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  • MIL-OSI Submissions: DRC – Humanitarian catastrophe unfolds in North and South Kivu as violence escalates: INGOs call for immediate action

    Source: Physicians for Human Rights (PHR)

    29 Jan 2025 – Press release from the International NGO Forum in the Democratic Republic of Congo

    International Non-Governmental Organizations (INGOs) operating in the Democratic Republic of Congo (DRC) express their grave concern over consequences of ongoing combats in the city of Goma since Sunday, marked by the deployment of M23/AFC supported by Rwanda Defense Forces, and the rapidly deteriorating humanitarian situation in North and South Kivu.

    Despite the challenges and forced sheltering in place of their staff, ready to provide urgently needed support, humanitarian NGOs remain committed to staying and delivering aid in North and South Kivu.

    Escalating fighting in and around Goma has engulfed densely populated areas, placing tens of thousands of civilians in immediate danger and direct harm. Active hostilities, including heavy artillery and small arms fire, have been reported in and around Goma’s outskirts. Relentless bombing and shelling have been heard in all neighborhoods, heightening fear among the local population and displaced communities alike.

    Multiple humanitarian compounds, including NGO offices, health centers, and warehouses, have been directly impacted by the fighting. Several humanitarian organizations have had their compounds shelled and entered by combatants. Military positions have been placed near humanitarian offices, including downtown areas. Several humanitarian facilities storing essential resources to support the population have been looted. Looting and shell impacts have further diminished aid stocks, hampering future service delivery. Essential civilian infrastructures, such as healthcare facilities, schools, and markets, are also attacked or under threat. All must be protected, as well as humanitarian workers, in accordance with international humanitarian law.

    In the three weeks leading to ongoing battle in Goma, intensifying conflict between the M23/AFC, the Congolese army and their allies had already displaced 400,000 new people, adding to the 4.6 million people already uprooted by years of violence in eastern DRC. Protection issues, including attacks on civilians, sexual violence, and human rights violations, have reached epidemic levels.

    In Goma and surroundings, the situation has reached a breaking point. The city, a vital hub for over 2 million people, including 696,650 internally displaced persons (IDPs), had already seen 30,000 additional displaced people arrive between January 6 and 22, with many more unaccounted for. While the situation in Goma is extremely tense, with INGOs forced to halt operations due to insecurity, organizations are preparing to respond to the growing humanitarian needs, despite already overstretched resources .

    Ongoing hostilities are forcing many families to abandon camps due to insecurity and regroup in the city or other overcrowded sites, further worsening their already precarious living conditions, with no safe space to go. Repeated attacks on critical infrastructure, including electrical grids, increasingly paralyze water supply systems, leaving the city without access to safe drinking water.

    As a central hub for humanitarian operations in the region, Goma plays a vital role in coordinating and delivering assistance across North and South Kivu and most of Eastern DRC. The ongoing conflict could have catastrophic consequences, overwhelming already strained resources, disrupting aid delivery, and jeopardizing the entire humanitarian response in the province.

    “Immediate diplomatic action is urgently needed. All parties to the conflict must uphold their obligations under international law to protect civilians from harm, ensuring their freedom of movements, and protection of humanitarian workers”, says Luc Lamprière, Director of DRC INGO Forum.”Humanitarians are there and ready. Safe and unhindered humanitarian access to deliver life-saving assistance must be an absolute priority to mitigate further deterioration of the crisis”, he adds.

    Gunfire near Goma Airport and overall security situation in other areas has led to the suspension of all flights, including humanitarian, further limiting the movement of humanitarian workers and relief supplies. Internet access is also severely impacted and often interrupted. In North and South Kivu, humanitarian access is now severely restricted due to widespread violence and insecurity, which have rendered many key routes impassable. Roads to critical areas such as Lubero are blocked by ongoing clashes and the presence of armed groups, cutting off vital aid supplies and leaving thousands without assistance.

    In Minova, South Kivu, since M23 took control of the city on January 21, stocks of essential medicines are rapidly depleting. While healthcare partners do their utmost to continue to provide critical services where possible, despite heavy artillery risks and proximity to frontline clashes, humanitarian access has been completely cut off. The delivery of essential goods such as food and medicines is close to impossible, and civilians are trapped without safe options for evacuation.

    Humanitarian organizations urgently call on all parties to the conflict to agree to the establishment of safe access to enable the resupply of critical medical and humanitarian supplies, safe civilian movement, and the rotation of humanitarian staff. Specifically, access in and out of Goma, and between Minova and Bukavu, must be prioritized to ensure life-saving assistance reaches affected populations.

    Donors must be prepared to mobilize humanitarian funding to address the immediate needs of affected populations and to support their long-term resilience. This includes providing food, shelter, water, healthcare, and protection services. The international community must act swiftly to prevent further suffering and ensure that the humanitarian response can meet the escalating needs.

    For further information on this communication, please contact: representante-goma@forumongirdc.org

    The INGO Forum in DRC is an independent body of over 124 international non-governmental organizations (INGOs). Forum members cover all the country’s provinces and work in all humanitarian, development, and peace-building sectors. Most INGOs members of the Forum have an active presence in Eastern DRC, including the provinces of North and South Kivu.

    MIL OSI – Submitted News –

  • MIL-OSI Security: Youngsville Man Sentenced for Possession of Materials Involving Sexual Exploitation of Minors

    Source: Office of United States Attorneys

    NEW ORLEANS, LA – U.S. Attorney Duane A. Evans announced that COY DAVID MILLER (“MILLER”), age 49, of Youngsville, LA, was sentenced on January 15, 2025, for Possession of Materials Involving the Sexual Exploitation of Minors, in violation of Title 18, United States Code, Sections 2252(a)(4)(B) and (b)(2). 

    According to court documents, on October 17, 2023, MILLER was searched by U.S. Customs and Border Protection and special agents with the U.S. Department of Homeland Security, Homeland Security Investigations, at the Louis Armstrong International Airport upon his return from Cancun, Mexico.  Federal agents found MILLER in possession of images and videos of pre-pubescent child pornography.

    Senior United States District Judge Ivan L.R. Lemelle sentenced MILLER to 46 months imprisonment, 10 years of supervised released, a $10,000 fine and registration as a sex offender.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice.  Led by United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims.  For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    The U.S. Attorney’s Office would also like to acknowledge the assistance of the U.S. Department of Homeland Security, Homeland Security Investigations, and the U.S. Customs and Border Protection.  The prosecution of this case is being handled by Assistant U.S. Attorney Brian M. Klebba, Chief of the Financial Crimes Unit.

    MIL Security OSI –

  • MIL-OSI Security: Missouri Man Sentenced to 14 Years in Prison for Trying to Persuade Minors to Engage in Sex Acts Online

    Source: Office of United States Attorneys

    ST. LOUIS – U.S. District Judge Henry E. Autrey on Wednesday sentenced a man who tried to persuade minors into engaging in sex acts online to 14 years in prison.

    Judge Autrey also ordered Jason Michael Enke to pay a special assessment of $5,300 that will go to victims of child sexual abuse material. Once released from prison, he will be on supervised release for life.

    From August to October of 2023, Enke sent a series of sexually explicit messages during online chat sessions and via social media to five people who identified themselves online as minors. He tried to persuade the minors to engage in sexual conduct and shared a video of himself and a 16-year-old engaging in sex acts.

    In November of 2023, the National Center for Missing and Exploited Children (NCMEC) notified the FBI’s St. Louis office that Enke had sent a video containing child pornography to an Instagram user who listed their age as 15. FBI agents performed a court-approved search of Enke’s home near Bourbon, Missouri and found videos containing child sexual abuse material on his electronic devices.

    “We thank the National Center for Missing and Exploited Children for sharing tips in this case and others,” said Acting Special Agent in Charge Chris Crocker of the FBI St. Louis Division. “As a result, FBI St. Louis, the Crawford County Sheriff’s Office and the U.S. Attorney’s Office for the Eastern District of Missouri have taken another predator off the streets so he can no longer prey on children.”

    Enke, 45, of Crawford County, Missouri, pleaded guilty in U.S. District Court in St. Louis to one count of receipt of child pornography, one count of distribution of child pornography and one count of coercion and enticement of a minor.

    The FBI and the Crawford County Sheriff’s Office investigated the case. Assistant U.S. Attorney Jillian Anderson prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department of Justice Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI Economics: E-commerce work programme focuses on bridging the digital divide

    Source: World Trade Organization

    A key theme among the discussions was the need for increased investment in digital infrastructure and capacity building, and for the establishment of regulatory frameworks related to e-commerce. Members highlighted the challenges facing developing economies and least developed countries, such as limited broadband connectivity, digital skills gaps and outdated legislation.

    Members stressed the need for resilient information and communications technology (ICT) and payment systems that enable e-commerce transactions. Members also underscored the importance of digital rules, such as the Information Technology Agreement and the e-commerce moratorium, in facilitating international investment and digital connectivity.

    The role of the WTO was identified as crucial in providing opportunities for discussions and collaboration among members and external stakeholders. Members proposed organizing dedicated matchmaking sessions to connect developing economies and LDCs with available support. Additionally, members expressed interest in partnering with other international organizations such as the Organisation for Economic Cooperation and Development, International Trade Centre and the International Telecommunication Union to provide technical assistance and capacity-building programmes.

