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Category: GlobeNewswire

  • MIL-OSI: Exela Technologies Announces Strategic Partnership with Michael Page

    Source: GlobeNewswire (MIL-OSI)

    IRVING, Texas, Jan. 28, 2025 (GLOBE NEWSWIRE) — Exela Technologies, Inc. (“Exela” or the “Company”) (OTC: XELA, XELAP), a global business process automation (BPA) leader, has announced a strategic partnership between its Finance and Accounting Outsourcing (FAO) Business Unit and Michael Page, a leading recruitment firm specializing in leadership hiring for large enterprises.

    Michael Page, through this partnership, plans to expand Exela’s successful Center of Excellence across various corporate functions, including Finance Shared Services, by deploying Build-Operate-Transfer, Captive, and Business Processes as a Service to their enterprise customers. This collaboration is expected to further strengthen Exela’s position as a trusted partner for delivering tailored, scalable financial solutions.

    “Partnering with Michael Page opens up exciting new avenues for us,” said Sandeep Sapru, President, APAC, Exela Technologies. “This collaboration allows us to bring our deep expertise in finance outsourcing to a wider global audience, helping enterprise clients streamline operations, drive efficiency, and enhance financial outcomes.”

    The partnership reflects a rigorous, strategic process showcasing Exela’s expertise in consulting and executing BOT and captive models. Michael Page’s confidence in Exela was bolstered by the success of its Shared Services Center (SSC) and Full-Service Play (FSP) model, demonstrating Exela’s ability to meet the unique needs of enterprise clients.

    “India continues to be a hub of exceptional talent, with enterprises seeking innovative solutions to optimize their operations and drive strategic growth,” said Anshul Lodha, Managing Director of Michael Page India. “Our partnership with Exela Technologies combines our deep expertise in leadership recruitment with their proven capabilities in finance outsourcing, enabling us to deliver tailored solutions that meet the evolving needs of the Indian business landscape. Together, we are well-positioned to help organizations in India and beyond build resilient, high-performing teams that drive long-term success.”

    As Exela enters FY25, the partnership underscores its commitment to driving growth, innovation, and impactful collaborations that redefine finance outsourcing and shared services.

    About Exela

    Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and approximately 15,000 employees operating in 21 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

    To automatically receive Exela financial news by email, please visit the Exela Investor Relations website, http://investors.exelatech.com/, and subscribe to Email Alerts.

    Forward-Looking Statements

    Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, and those discussed under the heading “Risk Factors” in our Annual Report and in subsequent filings with the U.S. Securities and Exchange Commission (“SEC”). In addition, forward-looking statements provide expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause assessments to change. These forward-looking statements should not be relied upon as representing Exela’s assessments as of any date subsequent to the date of this press release.

    For more Exela news, commentary, and industry perspectives, visit:

    Website: https://investors.exelatech.com/
    X: @ExelaTech
    LinkedIn: /exela-technologies
    Facebook: @exelatechnologies
    Instagram: @exelatechnologies

    Investor and/or Media Contacts:

    ir@exelatech.com

    Source: Exela Technologies, Inc.

    The MIL Network –

  • MIL-OSI: Finance Teams Prioritize ESG Reporting but Lack Adequate Technology, Finds insightsoftware Report

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today released its 2025 ESG Insights and Challenges Report. The report highlights the growing complexities that global organizations face in ESG reporting, including the challenges finance leaders experience gathering, integrating, and analyzing data from multiple sources.

    With the Corporate Sustainability Reporting Directive (CSRD) set to take effect in the EU in 2025, the research explores how unprepared organizations are to meet the new regulatory requirements. Notably, 52% of businesses rely on data from more than five sources for ESG reporting, underscoring significant hurdles to achieving compliance.

    This report reveals that while many organizations across the EU and the UK express confidence in their ability to comply with regulations like the CSRD, they struggle to find the right tools to accomplish the necessary compliance tasks. In fact, 58% of organizations are already exploring new technology to enhance their ESG reporting capabilities. Complying with regulations like the CSRD and overcoming reporting roadblocks remain highly important for global organizations to meet their ESG goals.

    Key findings from the report include:

    • Technology capabilities are lacking: With 92% of organizations concerned that their ESG reporting processes won’t scale to meet future regulatory demands, organizations are finding it increasingly difficult to identify the necessary tools tailored to their operational needs. They cite data security and privacy concerns as the most prevalent issue (59%), given the sensitive nature of ESG data and regulatory scrutiny.
    • The compliance path forward is uncertain: Companies that do business in the EU need to comply with CSRD, however more than half of decision-makers remain heavily uncertain and confused about its requirements (52%). The primary goal of ESG reporting is to improve transparency and stakeholder engagement say 49%, and 86% of ESG decision-makers overwhelmingly value data visualization and dashboards as the most valuable features in an ESG technology solution.
    • Complex, timely processes hinder ESG reporting success: Amidst the digitalization wave, organizations fight against a steady influx of data. Data collection is the biggest hurdle, responded 95% of decision-makers. In fact, over half (52%) report spending more than four weeks each year solely on collecting data.

    “Without the proper tools, global businesses risk hampering their organization’s ability to comply with ESG regulatory requirements,” said insightsoftware General Manager, EPM & Controllership, Monica Boydston. “This is why tools like the insightsoftware ESG Reporting Solution are crucial to enable teams to seamlessly collect, consolidate, analyze, and disclose ESG data from any source, reducing the risk of non-compliance and costly reporting errors.”

    Leveraging established technologies in close and consolidation, disclosure management, and business intelligence (BI) that are trusted by thousands of customers worldwide, insightsoftware ESG provides the controls, audit trails, and security necessary for delivering investor-grade data and meeting regulatory filing requirements. It enables businesses to effectively measure the impact of their ESG initiatives, helping to attract ESG-focused investors.

    Download the complete findings of the 2025 ESG Insights & Challenges Report here to learn how finance decision-makers can begin to address their ESG reporting challenges.

    To explore insightsoftware ESG and how it can better support an organization’s sustainability goals from data collection to compliance and stakeholder communication, visit here.

    Research Methodology
    insightsoftware’s 2025 ESG Insights & Challenges report was developed in coordination with Hanover Research. It was conducted to gain insights into the current trends and challenges facing finance leaders. To achieve this objective, a quantitative survey was administered to a sample of 400 ESG decision-makers across France, Germany, Finland, Sweden, and the UK. The survey targeted professionals at the director level or higher from organizations with over 500 employees, spanning accounting, finance, compliance, executive teams, regulatory affairs, and sustainability roles.

    About insightsoftware

    insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.

    Media Contacts
    Inkhouse for insightsoftware
    insightsoftware@inkhouse.com  

    Daniel Tummeley
    Corporate Communications Manager
    PR@insightsoftware.com

    The MIL Network –

  • MIL-OSI: Data Storage Corporation’s CloudFirst Subsidiary Partners with Pulsant to Drive Platform Growth

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, that integrates with AWS, Microsoft Azure, and Google Cloud, today announced that its subsidiary, CloudFirst Europe, has entered into a strategic partnership with Pulsant, the most geographically diverse UK provider of edge infrastructure and data centres.

    This partnership aligns with CloudFirst’s ongoing growth strategy to strengthen its global footprint. The CloudFirst platform currently operates in six data centers, across three countries, serving more than 400 clients. The partnership will extend the platform across Pulsant facilities in the UK.

    The partnership is driven by a shared vision to address the unique cloud-based hosting and disaster recovery needs of IBM customers. Many businesses encounter challenges with IBM environments, and this collaboration allows CloudFirst to deliver its specialized expertise to Pulsant’s extensive customer base. By leveraging Pulsant’s local infrastructure and trusted relationships, CloudFirst can extend its reach to new markets while providing tailored solutions to customers across Europe and the UK, including American enterprises with operations in the region.

    “The UK and Ireland remain strategically important markets for IBM, and demand from businesses looking to modernise legacy systems continues to grow,” said Wendy Shearer, Director of Partnerships and Ecosystems at Pulsant. “Many organisations still haven’t found the right way forward. Our partnership with CloudFirst gives these companies the deep IBM expertise and a close, reliable network infrastructure. This combination makes it easier, simpler and faster for them to evolve their IBM environments, eliminating complexities and extending the return on their IBM investment.”

    The expertise of the teams within both CloudFirst and Pulsant is a key strength of this collaboration. Pulsant’s skilled data center professionals and CloudFirst’s IBM specialists are working closely to ensure the partnership delivers seamless service and exceptional value to customers. This alignment of expertise and commitment illustrates the quality of the relationship and its potential to drive long-term success.

    “At the core of this partnership is our ability to meet the demands of IBM platform users who need specialized expertise,” added, Hal Schwartz, President of CloudFirst. “By combining Pulsant’s extensive local infrastructure and trusted client relationships with CloudFirst’s focus on IBM platform solutions, we’re creating a robust and dynamic offering that allows us to address the critical needs of mid-market and enterprise customers.”

    About Pulsant
    Pulsant is the UK’s leading regional edge infrastructure. Our platformEDGE infrastructure connects 12 strategically located data centres through a low-latency network fabric, providing access to cloud, connectivity, and compute services across the UK and beyond.

    Pulsant enables regional businesses and service providers to leverage the power of edge computing to improve application performance and user experience, reach new markets, and build innovative use cases. platformEDGE allows businesses to scale IT workloads in line with their ambitions, both locally and nationally, while ensuring continuous availability of data and applications through diverse connectivity options.

    By choosing Pulsant, clients can optimise costs with local, secure infrastructure and access to an ecosystem of suppliers and partners, delivering exceptional time to value and supporting their digital ambitions. With almost three decades of experience and more than 1,200 clients who put their trust in our sustainable network infrastructure, we are committed to our ESG goals, holding multiple accreditations, including ISO27001 and PCI DSS, to deliver the highest standards of security and compliance.

    About Data Storage Corporation
    Data Storage Corporation (Nasdaq: DTST) through its subsidiaries is a leading provider of multi-cloud hosting, fully managed cloud services, disaster recovery, cybersecurity, IT automation, and voice & data solutions. Recognizing that data migration is a critical step in transitioning from on-premises systems to the cloud, DTST provides comprehensive migration services to ensure seamless, secure, and efficient data transfer, minimizing downtime and optimizing performance.

    Through its CloudFirst platform, built on IBM Power Cloud infrastructure, DTST delivers high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners, AWS, Microsoft Azure, and Google Cloud.

    With data centers supporting cloud platform deployments across the United States, Canada, and the United Kingdom, DTST provides mission-critical cloud services to a diverse clientele, including Fortune 500 companies, government agencies, educational institutions, and healthcare organizations.

    As a leader in the multi-billion-dollar cloud hosting and business continuity market, DTST is recognized for its expertise in cloud infrastructure, IT modernization, and data migration, enabling clients to transition to the cloud with confidence and operational continuity.

    For more information, please visit www.dtst.com or follow us on X @DataStorageCorp.

    Safe Harbor Provision

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward looking statements in this press release include statements such as the expected contribution of Mr. Freeman, the Company’s expansion of its innovative cloud business into the European market and solving the challenges the Company’s customers face today while delivering services that keep their businesses fully operational at all times by specializing in the migration of mission-critical workloads into the Company’s secure, enterprise managed cloud infrastructure providing complete recovery to guarantee service performance. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include the Company’s ability to grow its presence in Europe. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

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

    The MIL Network –

  • MIL-OSI: The Trade Anything Vision: Unlocking Instant Liquidity and Infinite Markets on dYdX in 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) — The dYdX Foundation reflects on 2024 achievements, including $270B+ in trading volume, 175 markets, and $79M+ USDC in MegaVault, while highlighting the 2025 roadmap.
    The dYdX Foundation (“the Foundation”), an organization focused on supporting and growing the dYdX protocol ecosystem, today released the 2024 dYdX Ecosystem Report and highlighted dYdX Trading’s 2025 software roadmap built around the ecosystem’s “Trade Anything” vision. The report showcases a notable year of growth for dYdX, with $270B in trading volume, pushing the total cumulative volume to $1.46T since 2021. The Unlimited upgrade, launched in November 2024, proved to be a significant catalyst for the protocol, introducing MegaVault, a liquidity tool that surpassed $79M USDC in TVL to support the over 175 markets available on dYdX, many of which have been added through the new instant market listings feature. 
    The traction behind decentralized trading, especially within perpetual markets, continues to project favorably in 2025 and beyond. Up 132% to $1.5T in 2024, the total perp DEX volumes skyrocketed – dYdX’s 2024 trading volume alone would’ve amounted to over one-third of the entire industry’s volume in 2023, and the exchange has remained at the forefront of what is projected to be one of the fastest growing sectors in the space in 2025. This momentum is reflected in the dYdX community with the number of DYDX holders increasing by 290% to 53,000 in 2024. To remain at the cutting edge of the market, dYdX is going all-in on its “Trade Anything” vision, seeking to empower users to trade thousands of markets with instant liquidity through the growth and evolution of MegaVault.  
    “dYdX is breaking barriers to enable a permissionless future where any asset can be traded instantly with immediate liquidity. In 2024, we saw transformative growth driven by our community, through upgrades, DAO proposals, grants, and the Affiliate Program. We’re carrying this momentum into 2025” said Charles d’Haussy, CEO of the dYdX Foundation.
    The launch of dYdX Unlimited in November 2024 introduced innovative features like Instant Market Listings and MegaVault, unlocking hundreds of new markets. Over 150 have already been launched permissionless by the dYdX community, including the pioneering Trump prediction market perpetual ahead of the U.S. election, as well as perps on FX markets like the Turkish Lira and the Euro. In just six weeks, MegaVault reached a TVL of over $70M with an APR exceeding 40%, showcasing a strong product-market fit. As MegaVault continues to mature, liquidity across all markets will continue to improve, solidifying dYdX as DeFi’s pro trading platform for markets of all sizes. 
    According to the team, looking ahead, the community can anticipate instant deposits, an enhanced mobile UX, and various onboarding upgrades, all geared to onboard a slew of new traders entering the space in the new year. Trading enhancements, including permissioned keys and optimized execution speeds, are set to go live imminently. 
    “With institutional and retail interest continuing to evolve, we’re confident that dYdX is positioned as the go-to-market option for derivatives trading, catering to investors of all levels. Alongside the community, we’re excited about the enhancements coming to the protocol in 2025 to make the trading experience on dYdX best-in-market in terms of simplicity and efficiency”, added d’Haussy.
    On the governance front, the number of DYDX holders increased by 290% to 53,000 in 2024, adding more voices to shape the future of the ecosystem. With the launch of a revamped Trading Rewards Program allowing traders to gain back a portion of the fees they pay in the form of rewards distributed in $DYDX, traders received over $63 million in rewards and incentives (excluding staking rewards), including instant rewards paid out by the protocol and the monthly Chaos Labs incentive program.
    Looking ahead to 2025, trading rewards will continue at the protocol level, with an additional $1.5 million allocated for the monthly Chaos Labs incentive program. The DAO will focus on infrastructure optimization, comprehensive documentation, and quality assurance as key priorities in 2025.
    To review the full report, users can visit here. 
    About dYdX Foundation
    The dYdX Foundation‘s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance.
    The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain or its software be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever.
    The dYdX Foundation does not make any representations, warranties, or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose. Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. The dYdX Foundation makes no recommendation as to how to vote on any proposal in dYdX governance or to take any action whatsoever. The dYdX community is sovereign to make decisions freely and at its sole discretion, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. The dYdX Foundation does not participate in governance decisions to be made by the dYdX community, including, without limitation, by voting on governance proposals. The dYdX Foundation makes no guarantees and is under no obligation to undertake any of the activities contemplated herein.
    Nothing in this post should be considered as financial, investment or any other advice. Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets. 
    Media Contact 
    M Group Strategic Communications (on behalf of dYdX Foundation)
    dydx@mgroupsc.com

    Contact

    Dillon Arace
    darace@mgroupsc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a75c40a-28bc-405e-afbe-b7d34a9df4b5

     

    The MIL Network –

  • MIL-OSI: DMG Blockchain Solutions Inc. Announces Systemic Trust’s Registration as a Digital Asset Trust Company

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Jan. 28, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a leading independent data center technology and blockchain solutions provider, has received registration for its wholly owned subsidiary, Alberta-based, Systemic Trust Company (“Systemic Trust” or “STC”), to operate as a special purpose trust company under the Loan and Trust Corporations Act (Alberta) with Alberta’s Treasury Board and Finance (“ATBF”).

    Lawrence Truong, CEO of Systemic Trust, remarked, “We are grateful to our parent company, DMG, for its unwavering support throughout this process and for providing the capital needed to operate as a Qualified Custodian. We extend our thanks to our regulators for their efforts and guidance, which made the licensing process so efficient. Receiving our certificate of registration marks a significant milestone that will enable us to increase the adoption of blockchain technology and build trust in the Canadian cryptocurrency ecosystem by offering a highly secure, independent custody solution. Alberta’s pragmatic, open-for-business attitude attracts talent, innovation and fintech companies like Systemic Trust to establish its headquarters in the province. We are proud to be part of Alberta’s vibrant and growing technology sector. With crypto-friendly regulatory changes underway beyond our borders, our team is preparing for what we believe will be greater adoption of our services in Canada.”

    Nate Horner, President of Treasury Board and Minister of Finance, remarked, “The registration of Systemic Trust Company marks another exciting milestone for Alberta’s growing financial services sector, giving investors more options to secure cryptocurrency. Alberta continues to lead the way in driving innovation and creating the ideal environment for forward-thinking companies to thrive. With the support of our financial services concierge, innovative businesses can efficiently navigate regulations and establish themselves in the province. By fostering growth in this dynamic sector, we are attracting investments, creating new opportunities for Albertans and building a stronger, more innovative economy.”

    Sheldon Bennett, DMG’s CEO, added, “This milestone is an important achievement towards realizing the full potential of DMG’s Core+ software and services strategy. We are proud of the team at Systemic Trust for successfully navigating the complexities of delivering the licensing for this prudentially regulated business and grateful for our shareholders’ support. Systemic Trust is proud to be the only Canadian Qualified Custodian to leverage Fireblocks’ industry-leading wallet infrastructure. Recognized globally as the foremost institutional-grade wallet platform, Fireblocks has managed over 250 million wallets and secured the transfer of more than $6 trillion in digital assets. This collaboration positions Systemic Trust as the trusted choice for Canadian institutions seeking a secure, compliant and scalable digital asset custody solution.”

    About Alberta’s Treasury Board and Finance

    Alberta’s Treasury Board and Finance (“ATBF”) is a key ministry within the Government of Alberta, Canada, responsible for overseeing the province’s financial and economic affairs. In addition to its roles in budget planning, financial management and economic analysis, ATBF regulates various financial sectors, including loan and trust corporations operating within Alberta. ATBF’s regulatory framework for loan and trust corporations is established under the Loan and Trust Corporations Act. This legislation sets out the requirements for registration, operation and supervision of these entities to ensure their soundness and the protection of consumers. ATBF’s regulatory activities authorize the registration of special purpose trusts under the Loan and Trust Corporations Act, enabling them to serve as a Qualified Custodian for digital assets. Through such regulatory oversight, ATBF aims to maintain the integrity and stability of Alberta’s financial system, fostering a secure environment for both financial institutions and consumers.

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon neutral Bitcoin ecosystem, which enables financial institutions to move bitcoin in a sustainable and regulatory compliant manner.

    For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

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

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, the development of Systemic Trust and the expected outcomes and benefits, delivering products that enable the monetization of bitcoin transactions, developing and executing on the Company’s products and services, increasing self-mining, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hash rate mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network –

  • MIL-OSI: Harel and Amitim to Acquire 44% of a Partnership Holding a Cluster of Enlight Projects Comprising 69 MW Solar Generation and 448 MWh of Energy Storage Capacity

    Source: GlobeNewswire (MIL-OSI)

    The transaction is based on a valuation of $114 million for the entire Cluster, comprised of a $102 million base and an additional $12 million in deferred consideration upon fulfillment of the conditions of its payment

    Enlight will recognize a profit of $94 million upon fulfillment of the conditions of the deferred consideration, and will continue to operate and develop projects in the Cluster

    The partnership provides Harel and Amitim exposure to renewable energy infrastructure, with the potential for high returns and financial strength over time, while diversifying their investment portfolios and reinforcing their commitment to positive impacts on the Israeli economy and environment

    TEL AVIV, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, or the “Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces the signing of an agreement to sell 44% of a partnership (the “Partnership”), which holds the Sunlight cluster of Israeli renewable energy projects to Harel Insurance Investments & Financial Services Ltd. and Amitim Senior Pension Funds (the “Investors”, “the Sale Agreement”), who will acquire a 25% and 19% stake respectively.

    The Investors will purchase 44% of the Partnership for a total investment of $50 million1 in cash, of which $45 million will be paid upfront, and $5 million will be deferred consideration to be paid by the Investors upon fulfillment of certain conditions set forth in the Sale Agreement. Upon completion of the transaction, which is expected to occur during the first quarter of 2025, the Company will cease to consolidate the financial results of the Partnership in its financial statements, and will accordingly recognize a profit of $94 million.

    The Sunlight Cluster consists of operational and pre-construction projects totaling 69 MW of solar generation and 448 MWh of energy storage capacity, and accounts for 5% of the capacity of Enlight’s total portfolio in Israel and 1% of the capacity of Enlight’s total global portfolio2. The Investors will acquire 44% of the Limited Partner rights in the Partnership and a wholly-owned subsidiary of the Company will act as the General Partner in the Partnership. Completion of the transaction is contingent upon obtaining approval of the Israeli Competition Authority.

    In conjunction with the Sale Agreement, the parties have entered into a number of additional commercial arrangements:

    1. The parties commit to future investments in projects under construction.
     
    2. The Company will have the exclusive right to purchase all the electricity produced by the Cluster under a 20-year availability agreement whose commercial terms were set between the parties.
     
    3. The Company’s commitment to the duration and minimal level of holdings in the Limited Partnership.
     
    4. The right of the Investors to mandate the sale of 50% of the Company’s holdings in the General Partner to a third party and terminate the management agreements with the Company.
     

    More financial information regarding the Sale Agreement can be found here.

    The Herzog Fox & Neeman law firm and the Giza Singer Even consulting firm advised the Company on the transaction. The Piron law firm advised both Harel and Amitim, and the Escola consulting firm advised Amitim on the transaction.

    1 Amounts in U.S. dollars are calculated based on a U.S. dollar to Israeli Shekel conversion rate of 1 to 3.71, as reported in the Company’s financial statements for the period ending September 30, 2024.

    2 Enlight’s global projects consist of 19.2 GW of generation and 31.8 GWh of energy storage capacity, located in Israel, Europe, and the United States, and allocated into Mature, Advanced Development, and Development portfolios.

    Itzik Tawill, Deputy Director of the Investment Department and Director of the credit and real estate division at Harel, commented, “Harel selects its investments with thoroughness and professionalism, and is proud to continue investing in green energy and infrastructure in Israel. Our cooperation with leading companies such as Enlight diversify our investment portfolio in a stable sector, providing our fund members with attractive and long-term financial performance along with a positive environmental impact.”

    Nir Gavish, Head of Investments at Amitim Senior Pension Funds, commented, “The Sunlight transaction is a direct implementation of our strategy to invest in infrastructure assets in Israel, and in particular in renewable energy, with a commitment to delivering optimal returns for our fund members over time. Amitim has a long-standing relationship with Enlight, and we are pleased to deepen our collaboration with this investment.”

    Gilad Yaavetz, CEO of Enlight, commented, “We are very proud to extend our long-standing partnership with Harel and Amitim, some of Israel’s leading institutional investors, in the innovative field of integrated solar generation and energy storage facilities. The projects generate clean electricity at a competitive price, and the production will be sold by Enlight Enterprise, the Company’s supplier unit, to some of the most prestigious consumers in Israel.

