 -2
    Net banking income 172 230
    General operating expenses -56 -68
    Gross operating income 116 162
    Cost of risk 2 3
    Gains or losses on long‑term investments 0 0
    Income before tax 118 165
    Income tax -32 -46
    Net income 86 119

    Net banking income amounted to €172m, down by €58m compared with 2023.

    General operating expenses came to €56m, down on the previous year due to the disappearance of the contribution to the SRF; restated for this item, operating expenses are relatively stable compared with 2023.

    Gross operating income reached €116m.

    The cost of risk in 2024 shows a net reversal of €2m, reflecting the quality of the assets carried on Compagnie de Financement Foncier’s balance sheet.

    Net income was €86m at December 31, 2024, compared with €119m at December 31, 2023.

    III. BALANCE SHEET INFORMATION

    Compagnie de Financement Foncier’s balance sheet total was €61.0bn at the end of 2024, compared with €60.3bn at the end of 2023.

    The assets refinanced by Compagnie de Financement Foncier for the Group’s institutions in 2024 mainly come from the public sector, increasing their proportion on Compagnie de Financement Foncier’s balance sheet.

    At the end of 2024, outstanding covered bonds stood at €51.5bn, including related debts, close to the situation at December 31, 2023 (€51.7bn).

    IV. PRUDENTIAL INFORMATION

    Although exempt from regulatory requirements in terms of solvency ratios, Compagnie de Financement Foncier calculates, for information purposes, a Common Equity Tier One (CET 1) ratio at its limits. At December 31, 2024, this ratio stood at 38,6 %, well above the minimum threshold set out in Regulation 575/2013 (CRR).

    In accordance with the legislation applicable to Sociétés de Crédit Foncier, Compagnie de Financement Foncier maintains a coverage ratio for its privileged liabilities of more than 105%.

    Appendices

    ***

    Unless otherwise stated, the financial data in this press release are currently estimated and taken from the financial statements of Compagnie de Financement Foncier. These include the individual financial statements and related explanatory notes, prepared in accordance with French accounting standards and applicable Groupe BPCE standards.

    As of the date of publication of this press release, the audit procedures carried out by the Statutory Auditors on the annual financial statements are in progress.

    Compagnie de Financement Foncier is a credit institution approved as a specialized credit institution and a Société de Crédit Foncier. It is affiliated with BPCE and a 100% subsidiary of Crédit Foncier and Groupe BPCE.

    Regulated information is available on the website https://foncier.fr/ in the “Financial communication/Regulated information” section.

    Contact: Investor Relations

    Email: ir@foncier.fr
    Tel.: +33 (0) 1 58 73 55 10

                     

    (1)Some rounded amounts given in millions of euros in this press release may differ from those in euros.

    Attachment

    The MIL Network –

  • MIL-OSI: Lysander Establishes Automatic Securities Disposition Plan in Units of Canso Credit Income Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Lysander Funds Limited (“Lysander”) today announced that it has established an automatic securities disposition plan (the “2025 ASDP”) with respect to its holdings of Class A units of Canso Credit Income Fund (“CCIF”), in accordance with applicable Canadian securities legislation and Lysander’s internal policies. The 2025 ASDP is expected to commence on April 1, 2025, and is designed to allow for an orderly disposition of the CCIF Class A units currently owned by Lysander. Class A units of CCIF are listed and traded on the Toronto Stock Exchange (“TSX”) (TSX: PBY.UN). CCIF is a reporting issuer under the securities legislation in each of the provinces and territories in Canada. Lysander is the investment fund manager of CCIF.

    Under the 2025 ASDP, up to 1,722,297 Class A units of CCIF may be sold, at prevailing market prices, between April 1, 2025 and February 28, 2026. At the time of the establishment of the 2025 ASDP, Lysander was not aware of or in possession of any material non-public information about CCIF or its securities.

    Lysander has engaged its dealer, Portfolio HiWay Inc. (“PHW”), to administer the 2025 ASDP. Lysander has provided clear trading parameters and other instructions in writing to PHW, specifying the number of Class A units to be sold, the minimum trade price, and the dates and frequency of sales. The 2025 ASDP prohibits PHW from consulting with Lysander regarding any sales under the 2025 ASDP and prohibits Lysander from disclosing to PHW any information concerning CCIF that might influence the execution of the 2025 ASDP.

    The 2025 ASDP contains meaningful restrictions on the ability of Lysander to amend, suspend or terminate the 2025 ASDP that have the effect of ensuring that Lysander cannot benefit from material non-public information about CCIF.

    This announcement is made and will be available on SEDAR+ at www.sedarplus.ca pursuant to the recommended practices set forth in Staff Notice 55-317 Automatic Securities Disposition Plans of the Canadian Securities Administrators. Information regarding transactions under the 2025 ASDP, as the case may be, may be accessed on SEDI at www.sedi.ca.

    About Lysander

    Lysander is the investment fund manager of CCIF. The head office of Lysander is located at 3080 Yonge Street, Suite 4000, Toronto, Ontario M4N 3N1.

    For further information on Lysander, please visit www.lysanderfunds.com, email manager@lysanderfunds.com or you can reach Lysander at 1-877-308-6979.

    Richard Usher-Jones
    President
    Lysander Funds Limited
    Tel. No. 416-640-4275
    Fax No. 416-855-6515

    You will usually pay brokerage fees to your dealer if you purchase or sell Class A units of CCIF on the TSX. If the Class A units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying Class A units of CCIF and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure document that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Forward-Looking Statement Disclaimer

    This release contains certain information which, as presented, may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information involves statements that relate to future events and often addresses anticipated or expected future business and financial performance and contains words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions both positive and negative and includes, but is not limited to, statements regarding the anticipated commencement and sale of Class A units under the 2025 ASDP.

    Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Lysander to control or predict, and which may cause Lysander’s or CCIF’s actual results, performance or achievements to be materially different from those expressed or implied thereby. Such statements reflect the current view of Lysander with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Lysander as of the date of such statements, are inherently subject to significant economic, market and financial uncertainties and contingencies. In making forward looking statements, Lysander may make various material assumptions, including but not limited to (i) the interests of investors in purchasing the Class A units; (ii) the expected price for the sales of Class A units; (iii) the ability of the dealer to sell the Class A units; and (iv) general business, market and economic conditions.

    Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein and in CCIF’s annual information form and continuous disclosure which are available on CCIF’s profile on SEDAR+ at www.sedarplus.ca. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and neither Lysander nor CCIF undertake any obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.

    The MIL Network –

  • MIL-OSI: RegEd Continues Expansion of Audit Management Capabilities in Support of FINRA’s Remote Inspections Pilot Program

    Source: GlobeNewswire (MIL-OSI)

    Raleigh, NC, Jan. 31, 2025 (GLOBE NEWSWIRE) — RegEd, the leading provider of RegTech enterprise solutions, has announced significant enhancements to its Audit Management solution to support the requirements of FINRA’s Remote Inspections Pilot Program, which began July 1, 2024. These enhancements enable firms to efficiently plan, track, and manage inspections—whether they opt into the pilot program or continue with traditional onsite inspections—while ensuring compliance with FINRA Rule 3110.18. 

    FINRA’s three-year Remote Inspections Pilot Program allows eligible firms to conduct branch office inspections remotely instead of through mandatory onsite visits, under specific conditions. Since the launch of the program in 2024, firms participating in the initiative have benefited from RegEd’s Audit Management solution, including Pilot Program enhancements, which has helped them efficiently conduct remote inspections while meeting compliance requirements. And as the industry’s only fit-for-purpose solution designed to meet the program’s requirements, RegEd will continue to ensure a seamless and effective approach to both remote and onsite inspections in 2025 and beyond. 

    Advanced Capabilities to Meet Dynamic Industry Requirements 

    With these enhancements, RegEd’s Audit Management solution enables firms to: 

    • Designate, track, and manage remote vs. onsite inspections. Firms can categorize and organize inspections based on their approach while ensuring clear tracking and reporting. 
    • Identify, remediate, and report on Significant Findings. Firms can define and track significant findings, ease the process of follow-up and management oversight, and ensure proper documentation. 
    • Enhance reporting flexibility. New features allow firms to meet quarterly regulatory reporting requirements under 3110.18, including tracking the number of onsite vs. remote inspections, findings, significant findings, and categories of significant findings. 
    • Leverage prior audit risk scoring for future risk assessments. Audit risk scores, past findings (e.g., WSP and recordkeeping violations), and historical data can be incorporated into pre-audit planning and scheduling. 
    • Access industry best practices for inspections. Firms can leverage RegEd’s Best Practices inspection module, developed in collaboration with leading industry inspection programs. 

    “Firms have each determined the right balance between onsite and remote inspections for their own inspection programs, and RegEd’s Audit Management enhancements ensure they have the tools to remain compliant and efficient—regardless of their approach,” said Adam Schaub, Vice President of Platform Product Management at RegEd. 

    For firms opting into the Remote Inspections Pilot Program, RegEd provides the necessary tools to manage remote inspections while meeting FINRA’s oversight and reporting requirements. For those continuing with onsite inspections, the solution streamlines scheduling, remediation, and compliance processes, making inspections more effective overall. 

    “The enhancements we’ve introduced help firms streamline their audit and inspection programs, whether they are conducted remotely or onsite,” said Rob Davis, Product Manager at RegEd. “By integrating advanced tracking, remediation, and reporting tools, we are equipping firms with the functionality they need to stay compliant while optimizing their inspection workflows.” 

    Commitment to Future Innovation 

    RegEd remains committed to supporting firms in both remote and onsite inspections with continuous innovation. Future updates will further enhance reporting flexibility, risk-based assessment tools, and automation capabilities to align with both FINRA’s Remote Inspections Pilot Program and broader compliance requirements. 

    About RegEd 

    RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms. 

    Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk. 

    Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please visit www.reged.com. 

    The MIL Network –

  • MIL-OSI: Blockmate subsidiary Hivello commences token sale

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to confirm that its subsidiary, Hivello Holdings Ltd has commenced a public token sale event for its native token.

    The Hivello platform offers its users a passive income stream in exchange for their unutilized computing power to third party networks.

    Blockmate will not be directly issuing any tokens or receive any proceeds from the public token sale.

    The token will be issued by the Swiss-based HVLO Association, under licence from Hivello Holdings Ltd.

    Key details of the $HVLO token are outlined in the media release published by Hivello below.

    Hivello Announces Public Token Sale on DAOMaker, HyperGPT, & EclipsePad

    London & Amsterdam, January 28, 2025 – Hivello, the innovative DePIN mining platform, is thrilled to announce the public token sale of its native token, $HVLO, set to commence on January 31, 2025. The sale will be hosted on three prominent launchpads: DAOMaker, HyperGPT, and EclipsePad, offering participants equal opportunities to invest in the future of decentralized physical infrastructure networks.

    The $HVLO token sale is structured as a fair launch, ensuring that every participant receives the same terms. This approach underscores Hivello’s commitment to decentralization and fairness in the rapidly evolving Web3 landscape.

    Key Details of the $HVLO Token Sale:

    • Public Sale Start Date: January 31, 2025
    • Launchpads: DAOMaker, HyperGPT, EclipsePad
    • Token Unlock Schedule:
      • 25% of tokens will be unlocked at the Token Generation Event (TGE).
      • A one-month cliff will follow the initial unlock.
      • The remaining tokens will vest over a period of five months.
      • Team tokens will remain locked for nine months, ensuring alignment with the community’s long-term interests.

    Hivello’s unique approach to DePIN mining allows users to earn rewards by connecting unused computer resources to decentralized networks. The platform’s aspirational goal to integrate with every reputable DePIN positions it as a future leader in the DePIN ecosystem.

    “We are incredibly proud of the vibrant community that has grown around Hivello. Decentralization is not just a technological advancement; it’s a fundamental shift towards empowering humanity. With the upcoming token sale, our community now has the opportunity to take a stake in Hivello’s future, further aligning our shared vision of making DePIN mining so intuitive and accessible that onboarding the next 100 million users becomes a given,” said Domenic Carosa, Chairman and Co-founder of Hivello.

    Participants interested in the $HVLO token sale can find more information and the official launchpad links here: https://www.hivello.com/HVLO-token

    The token is being issued by HVLO Association (Switzerland) under licence from Hivello Holdings Ltd.

    (ENDS)

    About Blockmate Ventures Inc.
    Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

    About Hivello
    Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to generate an extra source of income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources with no technical knowledge required.

    For more information about Hivello and to stay updated on its developments, visit www.hivello.com

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

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

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Blockmate disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: ESET Triumphs as AV-Comparatives’ 2024 Product of the Year

    Source: GlobeNewswire (MIL-OSI)

    BRATISLAVA, Slovakia, Jan. 31, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, is proud to announce that ESET HOME Security Essential has been named AV-Comparatives’ Product of the Year for 2024. This prestigious award recognizes ESET HOME Security Essential for Windows for its outstanding performance and reliability in protecting consumers against a wide range of cyber threats.

    In 2024, AV-Comparatives subjected 16 consumer security products for Windows to rigorous testing, evaluating their ability to protect against real-world Internet threats, identify recent malicious programs, defend against advanced targeted attacks, and provide protection without slowing down the PC. ESET HOME Security Essential emerged as the top performer, receiving the highest Advanced+ Award in all seven tests conducted throughout the year.

    As stated in the AV-Comparatives’ Summary Report 2024, “Reviewers were impressed by the clean, intuitive user interface designed for non-expert users, as well as the extensive customization and scan options available for power users.”

    Although the majority of vendors make auto-renewal mandatory, the report points out that, most commendably, ESET is among those vendors who do not impose auto-renewal on users. The report further highlights ESET HOME Security Essential as a well-designed and easy-to-use security product that provides safe default settings and essential features easily accessible to all users.

    Andreas Clementi, founder and CEO of AV-Comparatives, commented on ESET’s recognition: “ESET’s performance throughout our 2024 tests has been consistently strong, earning high ratings across multiple categories. The awards reflect the product’s reliability in malware protection, usability, and system performance. ESET HOME Security Essential demonstrated a well-balanced approach, providing effective security without imposing a significant burden on the system, which many users will appreciate.”

    “We are honored to be recognized as AV-Comparatives’ Product of the Year for 2024. This award is a testament to our commitment to providing high-performance, technologically advanced security solutions that protect digital lives of our customers without compromising their device performance. We will continue to innovate and enhance our products to address real-life cybersecurity and privacy needs of our users, so they can enjoy the full potential of themselves and their technology in a secure digital world,” said Viktória Ivanová, Vice President of Consumer and IoT Segment at ESET.

    ESET HOME Security for Windows is designed to offer high-performance protection with low system impact, utilizing multilayered technologies that go beyond basic antivirus capabilities.

    Discover more about ESET HOME Security solutions here.

    About ESET

    ESET® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of known and emerging cyberthreats — securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. An ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow us on LinkedIn, Facebook, and X.

    The MIL Network –

  • MIL-OSI: Humans Group 2024 Financial and Operational Results: Fintech Service Humans Pay is a Key Growth Driver with 60% YoY Revenue Increase

    Source: GlobeNewswire (MIL-OSI)

    Humans Group recorded significant growth across all key metrics: turnover, revenue, and customer numbers. The active user base of its super app ecosystem grew to over 2.3 million people by the end of 2024, a 28% year-on-year increase.

    TASHKENT, Uzbekistan, Jan. 31, 2025 (GLOBE NEWSWIRE) — The Humans Group of companies has published its final report on its activities in Uzbekistan for 2024. Turnover reached UZS 17,777 billion, and gross revenue totaled UZS 515.4 billion. Net revenue increased by 9.82% compared to the previous year.

    Ecosystem Growth

    The Humans super app provides unique, market-leading services for the Uzbek market. It combines mobile services, a fintech service called Humans Pay, Humans Yaxshi, a grocery delivery service from local markets, and Humans Market, a marketplace for buying everyday goods. The ecosystem also includes a cashback program.

    The active customer base of the Humans ecosystem is steadily growing, providing a positive outlook for further market expansion. At the end of 2024, the customer base of the Humans ecosystem exceeded 2.3 million users, reflecting a 28.01% increase compared to 2023.

    Customers are increasingly using the Humans app as a super app to meet their daily needs. As of December 2023, nearly 88% of customers active within the past 30 days used only mobile services. By September 2024, this share had decreased to 84.6%. Currently, more than 1.25 million customers are combining at least two services within the super app.

    Vlad Dobrynin, CEO and founder of Humans Group, said: “The addition of new services to the ecosystem consistently leads to an increase in the number of active users and a rise in transaction frequency. In 2025, we plan to offer new convenient products to our customers, such as a ‘buy now, pay later’ service and a microloan service.”

    “We will also launch a social platform for targeted peer-to-peer assistance to those in need. Further, we will continue to expand the range of products in the Humans Market marketplace and increase the Humans Yaxshi delivery area to 50 cities in Uzbekistan.”

    Humans Pay: A Key Driver of Net Revenue Growth

    Fintech remains one of the main drivers for the development of the Humans super app. Net revenue of the Humans Pay payment and transfer service reached UZS 133.1 billion in 2024, an increase of 59.98% compared to 2023. The number of unique clients of the Humans Pay service exceeded 701,410 in the first three quarters of 2024, a 21.27% increase compared to the same period in 2023.

    Alongside user growth, there has been a corresponding increase in transactions. Clients are using the Humans Pay service more frequently, making more transactions, and transferring larger amounts of money. In the first three quarters of 2024, the total volume of card-to-card transfers increased by 151.6% year-on-year, while the number of transactions per active user rose by 62.15%.

    Humans Mobile: Customers Choose Unlimited Internet

    The telecom service is also reaching an increasingly larger share of the Uzbek population. The number of active telecom clients of Humans surpassed 1.56 million in 2024. Among them, 279,200 are already using unlimited internet packages, a 78.55% increase compared to last year.

    “In 2024, Humans demonstrated double-digit growth in almost all key performance indicators. We significantly strengthened our position in the telecom business and confirmed the effectiveness of our strategy aimed at transitioning telecom service users to an ecosystem product,” added Vladimir Dobrynin.

    Despite the impressive growth figures, the potential for growth in the Humans Pay fintech service has been slowed by the unprecedented actions of the Central Bank of Uzbekistan and the biased, discriminatory policies of the regulator. The Humans team did everything possible to support the growth of the ecosystem and, most importantly, to continue driving development,” noted Vladimir Dobrynin.

    Customer Support: AI Sets New Service Standards

    The quality of customer service is a high priority for Humans. Today, 92% of user inquiries are resolved on the first contact with the call center by phone, and 91% on the first contact via chat. However, to deliver ever superior standards of customer care in 2024 Humans Group implemented an AI-based personalized offer system.

    The platform selects the most relevant services for the customer based on their request, for example, mobile service plans. This ensures call center operators recommend only relevant and optimal services for customers, saving their time. As a result, the AI platform simultaneously improves communication efficiency and user satisfaction.

    Team: The “Daily Pay” Project as an Element of Social Responsibility

    Reflecting Humans Group dedication to corporate social responsibility and employee well-being, in 2024 the company introduced a ‘Daily Pay’ system for its customer support employees. This system rewards staff with bonuses the morning after they have hit daily targets.

    The speed of this remuneration is unprecedented and provides team members with confidence in their financial planning, leading to increased motivation, engagement, and job satisfaction. The system had previously been trialled, with enormous success, across the Humans retail network among salespeople, supervisors, and couriers.

    About Humans

    Humans.uz is a super app that combines the fintech service Humans Pay, mobile communication services Humans Mobile, the grocery delivery service from bazaars Humans Yaxshi, and the product marketplace Humans Market. The project was launched in June 2020 in Uzbekistan as part of the Humans Group operations which also includes the employee search platform Humans.net in the USA. The group’s offices are located in the USA, Uzbekistan, Poland, Singapore, and Germany.

    Website

    https://humans.uz/en/

    Contact

    Natalia Ikonnikova
    pr@humans.net

    Disclaimer: This content is provided by the Humans. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62483b00-501d-4c1f-b4b9-9e26fbafe651

    The MIL Network –

  • MIL-OSI: Goodwood Inc. Announces Suspension of Redemptions and Suspension of NAV Calculation for the Goodwood Capital Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Goodwood Inc. (“Goodwood”), the manager of Goodwood Capital Fund (the “Fund”), pursuant to an exemptive relief decision obtained from the Ontario Securities Commission, announced today that the Fund has received (a) approval to permit the Fund to suspend for a period of 90 days the right of its unitholders to request that the Fund redeem their units of the Fund (the Suspension of Redemptions); and (b) an exemption from the requirement for the Fund to calculate its net asset value once a week during the period of suspension for the purposes of processing subscriptions and redemptions (the Suspension of NAV Calculations).   

    Goodwood believes that it is in the best interest of unitholders to terminate the Fund and intends to commence actions to terminate the Fund. However, the Fund’s termination cannot be effected immediately. In order to protect the interests and ensure the equal treatment of its investors, Goodwood believes that suspending redemptions at this time and proceeding with an orderly wind-up of the Fund is in the best interests of unitholders of the Fund. This will enable the Fund to distribute the maximum amount of assets pro rata to all its unitholders as quickly as possible in an orderly manner and to allocate termination costs equally across the remaining investor base. It will also ensure that all current unitholders are treated in a similar manner in connection with the termination of the Fund, rather than providing an advantage to “first moving” unitholders who are quicker to submit their redemption requests.

    Goodwood will not earn or collect management fees from the Fund while the Suspension of Redemptions and the Suspension of NAV Calculations remains in effect. Any request for redemption submitted but not yet filled will be similarly suspended. Goodwood will continue to determine the net asset value of the Fund for purposes other than processing redemptions and subscriptions.

    Goodwood will reach out to unitholders of the Fund directly with additional information and communication regarding the process for termination.

    Additional information about Goodwood is available at www.goodwoodfunds.com.

    Curt Cumming
    President, Goodwood Inc.
    (416) 203-2522, cscumming@goodwoodfunds.com
    Website: www.goodwoodfunds.com

    The MIL Network –

  • MIL-OSI: Prosafe SE: Fourth-quarter results 2024

    Source: GlobeNewswire (MIL-OSI)

    (Figures in brackets refer to the corresponding period last year)

    31 January 2025 – Prosafe SE reported EBITDA of USD 4.9 million (negative USD 2.7 million) for the fourth quarter of 2024. The company had four active vessels during the quarter.

    Operations and HSSE

    • Good operating and safety performance on all vessels
    • 57% utilisation (50%), four out of seven vessels operating during the quarter
      • 100% utilisation on the operating fleet in Brazil and US Gulf of Mexico
    • Strong commercial performance during 2024 with 44% increase in backlog from prior year
      • Backlog of USD 370 million (USD 238 million)
      • Safe Zephyrus extension to Q3 2027 finalised, adding USD 109 million to backlog
      • Contracts for Safe Boreas and Safe Caledonia plus Safe Concordia contract extension

    Q4 financials

    • Revenues of USD 37.0 million (USD 29.6 million) and EBITDA of USD 4.9 million (negative USD 2.7 million)
    • Cash flow from operations of nil (USD 3.8 million) due to Safe Boreas and Safe Caledonia SPS/reactivation
    • Capex of USD 8.0 million (USD 4.8 million)
    • Liquidity position of USD 46.8 million with expected runway to mid-2025, compared to USD 63.5 million at end Q3 2024 and USD 74.6 million at year-end 2023
    • Refinancing expected to complete H1 2025, likely to include equity component in form of debt for equity conversion and/or equity injection as part of the overall structure

    Market and outlook

    • Brazil market strengthening with new tenders for up to 6 units
    • North Sea operators continue to plan for future campaigns
    • Increased backlog and improved outlook create a platform to strengthen liquidity and achieve a sustainable capital structure

    See Q4 presentation for further details

    Terje Askvig, the CEO of Prosafe, says, “The global accommodation market continues to strengthen led by growing demand in Brazil, in line with expectations. The new long-term Petrobras tenders may absorb further capacity from outside Brazil on top of units already in the country. Prosafe stands to benefit as the market leader in Brazil. Improved market fundamentals, increased backlog and high operational efficiency support our expectations of future earnings growth and provide a robust foundation for establishing sustainable capital structure prior to 2025 maturity.”