    Members also saw value in organizing regional peer-to-peer learning events and thematic workshops involving external stakeholders as part of the work programme on the digital divide.  

    Members shared information on national efforts to close the digital divide. Initiatives include support for regional studies on the digital economy, and online systems to reduce business operational costs and to foster inclusive digital ecosystems. Other examples include programmes focused on developing digital skills and digital infrastructure, efforts to expand internet access in underserved regions, promoting secure internet access and digital literacy, improving internet and mobile networks, and developing digital literacy and skills among women and vulnerable groups.

    Ambassador Richard Brown of Jamaica, the facilitator of the e-commerce work programme, said: “The matter of availability and access to digital infrastructure is very necessary, but not sufficient, to create the fundamental conditions for e-commerce to grow. We know there are other factors that we need to contemplate in that conversation.” The next dedicated discussion on 17 February will address the legal and regulatory frameworks needed, with a focus on consumer protection, privacy and data protection, as well as cyber security, he noted.

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    MIL OSI Economics –

  • MIL-OSI Security: Drug Trafficker Pleads Guilty to Possessing a Massive Amount of Methamphetamine

    Source: Office of United States Attorneys

    ATLANTA – Gilberto Contreras has pleaded guilty to possessing with intent to distribute nearly 1,000 pounds of methamphetamine. 

    “Contreras distributed massive quantities of dangerous drugs that posed a significant threat to the health and safety of our communities,” said Acting U.S. Attorney Richard S. Moultrie, Jr.  “Our office is grateful for the diligent work of our federal and local law enforcement partners who work tirelessly to remove these poisons from our streets and to hold accountable those who peddle them.”

    “This case represents the continued commitment of the DEA to identify and hold accountable those who engage in the distribution of dangerous drugs, such as methamphetamine,” said Jae Chung, Acting Special Agent in Charge of the DEA Atlanta Division.

    According to Acting U.S. Attorney Moultrie, the charges and other information presented in court: On July 2, 2024, DEA special agents received information about a local methamphetamine trafficker with multiple kilograms of methamphetamine for sale.  The investigation led agents to a parking lot in Clayton County, Georgia, where the agents encountered Contreras.  Law enforcement stopped Contreras’s vehicle a short time later and located a black trash bag containing approximately 44 pounds of methamphetamine.  Agents then searched Contreras’s residence and backyard in Ellenwood, Georgia and located approximately 915 pounds of methamphetamine and $40,000 in cash.

    Gilberto Contreras, 54, of Ellenwood, Georgia, is scheduled to be sentenced on May 13, 2025, at 2:00 p.m. before U.S. District Judge Thomas W. Thrash, Jr.

    This case is being investigated by the Drug Enforcement Administration with valuable assistance provided by the Clayton County Police Department.

    Assistant U.S. Attorney Dwayne A. Brown, Jr. is prosecuting the case.

    The U.S. Attorney’s Office in Atlanta recommends parents and children learn about the dangers of drugs at the following web site: www.justthinktwice.gov.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016.  The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI Security: Defendant Extradited To Face Charges Related To International Bank Fraud And Money Laundering Ring That Caused Over $60 Million In Losses

    Source: Office of United States Attorneys

    Members of the Charged Conspiracy Opened Bank Accounts for Over 1,000 Fake Businesses to Receive and Launder the Proceeds of Fraudulent Schemes, Causing Actual Losses of Over $60 Million and Intended Losses of Over $150 Million

    Danielle R. Sassoon, the United States Attorney for the Southern District of New York, and Patrick J. Freaney, the Special Agent in Charge of the New York Field Office of the United States Secret Service (“USSS”), announced today that ERICK JASON VICTORIA-BRTIO was extradited from the Dominican Republic and will appear in a federal courtroom in Manhattan later today.  VICTORIA-BRITO is charged in a two-count Indictment with conspiring to commit bank fraud and money laundering from December 2017 through November 2022.  In connection with the scheme, VICTORIA-BRITO and other members of the charged conspiracy registered over 1,000 fake businesses, used those fake businesses to open bank accounts to receive money stolen through business e-mail compromise schemes, and then laundered that money.  Members of the conspiracy caused over $60 million in actual losses and attempted to steal over $150 million.

    U.S. Attorney Danielle R. Sassoon said: “As we allege, Erick Jason Victoria-Brito and his co-conspirators ran an international bank fraud and money laundering scheme designed to help carry out business email compromise scams. These scams cause significant harm to businesses, nonprofits, and even local governments.  As the successful extradition of Erick Jason Victoria-Brito shows, this Office and our partners will not rest until every individual responsible is held accountable.” 

    USSS Special Agent in Charge Patrick J. Freaney said: “This alleged scheme rained down financial ruin upon unwitting businesses and individuals. While the suspects operated with impunity across the nation and beyond, the U.S. Secret Service and its partners remained steadfast in building a strong case — no matter where the evidence took them. I commend the investigators and prosecutors for their commitment to  disrupting this type of insidious fraud on behalf of all those victimized by it.”

    As alleged in the Indictment, Superseding Indictments, and court filings:[1]

    From at least December 2017 through at least November 2022, a group of individuals perpetrated a massive, international bank-fraud and money-laundering scheme (the “Fraud and Money Laundering Scheme”) designed to obtain and launder the proceeds of business e-mail compromise schemes.  In a business email compromise scheme, a scheme member fraudulently induces a company or individual to send money to a bank account controlled by that scheme member or the scheme member’s compatriots. 

    The Fraud and Money Laundering Scheme operated across borders and preyed on businesses large and small. Between 2020 and 2021 alone, participants in the scheme stole tens of millions of dollars, targeting victims that included a major American sports organization, a publicly traded healthcare company, and a prominent international nonprofit organization, along with multiple city governments, law firms, construction companies, and investment funds. Participants in the Fraud and Money Laundering Scheme registered over 1,000 fake businesses, then used those businesses to open bank accounts. Those bank accounts then received the proceeds of business email compromise schemes. Once the stolen funds reached those fraudulent bank accounts, participants in the Fraud and Money Laundering Scheme worked quickly to take advantage of the international banking system by either withdrawing the money or helping to launder it by wiring it to overseas banks, thereby preventing victims from recouping their losses. The co-conspirators accomplished that primarily by wiring stolen money to banks in China, outside the reach of American banks. During the course of the charged conduct, members of the conspiracy participated in inflicting over $60 million in actual losses and attempted to inflict losses of over $150 million.

    *                *                *

    VICTORIA-BRITO, 30, of Hollywood, Florida, is charged with one count of conspiracy to commit bank fraud, which carries a maximum sentence of 30 years in prison, and one count of conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison.

    The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.

    Ms. Sassoon praised the outstanding investigative work of the New York City Police Department, USSS, U.S. Postal Inspection Service, and Homeland Security Investigations.  Ms. Sassoon further thanked the U.S. Treasury Inspector General for Tax Administration, the Federal Bureau of Investigation, and Internal Revenue Service-Criminal Investigations for their assistance.

    This case is being handled by the Office’s General Crimes Unit.  Assistant U.S. Attorneys Thomas S. Burnett and Amanda C. Weingarten are in charge of the prosecution.

    The charges contained in the Indictment and Superseding Indictments are merely accusations, and the defendants are presumed innocent unless and until proven guilty.
     

    [1] As the introductory phrase signifies, the entirety of the text of the Indictment and Superseding Indictment, and the description of the Indictment and Superseding Indictment set forth herein, constitute only allegations, and every fact described herein should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI: 2024 Q4 Revenue

    Source: GlobeNewswire (MIL-OSI)

    • €994.6 million in total revenue for 2024, down -5.9%, reflecting the Group’s strategic orientations
      • Prioritizing margins over revenue growth
      • Managed decrease in the most mature markets
      • Focus on the Group’s profitable growth drivers, primarily in Germany and in Energy activities
    • Q4: €251.8 million in revenue, down -12.4%
      • Q4 2023 comparison basis particularly high
      • Impact of selectivity measures implemented in Q2 in the telecom sector in France and Spain
      • Fiber activity in Belgium remains low as negotiations continue between telco service providers seeking to pool their investments.
      • Strong growth in Germany, the group’s future third pillar: +51%
      • Strong growth in Energy activities: +30%
    • 2024 full-year margin outlook confirmed
      • Improvement of the Group’s adjusted EBITDA margin
      • Increase in adjusted EBITDA despite the revenue decline, demonstrating the relevance of the Group’s reinforced selectivity strategy
      12 months Q4
    In millions of euros (unaudited) 2024 2023 % change 2024 2023 % change
    Group 994.6 1,057.0         -5.9% 251.8 287.3         -12.4%
    Benelux 371.6 381.6         -2.6% 92.7 112.0         -17.2%
    France 360.6 403.3         -10.6% 90.5 105.6         -14.3%
    Other Countries 262.4 272.1         -3.6% 68.6 69.7         -1.6%

    Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “As previously announced, Solutions30’s 2024 revenue trends reflect the Group’s strategic priorities, with a stronger focus on margins over revenue growth in a mixed market environment. In the fourth quarter, we continued to selectively scale back our revenue in our most mature segments, particularly in telecoms in France and Spain, in order to enhance operating margins. Meanwhile, fiber activity in Belgium remained temporarily subdued due to ongoing negotiations between service providers. At the same time, our key growth drivers – primarily Germany and energy transition-related services – continued to expand. Notably, energy services now represent nearly 20% of our fourth-quarter revenue. We confirm our objective of increasing the Group’s adjusted EBITDA for the full year 2024, despite the revenue decrease. This demonstrates our ability to significantly improve operating margins and highlights the effectiveness of our selectivity strategy in the market environment we faced in 2024.”