    “We are proud of the asset value implied by the transaction, which reflects the quality of the projects and energy management system we have developed at Enlight. The transaction highlights the competitive advantage that the Company has in optimizing and establishing attractive funding sources to deliver on our significant growth plan.”

    About Enlight Renewable Energy

    Founded in 2008, Enlight is a global leader in initiating, developing, financing, setting up and operating renewable energy projects on a global scale. Enlight operates across the three largest renewable energy sectors today: solar, wind and energy storage. As a global company, Enlight operates in the United States, Israel and 9 countries throughout Europe. Enlight is currently a dual public company, with no controlling interest, that has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT).TA) and the U.S. Nasdaq Stock Exchange where it was successfully issued in 2023 (NASDAQ: ENLT).

    About Harel

    Harel Insurance Investments & Financial Services Ltd is the largest insurance and finance group in Israel, operating in a variety of insurance, asset management and credit fields, with 90 years of experience. Assets under management amounted to approximately ILS 490 billion and premiums amounted to approximately NIS 31.2 billion in the first nine months of 2024. The transaction was led on behalf of Harel by Itzik Taweel, director of the credit and real estate division, and Inesa Laron, manager of the project and infrastructure financing department.

    About Amitim Senior Pension Funds

    Amitim Senior Pension Funds, managed by Ephi Senderov, is one of the largest institutional investors in Israel, managing approximately ILS 350 billion of assets in Israel and abroad through a variety of investment strategies. The transaction was led on behalf of Amitim by Ziv Frenkel, head of the credit division, and Roni Horvitz, credit manager. In recent years, Amitim’s credit division has led and participated in transactions worth billions of Shekels in the infrastructure sector in general and in the energy sector in particular.

    Investor Contact

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Maris-Tech Announces First Customer Conference: Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation

    Source: GlobeNewswire (MIL-OSI)

    Join industry leaders and innovators on February 27, 2025 for a day of industry insights and networking opportunities

    Rehovot, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, is thrilled to announce its first annual customer conference, Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation. This exclusive event will place on February 27, 2025, in Rishon LeZion, Israel, and will gather industry professionals, thought leaders and collaborators to explore cutting-edge developments in edge computing and its central role in defense operations.

    Attendees will gain valuable insights into the future of video and AI acceleration, with a sharp focus on how this innovation is reshaping defense operations, enabling faster decision-making and independent functionality in challenging environments.

    The conference agenda features keynote presentations by renowned guest speakers, in-depth technical sessions, and live product demonstrations during session breaks. Attendees will also have the chance to network with peers, engage with Maris-Tech’s expert team, and gain hands-on experience with the Company’s innovative solutions.

    “We are very excited to present our first customer conference,” said Israel Bar, Chief Executive Officer of Maris-Tech. “It’s an honor to host some of the most influential guest speakers in our field and to welcome our valued customers and partners. This event will represent a unique opportunity to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation.”

    For more information, to view the agenda, and to register, visit the event’s official webpage: https://maris-tech.forms-wizard.co/users/new.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israel technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries worldwide. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is  using forward-looking statements when it is discussing the conference and the Company’s expectation for the benefits of the conference and anticipated opportunities to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation; and the benefits and advantages of video and AI acceleration. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: First Financial Northwest, Inc. Reports Net Income of $1.2 Million or $0.13 per Diluted Share for the Fourth Quarter and $1.1 Million or $0.12 per Diluted Share for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    RENTON, Wash., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported net income for the quarter ended December 31, 2024, of $1.2 million, or $0.13 per diluted share, compared to a net loss of $608,000, or $(0.07) per diluted share, for the quarter ended September 30, 2024, and net income of $1.2 million, or $0.13 per diluted share, for the quarter ended December 31, 2023. For the twelve months ended December 31, 2024, the Company reported net income of $1.1 million, or $0.12 per diluted share, compared to net income of $6.3 million, or $0.69 per diluted share, for the year ended December 31, 2023.

    The improved performance in the current quarter compared to the quarter ended September 30, 2024, was due primarily to a $1.3 million recapture of provision for credit losses. This compares to a provision for credit losses of $1.6 million in the prior quarter that mainly related to two participation loans to a single borrowing entity totaling approximately $6.0 million, where we were not the lead lender. During the quarter ended December 31, 2024, one of the two loans was paid in full and the borrower paid down the balance on the other loan using proceeds from the sale of another property. Subsequently, we received an updated appraisal of the property securing the remaining loan that confirmed a value sufficient to support the recapture of the previously allocated specific reserve for this loan.

    “I am pleased to report that our net loans receivable increased $14.0 million in the quarter as our lending teams continue to focus on growing our loan portfolio. In addition, our credit quality remained strong, with only $842,000 in nonaccrual loans, representing 0.07% of our $1.16 billion total loan portfolio,” stated Joseph W. Kiley III, President and CEO.

    “We continue to prepare for the closing of the sale of the Bank to Global Federal Credit Union (“Global”), as we await the final required approval from Global’s primary regulator, the National Credit Union Administration, before we can proceed towards closing the transaction,” concluded Kiley.

    Highlights for the quarter and year ended December 31, 2024:

    • Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023.
    • Book value per common share was $17.50 at December 31, 2024, compared to $17.39 at September 30, 2024, and $17.61 at December 31, 2023.
    • The Bank’s Tier 1 leverage and total capital ratios were 11.2% and 16.7% at December 31, 2024, compared to 10.9% and 16.7% at September 30, 2024, and 10.2% and 16.2% at December 31, 2023, respectively.
    • Credit quality remained strong with nonaccrual loans totaling $842,000, or 0.07% of total loans at December 31, 2024.
    • A $1.3 million recapture of provision for credit losses was recorded in the current quarter, compared to a $1.6 million and no provision for credit losses recorded during the prior quarter and the same quarter a year ago, respectively. We recorded a $50,000 recapture of provision for credit losses for the year ended December 31, 2024, compared to a $208,000 recapture of provision for credit losses for the year ended December 31, 2023.

    Deposits decreased $36.0 million to $1.13 billion at December 31, 2024, compared to $1.17 billion at September 30, 2024, and decreased $62.7 million compared to $1.19 billion at December 31, 2023. The decrease in deposits at December 31, 2024, compared to September 30, 2024, was due primarily to a $19.7 million decrease in noninterest-bearing demand deposits and a $15.5 million decrease in money market deposits. The decrease in deposits at December 31, 2024, from December 31, 2023, reflects declines in all deposit categories except for retail certificates of deposit which increased $91.8 million.

    Federal Home Loan Bank (“FHLB”) advances totaled $110.0 million at December 31, 2024, compared to $100.0 million at September 30, 2024, and $125.0 million at December 31, 2023. Of the total FHLB advances at December 31, 2024, $100.0 million were tied to cash flow hedge agreements under which the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. These cash flow hedge agreements had a weighted average remaining term of 27.8 months and a weighted average fixed interest rate of 1.93% as of December 31, 2024. The average cost of borrowings was 2.35% for the quarter ended December 31, 2024, compared to 3.19% for the quarter ended September 30, 2024, and 2.40% for the quarter ended December 31, 2023.

    The following table presents a breakdown of our total deposits (unaudited):

      Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
    Deposits: (Dollars in thousands)
    Noninterest-bearing demand $ 80,772   $ 100,466   $ 100,899   $ (19,694 )   $ (20,127 )
    Interest-bearing demand   56,957     55,506     56,968     1,451       (11 )
    Savings   16,277     17,031     18,886     (754 )     (2,609 )
    Money market   480,520     495,978     529,411     (15,458 )     (48,891 )
    Certificates of deposit, retail   448,974     447,474     357,153     1,500       91,821  
    Brokered deposits   47,900     50,900     130,790     (3,000 )     (82,890 )
    Total deposits $ 1,131,400   $ 1,167,355   $ 1,194,107   $ (35,955 )   $ (62,707 )

    The following tables present an analysis of total deposits by branch office (unaudited):

    December 31, 2024
      Noninterest-
    bearing
    demand    		 Interest-
    bearing
    demand    		 Savings Money
    market    		 Certificates
    of deposit,
    retail    		 Brokered
    deposits    		 Total
      (Dollars in thousands)
    King County              
    Renton $ 26,242 $ 14,786 $ 10,197 $ 284,670 $ 309,858 $ – $ 645,753
    Landing   3,245   1,359   170   7,958   14,965   –   27,697
    Woodinville   1,738   3,168   620   8,834   11,511   –   25,871
    Bothell   2,792   930   408   1,421   6,762   –   12,313
    Crossroads   11,075   2,762   86   29,208   18,772   –   61,903
    Kent   3,766   4,873   40   18,673   8,471   –   35,823
    Kirkland   5,524   1,924   208   11,574   1,855   –   21,085
    Issaquah   1,244   238   13   2,298   6,562   –   10,355
    Total King County   55,626   30,040   11,742   364,636   378,756   –   840,800
    Snohomish County              
    Mill Creek   3,184   3,496   342   16,135   12,487   –   35,644
    Edmonds   7,316   8,542   338   16,482   13,003   –   45,681
    Clearview   4,909   5,653   1,494   17,934   13,778   –   43,768
    Lake Stevens   3,633   5,946   1,314   24,571   17,004   –   52,468
    Smokey Point   2,544   1,800   1,032   36,950   9,619   –   51,945
    Total Snohomish County   21,586   25,437   4,520   112,072   65,891   –   229,506
    Pierce County              
    University Place   1,837   54   1   2,113   2,122   –   6,127
    Gig Harbor   1,723   1,426   14   1,699   2,205   –   7,067
    Total Pierce County   3,560   1,480   15   3,812   4,327   –   13,194
                   
    Brokered deposits   –   –   –   –   –   47,900   47,900
                   
    Total deposits $ 80,772 $          56,957 $         16,277 $      480,520 $       448,974 $         47,900 $    1,131,400
    September 30, 2024
      Noninterest-
    bearing
    demand    		 Interest-
    bearing
    demand    		 Savings Money
    market    		 Certificates
    of deposit,
    retail    		 Brokered
    deposits    		 Total
      (Dollars in thousands)
    King County               
    Renton $ 29,388 $ 14,153 $ 10,654 $ 305,836 $ 315,721 $ – $ 675,752
    Landing   3,442   1,660   237   8,348   12,733   –   26,420
    Woodinville   1,968   2,234   959   8,852   11,522   –   25,535
    Bothell   2,965   1,151   401   1,536   5,918   –   11,971
    Crossroads   14,770   2,039   107   31,665   18,136   –   66,717
    Kent   5,417   10,502   44   16,053   8,562   –   40,578
    Kirkland   10,967   1,890   206   11,243   2,240   –   26,546
    Issaquah   1,186   294   18   2,547   6,580   –   10,625
    Total King County   70,103   33,923   12,626   386,080   381,412   –   884,144
    Snohomish County              
    Mill Creek   3,990   2,171   384   14,628   10,312   –   31,485
    Edmonds   9,254   6,831   330   18,549   13,281   –   48,245
    Clearview   5,587   5,242   1,462   21,206   12,251   –   45,748
    Lake Stevens   3,970   4,282   1,244   23,257   15,571   –   48,324
    Smokey Point   2,994   1,664   969   29,353   11,387   –   46,367
    Total Snohomish County   25,795   20,190   4,389   106,993   62,802   –   220,169
    Pierce County              
    University Place   2,940   53   4   1,848   1,458   –   6,303
    Gig Harbor   1,628   1,340   12   1,057   1,802   –   5,839
    Total Pierce County   4,568   1,393   16   2,905   3,260   –   12,142
                   
    Brokered deposits   –   –   –   –   –   50,900   50,900
                   
    Total deposits $ 100,466 $ 55,506 $ 17,031 $ 495,978 $ 447,474 $ 50,900 $ 1,167,355
     

    Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023. The increase in the current quarter compared to the quarter ended September 30, 2024, was due to growth in non-residential commercial real estate, construction/land, consumer and one-to-four family residential loans, partially offset by declines in multifamily and business lending. The average balance of net loans receivable totaled $1.13 billion for both the quarters ended December 31, 2024, and September 30, 2024, compared to $1.17 billion for the quarter ended December 31, 2023. For the year ended December 31, 2024, the average balance of net loans receivable was $1.14 billion, compared to $1.17 billion for the year ended December 31, 2023.

    The allowance for credit losses (“ACL”) represented 1.30% of total loans receivable at December 31, 2024, compared to 1.42% of total loans receivable at September 30, 2024, and 1.28% at December 31, 2023. The change in the ACL at December 31, 2024, compared to September 30, 2024, related primarily to activity on the single lending relationship discussed above.

    Nonaccrual loans totaled $842,000 at December 31, 2024, compared to $853,000 at September 30, 2024, and $220,000 at December 31, 2023. There was no other real estate owned at December 31, 2024, September 30, 2024, or December 31, 2023.

    Net interest income totaled $8.4 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $9.3 million for the quarter ended December 31, 2023. The decrease in the current quarter compared to the quarter ended September 30, 2024, was primarily due to declines in interest from earning assets, partially offset by declines in interest expense. For the year ended December 31, 2024, net interest income totaled $34.8 million, compared to $40.5 million for the year ended December 31, 2023, as total interest expense increased by $5.0 million and total interest income declined by $800,000.

    Total interest income decreased $419,000 to $19.0 million for the quarter ended December 31, 2024, compared to $19.4 million for the quarter ended September 30, 2024, and decreased $1.3 million compared to $20.3 million for the quarter ended December 31, 2023. The decrease in total interest income during the current quarter compared to the prior quarter was primarily due to a $250,000 or 29.0% decline in interest income earned on interest-earning deposits held with banks. This decline resulted from a 54 basis point decrease in the average yield earned on these deposits, coupled with a $13.6 million reduction in their average balance. Additionally, interest income on loans, including fees, declined by $146,000 or 0.9%, primarily due to a $2.5 million decrease in the average balance of loans and, to a lesser extent, a four basis point decrease in the yield earned on loans. The decrease in total interest income during the current quarter compared to the comparable quarter in 2023 was primarily due to declines in interest income on loans, including fees, of $631,000, investments of $449,000, and interest-earning deposits with banks of $267,000, partially offset by an increase in dividends on FHLB stock of $56,000.

    Yield on loans, the largest component of our interest-earning assets, declined to 5.82% during the recent quarter, compared to 5.86% and 5.83% for the quarters ended September 30, 2024, and December 31, 2023, respectively. The yield on investment securities for the current quarter was 4.29%, down slightly from 4.30% last quarter and up from 4.11% a year ago.

    Total interest expense was $10.6 million for the quarter ended December 31, 2024, down from $11.0 million for both quarters ended September 30, 2024, and December 31, 2023. The decrease from the quarter ended September 30, 2024, was due to lower interest expense related to FHLB advances and other borrowings, which declined due to a decline in the average balance of FHLB advances and other borrowings, partially offset by higher interest expense on deposits driven by an increase in the average balance of interest-bearing deposits. The decrease from the quarter ended December 31, 2023, was due to lower interest expense on deposits and FHLB advances and other borrowings, primarily as a result of lower average balances of these liabilities.

    Net interest margin was 2.50% for the quarter ended December 31, 2024, compared to 2.46% for the quarter ended September 30, 2024, and 2.54% for the quarter ended December 31, 2023. The increase in the net interest margin for the quarter ended December 31, 2024, compared to the prior quarter was primarily due to a decline in the average balance of total interest-earning assets, as net interest income was relatively unchanged during the periods. The decrease in the net interest margin for the quarter ended December 31, 2024, compared to the same quarter a year ago was primarily due to a decline in net interest income, which was partially offset by a decline in the average balance of total interest-earning assets. The net interest margin for the month of December 2024 was 2.55%.

    Noninterest income for the quarter ended December 31, 2024, totaled $658,000, down from $677,000 for the quarter ended September 30, 2024, and up from $633,000 for the quarter ended December 31, 2023. The decrease compared to the quarter ended September 30, 2024, was primarily due to lower loan and deposit related fees and BOLI income, partially offset by an increase in wealth management revenue. Noninterest income remained nearly flat at $2.8 million for both the years ended December 31, 2024, and December 31, 2023, as increases in BOLI income, wealth management revenue and loan related fees in the current year were nearly entirely offset by decreases in deposit related fees and other noninterest income.

    Noninterest expense totaled $8.9 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $8.4 million for the quarter ended December 31, 2023. The increase from the quarter ended September 30, 2024, was primarily due to a $860,000 increase in salaries and employee benefits due to 2025 merit increases implemented in December 2024, as well as year-end accruals related to incentive compensation, partially offset by decreases in nearly all other categories, most notably professional fees and other general and administrative expenses. Incentive compensation increased due to the project that modified certain loans that would have otherwise been ineligible for Global Federal Credit Union to hold on their balance sheet. The increase compared to the quarter ended December 31, 2023, was primarily due to a $644,000 increase in salaries and employee benefits and an $87,000 increase in data processing expenses, partially offset by decreases across other expense categories. Noninterest expense totaled $36.7 million for the year ended December 31, 2024, compared to $35.7 million for the year ended December 31, 2023. The year-over-year increase was primarily due to an increase in professional fees, data processing and salaries and employee benefits, partially offset by lower marketing and other general and administrative expenses and regulatory assessments.

    First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; an FDIC insured Washington State-chartered commercial bank headquartered in Renton, Washington, serving the Puget Sound Region through 15 full-service banking offices. For additional information about us, please visit our website at ffnwb.com and click on the “Investor Relations” link at the bottom of the page.

    Forward-looking statements:

    When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, our pending transaction with Global Federal Credit Union (“Global”) whereby Global, pursuant to the definitive purchase and assumption agreement (the “P&A Agreement”), will acquire substantially all of the assets and assume substantially all of the liabilities of the Bank, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based on current management expectations and may, therefore, involve risks and uncertainties. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the right of one or all of the parties to terminate the P&A Agreement; delays in completing the P&A Agreement; the failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the Global transaction, including the P&A Agreement, on a timely basis or at all; delays or other circumstances arising from the dissolution of the Bank and the Company following completion of the P&A Agreement; diversion of management’s attention from ongoing business operations and opportunities during the pending Global transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the Global transaction; adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including increases or decreases in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; legislative and regulatory changes; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; effects of critical accounting policies and judgments, including the use of estimates in determining the fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; the potential effects of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the Securities and Exchange Commission – that are available on our website at www.ffnwb.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this Press Release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Consolidated Balance Sheets
    (Dollars in thousands)
    (Unaudited)
    Assets Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
                       
    Cash on hand and in banks $ 9,535     $ 8,423     $ 8,391     13.2 %   13.6 %
    Interest-earning deposits with banks   36,182       72,884       22,138     (50.4 )   63.4  
    Investments available-for-sale, at fair value   151,642       156,609       207,915     (3.2 )   (27.1 )
    Investments held-to-maturity, at amortized cost   2,468       2,462       2,456     0.2     0.5  
    Loans receivable, net of allowance of $15,066, $16,265 and $15,306, respectively   1,140,186       1,126,146       1,175,925     1.2     (3.0 )
    Federal Home Loan Bank (“FHLB”) stock, at cost   5,853       5,403       6,527     8.3     (10.3 )
    Accrued interest receivable   6,108       6,638       7,359     (8.0 )   (17.0 )
    Deferred tax assets, net   2,582       2,690       2,648     (4.0 )   (2.5 )
    Premises and equipment, net   18,166       18,584       19,667     (2.2 )   (7.6 )
    Bank owned life insurance (“BOLI”), net   38,950       38,661       37,653     0.7     3.4  
    Prepaid expenses and other assets   9,676       8,898       10,478     8.7     (7.7 )
    Right of use asset (“ROU”), net   2,357       2,473       2,617     (4.7 )   (9.9 )
    Goodwill   889       889       889     0.0     0.0  
    Core deposit intangible, net   295       326       419     (9.5 )   (29.6 )
    Total assets $ 1,424,889     $ 1,451,086     $ 1,505,082     (1.8 )   (5.3 )
                       
    Liabilities and Stockholders’ Equity                  
                       
    Deposits                  
    Noninterest-bearing deposits $ 80,772     $ 100,466     $ 100,899     (19.6 )   (19.9 )
    Interest-bearing deposits   1,050,628       1,066,889       1,093,208     (1.5 )   (3.9 )
    Total deposits   1,131,400       1,167,355       1,194,107     (3.1 )   (5.3 )
    FHLB advances   110,000       100,000       125,000     10.0     (12.0 )
    Advance payments from borrowers for taxes and insurance   2,873       5,211       2,952     (44.9 )   (2.7 )
    Lease liability, net   2,550       2,673       2,806     (4.6 )   (9.1 )
    Accrued interest payable   526       294       2,739     78.9     (80.8 )
    Other liabilities   15,985       15,340       15,818     4.2     1.1  
    Total liabilities   1,263,334       1,290,873       1,343,422     (2.1 )   (6.0 )
                       
    Commitments and contingencies                  
                       
    Stockholders’ Equity                  
    Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding   –       –       –     n/a     n/a  
    Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 9,230,010 shares at December 31, 2024, 9,213,969 shares at September 30, 2024, and 9,179,510 shares at December 31, 2023   93       92       92     1.1     1.1  
    Additional paid-in capital   72,823       72,916       73,035     (0.1 )   (0.3 )
    Retained earnings   94,892       93,692       96,206     1.3     (1.4 )
    Accumulated other comprehensive loss, net of tax   (6,253 )     (6,487 )     (7,673 )   (3.6 )   (18.5 )
    Total stockholders’ equity   161,555       160,213       161,660     0.8     (0.1 )
    Total liabilities and stockholders’ equity $ 1,424,889     $ 1,451,086     $ 1,505,082     (1.8 )%   (5.3 )%
     
    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Consolidated Income Statements
    (Dollars in thousands, except per share data)
    (Unaudited)
      Quarter Ended        
      Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
    Interest income                  
    Loans, including fees $ 16,512     $ 16,658     $ 17,143   (0.9 )%   (3.7 )%
    Investments   1,694       1,744       2,143   (2.9 )   (21.0 )
    Interest-earning deposits with banks   613       863       880   (29.0 )   (30.3 )
    Dividends on FHLB Stock   177       150       121   18.0     46.3  
    Total interest income   18,996       19,415       20,287   (2.2 )   (6.4 )
    Interest expense                  
    Deposits   9,956       9,748       10,281   2.1     (3.2 )
    FHLB advances and other borrowings   600       1,213       731   (50.5 )   (17.9 )
    Total interest expense   10,556       10,961       11,012   (3.7 )   (4.1 )
    Net interest income   8,440       8,454       9,275   (0.2 )   (9.0 )
    (Recapture of provision) provision for credit losses   (1,250 )     1,575       –   (179.4 )   n/a  
    Net interest income after (recapture of provision) provision for credit losses   9,690       6,879       9,275   40.9     4.5  
                       
    Noninterest income                  
    BOLI income   289       295       255   (2.0 )   13.3  
    Wealth management revenue   88       42       60   109.5     46.7  
    Deposit related fees   226       236       234   (4.2 )   (3.4 )
    Loan related fees   44       96       60   (54.2 )   (26.7 )
    Other   11       8       24   37.5     (54.2 )
    Total noninterest income   658       677       633   (2.8 )   3.9  
                       
    Noninterest expense                  
    Salaries and employee benefits   5,466       4,606       4,822   18.7     13.4  
    Occupancy and equipment   1,154       1,183       1,231   (2.5 )   (6.3 )
    Professional fees   377       585       431   (35.6 )   (12.5 )
    Data processing   805       838       718   (3.9 )   12.1  
    Regulatory assessments   160       165       196   (3.0 )   (18.4 )
    Insurance and bond premiums   114       113       113   0.9     0.9  
    Marketing   24       46       70   (47.8 )   (65.7 )
    Other general and administrative   834       952       858   (12.4 )   (2.8 )
    Total noninterest expense   8,934       8,488       8,439   5.3     5.9  
    Income before federal income tax provision (benefit)   1,414       (932 )     1,469   (251.7 )   (3.7 )
    Federal income tax provision (benefit)   214       (324 )     275   (166.0 )   (22.2 )
    Net income (loss) $ 1,200     $ (608 )   $ 1,194   (297.4 )%   0.5 %
                       