    Presentation 

    Terje Askvig, CEO, and Reese McNeel, CFO, will present the results at Pareto Securities, located at Dronning Mauds gate 3, 0115 Oslo, on 3 February 2025 at 10:00 CET.

    This presentation is open to the public and will be live-streamed on Prosafe’s website.

    https://wwww.prosafe.com

    It will be possible to ask questions during the presentation by using the Q&A tool embedded in the audiocast. These questions will be answered after the presentation.

    A replay of the audiocast will be made available on Prosafe’s website shortly after.

    The Q4 2024 press release and presentation is attached and can be downloaded from https://www.prosafe.com and www.newsweb.no (https://www.newsweb.no). The 2024 annual report will be published 30 April 2024.

    Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com (https:///www.prosafe.com)

    For further information, please contact: 

    Terje Askvig, CEO Phone: +47 952 03 886

    Reese McNeel, CFO Phone: +47 415 08 186

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    Attachments

    The MIL Network –

  • MIL-OSI: Foresight Ventures’ Co-founder, Forest Bai, Joins Consensus Hong Kong 2025 to Judge PitchFest

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Jan. 31, 2025 (GLOBE NEWSWIRE) —

    Foresight Ventures, a leading global crypto venture capital firm, has announced its participation in Consensus Hong Kong 2025, the premier blockchain and Web3 gathering hosted by CoinDesk. As a VC partner, Foresight Ventures will play an integral role in amplifying the impact of the event and fostering meaningful dialogue around Asia’s emerging trends in blockchain, DeFi, and AI-driven Web3 innovations.

    As part of its engagement, Forest Bai, Co-Founder of Foresight Ventures, has been invited as a judge for the CoinDesk PitchFest. This high-stakes competition will highlight some of the most promising blockchain startups as they pitch their innovations to a panel of industry-leading investors and entrepreneurs.

    PitchFest serves as a launchpad for early-stage Web3 startups, offering them exposure, mentorship, and potential investment opportunities. With Foresight Ventures’ deep expertise in bridging East and West through strategic investments and incubation, the firm is well-positioned to identify and support disruptive projects poised for long-term success.

    Forest Bai commented on the participation: “Consensus Hong Kong is a gateway to Asia’s rapidly evolving blockchain landscape. At Foresight Ventures, we believe in empowering the next wave of innovators, and PitchFest is the perfect stage to discover and support game-changing projects. We’re excited to engage with the brightest minds and reinforce our commitment to fostering blockchain excellence in Asia and beyond.”

    Beyond PitchFest, Consensus Hong Kong 2025 will feature a diverse lineup of notable speakers, including CEO and executives of Binance, Robinhood, Solana Foundation, Wintermute, Backpack, Polymarket, Grayscale, Aptos, Monad and many more, together with networking opportunities, and deep dives into regulations, DeFi, PayFi, and AI’s intersection with Web3. The event is expected to attract top-tier investors, founders, and developers looking to shape the future of the blockchain industry.

    About Foresight Ventures
    Foresight Ventures is the first and only crypto VC bridging East and West. With a research-driven approach and offices in the US and Singapore, we are a powerhouse in crypto investment and incubation. Our premier media network includes The Block, Foresight News, BlockTempo, and Coinness. We aggressively invest in the most daring innovations. We are dedicated to partnering with visionary projects and top teams to help them succeed, reshaping the future of digital finance and beyond.

    For more information, users can visit: Website | Twitter | LinkedIn | Discord | Linktree
    For media requests, users can contact media@foresightventures.com. 

    Contact

    PR team
    media@foresightventures.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aaba6271-01a8-47fe-a589-d5f35d5d7da4

    The MIL Network –

  • MIL-OSI: Kahuna Receives Financing from Stifel Bank to Fuel Innovation and Expansion

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 31, 2025 (GLOBE NEWSWIRE) — Kahuna Workforce Solutions, a leading skills and competency management SaaS platform, today announced financing from Stifel Bank, an affiliate of Stifel Financial Corp., a global diversified financial services firm. The credit facility with Stifel Bank will provide financing for working capital and growth capital, enabling Kahuna to expand its product and service offerings further to serve its customers and partners best.

    With the infusion of capital, Kahuna aims to fund the development of new products, as well as enhance the integration functionality of its skills and competency management SaaS platform with other technology solutions in the human resources, operations and learning ecosystems. Kahuna will also leverage the financing to grow its channel and partnership strategy, a key pillar of the company’s long-term vision for growth.

    “Our goal at Kahuna has always been to provide our customers with the insights and tools they need to enhance their workforce capability and reach their organizational goals,” said Jai Shah, chief executive officer of Kahuna. “Partnering with Stifel Bank allows us to deepen this commitment and continue innovating, expanding and enhancing the capabilities of our product offerings so that we can meet the evolving requirements of the organizations and markets we serve.”

    As part of its growth strategy, Kahuna has recently strengthened its leadership team with two key additions. Diane Mitchell joins as chief marketing officer, bringing extensive experience in brand development and strategic marketing. Jeff Durand joins as vice president of channels and business development, focusing on expanding Kahuna’s strategic partner network and broadening its market reach.

    “Kahuna is uniquely positioned to address the growing demand for validated skills data with its skills and competency management solutions,” said Alan Faulkner, managing director of Stifel Venture Banking. “They are transforming how organizations assess and develop their workforce skills and capabilities, and we look forward to supporting them as they continue to grow and innovate their product offerings and business overall.”

    About Kahuna Workforce Solutions
    Kahuna Workforce Solutions is a leading skills and competency management SaaS platform designed for operations, learning and human resources. The platform provides enterprises with validated skills data, offering valuable insights into workforce capabilities, aligning talent supply and demand and maximizing training investments. Kahuna helps organizations build a more skilled, adaptable, and competitive workforce. Learn more: kahunaworkforce.com

    About Stifel
    Stifel Financial Corp. (NYSE: SF) is a diversified global wealth management, investment bank, and commercial banking company. Stifel Venture Banking, a division of Stifel Bank, Member FDIC, provides commercial banking and debt capital financing solutions to venture capital-backed technology companies and their investors. Stifel Bank has the flexibility and resources to offer its customers the banking, treasury management, and lending solutions they value most, with the legacy of Stifel. Stifel Bank collaborates with Stifel Investment Banking teams and Stifel Wealth Management, tailoring solutions for companies and individuals across their asset management needs. To learn more, please visit: https://stifelventurebanking.com/

    The MIL Network –

  • MIL-OSI: Reorganization of Aktsiaselts Infortar subsidiaries within the group

    Source: GlobeNewswire (MIL-OSI)

    In the course of the intra-group reorganization of Aktsiaselts Infortar (Infortar), on 31 January 2025 Tallinna Raamatutrükikoja Osaühing (TRT) acquired Printon AS shares from AS Vaba Maa and AS Vaba Maa shares from Infortar. Following the transactions AS Vaba Maa and AS Printon will remain a subsidiaries of Tallinna Raamatutrükikoja Osaühing.

    “This change will not affect our clients and partners; work will continue as usual in both of our production units. The only addition is the technological capability and flexibility to utilize both production units,” noted Priit Tamme, Deputy Managing Director of Infortar.

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 116,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 105 companies belong to the Infortar group: 96 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,108 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    The MIL Network –

  • MIL-OSI: Lingokids Wins Two Prestigious Awards, Strengthening Its Position as a Leading Edtech App for Kids

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Jan. 31, 2025 (GLOBE NEWSWIRE) — Lingokids, the leading educational app for children aged 2-8 years old, is thrilled to announce its latest achievements: winning the Parents’ Picks Awards 2025 and the Mom’s Choice Awards 2025. These prestigious recognitions reaffirm Lingokids’ commitment to providing high-quality, safe, and interactive learning experiences that empower young learners and give parents peace of mind.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    A Double Recognition for Excellence in Early Education

    Lingokids has been honored with the Best Educational App award in both Preschool and Elementary categories by the Parents’ Picks Awards. This distinction is particularly significant as only two companies have been recognized in both categories, highlighting the app’s broad appeal and effectiveness across different age groups. Selected by parents and education experts, the Parents’ Picks Awards celebrate top-tier learning tools that enhance children’s cognitive, social, and emotional development.

    Additionally, Lingokids has once again received the Mom’s Choice Awards® Gold Level distinction, the highest honor awarded by MCA. This marks the second consecutive year that Lingokids has achieved this prestigious recognition, underscoring its consistent commitment to excellence in educational technology. The Mom’s Choice Awards are globally respected and trusted by parents, educators, and professionals, evaluating products based on their quality, innovation, and educational value.

    Why Lingokids Stands Out

    Lingokids has been recognized for its unique Playlearning™ approach, which seamlessly blends education with interactive and entertaining content. The app offers a diverse range of activities, including Lingokids Lessons, gamified learning experiences, and exciting partnerships such as its recent collaboration with NASA to introduce children to space and science concepts.

    The awards highlight Lingokids’ alignment with key educational principles, including:

    • Academic Skill Development: Strengthening literacy, math, and critical thinking skills.
    • Social & Emotional Learning: Encouraging empathy, self-awareness, and communication.
    • Cognitive Growth: Fostering problem-solving and logical reasoning.
    • Safe & Guilt-Free Screen Time: Providing a secure and engaging digital learning environment that parents can trust.

    Continuing the Mission into 2025

    Winning these prestigious awards reinforces Lingokids’ mission to be the #1 kids’ educational and safe screen time choice for families worldwide. As the app continues to expand its content and partnerships, parents can expect even more innovative learning experiences designed to make education engaging, interactive, and stress-free.

    About Lingokids

    Lingokids is an educational tech and media company dedicated to transforming the way children learn traditional and modern life skills. Through its unique Playlearning™ approach, Lingokids provides engaging, interactive learning experiences, empowering children to lead their own educational journeys. Launched in 2015, Lingokids has become a trusted platform for over 160 million families worldwide, offering the award-winning Lingokids app, podcasts, videos, and more.

    For more information about Lingokids, visit www.lingokids.com

    The MIL Network –

  • MIL-OSI: Solidus AI Tech Assembles Powerhouse C-Suite from Goldman Sachs, Deloitte, Careem, Cisco & Dell to Lead the Charge in AI & HPC Industry

    Source: GlobeNewswire (MIL-OSI)

    Dubai, UAE, Jan. 31, 2025 (GLOBE NEWSWIRE) — Solidus AI Tech, a pioneering force in AI-driven high-performance computing (HPC), has fortified its leadership team with an elite selection of industry veterans from globally recognized firms, including Goldman Sachs, Deloitte, Careem, Cisco, and Dell. This addition to the powerhouse C-suite is set to drive the company’s mission of revolutionizing AI infrastructure and accelerating the adoption of AI solutions worldwide.

    Unparalleled Financial and Investment Leadership

    Kal Desai – Chief Financial Officer (CFO) Kal Desai, an Australian-qualified chartered accountant, brings decades of financial acumen spanning Australia, the U.K., and the Middle East. With a career that includes leadership roles at BHP Billiton, Orange, and Reuters, Kal has played a pivotal role in the financial scaling of technology enterprises. Notably, he spearheaded capital raises and exits, including the landmark sale of Zawya to Thomson Reuters in 2012 and his instrumental role as founding CFO of Careem, which was acquired by Uber for $3.1 billion. At Solidus AI Tech, he will steer financial growth strategies, ensuring a robust financial infrastructure to support expansion and innovation.

    Michael Swan – Chief Investment Officer (CIO) With nearly two decades of investment expertise in both traditional finance (TradFi) and decentralized finance (DeFi), Michael Swan has held influential roles at Macquarie Bank and Goldman Sachs. Transitioning into the Web3 sector, he became a recognized industry authority at Tokenomik Inc., executing over 70 seed and private round investments across blockchain projects. As CIO, Michael will architect innovative financing solutions, leveraging a hybrid model of instruments to optimize capital structures for Solidus AI Tech.

    Elite Technology and Innovation Leadership

    Christian Szilagyi – Chief Technology Officer (CTO) A veteran technology leader with over 30 years of experience, Christian Szilagyi has a distinguished career in infrastructure architecture, AI, automation, and high-performance computing (HPC). His track record includes key roles at industry titans like Dell, Verint, and LivePerson, as well as pioneering regional expansions for Calabrio and Centrical. With expertise spanning DevOps, B2C optimization, and enterprise AI integration, Christian will drive Solidus AI Tech’s technology strategy, ensuring its AI and HPC capabilities are at the cutting edge of innovation.

    Niraj Poduval – Chief Innovation Officer (CINO) With over 11 years of AI and data consulting expertise, Niraj Poduval has played a key role in AI adoption strategies across banking, retail, smart cities, and the public sector. His tenure at Deloitte saw him architect AI transformation roadmaps for high-profile clients. As CINO at Solidus AI Tech, Niraj will lead AI-driven initiatives, aligning technological advancements with the company’s strategic vision to maximize business impact and market expansion.

    Commercial and Market Expansion Leadership

    Mike Doria – Chief Commercial Officer (CCO) Bringing extensive expertise in Web3, AI, and enterprise infrastructure, Mike Doria has held key leadership roles at Cisco and DXC. His track record includes spearheading revenue growth, securing funding for large-scale data center projects, and launching disruptive AI solutions. With experience as a co-founder and CEO of multiple technology ventures, Mike is set to drive Solidus AI Tech’s commercial strategy, expanding its market reach and establishing it as a dominant force in AI-powered computing.

    A Bold Vision for the Future of AI & HPC

    This addition formidable C-suite brings a wealth of expertise across finance, investment, technology, and commercial strategy. Their combined leadership positions Solidus AI Tech at the forefront of AI and HPC innovation, strengthening its position as a leading infrastructure provider for AI-powered applications. With a strategic blend of TradFi, DeFi, and cutting-edge AI solutions, the company is positioned to drive transformative advancements in AI adoption across industries.

    Solidus AI Tech is an upcoming industry leader in high-performance AI computing solutions, committed to building the next generation of AI infrastructure. With a focus on sustainability, efficiency, and cutting-edge technology, Solidus AI Tech provides enterprises with the tools and computing power necessary to drive AI-driven transformations.

    Learn more:

    Website: https://aitech.io/
    Twitter X: https://twitter.com/AITECHio
    Telegram: https://t.me/solidusaichat

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: KH Group Plc’s Shareholders’ Nomination Board’s proposals for the composition and remuneration of the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    KH Group Plc
    Stock Exchange Release
    31 January 2025 at 4.45 p.m. EET

    KH Group Plc’s Shareholders’ Nomination Board’s proposals for the composition and remuneration of the Board of Directors

    KH Group Plc’s Shareholders’ Nomination Board has submitted its proposals for the Annual General Meeting to KH Group’s Board of Directors. The Shareholders’ Nomination Board makes its proposals unanimously. The Annual General Meeting is planned to be held on Tuesday, 6 May 2025. The company will publish the notice to convene the Annual General Meeting at a later time.

    Proposal on Board Composition

    The Shareholders’ Nomination Board proposes to the Annual General Meeting that the number of members of the Board of Directors shall be five (5).

    The Nomination Board proposes that the current members of the Board of Directors Juha Karttunen, Taru Narvanmaa and Jon Unnérus be re-elected and that Christoffer Landtman and Jari Rautjärvi be elected as new members of the Board of Directors, for a term ending at the closing of the 2026 Annual General Meeting. Of the current Board members, Kati Kivimäki and Timo Mänty have indicated that they are not available for re-election. According to the Articles of Association of KH Group, the Board of Directors elects a Chair from among its members.

    All persons nominated as members of the Board of Directors have given their consent to the election. The Nomination Board considers all the nominees to be independent of the company and of the significant shareholders of the company.

    CVs, photographs and the evaluation regarding the independence of the current members of the Board of Directors are presented on the company’s website at https://khgroup.com/en/investors/corporate-governance/board-of-directors/. Presentations of the proposed new members of the Board of Directors Christoffer Landtman and Jari Rautjärvi are attached to this stock exchange release.

    Remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Board proposes to the Annual General Meeting that the monthly remuneration for the Board of Directors remain unchanged, so that the Chairman of the Board of Directors be paid as remuneration EUR 3,550 per month and each member of the Board of Directors EUR 2,300 per month. The Nomination Board further proposes that the travel expenses of the members of the Board of Directors be compensated in accordance with the company’s travel policy and that each of the members of the Board of Directors shall have the right to abstain from receiving remuneration.

    Earnings-related pension insurance contributions are paid voluntarily for the paid remuneration.

    Composition of the Shareholders’ Nomination Board

    The Shareholders’ Nomination Board comprises representatives of the Company’s largest shareholders based on the ownership situation on 31 August 2024 and the Chairman of the Board of Directors of KH Group. The members of the Nomination Board are: Simon Hallqvist (Preato Capital AB), Mikko Laakkonen, Johanna Takanen and Juha Karttunen, Chairman of the Board of Directors of KH Group.

    KH GROUP PLC
    Juha Karttunen
    Chairman of the Board of Directors

    FURTHER INFORMATION:
    Chairman of the Board of Directors Juha Karttunen, +358 40 555 4727

    DISTRIBUTION:
    Nasdaq Helsinki Oy
    Main media
    www.khgroup.com

    KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Indoor Group and Nordic Rescue Group. We are a leading supplier of construction and earth-moving equipment, furniture and interior decoration retailer as well as rescue vehicle manufacturer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

    Attachments

    The MIL Network –

  • MIL-OSI: Voltage CEO Highlights the Evolution of Lightning Network Payments at Tether’s Plan B Forum 2025

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Jan. 31, 2025 (GLOBE NEWSWIRE) — Voltage, a leader in Bitcoin infrastructure solutions, has announced that CEO and Founder Graham Krizek will speak at Plan B Forum 2025 in El Salvador, an event hosted by Tether that convenes industry experts in the Bitcoin ecosystem. Krizek will participate in a panel discussion exploring the history and evolution of the Lightning Network, a transformative technology that has brought instant, low-cost Bitcoin transactions to the world.

    This year’s forum comes amid transformative developments in the Lightning ecosystem, including Tether’s announcement to bring its stablecoin to the Lightning Network. While Krizek will not be announcing new initiatives from Voltage, his insights into the development and progress of Lightning provide essential context for understanding why the network is uniquely positioned to integrate stablecoins like Tether’s USDT.

    “The Lightning Network represents a revolutionary leap in Bitcoin scalability, enabling fast, secure, and cost-effective transactions,” said Graham Krizek, CEO of Voltage. “By looking back at its history, we can better appreciate the incredible advancements that make today’s innovations, such as Tether’s integration, possible. I’m excited to share this perspective with the global Bitcoin community at Plan B Forum.”

    As the Lightning Network continues to grow, its ability to support additional assets like stablecoins could redefine financial access and efficiency. The network’s low fees and speed offer a viable framework for global remittances, microtransactions, and businesses seeking to adopt Bitcoin in a practical, scalable way.

    Voltage has been at the forefront of Lightning’s journey, offering the infrastructure and tools that developers, businesses, and enterprises need to build on the network. By reflecting on Lightning’s past and celebrating its recent milestones, Krizek’s panel will highlight how these developments set the stage for an exciting future in global payments.

    Businesses interested in Bitcoin and Lightning Network payments can schedule a demo at https://voltage.cloud/contact-us/ 

    For media inquiries, users may contact 21M Communications at phil@21mcommunications.com

    About Voltage 
    Voltage is a leading payments provider enabling instant, low-cost global settlement on Bitcoin and stablecoins over the Lightning Network. As the longest-running infrastructure provider for the Lightning Network, Voltage serves exchanges, neo-banks, wallets, fintech innovators, and more, empowering them to build and scale high-performance financial solutions with enterprise-grade security and privacy standards. With modular tools that make it easy to build, deploy, and scale payment systems, Voltage reduces costs and delivers unmatched efficiency.

    Contact

    Founder & CEO
    Phil
    21M Communications
    phil@21mcommunications.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b23e9c68-9537-47b3-8af1-145238227907

    The MIL Network –

  • MIL-OSI: Fusion Fuel to Transfer Equity Listing to The Nasdaq Capital Market; Receives Extension to Comply with Bid Price Rule

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Jan. 31, 2025 (GLOBE NEWSWIRE) — via IBN — Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a leading provider of comprehensive energy engineering, advisory, and supply solutions, today announced that it was notified by the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Staff has approved the Company’s application to transfer its Class A Ordinary Shares and publicly-traded warrants to The Nasdaq Capital Market from The Nasdaq Global Market. This transfer will take effect at the opening of business on February 3, 2025.

    In connection with the transfer, the Staff determined that the Company will be eligible for an additional 180 calendar day period, or until July 28, 2025, to regain compliance with the Nasdaq minimum $1.00 bid price per share requirement (the “Minimum Bid Price Requirement”). The Company intends to take all necessary steps to regain compliance, including effecting a reverse share split, if necessary, to regain compliance. If at any time during this additional time period the closing bid price of the Class A Ordinary Shares is at least $1.00 per share for a minimum of ten consecutive business days, the Staff will provide written confirmation of compliance for continued listing on The Nasdaq Capital Market.

    As previously reported in a Report on Form 6-K furnished to the Securities and Exchange Commission on January 13, 2025, on January 10, 2025, the Company received a letter from the Staff notifying it that since the Company has not yet held an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year ended December 31, 2023, it no longer complies with Nasdaq Listing Rule 5620(a) (the “Annual Meeting Requirement”). There can be no assurance that Fusion Fuel will be able to regain compliance with the Minimum Bid Price Requirement, whether by implementing a reverse share split or otherwise, that the Company will be able to regain compliance with the Annual Meeting Requirement, or that the Company will be able to meet the Nasdaq listing requirements in general.

    Fusion Fuel does not anticipate a material impact on its equity trading as a result of the transfer of listing. The Nasdaq Capital Market operates in the same manner as The Nasdaq Global Market and is a continuous trading market that lists companies that must meet certain financial and corporate governance requirements. Fusion Fuel’s securities will continue to trade under the symbols “HTOO” and “HTOOW.”

    “We are pleased to receive Nasdaq’s approval to transfer our listing to The Nasdaq Capital Market, along with the additional time to regain compliance with the Minimum Bid Price Requirement,” said JP Backwell, CEO of Fusion Fuel. “This determination provides us with both the flexibility and the confidence to continue executing on our strategic initiatives with a renewed focus on building our business. We remain committed to delivering value to our shareholders and further establishing Fusion Fuel as a leading provider of full-service energy engineering and advisory solutions.”

    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. 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
    www.InvestorBrandNetwork.com
    512.354.7000 Office
    Editor@InvestorBrandNetwork.com

    The MIL Network –

  • MIL-OSI: DeepSeek-R1 AI Model 11x More Likely to Generate Harmful Content, Security Research Finds

    Source: GlobeNewswire (MIL-OSI)

    Boston, Jan. 31, 2025 (GLOBE NEWSWIRE) — The launch of DeepSeek’s R1 AI model has sent shockwaves through global markets, reportedly wiping USD $1 trillion from stock markets.¹ Trump advisor and tech venture capitalist Marc Andreessen described the release as “AI’s Sputnik moment,” underscoring the global national security concerns surrounding the Chinese AI model.²

    However, new red teaming research by Enkrypt AI, the world’s leading AI security and compliance platform, has uncovered serious ethical and security flaws in DeepSeek’s technology. The analysis found the model to be highly biased and susceptible to generating insecure code, as well as producing harmful and toxic content, including hate speech, threats, self-harm, and explicit or criminal material. Additionally, the model was found to be vulnerable to manipulation, allowing it to assist in the creation of chemical, biological, and cybersecurity weapons, posing significant global security concerns.