    Consolidated revenue

    In 2024, Solutions30’s consolidated revenue stood at €994.6 million, down -5.9% compared to 2023. This includes an organic contraction of -6.5%, a +0.2% impact from acquisitions, and a +0.4% favorable exchange rate effect.

    It also reflects the Group’s strategic objectives, as outlined during the Capital Markets Day on September 26, 2024, in a context where Solutions30 operates across markets and business segments at different stages of maturity. The Group has chosen to increasingly prioritize margins over revenue growth, leading to a scaling down in the French and Spanish telecom sectors, where certain contracts no longer met profitability requirements. At the same time, Solutions30 is accelerating the expansion of its profitable growth drivers in Germany and in the energy sector.

    Q4 consolidated revenue stood at €251.8 million, down -12.4% (-12.9% organically) compared to Q4 2023, which represented a particularly high basis for comparison (€287.3 million). Trends in Q4 remained in line with those observed in Q3, with: (i) the impact of selectivity measures implemented in Q2 in the French and Spanish telecom sectors, (ii) continued low levels of activity in Benelux, largely due to ongoing negotiations between Belgian service providers seeking to pool their fiber roll-out investments, and (iii) continued strong momentum in the Group’s key growth drivers: Germany, where fiber deployments are accelerating rapidly, and Energy services, a business the Group is successfully expanding.

    Benelux

    2024 Q4 revenue in Benelux stood at €92.7 million, down -17.2% (-17.6% organically) from a particularly high comparison basis (+61% in Q4 of 2023). Connectivity activities posted revenue of €67.3 million in Q4, down
    -26%. In Belgium, fiber optic deployment remained hindered by ongoing negotiations between telecom service providers seeking to streamline nationwide deployment. These negotiations continued to cause delays in activity for Solutions30, with the impact further amplified in Q4 by the merger of two of its local clients, Proximus and Fiberklaar, which led to discussions on adapting operational processes.

    Revenue from Energy activities reached €16.4 million in Q4, posting a modest 1.8% increase. While the roll-out of smart meters in Flanders has reached a plateau, further roll-outs in Wallonia and growth in network services are expected to drive momentum in the coming quarters. Meanwhile, Energy services in the Netherlands have slowed down due to electrical grid congestion, which is expected to prompt additional infrastructure investments.

    Technology Solutions remained strong, generating €9.0 million in revenue, up +67%, driven by the launch of a new IT support contract.        

    2024 annual revenue in Benelux reached €371.6 million, down slightly by -2.6% (-2.8% organically), after extremely strong growth (+72%) in 2023.

    France

    In France, 2024 Q4 revenue was €90.5 million, down -14.3% on an organic basis. This decrease is primarily attributable to Connectivity activities, which contracted by -38.2% to €45.2 million, following the selectivity measures implemented since the second quarter. As part of its strategic focus on profitability, the Group has significantly reduced its exposure to certain contracts that no longer met its profitability standards, with the impact further amplified by the slowdown in the fiber deployment market observed since the beginning of the year.

    The Group continues to successfully expand its Energy business, which posted strong growth of +54% in the fourth quarter, reaching €26.0 million in revenue, or 29% of the total. Supported by highly favorable structural trends, this segment is gradually establishing itself as a major growth driver for Solutions30, particularly in the photovoltaic sector, where the Group is achieving significant commercial and operational successes, recording a +72% increase in the fourth quarter. Momentum also remains strong in energy network services, which grew by +61% over the period.

    Technology activities sustain a strong momentum, generating €19.3 million in revenue in Q4, up +24%. Following an exceptional surge in business during the 2024 Paris Olympics in Q2, IT support services continued to grow strongly, driven by the expansion of Internet of Things solutions, particularly the installation of smart thermostats.

    Annual revenue for France in 2024 stood at €360.6 million, down -10.6%, including a -11% organic contraction and a +0.4% contribution from recent acquisitions.

    Other Countries

    In Other countries, the group generated €68.6 million in revenue in Q4 2024, down slightly by -1.6%. This includes an organic decline of -3.4% and a positive currency impact of +1.8%, reflecting the appreciation of the zloty and pound sterling against the euro during this period.

    In Germany, Solutions30 is capitalizing on exceptional market momentum, with 2024 Q4 revenue increasing by +51.3% to €24.6 million. Coaxial network services remain strong while fiber growth is picking up speed. Firmly established with the leading national telecom operators, the Group has the organization, expertise, and resources required to play a key role in accelerating roll-outs in the coming quarters.

    Solutions30 has continued to grow in Poland, with +6.4% revenue growth in Q4, reaching €15.1 million. While it has, until now, focused on Connectivity activities in this country, the Group recently won two electric vehicle charging infrastructure contracts with two major players, Ekoenergetyka and Inbalance Grid (see press release dated January 8, 2025).

    In Italy, Q4 revenue totaled €14.5 million. Business has returned to growth, posting a +6.2% increase over the period. However, this growth is offset by the positive impact of 2023 negotiations with the Group’s main Italian client, which was fully accounted for in Q4 2023, despite covering the entire fiscal year. This distorts the comparison, resulting in an apparent -10.6% decline in Q4 2024.

    In Spain, revenue amounted to €7.3 million, down -44.1% due to steps taken in Q2 to reduce the Group’s exposure to the mature telecoms market. The restructuring of the Connectivity business and the refocus on the Energy and Technology activities are ongoing.

    Finally, In the United Kingdom, revenue came in at €7.2 million, down -28.4% compared to Q4 2023. The Group continues to shift its focus toward the fiber and energy services markets, driven by a newly appointed local management team.

    In 2024, annual revenue for Other Countries was €262.4 million, down -3.6%, including a -5.0% organic contraction and a positive exchange rate effect of +1.4%.

    2024 full-year margin outlook confirmed

    For the whole of 2024, Solutions30 confirms its outlook for an improvement in its adjusted EBITDA margin, as well as an increase in adjusted EBITDA in absolute terms, despite the decline in revenue. This demonstrates the effectiveness of the selectivity strategy implemented by the Group in 2024.

     
    Governance

    Today the Supervisory Board appointed Mrs. Paola Bruno as Vice Chair of the Supervisory Board. A valued member of the Supervisory Board since 2023, Paola Bruno will continue to bring her extensive experience in corporate finance and strategy to this leadership role and to Solutions30 organization as a whole.

    Webcast for Investors and Analysts
    Date: Wednesday, January 29, 2025
    6:30 PM (CET) – 5:30 PM (GMT)

    Speakers
    Gianbeppi Fortis, Chief Executive Officer
    Amaury Boilot, Group General Secretary

    Connection Details
    Webcast in French: https://channel.royalcast.com/landingpage/solutions30-fr/20250129_1/

    Upcoming Events

    2024 Earnings Report                                                                                  March 31, 2025

    About Solutions30 SE

    Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1600 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland.
    The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30).
    Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.
    Visit our website for more information: www.solutions30.com.

    Contact

    Individual Shareholders:
    Tel: +33 (0)1 86 86 00 63 – shareholders@solutions30.com

    Analysts/Investors:
    investor.relations@solutions30.com

    Press – Image 7:
    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

    Attachment

    The MIL Network –

  • MIL-OSI: Gallabox raises $3.5M to fuel its mission to democratize AI-driven conversational commerce for SMBs

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Jan. 29, 2025 (GLOBE NEWSWIRE) — Traditional customer communication channels are breaking down, with businesses losing millions in potential revenue through ineffective email, SMS and phone outreach. Gallabox, founded by veterans from India’s leading services marketplace, announced $3.5 million in funding to transform how businesses leverage WhatsApp for marketing and sales.

    The seed round was led by FUSE, with participation from existing investors Prime Venture Partners and Neon Fund. This latest round brings the total raised by Gallabox to $5 million since its inception in 2021.

    Karthik Jagannathan, CEO and co-founder of Gallabox.

    Businesses worldwide, especially in regions where WhatsApp dominates communication, are eager to integrate this high-ROI channel into their growth strategies. While large enterprises could afford to build custom WhatsApp automation solutions to nurture conversations and convert them to closed deals, small and mid-sized  businesses were left managing conversations manually, leading to significant revenue leakages and lost opportunities.

    Unlike traditional communication tools that offer fragmented solutions, Gallabox provides an end-to-end platform for WhatsApp automation. The platform’s no-code approach enables businesses to create AI chatbots for lead qualification, deploy drip marketing campaigns, and manage team collaboration through shared inboxes. From broadcast messaging and automated appointment booking to personalized service recommendations, Gallabox helps businesses automate every stage of their customer interaction funnel.