    Basic earnings (loss) per share $ 0.13     $ (0.07 )   $ 0.13        
    Diluted earnings (loss) per share $ 0.13     $ (0.07 )   $ 0.13        
    Weighted average number of common shares outstanding   9,220,593       9,190,146       9,151,892        
    Weighted average number of diluted shares outstanding   9,238,565       9,190,146       9,176,724        
                                 
    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Consolidated Income Statements
    (Dollars in thousands, except per share data)
    (Unaudited)
      Year Ended December 31,    
        2024       2023     One Year
    Change
    Interest income          
    Loans, including fees $ 66,941     $ 66,938     0.0 %
    Investments   7,388       8,474     (12.8 )
    Interest-earning deposits with banks   2,444       2,261     8.1  
    Dividends on FHLB Stock   597       485     23.1  
    Total interest income   77,370       78,158     (1.0 )
    Interest expense          
    Deposits   39,117       34,407     13.7  
    FHLB advances and other borrowings   3,490       3,208     8.8  
    Total interest expense   42,607       37,615     13.3  
    Net interest income   34,763       40,543     (14.3 )
    Recapture of provision for credit losses   (50 )     (208 )   (76.0 )
    Net interest income after recapture of provision for credit losses   34,813       40,751     (14.6 )
               
    Noninterest income          
    BOLI   1,245       1,081     15.2  
    Wealth management revenue   279       253     10.3  
    Deposit accounts related fees   923       956     (3.5 )
    Loan related fees   296       275     7.6  
    Other   53       208     (74.5 )
    Total noninterest income   2,796       2,773     0.8  
               
    Noninterest expense          
    Salaries and employee benefits   20,652       20,366     1.4  
    Occupancy and equipment   4,789       4,748     0.9  
    Professional fees   3,011       2,288     31.6  
    Data processing   3,285       2,857     15.0  
    Regulatory assessments   662       763     (13.2 )
    Insurance and bond premiums   477       468     1.9  
    Marketing   179       343     (47.8 )
    Other general and administrative   3,638       3,833     (5.1 )
    Total noninterest expense   36,693       35,666     2.9  
    Income before federal income tax (benefit) provision   916       7,858     (88.3 )
    Federal income tax (benefit) provision   (156 )     1,553     (110.0 )
    Net income $ 1,072     $ 6,305     (83.0 )%
               
    Basic earnings per share $ 0.12     $ 0.69      
    Diluted earnings per share $ 0.12     $ 0.69      
    Weighted average number of common shares outstanding   9,183,900       9,126,209      
    Weighted average number of diluted shares outstanding   9,238,016       9,152,617      
                       

    The following table presents a breakdown of the loan portfolio (unaudited):

      December 31, 2024 September 30, 2024 December 31, 2023
      Amount   Percent   Amount   Percent   Amount   Percent
      (Dollars in thousands)
    Commercial real estate:                      
    Residential:                      
    Multifamily $ 126,303     10.9 %   $ 132,811     11.6 %   $ 138,149     11.6 %
    Total multifamily residential   126,303     10.9       132,811     11.6       138,149     11.6  
                           
    Non-residential:                      
    Retail   110,787     9.6       118,840     10.4       124,172     10.4  
    Office   73,306     6.3       73,778     6.5       72,778     6.1  
    Hotel / motel   72,434     6.3       54,716     4.8       63,597     5.3  
    Storage   32,229     2.8       32,443     2.8       33,033     2.8  
    Mobile home park   22,701     2.0       22,443     2.0       21,701     1.8  
    Warehouse   23,363     2.0       18,743     1.6       19,218     1.6  
    Nursing Home   9,713     0.8       11,407     1.0       11,610     1.0  
    Other non-residential   29,865     2.5       30,719     2.7       31,750     2.6  
    Total non-residential   374,398     32.3       363,089     31.8       377,859     31.6  
                           
    Construction/land:                      
    One-to-four family residential   49,674     4.3       42,846     3.8       47,149     4.0  
    Multifamily   7,884     0.7       7,227     0.6       4,004     0.3  
    Land development   9,582     0.8       10,148     0.8       9,771     0.8  
    Total construction/land   67,140     5.8       60,221     5.2       60,924     5.1  
                           
    One-to-four family residential:                      
    Permanent owner occupied   284,650     24.7       279,744     24.5       284,471     23.9  
    Permanent non-owner occupied   217,420     18.8       221,127     19.4       228,752     19.2  
    Total one-to-four family residential   502,070     43.5       500,871     43.9       513,223     43.1  
                           
    Business                      
    Aircraft   –     0.0       –     0.0       1,945     0.1  
    Small Business Administration (“SBA”)   1,729     0.2       1,745     0.2       1,794     0.3  
    Paycheck Protection Plan (“PPP”)   159     0.0       238     0.0       473     0.0  
    Other business   10,247     0.9       12,416     1.1       24,869     2.1  
    Total business   12,135     1.1       14,399     1.3       29,081     2.5  
                           
    Consumer                      
    Classic, collectible and other auto   59,580     5.2       58,085     5.1       58,618     5.0  
    Other consumer   13,626     1.2       12,935     1.1       13,377     1.1  
    Total consumer   73,206     6.4       71,020     6.2       71,995     6.1  
    Total loans   1,155,252     100.0 %     1,142,411     100.0 %     1,191,231     100.0 %
    Less:                      
    ACL   15,066           16,265           15,306      
    Loans receivable, net $ 1,140,186         $ 1,126,146         $ 1,175,925      
                           
    Concentrations of credit: (1)                      
    Construction loans as % of total capital   40.5 %         36.8 %         38.3 %      
    Total non-owner occupied commercial
    real estate as % of total capital    		   300.8 %         296.2 %         316.8 %    

    (1) Concentrations of credit percentages are for First Financial Northwest Bank only using classifications in accordance with FDIC regulatory guidelines.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Quarter Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
        2024       2024       2024       2024       2023  
      (Dollars in thousands, except per share data)
    Performance Ratios: (1)                  
    Return on assets   0.33 %     (0.17 )%     0.43 %     (0.29 )%     0.31 %
    Return on equity   2.96       (1.50 )     3.88       (2.67 )     2.97  
    Dividend payout ratio   0.00       0.00       76.47       (108.33 )     100.00  
    Equity-to-assets ratio   11.34       11.04       11.10       10.91       10.74  
    Tangible equity ratio (2)   11.26       10.97       11.02       10.83       10.66  
    Net interest margin   2.50       2.46       2.66       2.55       2.54  
    Average interest-earning assets to average interest-bearing liabilities   116.51       116.46       117.01       116.40       115.84  
    Efficiency ratio   98.20       92.96       82.35       116.97       85.17  
    Noninterest expense as a percent of average total assets   2.49       2.32       2.21       3.05       2.18  
    Book value per common share $ 17.50     $ 17.39     $ 17.51     $ 17.46     $ 17.61  
    Tangible book value per share (2)   17.37       17.26       17.37       17.32       17.47  
                       
    Capital Ratios: (3)                  
    Tier 1 leverage ratio   11.16 %     10.86 %     10.91 %     10.41 %     10.18 %
    Common equity tier 1 capital ratio   15.40       15.43       15.39       14.98       14.90  
    Tier 1 capital ratio   15.40       15.43       15.39       14.98       14.90  
    Total capital ratio   16.65       16.68       16.64       16.24       16.15  
                       
    Asset Quality Ratios: (4)                  
    Nonaccrual loans as a percent of total loans   0.07 %     0.07 %     0.41 %     0.02 %     0.02 %
    Nonaccrual loans as a percent of total assets   0.06       0.06       0.32       0.01       0.01  
    ACL as a percent of total loans   1.30       1.42       1.29       1.30       1.28  
    Net charge-offs to average loans receivable, net   (0.00 )     0.00       0.00       0.00       0.00  
                       
    Allowance for Credit Losses:                  
    ACL – loans                  
    Beginning balance $ 16,265     $ 14,796     $ 14,996     $ 15,306     $ 15,306  
    (Recapture of provision) provision for credit losses   (1,200 )     1,500       (200 )     (300 )     –  
    Charge-offs   –       (31 )     –       (10 )     –  
    Recoveries   1       –       –       –       –  
    Ending balance $ 15,066     $ 16,265     $ 14,796     $ 14,996     $ 15,306  
                       
    Allowance for unfunded commitments                  
    Beginning balance $ 639     $ 564     $ 564     $ 439     $ 439  
    (Recapture of provision) provision for credit losses   (50 )     75       –       125       –  
    Ending balance $ 589     $ 639     $ 564     $ 564     $ 439  
                       
    (Recapture of provision) provision for credit losses                  
    ACL – loans $ (1,200 )   $ 1,500     $ (200 )   $ (300 )   $ –  
    Allowance for unfunded commitments   (50 )     75       –       125       –  
    Total $ (1,250 )   $ 1,575     $ (200 )   $ (175 )   $ –  

    (1) Performance ratios are calculated on an annualized basis.
    (2) Non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
    (3) Capital ratios are for First Financial Northwest Bank only.
    (4) Loans are reported net of undisbursed funds.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Quarter Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
        2024       2024       2024       2024       2023  
      (Dollars in thousands)
    Yields and Costs: (1)                  
    Yield on loans   5.82 %     5.86 %     5.93 %     5.88 %     5.83 %
    Yield on investments   4.29       4.30       4.38       4.11       4.11  
    Yield on interest-earning deposits   4.73       5.27       5.25       5.28       5.32  
    Yield on FHLB stock   12.87       7.73       8.63       7.79       7.29  
    Yield on interest-earning assets   5.63 %     5.66 %     5.73 %     5.62 %     5.56 %
                       
    Cost of interest-bearing deposits   3.77 %     3.80 %     3.71 %     3.69 %     3.62 %
    Cost of borrowings   2.35       3.19       2.64       2.65       2.40  
    Cost of interest-bearing liabilities   3.64 %     3.72 %     3.59 %     3.58 %     3.50 %
                       
    Cost of total deposits (2)   3.46 %     3.47 %     3.38 %     3.38 %     3.31 %
    Cost of funds (2)   3.37       3.44       3.30       3.31       3.23  
                       
    Average Balances:                  
    Loans $ 1,129,019     $ 1,131,473     $ 1,139,017     $ 1,160,156     $ 1,167,339  
    Investments   156,975       161,232       173,102       202,106       206,837  
    Interest-earning deposits   51,518       65,149       36,959       37,032       65,680  
    FHLB stock   5,471       7,719       6,714       6,554       6,584  
    Total interest-earning assets $ 1,342,983     $ 1,365,573     $ 1,355,792     $ 1,405,848     $ 1,446,440  
                       
    Interest-bearing deposits $ 1,051,201     $ 1,021,041     $ 1,029,608     $ 1,082,168     $ 1,127,690  
    Borrowings   101,522       151,478       129,126       125,604       120,978  
    Total interest-bearing liabilities   1,152,723       1,172,519       1,158,734       1,207,772       1,248,668  
    Noninterest-bearing deposits   93,331       96,003       101,196       99,173       102,869  
    Total deposits and borrowings $ 1,246,054     $ 1,268,522     $ 1,259,930     $ 1,306,945     $ 1,351,537  
                       
    Average assets $ 1,429,788     $ 1,453,431     $ 1,446,207     $ 1,495,753     $ 1,538,955  
    Average stockholders’ equity   161,093       161,569       161,057       161,823       159,659  

    (1) Yields and costs are annualized.
    (2) Includes noninterest-bearing deposits.
    (3) Includes total borrowings and deposits (including noninterest-bearing deposits).

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Year Ended December 31,
        2024       2023       2022       2021       2020  
          (Dollars in thousands, except per share data)  
    Performance Ratios:                  
    Return on assets   0.07 %     0.41 %     0.91 %     0.86 %     0.63 %
    Return on equity   0.66       3.93       8.34       7.65       5.50  
    Dividend payout ratio   216.67       75.36       32.65       33.59       45.45  
    Equity-to-assets ratio   11.34       10.74       10.67       11.07       11.26  
    Tangible equity ratio (1)   11.26       10.66       10.58       10.97       11.15  
    Net interest margin   2.54       2.82       3.54       3.35       3.15  
    Average interest-earning assets to average interest-bearing liabilities   116.59       116.69       119.18       118.59       115.62  
    Efficiency ratio   97.69       82.34       69.04       68.32       72.39  
    Noninterest expense as a percent of average total assets   2.52       2.33       2.44       2.35       2.39  
    Book value per common share $ 17.50     $ 17.61     $ 17.57     $ 17.30     $ 16.05  
    Tangible book value per share (1)   17.37       17.47       17.41       17.13       15.88  
                       
    Capital Ratios: (2)                  
    Tier 1 leverage ratio   11.16 %     10.18 %     10.31 %     10.34 %     10.29 %
    Common equity tier 1 capital ratio   15.40       14.90       14.37       14.23       14.32  
    Tier 1 capital ratio   15.40       14.90       14.37       14.23       14.32  
    Total capital ratio   16.65       16.15       15.62       15.48       15.57  
                       
    Asset Quality Ratios: (3)                  
    Nonaccrual loans as a percent of total loans   0.07 %     0.02 %     0.02 %     0.00 %     0.19 %
    Nonaccrual loans as a percent of total assets   0.06       0.01       0.01       0.00       0.18  
    ACL as a percent of total loans   1.30       1.28       1.29       1.40       1.36  
    Net charge-offs (recoveries) to average loans receivable, net   0.00       0.00       0.00       (0.02 )     (0.00 )
                       
    ACL – loans                  
    Beginning balance $ 15,306     $ 15,227     $ 15,657     $ 15,174     $ 13,218  
    Beginning balance adjustment from adoption of Topic 326   –       500       –       –       –  
    (Recapture of provision) provision for credit losses   (200 )     (400 )     (400 )     300       1,900  
    Charge-offs   (41 )     (22 )     (37 )     –       (2 )
    Recoveries   1       1       7       183       58  
    Ending balance $ 15,066     $ 15,306     $ 15,227     $ 15,657     $ 15,174  
                       
    Allowance for unfunded commitments                  
    Beginning balance $ 439     $ 247     $ 281     $ 351     $ 428  
    Provision (recapture of provision) for credit losses   150       192       (34 )     (70 )     (77 )
    Ending balance $ 589     $ 439     $ 247     $ 281     $ 351  
                       
    (Recapture of provision) provision for credit losses                  
    ACL – loans $ (200 )   $ (400 )   $ (400 )   $ 300     $ 1,900  
    Allowance for unfunded commitments   150       192       (34 )     (70 )     (77 )
    Total $ (50 )   $ (208 )   $ (434 )   $ 230     $ 1,823  

    (1) Non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
    (2) Capital ratios are for First Financial Northwest Bank only.
    (3) Loans are reported net of undisbursed funds.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Year Ended December 31,
        2024       2023       2022       2021       2020  
      (Dollars in thousands)
    Yields and Costs:                  
    Yield on loans   5.87 %     5.71 %     4.69 %     4.57 %     4.69 %
    Yield on investments   4.26       3.97       2.77       1.83       2.39  
    Yield on interest-earning deposits   5.12       5.06       1.28       0.12       0.21  
    Yield on FHLB stock   9.03       7.07       5.08       5.29       4.85  
    Yield on interest-earning assets   5.66 %     5.44 %     4.33 %     4.01 %     4.36 %
                       
    Cost of deposits   3.74 %     3.12 %     0.87 %     0.71 %     1.42 %
    Cost of borrowings   2.75       2.52       1.70       1.39       1.31  
    Cost of interest-bearing liabilities   3.63 %     3.05 %     0.95 %     0.78 %     1.41 %
                       
    Cost of interest-bearing deposits   3.42 %     2.83 %     0.77 %     0.64 %     1.32 %
    Cost of funds   3.35       2.80       0.86       0.71       1.32  
                       
    Average Balances:                  
    Loans $ 1,139,864     $ 1,172,569     $ 1,128,835     $ 1,098,772     $ 1,120,889  
    Investments   173,276       213,261       203,165       176,110       133,584  
    Interest-earning deposits   47,723       44,684       30,176       60,482       25,108  
    FHLB stock   6,614       6,857       6,256       6,271       6,600  
    Total interest-earning assets $ 1,367,477     $ 1,437,371     $ 1,368,432     $ 1,341,635     $ 1,286,181  
                       
    Interest-bearing deposits $ 1,045,950     $ 1,104,510     $ 1,034,351     $ 1,015,852     $ 987,069  
    Borrowings   126,931       127,263       113,890       115,466       125,392  
    Total interest-bearing liabilities   1,172,881       1,231,773       1,148,241       1,131,318       1,112,461  
    Noninterest-bearing deposits   97,411       109,795       125,166       112,484       75,388  
    Total deposits and borrowings $ 1,270,292     $ 1,341,568     $ 1,273,407     $ 1,243,802     $ 1,187,849  
                       
    Average assets $ 1,456,215     $ 1,529,511     $ 1,455,739     $ 1,421,476     $ 1,361,604  
    Average stockholders’ equity   161,385       160,428       158,685       160,041       155,587  

    Non-GAAP Financial Measures

    In addition to financial results presented in accordance with generally accepted accounting principles (“GAAP”) utilized in the United States, this earnings release contains non-GAAP financial measures that include tangible equity, tangible assets, tangible book value per share, and the tangible equity-to-assets ratio. The Company believes that these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of goodwill and core deposit intangible, net and provides an alternative view of the Company’s performance over time and in comparison to the Company’s competitors. Non-GAAP financial measures have limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation and are not a substitute for other measures in this earnings release that are presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    The following tables provide a reconciliation between the GAAP and non-GAAP measures:

      Quarter Ended
        Dec 31,
    2024    		       Sep 30,
    2024    		       Jun 30,
    2024    		       Mar 31,
    2024    		       Dec 31,
    2023    		  
      (Dollars in thousands, except per share data)
    Tangible equity to tangible assets and tangible book value per share:  
    Total stockholders’ equity (GAAP) $ 161,555     $ 160,213     $ 160,693     $ 160,183     $ 161,660  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible, net   295       326       357       388       419  
    Tangible equity (Non-GAAP) $ 160,371     $ 158,998     $ 159,447     $ 158,906     $ 160,352  
                       
    Total assets (GAAP) $ 1,424,889     $ 1,451,086     $ 1,447,753     $ 1,468,350     $ 1,505,082  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible, net   295       326       357       388       419  
    Tangible assets (Non-GAAP) $ 1,423,705     $ 1,449,871     $ 1,446,507     $ 1,467,073     $ 1,503,774  
                       
    Common shares outstanding at period end   9,230,010       9,213,969       9,179,825       9,174,425       9,179,510  
                       
    Equity-to-assets ratio (GAAP)   11.34 %     11.04 %     11.10 %     10.91 %     10.74 %
    Tangible equity-to-tangible assets ratio (Non-GAAP)   11.26       10.97       11.02       10.83       10.66  
    Book value per common share (GAAP) $ 17.50     $ 17.39     $ 17.51     $ 17.46     $ 17.61  
    Tangible book value per share (Non-GAAP)   17.37       17.26       17.37       17.32       17.47  
                                           
    Non-GAAP Financial Measures (continued)
     
      Year Ended December 31,
        2024       2023       2022       2021       2020  
      (Dollars in thousands, except per share data)
    Tangible equity to tangible assets and tangible book value per share:
    Total stockholders’ equity (GAAP) $ 161,555     $ 161,660     $ 160,360     $ 157,879     $ 156,302  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible   295       419       548       684       824  
    Tangible equity (Non-GAAP) $ 160,371     $ 160,352     $ 158,923     $ 156,306     $ 154,589  
                       
    Total assets (GAAP)   1,424,889       1,505,082       1,502,916       1,426,329       1,387,669  
    Less:                  
    Goodwill   889       889       889       889       889  
        295       419       548       684       824  
    Tangible assets (Non-GAAP) $ 1,423,705     $ 1,503,774     $ 1,501,479     $ 1,424,756     $ 1,385,956  
                       
    Common shares outstanding at period end   9,230,010       9,179,510       9,127,595       9,125,759       9,736,875  
                       
    Equity-to-assets ratio (GAAP)   11.34 %     10.74 %     10.67 %     11.07 %     11.26 %
    Tangible equity ratio (Non-GAAP)   11.26       10.66       10.58       10.97       11.15  
    Book value per common share (GAAP) $ 17.50     $ 17.61     $ 17.57     $ 17.30     $ 16.05  
    Tangible book value per share (Non-GAAP)   17.37       17.47       17.41       17.13       15.88  

    For more information, contact:
    Joseph W. Kiley III, President and Chief Executive Officer
    Rich Jacobson, Executive Vice President and Chief Financial Officer
    (425) 255-4400

    The MIL Network –

  • MIL-OSI: ServiceTrade™ Announces Integration With The Compliance Engine™ by BRYCER to Automate AHJ Reporting

    Source: GlobeNewswire (MIL-OSI)

    DURHAM, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — ServiceTrade, an innovative software platform designed to enhance business value and optimize operations for commercial mechanical and fire contractors, today announced the integration of its popular platform with The Compliance Engine by BRYCER, the market-leading platform for Authority Having Jurisdiction (AHJ) fire system inspection compliance. BRYCER partners with hundreds of AHJs, including states, counties, cities, municipalities, and fire departments across the U.S., to enable timely digital compliance reporting.

    ServiceTrade Chief Product Officer Brook Bock summarized the importance of the integration: “All commercial buildings are required to comply with National Fire Protection Agency (NFPA) and local regulations for equipment inspections and safety. BRYCER leads the market with its extensive network of hundreds of AHJs nationwide, helping fire protection contractors meet the specific requirements of each jurisdiction. ServiceTrade helps contractors track inspection requirements, streamline workflows, and now simplify reporting via direct integration with The Compliance Engine. It’s a win for contractors and their clients by enabling more inspections to be scheduled, completed, and submitted to the AHJ on time. The integration makes it easier for contractors to maximize inspection revenue while eliminating manual compliance data entry to AHJs.”  

    Sheri Marler, Billing Supervisor at Marmic Fire & Safety, shared, “ServiceTrade and The Compliance Engine integration will transform our workflow by creating a seamless, automated system that eliminates manual uploads. This integration will not only save our team significant time, it will also enhance accuracy.” Marler continued, “The ability to track and clear deficiencies automatically is particularly important, and it will deliver both time savings and improved precision for our operations.”

    The ServiceTrade platform is specifically designed for the recurring nature of inspection, testing, and maintenance (ITM) work and for reducing the inherent liability risk of the fire protection services industry. Automating inspection scheduling, generating NFPA compliance reports, and submitting them digitally to AHJs save contractors time and reduce errors. ServiceTrade’s NFPA-compliant inspection forms, inspection deficiency management workflows, recurring ITM scheduling, and reporting capabilities dramatically improve fire service contractors’ efficiency. ServiceTrade’s integration with The Compliance Engine automates interactions with AHJs and eliminates manual data entry and reporting. The results are increases in efficiency, more repair revenue through inspection deficiency management, and stronger client relationships.   

    “We’re proud to partner with BRYCER, the leader in the business,” continued Ms. Bock. The Compliance Engine is widely recognized as the platform with the most connections to AHJs in the U.S. It helps them track and manage inspections, testing, and maintenance for commercial fire protection systems in their jurisdiction.  

    Bryan Schultz, co-founder of BRYCER said, “Automating inspection reporting has been proven to increase the number of fire protection systems tested and repaired by as much as 72%. BRYCER integration with ServiceTrade will enable commercial service contractors to efficiently increase compliance through on-time safety inspections, which benefits their business, the building owner, and the AHJ.”

    TO LEARN MORE ABOUT SERVICETRADE:

    ABOUT SERVICETRADE:

    ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300+ customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

    All trademarks are the property of their respective companies.