    Compared with other models, the research found that DeepSeek’s R1 is:

    • 3x more biased than Claude-3 Opus,
    • 4x more vulnerable to generating insecure code than OpenAI’s O1,
    • 4x more toxic than GPT-4o,
    • 11x more likely to generate harmful output compared to OpenAI’s O1, and;
    • 3.5x more likely to produce Chemical, Biological, Radiological, and Nuclear (CBRN) content​ than OpenAI’s O1 and Claude-3 Opus.

    Sahil Agarwal, CEO of Enkrypt AI, said: “DeepSeek-R1 offers significant cost advantages in AI deployment, but these come with serious risks. Our research findings reveal major security and safety gaps that cannot be ignored. While DeepSeek-R1 may be viable for narrowly scoped applications, robust safeguards—including guardrails and continuous monitoring—are essential to prevent harmful misuse. AI safety must evolve alongside innovation, not as an afterthought.”

    The model exhibited the following risks during testing:

    • BIAS & DISCRIMINATION – 83% of bias tests successfully produced discriminatory output, with severe biases in race, gender, health, and religion. These failures could violate global regulations such as the EU AI Act and U.S. Fair Housing Act, posing risks for businesses integrating AI into finance, hiring, and healthcare​.
    • HARMFUL CONTENT & EXTREMISM – 45% of harmful content tests successfully bypassed safety protocols, generating criminal planning guides, illegal weapons information, and extremist propaganda. In one instance, DeepSeek-R1 drafted a persuasive recruitment blog for terrorist organizations, exposing its high potential for misuse​.
    • TOXIC LANGUAGE – The model ranked in the bottom 20th percentile for AI safety, with 6.68% of responses containing profanity, hate speech, or extremist narratives. In contrast, Claude-3 Opus effectively blocked all toxic prompts, highlighting DeepSeek-R1’s weak moderation systems​.
    • CYBERSECURITY RISKS – 78% of cybersecurity tests successfully tricked DeepSeek-R1 into generating insecure or malicious code, including malware, trojans, and exploits. The model was 4.5x more likely than OpenAI’s O1 to generate functional hacking tools, posing a major risk for cybercriminal exploitation​.
    • BIOLOGICAL & CHEMICAL THREATS – DeepSeek-R1 was found to explain in detail the biochemical interactions of sulfur mustard (mustard gas) with DNA, a clear biosecurity threat. The report warns that such CBRN-related AI outputs could aid in the development of chemical or biological weapons​.

    Sahil Agarwal concluded: “As the AI arms race between the U.S. and China intensifies, both nations are pushing the boundaries of next-generation AI for military, economic, and technological supremacy. However, our findings reveal that DeepSeek-R1’s security vulnerabilities could be turned into a dangerous tool—one that cybercriminals, disinformation networks, and even those with biochemical warfare ambitions could exploit. These risks demand immediate attention.”

    Link to the full report is here: https://cdn.prod.website-files.com/6690a78074d86ca0ad978007/679bc2e71b48e423c0ff7e60_1%20RedTeaming_DeepSeek_Jan29_2025%20(1).pdf

    Ends

    1 ‘Sputnik moment’: $1tn wiped off US stocks after Chinese firm unveils AI chatbot – https://www.theguardian.com/business/2025/jan/27/tech-shares-asia-europe-fall-china-ai-deepseek
    Nvidia shares sink as Chinese AI app spooks markets – https://www.bbc.co.uk/news/articles/c0qw7z2v1pgo 
    2 Marc Andreessen on X – https://x.com/pmarca/status/1883640142591853011 

    About Enkrypt AI
    Enkrypt AI is an AI security and compliance platform. It safeguards enterprises against generative AI risks by automatically detecting, removing, and monitoring threats. The unique approach ensures AI applications, systems, and agents are safe, secure, and trustworthy. The solution empowers organizations to accelerate AI adoption confidently, driving competitive advantage and cost savings while mitigating risk. Enkrypt AI is committed to making the world a safer place by ensuring the responsible and secure use of AI technology, empowering everyone to harness its potential for the greater good. Founded by Yale Ph.D. experts in 2022, Enkrypt AI is backed by Boldcap, Berkeley Skydeck, ARKA, Kubera and others.

    The MIL Network –

  • MIL-OSI: UFarm.Digital Secures $500,000 Early Seed Funding to Expand Digital Asset Management Solutions Limassol, Cyprus Jan 31, 2025 (Elite)

    Source: GlobeNewswire (MIL-OSI)

    Limassol, Cyprus, Jan. 31, 2025 (GLOBE NEWSWIRE) — UFarm.Digital, a decentralized finance asset management platform, has secured $500,000 in its early seed funding round. This milestone will support the company’s efforts to expand its platform capabilities, strengthen its market presence, and accelerate strategic development initiatives.

    The funding will enable UFarm.Digital to implement key enhancements, including new features designed to improve user experience and bolster security measures. Planned developments include cross-chain integrations, the addition of new DeFi protocols, and an advanced asset management solution tailored for hedge funds. A portion of the funds will also be allocated to marketing efforts and community engagement to increase the platform’s visibility and reach

    As part of its ongoing development, UFarm.Digital has made significant progress by launching its platform on the Arbitrum network. This strategic move enables the platform to leverage Arbitrum’s scalability and low transaction costs, providing users with faster, more efficient operations. At launch, UFarm.Digital offers a range of investment pools designed to cater to varying risk appetites and strategies, delivering flexibility to both institutional and private investors.

    The platform offers non-custodial security, allowing investors to maintain full control over their funds and significantly reducing risks associated with traditional asset management. It emphasizes seamless integration with DeFi protocols, simplifying asset management while maintaining high security standards. Users have access to top-tier asset managers, who are vetted through a comprehensive, independent rating system that ensures transparency and reliability. The fee management process is secure and straightforward, making it easier to handle success and management fees charged by asset managers. The platform’s smart contracts have undergone rigorous audits by Decurity, with further audits by Hexens planned to uphold ongoing security.

    “Our platform is designed to empower investors by combining robust security measures with a seamless user experience,” said Olga Tiagunova, CEO of UFarm.Digital. “These investments allow us to accelerate the implementation of new features and solutions in our product, enhancing the capabilities of our asset managers while reinforcing the security of our platform.”

    These planned features include a privacy-focused private layer, cross-chain support, and enhanced security infrastructure capable of detecting suspicious activities within the protocol to strengthen asset protection and further enhance overall security. Additionally, zero-knowledge proof (ZKP) technology for KYC verification is part of the company’s roadmap, aimed at maintaining regulatory compliance while safeguarding user privacy.

    As UFarm.Digital welcomes its first institutional clients, the team is dedicated to expanding its services and continuing to innovate. Future developments include enhanced reporting tools and the rollout of a bug bounty program to further ensure platform integrity. The company’s user-first approach and focus on transparency position it as a trusted partner for investors navigating the decentralized finance landscape.

    About UFarm.Digital

    UFarm.Digital is a decentralized finance platform dedicated to simplifying digital asset management for institutional and private investors. The platform provides robust features such as private and public investment pools, customizable fees, secure cross-chain integration, and specialized solutions for hedge funds. In addition, it offers enhanced tools for data-driven performance tracking, operational transparency, and support for future interoperability across multiple blockchain networks. By fostering innovation and maintaining a user-centric focus, UFarm.Digital aims to reshape the digital asset management landscape and become a trusted partner for investors worldwide.

    The MIL Network –

  • MIL-OSI: Grayscale Investments® Launches Grayscale® Dogecoin Trust

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., Jan. 31, 2025 (GLOBE NEWSWIRE) — Grayscale Investments®, a leading crypto asset management firm, offering more than 25 crypto investment products, today announced the creation and launch of Grayscale® Dogecoin Trust (the “Trust”).

    The Trust offers investors the opportunity to gain exposure to DOGE, the native coin of the Dogecoin network, an open-source peer-to-peer digital currency originally derived from Litecoin, which itself originated from Bitcoin. Grayscale believes DOGE has transitioned from a memecoin of a Shiba Inu to a tool for global financial inclusion, grassroots activism, and a viable means of payment. Due to its widespread accessibility, affordability, and rapid transaction speeds, DOGE has garnered significant adoption worldwide.

    “Dogecoin has matured into a potentially powerful tool for promoting financial accessibility. We believe, as a faster, cheaper, and more scalable derivative of Bitcoin, Dogecoin is helping groups underserved by legacy financial infrastructure to participate in the financial system,” said Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary. “Grayscale Dogecoin Trust offers investors exposure to an asset that is positioned to help fulfill Bitcoin’s originally intended use case and its egalitarian ethos.”

    The Trust is now open for daily subscription by eligible individual and institutional accredited investors.* The Trust functions like Grayscale’s other single-asset investment trusts and is solely invested in the token underpinning the Dogecoin network.

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

    *Grayscale’s private placements are only available to Accredited Investors as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. Most individuals are not Accredited Investors. https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated-3

    Private placement securities are speculative, illiquid, and entail a high level of risk, including the risk that an investor could lose their entire investment.

    Grayscale intends to attempt to have shares of new products quoted on the secondary market. However, there is no guarantee that Grayscale will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in the new products should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions regulators, such as the SEC, FINRA, or other regulatory bodies may have regarding such products. As a result, shareholders of such products should be prepared to bear the risk of investment in the shares indefinitely. To date, certain products have not met their investment objective, and the shares of such products quoted on OTC Markets have not reflected the value of the digital assets held by such products, less such products’ expenses and other liabilities, but have instead traded at a premium over such value, which at times has been substantial. There have also been instances where the shares of certain products have traded at a discount.

    About Grayscale Investments®

    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as an asset management firm focused on crypto investing. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. For more information, please follow @Grayscale or visit grayscale.com.

    Media Contact

    press@grayscale.com

    Client Contact

    866-775-0313

    info@grayscale.com

    The MIL Network –

  • MIL-OSI: WISeKey WISe.Social Network: A New Era of Digital Identity Ownership and Data Privacy

    Source: GlobeNewswire (MIL-OSI)

    WISeKey WISe.Social Network: A New Era of Digital Identity Ownership and Data Privacy

    WISe.Social provides a model for how social networks can align with privacy regulations while fostering a more ethical digital ecosystem.

    Geneva, January 31, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces that in an era where personal data has become the currency of the digital world, the Company is setting a new standard with WISe.Social, a proof-of-concept social media platform designed to restore user control over digital identity, data privacy, and consent. Unlike conventional platforms that monetize user information without transparent accountability, WISe.Social is built from the ground up with privacy, security, and user sovereignty as its core principles.

    At the heart of WISe.Social lies WISeKey’s advanced Public Key Infrastructure (PKI), enabling every user to own their digital identity through a cryptographic certificate issued by the platform. This certificate acts as a secure authentication method, allowing seamless login across various digital services while ensuring that personal identity remains under the sole control of the user. Should the user choose to revoke their certificate, all associated content is either deleted or made available for download, reinforcing the fundamental principle that personal data should belong to the individual, not the platform.

    By integrating blockchain technology, WISe.Social ensures full transparency in content moderation, safeguarding users against arbitrary censorship or manipulative algorithms. Every moderation decision is immutably recorded, creating a verifiable and accountable framework for digital discourse. The platform also eliminates the rampant spread of misinformation, fake accounts, and bots by requiring all profiles to be tied to a verifiable digital identity.

    WISe.Social goes beyond traditional security measures by incorporating post-quantum cryptography, protecting users against emerging cyber threats that could compromise sensitive information. This future-proof approach guarantees that personal data remains secure in an evolving technological landscape.

    As governments and regulatory bodies worldwide demand greater compliance with data protection laws such as GDPR, WISe.Social provides a model for how social networks can align with privacy regulations while fostering a more ethical digital ecosystem. The platform redefines consent by allowing users to control their data lifecycle, dictating how and when their information is used.

    WISeKey believes that the future of social media must be built on trust, accountability, and user empowerment. With WISe.Social, individuals reclaim ownership of their digital presence, ensuring that their personal data is protected, their identity remains private, and their consent is always respected. By challenging outdated norms and reshaping the way online platforms operate, WISeKey is leading the charge toward a more secure, transparent, and privacy-centric digital world.

    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 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: Resolutions adopted at the Annual General Meeting of RTX A/S

    Source: GlobeNewswire (MIL-OSI)

    Nørresundby, Denmark, 31 January 2025
    Announcement no. 04/2024

    Today, 31 January 2025, RTX A/S held its Annual General Meeting at which the following decisions were made:

    • The annual report for the financial year 2023/24 was adopted (item 2).
    • The proposal not to distribute any dividend for the financial year 2023/24 was approved (item 3).
    • The Remuneration Report for 2023/24 was approved in the advisory vote (item 4).
    • The Remuneration Policy was adopted (item 5.1).
    • The remuneration of the Board of Directors for 2024/25 was adopted (item 5.2).
    • Henrik Schimmell, Jesper Mailind, Katja Millard and Mogens Vedel Hestbæk were re-elected and Gitte Schjøtz and Carsten Drachmann were newly elected to the Board of Directors for a one-year term (item 6).
    • KPMG Statsautoriseret Revisionspartnerselskab was re-appointed as the company’s auditors (item 7).
    • The below proposal from the Board of Directors was approved:
      • Authorization to attorney Henrik Møgelmose to inform the Danish Business Authority of the resolutions passed and to make any resulting changes to the Company’s Articles of Associations (item 8.1).

    At a meeting of the Board immediately after the AGM, the Board constituted itself with Henrik Schimmell as Chair and Katja Millard as Deputy Chair. Further, Mogens Vedel Hestbæk was selected as Chair of the Audit Committee with Henrik Schimmell and Katja Millard as members of the Committee. Henrik Schimmell, Katja Millard and Jesper Mailind were selected as members of the Nomination & Remuneration Committee.

    Yours sincerely

    PETER THOSTRUP        MILLE TRAM LUX

    Chair                                CFO

    Attachment

    The MIL Network –

  • MIL-OSI: Celebrating 40 Years of the Nasdaq-100 Index® (NDX®)

    Source: GlobeNewswire (MIL-OSI)

    The combined value of all investment products tracking the NDX® ecosystem globally exceeds $500 billion

    94 Exchange Traded Products track NDX® in over 20 countries across 6 continents

    NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) proudly marks the 40th anniversary of the Nasdaq-100 Index® (NDX®), the world’s preeminent large-cap growth benchmark. Since its inception on January 31, 1985, the index has redefined innovation and transformed the global investment landscape. Over the past four decades, it has evolved into a powerful symbol of growth, resilience, and the groundbreaking spirit of its constituent companies, shaping industries, inspiring entrepreneurs and investors worldwide.

    The Nasdaq-100 Index® tracks 100 of the largest, non-financial companies listed on the Nasdaq Stock Market. These companies have an enduring legacy of disruption in their respective markets, empowering growth and prosperity across the globe. The index has delivered a 14.25% compound annualized return since its inception, allowing investors around the world to share in that success. This exceptional performance underscores the transformative power of these businesses and their ability to drive long-term value for investors through public markets.

    The Nasdaq-100® has had over 500 members, with six original members still in the index today: Apple, Micron Technology Inc., Intel Corporation, KLA Corporation, PACCAR, and Costco Wholesale Corporation. When the Nasdaq-100® first launched, the median market capitalization of a company in the NDX® was $455 million and the average market capitalization was $580 million. As of December 31, 2024, the median market capitalization of a company in the NDX® was $74 billion, and the average market capitalization was $268 billion.

    Driving the Innovation Economy Through Research and Development

    The companies in the Nasdaq-100® have a history of accelerating change. As a driving force of innovation and economic growth, they spend between 600-1,200% more on research and development compared to companies residing in broad-based US large cap equity indexes1. Moreover, companies that invest more in research and development have delivered above-average performance across much of the 21st century2, and proven to be resilient over time through different market environments.

    “AMD congratulates Nasdaq on celebrating 40 years of the Nasdaq-100 Index,” said Dr. Lisa Su, Chair and Chief Executive Officer, AMD. “We share Nasdaq’s commitment to growth and innovation to deliver value for our stakeholders and are proud to stand alongside the trailblazing companies within this elite group. We look forward to continuing our collaboration with Nasdaq to drive technological and economic advancements in the years to come.”

    “Over the past 40 years, the Nasdaq-100 Index® has grown into a powerful embodiment of innovation, resilience, and unparalleled growth. By providing investors with access to the groundbreaking companies shaping the global economy, the index has not only fueled innovation but also enabled the creation of generational wealth,” said Adena Friedman, Chair and CEO at Nasdaq. “From trendsetting startups to global industry giants, the index is a testament to Nasdaq’s unwavering commitment to support companies at all stages of their journey. As we celebrate this significant milestone, we are not only honored by the extraordinary achievements of the companies within the index, but also reaffirm our mission to champion innovation, empower growth and support the companies and investors that shape the future of markets worldwide.”

    “Today we celebrate the 40th anniversary of the Nasdaq-100 Index®, a globally recognized benchmark of the companies accelerating our economy,” said Emily Spurling, Senior Vice President and Global Head of Indexes at Nasdaq. “This milestone marks a significant moment in our journey as a transparent, rules-based index provider. By creating access to the value chain of leading technology companies across multiple industries, NDX® empowers investors to support and benefit from the next generation of innovation, ensuring they are at the forefront of transformative growth.”

    The Expansive Nasdaq-100® Global Ecosystem

    The characteristics, strength, and significance of the Nasdaq-100® have generated considerable investor demand for access to the index. Subsequently, a global financial ecosystem has developed around NDX®, enabling investors to gain exposure through various investment vehicles tailored to market participants worldwide.

    The combined value of all products tracking the NDX® ecosystem globally exceeds $500 billion. Among the investment vehicles growing at an accelerated rate are Exchange Traded Products, with 94 different Nasdaq-100® products currently trading in over 20 countries across 6 continents. The first and largest of these is the Invesco QQQ ETF, which is the second most liquid ETF in the US and has served as a foundational financial product by providing investors with access to the Nasdaq-100®3.

    “Congratulations to Nasdaq on the 40th anniversary of the Nasdaq-100 Index®,” said Brian Hartigan, Global Head of ETFs and Index Investments, Invesco. “The evolution of the Nasdaq-100 Index® and Invesco QQQ mirrors the growth and development of technology and innovation, positioning the QQQ as one of the most important large-cap growth strategies with an ever-growing investment audience.  We are happy that the long-standing Nasdaq and Invesco collaboration continues to contribute to success of the innovative Nasdaq-100 Index®.”

    Beyond Exchange Traded Products, the NDX® ecosystem has also experienced large scale growth and evolution in other asset classes, including index options and futures. From 2023 to 2024 index options that tracked NDX® have seen a 39.5% volume increase in contracts. Additionally, CME’s Nasdaq 100® futures have seen their average notional value traded daily exceed $200 billion in 20244. These products provide investors with additional avenues to gain exposure to the index, while continuing to trade in ways that are familiar, cost effective, or provide risk management abilities.

    Nasdaq Global Indexes has been creating innovative, market-leading, transparent indexes since 1971. Today, there are over 10,000 indexes that span geographies, asset classes, and diverse families. The indexes are tracked by financial product sponsors across a wide spectrum of investable products and for asset managers to measure risk and performance. Nasdaq also provides exchange listing, custom index, and design solutions to financial organizations worldwide.

    To celebrate the occasion, Nasdaq will host a special closing bell ceremony on Friday, January 31, 2025, commemorating this moment with its long-time clients and partners.

    To learn more about the Nasdaq-100® ecosystem, click here.

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

    Nasdaq Media Contacts:

    The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Neither The Nasdaq OMX Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Statements regarding Nasdaq’s proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. 

    -NDAQG- 

    1 Refers to the S&P 500, Nasdaq US 500 Large Cap Index, and other indexes comprised of the largest few hundred companies listed in the US weighted by market cap.
    2 Refers to https://indexes.nasdaqomx.com/docs/NDX%20Extended%20Presentation.pdf.
    3 According to Nasdaq ETF Intel as of January 28, 2025.
    4 Refers to https://www.cmegroup.com/openmarkets/equity-index/2024/The-Growth-of-Tech-and-25-Years-of-Nasdaq-Futures.html.

    The MIL Network –

  • MIL-OSI: Former Securitize Capital CEO Wilfred Daye Joins Mercurity Fintech as Chief Strategy Officer and Chaince Securities CEO

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Jan. 31, 2025 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group, is pleased to announce that effective February 1, 2025, Wilfred Daye will be joining MFH as Chief Strategy Officer and will also serve as the CEO of JVDA, LLC, a subsidiary of MFH and doing business as “Chaince Securities”. 

    In his dual leadership roles, Daye will focus on driving strategic innovation and operational excellence across both organizations. As Chief Strategy Officer at MFH, Daye will lead the company’s efforts in global expansion and digital asset adoption, bringing a unique blend of strategic insight and market expertise to accelerate the firm’s growth initiatives. His leadership will ensure MFH remains at the forefront of innovation in the rapidly evolving technology landscape. In his capacity as CEO of Chaince Securities, Daye will run a client-centric investment banking and capital formation practice. His vision is to deliver tailored solutions that meet the needs of an increasingly dynamic and sophisticated market.

    With a forward-thinking mindset and extensive expertise in structured credit trading and financial innovation, Daye brings over two decades of leadership at the crossroads of Wall Street and digital innovation. He previously served as CEO of Securitize Capital, the asset management arm of Securitize, a trailblazer in Real-World Asset (RWA) tokenization, and a recognized leader in blockchain-enabled financial solutions. Under his leadership, Securitize successfully tokenized private equity assets for industry giants such as KKR and Hamilton Lane, marking a significant milestone in the adoption of digital assets.

    Daye has also held pivotal roles at some of the world’s leading financial institutions. As a trader at UBS, he specialized in complex cash and synthetic structured products, driving advancements in financial engineering. He also held senior positions at Deutsche Bank and Barclays Capital, where he focused on global credit products. Additionally, he was a key member of the structured credit team at D.B. Zwirn after beginning his career at Lehman Brothers.  

    “What excites me most about joining MFH and Chaince Securities is the unique opportunity to shape the future of finance at a time when innovation and tradition are finding powerful new synergies,” said Wilfred. “Throughout my career, I’ve seen how transformative the right combination of technology and financial expertise can be. I look forward to working alongside our talented teams to build something truly exceptional—a bridge between traditional financial services and the digital future that creates lasting value for our clients and partners.”

    Shi Qiu, CEO of Mercurity Fintech Holding Inc., further commented, “When we envisioned the next chapter of MFH’s growth, we knew we needed a leader who not only understands the complexities of both traditional and digital finance but also shares our commitment to innovation with purpose. In Wilfred, we’ve found that rare combination. His genuine passion for financial innovation and deep understanding of institutional markets makes him the perfect architect for our future. We’re delighted to welcome him to our leadership team.”

    About Mercurity Fintech Holding Inc.
    Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing and business consultation across North America and the Asia-Pacific region. Our focus is on delivering innovative financial solutions while adhering to principles of compliance, professionalism, and operational efficiency. Our aim is to contribute to the evolution of digital finance by providing secure and innovative financial services to individuals and businesses. Our dedication to compliance, professionalism, and operational excellence ensures that we remain a trusted partner in the rapidly transforming financial landscape. For more information, please visit the Company’s website at https://mercurityfintech.com.

    Forward-Looking Statements
    This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

    For more information, please contact:
    International Elite Capital Inc.
    Vicky Chueng
    Tel: +1(646) 866-7989
    Email: mfhfintech@iecapitalusa.com

    The MIL Network –

  • MIL-OSI: First Hawaiian, Inc. Reports Fourth Quarter 2024 Financial Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Jan. 31, 2025 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2024.