    Gallabox enables businesses to use WhatsApp for a wide range of purposes

    Founded by Karthik Jagannathan, Yogesh Narayanan, and Yathin Panchanathan, Gallabox emerged from their firsthand experience of working with thousands of SMBs struggling with customer communication and scaling growth—despite investing heavily in lead-generating resources, which have largely been manual. 

    “The shift to B2C messaging is undeniable, but most businesses lack the tools to capitalize on it,” said Karthik Jagannathan, CEO and co-founder of Gallabox. “Typically, SMBs spend enormous amounts of time and effort in building pipelines, which are often disjointed and not scalable. Our platform enables any business, regardless of their technical expertise or budget, to deploy sophisticated AI agents on WhatsApp, helping them convert every conversation into a business opportunity… within minutes.”

    The company’s trajectory validates its approach. Starting in Chennai, India’s unofficial SaaS capital, Gallabox acquired its first 100 customers outside their network within 100 days of launch. So far, the platform has served over 10,000 businesses across 45 countries, with strong traction in service-oriented sectors including education, healthcare/wellness, real estate, and travel. 

    Through Gallabox, businesses can offer a chatbot to support their customers.

    “The world is standardizing on WhatsApp as the modern communication and engagement platform. Gallabox enables companies to meet their customers exactly where they are — with a holistic marketing, sales, and commerce suite on top of WhatsApp. Thrilled to partner with Karthik, Yogesh, Yathindhar, and the entire Gallabox team as they shape the future of business-to-customer communication,” said Kellan Carter, Founding Partner at FUSE. 

    The company has established dedicated teams in the Middle East, Latin America and the US to support its rapid international expansion in markets where WhatsApp is the dominant channel for business communication.

    “Karthik, Yogesh, and Yathin have proven to be an exceptional team throughout the two years we have worked together. Their relentless focus on execution and great product made it an easy decision for us to double down on our commitment,” said Sanjay Swamy, Managing Partner, Prime Venture Partners. “Gallabox’s outstanding product allows SMBs to effortlessly create and deploy AI agents and workflows that automate customer engagement, enabling business owners to concentrate on their core operations.”

    The platform’s impact is evident across sectors. Educational institutions use Gallabox to automate their entire admission process, healthcare providers streamline appointment management, and real estate agencies automate property inquiries and viewing schedules. The platform’s AI agents handle routine interactions while enabling human teams to focus on high-value conversations.

    Looking ahead, Gallabox is evolving beyond pure WhatsApp automation to become a comprehensive AI Sales and Marketing agent platform for SMBs on multiple messaging channels. The company is developing advanced capabilities that will enable businesses to train AI agents through natural language instructions, handling complex tasks from lead qualification to prospect engagement to service delivery.

    Gallabox plans to use the funding to strengthen its product capabilities and expand its geographic footprint. The company’s vision is to redefine how businesses engage with customers, making enterprise-grade AI automation accessible to companies of all sizes.

    Ends

    Media images can be found here.
      
    About Gallabox
    Gallabox is a no-code conversational platform on a mission to democratize AI for small and medium-sized businesses worldwide. With offices in California, Dubai, and India, Gallabox is transforming the sales and marketing playbooks of thousands of companies, helping them achieve faster growth than ever before. 

    About FUSE
    FUSE is an early-stage software focused venture capital firm, currently investing out of their second fund of $255M.

    About Prime Venture Partners
    Prime Venture Partners is one of India’s leading early-stage venture capital firms (primevp.in) based in Bangalore, led by Sanjay Swamy, Shripati Acharya, and Amit Somani. Founded in 2012 with the goal of bringing Silicon Valley-style professionalism to venture investing and building world-class companies from India, PrimeVP is often the first institutional investor in category-defining tech startups. Its major investments span sectors including FinTech, Enterprise SaaS, Consumer Internet, EdTech, Healthcare, Logistics, IoT, and EVs, among others.

    The MIL Network –

  • MIL-OSI Security: Criminal Complaint Charges Baltimore City Man with Sexual Exploitation of a Child and Receipt of Child Sexual Abuse Material

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

    Baltimore, Maryland – Today, the U.S. Attorney’s Office for the District of Maryland filed a federal criminal complaint charging Dazhon Darien, 32, of Baltimore, with sexual exploitation of a child and receiving child sexual abuse material.

    Erek L. Barron, U.S. Attorney for the District of Maryland, announced the complaint with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation, Baltimore Field Office, and Chief Robert McCullough, Baltimore County Police Department. 

    According to the affidavit in support of the criminal complaint, investigators obtained search warrants for Darien’s phones and online accounts which contained child sexual abuse material.  Additionally, the affidavit further describes how Darien used CashApp to pay a minor victim to send videos of himself engaged in sexually explicit conduct.  Darien paid the victim for the videos between December 2023 and March 2024.  The affidavit also shows that Darien received other child-sexual-abuse-material files, including some that depicted prepubescent minors.

    A criminal complaint is not a finding of guilt.  An individual charged by a criminal complaint is presumed innocent until proven guilty at a later criminal proceeding.

    If convicted, Darien faces a mandatory minimum sentence of 15 years or a maximum sentence of 30 years in federal prison for sexual exploitation of a child. Additionally, Darien could receive a mandatory minimum sentence of five years or a maximum of 20 years in federal prison for receipt of child sexual abuse material.  Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after taking into account the U.S. Sentencing Guidelines and other statutory factors.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse.  Led by the United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims.

    U.S. Attorney Barron commended the Baltimore FBI Field Office and the Baltimore County Police Department for their work in the investigation.  Mr. Barron also thanked Assistant U.S. Attorneys Christine Goo and Paul E. Budlow who are prosecuting the federal case.

    For more information about Project Safe Childhood, please visit www.justice.gov/psc. Click the “Resources” tab on the left of the page for more information about Internet safety education.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI: WISeArt’s Exclusive Reveal of Yan Balestra’s Anvil Wonderland to be Held at WISeKEY’s Geneva Headquarters from January 30 to February 2

    Source: GlobeNewswire (MIL-OSI)

    FOR IMMEDIATE RELEASE

    WISeArt’s Exclusive Reveal of Yan Balestra’s Anvil Wonderland to be Held at WISeKEY’s Geneva Headquarters from January 30 to February 2

    Geneva, Switzerland January 29, 2025: WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, AI, Blockchain, and IoT operating as a holding company, today announced that its WISe.Art subsidiary is offering collectors and art enthusiasts an array of diverse projects during ArtGeneve, the iconic annual contemporary art fair to be held from January 30 to February 2, 2025. In this vibrant atmosphere, the various projects will give art aficionados a glimpse into Yan’s unique Neo-Pop vision, blending fine art, digital storytelling, and pop culture nostalgia, a true insight on augmented reality with artists selected by Espace L as well as a world première which will revolutionise the music industry using AI to the advantage of human musicians.

    Anvil Wonderland: As the whimsical and the bold ooze with creativity, Anvil Wonderland invites audiences into a dynamic and colourful world where classical animation meets contemporary art. Inspired by the iconic cartoon trope of falling anvils, the piece transforms this playful chaos into a modern-day tribute to resilience.

    The 60 x 80 cm acrylic on canvas piece features striking colours of pure blue, red, yellow, black, and white showcasing Yonel, the mischievous central figure of Yan’s artistic universe, captured mid-leap in a vibrant and daring composition. Accompanying the physical piece is an exclusive NFT animation: a 9-second loop that brings Yonel to life, diving into the unknown with his signature energy and spirit. The package will be released for sale to the public simultaneously live at the WISeKEY’s headquarters and online via the WISe.ART platform.

    This unique combination of physical and digital artistry provides collectors with a phygital experience that seamlessly bridges the worlds of traditional fine art and cutting-edge innovation.

    About Yan Balestra: Yan Balestra is a contemporary artist celebrated for his Neo-Pop aesthetic and ability to combine extreme sports culture, retro-futuristic elements, and bold storytelling. Through Yonel, his artistic alter-ego, Yan invites audiences to reconnect with their inner child and embrace the joy of exploration and imagination. His work serves as a bridge between playful nostalgia and the forward momentum of contemporary art.
    https://www.instagram.com/yanbalestra/?hl=en
    https://platform.wise.art/author/yan/

    About SpinDreams: Hydroelectric transmutations in the Swiss landscape by River Oracle, Lea Sblandano, Nacoca Ko, Paulo Wirz, Ricardo Meli, Paul Fritz, Antoine Félix Bürcher, Hugo Landlade and Jan Steenman. The project was initiated in 2022 to bridge the fluidity of analog and digital reality questioning dreamlike realities and newer technologies, nature’s resources feeding human energies. The art pieces act as semiotic talismans, focal points that draw awareness to the ceaseless metamorphic interplay between the tangible and the virtual.

    About Espace_L: Inaugurated in 2011, Espace_L is rapidly becoming the reference in Geneva for contemporary art. The gallery interacts in distinct sectors by presenting internationally recognized artists and by orchestrating art meetings, to raise awareness and question current art movements questioning technology and the philosophy of art.

    About “20 Song” by Soren Sorenson aka Dorian Gray: Dorian Gray’s approach is, above all, exploratory, a way to understand how AI can enrich the creative process and open new avenues of expression. “20-version song” is a manifesto for augmented musical creation, where artificial intelligence becomes an ally, not a substitute for humans. The project does not stop there: it invites the public to participate in the experience, navigate this sound labyrinth, discover the 20 interpretations, and choose their favorite by voting directly on the site, a democratic approach that gives a playful and participatory dimension to this unique musical exploration.