    Contact: Media@KTCMarketingandPR.com

    The MIL Network –

  • MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME FEBRUARY 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Jan. 28, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination has been postponed to 10:00 a.m., Eastern Time on Thursday, February 27, 2025. At the meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

    The Special Meeting is being postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.

    As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Thursday, February 27, 2025, via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination, is being extended to 5:00 p.m., Eastern time, on Tuesday, February 25, 2025.

    Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

    About Finnovate Acquisition Corp.

    Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

    Forward-Looking Statements

    The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other 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, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, 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. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. 

    Additional Information

    Pubco has filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”), which includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.

    Participants in The Solicitation

    Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.

    No Offer Or Solicitation

    This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    INVESTOR RELATIONS CONTACT

    Finnovate Acquisition Corp.
    Calvin Kung
    265 Franklin Street
    Suite 1702
    Boston, MA 02110
    +1 (424) 253-0908

    The MIL Network –

  • MIL-OSI: Renewable Power: TotalEnergies Will Supply 1.5 TWh to STMicroelectronics in France over 15 Years

    Source: GlobeNewswire (MIL-OSI)

    Renewable Power: TotalEnergies Will Supply 1.5 TWh to STMicroelectronics in France over 15 Years

    • 1stPPA in France for STMicroelectronics, aiming at 100% renewable sourcing by 2027
    • Power comes from 2 recent wind and solar farms of 75 MW operated by TotalEnergies

    Paris, Geneva – January 28, 2025 – TotalEnergies and STMicroelectronics (NYSE:STM), a global semiconductor leader serving customers across the spectrum of electronics applications, have signed a physical1 Power Purchase Agreement to supply renewable electricity to STMicroelectronics sites in France. This 15-year contract, started in January 2025, represents an overall volume of 1.5 TWh.

    TotalEnergies will provide STMicroelectronics with the renewable power (including the guarantee of origin) produced by two recent wind and solar farms of 75 MW operated by TotalEnergies. This power comes with structuration services to transform intermittent production in a constant volume (“baseload”) of green electricity. It’s the first time in France that such a 15-year contract is provided. The positive impact of the wind and solar projects on the environment and on the communities was a key success factor in the signing of the deal.

    “We are delighted to sign this agreement with STMicroelectronics, which demonstrates our ability to provide long-term and innovative clean firm power solutions tailored to our customers’ needs,” said Sophie Chevalier, Senior Vice President Flexible Power & Integration at TotalEnergies. “TotalEnergies aims to be a preferred partner to support tech industry players towards their decarbonization efforts, and this agreement showcases our commitment and capabilities.”

    “This first PPA in France marks yet another important step towards ST’s goal of becoming carbon neutral in its operations (Scope 1 and 2 emissions, and partially scope 3) by 2027, including the sourcing of 100% renewable energy by 2027,” said Geoff West, EVP and Chief Procurement Officer at STMicroelectronics. “PPAs will play a major role in our transition, and we have already signed several to support ST’s operations in Italy and Malaysia. Starting in 2025, this PPA with TotalEnergies will provide a significant level of renewable energy for ST’s operations in France, which includes R&D, design, sales and marketing and large-volume chip manufacturing.”

    About STMicroelectronics
    At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and connectivity. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

    TotalEnergies and electricity
    As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. By mid-2024, TotalEnergies’ gross renewable electricity generation installed capacity reached 24 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.

    About TotalEnergies
    TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

    For further information, please contact:

    STMicroelectronics

    MEDIA RELATIONS
    Alexis Breton
    Corporate External Communications
    Tel: +33 6 59 16 79 08
    alexis.breton@st.com

    INVESTOR RELATIONS
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    TotalEnergies

    MEDIA RELATIONS: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

    INVESTOR RELATIONS: +33 (0)1 47 44 46 46 l ir@totalenergies.com

    1 In the case of a “physical” Power Purchase Agreement (PPA), the renewable electricity and the associated guarantees of origin are delivered to the customer, as opposed to the “virtual” PPA, where only the guarantees of origin are delivered to the customer, and the electricity produced is sold to the grid.

    Attachment

    The MIL Network –

  • MIL-OSI: Exterro Schedules First-of-Its-Kind INFORM Webinar Series to Unite Global Forensic Experts

    Source: GlobeNewswire (MIL-OSI)

    PORTLAND, Ore., Jan. 28, 2025 (GLOBE NEWSWIRE) — Exterro Inc. is launching INFORM, a global webinar series designed as a premier resource for digital forensics practitioners. This virtual event will feature independent industry luminaries and experts sharing actionable insights and fostering a community of excellence.

    “INFORM is an opportunity for digital forensics experts and practitioners across the globe to connect, learn, and grow,” says Harsh Behl, VP of Product for Digital Forensics at Exterro. “Participants will join an exclusive global community, gaining new ideas, sharing insights, and forging connections with peers and experts.”

    Actionable Insights and Strategies for Attendees

    Attendees will gain exclusive insights and strategies through deep dives with leaders who understand their biggest challenges. Each session provides real-world solutions and skills applicable immediately. From notable Organizations to leading industry voices, these trailblazers and innovators will showcase the latest in forensic investigation techniques and offer predictions that will shape the year ahead.

    “The series will explore challenges and best practices of conducting investigations that investigators face in their jurisdictions, strategies for navigating diverse laws, legal frameworks, and fostering cooperation,” says Justin Tolman, the forensic evangelist and subject matter expert at Exterro. “Attendees will receive valuable insights from experts on overcoming challenges like cross-border hurdles to ensure compliance while driving effective investigative outcomes. By spanning regional perspectives, we’re offering attendees a holistic view of digital forensics that reflects the complex, global nature of today’s investigations.”

    At this full-day event will, the experts will delve deeper into:

    • Strategies for tackling complex investigations, leveraging innovative tools and strategic collaboration to solve high-value crimes, and insights into dismantling intricate, cross-border criminal networks.
    • Approaches to help forensic teams focus on critical evidence, minimize review time, reduce costs, and implement best practices for refining forensic workflows to deliver results faster in complex investigations.
    • Advanced digital forensics techniques to identify, analyze, and mitigate insider threats and data exfiltration, including methods to uncover subtle indicators of compromise, trace unauthorized data movement, and implement robust prevention strategies.
    • Addressing unique cloud challenges, including multi-tenant architectures, data sovereignty, and dynamic environments, while ensuring compliance and minimizing downtime.
    • How police forces are reshaping their digital forensic processes through innovative cloud-based solutions, modernizing and streamlining investigations, and enhancing collaboration, scalability, and case resolution efficiency.
    • Challenges and considerations that digital forensic practitioners must address.
    • Various AI methods, such as image forensics, facial detection and recognition, and deep metadata analysis used for deepfake detection, the challenges posed by the rapid evolution of deepfake technology, and the importance of a multi-modal framework in safeguarding digital media integrity.
    • The interplay between eDiscovery and forensics in internal investigations, providing insights and tips for success and efficiency, including guidance on the admissibility of evidence and strategies for enhancing personal value.

    INFORM will feature some of the brightest minds in digital forensics, including:

    • Farand C. Wasiak: Senior Special Agent at the South Carolina Law Enforcement Division (SLED), with extensive experience in cybercrime and child protection investigations.
    • Prof. Triveni Singh: Cybercrime expert and Superintendent of Police (SP) for Cyber Crime in Uttar Pradesh, India, presenting a comprehensive guide to incident response in cloud environments.
    • Rob Fried: SVP and Global Head of Forensics at Sandline Global, renowned for leadership in data collection, expert testimony, and investigative training.
    • David Williams: Director of Global Public Safety & Justice at Microsoft, exploring the critical fight against deepfake technologies and the need for multi-modal detection methods.
    • John Price KPM: Detective Sergeant with West Midlands Police, offering insights into revolutionizing case management with cloud-based forensics and digital scene triage.

    Why INFORM Matters Now

    The surge in cybercrime, increasing complexity of legal compliance, and rapid growth of data sources have reshaped the digital forensics landscape. As investigations grow more intricate, the need for global collaboration and knowledge-sharing has become paramount. INFORM seeks to break down silos and create a platform where forensic professionals, regardless of geography, can access the expertise they need to stay ahead of emerging threats.

    True to Exterro’s mission of accessibility and community-building, INFORM is a free-to-attend event. Participants can tailor their experience by selecting sessions that align with their interests or commit to the full day to experience the complete global narrative of digital forensics innovation.

    To register and view the full schedule of speakers and sessions, visit here.

    About Exterro:

    Exterro empowers organizations and law enforcement agencies to achieve better legal, regulatory, and investigatory outcomes, while saving money and minimizing the impact of data risk. Its data risk management software is the only comprehensive platform that leverages data discovery, automation, and workflow optimization, and one of the first to utilize responsible AI to give users insight into and control over the complex interconnections of privacy, legal operations, digital investigations, cybersecurity response, compliance, and data governance. Thousands of corporations, law firms, managed services providers, and government and law enforcement agencies trust Exterro to manage their risks and drive successful outcomes at a lower cost. For more information, visit www.exterro.com.

    For media inquiries, please contact:
    Anamika D. Kumar
    Email – anamika.dhirendrakumar@exterro.com

    The MIL Network –

  • MIL-OSI: Endeavor Bancorp Reports Net Income of $1.1 Million for the Fourth Quarter of 2024; Highlighted by Quarterly Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.08 million, or $0.25 per diluted share, for the fourth quarter of 2024, compared to net income of $924,000, or $0.22 per diluted share, for the third quarter of 2024, and $852,000, or $0.20 per diluted share, for the fourth quarter of 2023. Pretax net income was $1.55 million in the fourth quarter compared to $1.32 million in the preceding quarter and $1.24 million in the fourth quarter of 2023. All financial results are unaudited.

    Results for the fourth quarter of 2024 included a $374,000 provision for credit losses, compared to a $609,000 provision for credit losses in the third quarter of 2024, and a $181,000 provision for credit losses in the fourth quarter of 2023. Also noteworthy was the interest expense on borrowings in the past three quarters, with interest expense on borrowings of $493,000 for the third and fourth quarters of 2024, and $201,000 for the fourth quarter of 2023. The additional interest expense was associated with the recent subordinated debt issued late in the first quarter of 2024. Excluding taxes and loan loss provisions, the Company’s pretax, pre-provision net income was $1.93 million in the fourth quarter of 2024, which was unchanged compared to the preceding quarter and an increase compared to $1.41 million in the fourth quarter of 2023.

    “Endeavor’s fourth quarter 2024 operating results were highlighted by strong net interest income generation and net interest margin expansion,” stated Julie Glance, CFO. “We had another year of double-digit loan and deposit growth, with net loans increasing 31.1% and deposits increasing 18.5%, compared to a year ago. In addition, our earning assets yield also increased, up 69 basis points in 2024 over 2023, which is contributing to net interest margin expansion. As we look to 2025, our primary focus is shifting to deposit gathering, with an emphasis on bringing in full client relationships to grow our core deposit base.”

    “Our thoughts and prayers are with the people and communities impacted by the Southern California wildfires and straight-line winds. Our team is actively reviewing our records to determine if any clients may be affected by these tragic events,” said Dan Yates, CEO.

    Income Statement
    Strong fourth quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $10.8 million, an increase of $568,000 compared to the preceding quarter, while total interest expenses decreased $30,000 during the same timeframe. Net interest income was $6.5 million in the fourth quarter of 2024, which was an increase of $598,000, or 10.1% compared to the preceding quarter and a 29.8% increase compared to the fourth quarter of 2023.

    “The 12 basis point increase in our net interest margin during the fourth quarter of 2024, compared to the prior quarter, was the result of strong loan growth and higher interest earning assets, in addition to improving funding costs,” said Yates.

    Net interest margin (NIM) increased 12 basis points to 3.97% in the fourth quarter of 2024 compared to 3.85% in the third quarter of 2024 and increased 40 basis points compared to 3.57% in the fourth quarter of 2023. The yield on total earning assets remained strong, decreasing only seven basis points during the fourth quarter of 2024 to 6.54%, compared to 6.61% in the preceding quarter, and up from 6.00% in the fourth quarter of 2023. The cost of deposits decreased significantly to 2.76% in the fourth quarter, compared to 2.98% in the third quarter, and up from 2.62% in the fourth quarter of 2023

    Non-Interest income decreased to $160,000 in the fourth quarter, compared to $217,000 in the third quarter of 2024, and increased compared to $138,000 in the fourth quarter 2023.

    Non-Interest expenses increased $547,000, an increase of 13.0%, in the fourth quarter compared to the third quarter of 2024, and increased $1.0 million compared to the fourth quarter of 2023. “The increase in expenses during the fourth quarter of 2024 was primarily driven by growth-related investment in infrastructure, as well as some non-recurring expenses specific to the quarter. Also worth noting, non-interest expenses for the year were well within our budgeted operating plan,” said Glance.

    The Company’s annualized return on average equity for the fourth quarter of 2024 was 9.35%, compared to 8.17% in the third quarter of 2024 and 7.99% in the fourth quarter of 2023. The annualized return on average assets for the fourth quarter of 2024 was 0.65% compared to 0.59% in the third quarter of 2024 and 0.60% in the fourth quarter of 2023.

    Balance Sheet
    Total assets increased $23.0 million, or 3.5%, during the fourth quarter of 2024 to $678.3 million at December 31, 2024, compared to $655.3 million at September 30, 2024, and increased $108.2 million, or 19.0%, compared to December 31, 2023. Balance sheet liquidity remains strong with cash balances of $80.5 million, which represents 11.9% of total assets as of December 31, 2024. The Company’s bond portfolio increased $5.7 million during the fourth quarter to $25.8 million as of December 31, 2024, representing only 3.8% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window exceeded $140.1 million as of quarter end.

    “At a time where other banks are shrinking their balance sheet, we have remained focused on expanding. Loan growth and new loan originations remained strong during the fourth quarter of 2024, as we continue to seek out high quality lending opportunities in our markets,” said Steve Sefton, President. “In early 2024, we expanded our team and moved into the greater Los Angeles Metro and Inland Empire markets. While this expansion north is still in its early stages, we are already seeing positive momentum and is already contributing to operating results.”

    Total loans outstanding increased $33.4 million, or 6.2%, during the fourth quarter of 2024 to $571.8 million at December 31, 2024, compared to $538.4 million three months earlier, and increased $135.6 million, or 31.1%, when compared to $436.3 million a year earlier. Total non-performing loans decreased to 0.46% of the total loan portfolio as of December 31, 2024, compared to 1.22% in the prior quarter. The decrease compared to the prior quarter was due to one borrower who had been in the renewal process whose loans were successfully renewed during the fourth quarter of 2024 and are now current. The Company had no net charge offs during the fourth quarter of 2024, or in the prior quarter.

    Total deposits increased $23.4 million, or 4.1%, during the quarter to $601.2 million at December 31, 2024, compared to $577.8 million three months earlier, and increased $93.4 million, up 18.5% when compared to $577.8 million a year earlier. The loan to deposit ratio was 95.1% at December 31, 2024, compared to 93.2% at September 30, 2024, and 86.0% as of December 31, 2023.

    As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposit accounts maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $113.7 million at December 31, 2024, and $127.0 million as of September 30, 2024. To support the strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of December 31, 2024, total wholesale deposits, excluding the reciprocal deposits, was $60.7 million, representing 10.1% of total deposits compared to $40.7 million as of September 30, 2024, or 7.0% of total deposits.

    Shareholders’ equity was $46.0 million at December 31, 2024, compared to $45.3 million at September 30, 2024, and $42.5 million at December 31, 2023. Tangible book value per share increased to $13.17 at December 31, 2024, compared to $12.97 three months earlier and $12.48 a year earlier.

    Capital
    The Bank’s Tier 1 leverage ratio was 10.90% as of December 31, 2024, compared to 11.38% at September 30, 2024. The Tier 1 risk-based capital ratio was 10.71% as of December 31, 2024, compared to 10.95% on September 30, 2024, and the Total risk-based capital ratio was 11.92% compared to 12.13% three months earlier, all of which were well above regulatory minimums.

    On March 5, the Company completed the issuance of $12.5 million in fixed-to-floating rate subordinated notes. The subordinated debt was structured such that it qualified as Tier 2 capital at the holding company with most of the new capital down streamed to the Bank as Tier 1 capital.

    About Endeavor Bancorp
    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

    EDVR Shareholders
    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements
    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

    SELECTED FINANCIAL DATA
    (In thousands of dollars, except for ratios and per share amounts)

    Unaudited
     
       Three Months Ended  
         
      December 31, 2024
    		   September 30, 2024
    		   December 31, 2023
    		  
      (Consolidated)
    		   (Consolidated)
    		   (Consolidated)
    		  
    SUMMARY OF OPERATIONS                        
    Interest income $ 10,754     $ 10,186     $ 8,444    
    Interest expense   4,236       4,266       3,423    
    Net interest income   6,518       5,920       5,021    
    Provision for credit losses   374       609       181    
    Net interest income after loss provision   6,144       5,311       4,841    
    Non-interest income   160       217       138    
    Non-interest expense   4,752       4,205       3,738    
    Income before tax   1,552       1,323       1,241    
    Federal income tax expense   296       255       245    
    State income tax expense   171       143       143    
    Net income $ 1,084     $ 924     $ 852    
                             
    Core pretax earnings* $ 1,926     $ 1,932     $ 1,413    
    *excludes taxes and provision for loan losses                        
                             
    PER COMMON SHARE DATA                        
    Number of shares outstanding (000s)*   3,494       3,494       3,394    
    *Adjusted for May 2024 Stock Dividend                        
    Earnings per share, basic $ 0.31     $ 0.26     $ 0.25    
    Earnings per share, diluted $ 0.25     $ 0.22     $ 0.20    
    Book Value per share $ 13.17     $ 12.97     $ 12.53    
                             
    BALANCE SHEET DATA                        
    Assets $ 678,332     $ 655,305     $ 570,176    
    Investments securities   25,777       20,107       7,877    
    Total loans, net of unearned income   571,817       538,439       436,263    
    Total deposits   601,219       577,781       507,557    
    Borrowings   26,697       26,672       16,121    
    Shareholders’ equity   46,009       45,308       42,526    
    Loan to Deposit ratio   95.11 %     93.19 %     85.95 %  
    Wholesale Deposits to Total Deposits   10.10 %     7.04 %          
                             
    AVERAGE BALANCE SHEET DATA                        
    Average assets $ 660,748     $ 619,122       563,973    
    Average total loans, net of unearned income   549,340       506,469       424,435    
    Average total deposits   582,583       541,858     $ 501,079    
    Average shareholders’ equity   46,117       44,990       42,344    
                             
    ASSET QUALITY RATIOS                        
    Net (charge-offs) recoveries $ –     $ –       (800 )  
    Net (charge-offs) recoveries to average loans   0.00 %     0.00 %     0.20 %  
    Non-performing loans as a % of loans   0.46 %     1.22 %     0.07 %  
    Non-performing assets as a % of assets   0.38 %     1.00 %     0.05 %  
    Allowance for loan losses as a % of total loans   0.46 %     1.39 %     1.37 %  
    Allowance for loan losses as a % of non-performing loans   300.54 %     113.61 %     6.94 %  
                             
    FINANCIAL RATIOSSTATISTICS                        
    Annualized return on average equity   9.35 %     8.17 %     7.99 %  
    Annualized return on average assets   0.65 %     0.59 %     0.60 %  
    Net interest margin   3.97 %     3.85 %     3.57 %  
    Efficiency ratio   71.17 %     69.26 %     72.44 %  
                             
    CAPITAL RATIOS                        
    Tier 1 leverage ratio — Bank   10.90 %     11.38 %     10.14 %  
    Common equity tier 1 ratio — Bank   10.71 %     10.95 %     10.92 %  
    Tier 1 risk-based capital ratio — Bank   10.71 %     10.95 %     10.92 %  
    Total risk-based capital ratio –Bank   11.90 %     12.13 %     12.09 %  
                             
    TCE/TA *   6.78 %     6.91 %     7.46 %  
    Tangible Book Value per Share $ 13.17     $ 12.97       12.48 %  
                             
    *Non-GAAP financial measure.                        
    Unaudited financials 2024                        
     

    Endeavor Bancorp Contact Information:
    (858) 230.5185
    Dan Yates, CEO
    dyates@bankendeavor.com

    (858) 230.4243
    Steve Sefton, President
    ssefton@bankendeavor.com

    The MIL Network –

  • MIL-OSI: E Ink and Cream Guitars Debuted World’s First Color-Changing Guitar

    Source: GlobeNewswire (MIL-OSI)

    BILLERICA, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — E Ink (8069.TW) the originator, pioneer, and global commercial leader in ePaper technology, announced its collaboration with Cream Guitars that features the world’s first color-changing guitars. Cream Guitars integrated E Ink Prism 3 ePaper into the Voltage DaVinci design and showcased the latest models at NAMM 2025.

    True tastemakers, Cream Guitars is challenging legacy manufacturers by adopting cutting-edge technology that not only inspires artists and onlookers but also pushes the boundaries of personalization and customization. The E Ink wrapped guitars feature seven colors and enables players to express themselves in unique ways.

    “We had the idea to break all the rules of the traditional guitar,” said Luis Ortiz, CEO, Cream Guitars. “We’ve redesigned every part of an electric guitar to broaden and enhance the playing experience. Through our innovative collaboration with E Ink, we are providing artists a level of creativity that extends well beyond anything available in today’s market.”

    E Ink Prism 3 bridges the gap between traditional static materials and digital technology with dynamically changing materials. The Prism 3 technology is known for its low power consumption, durability, and color-changing capabilities, and is disrupting industries, including automobile, fashion, architecture, and now, music.

    “Cream Guitars is at the forefront of instrument design, and this collaboration marks a significant milestone in their commitment to pushing the boundaries of what is possible,” said Pete Valianatos, Senior Director of Strategic Initiatives, E Ink. “We are proud to work with them to create an instrument that not only sounds great but makes a visual statement as powerful as their music.”

    Beyond the color-changing capabilities, E Ink’s technology is ultra-low power and is an energy-efficient alternative to other display technologies available. E Ink’s ePaper technology has been designated as a contributor to environmental progress by offering efficient and low-carbon displays. E Ink’s commitment to sustainability goes beyond the technology with nearly 60% of its global operations powered by renewable energy and aims to reach 65% renewable energy usage by next year. E Ink is so efficient, the company was included in the Dow Jones Sustainability World and Emerging Markets Indices for the third consecutive year.

    Similarly, Cream Guitars also has a strong commitment to the environment. The company strives to ensure that the woods used in production are 100% renewable and focuses on minimizing waste at every step of the manufacturing process. This ensures that their guitars make a minimal environmental impact, while maintaining their high-quality standards.

    About E Ink
    E Ink Holdings Inc. (8069.TWO), based on technology from MIT’s Media Lab, provides an ideal display medium for applications spanning eReaders and eNotes, retail, home, hospital, transportation, logistics, and more, enabling customers to put displays in locations previously impossible. E Ink’s electrophoretic display products make it the worldwide leader for ePaper. Its low power displays enable customers to reach their sustainability goals, and E Ink has pledged using 100% renewable energy in 2030 and reaching net zero carbon emissions by 2040. E Ink has been recognized for their efforts by receiving, validation from Science-Based Targets (SBTi) and is listed in both the DJSI World and DJSI Emerging Indexes. Listed in Taiwan’s Taipei Exchange (TPEx) and the Luxembourg market, E Ink Holdings is now the world’s largest supplier of ePaper displays. For more information please visit www.eink.com. E Ink. We Make Surfaces Smart and Green.