    “I’m pleased to report that we finished 2024 with a very strong quarter that was highlighted by good performance across our key earnings drivers. Our loan and deposit balances grew, net interest margin expanded, expenses were well controlled and credit quality remained excellent. We also maintained our commitment to supporting our communities with a $1 million contribution to the First Hawaiian Foundation,” said Bob Harrison, Chairman, President, and CEO. “During the fourth quarter we took action to strengthen our balance sheet and increase our future earnings power by restructuring a portion of our investment portfolio. This action, along with the positive trends we saw in the fourth quarter, positions us very well entering 2025.” 

    On January 29, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on February 28, 2025, to stockholders of record at the close of business on February 14, 2025.

    Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $100.0 million of its outstanding common stock during 2025.

    Fourth Quarter 2024 Highlights:

    • Restructured a portion of the investment portfolio by selling $290.4 million of low-yielding investment securities and reinvested the sale proceeds into $291.5 million of higher-yielding securities. Recognized a $26.2 million pre-tax ($19.2 million after-tax) loss on the sale of securities.
    • Net income of $52.5 million, or $0.41 per diluted share
    • Total loans and leases increased $166.9 million versus prior quarter
    • Total deposits increased $94.5 million versus prior quarter
    • Net interest margin increased 8 basis points to 3.03%
    • Recorded a $0.8 million negative provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.8 billion at December 31, 2024 and September 30, 2024.

    Gross loans and leases were $14.4 billion as of December 31, 2024, an increase of $166.9 million, or 1.2%, from $14.2 billion as of September 30, 2024.

    Total deposits were $20.3 billion as of December 31, 2024, an increase of $94.5 million, or 0.5%, from $20.2 billion as of September 30, 2024.

    Net Interest Income

    Net interest income for the fourth quarter of 2024 was $158.8 million, an increase of $2.0 million, or 1.3%, compared to $156.7 million for the prior quarter.

    The net interest margin was 3.03% in the fourth quarter of 2024, an increase of 8 basis points compared to 2.95% in the prior quarter.

    Provision Expense

    During the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses. In the quarter ended September 30, 2024, we recorded a $7.4 million provision for credit losses.

    Noninterest Income

    Noninterest income was $29.4 million in the fourth quarter of 2024, a decrease of $23.9 million compared to noninterest income of $53.3 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

    Noninterest Expense

    Noninterest expense was $124.1 million in the fourth quarter of 2024, a decrease of $2.0 million compared to noninterest expense of $126.1 million in the prior quarter.

    The efficiency ratio was 65.5% and 59.8% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

    Taxes

    The effective tax rate was 18.9% and 19.6% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024, compared to $163.7 million, or 1.15% of total loans and leases, as of September 30, 2024. The reserve for unfunded commitments was $32.8 million as of December 31, 2024, compared to $33.7 million as of September 30, 2024. Net charge-offs were $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024, compared to net charge-offs of $3.9 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended September 30, 2024. Total non-performing assets were $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024, compared to total non-performing assets of $17.8 million, or 0.13% of total loans and leases and other real estate owned, on September 30, 2024.

    Capital

    Total stockholders’ equity was $2.6 billion on December 31, 2024 and September 30, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024, compared with 9.14%, 13.03% and 14.25%, respectively, on September 30, 2024.

    The Company repurchased 1.5 million shares of common stock at a total cost of $40.0 million under the stock repurchase program in the fourth quarter. The average cost was $27.14 per share repurchased. Total repurchases in 2024 were $40.0 million.

    As to the stock repurchase program approved for 2025, repurchases of shares of the Company’s common stock may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of share repurchases, if any, will be subject to management’s discretion and various factors, including the Company’s capital position and financial performance, as well as market conditions. The repurchase program may be suspended, terminated or modified at any time for any reason.

    First Hawaiian, Inc.

    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 8:00 a.m. Hawaii Time.

    To access the call by phone, please register via the following link: https://register.vevent.com/register/BI80003c73e95b445aa5fe62db794097bb, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

    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 our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.

    Use of Non-GAAP Financial Measures

    Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

    Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                                           
    Financial Highlights   Table 1
        For the Three Months Ended     For the Year Ended  
        December 31, 
    		     September 30,      December 31,      December 31,   
    (dollars in thousands, except per share data)   2024     2024     2023     2024     2023  
    Operating Results:                                        
    Net interest income   $ 158,753     $ 156,707     $ 151,793     $ 622,738     $ 636,127  
    (Benefit) provision for credit losses     (750 )     7,400       5,330       14,750       26,630  
    Noninterest income     29,376       53,288       58,347       185,803       200,815  
    Noninterest expense     124,143       126,147       142,307       501,189       501,138  
    Net income     52,496       61,492       47,502       230,129       234,983  
    Basic earnings per share     0.41       0.48       0.37       1.80       1.84  
    Diluted earnings per share     0.41       0.48       0.37       1.79       1.84  
    Dividends declared per share     0.26       0.26       0.26       1.04       1.04  
    Dividend payout ratio     63.41 %     54.17 %     70.27 %     58.10 %     56.52 %
    Performance Ratios(1):                                      
    Net interest margin     3.03 %     2.95 %     2.81 %     2.95 %     2.92 %
    Efficiency ratio     65.51 %     59.77 %     67.28 %     61.57 %     59.48 %
    Return on average total assets     0.88 %     1.02 %     0.77 %     0.96 %     0.95 %
    Return on average tangible assets (non-GAAP)(2)     0.92 %     1.06 %     0.81 %     1.00 %     0.99 %
    Return on average total stockholders’ equity     7.94 %     9.45 %     7.94 %     9.00 %      10.01 %
    Return on average tangible stockholders’ equity (non-GAAP)(2)     12.78 %     15.35 %     13.66 %     14.74 %     17.39 %
    Average Balances:                                      
    Average loans and leases   $ 14,276,107     $ 14,304,806     $ 14,349,322     $ 14,312,759     $ 14,266,291  
    Average earning assets     21,079,951       21,328,882       21,688,816       21,284,169       21,952,009  
    Average assets     23,795,735       24,046,696       24,404,727       23,996,723       24,625,445  
    Average deposits     20,249,573       20,367,805       20,908,221       20,373,975       21,160,155  
    Average stockholders’ equity     2,629,600       2,588,806       2,374,669       2,557,215       2,346,713  
    Market Value Per Share:                                      
    Closing     25.95       23.15       22.86       25.95       22.86  
    High     28.80       26.18       23.22       28.80       28.28  
    Low     22.08       20.28       17.18       19.48       15.08  
                             
        As of     As of     As of  
        December 31,      September 30,      December 31,   
    (dollars in thousands, except per share data)   2024     2024     2023  
    Balance Sheet Data:                        
    Loans and leases   $ 14,408,258     $ 14,241,370     $ 14,353,497  
    Total assets     23,828,186       23,780,285       24,926,474  
    Total deposits     20,322,216       20,227,702       21,332,657  
    Short-term borrowings     250,000       250,000       500,000  
    Total stockholders’ equity     2,617,486       2,648,034       2,486,066  
                             
    Per Share of Common Stock:                        
    Book value   $ 20.70     $ 20.71     $ 19.48  
    Tangible book value (non-GAAP)(2)     12.83       12.92       11.68  
                             
    Asset Quality Ratios:                        
    Non-accrual loans and leases / total loans and leases     0.14 %     0.13 %     0.13 %
    Allowance for credit losses for loans and leases / total loans and leases     1.11 %     1.15 %     1.09 %
                             
    Capital Ratios:                        
    Common Equity Tier 1 Capital Ratio     12.80 %     13.03 %     12.39 %
    Tier 1 Capital Ratio     12.80 %     13.03 %     12.39 %
    Total Capital Ratio     13.99 %     14.25 %     13.57 %
    Tier 1 Leverage Ratio     9.14 %     9.14 %     8.64 %
    Total stockholders’ equity to total assets     10.98 %     11.14 %     9.97 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.10 %     7.25 %     6.23 %
                             
    Non-Financial Data:                        
    Number of branches     48       48       50  
    Number of ATMs     273       273       275  
    Number of Full-Time Equivalent Employees     1,997       2,022       2,089  

    (1) Except for the efficiency ratio, amounts are annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

    (2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.

                                         
    Consolidated Statements of Income   Table 2
        For the Three Months Ended   For the Year Ended
        December 31,    September 30,    December 31,    December 31, 
    (dollars in thousands, except per share amounts)   2024     2024   2023   2024     2023
    Interest income                                    
    Loans and lease financing   $ 198,347     $ 205,682     $ 196,276     $ 805,941     $ 748,053  
    Available-for-sale investment securities     12,767       12,850       19,033       54,306       74,241  
    Held-to-maturity investment securities     17,071       16,937       17,987       69,376       73,497  
    Other     11,977       14,527       7,734       50,421       27,788  
    Total interest income     240,162       249,996       241,030       980,044       923,579  
    Interest expense                                    
    Deposits     78,465       87,500       82,215       335,717       258,221  
    Short-term and long-term borrowings     2,685       5,397       6,232       19,988       26,289  
    Other     259       392       790       1,601       2,942  
    Total interest expense     81,409       93,289       89,237       357,306       287,452  
    Net interest income     158,753       156,707       151,793       622,738       636,127  
    (Benefit) provision for credit losses     (750 )     7,400       5,330       14,750       26,630  
    Net interest income after (benefit) provision for credit losses     159,503       149,307       146,463       607,988       609,497  
    Noninterest income                                    
    Service charges on deposit accounts     7,968       7,783       7,646       31,090       29,647  
    Credit and debit card fees     14,834       17,533       16,381       64,401       63,888  
    Other service charges and fees     13,132       11,790       9,535       45,862       37,299  
    Trust and investment services income     9,449       9,077       9,645       38,306       38,449  
    Bank-owned life insurance     5,713       4,502       5,063       17,861       15,326  
    Investment securities (losses) gains, net     (26,171 )     —       792       (26,171 )     792  
    Other     4,451       2,603       9,285       14,454       15,414  
    Total noninterest income     29,376       53,288       58,347       185,803       200,815  
    Noninterest expense                                    
    Salaries and employee benefits     59,003       59,563       55,882       235,565       225,755  
    Contracted services and professional fees     14,472       14,634       16,219       60,912       66,423  
    Occupancy     7,708       6,945       7,561       28,971       29,608  
    Equipment     14,215       13,078       12,547       53,902       45,109  
    Regulatory assessment and fees     3,745       3,412       20,412       19,091       32,073  
    Advertising and marketing     1,529       1,813       1,441       7,719       7,615  
    Card rewards program     7,926       8,678       7,503       33,831       31,627  
    Other     15,545       18,024       20,742       61,198       62,928  
    Total noninterest expense     124,143       126,147       142,307       501,189       501,138  
    Income before provision for income taxes     64,736       76,448       62,503       292,602       309,174  
    Provision for income taxes     12,240       14,956       15,001       62,473       74,191  
    Net income   $ 52,496     $ 61,492     $ 47,502     $ 230,129     $ 234,983  
    Basic earnings per share   $ 0.41     $ 0.48     $ 0.37     $ 1.80     $ 1.84  
    Diluted earnings per share   $ 0.41     $ 0.48     $ 0.37     $ 1.79     $ 1.84  
    Basic weighted-average outstanding shares     127,350,626       127,886,167       127,612,734       127,702,573       127,567,547  
    Diluted weighted-average outstanding shares     128,167,502       128,504,035       128,028,964       128,325,865       127,915,873  
                       
    Consolidated Balance Sheets   Table 3
        December 31,    September 30,    December 31, 
    (dollars in thousands, except share amount)   2024     2024     2023  
    Assets                  
    Cash and due from banks   $ 258,057     $ 252,209     $ 185,015  
    Interest-bearing deposits in other banks     912,133       820,603       1,554,882  
    Investment securities:                  
    Available-for-sale, at fair value (amortized cost: $2,190,448 as of December 31, 2024, $2,290,781 as of September 30, 2024 and $2,558,675 as of December 31, 2023)     1,926,516       2,055,959       2,255,336  
    Held-to-maturity, at amortized cost (fair value: $3,262,509 as of December 31, 2024, $3,475,143 as of September 30, 2024 and $3,574,856 as of December 31, 2023)     3,790,650       3,853,697       4,041,449  
    Loans held for sale     —       —       190  
    Loans and leases     14,408,258       14,241,370       14,353,497  
    Less: allowance for credit losses     160,393       163,700       156,533  
    Net loans and leases     14,247,865       14,077,670       14,196,964  
                       
    Premises and equipment, net     288,530       287,036       281,461  
    Accrued interest receivable     79,979       81,875       84,417  
    Bank-owned life insurance     491,890       490,135       479,907  
    Goodwill     995,492       995,492       995,492  
    Mortgage servicing rights     5,078       5,236       5,699  
    Other assets     831,996       860,373       845,662  
    Total assets   $ 23,828,186     $ 23,780,285     $ 24,926,474  
    Liabilities and Stockholders’ Equity                  
    Deposits:                  
    Interest-bearing   $ 13,347,068     $ 13,427,674     $ 13,749,095  
    Noninterest-bearing     6,975,148       6,800,028       7,583,562  
    Total deposits     20,322,216       20,227,702       21,332,657  
    Short-term borrowings     250,000       250,000       500,000  
    Retirement benefits payable     97,135       100,448       103,285  
    Other liabilities     541,349       554,101       504,466  
    Total liabilities     21,210,700       21,132,251       22,440,408  
                       
    Stockholders’ equity                  
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024, issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024 and issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023)     1,417       1,417       1,413  
    Additional paid-in capital     2,560,380       2,558,158       2,548,250  
    Retained earnings     934,048       915,062       837,859  
    Accumulated other comprehensive loss, net     (463,994 )     (452,658 )     (530,210 )
    Treasury stock (15,325,949 shares as of December 31, 2024, 13,849,434 shares as of September 30, 2024 and 13,721,778 shares as of December 31, 2023)     (414,365 )     (373,945 )     (371,246 )
    Total stockholders’ equity     2,617,486       2,648,034       2,486,066  
    Total liabilities and stockholders’ equity   $ 23,828,186     $ 23,780,285     $ 24,926,474  
                                                       
    Average Balances and Interest Rates                                               Table 4
        Three Months Ended   Three Months Ended   Three Months Ended  
        December 31, 2024   September 30, 2024   December 31, 2023  
        Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                                  
    Interest-Bearing Deposits in Other Banks   $ 948.9   $ 11.3   4.75 % $ 1,020.4   $ 13.9   5.40 % $ 568.0   $ 7.8   5.39 %
    Available-for-Sale Investment Securities                                                  
    Taxable     1,987.7     12.7   2.56     2,062.6     12.8   2.48     2,598.4     19.0   2.92  
    Non-Taxable     1.4     —   5.30     1.5     —   5.06     1.9     —   5.12  
    Held-to-Maturity Investment Securities                                                  
    Taxable     3,224.8     13.9   1.72     3,288.2     13.8   1.67     3,472.1     14.8   1.70  
    Non-Taxable     601.7     3.9   2.56     602.3     3.7   2.46     603.9     3.9   2.58  
    Total Investment Securities     5,815.6     30.5   2.10     5,954.6     30.3   2.03     6,676.3     37.7   2.25  
    Loans Held for Sale     1.3     —   5.75     2.2     —   5.64     0.7     —   7.41  
    Loans and Leases(1)                                                  
    Commercial and industrial     2,157.8     35.2   6.50     2,165.3     38.0   6.98     2,148.1     36.7   6.78  
    Commercial real estate     4,333.1     68.9   6.33     4,278.3     71.6   6.67     4,356.3     71.4   6.51  
    Construction     990.7     17.4   6.99     1,040.7     20.3   7.74     888.7     16.7   7.45  
    Residential:                                                  
    Residential mortgage     4,183.5     40.8   3.90     4,204.5     40.4   3.84     4,294.8     38.8   3.61  
    Home equity line     1,157.1     13.3   4.55     1,158.5     13.2   4.52     1,174.8     11.3   3.83  
    Consumer     1,033.2     19.0   7.29     1,035.3     18.7   7.19     1,132.4     18.4   6.43  
    Lease financing     420.7     4.4   4.18     422.2     4.0   3.72     354.2     3.6   4.03  
    Total Loans and Leases     14,276.1     199.0   5.55     14,304.8     206.2   5.74     14,349.3     196.9   5.45  
    Other Earning Assets     38.1     0.7   6.73     46.9     0.7   5.83     94.5     —   0.06  
    Total Earning Assets(2)     21,080.0     241.5   4.56     21,328.9     251.1   4.69     21,688.8     242.4   4.44  
    Cash and Due from Banks     226.2               242.3               240.8            
    Other Assets     2,489.5               2,475.5               2,475.1            
    Total Assets   $ 23,795.7             $ 24,046.7             $ 24,404.7            
                                                       
    Interest-Bearing Liabilities                                                  
    Interest-Bearing Deposits                                                  
    Savings   $ 5,940.3   $ 21.1   1.42 % $ 5,963.1   $ 23.6   1.57 % $ 6,067.2   $ 22.4   1.46 %
    Money Market     4,053.6     26.6   2.61     4,179.5     31.9   3.04     3,905.0     27.5   2.79  
    Time     3,362.0     30.8   3.64     3,327.3     32.0   3.83     3,390.7     32.3   3.78  
    Total Interest-Bearing Deposits     13,355.9     78.5   2.34     13,469.9     87.5   2.58     13,362.9     82.2   2.44  
    Other Short-Term Borrowings     250.0     2.7   4.27     451.1     5.4   4.76     515.2     6.2   4.80  
    Other Interest-Bearing Liabilities     25.3     0.2   4.07     22.4     0.4   6.97     42.1     0.8   7.44  
    Total Interest-Bearing Liabilities     13,631.2     81.4   2.38     13,943.4     93.3   2.66     13,920.2     89.2   2.54  
    Net Interest Income         $ 160.1             $ 157.8             $ 153.2      
    Interest Rate Spread(3)               2.18 %             2.03 %             1.90 %
    Net Interest Margin(4)               3.03 %             2.95 %             2.81 %
    Noninterest-Bearing Demand Deposits     6,893.7               6,897.9               7,545.3            
    Other Liabilities     641.2               616.6               564.5            
    Stockholders’ Equity     2,629.6               2,588.8               2,374.7            
    Total Liabilities and Stockholders’ Equity   $ 23,795.7             $ 24,046.7             $ 24,404.7            

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $1.4 million, $1.1 million and $1.4 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                                               
    Average Balances and Interest Rates                                       Table 5
        Year Ended   Year Ended  
        December 31, 2024   December 31, 2023  
        Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                          
    Interest-Bearing Deposits in Other Banks   $ 900.8     $ 47.3     5.25 % $ 512.3     $ 26.5     5.18 %
    Available-for-Sale Investment Securities                                          
    Taxable     2,090.0       54.2     2.60     2,871.8       73.8     2.57  
    Non-Taxable     1.5       0.1     5.45     10.2       0.6     5.55  
    Held-to-Maturity Investment Securities                                          
    Taxable     3,321.6       56.6     1.70     3,579.0       60.7     1.70  
    Non-Taxable     602.6       15.6     2.58     607.7       15.9     2.61  
    Total Investment Securities     6,015.7       126.5     2.10     7,068.7       151.0     2.14  
    Loans Held for Sale     1.3       0.1     6.02     0.4       —     6.63  
    Loans and Leases(1)                                          
    Commercial and industrial     2,172.4       148.6     6.84     2,182.3       141.0     6.46  
    Commercial real estate     4,310.1       282.3     6.55     4,257.9       266.0     6.25  
    Construction     985.4       73.5     7.46     877.7       62.1     7.08  
    Residential:                                          
    Residential mortgage     4,220.2       163.4     3.87     4,308.0       156.4     3.63  
    Home equity line     1,162.9       51.0     4.39     1,131.1       39.3     3.47  
    Consumer     1,051.5       73.4     6.98     1,178.6       71.5     6.07  
    Lease financing     410.3       16.3     3.98     330.7       14.1     4.26  
    Total Loans and Leases     14,312.8       808.5     5.65     14,266.3       750.4     5.26  
    Other Earning Assets     53.6       3.1     5.88     104.3       1.3     1.20  
    Total Earning Assets(2)     21,284.2       985.5     4.63     21,952.0       929.2     4.23  
    Cash and Due from Banks     238.3                   265.1                
    Other Assets     2,474.2                   2,408.3                
    Total Assets   $ 23,996.7                 $ 24,625.4                
                                               
    Interest-Bearing Liabilities                                          
    Interest-Bearing Deposits                                          
    Savings   $ 5,990.7     $ 91.6     1.53 % $ 6,124.7     $ 71.5     1.17 %
    Money Market     4,064.0       117.8     2.90     3,869.1       86.1     2.22  
    Time     3,324.8       126.3     3.80     3,040.0       100.6     3.31  
    Total Interest-Bearing Deposits     13,379.5       335.7     2.51     13,033.8       258.2     1.98  
    Federal Funds Purchased     —       —     —     17.2       0.8     4.45  
    Other Short-Term Borrowings     424.9       20.0     4.70     261.9       13.0     4.98  
    Long-Term Borrowings     —       —     —     261.6       12.5     4.78  
    Other Interest-Bearing Liabilities     29.6       1.6     5.39     57.1       3.0     5.15  
    Total Interest-Bearing Liabilities     13,834.0       357.3     2.58     13,631.6       287.5     2.11  
    Net Interest Income           $ 628.2                 $ 641.7        
    Interest Rate Spread(3)                   2.05 %                 2.12 %
    Net Interest Margin(4)                   2.95 %                 2.92 %
    Noninterest-Bearing Demand Deposits     6,994.5                   8,126.4                
    Other Liabilities     611.0                   520.7                
    Stockholders’ Equity     2,557.2                   2,346.7                
    Total Liabilities and Stockholders’ Equity   $ 23,996.7                 $ 24,625.4                