    About The Good Token Society: In the dynamic landscape of Web3, the need for support, federation, promotion and representation has never been more pressing. The Good Token Society is a hub for sustainable, global technology development, a base for initiatives focusing on the confluence of impact, technology, and finance. A collective of innovators, entrepreneurs, and thought leaders passionate about the intersection of technologies and impact. We must shift from reactive to proactive and being prepared for the future. Despite facing challenges, blockchain players persist in enhancing capabilities. We are transitioning from theoretical experimentation to tangible business solutions.

    The Event: Yan Balestra’s opening exhibition will take place at WISeKEY headquarters, 58 Avenue Louis Casaï in Geneva, Switzerland on January 29, from 4 to 9 pm, by appointment offering an intimate opportunity for collectors, curators, and art enthusiasts to explore Yan Balestra’s latest creation. While the event is not officially affiliated with ArtGeneve, it takes advantage of the vibrant energy surrounding the city’s most prestigious art week, providing a compelling space for attendees to discover Yan’s unique artistic narrative.

    SpinDream will be on show at the Espace_L booth at ArtGeneve and 20 Song will go live on the air simultaneously.

    Sales Details: The NFTs attached to all these various projects will be available for purchase with Crypto Currencies or Credit Card payment on WISe.ART, WISeKEY’s innovative platform for fine art and digital NFTs. This unique phygital piece offers collectors a rare opportunity to own a one-of-a-kind work of art that bridges the worlds of nostalgia, creativity, and cutting-edge digital innovation.

    About WISe.ART: WISe.ART, powered by WISeKEY, combines blockchain technology with the fine art world to create a secure and innovative space for artists and collectors. It is a cutting-edge platform designed to bring physical and digital art into a new era of authenticity and accessibility.

    About WISeKEY:

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

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

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact:  Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US)
    Contact: The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com    		 WISe.ART
    Contact: Sixtine Crutchfield
    Art Director
    Tel: +41764406563
    scrutchfield@wisekey.com

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

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

    The MIL Network –

  • MIL-OSI: KraneShares Confirms New Caps of 20% and 40% For KWEB Buffer Strategies KPRO & KBUF, Respectively

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Today, Krane Funds Advisors, LLC (“KraneShares”), an asset management firm known for its global exchange-traded funds (ETFs) announced new Caps, Buffer periods, and name changes for the KPRO and KBUF 100% and 90% Buffer ETFs. KPRO is now the KraneShares 100% KWEB Defined Outcome January 2027 ETF (Ticker: KPRO), formerly Defined Outcome January 2026, and KBUF is now the KraneShares 90% KWEB Defined Outcome January 2027 ETF (Ticker: KBUF), also formerly Defined Outcome January 2026.

    These ETFs are designed to provide investors with the opportunity over a limited period (the “Outcome Period”) to benefit up to a certain extent (the “Cap”) from increases in the total return of the KraneShares CSI China Internet ETF (Ticker: KWEB) with a defined level of protection (the “Buffer”). The current Outcome Period for the Funds is from January 27, 2025 to January 22, 2027.

    The new performance Cap for KPRO over the Outcome Period will be 20.01% and the new Cap for KBUF will be 40.01%. The new Caps stem from a decision earlier this month to extend the Outcome Period for both Funds due to strong China Internet momentum.

    The Funds will retain the same buffers of 100% and 90%, respectively, based on KWEB’s price on January 25, 2025.

    “KWEB has exceeded performance expectations since KPRO and KBUF were launched in February 2024,” said Jonathan Shelon, KraneShares COO. “We believe that resetting the downside protection and increasing the upside potential by extending the outcome period, is a benefit to existing and new investors. We are extremely pleased with the results of these strategies and are excited to introduce these enhancements.”

    KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. The caps and buffers mentioned above do not reflect the effect of fees and assume the Funds are held from launch to the end of the outcome period (2 years). For more information regarding whether an investment in the Funds is right for you, please read each Fund’s prospectus, including “Investor Suitability Considerations.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Uncorrelated Assets. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/kweb, www.kraneshares.com/kpro and www.kraneshares.com/kbuf. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that any of the Funds will achieve their stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    A-Shares are issued by companies in mainland China and traded on local exchanges. They are available to domestic and certain foreign investors, including QFIs and those participating in Stock Connect Programs like Shanghai-Hong Kong and Shenzhen-Hong Kong. Foreign investments in A-Shares face various regulations and restrictions, including limits on asset repatriation. A-Shares may experience frequent trading halts and illiquidity, which can lead to volatility in the Funds’ share prices and increased trading halt risks. The Chinese economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Funds. U.S.-China tensions raise concerns over tariffs and trade restrictions, which could harm China’s exports and the Funds. China’s regulatory standards are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Funds and leading to unexpected liabilities for foreign investors. Fluctuations in currency of foreign countries may have an adverse effect on domestic currency values.

    KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. An investment in any of the Funds may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the returns realized by the investor may not match those that the Funds seek to provide. The Funds may not fully protect against KWEB losses if their share prices drop during the Outcome Period. Buying or selling shares during this time may affect the Buffer’s availability. Even if KWEB’s value rises, the Buffer won’t guard against any subsequent decrease.

    A new Cap is set at the start of each Outcome Period and depends on current market conditions. Therefore, the Cap may change between Outcome Periods and is unlikely to stay constant. Investors should keep track of Cap changes for each Outcome Period, details of which will be provided according to the process outlined in each Fund’s prospectus. The Funds aim to provide returns subject to a Cap, but there is no guarantee of success. If any Fund’s gains exceed the Cap, that Fund won’t appreciate beyond the Cap and will underperform. Due to the Cap, the Funds may significantly underperform KWEB. Buying shares after the Outcome Period starts may limit gains, exposing investors to potential losses. Selling shares before the Outcome Period ends may result in underperformance.

    The Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Funds’ gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Funds are subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Funds to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative. KPRO and KBUF will use FLEX options from the Options Clearing Corporation (OCC). There’s a risk of the OCC failing to meet its obligations. The Funds may face challenges in less liquid FLEX options markets and have difficulty closing positions at desired times and prices. If the unlikely event the OCC becomes insolvent, the Funds could suffer losses. Failure by market participants to enter into FLEX options transactions that reflect market value could result in losses. Some FLEX options may expire worthless. The value of these options is associated with KWEB and influenced by factors such as market fluctuations and time until expiration.

    KPRO and KBUF are new and do not yet have a significant number of shares outstanding. If the Funds do not grow in size, they will be at greater risk than larger funds of wider bid-ask spreads for their shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. The Funds’ assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Funds are subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KWEB, KPRO and KBUF are non-diversified.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    The MIL Network –

  • MIL-OSI Security: Two Cousins Sentenced for Pandemic-Related Fraud

    Source: Office of United States Attorneys

    ATLANTA – Johnny Narcisse, and his cousin Johnson Dieujuste, have been sentenced to prison for their scheme to defraud the Paycheck Protection Program (“PPP”) and Economic Injury Disaster Loan (“EIDL”) program of more than $2 million. 

    “These defendants brazenly stole funds from programs designed to help individuals and businesses suffering during the COVID-19 pandemic,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “We are grateful to our law enforcement partners for identifying and investigating these individuals which led to their successful prosecution.”

    According to Acting U.S. Attorney Moultrie, Jr., the charges and other information presented in court: In July 2021, federal agents investigating a Florida resident for suspected tax crimes obtained and executed a search warrant for the home, computer and cellular phone of Johnny Narcisse in Georgia. The search of the computer and phone revealed a large volume of evidence showing that Narcisse and his cousin, Johnson Dieujuste, had been engaged in an extensive conspiracy with each other to recruit small business owners and then file fraudulent applications for COVID-19 relief loans, including both PPP and EIDL loans, on their behalf.

    Narcisse and Dieujuste, after obtaining the names, business names, and employer identification numbers from the would-be borrowers, simply invented the rest of the information needed to apply for the fraudulent loans. If the loan was approved, the borrowers kicked back a percentage of the loan proceeds to Narcisse and/or Dieujuste. Dozens of loans were applied for as part of the scheme, with over $2 million dispersed.

    Johnny Narcisse, 46, of Atlanta, Georgia, was sentenced by U.S. District Judge Eleanor L. Ross to two years, four months in prison followed by three years of supervised release. He was also ordered to pay restitution in the amount of $2,000,332. Narcisse was convicted on October 21, 2024, after he pleaded guilty to one count of conspiracy to commit wire fraud.

    Johnson Dieujuste, 37, of Loganville, Georgia, was sentenced by Judge Ross on January 8, 2025, to two years, eight months in prison followed by three years of supervised release. He was also ordered to pay restitution in the amount of $2,081,559. Dieujuste was convicted on September 24, 2024, after he pleaded guilty to one count of conspiracy to commit wire fraud.

    In addition to their conspiracy to file fraudulent loan applications on behalf of others, the evidence showed that Narcisse and Diejuste each independently filed for fraudulent COVID-19 loans for themselves. Both men were held accountable for those loans as well during the sentencing process, and the losses that resulted from this additional conduct were included in each defendant’s restitution order.