    Contact:
    V2 Communications on behalf of E Ink
    eink@v2comms.com

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e9ae74a8-6453-4337-a161-760143463043
    https://www.globenewswire.com/NewsRoom/AttachmentNg/da17054c-b8dc-426d-9e83-6bd25e588244

    The MIL Network –

  • MIL-OSI: Community Bankshares, Inc. Acquires Thomas USAF / Thomas Financial Group to Completely Revolutionize Government-Guaranteed Lending Nationwide

    Source: GlobeNewswire (MIL-OSI)

    LAGRANGE, Ga., Jan. 28, 2025 (GLOBE NEWSWIRE) — Community Bankshares, Inc., one of the fastest-growing financial services companies in the nation, announces its acquisition of Thomas USAF / Thomas Financial Group, a 30-year industry leader in USDA government-guaranteed commercial lending. This acquisition, coming on the heels of the recent launch of Phoenix Lender Services, underscores Community Bankshares’ bold strategy to redefine the financial services landscape and expand its leadership in innovative lending solutions for rural and underserved markets across the United States.

    A Future-Focused Partnership

    “This is not just an acquisition — it’s a reimagining of what’s possible in government-guaranteed lending,” said Jeremy Gilpin, Chairman of the Board of Community Bankshares, Inc. “By combining the proven track record of Thomas Financial Group as a top USDA originator and packager with the cutting-edge capabilities of Phoenix Lender Services and lending expertise of Community Bank & Trust, we’re setting a new standard for how rural and underserved markets can access capital and thrive.”

    The acquisition builds on Community Bankshares’ strategic vision of redefining how lending capital is provided across America in a manner that promotes business stability and encourages community prosperity.

    Jeremy Gilpin and Chris Hurn bring more than 60 years of combined experience in government-guaranteed lending. Together, they have assembled a powerhouse leadership team within the Community Bankshares companies that is certain to shake up the industry. Their shared vision, innovative strategies, and proven success in government-guaranteed lending sets the stage for a transformative era in rural economic development and business financing.

    A Legacy of Leadership

    Founded by visionary entrepreneur Mike Thomas, Thomas USAF / Thomas Financial Group has been a pioneer in leveraging USDA and SBA lending programs to empower small businesses and revitalize communities. Consistently ranked as one of the top originators and packagers of USDA and SBA loans in the nation, the company has facilitated over $5 billion in financing to businesses across diverse industries, helping them navigate complex lending scenarios and achieve their financial goals.

    “Founding Thomas Financial was not just about lending—it was about giving rural and underserved communities a fighting chance to grow and thrive,” said Mike Thomas, Founder of Thomas Financial Group. “As I hand the reins to the brilliant Jeremy Gilpin and the exceptional leadership at Community Bankshares, I am proud of the legacy we leave behind and confident in the transformative impact this partnership will have nationwide.”

    Mike Thomas will remain actively engaged with the organization to assist with Governmental Affairs, playing a key role in shaping its strategic direction. Leveraging his decades of experience and extensive industry relationships, Mr. Thomas will focus on advocating for rural and underserved markets, as well as small businesses, to strengthen the company’s leadership in the government-guaranteed lending sector. His ongoing involvement ensures that Thomas Financial Group, along with the entire Community Bankshares family of companies, remains at the forefront of legislative initiatives, policy development, and strategic partnerships with government agencies.

    “This acquisition reflects our unwavering commitment to transforming access to capital in underserved markets,” said Gilpin. “With the expertise of Thomas Financial Group and our shared values, we are building a new era of opportunity for businesses and communities nationwide.”

    Community Bankshares is now positioned as a leader in addressing current challenges faced by small businesses and rural economies, particularly as they navigate a rapidly evolving financial landscape. The partnership will also ensure the continued legacy of excellence established by Thomas Financial Group, now a wholly owned subsidiary of Community Bankshares.

    “We are poised to lead one of the most innovative and forward-thinking organizations in the government-guaranteed lending sector nationwide,” said Chris Hurn, President of Community Bankshares. “This collaboration not only enhances our capacity to serve businesses across the spectrum, from startups to established enterprises, but it also reaffirms our commitment to championing economic growth in rural and underserved markets. Together, we will ensure these communities remain integral to the progress and prosperity of our nation’s economy.”

    For more information about Thomas Financial Group, visit www.ThomasFinancialGroup.com.

    About Thomas Financial Group

    Thomas Financial Group, based in Atlanta, Georgia, is now a subsidiary of Community Bankshares, Inc. and a nationally recognized leader in commercial lending solutions. Specializing in USDA and SBA programs, the company has a proven track record of empowering businesses, strengthening rural and underserved communities, and advancing government-guaranteed lending.

    About Community Bankshares, Inc.

    Headquartered in LaGrange, Georgia, Community Bankshares, Inc. is the parent company of Community Bank & Trust and a network of financial service subsidiaries. Phoenix Lender Services (PHX) is a subsidiary of Community Bankshares, Inc. Whose mission is redefining the way lending capital is provided across America, in a manner that promotes business stability and encourages community prosperity. The company serves a diverse clientele across the nation, fostering growth, opportunity, and collaboration.

    Media Contact:

    Hannah Williams
    Uproar by Moburst for Community Bankshares Inc
    hannah.williams@moburst.com

    The MIL Network –

  • MIL-OSI: Applied Rating Index Year-End and Q4 2024 Released

    Source: GlobeNewswire (MIL-OSI)

    Toronto, ON., Jan. 28, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the year-end and fourth quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q4 2024, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to Q3 2024. 

    For Personal Auto, all provinces experienced an increase year over year, with Alberta seeing the highest at 12.7% and the Atlantic Provinces the lowest at 9.0%. For Personal Property lines, all provinces experienced an increase in premium rate change year over year. Ontario saw the highest premium rate change at 9.0% and the Atlantic Provinces experienced the lowest at 4.4%. 

    Key findings for Q4 2024 include:

    • Personal Auto: In Q4 2024, Personal Auto premium rate change increased 11.3% versus Q4 2023. Personal Auto premium rate change increased 3.9% versus Q3 2024.
    • Personal Property: In Q4 2024, Personal Property premium rate change increased 7.3% versus Q4 2023. Personal Property premium rate change increased 2.1% versus Q3 2024.
    • Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 12.7%, 11.1%, 9.3% and 9.0% respectively. Relative to Q3 2024, all provinces experienced an uptrend in premium rate change. Alberta, Ontario, Quebec and the Atlantic Provinces saw significant increases in premium rate change quarter over quarter with 1.4%, 4.2%, and 5.5% and 3.3% respectively.

      Personal Property lines experienced increased year-over-year premium rate change year across all provinces. Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba saw increases in premium rate change year over year with 7.1%, 4.7%, 9.0%, 8.6%, 4.4% and 7.9% respectively. Relative to Q3 2024, Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba all saw increases quarter over quarter of 2.0%, 1.3%, 1.9%, 6.5%, 1.7% and 2.4% respectively.

    “Coming out of the most destructive season in Canadian history for insured losses, the Q4 2024 results show that the premium rate index continues to climb for both Personal Auto and Personal Property, demonstrating sustained market conditions,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “As we begin 2025, the Applied Rating Index will continue tracking premium rate changes and serving as a guide for renewal and pricing decisions.”

    The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. The Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.

    Access the complete quarterly report here.

    # # #

    Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.

    About Applied Systems
    Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

    The MIL Network –

  • MIL-OSI: authID Launches PrivacyKey™, Embedding Groundbreaking Privacy and Compliance in Its Biometric Identity Authentication Platform

    Source: GlobeNewswire (MIL-OSI)

    The unmatched speed and accuracy of authID’s Proof and Verified identity authentication solutions now provide enterprises with care-free compliance that eliminates the issues and risks associated with biometric data storage.

    DENVER, Jan. 28, 2025 (GLOBE NEWSWIRE) — authID®  (Nasdaq: AUID) (“authID”), a leading provider of biometric identity verification and authentication solutions, today announced the release of PrivacyKey™, a first-of-its-kind solution for protecting user biometric data while also avoiding all the compliance issues and risks related to biometric information storage. With the addition of PrivacyKey, authID serves as the ideal partner for organizations that previously delayed or avoided implementation of biometric solutions due to concerns over liability or potential user apprehension regarding privacy. This technology also prevents duplicate registrations without storing actual images of users’ faces.

    authID’s Proof™ solution for onboarding users captures images of physical identification documents and faces, validates both for liveness and authenticity, then matches up the facial images for positive identification, all with market-leading speed and accuracy. Historically, authID has retained an encrypted hash of the calculus of each face for subsequent authentication through its Verified™ solution. With PrivacyKey, available with authID’s Proof and Verified platform Version 4.0, authID stores no biometric data whatsoever, thereby ensuring user privacy and regulatory compliance while providing authID customers absolute confidence in the security measures they implement to authenticate and verify identities.

    PrivacyKey also features critical key-management capabilities that ensure the highest level of user protection and privacy. Enterprises using the platform can rotate and revoke keys with ease, ensuring the keys are accessible only to those who are authorized to access them. This offers authID customers a level of security no other biometric authentication solution can offer.

    “We’ve never stored any biometric data that could be reverse-engineered into a face. Today we’re innovating even further to satisfy even the most stringent compliance concerns,” explained Rhon Daguro, CEO of authID. “By leveraging technology that retains no biometric artifact whatsoever, authID provides secure verification that enterprises can trust, all at 700ms processing speeds and with one-in-one billion false-match accuracy. Companies that use authID will have cutting-edge security and data privacy compliance because PrivacyKey™ eliminates biometric data storage.”

    While biometric authentication usage is on the rise, fears of any collected biometric data being vulnerable to theft or misuse persist as the primary barrier to adoption. This leads to consumers and even employees opting out of participating in biometric systems, regardless of guarantees that their data is safe from breaches or resale. An increasing number of states and countries are also enacting laws limiting or even banning biometric data retention, meaning companies incur additional legal burdens. With the addition of PrivacyKey™, authID provides assurance to users as well as their organizations, and broadens the market for its best-in-class biometric platform.

    “Identity verification products based on personally-identifiable information are always vulnerable to data breaches, but authID’s platform subtracts that risk, allowing businesses to leverage biometric signals that can’t be breached and can’t be phished,” said Erick Soto, authID Chief Product Officer. “At time of identity proofing and onboarding, we utilize the facial biometric to create a public and private key pair. We immediately destroy the private key, and store only the public key. Each time that an onboarded user authenticates with their face, we recreate the private key, which is then matched to the public key with an encrypted message for verification. And during a search, even the keys are only matched within their organization’s ecosystem, not the universe.”

    “With PrivacyKey™, users don’t have to worry about their facial biometrics being at risk in our cloud, and our customers avoid compliance risks, since there’s nothing to steal,” added Daguro. “We provide the ultimate in data privacy protection.”

    For more information and a video demonstration of PrivacyKey, click here. For additional information, visit https://authid.ai/   

    About authID
    authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, biometric authentication, and account recovery with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

    Media Contacts
    Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Investor Relations Contacts

    Gateway Group, Inc.
    Cody Slach and Alex Thompson
    1-949-574-3860
    AUID@gateway-grp.com
    Investor-Relations@authid.ai

    The MIL Network –

  • MIL-OSI: Usio Issues Fiscal 2025 Guidance of 14-16% in Expected Revenue Growth as Core Full Year 2024 Electronic Payments Dollars Processed Volume Jumps 33% and Transactions Processed Grow 26%

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a cloud-based, integrated FinTech electronic payment solutions provider, today issued guidance for full year 2025. Usio estimates that revenues should increase by 14 – 16% from full year 2024 based on strong momentum generated by both full year and fourth quarter transactions and processing volume, as reported below.

    Louis Hoch, President and Chief Executive Officer of Usio, said, “I am very pleased to report another increase in our recurring revenue base, which further solidifies our foundation and supports what we expect to be top and bottom-line growth in fiscal 2025. We believe that the strength of our business is demonstrated by our ability to grow most of our operating metrics by double-digits in 2024 including replacing $12 million of 2023 revenue generated by the expired NYC Covid vaccination card program. As we grow, we continue to optimize our inherent operating leverage such that we also believe 2025 will result in increasing EBITDA1 margins as a percentage of revenue. The results from our operating metrics that we are reporting today clearly illustrates our focus on creating value for shareholders and the value that our customers are realizing in our products and services.”

    Fourth Quarter 2024 Processing Results
           
    Card Processing, Including PayFac      
      vQ4 23   vQ3 24
    Credit Card Dollars Processed +15%   +5%
    Credit Card Transactions Processed +34%   +14%
           
    Led by PayFac, both transaction and dollar processing growth accelerated sequentially compared to the third quarter of 2024 and year-over-year and set a quarterly Card Processing record for both dollars and transactions processed.
           
    Prepaid      
      vQ4 23   vQ3 24
    Prepaid Card Load Volume -2%   -20%
    Prepaid Card Transaction Volume +36%   -24%
    Prepaid Card Purchase Volume +7%   -15%
           
    Total dollars loaded on prepaid cards exceeded $111 million in the fourth quarter, the sixth consecutive quarter of over $100 million in prepaid card loads.
           
    ACH      
      vQ4 23   vQ3 24
    Electronic Check Transaction Volume +34%   +15%
    Returned Check Transactions Processed +27%   +16%
    Electronic Check Dollars Processed +44%   -6%
           
    Electronic check transaction volume and dollars processed in the fourth quarter increased year-over-year, marking the fifth consecutive quarter of year-over-year growth.
           
    Output Solutions      
      vQ4 23   vQ3 24
    Transactions/pieces processed & mailed -10%   -6%
    Electronic documents processed and delivered +86%   +6%
           
    Total mail pieces processed and delivered by Output Solutions in Q4 exceeded 5.4 million, and electronic only documents delivered exceeded 20 million.
    Full Year 2024 Processing Results
       
    Card Processing, Including PayFac v2023
    Credit Card Dollars Processed +10%
    Credit Card Transactions Processed +24%
       
    Total dollars processed for Card was $1.5 billion for the year, a new full-year record. Total transactions processed for Card exceeded 17 million and also set a new full-year record.
       
    Prepaid  
      v2023
    Prepaid Card Load Volume +35%
    Prepaid Card Transaction Volume +45%
    Prepaid Card Purchase Volume +26%
       
    Total dollars loaded on prepaid cards exceeded $500 million in 2024, a new full-year record. Transaction volume exceeded 11 million and set a new full-year record. Purchase volume also set a new full-year record exceeding $250 million.
       
    ACH  
      v2023
    Electronic Check Transaction Volume +18%
    Returned Check Transactions Processed +17%
    Electronic Check Dollars Processed +42%
       
    ACH performance continues to improve sequentially and is expected to sustain attractive growth characteristics in fiscal 2025.
       
    Output Solutions  
      v2023
    Transactions/pieces processed & mailed -4%
    Electronic documents processed and delivered +115%
       
    Total pieces processed and mailed by Output Solutions in 2024 exceeded 24.5 million. Total electronic only documents, including statements, bills and other documents, processed and delivered exceeded 80.2 million which was more than double the amount of all of 2023.
       

    All Payment Divisions Combined

    For the full year 2024, total dollars processed reached $7.1 billion, a 33% increase, while total transactions processed totaled 46.8 million, reflecting 26% growth. This marks a new full-year record for transactions.

    Mr. Hoch continued, “The large ERP ISV that we announced in May of last year has been very slow to implement as previously communicated, and we now know why. At the end of last week, we received a notification of the customer’s intent not to continue forward with their relationship with Usio due to the sale of their company. Financially, we recorded less than $100K in revenue and gross income of less than $7K in 2024 from the relationship. Our expectations for 2025 previously forecasted little financial contribution from this account due to their slow pace of implementation. As we look forward to 2025, I am encouraged by the backlog of both PayFac and Card signed deals expected to be implemented this year. We also have a strong pipeline of sales prospects. Output Solutions is well positioned with the addition of new, faster equipment, increased capacity and an acceleration electronic document delivery volume. This investment is expected to build on Output’s more than doubling the number of electronic documents it processed and delivered in 2024 compared to 2023.”

    Guidance for Fiscal Year 2025

    2025 revenues should increase 14 – 16% from full year 2024 based on strong yearly recurring transactions and processing volume and should generate 5 – 7 percentage of revenue in Adjusted EBITDA1. Usio is a company that executes and continues to grow year-over-year, generating positive cash flows and has a very healthy balance sheet with almost no debt. 2025 should continue to build upon our previous years of success.

    Usio will report fiscal year 2024 financial results on or before March 28, 2024.

    1 Please see reconciliation of GAAP to Non-GAAP Financial Measures.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER
    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2023. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    About Non-GAAP Financial Measures

    This press release includes non-GAAP financial measures, as defined in Regulation G adopted by the Securities and Exchange Commission, of EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business.

    • The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles.
    • The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions.
    • The Company defines adjusted EBITDA margins as adjusted EBITDA, as defined above, divided by total revenues.
    • The Company defines adjusted operating cash flow as net cash provided by (used in) operating activities, less changes in prepaid card load obligations, customer deposits, merchant reserves and net operating lease assets and obligations. These adjustments to net cash provided by (used in) operating activities are not inclusive of any regular expense items, and only include changes in our assets and liabilities accounts on our consolidated balance sheet. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations. 

    Management believes EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flows are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded. 

    EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, net income, or cash provided by (used in) operating activities, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, adjusted EBITDA margins and adjusted operating cash flow have limitations as analytical tools and you should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.

    Contact:

    Paul Manley
    Senior Vice President, Investor Relations
    paul.manley@usio.com
    612-834-1804

    The MIL Network –

  • MIL-OSI: BCB Bancorp, Inc. Earns $3.3 Million in Fourth Quarter 2024; Reports $0.16 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share

    Source: GlobeNewswire (MIL-OSI)

    BAYONNE, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $3.3 million for the fourth quarter of 2024, compared to $6.7 million in the third quarter of 2024, and $6.1 million for the fourth quarter of 2023. Earnings per diluted share for the fourth quarter of 2024 were $0.16, compared to $0.36 in the preceding quarter and $0.35 in the fourth quarter of 2023. Net income and earnings per diluted share for the fourth quarter of 2024, without giving effect to the Company’s unrealized losses on equity investments and the loss on sale of non-performing loans, were $4.1 million and $0.24, respectively.

    The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on February 24, 2025 to common shareholders of record on February 7, 2025.

    “We took a number of positive actions during 2024 that have strengthened our balance sheet position. We meaningfully reduced our exposure to wholesale funding and continue to work hard on replacing higher cost funding with core deposits. Additionally, we have strengthened our capital position through positive retained earnings, favorable capital actions and selective loan growth. We have been prudently building up our CECL reserves to address asset quality issues. As we tackle and remediate credit quality issues, we are also positioning the Bank to gradually start lending and booking new business with both existing and new customers,” stated Michael Shriner, President and Chief Executive Officer.

    Executive Summary

    • Total deposits were $2.751 billion at December 31, 2024 compared to $2.725 billion at September 30, 2024.
    • Net interest margin was 2.53 percent for the fourth quarter of 2024, compared to 2.58 percent for the third quarter of 2024, and 2.57 percent for the fourth quarter of 2023.
      • Total yield on interest-earning assets was 5.33 percent for the fourth quarter of 2024 compared to 5.44 percent for the third quarter of 2024, and 5.33 percent for the fourth quarter of 2023.
      • Total cost of interest-bearing liabilities was 3.57 percent for the fourth quarter of 2024, compared to 3.62 percent for the third quarter of 2024, and 3.45 percent for the fourth quarter of 2023.
    • The efficiency ratio for the fourth quarter was 62.1 percent compared to 53.2 percent in the prior quarter, and 61.0 percent in the fourth quarter of 2023.
    • The annualized return on average assets ratio for the fourth quarter was 0.36 percent, compared to 0.72 percent in the prior quarter, and 0.63 percent in the fourth quarter of 2023.
    • The annualized return on average equity ratio for the fourth quarter was 4.0 percent, compared to 8.3 percent in the prior quarter, and 7.9 percent in the fourth quarter of 2023.
    • The provision for credit losses was $4.2 million in the fourth quarter of 2024 compared to $2.9 million for the third quarter of 2024, and $1.9 million for the fourth quarter of 2023.
    • The allowance for credit losses (“ACL”) as a percentage of total loans was 1.15 percent at December 31, 2024 compared to 1.11 percent at the prior quarter-end and 1.01 percent at December 31, 2023.
    • Total loans receivable, net of the allowance for credit losses, of $2.996 billion at December 31, 2024, decreased 8.6 percent from $3.280 billion at December 31, 2023.

    Balance Sheet Review

    Total assets decreased by $233.3 million, or 6.1 percent, to $3.599 billion at December 31, 2024, from $3.832 billion at December 31, 2023. The decrease in total assets was due to a decrease in loans of $283.4 million, offset by an increase of $37.8 million in cash and cash equivalents. The decrease in loans was primarily from loan sales and payoffs/paydowns that exceeded loan originations.

    Total cash and cash equivalents increased by $37.8 million, or 13.5 percent, to $317.3 million at December 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to loan sales and payoffs/paydowns that exceeded loan originations.

    Loans receivable, net, decreased by $283.4 million, or 8.6 percent, to $2.996 billion at December 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $187.4 million in commercial real estate multi-family loans, $57.4 million in construction loans, $29.4 million in commercial business loans, $8.4 million in residential 1-4 family loans, and $1.4 million in consumer loans. Home equity loans increased $438 thousand. The allowance for credit losses on loans increased $1.2 million to $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024, as compared to an allowance for credit losses on loans of $33.6 million, or 178.9 percent of non-accruing loans and 1.01 percent of gross loans, at December 31, 2023.

    Total investment securities increased by $14.3 million, or 14.8 percent, to $111.2 million at December 31, 2024, from $96.9 million at December 31, 2023, as excess liquidity has been deployed into the securities portfolio.

    Deposits decreased by $228.2 million, or 7.7 percent, to $2.751 billion at December 31, 2024, from $2.979 billion at December 31, 2023. A majority of the decline was due to a decrease in certificates of deposit of $193.5 million. The reduction in certificates of deposit was mainly caused by the withdrawal of brokered deposits which was partially offset by an increase in retail time deposits.

    Total borrowings decreased by $12.1 million to $498.3 million at December 31, 2024 from $510.4 million at December 31, 2023. The decrease in borrowings was primarily due to the maturity of $18.0 million of FHLB debt that was paid off during 2024. The weighted average interest rate of the Company’s outstanding FHLB advances was 4.35 percent at December 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of such FHLB advances as of December 31, 2024 was 0.97 years. The interest rate of the Company’s subordinated debt balances was 9.25 percent at December 31, 2024 and 8.36 percent at December 31, 2023.

    Stockholders’ equity increased by $9.9 million, or 3.1 percent, to $323.9 million at December 31, 2024, from $314.1 million at December 31, 2023. The increase was primarily attributable to the increase in retained earnings of $5.9 million, or 4.4 percent, to $141.9 million at December 31, 2024 from $135.9 million at December 31, 2023.

    Fourth Quarter 2024 Income Statement Review

    Net income was $3.3 million for the quarter ended December 31, 2024 and $6.1 million for the quarter ended December 31, 2023. In the fourth quarter of 2024, the Bank recorded $2.2 million more in loan loss provisioning, and net interest income declined by $1.7 million. Non-interest income was also lower by $2.3 million. Offsetting these declines was a decrease in non-interest expense of $2.2 million. The Bank also recorded $1.3 million less for income tax provisioning.

    Net interest income decreased by $1.7 million, or 7.2 percent, to $22.2 million for the fourth quarter of 2024, from $23.9 million for the fourth quarter of 2023. The decrease in net interest income resulted from lower interest income, offset by lower interest expense.

    Interest income decreased by $3.1 million, or 6.1 percent, to $46.7 million for the fourth quarter of 2024, from $49.7 million for the fourth quarter of 2023. The average balance of interest-earning assets decreased $226.6 million, or 6.1 percent. The rate of return remained flat at 5.33 percent.

    Interest expense declined $1.3 million, to $24.5 million, for the fourth quarter of 2024, from $25.8 million for the fourth quarter of 2023. Average interest-bearing liabilities decreased $247.2 million, or 8.3 percent. The average yield on these liabilities was 3.57 percent, versus 3.45 percent from one year earlier.