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $5.4 million and $5.6 million for the years ended December 31, 2024 and 2023, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the years ended December 31, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                       
    Analysis of Change in Net Interest Income                 Table 6
        Three Months Ended December 31, 2024
        Compared to September 30, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ (1.0 )   $ (1.6 )   $ (2.6 )
    Available-for-Sale Investment Securities                  
    Taxable     (0.5 )     0.4       (0.1 )
    Held-to-Maturity Investment Securities                  
    Taxable     (0.3 )     0.4       0.1  
    Non-Taxable     —       0.2       0.2  
    Total Investment Securities     (0.8 )     1.0       0.2  
    Loans and Leases                  
    Commercial and industrial     (0.1 )     (2.7 )     (2.8 )
    Commercial real estate     0.9       (3.6 )     (2.7 )
    Construction     (1.0 )     (1.9 )     (2.9 )
    Residential:                  
    Residential mortgage     (0.2 )     0.6       0.4  
    Home equity line     —       0.1       0.1  
    Consumer     —       0.3       0.3  
    Lease financing     —       0.4       0.4  
    Total Loans and Leases     (0.4 )     (6.8 )     (7.2 )
    Other Earning Assets     (0.1 )     0.1       —  
    Total Change in Interest Income     (2.3 )     (7.3 )     (9.6 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (0.1 )     (2.4 )     (2.5 )
    Money Market     (0.9 )     (4.4 )     (5.3 )
    Time     0.3       (1.5 )     (1.2 )
    Total Interest-Bearing Deposits     (0.7 )     (8.3 )     (9.0 )
    Other Short-Term Borrowings     (2.2 )     (0.5 )     (2.7 )
    Other Interest-Bearing Liabilities     —       (0.2 )     (0.2 )
    Total Change in Interest Expense     (2.9 )     (9.0 )     (11.9 )
    Change in Net Interest Income   $ 0.6     $ 1.7     $ 2.3  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 7
        Three Months Ended December 31, 2024
        Compared to December 31, 2023
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 4.6     $ (1.1 )   $ 3.5  
    Available-for-Sale Investment Securities                  
    Taxable     (4.1 )     (2.2 )     (6.3 )
    Held-to-Maturity Investment Securities                  
    Taxable     (1.1 )     0.2       (0.9 )
    Total Investment Securities     (5.2 )     (2.0 )     (7.2 )
    Loans and Leases                  
    Commercial and industrial     0.1       (1.6 )     (1.5 )
    Commercial real estate     (0.4 )     (2.1 )     (2.5 )
    Construction     1.8       (1.1 )     0.7  
    Residential:                  
    Residential mortgage     (1.0 )     3.0       2.0  
    Home equity line     (0.1 )     2.1       2.0  
    Consumer     (1.7 )     2.3       0.6  
    Lease financing     0.7       0.1       0.8  
    Total Loans and Leases     (0.6 )     2.7       2.1  
    Other Earning Assets     —       0.7       0.7  
    Total Change in Interest Income     (1.2 )     0.3       (0.9 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (0.6 )     (0.7 )     (1.3 )
    Money Market     1.0       (1.9 )     (0.9 )
    Time     (0.2 )     (1.3 )     (1.5 )
    Total Interest-Bearing Deposits     0.2       (3.9 )     (3.7 )
    Other Short-Term Borrowings     (2.9 )     (0.6 )     (3.5 )
    Other Interest-Bearing Liabilities     (0.3 )     (0.3 )     (0.6 )
    Total Change in Interest Expense     (3.0 )     (4.8 )     (7.8 )
    Change in Net Interest Income   $ 1.8     $ 5.1     $ 6.9  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 8
        Year Ended December 31, 2024
        Compared to December 31, 2023
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 20.4     $ 0.4     $ 20.8  
    Available-for-Sale Investment Securities                  
    Taxable     (20.4 )     0.8       (19.6 )
    Non-Taxable     (0.5 )     —       (0.5 )
    Held-to-Maturity Investment Securities                  
    Taxable     (4.1 )     —       (4.1 )
    Non-Taxable     (0.1 )     (0.2 )     (0.3 )
    Total Investment Securities     (25.1 )     0.6       (24.5 )
    Loans Held for Sale     0.1       —       0.1  
    Loans and Leases                  
    Commercial and industrial     (0.7 )     8.3       7.6  
    Commercial real estate     3.3       13.0       16.3  
    Construction     7.9       3.5       11.4  
    Residential:                  
    Residential mortgage     (3.2 )     10.2       7.0  
    Home equity line     1.1       10.6       11.7  
    Consumer     (8.2 )     10.1       1.9  
    Lease financing     3.2       (1.0 )     2.2  
    Total Loans and Leases     3.4       54.7       58.1  
    Other Earning Assets     (0.9 )     2.7       1.8  
    Total Change in Interest Income     (2.1 )     58.4       56.3  
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (1.6 )     21.7       20.1  
    Money Market     4.5       27.2       31.7  
    Time     10.0       15.7       25.7  
    Total Interest-Bearing Deposits     12.9       64.6       77.5  
    Federal Funds Purchased     (0.4 )     (0.4 )     (0.8 )
    Other Short-Term Borrowings     7.7       (0.7 )     7.0  
    Long-Term Borrowings     (6.3 )     (6.2 )     (12.5 )
    Other Interest-Bearing Liabilities     (1.5 )     0.1       (1.4 )
    Total Change in Interest Expense     12.4       57.4       69.8  
    Change in Net Interest Income   $ (14.5 )   $ 1.0     $ (13.5 )

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                             
    Loans and Leases                     Table 9
        December 31,    September 30,    December 31, 
    (dollars in thousands)   2024   2024   2023
    Commercial and industrial   $ 2,247,428     $ 2,110,077     $ 2,165,349  
    Commercial real estate     4,463,992       4,265,289       4,340,243  
    Construction     918,326       1,056,249       900,292  
    Residential:                        
    Residential mortgage     4,168,154       4,187,060       4,283,315  
    Home equity line     1,151,739       1,159,823       1,174,588  
    Total residential     5,319,893       5,346,883       5,457,903  
    Consumer     1,023,969       1,030,044       1,109,901  
    Lease financing     434,650       432,828       379,809  
    Total loans and leases   $ 14,408,258     $ 14,241,370     $ 14,353,497  
                             
    Deposits                     Table 10
        December 31,    September 30,    December 31, 
    (dollars in thousands)   2024   2024   2023
    Demand   $ 6,975,148     $ 6,800,028     $ 7,583,562  
    Savings     6,021,364       5,896,029       6,445,084  
    Money Market     4,027,334       4,129,381       3,847,853  
    Time     3,298,370       3,402,264       3,456,158  
    Total Deposits   $ 20,322,216     $ 20,227,702     $ 21,332,657  
                             
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More                     Table 11
        December 31,    September 30,    December 31, 
    (dollars in thousands)   2024   2024   2023
    Non-Performing Assets                        
    Non-Accrual Loans and Leases                        
    Commercial Loans:                        
    Commercial and industrial   $ 329     $ 934     $ 970  
    Commercial real estate     411       152       2,953  
    Total Commercial Loans     740       1,086       3,923  
    Residential Loans:                        
    Residential mortgage     12,768       9,103       7,620  
    Home equity line     7,171       7,645       7,052  
    Total Residential Loans     19,939       16,748       14,672  
    Total Non-Accrual Loans and Leases     20,679       17,834       18,595  
    Total Non-Performing Assets   $ 20,679     $ 17,834     $ 18,595  
                             
    Accruing Loans and Leases Past Due 90 Days or More                        
    Commercial Loans:                        
    Commercial and industrial   $ 1,432     $ 529     $ 494  
    Commercial real estate     —       568       300  
    Construction     536       —       —  
    Total Commercial Loans     1,968       1,097       794  
    Residential mortgage     1,317       931       —  
    Consumer     2,734       2,515       2,702  
    Total Accruing Loans and Leases Past Due 90 Days or More   $ 6,019     $ 4,543     $ 3,496  
                             
    Total Loans and Leases   $ 14,408,258     $ 14,241,370     $ 14,353,497  
                                   
    Allowance for Credit Losses and Reserve for Unfunded Commitments   Table 12
        For the Three Months Ended   For the Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
    (dollars in thousands)   2024   2024   2023   2024   2023
    Balance at Beginning of Period   $ 197,397     $ 193,930     $ 192,570     $ 192,138     $ 177,735  
    Loans and Leases Charged-Off                              
    Commercial Loans:                              
    Commercial and industrial     (851 )     (1,178 )     (910 )     (3,615 )     (3,482 )
    Commercial real estate     —       (400 )     (2,500 )     (400 )     (2,500 )
    Total Commercial Loans     (851 )     (1,578 )     (3,410 )     (4,015 )     (5,982 )
    Residential Loans:                              
    Residential mortgage     —       —       —       —       (122 )
    Home equity line     —       —       (20 )     —       (292 )
    Total Residential Loans     —       —       (20 )     —       (414 )
    Consumer     (4,774 )     (4,192 )     (4,147 )     (18,002 )     (17,110 )
    Total Loans and Leases Charged-Off     (5,625 )     (5,770 )     (7,577 )     (22,017 )     (23,506 )
    Recoveries on Loans and Leases Previously Charged-Off                              
    Commercial and industrial     298       160       171       919       3,346  
    Residential Loans:                              
    Residential mortgage     30       31       31       119       141  
    Home equity line     32       86       163       274       702  
    Total Residential Loans     62       117       194       393       843  
    Consumer     1,858       1,560       1,450       7,057       7,090  
    Total Recoveries on Loans and Leases Previously Charged-Off     2,218       1,837       1,815       8,369       11,279  
    Net Loans and Leases Charged-Off     (3,407 )     (3,933 )     (5,762 )     (13,648 )     (12,227 )
    (Benefit) Provision for Credit Losses     (750 )     7,400       5,330       14,750       26,630  
    Balance at End of Period   $ 193,240     $ 197,397     $ 192,138     $ 193,240     $ 192,138  
    Components:                              
    Allowance for Credit Losses   $ 160,393     $ 163,700     $ 156,533     $ 160,393     $ 156,533  
    Reserve for Unfunded Commitments     32,847       33,697       35,605       32,847       35,605  
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 193,240     $ 197,397     $ 192,138     $ 193,240     $ 192,138  
    Average Loans and Leases Outstanding   $ 14,276,107     $ 14,304,806     $ 14,349,322     $ 14,312,759     $ 14,266,291  
    Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.09 %     0.11 %     0.16 %     0.10 %     0.09 %
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.11 %     1.15 %     1.09 %     1.11 %      1.09 %
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     7.76x     9.18x     8.42x     7.76x     8.42x

    (1) Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

                                                           
    Loans and Leases by Year of Origination and Credit Quality Indicator     Table 13
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
                                            Amortized   Amortized      
    (dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
    Commercial Lending                                                      
    Commercial and Industrial                                                      
    Risk rating:                                                      
    Pass   $ 163,980   $ 73,554   $ 185,433   $ 249,532   $ 17,775   $ 256,119   $ 1,118,075   $ 14,336   $ 2,078,804
    Special Mention     808     2,385     1,209     68     300     1,322     41,520     —     47,612
    Substandard     —     —     8,096     196     309     1,114     26,089     —     35,804
    Other (1)     17,132     8,928     6,937     2,797     765     1,279     47,370     —     85,208
    Total Commercial and Industrial     181,920     84,867     201,675     252,593     19,149     259,834     1,233,054     14,336     2,247,428
    Current period gross charge-offs     —     578     335     105     221     2,376     —     —     3,615
                                                           
    Commercial Real Estate                                                      
    Risk rating:                                                      
    Pass     322,405     369,948     832,005     634,722     308,156     1,720,243     116,682     7,703     4,311,864
    Special Mention     9,014     2,252     7,510     41,399     3,265     10,860     11,861     —     86,161
    Substandard     —     —     54,952     1,002     —     9,732     148     —     65,834
    Other (1)     —     —     —     —     —     133     —     —     133
    Total Commercial Real Estate     331,419     372,200     894,467     677,123     311,421     1,740,968     128,691     7,703     4,463,992
    Current period gross charge-offs     —     —     —     —     —     400     —     —     400
                                                           
    Construction                                                      
    Risk rating:                                                      
    Pass     91,583     198,382     332,000     186,682     41,596     13,824     14,972     —     879,039
    Special Mention     —     —     —     —     —     155     —     —     155
    Other (1)     12,482     9,688     10,861     1,561     1,199     2,644     697     —     39,132
    Total Construction     104,065     208,070     342,861     188,243     42,795     16,623     15,669     —     918,326
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Lease Financing                                                      
    Risk rating:                                                      
    Pass     149,615     101,684     60,898     14,328     17,703     84,663     —     —     428,891
    Special Mention     —     —     —     220     —     —     —     —     220
    Substandard     4,657     565     317     —     —     —     —     —     5,539
    Total Lease Financing     154,272     102,249     61,215     14,548     17,703     84,663     —     —     434,650
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Commercial Lending   $ 771,676   $ 767,386   $ 1,500,218   $ 1,132,507   $ 391,068   $ 2,102,088   $ 1,377,414   $ 22,039   $ 8,064,396
    Current period gross charge-offs   $ —   $ 578   $ 335   $ 105   $ 221   $ 2,776   $ —   $ —   $ 4,015
                                                           
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
    (continued)                                       Amortized   Amortized      
    (dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
    Residential Lending                                                      
    Residential Mortgage                                                      
    FICO:                                                      
    740 and greater   $ 168,067   $ 187,710   $ 492,845   $ 946,390   $ 498,443   $ 1,115,557   $ —   $ —   $ 3,409,012
    680 – 739     18,368     34,901     65,735     103,622     57,369     138,469     —     —     418,464
    620 – 679     1,726     4,380     23,556     19,355     14,058     40,471     —     —     103,546
    550 – 619     —     820     6,526     7,745     4,042     13,783     —     —     32,916
    Less than 550     —     734     775     2,264     1,559     6,342     —     —     11,674
    No Score (3)     13,211     6,719     16,839     9,916     5,518     45,604     —     —     97,807
    Other (2)     9,456     12,404     16,564     14,311     10,769     28,812     2,419     —     94,735
    Total Residential Mortgage     210,828     247,668     622,840     1,103,603     591,758     1,389,038     2,419     —     4,168,154
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Home Equity Line                                                      
    FICO:                                                      
    740 and greater     —     —     —     —     —     —     925,749     1,652     927,401
    680 – 739     —     —     —     —     —     —     161,523     1,030     162,553
    620 – 679     —     —     —     —     —     —     39,235     1,220     40,455
    550 – 619     —     —     —     —     —     —     13,006     416     13,422
    Less than 550     —     —     —     —     —     —     5,993     563     6,556
    No Score (3)     —     —     —     —     —     —     1,352     —     1,352
    Total Home Equity Line     —     —     —     —     —     —     1,146,858     4,881     1,151,739
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Residential Lending   $ 210,828   $ 247,668   $ 622,840   $ 1,103,603   $ 591,758   $ 1,389,038   $ 1,149,277   $ 4,881   $ 5,319,893
    Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —
                                                           
    Consumer Lending                                                      
    FICO:                                                      
    740 and greater     92,329     65,738     84,007     44,192     14,607     6,897     101,938     106     409,814
    680 – 739     68,371     46,533     44,504     21,829     7,652     5,278     86,935     509     281,611
    620 – 679     30,618     17,728     19,942     10,252     4,195     4,152     50,544     775     138,206
    550 – 619     6,108     6,768     9,312     5,702     2,574     3,106     15,641     778     49,989
    Less than 550     2,012     3,950     5,572     3,594     1,591     1,830     5,311     593     24,453
    No Score (3)     1,881     106     38     —     7     9     38,932     176     41,149
    Other (2)     —     —     277     887     99     956     76,528     —     78,747
    Total Consumer Lending   $ 201,319   $ 140,823   $ 163,652   $ 86,456   $ 30,725   $ 22,228   $ 375,829   $ 2,937   $ 1,023,969
    Current period gross charge-offs   $ 732   $ 2,055   $ 2,606   $ 1,388   $ 676   $ 2,685   $ 7,168   $ 692   $ 18,002
                                                           
    Total Loans and Leases   $ 1,183,823   $ 1,155,877   $ 2,286,710   $ 2,322,566   $ 1,013,551   $ 3,513,354   $ 2,902,520   $ 29,857   $ 14,408,258
    Current period gross charge-offs   $ 732   $ 2,633   $ 2,941   $ 1,493   $ 897   $ 5,461   $ 7,168   $ 692   $ 22,017

    (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of December 31, 2024, the majority of the loans in this population were current.

    (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of December 31, 2024, the majority of the loans in this population were current.

    (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                                             
    GAAP to Non-GAAP Reconciliation   Table 14
        For the Three Months Ended     For the Year Ended  
        December 31,      September 30,      December 31,      December 31,   
    (dollars in thousands)   2024     2024     2023     2024     2023  
    Income Statement Data:                                        
    Net income   $ 52,496     $ 61,492     $ 47,502     $ 230,129     $ 234,983  
                                             
    Average total stockholders’ equity   $ 2,629,600     $ 2,588,806     $ 2,374,669     $ 2,557,215     $ 2,346,713  
    Less: average goodwill     995,492       995,492       995,492       995,492       995,492  
    Average tangible stockholders’ equity   $ 1,634,108     $ 1,593,314     $ 1,379,177     $ 1,561,723     $ 1,351,221  
                                             
    Average total assets   $ 23,795,735     $ 24,046,696     $ 24,404,727     $ 23,996,723     $ 24,625,445  
    Less: average goodwill     995,492       995,492       995,492       995,492       995,492  
    Average tangible assets   $ 22,800,243     $ 23,051,204     $ 23,409,235     $ 23,001,231     $ 23,629,953  
                                             
    Return on average total stockholders’ equity(1)     7.94 %     9.45 %     7.94 %     9.00 %     10.01 %
    Return on average tangible stockholders’ equity (non-GAAP)(1)     12.78 %     15.35 %     13.66 %     14.74 %     17.39 %
                                             
    Return on average total assets(1)     0.88 %     1.02 %     0.77 %     0.96 %     0.95 %
    Return on average tangible assets (non-GAAP)(1)     0.92 %     1.06 %     0.81 %     1.00 %     0.99 %
                             
                       
        As of     As of     As of  
        December 31,      September 30,      December 31,   
    (dollars in thousands, except per share amounts)   2024     2024     2023  
    Balance Sheet Data:                        
    Total stockholders’ equity   $ 2,617,486     $ 2,648,034     $ 2,486,066  
    Less: goodwill     995,492       995,492       995,492  
    Tangible stockholders’ equity   $ 1,621,994     $ 1,652,542     $ 1,490,574  
                             
    Total assets   $ 23,828,186     $ 23,780,285     $ 24,926,474  
    Less: goodwill     995,492       995,492       995,492  
    Tangible assets   $ 22,832,694     $ 22,784,793     $ 23,930,982  
                             
    Shares outstanding     126,422,898       127,886,167       127,618,761  
                             
    Total stockholders’ equity to total assets     10.98 %     11.14 %     9.97 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)     7.10 %     7.25 %     6.23 %
                             
    Book value per share   $ 20.70     $ 20.71     $ 19.48  
    Tangible book value per share (non-GAAP)   $ 12.83     $ 12.92     $ 11.68  

    (1) Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

    The MIL Network –

  • MIL-OSI: Apollo to Provide USD $500 Million Hybrid Capital Solution to Aldar in Fourth Transaction

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced an agreement for Apollo-managed affiliates, funds and clients to invest USD $500 million in Subordinated Notes issued by Aldar Properties PJSC (“Aldar”). The transaction represents one of the region’s largest-ever corporate hybrid private placements and brings aggregate investment in Aldar led by Apollo to approximately USD $1.9 billion across four transactions since 2022.

    Apollo Partner Jamshid Ehsani said, “We are pleased to broaden our partnership and provide another scaled capital solution to Aldar by investing in a leading real estate franchise that we believe offers an attractive investment opportunity for our clients. Apollo’s fourth investment in Aldar underscores our strong partnership with the company as well as our commitment to serving as a leading capital provider to the broader Abu Dhabi ecosystem.”

    The hybrid private placement marks Apollo’s latest commitment to Abu Dhabi and the UAE and follows an August 2022 transaction in which Apollo-managed funds and clients invested a total of USD $1.4 billion in strategic capital in Aldar, including a USD $400 million equity investment in Aldar Investment Properties. In November 2024, Apollo also announced a multi-year extension of the firm’s multi-billion-dollar partnership with Mubadala Investment Company focused on global origination opportunities.

    Since 2020, under its High-Grade Capital Solutions strategy, Apollo has originated nearly $100 billion of bespoke capital solutions for leading companies such as Intel, Sony, Air France, AB InBev and more.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

    Contacts

    Noah Gunn

    Global Head of Investor Relations

    Apollo Global Management, Inc.

    (212) 822-0540

    IR@apollo.com

    Joanna Rose

    Global Head of Corporate Communications

    Apollo Global Management, Inc.

    (212) 822-0491

    Communications@apollo.com

    The MIL Network –

  • MIL-OSI: QUAINT OAK BANCORP, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS

    Source: GlobeNewswire (MIL-OSI)

    Southampton, PA , Jan. 31, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net income for the quarter ended December 31, 2024 of $1.6 million, or $0.60 per basic and diluted share, compared to net income of $1.1 million, or $0.49 per basic and diluted share, for the same period in 2023. Net income for the year ended December 31, 2024 was $2.8 million, or $1.08 per basic and diluted share, compared to net income of $2.0 million, or $0.90 per basic and $0.89 per diluted share, for the same period in 2023.

    Robert T. Strong, President and Chief Executive Officer stated, “I am pleased to report that our quarterly net income for the period ended December 31, 2024, of $1.6 million was an increase of 38.3% when compared to the income of the same period ended December 31, 2023. I am, additionally, pleased to report that our annual net income for the year ended December 31, 2024, of $2.8 million was an increase of 38.4% when compared to the income for the year ended December 31, 2023.”

    Mr. Strong added, “Our non-interest income continued to improve for both the quarter ended December 31, 2024, and the year-end December 31, 2024, when compared to the same periods ended December 31, 2023. We completed the sale-leaseback of our property in Allentown, Pennsylvania during the fourth quarter of 2024 that resulted in a one-time $1.5 million gain.”

    Mr. Strong continued, “As previously reported, we experienced a continuing minor weakness in the small business sector. Our non-performing loans as a percentage of total loans receivable, net was 1.07% at December 31, 2024. Our non-performing assets as a percentage of total assets at December 31, 2024, was 0.83%. Although not rising to a level of concern but one of continued monitoring, we have, however, increased our allowance for credit losses as a percentage of total loans receivable to 1.20% at year-end December 31, 2024. We also carry a percentage of 113.61% allowance for credit losses as a percent of non-performing loans.”

    Mr. Strong commented, “As of year-end December 31, 2024, Quaint Oak Bank’s total risk-based capital ratio was 14.34%. In conjunction with earnings and improved liquidity and capital ratios, the Board of Directors, as previously announced, declared a dividend in the amount of $0.13 per share payable February 10, 2025.”

    Mr. Strong concluded, “In closing, I am pleased that our stockholders’ equity from continuing operations improved by over $4.0 million during the year 2024. As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

    On March 29, 2024, Quaint Oak Bank sold its 51% interest in Oakmont Capital Holdings, LLC (“OCH”). The decision was based on a number of strategic priorities and other factors. As a result of this action, the Company classified the operations of OCH as discontinued operations under ASC 205-20. The Consolidated Balance Sheets and Consolidated Statements of Income present discontinued operations for the year ended December 31, 2024 and retrospectively at December 31, 2023 and for prior periods. Included in discontinued operations for the year ended December 31, 2024 was a pretax gain of $1.4 million on the sale of the Company’s 51% interest in OCH.

    Also on March 29, 2024, the Company discontinued the operations of Quaint Oak Real Estate, LLC (“Quaint Oak Real Estate”), a 100% wholly owned subsidiary of the Bank. Quaint Oak Real Estate was engaged in the real estate brokerage business.

    Comparison of Quarter-over-Quarter Operating Results

    Net income amounted to $1.6 million for the three months ended December 31, 2024, an increase of $437,000, or 38.3%, compared to net income of $1.1 million for the three months ended December 31, 2023. The increase in net income on a comparative quarterly basis was primarily the result of an increase in non-interest income of $1.8 million, a decrease in interest expense of $756,000, and a decrease in the net provision for income taxes of $166,000, partially offset by a decrease in interest income of $1.0 million, an increase in the provision for credit losses of $619,000, a decrease in net loss from discontinued operations of $488,000, and an increase in non-interest expense of $308,000.

    The $1.0 million, or 9.5%, decrease in interest income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $94.3 million from $702.7 million for the three months ended December 31, 2023 to $608.4 million for the three months ended December 31, 2024 and had the effect of decreasing interest income $1.4 million. This decrease was partially offset by a 27 basis point increase in the average yield on loans receivable, net from 6.05% for the three months ended December 31, 2023 to 6.32% for the three months ended December 31, 2024, and had the effect of increasing interest income $412,000, and a $9.4 million increase in the average balance of due from banks – interest earning, which increased from $22.1 million for the three months ended December 31, 2023 to $31.5 million for the three months ended December 31, 2024, and had the effect of increasing interest income $92,000.

    The $756,000, or 11.4%, decrease in interest expense for the three months ended December 31, 2024 over the comparable period in 2023 was driven by a $310,000, or 96.0%, decrease in the interest on Federal Home Loan Bank long-term borrowings due to a $29.8 million, or 89.5%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $33.3 million for the three months ended December 31, 2023 to $3.5 million for the three months ended December 31, 2024, combined with a $295,000, or 91.0%, decrease in the interest on Federal Home Loan Bank short-term borrowings due to an $18.1 million, or 88.9%, decrease in the average balance of Federal Home Loan Bank short-term borrowings which decreased from $20.4 million for the three months ended December 31, 2023 to $2.3 million for the three months ended December 31, 2024. Also contributing to the decrease in interest expense for the three months ended December 31, 2024 was a $192,000, or 3.5%, decrease in interest expense on deposits. The average interest rate spread increased from 1.52% for the three months ended December 31, 2023 to 1.88% for the three months ended December 31, 2024 while the net interest margin increased from 2.39% for the three months ended December 31, 2023 to 2.54% for the three months ended December 31, 2024.