    This case was investigated by the U.S. Treasury Inspector General for Tax Administration and Small Business Administration, Office of Inspector General.

    Assistant U.S Attorney Alana R. Black, and Trial Attorneys Jennifer Bilinkas and David A. Peters of the Department of Justice Criminal Division’s Fraud Section, prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016.  The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI USA: 2025-09 STATE OF HAWAIʻI JOINS 21 STATES AND DISTRICT OF COLUMBIA TO STOP TRUMP ADMINISTRATION FROM WITHHOLDING ESSENTIAL FEDERAL FUNDING

    Source: US State of Hawaii

    2025-09 STATE OF HAWAIʻI JOINS 21 STATES AND DISTRICT OF COLUMBIA TO STOP TRUMP ADMINISTRATION FROM WITHHOLDING ESSENTIAL FEDERAL FUNDING

    Posted on Jan 28, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
     GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

    LOIO KUHINA

    STATE OF HAWAIʻI JOINS 21 STATES AND DISTRICT OF COLUMBIA TO STOP TRUMP ADMINISTRATION FROM WITHHOLDING ESSENTIAL FEDERAL FUNDING

     

    New Trump Administration Policy Would Block Trillions in Funding for Health, Education, Law Enforcement, Disaster Relief, and Other Essential State Programs

     

    News Release 2025-09

     

    FOR IMMEDIATE RELEASE

    January 28, 2025

     

    HONOLULU – Attorney General Anne Lopez today joined a coalition of 22 attorneys general suing to stop the implementation of a new Trump administration policy that orders the withholding of trillions of dollars in funding that every state in the country relies on to provide essential services to millions of Americans.

    The new policy, issued by the President’s Office of Management and Budget (OMB), puts an indefinite pause on the majority of federal assistance to states. The policy would immediately jeopardize state programs that provide critical health and childcare services to families in need, deliver support to public schools, combat hate crimes and violence against women, provide life saving disaster relief to states, and more.

     

    Attorney General Lopez and the coalition of attorneys general are seeking a court order to immediately stop the enforcement of the OMB policy and preserve essential funding.

     

    “We are aware of U.S. District Court Judge Loren L. AliKhan’s ruling which blocks the federal grant and loan freeze until Monday,” said Attorney General Lopez. “It is imperative that we continue with our court filing to make sure that the enforcement of the OMB policy is halted.”

     

    Attorney General Lopez continued: “The people of Hawaiʻi pay the federal government millions upon millions of dollars in taxes every year, and the people of this state are entitled to receive a broad array of federal funds to pay for law enforcement and other crucial programs in accordance with federal law. And the impacts of this policy withholding federal funds have already been realized in our state. Neither the President of the United States nor an acting federal budget official can unilaterally upend federal law and cause such mass uncertainty in the Hawaiʻi and our sister states by withholding federal funds authorized by law. The Department of the Attorney General will stand up for the rule of law in this nation.”

    The OMB policy, issued late on January 27, directs all federal agencies to indefinitely pause the majority of federal assistance funding and loans to states and other entities beginning at 5:00 pm today, January 28. As Attorney General Lopez and the coalition note in their lawsuit, OMB’s policy has caused immediate chaos and uncertainty for millions of Americans who rely on state programs that receive these federal funds. Essential community health centers, addiction and mental health treatment programs, services for people with disabilities, and other critical health services are jeopardized by OMB’s policy.

     

    Attorney General Lopez and the coalition also argue that jeopardizing state funds will put Americans in danger by depriving law enforcement of much-needed resources. OMB’s policy would pause support for U.S. Department of Justice initiatives to combat hate crimes and violence against women, stop drug interdiction, support community policing, and provide services to victims of crimes. In addition, Attorney General Lopez and the coalition of attorneys general note that the OMB policy would halt essential disaster relief funds to places like California and North Carolina, where tens of thousands of residents are relying on FEMA grants to rebuild their lives after devastating wildfires and floods.

     

    While the administration has attempted to clarify the scope and meaning of the OMB policy, states have already reported that funds have been frozen. As part of their lawsuit, Attorney General Lopez and the coalition of attorneys general argue that OMB’s policy violates the Constitution and the Administrative Procedure Act by imposing a government-wide stop to spending without any regard for the laws and regulations that govern each source of federal funding. The attorneys general argue that the president cannot decide to unilaterally override laws governing federal spending, and that OMB’s policy unconstitutionally overrides Congress’ power to decide how federal funds are spent.

     

    Joining Attorney General Lopez in the lawsuit are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.

     

    The Complaint can be found here.

     

    # # #

     

    Media contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]        

    Web: http://ag.hawaii.gov

     

    Toni Schwartz
    Public Information Officer
    Hawai‘i Department of the Attorney General
    Office: 808-586-1252
    Cell: 808-379-9249
    Email:     [email protected] 

    Web: http://ag.hawaii.gov

    MIL OSI USA News –

  • MIL-OSI USA: Office of the Governor — News Release — Governor Green Applauds Federal Judge for Halting Funding Freeze

    Source: US State of Hawaii

    Office of the Governor — News Release — Governor Green Applauds Federal Judge for Halting Funding Freeze

    Posted on Jan 28, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI 
    KA MOKU ʻĀINA O HAWAIʻI 
     
    JOSH GREEN, M.D. 
    GOVERNOR
    KE KIAʻĀINA 
     

    GOVERNOR GREEN APPLAUDS FEDERAL JUDGE FOR HALTING FUNDING FREEZE
     

    FOR IMMEDIATE RELEASE
    January 28, 2025

    HONOLULU — Governor Josh Green, M.D., applauds the ruling by a federal court judge today, blocking the order by President Trump to freeze federal funding for crucial programs serving Americans. The Governor stands in strong opposition to President Trump’s executive order pausing federal disbursements, which has caused a great deal of chaos, confusion and uncertainty.

    “The presidential order seeks to prevent the people of Hawai‘i from receiving crucial services funded by the millions of dollars they pay to the federal government each year. This cannot stand,” said Governor Green. “My administration is currently assessing the impact of this pause on essential state programs and services, including education, health care, social services, and wildfire recovery. For those programs that are found to be impacted, the state of Hawai‘i will work to develop alternate plans to ensure that key services for local residents are continued. The state Attorney General has joined other states in initiating legal action to challenge the federal administration’s actions, as Hawai‘i has already encountered impacts of this threatened funding freeze.”

    The U.S. Office of Management and Budget (OMB) issued a memorandum on January 27, 2025, which requires federal agencies to complete a comprehensive analysis of all of their federal financial assistance programs to identify programs, projects and activities that may be impacted by any of the president’s executive orders. During this review period, the obligation and disbursement of federal funds were to be paused effective January 28, 2025 at 5:00 p.m.

    “The OMB has since issued clarification guidance indicating that any program that provides direct benefits to individuals is not subject to the pause, such as Medicaid, SNAP or Social Security benefits, among others,” said state Department of Budget and Finance Director Luis Salaveria.

    “The Department of Accounting and General Services (DAGS) has several divisions or attached agencies that would be affected,” said state Comptroller Keith Regan. “The main impact would be to our public arts initiatives in the State Foundation of Culture and the Arts. Indirectly, it is possible the Archives may need to halt projects funded by its federal grants and our State Procurement Office’s Surplus Property Program may be affected by the pause in funding.”

    The Hawai‘i Department of Transportation is working with the Trump Administration on clarifications to the OMB memo, including its impacts on obligated formula projects and discretionary funds.

    The state Department of Law Enforcement welcomed the OMB’s clarification memo, but is still seeking final determination of impacts from federal partners.

    “The Hawaiʻi Department of Labor and Industrial Relations (DLIR) is deeply concerned about the temporary pause on federal financial assistance and its potential impacts on our ability to deliver essential services,” said DLIR Director Jade T. Butay. “A significant portion of our operations, including workforce development, unemployment insurance, job training and workplace safety through our Occupational Safety and Health division, is supported by federal funds. Any disruption to these critical programs could affect workers, employers and communities statewide. We are actively monitoring the situation and are awaiting further guidance from the U.S. Department of Labor to understand the full scope of the impacts and next steps. We remain committed to serving the people of Hawaiʻi and ensuring the continuity of essential programs.”

    The State of Hawaiʻi Department of Defense (HIDOD) (comprising the Hawaiʻi National Guard, Hawaiʻi Emergency Management Agency, Office of Veterans’ Services and Civilian Military Programs) evaluated potential impacts to its core mission to enable a safe, secure, and thriving state of Hawaiʻi. HIDOD relies on approximately $88M in federal funding for its annual operating budget; about $350M to administer its Hazardous Mitigation Program Grant; close to $25M for its Emergency Management Program Grant, and anticipates approximately $56M in FEMA reimbursement for the recent Maui Wildfires disaster response and recovery. It also receives federal grant funding for the High Intensity Drug Trafficking Areas (HIDTA) program to synergize its counter-narcotics efforts with federal, state and county law enforcement agencies.

    “While these federal programs are being reviewed by OMB, there’s no immediate impact to operate, retain qualified personnel, and continue to protect the citizens of the state of Hawaiʻi,”, said Maj. Gen. Stephen Logan, State Adjutant General.