    The net interest margin was 2.53 percent for the fourth quarter of 2024 compared to 2.57 percent for the fourth quarter of 2023. The decrease in the net interest margin compared to the fourth quarter of 2023 was the result of the increase in the cost of interest-bearing liabilities. The yield on interest earning assets remained the same from one year earlier.

    During the fourth quarter of 2024, the Company recognized $4.1 million in net charge-offs compared to $233 thousand in net charge offs for the fourth quarter of 2023. The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024 as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses on loans was $4.2 million for the fourth quarter of 2024 compared to $1.9 million for the fourth quarter of 2023. Management believes that the allowance for credit losses on loans was adequate at December 31, 2024 and December 31, 2023.

    Non-interest income decreased by $2.3 million to $938 thousand for the fourth quarter of 2024 from $3.2 million in the fourth quarter of 2023. The decrease in total non-interest income was related to losses on equity investments of $661 thousand in the 2024 quarter as compared to a gain on such investments of $1.1 million in the 2023 quarter, as well as the recordation of a $570 thousand loss on the sale of a non-performing loan during the fourth quarter.

    Non-interest expense decreased by $2.2 million, or 13.3 percent, to $14.4 million for the fourth quarter of 2024 from $16.6 million for the fourth quarter of 2023. The decrease in these expenses for the fourth quarter of 2024 was driven by lower salaries and benefits expense, which declined $857 thousand. The fourth quarter of 2023 salaries and benefits included a previously disclosed one-time payment of $1.17 million to a former executive officer. Professional fees, regulatory assessment fees and advertising and promotional costs also declined by $388 thousand, $373 thousand, and $191 thousand, respectively.

    The income tax provision decreased by $1.3 million, or 48.4 percent, to $1.3 million for the fourth quarter of 2024. The provision was $2.6 million for the fourth quarter of 2023. The consolidated effective tax rate was 29.0 percent for the fourth quarter of 2024 and 29.9 percent for the fourth quarter of 2023.

    Year-to-Date Income Statement Review

    Net income decreased by $10.9 million, or 36.8 percent, to $18.6 million for the twelve months of 2024 from $29.5 million for the twelve months of 2023. The decrease in net income was driven, primarily, by lower net interest income of $12.0 million, or 11.6 percent, and an increase in the provision for credit losses by $5.5 million.

    Net interest income decreased by $12.0 million, or 11.6 percent, to $92.0 million for the first twelve months of 2024 from $104.1 million for the twelve months of 2023. The decrease in net interest income resulted from an increase in interest expense of $17.7 million, partly offset by an increase in interest income of $5.6 million.

    Interest income increased by $5.6 million, or 3.0 percent, to $194.0 million for the twelve months of 2024, from $188.4 million for the twelve months of 2023. The increase was due to an increase of 22 basis points on interest earning assets, from 5.16 percent to 5.38 percent. Offsetting this, somewhat, was a decrease in average interest earning assets of $47.5 million, for the comparable period, which was comprised of a decrease in average loans of $84.8 million offset by an increase in average other interest-earning assets of $37.6 million.

    Interest expense increased by $17.7 million, or 21.0 percent, to $102.0 million for 2024, from $84.3 million for 2023. This increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 64 basis points to 3.57 percent for the twelve months of 2024, from 2.93 percent for the twelve months of 2023. Offsetting this was a decrease in average interest bearing liabilities of $18.5 million over the same comparable time period.

    Net interest margin was 2.55 percent for the twelve months of 2024, compared to 2.85 percent for the twelve months of 2023. The decrease in the net interest margin compared to the prior period was largely the result of an increase in the cost of the Bank’s interest-bearing liabilities.

    During the twelve months of 2024, the Company experienced $10.4 million in net charge offs compared to $704 thousand in net charge offs for the same period in 2023. The provision for credit losses was $11.6 million for the twelve months of 2024 compared to $6.1 million for the same period in 2023.

    Non-interest income decreased by $1.1 million to $2.9 million for the twelve months of 2024 from $4.1 million for the twelve months of 2023. The decrease was due to losses on sales of loans of $5.3 million. This was offset by realized and unrealized gains or losses on equity investments, which were $3.7 million greater, and income on Bank-owned Life Insurance (BOLI), which was $883 thousand higher, for the comparable period. The realized and unrealized gains or losses on equity investments are based on prevailing market conditions.

    Non-interest expense decreased by $3.5 million, or 5.7 percent, to $57.1 million for the twelve months of 2024 from $60.6 million for the same period in 2023. The decrease in operating expenses for 2024 was driven primarily by decreases in salaries and employee benefits of $2.6 million and advertising and promotional costs of $485 thousand. The 2023 salaries and benefits expense included the payment to a former executive described above.

    The income tax provision decreased by $4.3 million, or 36.6 percent to $7.6 million for the twelve months of 2024 from $12.0 million for the same period in 2023. The consolidated effective tax rate was 29.1 percent for the twelve months of 2024 compared to 28.9 percent for the twelve months of 2023.

    Asset Quality

    During the fourth quarter of 2024, the Company recognized $4.1 million in net charge offs, compared to $233 thousand in net charge offs for the fourth quarter of 2023.

    The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024, as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was 77.8 percent of non-accrual loans at December 31, 2024, and 178.9 percent of non-accrual loans at December 31, 2023.

    About BCB Bancorp, Inc.

    BCB Bancorp, Inc. is a New Jersey corporation established in 2003, and is the holding company parent of BCB Community Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of the Bank. Established in 2000 and headquartered in Bayonne, N.J., the Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three New Jersey branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four New York branch offices in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

    Forward-Looking Statements

    This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels and higher interest rates concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, and supply chain disruptions.. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; the impact of any future pandemics or other natural disasters; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

    Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

    Explanation of Non-GAAP Financial Measures

    Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

    The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

             
      Statements of Income – Three Months Ended,      
      December 31, 2024 September 30, 2024 December 31, 2023 Dec 31, 2024 vs. Sept 30, 2024   Dec 31, 2024 vs. Dec 31, 2023
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)      
    Loans, including fees $ 41,431   $ 42,857   $ 43,893   -3.3 %   -5.6 %
    Mortgage-backed securities   473     303     293   56.1 %   61.4 %
    Other investment securities   978     994     991   -1.6 %   -1.3 %
    FHLB stock and other interest-earning assets   3,771     4,472     4,527   -15.7 %   -16.7 %
    Total interest and dividend income   46,653     48,626     49,704   -4.1 %   -6.1 %
                 
    Interest expense:            
    Deposits:            
    Demand   5,866     5,686     5,015   3.2 %   17.0 %
    Savings and club   156     146     177   6.8 %   -11.9 %
    Certificates of deposit   12,218     13,670     13,308   -10.6 %   -8.2 %
        18,240     19,502     18,500   -6.5 %   -1.4 %
    Borrowings   6,219     6,079     7,282   2.3 %   -14.6 %
    Total interest expense   24,459     25,581     25,782   -4.4 %   -5.1 %
                 
    Net interest income   22,194     23,045     23,922   -3.7 %   -7.2 %
    Provision for credit losses   4,154     2,890     1,927   43.7 %   115.6 %
                 
    Net interest income after provision for credit losses   18,040     20,155     21,995   -10.5 %   -18.0 %
                 
    Non-interest income income (loss) :            
    Fees and service charges   1,187     1,196     1,445   -0.8 %   -17.9 %
    (Loss) gain on sales of loans   (554 )   35     11   -1682.9 %   -5136.4 %
    Realized and unrealized gain (loss) on equity investments   (661 )   1,132     1,029   -158.4 %   -164.2 %
    Bank-owned life insurance (“BOLI”) income   636     652     597   -2.5 %   6.5 %
    Other   330     112     69   194.6 %   378.3 %
    Total non-interest income   938     3,127     3,228   -70.0 %   -70.9 %
                 
    Non-interest expense:            
    Salaries and employee benefits   7,117     7,139     7,974   -0.3 %   -10.7 %
    Occupancy and equipment   2,483     2,591     2,606   -4.2 %   -4.7 %
    Data processing and communications   1,754     1,681     1,721   4.3 %   1.9 %
    Professional fees   599     618     987   -3.1 %   -39.3 %
    Director fees   269     351     274   -23.4 %   -1.8 %
    Regulatory assessment fees   769     666     1,142   15.5 %   -32.7 %
    Advertising and promotions   212     182     403   16.5 %   -47.4 %
    Other real estate owned, net   –     –     4   0.0 %   -100.0 %
    Other   1,164     701     1,457   66.0 %   -20.1 %
    Total non-interest expense   14,367     13,929     16,568   3.1 %   -13.3 %
                 
    Income before income tax provision   4,611     9,353     8,655   -50.7 %   -46.7 %
    Income tax provision   1,339     2,685     2,593   -50.1 %   -48.4 %
                 
    Net Income   3,272     6,668     6,062   -50.9 %   -46.0 %
    Preferred stock dividends   475     475     182   -0.0 %   160.7 %
    Net Income available to common stockholders $ 2,797   $ 6,193   $ 5,880   -54.8 %   -52.4 %
                 
    Net Income per common share-basic and diluted            
    Basic $ 0.16   $ 0.36   $ 0.35   -54.9 %   -52.9 %
    Diluted $ 0.16   $ 0.36   $ 0.35   -54.9 %   -53.0 %
                 
    Weighted average number of common shares outstanding            
    Basic   17,056     17,039     16,876   0.1 %   1.1 %
    Diluted   17,108     17,064     16,884   0.3 %   1.3 %
      Statements of Income – Twelve Months Ended,  
      December 31, 2024 December 31, 2023 Dec 31, 2024 vs. Dec 31, 2023
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)  
    Loans, including fees $ 172,046   $ 169,559   1.5 %
    Mortgage-backed securities   1,378     880   56.6 %
    Other investment securities   3,953     4,226   -6.5 %
    FHLB stock and other interest-earning assets   16,632     13,695   21.4 %
    Total interest and dividend income   194,009     188,360   3.0 %
           
    Interest expense:      
    Deposits:      
    Demand   22,158     16,915   31.0 %
    Savings and club   620     620   0.0 %
    Certificates of deposit   55,442     39,157   41.6 %
        78,220     56,692   38.0 %
    Borrowings   23,768     27,606   -13.9 %
    Total interest expense   101,988     84,298   21.0 %
           
    Net interest income   92,021     104,062   -11.6 %
    Provision for credit losses   11,570     6,104   89.5 %
           
    Net interest income after provision for credit losses   80,451     97,958   -17.9 %
           
    Non-interest income:      
    Fees and service charges   4,717     5,334   -11.6 %
    (Loss) gain on sales of loans   (5,325 )   36   -14891.7 %
    Realized and unrealized gain (loss) on equity investments   379     (3,361 ) -111.3 %
    Bank-owned life insurance (“BOLI”) income   2,634     1,751   50.4 %
    Other   535     251   113.1 %
    Total non-interest income   2,940     4,088   -28.1 %
           
    Non-interest expense:      
    Salaries and employee benefits   28,229     30,827   -8.4 %
    Occupancy and equipment   10,247     10,340   -0.9 %
    Data processing and communications   6,960     6,968   -0.1 %
    Professional fees   2,416     2,735   -11.7 %
    Director fees   1,151     1,083   6.3 %
    Regulatory assessments   3,530     3,585   -1.5 %
    Advertising and promotions   863     1,348   -36.0 %
    Other real estate owned, net   –     7   -100.0 %
    Other   3,725     3,698   0.7 %
    Total non-interest expense   57,121     60,591   -5.7 %
           
    Income before income tax provision   26,270     41,455   -36.6 %
    Income tax provision   7,647     11,972   -36.1 %
           
    Net Income   18,623     29,483   -36.8 %
    Preferred stock dividends   1,832     702   160.9 %
    Net Income available to common stockholders $ 16,791   $ 28,781   -41.7 %
           
    Net Income per common share-basic and diluted      
    Basic $ 0.99   $ 1.71   -42.1 %
    Diluted $ 0.99   $ 1.70   -42.0 %
           
    Weighted average number of common shares outstanding      
    Basic   17,007     16,870   0.8 %
    Diluted   17,018     16,932   0.5 %
    Statements of Financial Condition December 31, 2024 September 30, 2024 December 31, 2023 Dec 31, 2024 vs. Sept 30, 2024 Dec 31, 2024 vs. Dec 31, 2023
    ASSETS (In Thousands, Unaudited)    
    Cash and amounts due from depository institutions $ 14,075   $ 12,617   $ 16,597   11.6 % -15.2 %
    Interest-earning deposits   303,207     230,506     262,926   31.5 % 15.3 %
    Total cash and cash equivalents   317,282     243,123     279,523   30.5 % 13.5 %
               
    Interest-earning time deposits   735     735     735   –   –  
    Debt securities available for sale   101,717     98,169     87,769   3.6 % 15.9 %
    Equity investments   9,472     10,133     9,093   -6.5 % 4.2 %
    Loans held for sale   –     250     1,287   -100.0 % -100.0 %
    Loans receivable, net of allowance for credit losses on loans of $34,789, $34,693 and $33,608, respectively   2,996,259     3,087,914     3,279,708   -3.0 % -8.6 %
    Federal Home Loan Bank of New York (“FHLB”) stock, at cost   24,272     24,732     24,917   -1.9 % -2.6 %
    Premises and equipment, net   12,569     12,008     13,057   4.7 % -3.7 %
    Accrued interest receivable   15,176     16,496     16,072   -8.0 % -5.6 %
    Deferred income taxes   17,181     17,370     18,213   -1.1 % -5.7 %
    Goodwill and other intangibles   5,253     5,253     5,253   0.0 % 0.0 %
    Operating lease right-of-use asset   12,686     13,438     12,935   -5.6 % -1.9 %
    Bank-owned life insurance (“BOLI”)   76,040     75,404     73,407   0.8 % 3.6 %
    Other assets   10,476     8,745     10,428   19.8 % 0.5 %
    Total Assets $ 3,599,118   $ 3,613,770   $ 3,832,397   -0.4 % -6.1 %
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
               
    LIABILITIES          
    Non-interest bearing deposits $ 520,387   $ 528,089   $ 536,264   -1.5 % -3.0 %
    Interest bearing deposits   2,230,471     2,196,491     2,442,816   1.5 % -8.7 %
    Total deposits   2,750,858     2,724,580     2,979,080   1.0 % -7.7 %
    FHLB advances   455,361     466,424     472,811   -2.4 % -3.7 %
    Subordinated debentures   42,961     67,042     37,624   -35.9 % 14.2 %
    Operating lease liability   13,139     13,878     13,315   -5.3 % -1.3 %
    Other liabilities   12,874     13,733     15,512   -6.3 % -17.0 %
    Total Liabilities   3,275,193     3,285,657     3,518,342   -0.3 % -6.9 %
               
    STOCKHOLDERS’ EQUITY          
    Preferred stock: $0.01 par value, 10,000 shares authorized   –     –     –   –   –  
    Additional paid-in capital preferred stock   24,723     29,763     25,043   -16.9 % -1.3 %
    Common stock: no par value, 40,000 shares authorized   –     –     –   0.0 % 0.0 %
    Additional paid-in capital common stock   200,935     200,605     198,923   0.2 % 1.0 %
    Retained earnings   141,853     141,770     135,927   0.1 % 4.4 %
    Accumulated other comprehensive loss   (5,239 )   (5,678 )   (7,491 ) -7.7 % -30.1 %
    Treasury stock, at cost   (38,347 )   (38,347 )   (38,347 ) 0.0 % 0.0 %
    Total Stockholders’ Equity   323,925     328,113     314,055   -1.3 % 3.1 %
               
    Total Liabilities and Stockholders’ Equity $ 3,599,118   $ 3,613,770   $ 3,832,397   -0.4 % -6.1 %
               
    Outstanding common shares   17,063     17,048     16,904      
      Three Months Ended December 31,
        2024       2023  
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable(4)(5) $ 3,081,846   $ 41,431   5.38 %   $ 3,311,946   $ 43,893   5.30 %
    Investment Securities   110,447     1,451   5.26 %     93,638     1,284   5.48 %
    Other Interest-earning assets(6)   309,804     3,771   4.87 %     323,064     4,527   5.61 %
    Total Interest-earning assets   3,502,097     46,653   5.33 %     3,728,648     49,704   5.33 %
    Non-interest-earning assets   124,554           124,809      
    Total assets $ 3,626,651         $ 3,853,457      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 551,971   $ 2,682   1.94 %   $ 578,890   $ 2,184   1.51 %
    Money market accounts   380,136     3,184   3.35 %     359,366     2,832   3.15 %
    Savings accounts   254,093     156   0.25 %     288,108     177   0.25 %
    Certificates of Deposit   1,048,341     12,218   4.66 %     1,140,656     13,307   4.67 %
    Total interest-bearing deposits   2,234,541     18,240   3.27 %     2,367,020     18,500   3.13 %
    Borrowed funds   508,113     6,219   4.90 %     622,860     7,282   4.68 %
    Total interest-bearing liabilities   2,742,654     24,459   3.57 %     2,989,880     25,782   3.45 %
    Non-interest-bearing liabilities   560,345           557,156      
    Total liabilities   3,302,999           3,547,036      
    Stockholders’ equity   323,652           306,420      
    Total liabilities and stockholders’ equity $ 3,626,651         $ 3,853,457      
    Net interest income   $ 22,194         $ 23,922    
    Net interest rate spread(1)     1.76 %       1.88 %
    Net interest margin(2)     2.53 %       2.57 %
                   
    (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
      Year Ended December 31,
        2024       2023  
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable(4)(5) $ 3,196,538   $ 172,046   5.38 %   $ 3,281,334   $ 169,559   5.17 %
    Investment Securities   99,733     5,331   5.35 %     100,000     5,106   5.11 %
    Other interest-earning assets(6)   308,248     16,632   5.40 %     270,659     13,695   5.06 %
    Total Interest-earning assets   3,604,519     194,009   5.38 %     3,651,993     188,360   5.16 %
    Non-interest-earning assets   124,441           123,652      
    Total assets $ 3,728,960         $ 3,775,645      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 553,013   $ 9,701   1.75 %   $ 658,023   $ 8,426   1.28 %
    Money market accounts   372,205     12,457   3.35 %     334,353     8,489   2.54 %
    Savings accounts   264,430     620   0.23 %     305,778     620   0.20 %
    Certificates of Deposit   1,153,235     55,442   4.81 %     980,617     39,157   3.99 %
    Total interest-bearing deposits   2,342,883     78,220   3.34 %     2,278,771     56,692   2.49 %
    Borrowed funds   511,916     23,768   4.64 %     594,564     27,606   4.64 %
    Total interest-bearing liabilities   2,854,799     101,988   3.57 %     2,873,335     84,298   2.93 %
    Non-interest-bearing liabilities   554,037           602,691      
    Total liabilities   3,408,836           3,476,026      
    Stockholders’ equity   320,124           299,618      
    Total liabilities and stockholders’ equity $ 3,728,960         $ 3,775,644      
    Net interest income   $ 92,021         $ 104,062    
    Net interest rate spread(1)     1.81 %       2.22 %
    Net interest margin(2)     2.55 %       2.85 %
                   
    (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
      Financial Condition data by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
               
      (In thousands, except book values)
    Total assets $ 3,599,118   $ 3,613,770   $ 3,793,941   $ 3,849,195   $ 3,832,397  
    Cash and cash equivalents   317,282     243,123     326,870     352,448     279,523  
    Securities   111,189     108,302     94,965     96,189     96,862  
    Loans receivable, net   2,996,259     3,087,914     3,161,925     3,226,877     3,279,708  
    Deposits   2,750,858     2,724,580     2,935,239     2,991,659     2,979,080  
    Borrowings   498,322     533,466     510,710     510,573     510,435  
    Stockholders’ equity   323,925     328,113     320,732     320,131     314,055  
    Book value per common share1 $ 17.54   $ 17.50   $ 17.17   $ 17.24   $ 17.10  
    Tangible book value per common share2 $ 17.23   $ 17.19   $ 16.86   $ 16.93   $ 16.79  
               
      Operating data by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for per share amounts)
    Net interest income $ 22,194   $ 23,045   $ 23,639   $ 23,143   $ 23,922  
    Provision for credit losses   4,154     2,890     2,438     2,088     1,927  
    Non-interest income (loss)   938     3,127     (3,234 )   2,109     3,228  
    Non-interest expense   14,367     13,929     13,987     14,838     16,568  
    Income tax expense   1,339     2,685     1,163     2,460     2,593  
    Net income $ 3,272   $ 6,668   $ 2,817   $ 5,866   $ 6,062  
    Net income per diluted share $ 0.16   $ 0.36   $ 0.14   $ 0.32   $ 0.35  
    Common Dividends declared per share $ 0.16   $ 0.16   $ 0.16   $ 0.16   $ 0.16  
               
      Financial Ratios(3)
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
    Return on average assets   0.36 %   0.72 %   0.30 %   0.61 %   0.63 %
    Return on average stockholders’ equity   4.04 %   8.29 %   3.52 %   7.46 %   7.91 %
    Net interest margin   2.53 %   2.58 %   2.60 %   2.50 %   2.57 %
    Stockholders’ equity to total assets   9.00 %   9.08 %   8.45 %   8.32 %   8.19 %
    Efficiency Ratio4   62.11 %   53.22 %   68.55 %   58.76 %   61.02 %
               
      Asset Quality Ratios
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for ratio %)
    Non-Accrual Loans $ 44,708   $ 35,330   $ 32,448   $ 22,241   $ 18,783  
    Non-Accrual Loans as a % of Total Loans   1.48 %   1.13 %   1.01 %   0.68 %   0.57 %
    ACL as % of Non-Accrual Loans   77.8 %   98.2 %   108.6 %   155.4 %   178.9 %
    Individually Analyzed Loans   83,399     66,048     60,798     65,731     54,019  
    Classified Loans   152,714     98,316     87,033     97,739     85,727  
               
    (1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.
    (2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
    (3) Ratios are presented on an annualized basis, where appropriate.
    (4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
      Recorded Investment in Loans Receivable by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Residential one-to-four family $ 239,870   $ 241,050   $ 242,706   $ 244,762   $ 248,295  
    Commercial and multi-family   2,246,677     2,296,886     2,340,385     2,392,970     2,434,115  
    Construction   135,434     146,471     173,207     180,975     192,816  
    Commercial business   342,799     371,365     375,355     378,073     372,202  
    Home equity   66,769     67,566     66,843     65,518     66,331  
    Consumer   2,235     2,309     2,053     2,847     3,643  
      $ 3,033,784   $ 3,125,647   $ 3,200,549   $ 3,265,145   $ 3,317,402  
    Less:          
    Deferred loan fees, net   (2,736 )   (3,040 )   (3,381 )   (3,705 )   (4,086 )
    Allowance for credit losses   (34,789 )   (34,693 )   (35,243 )   (34,563 )   (33,608 )
               
    Total loans, net $ 2,996,259   $ 3,087,914   $ 3,161,925   $ 3,226,877   $ 3,279,708  
               
      Non-Accruing Loans in Portfolio by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Residential one-to-four family $ 1,387   $ 410   $ 350   $ 429   $ 270  
    Commercial and multi-family   32,973     27,693     27,796     12,627     8,684  
    Construction   586     586     586     3,225     4,292  
    Commercial business   10,530     6,498     3,673     5,916     5,491  
    Home equity   231     123     43     44     46  
    Consumer   –     20     –     –     –  
    Total: $ 45,707   $ 35,330   $ 32,448   $ 22,241   $ 18,783  
               
      Distribution of Deposits by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Demand:          
    Non-Interest Bearing $ 520,387   $ 528,089   $ 523,816   $ 531,112   $ 536,264  
    Interest Bearing   553,731     527,862     549,239     552,295     564,912  
    Money Market   395,004     366,655     371,689     361,791     370,934  
    Sub-total: $ 1,469,122   $ 1,422,606   $ 1,444,744   $ 1,445,198   $ 1,472,110  
    Savings and Club   252,491     255,115     258,680     272,051     284,273  
    Certificates of Deposit   1,029,245     1,046,859     1,231,815     1,274,410     1,222,697  
    Total Deposits: $ 2,750,858   $ 2,724,580   $ 2,935,239   $ 2,991,659   $ 2,979,080  
      Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
               
      Tangible Book Value per Share
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except per share amounts)
    Total Stockholders’ Equity $ 323,925   $ 328,113   $ 320,732   $ 320,131   $ 314,055  
    Less: goodwill   5,253     5,253     5,253     5,253     5,253  
    Less: preferred stock   24,723     29,763     28,403     27,733     25,043  
    Total tangible common stockholders’ equity   293,949     293,097     287,076     287,145     283,759  
    Shares common shares outstanding   17,063     17,048     17,029     16,957     16,904  
    Book value per common share $ 17.54   $ 17.50   $ 17.17   $ 17.24   $ 17.10  
    Tangible book value per common share $ 17.23   $ 17.19   $ 16.86   $ 16.93   $ 16.79  
               
      Efficiency Ratios
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for ratio %)
    Net interest income $ 22,194   $ 23,045   $ 23,639   $ 23,143   $ 23,922  
    Non-interest income (loss)   938     3,127     (3,234 )   2,109     3,228  
    Total income   23,132     26,172     20,405     25,252     27,150  
    Non-interest expense   14,367     13,929     13,987     14,838     16,568  
    Efficiency Ratio   62.11 %   53.22 %   68.55 %   58.76 %   61.02 %
    CONTACT: MICHAEL SHRINER,
      PRESIDENT & CEO
      JAWAD CHAUDHRY,
      EVP & CFO
      (201) 823-0700

    The MIL Network –

  • MIL-OSI: Locus Technologies and Sophare AI announce partnership to integrate compensation analytics into leading CSRD and ESG software platform

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Locus Technologies, the sustainability and Environmental Health and Safety (EHS) compliance software leader, proudly announces its strategic partnership with Sophare AI to tackle one of the most complex aspects of ESG: social and pay equity. This collaboration will empower organizations worldwide to address pressing regulatory and ethical challenges through innovative technology and unparalleled domain expertise–without jumping between multiple ESG apps and platforms, which adds time and expense to the disclosure process.