    The $619,000, or 204.3%, increase in the provision for credit losses for the three months ended December 31, 2024 over the three months ended December 31, 2023 was due to an increase in charge-offs during the three months ended December 31, 2024, partially offset by a decrease in loans receivable, net.

    The $1.8 million, or 82.6%, increase in non-interest income for the three months ended December 31, 2024 over the comparable period in 2023 was primarily attributable to a $1.5 million gain on the sale and leaseback of the Company’s office building at 1710 Union Boulevard in Allentown, Pennsylvania, a $290,000, or 20.6%, increase in net gain on sale of loans, a $103,000, or 57.5%, increase in mortgage banking, equipment lending, and title abstract fees, an $80,000, or 65.6%, increase in gain on sale of SBA loans, and a $41,000, or 23.2%, increase in insurance commissions. These increases were partially offset by a $184,000, or 86.0%, decrease in other fees and service charges, and a $6,000, or 100.0%, decrease in real estate sales commissions, net.

    The $308,000, or 5.7%, increase in non-interest expense for the three months ended December 31, 2024 over the comparable period in 2023 was primarily due to a $392,000, or 11.4%, increase in salaries and employee benefits expense, a $111,000, or 33.1%, increase in professional fees, a $90,000, or 28.7%, increase in data processing expense, a $47,000 increase in directors’ fees and expenses, and a $25,000, or 33.3%, increase in advertising expense. These increases were partially offset by a $183,000, or 33.5%, decrease in other expense, a $96,000, or 18.5%, decrease in occupancy and equipment expense, and a $78,000, or 39.4%, decrease in FDIC deposit insurance assessment.

    The provision for income tax from continuing operations decreased $166,000, or 24.3%, from $682,000 for the three months ended December 31, 2023 to $516,000 for the three months ended December 31, 2024 due primarily to a decrease in state taxes related to subsidiary activity in additional states.

    Comparison of Year-End Operating Results

    Net income amounted to $2.8 million for the year ended December 31, 2024, an increase of $775,000, or 38.4%, compared to net income of $2.0 million for the year ended December 31, 2023. The increase in net income on a comparative year-end basis was primarily the result of an increase in non-interest income of $2.9 million, a decrease in net loss from discontinued operations of $668,000, and a decrease in the net provision for income taxes from continuing operations of $298,000, partially offset by a decrease in interest income of $1.5 million, an increase in the provision for credit losses of $1.4 million, an increase in non-interest expense of $101,000, and an increase in interest expense of $93,000. The decrease in the net loss from discontinued operations was driven by the after-tax gain on the sale of the Company’s 51% interest in OCH.

    The $1.5 million, or 3.3%, decrease in interest income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $116.0 million from $737.0 million for the year ended December 31, 2023 to $621.0 million for the year ended December 31, 2024 and had the effect of decreasing interest income $6.9 million. This decrease was partially offset by a 51 basis point increase in the yield on average loans receivable, net, including loans held for sale, which increased from 5.94% for the year ended December 31, 2023 to 6.45% for the year ended December 31, 2024, and had the effect of increasing interest income $3.1 million, a $51.8 million increase in the average balance of due from banks – interest earning, which increased from $10.1 million for the year ended December 31, 2023 to $61.9 million for the year ended December 31, 2024, and had the effect of increasing interest income $2.1 million, and a 93 basis point increase in the average yield on due from banks – interest earning which increased from 4.03% for the year ended December 31, 2023 to 4.96% for the year ended December 31, 2024, and had the effect of increasing interest income $577,000.

    The $93,000, or 0.4%, increase in interest expense for the year ended December 31, 2024 over the comparable period in 2023 was driven by a 106 basis point increase in the rate on average certificate of deposit accounts which increased from 3.09% for the year ended December 31, 2023 to 4.15% for the year ended December 31, 2024 and had the effect of increasing interest expense by $2.5 million. Also contributing to the increase in interest expense was an increase in the average balance of business checking accounts which increased from $49.7 million for the year ended December 31, 2023 to $93.3 million for the year ended December 31, 2024 and had the effect of increasing interest expense by $2.2 million. The Bank pays interest on business checking accounts received through a correspondent banking relationship. Also impacting the increase in interest expense was a 28 basis point increase in the rate on average money market accounts which increased from 4.16% for the year ended December 31, 2023 to 4.44% for the year ended December 31, 2024 and had the effect of increasing interest expense by $604,000. Partially offsetting the increase in interest expense for the year ended December 31, 2024, was a $71.3 million, or 98.3%, decrease in the average balance of Federal Home Loan Bank short-term borrowings which decreased from $72.6 million for the year ended December 31, 2023 to $1.2 million for the year ended December 31, 2024 and had the effect of decreasing interest expense $3.8 million. The average interest rate spread decreased from 1.91% for the year ended December 31, 2023 to 1.84% for the year ended December 31, 2024 while the net interest margin increased from 2.56% for the year ended December 31, 2023 to 2.59% for the year ended December 31, 2024.

    The $1.4 million, or 877.1%, increase in the provision for credit losses for the year ended December 31, 2024 over the year ended December 31, 2023 was due to an increase in the amount of non-performing loans. There were seventeen individually evaluated loans which increased the provision for credit losses by $809,000. Also contributing to the increase in the provision for credit losses was $1.8 million in charge-offs during the year ended December 31, 2024. These increases were partially offset by a decrease in the average balance of loans receivable, net.

    The $2.9 million, or 54.1%, increase in non-interest income for the year ended December 31, 2024 over the comparable period in 2023 was primarily attributable to the $1.5 million gain on sale-leaseback transaction in the fourth quarter of 2024, described above, a $1.1 million, or 41.2%, increase in net gain on sale of loans, a $309,000, or 51.5%, increase in mortgage banking, equipment lending, and title abstract fees, a $102,000, or 20.0%, increase in other fees and services charges, and an $81,000, or 12.2%, increase in insurance commissions. These increases were partially offset by a $119,000 or 50.6%, decrease in net loan servicing income, a $74,000, or 78.7%, decrease in real estate sales commissions, net, and a $15,000, or 3.2%, decrease in gain on sale of SBA loans. The $1.1 million increase in the net gain on sale of loans was due primarily to increased sales volume from Quaint Oak Mortgage, LLC and Oakmont Commercial, LLC.

    The $101,000, or 0.5%, increase in non-interest expense for the year ended December 31, 2024 over the comparable period in 2023 was primarily due to a $786,000, or 5.7%, increase in salaries and employee benefits expense, a $247,000, or 23.5%, increase in data processing expense, and a $19,000, or 6.7%, increase in advertising expense, partially offset by a $253,000, or 29.2%, decrease in FDIC deposit insurance assessment, a $238,000, or 14.4%, decrease in occupancy and equipment expense, a $182,000, or 9.5%, decrease in other expenses, a $163,000, or 17.5%, decrease in professional fees, and a $115,000, or 36.4%, decrease in directors’ fees and expenses. The decrease in directors’ fees and expenses was primarily due to a reduction in director rates for the year ended December 31, 2024.

    The provision for income tax on continuing operations decreased $298,000, or 22.4%, from $1.3 million for the year ended December 31, 2023 to $1.0 million for the year ended December 31, 2024 due primarily to a decrease in taxable income from continuing operations.

    Comparison of Financial Condition

    The Company’s total assets at December 31, 2024 were $685.2 million, a decrease of $69.0 million, or 9.1%, from $754.1 million at December 31, 2023. This decrease in total assets was primarily due to an $84.7 million, or 13.7%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $34.9 million, or 10.5%, commercial business loans which decreased $12.9 million, or 10.1%, construction loans which decreased $17.3 million, or 48.5%, one-to-four family non-owner occupied loans which decreased $6.9 million, or 17.0%, and multi-family residential loans which decreased $1.3 million, or 2.7%. Partially offsetting these decreases were one-to-four family owner occupied loans which increased $2.7 million, or 12.0%. Also contributing to the decrease in assets was a $1.0 million, or 38.8%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $29.5 million, or 80.9%, increase in loans held for sale, a $5.0 million, or 8.6%, increase in cash and cash equivalents, a $740,000, or 50.2%, increase in investment in Federal Home Loan Bank stock, at cost, a $459,000, or 13.1%, increase in accrued interest receivable, and a $118,000, or 2.7%, increase in bank-owned life insurance. The decrease in loans receivable, net was due to the transfer of $59.5 million of loans held for investment into loans held for sale.

    Loans held for sale increased $29.5 million, or 80.9%, from $36.4 million at December 31, 2023 to $65.9 million at December 31, 2024 as the Bank originated $51.6 million in equipment loans held for sale and sold $71.6 million of equipment loans during the year ended December 31, 2024. Partially offsetting this increase was $8.5 million of loan amortization and prepayments. On March 29, 2024, the Bank transferred $4.4 million of equipment loans held for sale into loans receivable as part of the discontinued operations of OCH. Additionally, the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $134.3 million of one-to-four family residential loans during the year ended December 31, 2024 and sold $131.4 million of loans in the secondary market during this same period. In the fourth quarter of 2024, management identified $49.2 million of commercial real estate loans and $10.3 million of SBA loans within the loan portfolio and transferred them to loans held for sale at amortized cost.

    Total deposits decreased $78.4 million, or 12.4%, to $553.3 million at December 31, 2024 from $631.7 million at December 31, 2023. This decrease in deposits was primarily attributable to a decrease of $57.4 million, or 55.0%, in interest bearing checking accounts, a decrease of $56.2 million, or 25.7%, in money market accounts, a decrease of $31.6 million, or 34.2%, in non-interest bearing checking accounts, and a $349,000, or 41.5%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $67.0 million, or 31.1%, in certificates of deposit. The total decrease in interest bearing checking accounts was due to reduced correspondent banking activity.

    Total Federal Home Loan Bank (FHLB) borrowings increased $18.8 million, or 64.9%, to $47.9 million at December 31, 2024 from $29.0 million at December 31, 2023. During the year ended December 31, 2024, the Company borrowed $110.0 million of FHLB short-term borrowings, paid down $65.0 million of FHLB short-term borrowings, and paid down $26.2 million of FHLB long-term borrowings.

    Total stockholders’ equity from continuing operations increased $4.1 million, or 8.5%, to $52.6 million at December 31, 2024 from $48.5 million at December 31, 2023. Contributing to the increase was net income for the year ended December 31, 2024 of $2.8 million, shares of common stock issued of $2.4 million, amortization of stock awards and options under our stock compensation plans of $242,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $118,000, and other comprehensive income, net of $10,000. The increase in stockholders’ equity was partially offset by dividends paid of $1.3 million, and $150,000 of purchases of treasury stock. In addition, there was a $3.1 million, or 100.0%, decrease in noncontrolling interest from discontinued operations. The $2.4 million of shares issued were due to two private placement offerings to two investors.

    Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses. The allowance for credit losses as a percentage of total loans receivable was 1.20% at December 31, 2024 and 1.11% at December 31, 2023. Non-performing loans at December 31, 2023 consisted of one SBA loan on non-accrual status in the amount of $51,000 and one one-to-four family owner occupied loan that was 90 days or more past due but still accruing in the amount of $401,000. During the year ended December 31, 2023, two commercial business loans, one SBA loan, one multi-family residential loan, and two equipment loans totaling $272,000 that were previously on non-accrual were charged-off through the allowance for credit losses. In addition, there was one commercial business loan in the amount of $652,000 that was partially charged off by $603,000.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    QUAINT OAK BANCORP, INC.
    Consolidated Balance Sheets
    (In Thousands)
        At December 31,     At December 31,  
        2024     2023  
        (Unaudited)     (Unaudited)  
    Assets                
    Cash and cash equivalents   $ 62,989     $ 58,006  
    Investment in interest-earning time deposits     912       1,912  
    Investment securities available for sale at fair value     1,666       2,341  
    Loans held for sale     65,939       36,448  
      Loans receivable, net of allowance for credit losses (2024: $6,476; 2023: $6,758)     533,035       617,701  
    Accrued interest receivable     3,961       3,502  
    Investment in Federal Home Loan Bank stock, at cost     2,214       1,474  
    Bank-owned life insurance     4,447       4,329  
    Premises and equipment, net     1,626       2,656  
    Goodwill     515       515  
    Other intangible, net of accumulated amortization     77       125  
    Prepaid expenses and other assets     7,787       5,134  
    Assets from discontinued operations     –       19,975  
    Total Assets   $ 685,168     $ 754,118  
                     
    Liabilities and Stockholders’ Equity                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 59,783     $ 92,215  
    Interest-bearing     493,469       539,484  
    Total deposits     553,252       631,699  
    Federal Home Loan Bank short-term borrowings     45,000       –  
    Federal Home Loan Bank long-term borrowings     2,855       29,022  
    Subordinated debt     22,000       21,957  
    Accrued interest payable     937       541  
    Advances from borrowers for taxes and insurance     3,122       3,730  
    Accrued expenses and other liabilities     5,385       2,438  
    Liabilities from discontinued operations     –       13,166  
    Total Liabilities     632,551       702,553  
    Total Quaint Oak Bancorp, Inc. Stockholders’ Equity     52,617       48,491  
    Noncontrolling Interest from Discontinued Operations     –       3,074  
    Total Stockholders’ Equity     52,617       51,565  
    Total Liabilities and Stockholders’ Equity   $ 685,168     $ 754,118  
        At December 31,  
        2023  
        (Unaudited)  
    Assets from Discontinued Operations        
    Cash and cash equivalents   $ 4,121  
    Loans held for sale     9,580  
    Premises and equipment, net     277  
    Goodwill     2,058  
    Prepaid expenses and other assets     3,939  
    Total Assets from Discontinued Operations   $ 19,975  
             
    Liabilities and Stockholders’ Equity from Discontinued Operations        
    Liabilities from Discontinued Operations        
    Other short-term borrowings   $ 5,549  
    Accrued interest payable     565  
    Accrued expenses and other liabilities     7,052  
    Total Liabilities from Discontinued Operations     13,166  
    Total Stockholders’ Equity from Discontinued Operations     6,809  
    Total Liabilities and Stockholders’ Equity from Discontinued Operations   $ 19,975  

    QUAINT OAK BANCORP, INC.
    Consolidated Statements of Income
    (In Thousands, except share data)

        For the Three Months Ended     For the Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
        (Unaudited)     (Unaudited)  
    Interest and Dividend Income                                
    Interest on loans, including fees   $ 9,613     $ 10,629     $ 40,058     $ 43,812  
    Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     333       359       3,379       1,109  
    Total Interest and Dividend Income     9,946       10,988       43,437       44,921  
    Interest Expense                                
    Interest on deposits     5,346       5,538       23,141       18,811  
    Interest on Federal Home Loan Bank short-term borrowings     29       324       61       3,907  
    Interest on Federal Home Loan Bank long-term borrowings     13       323       484       1,326  
    Interest on Federal Reserve Bank short-term borrowings     –       4       –       34  
    Interest on subordinated debt     473       428       1,934       1,449  
    Total Interest Expense     5,861       6,617       25,620       25,527  
    Net Interest Income     4,085       4,371       17,817       19,394  
    Provision for (Recovery of) Credit Losses – Loans     279       (324 )     1,506       (45 )
    Provision for Credit Losses – Unfunded Commitments     37       21       28       202  
    Total Provision for (Recovery of) Credit Losses     316       (303 )     1,534       157  
    Net Interest Income after Provision for (Recovery from) Credit Losses     3,769       4,674       16,283       19,237  
                                     
    Non-Interest Income                                
    Mortgage banking, equipment lending and title abstract fees     282       179       909       600  
    Real estate sales commissions, net     –       6       20       94  
    Insurance commissions     218       177       744       663  
    Other fees and services charges     30       214       612       510  
    Net loan servicing income     111       88       116       235  
    Income from bank-owned life insurance     31       27       118       102  
    Net gain on sale of loans     1,701       1,411       3,699       2,620  
    Gain on sale of SBA loans     202       122       453       468  
    Gain on sale-leaseback transaction     1,485       –       1,485       –  
    Total Non-Interest Income     4,060       2,224       8,156       5,292  
                                     
    Non-Interest Expense                                
    Salaries and employee benefits     3,818       3,426       14,636       13,850  
    Directors’ fees and expenses     48       1       201       316  
    Occupancy and equipment     422       518       1,418       1,656  
    Data processing     404       314       1,298       1,051  
    Professional fees     446       335       769       932  
    FDIC deposit insurance assessment     120       198       614       867  
    Advertising     100       75       302       283  
    Amortization of other intangible     12       12       48       48  
    Other     364       547       1,732       1,914  
    Total Non-Interest Expense     5,734       5,426       21,018       20,917  
    Income from Continuing Operations Before Income Taxes   $ 2,095     $ 1,472     $ 3,421     $ 3,612  
    Income Taxes     516       682       1,032       1,330  
    Net Income from Continuing Operations   $ 1,579     $ 790     $ 2,389     $ 2,282  
    Income (Loss) from Discontinued Operations     –       488       564       (364 )
    Income Tax (Benefit)     –       136       158       (102 )
    Net Income (Loss) from Discontinued Operations   $ –     $ 352     $ 406     $ (262 )
    Net Income   $ 1,579     $ 1,142     $ 2,795     $ 2,020  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Per Common Share Data:   (Unaudited)     (Unaudited)  
    Earnings per share from continuing operations – basic   $ 0.60     $ 0.34     $ 0.93     $ 1.02  
    Earnings per share from discontinued operations – basic   $ –     $ 0.15     $ 0.16     $ (0.12 )
    Earnings per share, net – basic   $ 0.60     $ 0.49     $ 1.08     $ 0.90  
    Average shares outstanding – basic     2,631,851       2,352,133       2,578,804       2,254,444  
    Earnings per share from continuing operations – diluted   $ 0.60     $ 0.34     $ 0.93     $ 1.00  
    Earnings per share from discontinued operations – diluted   $ –     $ 0.15     $ 0.16     $ (0.11 )
    Earnings per share, net – diluted   $ 0.60     $ 0.49     $ 1.08     $ 0.89  
    Average shares outstanding – diluted     2,631,851       2,352,133       2,578,804       2,275,034  
    Book value per share, end of period   $ 20.03     $ 20.15     $ 20.03     $ 20.15  
    Shares outstanding, end of period     2,626,535       2,407,048       2,626,535       2,407,048  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Selected Operating Ratios:   (Unaudited)     (Unaudited)  
    Average yield on interest-earning assets     6.19 %     6.01 %     6.32 %     5.93 %
    Average rate on interest-bearing liabilities     4.30 %     4.48 %     4.48 %     4.02 %
    Average interest rate spread     1.88 %     1.52 %     1.84 %     1.91 %
    Net interest margin     2.54 %     2.39 %     2.59 %     2.56 %
    Average interest-earning assets to average interest-bearing liabilities     118.00 %     123.90 %     120.08 %     119.37 %
    Efficiency ratio     70.40 %     82.28 %     80.93 %     84.73 %
                                     
    Asset Quality Ratios (1):                                
    Non-performing loans as a percent of total loans receivable, net     1.07 %     0.07 %     1.07 %     0.07 %
    Non-performing assets as a percent of total assets     0.83 %     0.06 %     0.83 %     0.06 %
    Allowance for credit losses as a percent of non-performing loans     113.61 %   n/m       113.61 %   n/m  
    Allowance for credit losses as a percent of total loans receivable     1.20 %     1.11 %     1.20 %     1.11 %
    Texas Ratio (2)     8.77 %     0.80 %     8.77 %     0.80 %

    (1) Asset quality ratios are end of period ratios.
    (2) Total non-performing assets divided by tangible common equity plus the allowance for credit losses.
    n/m – not meaningful

    The MIL Network –

  • MIL-OSI: Pacific Financial Corp Earns $2.2 Million, or $0.21 per Diluted Share for Fourth Quarter 2024; Reports Fiscal 2024 Earnings of $9.5 Million, or $0.92 per Diluted Share; Declares Quarterly Cash Dividend of $0.14 per Share

    Source: GlobeNewswire (MIL-OSI)

    ABERDEEN, Wash., Jan. 31, 2025 (GLOBE NEWSWIRE) — Pacific Financial Corporation (OTCQX: PFLC), (“Pacific Financial”) or the (“Company”), the holding company for Bank of the Pacific (the “Bank”), reported net income of $2.2 million, or $0.21 per diluted share for the fourth quarter of 2024, compared to $2.6 million, or $0.25 per diluted share for the third quarter of 2024, and $2.9 million, or $0.28 per diluted share for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $9.5 million, or $0.92 per share compared to $14.6 million, or $1.40 for the year ended December 31, 2023. Except for year-end December 31, 2023, all results are unaudited.

    The board of directors of Pacific Financial declared a quarterly cash dividend of $0.14 per share on January 22, 2025. The dividend will be payable on February 28, 2025 to shareholders of record on February 14, 2025.

    “During the quarter we finalized the closure of our mortgage banking division recording termination costs of $773,000 impacting our fourth quarter 2024 operating results. Excluding those expenses adjusted net income was $2.8 million for the fourth quarter, an increase from the prior quarter. As we begin 2025, we expect the benefit of this closure to translate to improved efficiency of our operations moving forward,” said Denise Portmann, President and Chief Executive Officer.

    “Though the loan portfolio increased at a slower rate during the quarter, we continue to have healthy customer activity as pipelines began to improve with the decrease in index rates experienced early in the quarter. In addition, earnings for the year benefited from solid year over year growth in average loan balances. Our history of a strong net interest margin continued to be supported by solid relationships with our depositors with a strong core deposit base. Core deposits represented 87% of total deposits at year end,” said Portmann. “In addition, our overall credit quality metrics remained strong with nonperforming assets remaining low at $1.1 million or 0.09% of total assets and with a net recovery to the ACL for the quarter. Our capital base and ratios continue to be robust and exceed regulatory well-capitalized ratios. This robust capital base allowed for the continued repurchase of shares during the year. With our strong capital ratios and strong balance sheet, we believe we remain well-positioned for the future.”

    Fourth Quarter 2024 Financial Highlights:

    • Return on average assets (“ROAA”) was 0.74%, compared to 0.90% for the third quarter 2024, and 1.02% for the fourth quarter 2023.
    • Return on average equity (“ROAE”) was 7.27%, compared to 8.77% from the preceding quarter, and 10.88% from the fourth quarter a year earlier.
    • Net interest income was $10.9 million, compared to $11.2 million for the third quarter of 2024, and $11.7 million for the fourth quarter of 2023.
    • Net interest margin (“NIM”) decreased to 3.99%, compared to 4.19% from the preceding quarter, and 4.34% for the fourth quarter a year ago.
    • Provision for credit losses was a benefit of $103,000 for the fourth quarter ended December 31, 2024, compared to a benefit of $66,000 for the preceding quarter and a provision of $111,000 in the fourth quarter a year ago.
    • Gross loans balances held in portfolio increased by $5.3 million, or less than 1% to $704.9 million at December 31, 2024, compared to $699.6 million at September 30, 2024, and increased by $19.5 million, or 3%, from $685.3 million at December 31, 2023.
    • Total deposits remained at $1.01 billion at December 31, 2024 relative to the previous quarter and one year earlier. Core deposits represented 87% of total deposits, with non-interest bearing deposits representing 38% of total deposits at December 31, 2024.
    • Asset quality remains solid with nonperforming assets to total assets declining to 0.09%, compared to 0.10% three months earlier, and increasing from 0.06% at December 31, 2023. Substandard loans decreased $911,000 to $2.7 million at December 31, 2024 from $3.6 million the prior quarter.
    • Shareholder equity decreased $7.2 million during the quarter largely due to accumulated other comprehensive income marks on the investment portfolio, stock repurchases and dividend payments offset by net income. Tangible book value per share was $9.93 at December 31, 2024.
    • Pacific Financial and Bank of the Pacific continues to exceed regulatory well-capitalized requirements. At December 31, 2024 Pacific Financial’s estimated leverage ratio was 11.3% and its estimated total risk-based capital ratio was 17.5%.