    The Hawaiʻi State Public Library System (HSPLS) receives about $1.5M in Library Services and Technology Act funding that ensures that all local residents have access to library materials, technology in the library to connect to the Internet, and online databases that provide equal access to information and learning opportunities no matter where they live. The suspension of this funding will cause our communities to face limited access to information that supports their health, business, education and ability to connect to the world. Specifically, students will not have free access to test preparation and families will not have easy access to legal forms to support their needs.

    HSPLS also is a recipient and partner for two digital equity projects. One provides basic digital literacy classes in all of our communities through May of this year. The second is part of the Federal Broadband Equity Access Deployment (BEAD) funding received by the University of Hawaiʻi. The funding supports Digital Literacy Navigators in all public libraries to ensure our patrons have access to learning the digital literacy skills they need to be successful.

    Governor Green and his administration will continue to work to support the people of Hawai‘i, prioritizing affordability, housing, reducing homelessness, increasing food security and more, to allow the residents of the islands to live and thrive in the place they love and call home.

    # # # 

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Phone: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: Bitget Lists Foresight Ventures-backed Analog (ANLOG) on Launchpool

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Jan. 29, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of ANLOG token. Eligible users will have the opportunity to lock Bitcoin (BTC) and Ethereum (ETH) to participate in a reward pool of 23,333,431 ANLOG tokens. The locking period will run from February 6, 2025, at 11:00 UTC to February 11, 2025, at 11:00 UTC.

    Analog operates as a suite of omni-chain interoperability protocols designed to simplify access to Web3 data and facilitate seamless cross-chain communication. With a total token supply of 9,057,971,000 ANLOG, the project aims to address critical challenges in blockchain interoperability, enabling more efficient data sharing and communication across decentralized networks.

    The Launchpool campaign is structured into two locking pools: one for BTC and another for ETH. Each pool offers 11,666,715 and 11,666,716 ANLOG tokens, respectively. Rewards will be distributed hourly based on the proportion of assets locked by each participant relative to the total locked in the pool. Bitget will take hourly snapshots of locked volumes, with airdrops calculated and distributed accordingly. Participants can unlock their tokens at any time, and all locked assets will be automatically returned to their spot accounts once the locking period concludes.

    This initiative marks a pivotal step for Analog as it prepares to expand its ecosystem and enhance cross-chain functionality. The integration with Bitget Launchpool provides users with an early opportunity to engage with the project while contributing to its growing community.

    Analog has secured $5 million in a recent funding round, bringing its total funding to $21 million and valuing the company at $300 million. This investment precedes the launch of its native token, ANLOG, scheduled for February 6, 2025. The round attracted backing from top VCs such as Foresight Ventures, Gate Ventures, BackerDAO, and Black Label Ventures. Previously, Bitget listed ANLOG for pre-market trading allowing users to engage in ANLOG transactions ahead of its official spot market debut.

    For more information about ANALOG tokens on Launchpool, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5058f6ab-1940-4b1b-b389-12436d7d813d

    The MIL Network –

  • MIL-OSI: The New Force in Platform Tokens: How WXT Succeeds Like BNB?

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Jan. 29, 2025 (GLOBE NEWSWIRE) — In recent years, the cryptocurrency market has experienced dramatic changes, with platform tokens stepping into the spotlight to become core pillars of exchange ecosystems. Evolving from simple transaction fee discount tools to drivers of ecosystem innovation, platform tokens are unlocking new potential. WXT, the native token of the WEEX exchange, is steadily following the successful trajectory of BNB, garnering widespread attention with its innovative mechanisms and ecosystem integration.

    From the Shadows to the Spotlight: The Breakthrough of Platform Token Value

    The evolution of platform tokens has been remarkable. Initially serving as tools for fee discounts, they have expanded into diverse use cases such as DeFi mining, staking rewards, project governance, NFT trading, and cross-chain payments. This evolution has transformed platform tokens into vital connectors of users, technology, and capital.

    BNB: A Benchmark for Platform Tokens

    Launched in 2017 as Binance’s native token, BNB rapidly built a loyal user base through fee discounts, airdrop rewards, and a strategic buyback-and-burn mechanism. The 2019 launch of Binance Smart Chain (BSC) further amplified BNB’s utility, extending its applications to DeFi, NFT ecosystems, and smart contract development.

    By 2024, BNB’s market capitalization soared from $32.7 billion in 2023 to $110 billion, with its price rising from $200 to $793. This trajectory illustrates how platform tokens can achieve exponential growth through ecosystem expansion and innovative strategies.

    BGB: A Rising Star Among Secondary Tokens

    BGB capitalized on Bitget’s aggressive market expansion, surging from $1.5 at the beginning of 2024 to $8 by year’s end—a remarkable 400% growth. BGB’s success demonstrates that secondary platform tokens with innovative features and precise positioning can achieve explosive results, even in markets dominated by major exchanges.

    WXT: The Emerging Star Following BNB

    WXT, the native token of WEEX, has drawn inspiration from the successes of BNB and BGB. With a strong foundation in innovation and ecosystem growth, WXT has risen from $0.01 at its August 2023 launch to $0.0339—a cumulative 384% increase—making it a standout in the market.

    What’s Driving WXT’s Rapid Growth?

    1）Comprehensive Ecosystem Empowerment 

    As a top 10 global derivatives exchange, WEEX boasts over 5 million registered users and achieved stable profitability as early as the 2022 “crypto winter.” Its monthly trading volumes have consistently doubled, supported by over 1,500 trading pairs and industry-leading liquidity.

    WXT plays a critical role in this ecosystem, offering transaction fee discounts (30% for spot trading, up to 20% for derivatives), staking rewards, cross-chain payments, and NFT trading opportunities.

    2）Innovative Burn Mechanism Fuels Market Optimism 

    Starting in 2025, WEEX plans to implement quarterly buybacks and burns for WXT, with an initial burn of 4 billion tokens—40% of the total supply, valued at approximately $120 million. This strategy reduces circulating supply, increases scarcity, and strengthens price support, boosting long-term value expectations.

    3）Global Reach and Rapid Growth 

    Operating in over 206 countries and regions with a daily trading volume exceeding $2 billion, WEEX provides strong liquidity and a seamless trading experience, further enhancing WXT’s growth potential.

    A Window of Opportunity Amid Market Shifts

    Data from 0xScope reveals that Binance’s market share fell from 51.2% in 2023 to 41.68% in 2024. Meanwhile, secondary exchanges like Bitget, Gate.io, Bybit, and WEEX have risen rapidly, with their platform tokens delivering exceptional returns:

    BGB: Climbed from $1.5 to $8.
    OKB: Market capitalization increased from $2.5 billion to $4.3 billion.

    Compared to mature tokens like BNB, emerging tokens like WXT offer a more attractive investment opportunity due to their low valuations and high growth potential.

    The Road Ahead: Multi-Driver Growth for WXT

    Ecosystem Expansion and Global Compliance 

    WEEX has secured multiple compliance licenses and is actively pursuing approvals in regions like Australia and Malta. As regulatory frameworks develop globally, demand and value for WXT are expected to grow steadily.

    Brand Development and Community Trust 

    In November 2024, WEEX announced football legend Michael Owen as its global brand ambassador. Additionally, collaborations with over 1,000 KOLs and global communities are elevating WEEX’s international brand profile and user trust.

    Engaging Platform Activities 

    WEEX regularly hosts trading competitions, airdrops, and daily lotteries, offering generous rewards like token airdrops and luxury prizes. These initiatives ensure fair and inclusive participation, boosting user engagement and loyalty.

    Low Valuation, High Growth Potential 

    As WEEX’s influence grows, WXT remains at an early stage with significant room for appreciation. The robust burn mechanism, targeting a reduction in total supply to 1 billion tokens, further enhances scarcity and long-term value, unlocking more growth potential for investors.

    WXT: An Investment Opportunity with Long-Term Potential

    Just as BNB leveraged ecosystem expansion to solidify its value and BGB achieved explosive growth through precise positioning, WXT is poised to unlock immense growth through its burn mechanism and comprehensive ecosystem strategy. Currently undervalued, WXT offers an ideal entry point for investors looking to capitalize on its high growth potential.

    For investors, this is the perfect time to explore and invest in WXT. Still in its early stages, WXT is poised for exponential growth, with its potential and market position significantly underestimated. By acting early, investors could position themselves as the “biggest winners” of the 2025 crypto market, reaping substantial returns.

    About WEEX
    Official Website: https://www.weex.com

    Contact:
    Joyce 
    joyce@weexglobal.com

    Disclaimer: This content is provided by WEEX. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/13bde475-43a9-4782-8eca-ffcb1bf62e42

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6a269fe9-63af-40c9-9b2d-5aab866284f7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/88319190-e5a4-45e3-a6af-7b3a4fab556e

    The MIL Network –

  • MIL-OSI Economics: Threat predictions for industrial enterprises 2025

    Source: Securelist – Kaspersky

    Headline: Threat predictions for industrial enterprises 2025

    Key global cyberthreat landscape development drivers

    Hunt for innovations

    Innovations are changing our lives. Today, the world is on the threshold of another technical revolution. Access to new technologies is a ticket to the future, a guarantee of economic prosperity and political sovereignty. Therefore, many countries are looking for their way into the new technological order, investing in promising research and development in a variety of areas: AI and machine learning, quantum computing, optical electronics, new materials, energy sources and types of engines, satellites and telecommunications, genetics, biotechnology and medicine.