    As part of this partnership, Sophare will extend Locus’s ESG software platform with new capabilities designed to address three critical areas:

    1. European Union Pay Transparency Directive Compliance: Sophare’s AI-powered tools help organizations navigate and comply with the EU’s directive, which mandates companies with 100+ employees to disclose gender pay gaps and provide transparent pay structures by 2026.
    2. Global Gender Pay Gap Reporting: With reporting requirements spreading across the EU, UK, Australia, and beyond, Sophare centralizes reporting of multi-jurisdictional compliance and uses AI and automation to streamline reporting.
    3. Alignment with the UN’s Sustainable Development Goal (SDG) 5: Sophare AI empowers companies to align with SDG 5 by shining a light on data related to gender equality in leadership and employee compensation.

    “This partnership aligns with Locus’s track record of working with professionals who bring deep domain expertise,” said Dr. Zvonimir Dadić, head of the CSRD Practice Group for Locus Technologies Europe. “Sophare’s founding team combines technical chops with a thoughtful approach to legal compliance, and we are pleased to be able to offer our clients this streamlined path to compliance.”

    Sophare AI CEO, Siena Duplan, brings a decade of experience developing pay equity algorithms as a data scientist for Salesforce, one of the world’s leading Fortune 500 companies. Sophare’s co-founder and CTO has led a distinguished career in the UK Civil Service and brings extensive engineering experience developing services in hand with legal, compliance, and policy teams. Together, Sophare AI and Locus Technologies will pursue their shared commitment to sustainability and equity, driven by data science.

    “Compliance in HR is often seen as a box-ticking exercise, but it’s actually a gateway to bringing organizations into the era of AI,” said Duplan. “HR compliance in particular is a prime opportunity to tap into AI and automation for both significant productivity gains and to deliver a transparent workplace where employees can thrive. Our next-gen data solutions put social and pay equity on par with financial and environmental health.”

    This partnership underscores Locus’s commitment to creating an integrated, end-to-end ESG software solution that stays ahead of a rapidly evolving regulatory landscape and helps organizations surmount the biggest obstacles to compliance. Together, Locus and Sophare are transforming the “S” in ESG into a driver for meaningful, measurable impact. To learn more about Locus’s CSRD and ESG software, including the new Sophare AI functionality, please contact us. 

    About Locus Technologies
    Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit https://www.locustec.com or email info@locustec.com.

    About Sophare AI
    Sophare AI uses advanced data analytics and machine learning to help organizations achieve lasting pay equity and comply with global pay transparency regulations. Sophare takes a thoughtful approach to legal compliance and business practices, relying on deep expertise in employment laws and regulations across different countries. The company carefully analyzes these requirements to develop the best data models and strategies to help customers meet compliance standards. Deciding how to adapt its services and operations to meet legal requirements is a core part of how Sophare operates. Sophare currently supports global gender pay gap reporting and other cross-border HR compliance requirements. Sophare AI is also seeking partners to co-develop an AI-driven workforce scenario planning tool. Sophare AI is headquartered in San Francisco, California. Please visit sophare.ai or email team@sophare.ai for more information.

    Media Contact:
    Brenda Mahedy
    Locus Technologies
    media@locustechnologies.net

    The MIL Network –

  • MIL-OSI: 1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones 

    • Deal swaps out competitors and includes Nokia Evolved Packet Core (EPC), Nokia IMS Voice Core, and Nokia NetGuard security solutions.
    • EPC will be deployed in eight countries, including Australia, the UK, and the US, while Nokia IMS Voice Core will be rolled out in three markets, including the Netherlands.

    XX January 2025

    Espoo, Finland – 1GLOBAL, a leading communications services provider and MVNO active in nine major markets across the globe, has selected Nokia core and security solutions to help the operator enhance and optimize network operations in existing markets like the UK and US, while rolling out services in new territories such as Brazil, South America’s largest telecoms market.

    Hakan Koç, co-Founder & CEO of 1GLOBAL, said: “Our mission at 1Global is to offer device and communications solutions that connect people, networks, and devices instantly and at scale anywhere around the world. We are pleased to partner with Nokia to further strengthen 1GLOBAL’s network operations. This will enable us to roll out new services that elevate our network quality and the overall customer experience more quickly, securely, and flexibly. Technological excellence and delivering value to our customers are at the heart of everything we do at 1Global. Nokia shares this vision, which makes them a great partner for us as we execute the next phase of 1Global’s ambitious growth strategy.”

    1GLOBAL will use several Nokia products to enhance its networks, including Nokia Evolved Packet Core, Nokia IMS Voice Core, and Nokia NetGuard security solutions. 1GLOBAL will employ Nokia Evolved Packet Core to more effectively manage data traffic running through its networks, including internet access and data calls. It will be deployed in several markets, including Australia, the Netherlands, the UK, and the US.

    Nokia IMS Voice Core, a fully cloud-native architecture with flexible scaling, will improve 1GLOBAL’s time to market and provisioning of new voice, video, and messaging services. Nokia IMS Voice Core will help 1GLOBAL optimize its network management through automation while providing the company with the flexibility to choose the infrastructure of its choice, a key pillar of Nokia’s multi-cloud strategy.

    1GLOBAL will also utilize NetGuard Endpoint Detection and Response (EDR) to protect against rising cyber threats. NetGuard EDR is a telco-specific threat detection product that provides real-time, automated monitoring of network infrastructure for rapid detection and mitigation of security incidents.

    Erez Sverdlov, Vice President, Cloud and Network Services Market Leader for Europe at Nokia, said: “We are thrilled to take this important step of providing 1GLOBAL with several Nokia solutions that will upgrade its core network infrastructure and applications to be fully cloud-native, and deliver a more advanced, secure, and reliable network experience for its subscribers.”

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

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

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    About 1 Global

    1GLOBAL empowers its partners and clients with transformative technologies, strategic communications solutions and future-proof connectivity. By pioneering global connectivity solutions, 1GLOBAL leads the new generation of digital transformation with a suite of products designed to revolutionize communication and compliance across borders. Every offering reflects our unwavering commitment to excellence for Enterprise Clients, IoT Customers, Mobile Operators, Financial Institutions and many more global businesses.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Expands Intellectual Property Portfolio with Acquisition of Key Worldwide Patents for Composite Moderator for Nuclear Reactor Systems

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today highlighted additional important patents recently acquired from Ultra Safe Nuclear Corp. (USNC), which augment protections for NANO Nuclear’s modular microreactor technologies under development.

    Patent No. US 11,264,141 B2, titled “Composite Moderator for Nuclear Reactor Systems,” relates to the design and construction of composite moderators with a view towards improving safety and waste management by addressing graphite oxidation found in conventional, individual moderator systems. Additionally, the patented advanced design reduces waste and structural deterioration, enabling the moderator to serve throughout the fuel’s lifecycle without requiring replacement in the reactor core. This intellectual property is expected to enhance the protections for NANO Nuclear’s own proprietary advanced portable ZEUS and ODIN microreactors, as well the KRONOS MMR™ and LOKI MMR™ reactors, all of which are currently in development.

    The U.S. patent is accompanied by related patents issued in Canada, the Russian Federation, Japan, The People’s Republic of China, the Republic of Korea and by the European Patent Office. An application with the World Intellectual Property Organization is currently in progress. Today’s announcement follows last week’s announcement of NANO Nuclear’s acquisition of patents from USNC supporting modular transportable reactors with variable operations and multiple core configurations and applications, including the generation of electric power and process heat.

    Figure 1 – NANO Nuclear expands intellectual property portfolio to protect proprietary advanced portable ZEUS and ODIN microreactors, as well the KRONOS MMR™ and LOKI MMR™ reactors, all of which are currently in development.

    “As our technical teams continue their deeper exploration of the various nuclear technology patents we acquired from USNC, the benefits that these pivotal patents will provide to our development plans becomes more apparent,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Regarding the composite moderator patent highlighted today, this innovative design is expected to reduce the maintenance requirements of our modular, portable nuclear reactors while improving overall performance. We believe it will also play a key role in eliminating excess waste byproducts, enabling NANO Nuclear to build cleaner, more robust and cost-effective energy systems.”

    “The addition of this world-class intellectual property to our portfolio is key in the development and eventual deployment of our innovative, portable and secure nuclear energy systems,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Improving the functionality of these critical parts enables us to cut down the waste produced during operation and create a safer and more efficient product. These important patents not only create the potential to improve performance but also underscores our commitment to sustainability and thoughtful design.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:
    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
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    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include, without limitation, statements regarding the anticipated benefits of the recently acquired intellectual property described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Rocket Software Transforms Hybrid Cloud Data Integration with Rocket® DataEdge™

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — Rocket Software, a global technology leader in modernization software, today announced Rocket DataEdge, its structured data suite for hybrid cloud data integration. Rocket DataEdge bridges the gap between core transactional applications, distributed systems, and cloud environments, providing seamless data discovery, integration, and management. Because data is the foundation of corporate growth strategies, this comprehensive suite underscores Rocket Software’s commitment to enabling organizations to capture the full value of data in AI and analytics initiatives.

    The hybrid cloud market is experiencing explosive growth, projected to reach an estimated value of $262 billion by 2027, up from $85 billion in 2021. As enterprises increasingly adopt hybrid cloud infrastructures, the real-time integration of mainframe, distributed and cloud data has become essential for informing AI models and unlocking fully actionable insights. Yet, vast amounts of critical data from core transactional systems remain largely unavailable to AI and analytics initiatives. From transactional and customer records to inventory information, recent research reveals that only 28% of IT leaders are fully capitalizing on this valuable resource. AI and analytics models that don’t leverage mainframe data are often unable to provide complete and accurate insights, seriously limiting their ability to drive business value. For this reason, comprehensively integrating data across infrastructures is critical to getting a complete and timely view of the business.

    “IT leaders recognize the tremendous value of data stored in core transactional applications but struggle to access and leverage the information effectively in the AI and analytics initiatives that drive growth,” said Michael Curry, President of Data Modernization at Rocket Software. “As a result, decision-makers often rely on incomplete information, missing key insights that would inform their strategies. While hybrid environments offer significant benefits, their full potential can only be realized by bridging data from these disparate sources. Rocket DataEdge enables data and analytics teams to execute an adaptive, forward-looking data strategy that drives maximum competitive advantage.”

    Rocket DataEdge builds diverse enterprise data sets into a single, scalable, high-quality enterprise data set. It is the most comprehensive data discovery, integration, and metadata management suite available, supporting more hybrid technology connections and targets than any other provider. Rocket DataEdge enables enterprises to:

    • Synchronize enterprise data in real time – Easily connect hard-to-reach mainframe, IBM® i and on-premises data with cloud applications, data lakes, lakehouses, and warehouses.
    • Access and analyze data faster – By automating the scanning and analysis of mainframe and cloud metadata, data becomes easily understood and mapped to cloud data initiatives.
    • Reduce operational costs and increase business agility – Enabling optimal hybrid cloud processing engines for data management, enterprises can lower costs, optimize operations, and speed delivery.
    • Improve workflows across infrastructure – Cohesive data management minimizes complexity, delays, errors, and compatibility challenges by seamlessly unifying data across environments.

    “Understanding and harnessing all enterprise data is critical to enable complete and actionable insights on customer needs, market trends, and operational effectiveness,” said Stewart Bond, Vice President, Data Intelligence and Integration Software, IDC. “But integrating data from core transactional, distributed, and cloud sources into a single, widely accessible repository is still a huge challenge. Rocket’s DataEdge vision and roadmap connects core transactional systems with cloud and distributed environments to deliver seamless, high-quality data access and governance across the enterprise.”

    Rocket DataEdge unifies metadata management and end user experience to advance AI and analytics initiatives that drive business outcomes. The suite includes Rocket®Data Replicate & Sync, Rocket® Data Intelligence, and Rocket® Data Virtualization. To learn more about Rocket DataEdge visit Rocket® DataEdge.

    About Rocket Software 
    Rocket Software is a global technology leader in modernization and a partner of choice that empowers the world’s leading businesses on their modernization journeys, spanning core systems to the cloud. Trusted by over 12,500 customers and 750 partners, and with more than 3,600 global employees, Rocket Software enables customers to maximize their data, applications, and infrastructure to deliver critical services that power our modern world. Rocket Software is a privately held U.S. corporation headquartered in the Boston area with centers of excellence strategically located throughout North America, Europe, Asia and Australia. Rocket Software is a portfolio company of Bain Capital Private Equity. Follow Rocket Software on LinkedIn and X or visit www.RocketSoftware.com. 

    IBM is a trademark of International Business Machines Corporation.

    Media Contact
    Lacey Darrow
    ldarrow@rocketsoftware.com

    The MIL Network –

  • MIL-OSI: Sky Quarry Unveils National Rollout Plan for Modular Extraction Facilities

    Source: GlobeNewswire (MIL-OSI)

    Tailored for Strategic Scalability and Cost Efficiency for Production of Sellable Byproducts for Local and Regional Markets

    WOODS CROSS, Utah, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, has unveiled plans for a national rollout of modular facilities designed to expand the reach and scalability of the Company’s proprietary technology and platform, demonstrating its commitment to innovation, operational efficiency, and long-term growth.

    With downstream operations established at its Nevada refinery and midstream operations at its extraction facility in Utah expected to be fully operational in 2025, the Company is finalizing its plan to expand its upstream capabilities through the deployment of its Asphalt Shingle Recycling (ASR) units. Engineered for scalability and cost efficiency, these units will collect and process waste asphalt shingles, while producing sellable byproducts, such as sand and granules, for local and regional markets, expanding the Company’s market reach.

    The placement of the ASR units will be chosen based on three critical logistical criteria:

    1. Proximity to densely populated areas to minimize transportation costs, thereby reducing the environmental impact,
    2. Placement in regions with high tipping fees to maximize economic returns, and
    3. Accessibility to rail lines to streamline raw and processed material transport.

    The plan features two modular designs: Resource Processing Units and Resource Extraction Units. The Resource Processing Units will process waste shingle material by reducing its size, extracting sand and granules, and compressing the remaining limestone powder and bitumen into briquettes for shipment to Utah for final extraction. This process decreases the asphalt waste material’s volume by 40%, lowering transportation costs. These units are 80% complete and will target the West Coast and Southwest, with costs estimated to be between $500,000 and $1.5 million per unit, depending on capacity.

    The Resource Extraction units will have oil extraction capabilities for local use by refineries or asphalt plants, ideal for areas where shipping shingles to Utah is not feasible. Currently in the design phase, these units are being developed to target the East Coast, Florida, Texas, and the Midwest. Each extraction facility, costing an estimated $12 million to build, is expected to recover its initial capital cost within 24 to 36 months after it is fully operational through revenues and profits generated from tipping fees and the sale of recovered materials at each facility.

    In response to tightening landfill disposal mandates and increasing state requirements for construction and demolition waste diversion, Sky Quarry believes that its modular units position the Company as one of the few viable solutions for managing this material. This could potentially allow for higher waste management fees, and the Company believes that evolving regulations will further support this growth. To meet the disposal mandates and increased diversion demand, a limited number of exclusive modular partnership opportunities will be made available for qualified candidates on a first-come basis. Please direct inquiries to: tomzickell@ras-tech.com

    “We believe Sky Quarry’s modular ASR facilities will offer significant economic, environmental, and community benefits,” said David Sealock, CEO and Chairman of Sky Quarry. “By enabling partnerships with local businesses and asphalt shingle manufacturers, these facilities will create a closed-loop system that promotes sustainability, reduces waste, and minimizes reliance on virgin materials and transportation costs. Additionally, the sale of recovered materials such as sand, granules, and bitumen have the potential to stimulate regional economic growth while creating meaningful job opportunities.”

    About Sky Quarry Inc.

    Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.

    Forward-Looking Statements

    This press release may include “forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the Company’s Form 1-A offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

    Investor Relations

    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    SKYQ@mzgroup.us
    www.mzgroup.us

    Corporate Contact

    Jennifer Standley
    Director of Investor Relations
    Ir@skyquarry.com

    Company Website
    www.skyquarry.com

    The MIL Network –

  • MIL-OSI: 89% of IT Leaders Worry GenAI Flaws Could Negatively Impact Their Organization’s Cybersecurity Strategies, Sophos Survey Finds

    Source: GlobeNewswire (MIL-OSI)

    OXFORD, United Kingdom, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sophos, a global leader of innovative security solutions for defeating cyberattacks today released a new report, “Beyond the Hype: The Businesses Reality of AI for Cybersecurity,” which surveyed 400 IT leaders on their use of AI in security. The survey found that, despite 65% having adopted generative artificial intelligence (GenAI capabilities) 89% of IT leaders are concerned that flaws in GenAI cybersecurity tools could put their organization at risk.

    Additionally, according to new Sophos X-Ops research, “Cybercriminals Still Not Getting on Board the AI Train (Yet),” also released today, there has been a slight but noteworthy shift in the way cybercriminals use AI. After investigating several underground forums, Sophos X-Ops found that, while there’s still skepticism about GenAI, some criminals are using it to automate mundane tasks, such as crafting bulk emails and analyzing data. Others are incorporating it into spam and social engineering toolkits.

    “As with many other things in life, the mantra should be ‘trust but verify’ regarding generative AI tools. We have not actually taught the machines to think; we have simply provided them the context to speed up the processing of large quantities of data,” said Chester Wisniewski, director, global field CTO, Sophos. “The potential of these tools to accelerate security workloads is amazing, but it still requires the context and comprehension of their human overseers for this benefit to be realized.”

    With some form of AI embedded in the cybersecurity infrastructure of 98% of organizations surveyed, IT leaders expressed concern about potential over-reliance on AI, with 87% of respondents stating they were concerned about a resulting lack of cybersecurity accountability.

    GenAI and Reducing Burnout

    Different-sized organizations expressed different priorities for utilizing GenAI. While large organizations (those with more than 1,000 employees) are prioritizing improved protection, respondents with 50-99 employees rated reducing burnout as their top desired benefit from GenAI tools. However, complicating matters, across all sizes of organizations, 84% of leaders surveyed said they were concerned about pressure to reduce cybersecurity professional headcount due to unrealistic expectations about AI’s abilities to replace human operators.

    Other Key Findings from the “Beyond the Hype” Report:

    • Costs of GenAI Are Hard to Quantify: 75% of IT leaders agree that the costs of GenAI in cybersecurity products are hard to quantify.
    • Companies Are Counting on Savings from GenAI: While 80% of IT leaders believe that GenAI will significantly increase the cost of cybersecurity tools, most organizations believe GenAI offers a path to lowering overall cybersecurity expenditure with 87% of respondents believing the savings of GenAI will offset the costs.

    To learn more about IT leaders utilizing AI, read the report, “Beyond the Hype: The Businesses Reality of AI for Cybersecurity,” on Sophos.com.

    To learn more about cybercriminal attitudes towards GenAI, read the report, “Cybercriminals Still Not Getting on Board the AI Train (Yet),” on Sophos.com.

    Learn More About

    About Sophos
    Sophos is a global leader and innovator of advanced security solutions for defeating cyberattacks, including Managed Detection and Response (MDR) and incident response services and a broad portfolio of endpoint, network, email, and cloud security technologies. As one of the largest pure-play cybersecurity providers, Sophos defends more than 600,000 organizations and more than 100 million users worldwide from active adversaries, ransomware, phishing, malware, and more. Sophos’ services and products connect through the Sophos Central management console and are powered by Sophos X-Ops, the company’s cross-domain threat intelligence unit. Sophos X-Ops intelligence optimizes the entire Sophos Adaptive Cybersecurity Ecosystem, which includes a centralized data lake that leverages a rich set of open APIs available to customers, partners, developers, and other cybersecurity and information technology vendors. Sophos provides cybersecurity-as-a-service to organizations needing fully managed security solutions. Customers can also manage their cybersecurity directly with Sophos’ security operations platform or use a hybrid approach by supplementing their in-house teams with Sophos’ services, including threat hunting and remediation. Sophos sells through reseller partners and managed service providers (MSPs) worldwide. Sophos is headquartered in Oxford, U.K. More information is available at www.sophos.com.

    The MIL Network –

  • MIL-OSI: QXO Comments on Beacon Roofing Supply’s Adoption of Shareholder-Unfriendly Poison Pill

    Source: GlobeNewswire (MIL-OSI)

    Reaffirms Commitment to Acquiring Beacon for $124.25 per Share in Cash

    All-Cash Offer Provides Significant and Immediate Value to Beacon Shareholders

    GREENWICH, Conn., Jan. 28, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) today commented on Beacon Roofing Supply, Inc.’s (Nasdaq: BECN) adoption of a shareholder rights plan, which takes immediate effect and is aimed at blocking QXO’s all-cash tender offer to acquire all outstanding shares of Beacon for $124.25 per share.

    “We launched our all-cash tender offer to ensure that Beacon’s shareholders can take advantage of our compelling offer and get paid quickly. We have committed financing, have no due diligence condition and anticipate a smooth regulatory approval process to close,” said Brad Jacobs, chairman and chief executive officer of QXO. “The only thing stopping shareholders from acting to get cash expeditiously is the decision by Beacon’s Board to adopt a poison pill. We are prepared to take all necessary steps to complete this transaction promptly and deliver significant and immediate value to Beacon shareholders.”

    QXO’s $124.25 per share offer represents a 37% premium to Beacon’s 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024, and a 26% premium to the $98.75 price before its proposal became public.