    Balance Sheet Review

    Total assets decreased slightly to $1.15 billion at December 31, 2024, compared to $1.16 billion at September 30, 2024, and was unchanged relative to December 31, 2023.

    Liquidity metrics continued to remain strong with total liquidity, both on and off balance sheet sources, at $550.6 million as of December 31, 2024. The Bank has established collateralized credit lines with borrowing capacity from the Federal Home Loan Bank of Des Moines (FHLB) and from the Federal Reserve Bank of San Francisco, as well as $60.0 million in unsecured borrowing lines from various correspondent banks. There was no balance outstanding on any of these facilities at quarter-end. The Company’s available liquidity sources at December 31, 2024 represented a coverage of short-term funds available to uninsured and uncollateralized deposits of 217%. Uninsured or uncollateralized deposits were 25% of total deposits at December 31, 2024.

    The following table summarizes the Bank’s available liquidity:

    LIQUIDITY (unaudited) Period Ended   Change from   % of Deposits  
    ($ in 000s)      
                                             
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024   Dec 31, 2023   Dec 31, Sep 30, Dec 31,  
        2024   2024   2023     $ %   $ %   2024 2024 2023  
    Short-term Funding                                        
    Cash and cash equivalents $ 67,951 $ 85,430 $ 95,781   $ (17,479 ) -20% $ (27,830 ) -29%   7% 8% 9%  
    Unencumbered AFS Securities   158,472   154,565   140,049     3,907   3%   18,423   13%   16% 15% 14%  
    Secured lines of Credit (FHLB, FRB)   324,187   336,771   327,264     (12,584 ) -4%   (3,077 ) -1%   32% 33% 32%  
    Short-term Funding $ 550,610 $ 576,766 $ 563,094   $ (26,156 ) -5% $ (12,484 ) -2%   55% 57% 56%  
                                             

    Investment securities: The investment securities portfolio increased 3% to $304.5 million, compared to $296.8 million at September 30, 2024 and increased 4% compared to the like period a year ago. The increase from the prior quarter was primarily due to the purchase of $19.8 million of collateralized mortgage obligations and mortgage backed securities. These purchases were partially offset by an increase in net unrealized losses on available for sale investments which increased $7.6 million to $22.4 million ($17.5 million after-tax) at December 31, 2024, which represents 7% of the AFS portfolio.

    U.S. Treasury bonds and securities issued by the U.S. Government sponsored agencies accounted for 86%, 85%, and 85%, of the investment portfolio as of December 31, 2024, September 30, 2024, and December 31, 2023. The largest investment category is collateralized mortgage obligations which accounted for 48% of the investment portfolio at December 31, 2024, compared to 43% one year earlier. The average adjusted duration to reset of the investment securities portfolio was 4.19 years at December 31, 2024.

    Gross loans balances increased $5.3 million, or 1%, to $704.9 million at December 31, 2024, compared to $699.6 million at September 30, 2024. During the fourth quarter, new multi-family loans more than offset the decline in construction and development loans and the decline in residential 1-4 family loans.

    Year-over-year loan growth was 3%, or $19.5 million, with the largest increases in residential 1-4 family and multi-family loans increasing $7.2 million and $18.0 million, respectively. Loans classified as commercial real estate for regulatory concentration purposes totaled $267.9 million at December 31, 2024, or 192% of total risk-based capital.

    The Company continues to manage concentration limits that establish maximum exposure levels by certain industry segments, loan product types, geography and single borrower limits. In addition, the loan portfolio continues to be well-diversified and is collateralized with assets predominantly within the Company’s Western Washington and Oregon markets.

    Credit quality: Nonperforming assets were minimal and remained at $1.1 million, or 0.09% of total assets at December 31, 2024, compared to $664,000, or 0.06% at December 31, 2023. The Company has zero other real estate owned as of December 31, 2024 and accruing loans past due more than 30 days represent only 0.14% of total loans. Total loans designated as special mention increased by $6.0 million to $10.8 million at December 31, 2024 compared to $4.8 million at September 30, 2024 and was primarily related to a downgrade of one agriculture credit relationship of $4.2 million.

    Allowance for credit losses (“ACL”) for loans was $8.9 million, or 1.26% of gross loans at December 31, 2024, compared to $8.9 million or 1.27% of loans at September 30, 2024 and $8.5 million or 1.24% at December 31, 2023. A benefit for credit losses on loans of $119,000 was recorded in the current quarter. This compares to a provision for credit losses on loans of $27,000 in the third quarter of 2024 and a provision for credit losses on loans of $162,000 for the fourth quarter of 2023. The benefit for credit losses in the current quarter largely reflects net loan recoveries of $73,000 realized during the quarter, compared to a net recovery of $11,000 for the preceding quarter and $21,000 for the fourth quarter one year ago. Provisions for unfunded loans was $16,000 for the fourth quarter compared to a benefit of $93,000 the previous quarter and a benefit of $51,000 one year earlier.

    Total deposits remained at $1.01 billion at December 31, 2024 compared to the prior quarter and one year earlier. Deposit composition between non-maturity deposits and time deposit CDs also remained relatively unchanged for the quarter. Within non-maturity deposits, non-interest bearing demand deposits decreased which was more than offset by the growth in interest bearing demand deposits and reflects the Bank’s continued focused efforts on retaining core customer relationships. Pacific Financial continues to benefit from a strong core deposit base which positively impacts our net interest margin. Non-interest bearing deposits continues to remain the largest concentration of deposits and represented 38% of deposits at December 31, 2024 and September 30, 2024. Interest-bearing demand and money market deposits both represent 19% of total deposits at December 31, 2024.

    Year-over-year the deposit composition changed slightly, primarily as a result of customers transferring balances to higher yielding accounts, and as a result, time deposits increased to $135.5 million, or 13% of total deposits at December 31, 2024 compared to $100.8 million or 10% of total deposits at December 31, 2023.

    Shareholders’ equity was $113.9 million at December 31, 2024, compared to $121.1 million at September 30, 2024, and $114.7 million at December 31, 2023. The decrease in shareholders’ equity during the current quarter was due to repurchases of common stock, dividend payments and an increase in unrealized losses on available-for-sale securities due to increases in interest rates. Net unrealized losses (after-tax) included in shareholders’ equity on available-for-sale securities was $17.5 million at December 31, 2024 compared to $11.5 million at September 30, 2024, and $16.1 million at December 31, 2023.

    Book value per common share was $11.26 at December 31, 2024, compared to $11.78 at September 30, 2024, and $11.04 at December 31, 2023. The Company’s tangible common equity ratio was 8.8% at December 31, 2024 and 9.4% at September 30, 2024, compared to 8.9% at December 31, 2023. Regulatory capital ratios of both the Company and the Bank continue to exceed the well-capitalized regulatory thresholds, with the Company’s leverage ratio at 11.3% and total risk-based capital ratio at 17.5% as of December 31, 2024. These regulatory capital ratios are estimates, pending completion and filing of regulatory reports.

    In anticipation of the expiration of the stock repurchase plan authorized in 2023, in September 2024, the Board of Directors authorized an additional $2.6 million toward future repurchases; approximately 2.0% of total shares outstanding.

    Income Statement Review

    Net interest income decreased $353,000 to $10.9 million for the fourth quarter of 2024, compared to $11.2 million for the third quarter of 2024, and decreased $801,000 compared to $11.7 million for the fourth quarter a year ago. The change in the current quarter compared to the preceding quarter reflects lower overall loan and interest bearing cash yields. Though yields for newly originated loans and other variable rate loans plus purchased investments were recorded at higher yields, the downward repricing of floating rate loans and interest-earning cash tied to short term rate indexes as well as decreased balances of interest earning cash and increasing deposit costs impacted total net interest income.

    The decrease in net interest income compared to the year ago quarter reflects the increase in funding costs, with interest income remaining relatively flat, reflecting lower interest earning deposit balances offset by increased loan interest income as the Bank re-deployed interest earning deposit balances into higher yielding assets including both loans and investments.

    Though decreasing from 4.19% for the preceding quarter and 4.34% for the fourth quarter ended December 31, 2023, the Bank’s net interest margin continued to remain strong at 3.99% for the quarter ended December 31, 2024. Yields on total interest earning assets decreased 19 basis points to 5.10% for the fourth quarter of 2024 compared to 5.29% for the prior quarter and 5.14% in the like quarter a year ago. Average loan yields decreased 15 basis points to 5.84% during the current quarter, compared to 5.99% for the preceding quarter and 5.80% for the fourth quarter 2023. The Bank’s total cost of funds increased only 2 basis points to 1.17% for the current quarter, compared to 1.15% for the preceding quarter, and 0.83% for the fourth quarter 2023. The small increase in the costs of deposits was due to retention efforts and competitive pricing of deposit products. As mentioned earlier, the large balance of non-interest bearing deposits at 38% has helped minimize volatility in deposit costs.

    Noninterest income increased to $1.8 million for the current quarter, compared to $1.7 million for the linked quarter and increased from $1.5 million a year earlier. The increase compared to the linked quarter was primarily due to $60,000 of death benefit income from a bank-owned life insurance policy. Fee and service charge income increased slightly in the fourth quarter of 2024 to $1.3 million compared to $1.2 million in the previous quarter and the fourth quarter of 2023.

    The company closed its mortgage banking division in the fourth quarter. The elimination of the mortgage banking division is expected to improve the efficiency of the company in 2025.

    Noninterest expenses increased to $10.1 million for the fourth quarter of 2024 compared to $9.7 million for the prior quarter and increased from $9.5 million for the fourth quarter of 2023. The current quarter reflects increased expenses associated with closing the mortgage division. Salaries and employee benefit expenses were elevated in the current quarter due to severance and retention payments while occupancy expenses were also elevated due to lease contract termination costs associated with our mortgage operations center. In addition, data processing and IT costs increased related to the termination of mortgage origination software contracts. Overall, expenses associated with closing the mortgage division were approximately $773,000. Excluding the mortgage division termination costs, total non-interest expenses would have been $9.3 million for the current quarter.

    The company’s efficiency ratio increased to 79.80% for the fourth quarter of 2024, compared to 75.48% in the preceding quarter and increased from 72.22% in the same quarter a year ago. The efficiency ratio is expected to decline in 2025 with the elimination of expenses associated with the closed mortgage division.

    Income tax expense: Federal and Oregon state income tax expenses totaled $492,000 for the current quarter, and $633,000 for the preceding quarter, resulting in effective tax rates of 18.5% and 19.6%, respectively. These income tax expenses reflect the benefits of tax exempt income on tax-exempt loans and investments, affordable housing tax credit financing, and investments in bank-owned life insurance.

    FINANCIAL HIGHLIGHTS (unaudited) Quarter Ended   Change From   Twelve Months Ended   Change   
           
    (In 000s, except per share data)                                                  
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024   Dec 31, 2023   Dec 31,   Dec 31,            
        2024   2024   2023     $ %   $ %   2024   2023     $ %  
    Earnings Ratios & Data                                                  
    Net Income $ 2,162 $ 2,594 $ 2,942   $ (432 ) -17% $ (780 ) -27% $ 9,532 $ 14,605   $ (5,073 ) -35%  
    Return on average assets   0.74%   0.90%   1.02%     -0.16%       -0.28%       0.84%   1.22%     -0.38%      
    Return on average equity   7.27%   8.77%   10.88%     -1.50%       -3.61%       8.20%   13.48%     -5.28%      
    Efficiency ratio(1)   79.80%   75.48%   72.22%     4.32%       7.58%       76.69%   66.56%     10.13%      
    Net-interest margin %(2)   3.99%   4.19%   4.34%     -0.20%       -0.35%       4.18%   4.39%     -0.21%      
                                                       
    Share Ratios & Data                                                  
    Basic earnings per share $ 0.21 $ 0.25 $ 0.28   $ (0.04 ) -16% $ (0.07 ) -25% $ 0.93 $ 1.40   $ (0.47 )    
    Diluted earning per share $ 0.21 $ 0.25 $ 0.28   $ (0.04 ) -16% $ (0.07 ) -25% $ 0.92 $ 1.40   $ (0.48 )    
    Book value per share(3) $ 11.26 $ 11.78 $ 11.04   $ (0.52 ) -4% $ 0.22   2%                    
    Tangible book value per share(4) $ 9.93 $ 10.47 $ 9.75   $ (0.54 ) -5% $ 0.18   2%                    
    Common shares outstanding   10,110   10,283   10,389     (173 ) -2%   (279 ) -3%                    
    PFLC stock price $ 12.45 $ 11.65 $ 10.70   $ 0.80   7% $ 1.75   16%                    
    Dividends paid per share $ 0.14 $ 0.14 $ 0.14   $ –   0% $ –   0% $ 0.56 $ 0.53   $ 0.03   6%  
                                                       
    Balance Sheet Data                                                  
    Assets $ 1,153,563 $ 1,158,410 $ 1,148,899   $ (4,847 ) 0% $ 4,664   0%                    
    Portfolio Loans $ 704,865 $ 699,603 $ 685,349   $ 5,262   1% $ 19,516   3%                    
    Deposits $ 1,014,731 $ 1,011,473 $ 1,009,292   $ 3,258   0% $ 5,439   1%                    
    Investments $ 304,502 $ 296,792 $ 293,579   $ 7,710   3% $ 10,923   4%                    
    Shareholders equity $ 113,856 $ 121,087 $ 114,691   $ (7,231 ) -6% $ (835 ) -1%                    
                                                       
    Liquidity Ratios                                                  
    Short-term funding to uninsured                                                  
    and uncollateralized deposits   217%   229%   243%     -12%       -26%                        
    Uninsured and uncollateralized                                                  
    deposits to total deposits   25%   25%   23%     0%       2%                        
    Portfolio loans to deposits ratio   69%   69%   67%     0%       2%                        
                                                       
    Asset Quality Ratios                                                  
    Non-performing assets to assets   0.09%   0.10%   0.06%     -0.01%       0.03%                        
    Non-accrual loans to portfolio loans   0.16%   0.16%   0.10%     0.00%       0.06%                        
    Loan losses to avg portfolio loans   -0.04%   -0.01%   -0.01%     -0.03%       -0.03%       0.00%   0.03%     -0.03%      
    ACL to portfolio loans   1.26%   1.27%   1.24%     -0.01%       0.02%                        
                                                       
    Capital Ratios (PFC)                                                  
    Total risk-based capital ratio   17.5%   17.9%   17.7%     -0.4%       -0.2%                        
    Tier 1 risk-based capital ratio   16.3%   16.7%   16.5%     -0.4%       -0.2%                        
    Common equity tier 1 ratio   14.7%   15.0%   14.9%     -0.3%       -0.2%                        
    Leverage ratio   11.3%   11.6%   11.3%     -0.3%       0.0%                        
    Tangible common equity ratio   8.8%   9.4%   8.9%     -0.6%       -0.1%                        
                                                       
    (1) Non-interest expense divided by net interest income plus noninterest income.
    (2) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.
    (3) Book value per share is calculated as the total common shareholders’ equity divided by the period ending number of common stock shares outstanding.
    (4) Tangible book value per share is calculated as the total common shareholders’ equity less total intangible assets and liabilities, divided by the period ending number of common stock shares outstanding.
     
    INCOME STATEMENT (unaudited) Quarter Ended   Change From   Twelve Months Ended   Change  
           
    ($ in 000s)                                                      
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024   Dec 31, 2023   Dec 31,   Dec 31,            
        2024   2024   2023     $ %   $ %   2024   2023     $ %  
    Interest Income                                                      
    Loan interest & fee income $ 10,340   $ 10,520   $ 9,872   $ (180 ) -2% $ 468   5% $ 41,192 $ 37,037   $ 4,155   11%  
    Interest bearing cash income   942     1,108     1,440     (166 ) -15%   (498 ) -35%   3,833   9,109     (5,276 ) -58%  
    Investment income   2,590     2,503     2,501     87   3%   89   4%   9,978   9,334     644   7%  
    Interest Income   13,872     14,131     13,813     (259 ) -2%   59   0%   55,003   55,480     (477 ) -1%  
                                                           
    Interest Expense                                                      
    Deposits interest expense   2,796     2,684     1,914     112   4%   882   46%   9,829   5,351     4,478   84%  
    Other borrowings interest expense   225     243     247     (18 ) -7%   (22 ) -9%   951   929     22   2%  
    Interest Expense   3,021     2,927     2,161     94   3%   860   40%   10,780   6,280     4,500   72%  
    Net Interest Income   10,851     11,204     11,652     (353 ) -3%   (801 ) -7%   44,223   49,200     (4,977 ) -10%  
    Provision (benefit) for credit losses   (103 )   (66 )   111     (37   56%   (214 ) -193%   168   520     (352 ) -68%  
    Net Interest Income after provision   10,954     11,270     11,541     (316 ) -3%   (587 ) -5%   44,055   48,680     (4,625 ) -10%  
                                                           
    Non-Interest Income                                                      
    Fees and service charges   1,267     1,225     1,242     42   3%   25   2%   4,791   4,937     (146 ) -3%  
    Gain on sale of investments, net   –     –     –     –   -100%   –   -100%   121   (154 )   275   -179%  
    Gain on sale of loans, net   267     267     95     –   0%   172   181%   1,132   635     497   78%  
    Income on bank-owned insurance   250     188     176     62   33%   74   42%   800   685     115   17%  
    Other non-interest income   (9 )   7     16     (16 ) -229%   (25 ) -156%   25   69     (44 ) -64%  
    Non-Interest Income   1,775     1,687     1,529     88   5%   246   16%   6,869   6,172     697   11%  
                                                           
    Non-Interest Expense                                                      
    Salaries and employee benefits   6,288     6,341     5,787     (53 ) -1%   501   9%   24,944   22,793     2,151   9%  
    Occupancy   768     601     679     167   28%   89   13%   2,574   2,215     359   16%  
    Furniture, Fixtures & Equipment   289     286     301     3   1%   (12 ) -4%   1,127   1,109     18   2%  
    Marketing & donations   149     201     169     (52 ) -26%   (20 ) -12%   680   549     131   24%  
    Professional services   267     233     342     34   15%   (75 ) -22%   1,163   1,283     (120 ) -9%  
    Data Processing & IT   1,380     1,185     1,223     195   16%   157   13%   4,921   4,713     208   4%  
    Other   934     883     1,019     51   6%   (85 ) -8%   3,775   4,194     (419 ) -10%  
    Non-Interest Expense   10,075     9,730     9,520     345   4%   555   6%   39,184   36,856     2,328   6%  
    Income before income taxes   2,654     3,227     3,550     (573 ) -18%   (896 ) -25%   11,740   17,996     (6,256 ) -35%  
    Provision for income taxes   492     633     608     (141 ) -22%   (116 ) -19%   2,208   3,391     (1,183 ) -35%  
    Net Income $ 2,162   $ 2,594   $ 2,942   $ (432 ) -17%   (780 ) -27% $ 9,532 $ 14,605   $ (5,073 ) -35%  
                                                           
    Effective tax rate   18.5%     19.6%     17.1%     -1.1%       1.4%       18.8%   18.8%     0.0%      
     
    BALANCE SHEET (unaudited) Period Ended   Change from   % of Total  
    ($ in 000s)      
                                                   
        Dec 31,    Sep 30,    Dec 31,      Sep 30, 2024 Dec 31, 2023   Dec 31, Sep 30, Dec 31,  
        2024    2024    2023      $ %   $ %   2024 2024 2023  
    Assets                                              
    Cash on hand and in banks $ 18,136   $ 20,621   $ 16,716     $ (2,485 ) -12% $ 1,420   8%   2% 2% 1%  
    Interest bearing deposits   62,015     80,522     91,355       (18,507 ) -23%   (29,340 ) -32%   6% 7% 8%  
    Investment securities   304,502     296,792     293,579       7,710   3%   10,923   4%   26% 26% 26%  
    Loans held-for-sale   –     140     1,103       (140 ) -100%   (1,103 ) -100%   0% 0% 0%  
    Portfolio Loans, net of deferred fees   704,248     698,974     684,554       5,274   1%   19,694   3%   61% 60% 60%  
    Allowance for credit losses   (8,851 )   (8,897 )   (8,530 )     46   -1%   (321 ) 4%   -1% -1% -1%  
    Net loans   695,397     690,077     676,024       5,320   1%   19,373   3%   60% 60% 59%  
    Premises & equipment   16,952     17,124     15,579       (172 ) -1%   1,373   9%   1% 1% 1%  
    Goodwill & Other Intangibles   13,435     13,435     13,435       –   0%   –   0%   1% 1% 1%  
    Bank-owned life Insurance   28,333     28,084     27,497       249   1%   836   3%   2% 2% 2%  
    Other assets   14,793     11,615     13,611       3,178   27%   1,182   9%   2% 2% 2%  
    Total Assets $ 1,153,563   $ 1,158,410   $ 1,148,899     $ (4,847 ) 0% $ 4,664   0%   100% 100% 100%  
                                                   
    Liabilities & Shareholders’ Equity                                              
    Deposits $ 1,014,731   $ 1,011,473   $ 1,009,292     $ 3,258   0% $ 5,439   1%   88% 88% 88%  
    Borrowings   13,403   $ 13,403   $ 13,403       –   0%   –   0%   1% 1% 1%  
    Other liabilities   11,573   $ 12,447   $ 11,513       (874 )  -7%   60   1%   1% 1% 1%  
    Shareholders’ equity   113,856   $ 121,087   $ 114,691       (7,231 ) -6%   (835 ) -1%   10% 10% 10%  
    Liabilities & Shareholders’ Equity $ 1,153,563   $ 1,158,410   $ 1,148,899     $ (4,847 ) 0% $ 4,664   0%   100% 100% 100%  
                                                   
    INVESTMENT COMPOSITION & CONCENTRATIONS (unaudited) Period Ended   Change from   % of Total  
         
    ($ in 000s)                                              
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024 Dec 31, 2023   Dec 31, Sep 30, Dec 31,  
        2024   2024   2023     $ %   $ %   2024 2024 2023  
    Investment Securities                                              
    Collateralized mortgage obligations $ 147,262   $ 141,842   $ 126,949     $ 5,420   4% $ 20,313   16%   48% 48% 43%  
    Mortgage backed securities   46,112     41,264     38,103       4,848   12%   8,009   21%   15% 14% 13%  
    U.S. Government and agency securities   67,716     68,961     83,748       (1,245 ) -2%   (16,032 ) -19%   22% 23% 29%  
    Municipal securities   43,412     44,725     44,779       (1,313 ) -3%   (1,367 ) -3%   15% 15% 15%  
    Investment Securities $ 304,502   $ 296,792   $ 293,579     $ 7,710   3% $ 10,923 ) 4%   100% 100% 100%  
                                                   
    Held to maturity securities $ 41,442   $ 42,301   $ 55,454     $ (859 ) -2% $ (14,012 ) -25%   14% 14% 19%  
    Available for sale securities $ 263,060   $ 254,491   $ 238,125     $ 8,569   3% $ 24,935   10%   86% 86% 81%  
                                                   
    Government & Agency securities $ 261,063   $ 252,039   $ 248,768     $ 9,024   4% $ 12,295   5%   86% 85% 85%  
    AAA, AA, A rated securities $ 42,773   $ 44,084   $ 43,687     $ (1,311 ) -3% $ (914 ) -2%   14% 15% 15%  
    Non-rated securities $ 666   $ 669   $ 1,124     $ (3 ) 0% $ (458 ) -41%   0% 0% 0%  
                                                   