    QXO’s tender offer will be outstanding until 12:00 midnight, New York City time, at the end of February 24, 2025, and it is prepared to complete the acquisition shortly after the tender expires, in approximately one month. The transaction is not subject to any financing conditions or due diligence conditions, and QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

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

    About QXO

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

    Forward-Looking Statements

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

    Important Additional Information and Where to Find It

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

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

    Certain Information Concerning the Participants

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

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

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

    Investor Contacts ‍

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

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

    The MIL Network –

  • MIL-OSI: Fengate and eMAX Health announce partnership to drive innovation in healthcare technology 

    Source: GlobeNewswire (MIL-OSI)

    DELRAY BEACH, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) — Fengate Private Equity, a division of Fengate Asset Management (“Fengate”), is pleased to announce a new platform investment through its partnership with eMAX Health (“eMAX” or “the Company”). Fengate is managing this investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC).

    The existing management team, led by Founder and President, Julian Casciano, will continue to lead eMAX and remain significant investors in the Company alongside Fengate. Terms of the transaction were not disclosed.

    Founded in 2004 by Julian Casciano, eMAX has grown into a recognized leader in the fields of real-world evidence development research, market access, and patient services. The Company features an experienced team of research scientists, healthcare experts, and key opinion leaders, supported by advanced data management and technology-enabled solutions. The Company’s proprietary platforms— MAVA, EMRClaims+, and HealthPACER— are at the forefront of tech-enabled pharmaceutical commercialization.

    “We are delighted to support Julian, a dynamic founder with an ambitious vision for eMAX, and help fuel the Company’s continued growth,” said Maxim Tcherner, Principal at Fengate Private Equity. “eMAX has rapidly scaled, establishing a leading position in a fragmented industry, all while staying true to its client-centric culture. The investment is strongly aligned with our strategy of partnering with exceptional management teams and providing differentiated services in high-growth sectors. eMAX will be a valuable addition to Fengate’s healthcare portfolio.”

    “eMAX is excited to partner with Fengate as the Company enters its next phase of growth. We will be able to accelerate new product development across high-demand tech-enabled services, enhance our portfolio of innovative capabilities, and significantly expand customer account management,” said Julian Casciano, Founder and President of eMAX Health. “With our aligned values and ambition, I believe the Fengate partnership will help our customers improve the lives of patients around the world.”

    North Point Mergers and Acquisitions served as financial advisors and Coviello Weber & Dahill LLP served as legal advisors to eMAX. Torys LLP served as legal advisor to Fengate.

    MEDIA CONTACT:

    Gea Koleva
    Marketing and Communications Manager
    Fengate Asset Management
    Gea.Koleva@fengate.com
    289-834-3728

    About eMAX Health 

    eMAX Health, founded in 2004 and headquartered in Delray Beach, Florida, is a leader in market access innovation, real-world evidence development research, and digitally connected patient access and outcomes monitoring solutions. eMAX Health serves as a partner of choice to the largest global pharmaceutical and biotechnology companies. Learn more at www.emaxhealth.net/.

    About Fengate Asset Management 

    Fengate is a leading alternative investment manager, with more than $10 billion of capital commitments under management, focused on private equity, infrastructure, and real estate strategies. With offices and team members across Canada and the United States, Fengate leverages 50 years of entrepreneurial experience to deliver excellent investment results on behalf of its clients. Fengate Private Equity, a division of Fengate Asset Management, is a differentiated investment platform supporting the growth ambitions of entrepreneurs through transformative capital. Learn more at www.fengate.com.

    About the LiUNA Pension Fund of Central and Eastern Canada
    Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at www.lpfcec.org. 

    The MIL Network –

  • MIL-OSI: Rapsodo Partners with MLB All-Star Jeff McNeil

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Jan. 28, 2025 (GLOBE NEWSWIRE) — Rapsodo, the company known for giving athletes the tools they need to play like never before, announces its partnership with Jeff McNeil, a two-time Major League Baseball All-Star and second baseman for the New York Mets. Also known as the “Flying Squirrel” for diving after balls on the diamond, McNeil has been training with Rapsodo for the last few years.

    “Rapsodo and technology in sports is great. It has helped improve my game, like the last few weeks I used Rapsodo golf to help me choose between my old Callaway driver versus a new one to prepare for this tournament,” McNeil said. “The best part is that I’ve been able to use Rapsodo for golf and baseball. I use it before every game in the batting cage looking at the numbers. It helps me understand which pitches I can do the most damage on – hit the hardest or furthest, so it has been a big part of my game.”

    McNeil’s passions lie beyond baseball; he’s also an avid golf player. Not only does he train with Rapsodo’s diamond sports ball flight monitors to perfect his swing, but he also uses Rapsodo’s Mobile Launch Monitor 2 Pro (MLM2PRO) to level up his golf game. With the MLM2PRO, McNeil practices his skills and improves his game anytime, anywhere, by tracking key performance metrics on golf courses as well as simulated courses and ranges.

    He will put his golf skills to the test at the LPGA Hilton Grand Vacations Tournament of Champions from January 30 to February 2, 2025. Here, the top amateur golfers are invited to participate in the main Pro-Am tournament. McNeil made his debut during this tournament last year, where he won the celebrity field after scoring 138 points using a modified Stableford format.

    “We’re thrilled to partner with Jeff McNeil, a multi-sport athlete who constantly pushes the boundaries of performance,” said Katrina Hartwell, Rapsodo U.S. general manager. “Jeff exemplifies how our technology can drive success across different sports, and we’re proud to support athletes like him in reaching their full potential, whether on the diamond or the golf course.”

    Click here for high-resolution photos and videos.

    For more information on Rapsodo’s technology, visit Rapsodo.com.

    About Rapsodo
    Rapsodo defies limits with affordable, professional-grade technology to enhance the way athletes play across the world. Used by MLB teams, NCAA Division I Champions, and elite PGA coaches, Rapsodo technology has earned multiple MyGolfSpy’s Best Of Golf Awards and the Official Player Development Partner of USA Baseball, affirming Rapsodo’s leadership in golf, baseball, and softball tech. Do what you didn’t think was possible. Play Without Limits. Play with Rapsodo. Discover more at Rapsodo.com.

    Media Contact:
    Matt Greenfield
    Uproar by Moburst for Rapsodo
    matthew.greenfield@moburst.com

    The MIL Network –

  • MIL-OSI: HomeTrust Announces the Sale of Knoxville Branches to Apex Bank

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C. and CAMDEN, Tenn., Jan. 28, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding company of HomeTrust Bank (“HomeTrust”), and Apex Bank (“Apex”) today announced that HomeTrust and Apex have entered into a definitive purchase and assumption agreement (the “agreement”) under which Apex will acquire HomeTrust’s two branches in Knoxville, Tennessee. Under the terms of the agreement, Apex will acquire the physical locations, related fixed assets, and substantially all the customer deposit accounts which are currently estimated at $42 million. HomeTrust will retain the loan accounts associated with the branches.

    “This transaction aligns with our strategic plan to tighten our geographic footprint, improve our branch efficiencies, and allocate our capital to support our long-term growth in other core markets,” said Hunter Westbrook, HomeTrust’s President and Chief Executive Officer.

    Matt Daniels, President and CEO of Apex Bank said, “Being locally owned and operated, we are excited to expand our footprint in Knoxville. This investment will allow us to better serve customers and support the community. We will continue to look for opportunities to expand our presence in the area and remain committed to providing personalized financial solutions that help individuals and businesses thrive.”

    The proposed transaction, which is subject to customary closing conditions, including approval by applicable regulatory authorities, is currently anticipated to close in the second quarter of 2025.

    Piper Sandler & Co. served as HomeTrust’s financial advisor for the transaction, while Silver, Freedman Taff & Tiernan LLP provided legal counsel. Baker Donelson provided legal counsel for Apex.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank. As of December 31, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte, and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (Roanoke Valley) and Georgia (Greater Atlanta).

    About Apex Bank
    Apex Bank was founded in 1931 and is headquartered in Knoxville, Tennessee. Apex Bank has experienced tremendous growth since 2008, increasing total assets from $157 million to over $1.35 billion in 2025. The bank currently has 20 retail locations and a Knoxville-based national mortgage servicing center. Apex Bank has consistently been ranked as one of the best-performing community banks in the nation for the past 16 years, including the award of Tennessee’s Top Community Bank from Independent Community Bankers of America and other leading rankings in the financial industry.

    Forward-Looking Statements
    This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    www.htb.com
    www.apexbank.com

    The MIL Network –

  • MIL-OSI: Auburn National Bancorporation, Inc. Reports Fourth Quarter and Full Year Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Highlights:

    • Net interest margin (tax-equivalent) improved 44 basis points to 3.09%, compared to 4Q 2023
    • Net interest income (tax-equivalent) increased 14% compared to 4Q 2023
    • Average loans increased 3% compared to 4Q 2023
    • Nonperforming assets were $0.5 million or 0.05% of total assets at December 31, 2024

    AUBURN, Ala., Jan. 28, 2025 (GLOBE NEWSWIRE) — Auburn National Bancorporation (Nasdaq: AUBN) reported net income of $1.6 million, or $0.45 per share, for the fourth quarter of 2024, compared to $1.7 million, or $0.50 per share, for the third quarter of 2024, and a net loss of $(4.0) million, or $(1.14) per share, for the fourth quarter of 2023. The net loss for the fourth quarter of 2023 reflected the sale of $117.6 million of available-for-sale securities for an after-tax loss of $(4.7) million, or $(1.35) per share related to the Company’s balance sheet repositioning strategy. Excluding this non-routine item, net earnings for the fourth quarter of 2023 would have been $0.7 million, or $0.21 per share.

    For the full year 2024, the Company reported net earnings of $6.4 million, or $1.83 per share, compared to $1.4 million, or $0.40 per share, for 2023. Excluding the loss on sale of securities related to the balance sheet repositioning strategy during 2023, described above, net earnings for the full year 2023 would have been $6.1 million, or $1.75 per share.

    “Our fourth quarter and full year results reflect solid revenue growth, strong asset quality, and controlled expenses,” said David A. Hedges, President and CEO. “Except for the first quarter of 2024, following the balance sheet repositioning, our quarterly cost of deposits decreased for the first time since the third quarter of 2022. We remain optimistic that our net interest margin will continue to improve in 2025 as recent cuts in the federal funds rate should reduce our cost of deposits and still allow our earning asset yields to improve as loans and securities re-price. While the interest rate environment remains challenging for the banking industry, our capital and liquidity are strong and we are well positioned to meet the needs of our customers,” said Mr. Hedges.

    Net interest income (tax-equivalent) was $7.0 million for the fourth quarter of 2024, compared to $6.8 million in the third quarter of 2024, and $6.2 million for the fourth quarter of 2023. The increase in net interest income was primarily due to improved net interest margin.

    Net interest margin (tax-equivalent) was 3.09% in the fourth quarter of 2024, compared to 3.05% in the third quarter of 2024, and 2.65% in the fourth quarter of 2023. The increase in net interest margin compared to the fourth quarter of 2023 was primarily due to loan growth and the balance sheet repositioning strategy mentioned above, which resulted in a more favorable asset mix and higher yields on interest-earning assets in 2024. Average loans for the fourth quarter of 2024 were $567.6 million, a 3% increase from the fourth quarter of 2023.

    Nonperforming assets were $0.5 million, or 0.05% of total assets, at December 31, 2024, compared to $0.8 million, or 0.08% of total assets at September 30, 2024, and $0.9 million, or 0.09% of total assets, at December 31, 2023.

    The Company recorded a negative provision for credit losses of $(48) thousand in the fourth quarter of 2024, compared to a negative provision for credit losses of $(127) thousand in the third quarter of 2024, and a provision for credit losses of $326 thousand in the fourth quarter of 2023.

    At December 31, 2024 and September 30, 2024, the Company’s allowance for credit losses was $6.9 million, or 1.22% of total loans, compared to $6.9 million, or 1.23% of total loans at December 31, 2023. Although the balance of the allowance for credit losses was largely unchanged, the decrease in the allowance for credit losses as a percentage of total loans was primarily due to improved economic forecasts.

    Noninterest income was $0.8 million for both the fourth and third quarters of 2024, compared to a loss of $5.4 million in the fourth quarter of 2023. Excluding the pre-tax securities loss of $6.3 million related to the balance sheet repositioning strategy in 2023, noninterest income would have been $0.9 million for the fourth quarter of 2023.

    Noninterest expense was $5.5 million in both the fourth and third quarters of 2024, compared to $5.8 million for the fourth quarter of 2023. The decrease in noninterest expense compared to the fourth quarter of 2023 was primarily related to decreases in salaries and benefits expense, net occupancy and equipment expense, and professional fees expense.

    The provision for income tax expense was $0.8 million for the fourth quarter of 2024, compared to income tax expense of $0.5 million for the third quarter of 2024, and an income tax benefit of $(1.5) million for the fourth quarter of 2023.

    The effective tax rate for the fourth quarter of 2024 was 34.73%, compared to 23.46% for the third quarter of 2024, and an effective tax rate of (27.53)% for the fourth quarter of 2023. The increase in the effective tax rate compared to the fourth quarter of 2023 was primarily due to an increase in pre-tax earnings in 2024 resulting from our balance sheet repositioning and the pre-tax loss incurred in the fourth quarter of 2023 from selling securities in such balance sheet repositioning. Also, the provision for income tax expense and the effective tax rates for the fourth and third quarters of 2024 included discrete tax items associated with provision to return adjustments in conjunction with the final 2023 tax return filing and the resolution of state examination activities, which resulted in additional tax expense. Excluding these discrete items, the effective tax rate for the fourth and third quarters of 2024, would have been 21.55% and 18.96%, respectively. The Company’s effective income tax rate otherwise is principally affected by tax-exempt earnings from the Company’s investments in municipal securities, bank-owned life insurance, and New Markets Tax Credits.

    Total assets were $977.3 million at December 31, 2024, compared to $990.1 million at September 30, 2024 and $975.3 million at December 31, 2023. Loans, net of unearned income were $564.0 million at December 31, 2024, compared to $565.7 million at September 30, 2024 and $557.3 million at December 31, 2023. Growth in construction and land development loans since December 31, 2023 was partially offset by paydowns in commercial and industrial loans. Total deposits were $895.8 million at December 31, 2024, compared to $901.7 million at September 30, 2024 and $896.2 million at December 31, 2023. At December 31, 2024, the Company had $74.1 million of reciprocal deposits sold off-balance sheet, compared to $37.8 million at September 30, 2024, and $59.0 million at December 31, 2023. The Company had no brokered deposits, FHLB advances or other wholesale borrowings outstanding at December 31, 2024, September 30, 2024, or December 31, 2023.

    At December 31, 2024, the Company’s consolidated stockholders’ equity (book value) was $78.3 million, or $22.41 per share, compared to $84.3 million, or $24.14 per share, and $76.5 million, or $21.90 per share, at December 31, 2023. The decrease from September 30, 2024 was primarily driven by other comprehensive losses of $6.7 million due to higher market interest rates that led to an increase in unrealized losses on securities available-for-sale, net of tax, and cash dividends paid of $1.0 million, partially offset by net earnings of $1.6 million during the fourth quarter of 2024. The increase from December 31, 2023 was primarily driven by net earnings of $6.4 million, which was partially offset by cash dividends paid of $3.8 million, other comprehensive losses of $0.6 million related to unrealized gains/losses on securities available-for-sale, net of tax, and a $0.3 million one-time charge for the cumulative effect to adopt a new accounting standard on January 1, 2024. Unrealized losses on securities do not affect the Bank’s capital for regulatory capital purposes.

    The Company’s tangible common equity (“TCE”) ratio or total equity to total assets ratio was 8.01% at December 31, 2024, compared to 8.52% at September 30, 2024, and 7.84% at December 31, 2023. All of the Company’s marketable securities are classified as available-for-sale. Therefore, any changes in the fair value of the Company’s securities portfolio are reflected in total equity, net of tax, under generally accepted accounting principles.

    The Company paid cash dividends of $0.27 per share in the fourth quarter of 2024. At December 31, 2024, the Bank’s regulatory capital ratios were well above the minimum amounts required to be “well capitalized” under current regulatory standards.

    About Auburn National Bancorporation, Inc.

    Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $977 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank operates seven full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates a loan production office in Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.

    Cautionary Notice Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, costs and revenues, the continuing effects of the COVID-19 pandemic and related government, Federal Reserve monetary and regulatory actions, including the remaining effects of pandemic-related economic stimulus and economic conditions generally and in our markets, loan demand, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income or tax credits) and our mix and cost of deposits and wholesale liabilities, net interest income and margin, yields on earning assets, the market values and performance of securities held, effects of inflation, including Federal Reserve monetary policies which were tightened in response to inflation beginning in 2022 through increases in the target federal funds rate and reductions in the Federal Reserve’s Treasury and mortgage-backed securities (MBS) holdings, and more recent monetary loosening through increased reinvestment of maturing Treasury securities and reinvestment in agency debt and MBS in Treasury securities beginning in June 2024 and beginning September 17, 2024, three reductions in the target federal funds rate totaling 100 basis points to a current target of 4.25-4.50%, changes in the shape of the yield curve, interest rates (generally and those applicable to our assets and liabilities) and changes in our asset values, especially investment securities, as a result of monetary policies and interest rate changes, noninterest income, loan performance, loan deferrals and modifications, nonperforming assets, other real estate owned, provision for credit losses, including the continuing effects of the application of the new CECL accounting standard adopted on January 1, 2023 and our CECL models, including possible adjustments to the fair values of securities available for sale in lieu of other-than-temporary impairments, charge-offs, collateral values, credit quality, asset sales, insurance claims, and market trends, as well as statements with respect to our objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

    Forward-looking statements, with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements, or financial condition of the Company or the Bank to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.

    All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2023 and otherwise in our other SEC reports and filings.

    Explanation of Certain Unaudited Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than U.S. generally accepted accounting principles (“GAAP”). The attached financial highlights include certain designated net interest income amounts presented on a tax-equivalent basis, a non-GAAP financial measure, and the presentation and calculation of the efficiency ratio, a non-GAAP measure. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes the presentation of net interest income on a tax-equivalent basis provides comparability of net interest income from both taxable and tax-exempt sources and facilitates comparability within the industry. Similarly, the efficiency ratio is a common measure that facilitates comparability with other financial institutions. Although the Company believes these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Along with the attached financial highlights, the Company provides reconciliations between the GAAP financial measures and these non-GAAP financial measures.

    For additional information, contact:
    David A. Hedges
    President and CEO
    (334) 821-9200

    Financial Highlights (unaudited)                                      
            Quarter ended     Year ended December 31,  
    (Dollars in thousands, except per share amounts)   December 31, 2024       September 30, 2024       December 31, 2023       2024         2023    
    Results of Operations                                      
    Net interest income (a) $ 6,988       $ 6,811       $ 6,154       $ 27,204       $ 26,745    
    Less: tax-equivalent adjustment   19         21         95         79         417    
      Net interest income (GAAP)   6,969         6,790         6,059         27,125         26,328    
    Noninterest income   845         846         (5,429 )       3,474         (2,981 )  
      Total revenue   7,814         7,636         630         30,599         23,347    
    Provision for credit losses   (48 )       (127 )       326         36         135    
    Noninterest expense   5,472         5,500         5,803         22,166         22,594    
    Income tax expense (benefit)   830         531         (1,514 )       2,000         (777 )  
    Net earnings (loss) $ 1,560       $ 1,732       $ (3,985 )     $ 6,397       $ 1,395    
                                                 
    Per share data:                                      
    Basic and diluted net earnings (loss): $ 0.45       $ 0.50       $ (1.14 )     $ 1.83       $ 0.40    
    Cash dividends declared $ 0.27       $ 0.27       $ 0.27       $ 1.08       $ 1.08    
    Weighted average shares outstanding:   3,493,699         3,493,699         3,493,614         3,493,690         3,498,030    
    Shares outstanding, at period end   3,493,699         3,493,699         3,493,614         3,493,699         3,493,614    
    Book value $ 22.41       $ 24.14       $ 21.90       $ 22.41       $ 21.90    
    Common stock price:                                      
      High $ 24.57       $ 24.35       $ 21.99       $ 24.57       $ 24.50    
      Low   20.06         17.50         19.72         16.63         18.80    
      Period-end $ 23.49       $ 22.90       $ 21.28       $ 23.49       $ 21.28    
        To earnings ratio (c)   12.77   x     91.60   x     53.20   x     12.84   x     53.20   x
        To book value   105   %     95   %     97   %     105   %     97   %
    Performance ratios:                                      
    Return on average equity (annualized):   7.49   %     9.10   %     (26.40 ) %     8.21   %     2.05   %
    Return on average assets (annualized):   0.63   %     0.71   %     (1.56 ) %     0.65   %     0.14   %
    Dividend payout ratio   60.00   %     54.00   %     (23.68 ) %     59.02   %     270.00   %
    Other financial data:                                      
    Net interest margin (a)   3.09   %     3.05   %     2.65   %     3.06   %     2.89   %
    Effective income tax rate   34.73   %     23.46   %     (27.53 ) %     23.82   %     (125.73 ) %
    Efficiency ratio (b)   69.86   %     71.83   %     800.41   %     72.25   %     95.08   %
    Asset Quality:                                      
    Nonperforming assets:                                      
      Nonperforming (nonaccrual) loans $ 503       $ 775       $ 911       $ 503       $ 911    
        Total nonperforming assets $ 503       $ 775       $ 911       $ 503       $ 911    
                                                 
    Net (recoveries) charge-offs $ (16 )     $ 60       $ 173       $ (14 )     $ 46    
    Allowance for credit losses as a % of:                                      
      Loans   1.22   %     1.22   %     1.23   %     1.22   %     1.23   %
      Nonperforming loans   1,366   %     887   %     753   %     1,366   %     753   %
    Nonperforming assets as a % of:                                      
      Loans and other real estate owned   0.09   %     0.14   %     0.16   %     0.09   %     0.16   %
      Total assets   0.05   %     0.08   %     0.09   %     0.05   %     0.09   %
    Nonperforming loans as a % of total loans   0.09   %     0.14   %     0.16   %     0.09   %     0.16   %
    Net (recoveries) charge-offs                                      
    as a % of average loans   (0.01 ) %     0.04   %     0.13   %     —   %     0.01   %
                                                 
    Selected average balances:                                      
    Securities $ 255,168       $ 251,723       $ 354,065       $ 258,155       $ 387,488    
    Loans, net of unearned income   567,634         571,651         550,938         568,378         523,838    
    Total assets   991,275         982,656         1,020,476         982,268         1,021,808    
    Total deposits   904,605         904,860         953,674         902,429         946,791    
    Total stockholders’ equity   83,325         76,113         60,372         77,921         68,066    
    Selected period end balances:                                      
    Securities $ 243,012       $ 258,285       $ 270,910       $ 243,012       $ 270,910    
    Loans, net of unearned income   564,017         565,699         557,294         564,017         557,294    
    Allowance for credit losses   6,871         6,876         6,863         6,871         6,863    
    Total assets   977,324         990,143         975,255         977,324         975,255    
    Total deposits   895,824         901,724         896,243         895,824         896,243    
    Total stockholders’ equity   78,292         84,336         76,507         78,292         76,507    
                                                 
    (a) Tax equivalent. See “Explanation of Certain Unaudited Non-GAAP Financial Measures” and “Reconciliation of  
      GAAP to non-GAAP Measures (unaudited).”  
    (b) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and tax-equivalent  
      net interest income. See “Reconciliation of GAAP to non-GAAP Measures (unaudited)” below.  
    (c) Calculated by dividing period end share price by earnings per share for the previous four quarters.  
    Reconciliation of GAAP to non-GAAP Measures (unaudited):  
                               
          Quarter ended December 31,     Years ended December 31,  
    (Dollars in thousands, except per share amounts)   2023     2022     2023     2022  
    Net interest income, as reported (GAAP) $ 6,059   $ 7,471   $ 26,328   $ 27,166  
    Tax-equivalent adjustment   95     117     417     456  
    Net interest income (tax-equivalent) $ 6,154   $ 7,588   $ 26,745   $ 27,622  
                               

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