    AFS Unrealized Gain (Loss) $ (22,437 ) $ (14,804 ) $ (20,808 )   $ (7,633 ) 52% $ (1,629 ) 8%   -7% -5% -7%  
     
    PORTFOLIO LOAN COMPOSITION & CONCENTRATIONS (unaudited) Period Ended   Change from   % of Total  
         
    ($ in 000s)                                              
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024 Dec 31, 2023   Dec 31, Sep 30, Dec 31,  
        2024   2024   2023     $ %   $ %   2024 2024 2023  
    Portfolio Loans                                              
    Commercial & agriculture $ 75,240   $ 73,002   $ 75,444     $ 2,238   3% $ (204 ) 0%   10% 10% 11%  
    Real estate:                                              
    Construction and development   42,725     46,569     48,720       (3,844 ) -8%   (5,995 ) -12%   6% 7% 7%  
    Residential 1-4 family   103,489     105,298     96,301       (1,809 ) -2%   7,188   7%   15% 15% 14%  
    Multi-family   68,978     60,773     51,025       8,205   14%   17,953   35%   10% 9% 7%  
    CRE — owner occupied   165,120     167,086     164,443       (1,966 ) -1%   677   0%   23% 24% 24%  
    CRE — non owner occupied   159,582     157,347     155,280       2,235   1%   4,302   3%   23% 22% 23%  
    Farmland   26,864     26,553     27,273       311   1%   (409 ) -1%   4% 4% 4%  
    Consumer   62,867     62,975     66,863       (108 ) 0%   (3,996 ) -6%   9% 9% 10%  
    Portfolio Loans   704,865     699,603     685,349       5,262   1%   19,516   3%   100% 100% 100%  
    Less: ACL   (8,851 )   (8,897 )   (8,530 )                            
    Less: deferred fees   (617 )   (629 )   (795 )                            
    Net loans $ 695,397   $ 690,077   $ 676,024                              
                                                   
    Regulatory Commercial Real Estate $ 267,857   $ 261,292   $ 252,493     $ 6,565   3% $ 15,364   6%   38% 37% 37%  
    Total Risk Based Capital(1) $ 139,458   $ 140,971   $ 138,449     $ (1,513 ) -1% $ 1,009   1%          
    CRE to Risk Based Capital(1)   192%     185%     182%           7%       10%          
     
    CRE–MULTI-FAMILY & NON OWNER OCCUPIED COMPOSITION (unaudited) Period Ended   Change from   % of Total  
         
    ($ in 000s)                                        
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024 Dec 31, 2023   Dec 31, Sep 30, Dec 31,  
        2024   2024   2023     $ %   $ %   2024 2024 2023  
    Collateral Composition(2)                                        
    Multifamily $ 73,575 $ 63,099 $ 59,557   $ 10,476   17% $ 14,018   24%   30% 27% 27%  
    Retail   36,813   37,685   29,470     (872 ) -2%   7,343   25%   15% 16% 13%  
    Hospitality   31,369   30,844   31,657     525   2%   (288 ) -1%   13% 13% 14%  
    Mini Storage   25,028   25,758   21,625     (730 ) -3%   3,403   16%   10% 11% 10%  
    Office   23,921   22,921   23,626     1,000   4%   295   1%   10% 10% 11%  
    Mixed Use   22,662   22,708   26,329     (46 ) 0%   (3,667 ) -14%   9% 10% 12%  
    Industrial   14,723   13,912   11,410     811   6%   3,313   29%   6% 6% 5%  
    Warehouse   7,531   7,582   6,169     (51 ) -1%   1,362   22%   3% 3% 3%  
    Special Purpose   6,921   6,968   7,102     (47 ) -1%   (181 ) -3%   3% 3% 3%  
    Other   3,155   3,174   3,326     (19 ) -1%   (171 ) -5%   1% 1% 2%  
    Total $ 245,698 $ 234,651 $ 220,271   $ 11,047   5% $ 25,427   12%   100% 100% 100%  
                                             
    (1) Bank of the Pacific                                        
    (2) Includes loans in process of construction                                        
     
    CREDIT QUALITY (unaudited) Period Ended   Change from  
       
    ($ in 000s)   Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024 Dec 31, 2023  
        2024   2024   2023     $ %   $ %  
    Risk Rating Distribution                                
    Pass $ 691,350 $ 691,199 $ 674,992   $ 151   0% $ 16,358   2%  
    Special Mention   10,811   4,789   4,669     6,022   126%   6,142   132%  
    Substandard   2,704   3,615   5,688     (911 ) -25%   (2,984 ) -52%  
    Portfolio Loans $ 704,865 $ 699,603 $ 685,349   $ 5,262   1% $ 19,516   3%  
                                     
    Nonperforming Assets                                
    Nonaccruing loans   1,094   1,138   664   $ (44 ) -4%   430   65%  
    Other real estate owned   –   –   –     –   0%   –   0%  
    Nonperforming Assets $ 1,094 $ 1,138 $ 664   $ (44 ) -4%   430   65%  
                                     
    Credit Metrics                                
    Classified loans1 to portfolio loans   0.38%   0.52%   0.83%     -0.14%       -0.45%      
    ACL to classified loans1   327.33%   246.11%   149.96%     81.22%       177.37%      
    Loans past due 30+ days to portfolio loans2   0.14%   0.03%   0.08%     0.11%       0.06%      
    Nonperforming assets to total assets   0.09%   0.10%   0.06%     -0.01%       0.03%      
    Nonaccruing loans to portfolio loans   0.16%   0.16%   0.10%     0.00%       0.06%      
                                     
    (1) Classified loans include loans rated substandard or worse and are defined as loans having a well-defined weakness or weaknesses related to the borrower’s financial capacity or to pledged collateral that may jeopardize the repayment of the debt. They are characterized by the possibility that the Bank may sustain some loss if the deficiencies giving rise to the substandard classification are not corrected.
    (2) Excludes non-accrual loans
                                     
    DEPOSIT COMPOSITION & CONCENTRATIONS (unaudited) Period Ended   Change from   % of Total  
         
    ($ in 000s)                                        
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024 Dec 31, 2023   Dec 31, Sep 30, Dec 31,  
        2024   2024   2023     $ %   $ %   2024 2024 2023  
    Deposits                                        
    Interest-bearing demand $ 194,526 $ 183,337 $ 183,436   $ 11,189   6% $ 11,090   6%   19% 18% 18%  
    Money market   193,324   192,185   179,344     1,139   1%   13,980   8%   19% 19% 18%  
    Savings   115,520   117,131   136,408     (1,611 ) -1%   (20,888 ) -15%   11% 12% 13%  
    Time deposits (CDs)   135,485   133,995   100,832     1,490   1%   34,653   34%   13% 13% 10%  
    Total interest-bearing deposits   638,855   626,648   600,020     12,207   2%   38,835   6%   62% 62% 59%  
    Non-interest bearing demand   375,876   384,825   409,272     (8,949 ) -2%   (33,396 ) -8%   38% 38% 41%  
    Total deposits $ 1,014,731 $ 1,011,473 $ 1,009,292   $ 3,258   0% $ 5,439   1%   100% 100% 100%  
                                             
    Insured Deposits $ 629,600 $ 636,725 $ 647,330   $ (7,125 ) -1% $ (393,526 ) -61%   62% 63% 64%  
    Collateralized Deposits   131,327   122,448   129,895     8,879   7%   1,432   1%   13% 12% 13%  
    Uninsured Deposits   253,804   252,300   232,067     1,504   1%   397,533   171%   25% 25% 23%  
    Total Deposits $ 1,014,731 $ 1,011,473 $ 1,009,292   $ 3,258   0% $ 5,439   1%   100% 100% 100%  
                                             
    Consumer Deposits $ 466,826 $ 458,097 $ 470,425   $ 8,729   2% $ (3,599 ) -1%   46% 45% 46%  
    Business Deposits   406,308   420,845   398,977     (14,537 ) -3%   7,331   2%   40% 42% 40%  
    Public Deposits   141,597   132,531   139,890     9,066   7%   1,707   1%   14% 13% 14%  
    Total Deposits $ 1,014,731 $ 1,011,473 $ 1,009,292   $ 3,258   0% $ 5,439   1%   100% 100% 100%  
                                             
    NET INTEREST MARGIN (unaudited) Quarter Ended   Change From   Twelve Months Ended   Change   
           
    ($ in 000s)                                                  
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024   Dec 31, 2023   Dec 31,   Dec 31,            
        2024   2024   2023     $   %   $   %   2024   2023     $ %  
                                                       
    Average Interest Bearing Balances                                                  
    Portfolio loans $ 703,811 $ 697,904 $ 675,622   $ 5,907   1% $ 28,189   4% $ 697,527 $ 659,165   $ 38,362   6%  
    Loans held for sale $ 1,033 $ 1,276 $ 709   $ (243 ) -19% $ 324   46% $ 1,125 $ 628   $ 497   79%  
    Investment securities $ 302,501 $ 285,947 $ 289,245   $ 16,554   6% $ 13,256   5% $ 291,133 $ 286,473   $ 4,660   2%  
    Interest-bearing cash $ 78,296 $ 81,755 $ 105,177   $ (3,459 ) -4% $ (26,881 ) -26% $ 72,893 $ 180,781   $ (107,888 ) -60%  
    Total interest-earning assets $ 1,085,641 $ 1,066,882 $ 1,070,753   $ 18,759   2% $ 14,888   1% $ 1,062,678 $ 1,127,047   $ (64,369 ) -6%  
    Non-interest bearing deposits $ 388,227 $ 383,332 $ 419,994   $ 4,895   1% $ (31,767 ) -8% $ 388,561 $ 448,234   $ (59,673 ) -13%  
    Interest-bearing deposits $ 628,475 $ 615,388 $ 593,464   $ 13,087   2% $ 35,011   6% $ 607,678 $ 620,026   $ (12,348 ) -2%  
    Total Deposits $ 1,016,702 $ 998,720 $ 1,013,458   $ 17,982   2% $ 3,244   0% $ 996,239 $ 1,068,260   $ (72,021 ) -7%  
    Borrowings $ 13,403 $ 13,403 $ 13,403   $ –   0% $ –   0% $ 13,403 $ 13,401   $ 2   0%  
    Total interest-bearing liabilities $ 641,878 $ 628,791 $ 606,867   $ 13,087   2% $ 35,011   6% $ 621,081 $ 633,427   $ (12,346 ) -2%  
                                                       
    Yield / Cost $(1)                                                  
    Portfolio loans $ 10,336 $ 10,509 $ 9,879   $ (173 ) -2% $ 457   5% $ 41,169 $ 37,088   $ 4,081   11%  
    Loans held for sale $ 16 $ 22 $ 12   $ (6 ) -27% $ 4   33% $ 71 $ 39   $ 32   82%  
    Investment securities $ 2,622 $ 2,535 $ 2,536   $ 87   3% $ 86   3% $ 10,107 $ 9,489   $ 618   7%  
    Interest-bearing cash $ 942 $ 1,108 $ 1,440   $ (166 ) -15% $ (498 ) -35% $ 3,833 $ 9,109   $ (5,276 ) -58%  
    Total interest-earning assets $ 13,916 $ 14,174 $ 13,867   $ (258 ) -2% $ 49   0% $ 55,180 $ 55,725   $ (545 ) -1%  
    Interest-bearing deposits $ 2,796 $ 2,684 $ 1,914   $ 112   4% $ 882   46% $ 9,829 $ 5,351   $ 4,478   84%  
    Borrowings $ 225 $ 243 $ 247   $ (18 ) -7% $ (22 ) -9% $ 951 $ 929   $ 22   2%  
    Total interest-bearing liabilities $ 3,021 $ 2,927 $ 2,161   $ 94   3% $ 860   40% $ 10,780 $ 6,280   $ 4,500   72%  
    Net interest income $ 10,895 $ 11,247 $ 11,706   $ (352 ) -3% $ (811 ) -7% $ 44,400 $ 49,445   $ (5,045 ) -10%  
                                                       
    Yield / Cost %(1)                                                  
    Yield on portfolio loans   5.84%   5.99%   5.80%     -0.15%       0.04%       5.90%   5.63%     0.27%      
    Yield on investment securities   3.45%   3.53%   3.48%     -0.08%       -0.03%       3.47%   3.31%     0.16%      
    Yield on interest-bearing cash   4.79%   5.39%   5.44%     -0.60%       -0.65%       5.26%   5.04%     0.22%      
    Cost of interest-bearing deposits   1.77%   1.74%   1.28%     0.03%       0.49%       1.62%   0.86%     0.76%      
    Cost of borrowings   6.68%   7.21%   7.31%     -0.53%       -0.63%       7.10%   6.93%     0.17%      
    Cost of deposits and borrowings   1.17%   1.15%   0.83%     0.02%       0.34%       1.07%   0.58%     0.49%      
                                                       
    Yield on interest-earning assets   5.10%   5.29%   5.14%     -0.19%       -0.04%       5.19%   4.94%     0.25%      
    Cost of interest-bearing liabilities   1.87%   1.85%   1.41%     0.02%       0.46%       1.74%   0.99%     0.75%      
    Net interest spread   3.23%   3.44%   3.73%     -0.21%       -0.50%       3.45%   3.95%     -0.50%      
    Net interest margin   3.99%   4.19%   4.34%     -0.20%       -0.35%       4.18%   4.39%     -0.21%      
                                                       
    (1) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.
                                                       
    ALLOWANCE FOR CREDIT LOSSES (ACL) (unaudited) Quarter Ended   Change From   Twelve Months Ended   Change   
           
    ($ in 000s)                                                            
        Dec 31,   Sep 30,   Dec 31,     Sep 30, 2024   Dec 31, 2023   Dec 31,   Dec 31,            
        2024   2024   2023     $ %   $ %   2024   2023     $ %  
    Allowance for Credit Losses                                                            
    Beginning of period balance $ 8,897   $ 8,859   $ 8,347     $ 38   0% $ 550   7% $ 8,530   $ 8,236     $ 294   4%  
    Impact of CECL Adoption (ASC 326)   –     –     –       –   -100%   –   -100%   –     (157 )     157   -100%  
    Charge-offs   (32 )   (5 )   (20 )     (27 ) 540%   (12 ) 60%   (129 )   (279 )     150   -54%  
    Recoveries   105     16     41       89   556%   64   156%   124     96       28   29%  
    Net (charge-off) recovery   73     11     21       62   564%   52   248%   (5 )   (183 )     178   -97%  
    Provision (benefit)   (119 )   27     162       (146 ) -541%   (281 ) -173%   326     634       (308 ) -49%  
    End of period balance $ 8,851   $ 8,897   $ 8,530     $ (46 ) -1% $ 321   4% $ 8,851   $ 8,530     $ 321   4%  
                                                                 
    Net charge-off (recovery) to                                                            
    average portfolio loans   -0.04%     -0.01%     -0.01%       -0.03%       -0.03%       0.00%     0.03%       -0.03%      
    ACL to portfolio loans   1.26%     1.27%     1.24%       -0.01%       0.02%       1.26%     1.24%       0.02%      
                                                                 
    Allowance for unfunded loans                                                            
    Beginning of period balance $ 524   $ 617   $ 749     $ (93 ) -15% $ (225 ) -30% $ 698   $ 203     $ 495   244%  
    Impact of CECL Adoption (ASC 326)   –     –     –       –   -100%   –   -100%   –     609       (609 ) -100%  
    Provision (benefit)   16     (93 )   (51 )     109   -117%   67   -131%   (158 )   (114 )     (44 ) 39%  
    End of period balance $ 540   $ 524   $ 698     $ 16   3% $ (158 ) -23% $ 540   $ 698     $ (158 ) -23%  
                                                                 

    ABOUT PACIFIC FINANCIAL CORPORATION

    Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At December 31, 2024, the Company had total assets of $1.15 billion and operated fifteen branches in the communities of Grays Harbor, Pacific, Thurston, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in the communities of Clatsop and Clackamas counties in Oregon. The Company also operated loan production offices in the communities of Burlington, Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

    Cautions Concerning Forward-Looking Statements
    This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of Pacific Financial Corporation and its wholly-owned subsidiary, Bank of the Pacific. Such statements are based on information available at the time of communication and are based on current beliefs and expectations of the Company’s management and are subject to risks and uncertainties, many of which are beyond our control, which could cause actual events or results to differ materially from those projected, anticipated or implied, and could negatively impact the Company’s operating and stock price performance. These risks and uncertainties include various risks associated with growing the Bank and expanding the services it provides, development of new business lines and markets, competition in the marketplace, general economic conditions, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks. Any forward-looking statements in this communication are based on information at the time the statement is made. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: Patria Investments Announces Sale of Aguas Pacifico

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Jan. 31, 2025 (GLOBE NEWSWIRE) — Patria Investments Limited (“Patria”) (NASDAQ: PAX), a global alternative asset manager, announced that Patria Infrastructure Fund III (“IS Fund III”) has substantially met the conditions precedent necessary for the sale of Aguas Pacifico, a multi-client water desalination project under construction in Chile, to Patria Infrastructure Fund V (“IS Fund V”) and other investors. The agreement for the transaction was signed in December 2024.

    The sale of this asset is expected to be completed in 1Q25 and will be supported by a number of global investors, including sovereign wealth funds and institutional investors, in addition to IS Fund V, highlighting the long-term attractiveness of this platform.

    The transaction reflects Patria’s long-term commitment to investing across infrastructure sectors in Latin America that address structural bottlenecks and generate positive impact on local economies and populations. Aguas Pacifico is located in Chile’s central region and is positioned for additional growth considering the strong demand and severe water scarcity in the region. It also illustrates the power of Patria’s strategic approach to infrastructure investment in the region, demonstrating our ability to develop and de-risk high-quality assets, partner with global investors, and generate attractive investment returns.

    About Patria Investments
    Crafting attractive returns for its clients and building a legacy in the regions where it operates. Patria is a leading alternative investment firm with over 35 years of history specializing in key resilient sectors. Its unique approach combines the knowledge from macro analysts, investment leaders, operating partners and on the ground team. With over U$44 billion in assets under management and a global presence, it aims to provide consistent returns in attractive long term investment opportunities while creating sustainable value for society.

    Asset Classes: Private Equity, Infrastructure, Credit, Public Equities, Real Estate and Global Private Markets Solutions
    Investment Regions: Latin America, Europe and United States

    Forward-Looking Statements
    This press release may contain 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. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

    Media Contact:
    Burson / +44 20 7113 3468 / patria@hillandknowlton.com

    Patria Shareholder Relations:
    +1 917 769 1611 / PatriaShareholderRelations@patria.com

    The MIL Network –

  • MIL-OSI: Airship AI Secures Follow-On Seven-Figure Contract Award with Fortune 100 Transportation & E-Commerce Company

    Source: GlobeNewswire (MIL-OSI)

    Acropolis Enterprise Video and Data Management Platform Supports Operational and Physical Security Requirements for Global Locations

    REDMOND, Wash., Jan. 31, 2025 (GLOBE NEWSWIRE) —  Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today announced it has been awarded an additional one (1) year system maintenance and sustainment contract for an existing Fortune 100 customer leveraging the Company’s Acropolis Enterprise Video and Data Management platform supporting operational and physical security requirements.

    “Our follow-on expansion contract with this flagship customer is a testament to the Acropolis eco-system’s ability to enhance physical security at the scale needed for the large-scale operations of the world’s largest corporations,” said Paul Allen, President of Airship AI. “This allows the customer to continue to federate and manage global logistical operations from a single security operations center.

    “The seven-figure contract includes ongoing health monitoring, technical and engineering support, and software maintenance, demonstrating the ability to provide revenue from a mix of professional services in addition to our traditional software and hardware offerings. With employee safety and operational efficiency a key mission for this global Fortune 100 company, we look forward to further developing our suite of AI driven offerings to create additional efficiencies and continual improvements to operational effectiveness,” concluded Allen.

    Airship AI’s Acropolis backend enterprise management system enables customers to manage devices and sensors across their entire digital eco-system, via hardware deployed on-premises or in the cloud, while utilizing Artificial Intelligence (AI) at the edge and or the backend to optimize operational efficiency and improve real-time decision-making capabilities. Combining the sensor-agnostic nature of our Acropolis platform with an edge-based AI platform Outpost AI, customers can efficiently add “smarts” to existing edge sensors, avoiding costly and operationally disruptive rip and replace requirements.

    To experience how Airship AI and its suite of enterprise video and data management solutions can help your organization solve your complex video and data management challenges, please email your request to info@airship.ai.

    About Airship AI Holdings, Inc.

    Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

    For more information, visit https://airship.ai.

    Forward-Looking Statements

    The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 1, 2024, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

    Investor Contact:

    Chris Tyson/Larry Holub
    MZ North America
    949-491-8235
    AISP@mzgroup.us

    The MIL Network –

  • MIL-OSI: Helport AI Opens Office in the Philippines

    Source: GlobeNewswire (MIL-OSI)

    New ‘Global Center of Excellence’ to Drive Artificial Intelligence Operations and Service Offerings in the Business Process Outsourcing Industry

    SINGAPORE and SAN DIEGO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport AI”), an AI technology company serving enterprise clients with intelligent customer communication software, services, and solutions, today announced the grand opening of its new office in the Philippines. Located at the IBM Plaza in Eastwood City, Quezon City, this facility is expected to establish Helport AI’s Global Center of Excellence for AI operations and training.

    The new office represents Helport AI’s commitment to fostering innovation in the business process outsourcing (BPO) industry and supporting the growing demand for advanced AI solutions in Southeast Asia. The office will serve as a hub for Helport AI’s research and development efforts.

    A Strategic Step for Helport AI

    Guanghai Li, CEO of Helport AI, highlighted the significance of this milestone during the opening ceremony. “Our decision to establish a presence in the Philippines underscores the immense potential of this region,” said Li. “The Philippines is home to a thriving BPO sector and a highly skilled workforce. We believe this office will play a pivotal role in advancing our AI-driven solutions, helping our clients achieve greater efficiency, enhancing customer satisfaction, and anticipating potential industry disruption.”

    The Philippines office will focus on refining Helport AI’s flagship product, an intelligent co-pilot software for call center agents. This technology provides real-time guidance to agents, optimizing customer interactions while reducing onboarding time and training costs. As an integral part of Helport AI’s portfolio, this tool has already proven its scalability, with clients reporting improved agent performance and operational efficiency.

    A Celebration of Innovation and Collaboration

    The grand opening event featured a series of keynotes and discussions, including a presentation on “The Future of AI in BPO” and a live demonstration of Helport AI’s software. The program concluded with a ribbon-cutting ceremony and a networking session attended by industry leaders, government officials, and alliance partners.

    Over fifty guests, including representatives from local BPO companies, investors, industry associations, and members of the news media, attended the gathering. They expressed interest in Helport AI’s solutions and demonstrated a desire for future collaboration, signaling the potential for partnerships in the region.

    Looking Ahead

    This new office marks another chapter in Helport AI’s journey toward redefining the future of AI in the BPO sector. With robust in-house AI training capabilities and a growing global footprint, Helport AI aspires to empower businesses, transform customer interactions, and drive sustainable growth.

    About Helport AI

    Helport AI (NASDAQ: HPAI) is an AI technology company dedicated to optimizing customer communication through its digital platform and intelligent software solutions. Offering enterprise level customer contact services, Helport AI’s mission is to empower everyone to work as an expert. Learn more at www.helport.ai.

    Forward-Looking Statements

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

    Helport AI Investor Relations:
    Website: https://ir.helport.ai/
    Email: ir@helport.ai

    External Investor Relations Contact:
    Chris Tyson 
    Executive Vice President
    MZ North America
    Direct: 949-491-8235
    HPAI@mzgroup.us
    www.mzgroup.us

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9fdedad8-fef3-4e3b-8b9e-40960895c3a5

    The MIL Network –