    In terms of cybersecurity, growing interest in innovation means APTs are focusing on institutions and enterprises involved in new tech research and development. As the demand for the technical know-how grows, elite cybercriminal groups – such as top ransomware gangs and hacktivists – are also joining the game, hunting for the leading innovative enterprises’ trade secrets.

    Industrial enterprises should keep in mind that this information might be even easier to access and exfiltrate from the shop floor than from within research lab and office network perimeters. The supply chain and network of trusted partners are also very logical potential targets.

    Intentionally created barriers and sanction wars

    Increasing geopolitical turbulence, sanction wars, and the artificial restriction of access to efficient technology is boosting the drive to violate the intellectual property rights of leading enterprises. This may lead to the following security risks.

    • OT technology developers and suppliers are facing the problem that existing mechanisms built into their products may no longer be effectively safeguarding their intellectual property.
    • Сracks, third-party patches, and various other ways to bypass license restrictions, come at the price of increased cybersecurity risks right inside OT perimeter.
    • In addition to stealing documentation related to cutting-edge technological developments, attackers will continue to hunt for technical know-how – for example, collecting 3D/physical models and CAD/CAM designs as we saw in the attacks by Librarian Ghouls.
    • PLC programs, SCADA projects, and other sources of technological process information stored in OT assets may also become another target for malicious actors.

    New technologies mean new cyber risks

    When trying something completely new, one should always expect some unexpected consequences in addition to the promised benefits. Today, many industrial enterprises are keeping up with organizations in other sectors (for example, financial or retail) in the implementation of IT innovations, such as augmented reality and quantum computing. As in many other fields, the biggest boost in efficiency is expected from the widespread use of machine learning and AI systems, including their direct application in production – when tweaking and adjusting technological process control. Already today, the use of such systems at certain facilities, such as non-ferrous metallurgy, can increase final product output by an estimated billion dollars per year. Once an enterprise experiences such an increase in efficiency, there’s no going back – such a system will become an essential production asset. This may affect the industrial threat landscape in several ways:

    • The improper use of AI technologies in the IT and operational processes of industrial enterprises may lead to the unintended disclosure of confidential information (for example, by being entered into a model training dataset) and to new security threats. The seriousness and likelihood of some of these threats is currently hard to assess.
    • Both the AI systems and the unique enterprise data they use (either in its raw form – historical telemetry data – used as a training dataset, or as neural network weights incorporated into the AI model), if they become crucial assets, may now be new cyberattack targets. For example, if the systems or data get locked by the bad guys, they may be impossible to restore. Additionally, attacking these systems may not pose risks to the safety of the victim facility, unlike for traditional OT systems, meaning malicious actors may be more inclined to go for the attack.
    • Attackers also do not ignore technical progress; their use of AI at various stages of the killchain (for malicious tools development and social engineering, such as text generation for phishing emails) reduces costs, thereby accelerating the development of cyberthreats. This tendency will certainly evolve in 2025.

    Time-tested technologies mean new cyber risks

    Just because a system has not been attacked, it doesn’t necessarily mean that it is well protected. It could be that attackers have simply not reached it yet – perhaps because they already had simpler, more reliable and automated ways to perform attacks, or maybe you’ve just been lucky.

    The expression “if it ain’t broke, don’t fix it” takes on a special meaning in OT infrastructures. Sometimes systems have been running for years or even decades without any modifications, even without installing critical security patches or changing insecure configurations, such as unnecessary network services, debug interfaces and weak passwords. Sometimes systems are still running in the exact same state as when they were put into operation.

    Things get even more complicated when you take into account the poor quality of information about OT product vulnerabilities available from the developers or public sources. Fortunately, malicious actors still very rarely attack industrial assets and industrial automation systems.

    Moreover, in addition to unprotected industrial automation systems such as PLCs and SCADA servers, which are in fact very difficult to keep cybersecure, there are many other types of devices and even entire infrastructures that are somehow connected to the technological network. The security of these systems is often unjustifiably overlooked:

    • Telecom equipment. Its security is usually considered either the responsibility of the telecom operator or thought to be unnecessary for some reason. For example, mobile base stations and technological networks of mobile operators are believed to be already sufficiently protected from cyberattacks, which is why “no one attacks them”. For some reason, this problem is largely ignored by security researchers as well: while the security of endpoints and their key components, such as modems, is thoroughly studied, there are extremely few in-depth publications on the security of base stations or core network equipment. However, the equipment can obviously be compromised, at least from the operator’s side, for example, during maintenance. After all, telecom operators themselves are far from being immune to cyberattacks, as the story of the Blackwood attacks using the NSPX30 implant shows us. Thus, the following must be kept in mind:
      • At the very least, the threat model of industrial enterprises must include “man-in-the-middle” attacks on telecom equipment and the infrastructure of telecom operators.
      • Given how rapidly all kinds of smart remote monitoring and control systems are being implemented – primarily in mining and logistics, but also in other sectors and types of facilities – the priority of securing telecom-related infrastructures will only increase correspondingly. For example, to guarantee the safety of robotized infrastructures and the use of automated transport at facilities, we’re seeing the introduction of wireless communication. Industrial enterprises should clearly invest in telecom security in order to avoid cyberincidents, perhaps as early as this year.
    • The security of smart sensors, meters, measuring and control devices, and other devices in the Industrial Internet of Things is typically neglected by both the enterprises using them and, correspondingly, the developers themselves. However, as the history of FrostyGoop shows, these devices may also become attack targets.
    • The connection points of small remote industrial infrastructure facilities typically use inexpensive network equipment, sometimes not even designed for industrial use (for example, SOHO devices). Their cybersecurity can be extremely difficult to keep in good condition, both due to architectural limitations and the complexity of centralized maintenance. At the same time, such devices can be manipulated not only to distribute general-purpose malware or host botnet agents (as in the case of Flax Typhoon/Raptor Train), but also as an entry point into the IT or OT network.
    • The Windows OS family has been the most popular platform for workstations and automation system servers for decades. However, in recent years, many industrial enterprises have been increasingly installing Linux-based systems in their OT circuits, for various reasons. One of the decisive arguments in favor of choosing Linux is often the belief that such systems are more resistant to cyberattacks. On the one hand, there is indeed less malware that can run on this OS, and the probability of accidental infection is lower than for Windows OS. On the other hand, protecting Linux systems against a targeted attack is just as difficult, and in some cases even more so. The fact is that:
      • Developers of security solutions for Linux have to catch up with solutions protecting Windows infrastructure. For a long time, many functions were not in demand by customers and, therefore, were not implemented. At the same time, implementing new functionality is more expensive because it is necessary to support multiple OS strains developing in parallel, and the integration of security solutions is not a priority for kernel developers. There are two downstream consequences of this: first, a lack of effective standard integration mechanisms, and second, updating the kernel can easily “break” compatibility – and a simple module rebuild may not be enough.
      • On the industrial enterprise side, there are clearly not enough information security specialists who are also Linux experts, so both secure device configuration and monitoring and incident detection may not be that effective.
      • Both Linux OT solutions themselves and their developers often demonstrate insufficient information security maturity and can be an easy target for attackers, as was revealed, for example, during the investigation of a series of Sandworm attacks on Ukrainian critical infrastructure facilities.

    Wrong vendor choice means big trouble

    Insufficient investment of product developers or technology providers in their own information security guarantees that their customers will experience incidents. This problem is especially relevant for providers of niche products and services. An illustrative case is the attack on CDK Global, which led to direct losses of its customers exceeding a total of one billion dollars.

    The situation for industrial enterprises is complicated by a number of factors. Key among these are:

    • Extremely long technology supply chains. Equipment, including automation systems for key production assets, is very complex. An enterprise’s industrial equipment fleet may include both all the main components typical of IT systems and many components created as a result of cooperation between multiple manufacturers of industry-specific technologies. Many of these may be relatively small developers of niche solutions without the necessary resources to satisfactorily ensure their own security and that of their products. Moreover, the installation, initial setup, and regular maintenance of equipment requires the involvement of various third-party specialists, further expanding the attack surface of the supply chain and trusted partners.
    • Almost every large industrial organization is its own vendor. The specifics of the particular industry and enterprise require significant modification of ready-made solutions, as well as the development of new automation solutions tailored for the organization. Often, these developments are carried out either within the organization itself or by subsidiaries or related companies. All of this multiplies almost all of the risk factors described above: such developments are rarely carried out with a high level of security maturity, resulting in solutions full of basic vulnerabilities that even mediocre attackers can exploit. Obviously, these security issues are already being used in cyberattacks and will continue to be.

    Security by obscurity doesn’t work anymore for OT infrastructures

    The availability of so many tools for working with industrial equipment (just count the number of libraries and utilities implementing industrial network protocols posted on GitHub) makes developing and implementing an attack on an industrial enterprise’s main production assets significantly easier than just a few years ago. In addition, industrial enterprises themselves continue to evolve – over the past few years, we’ve seen big efforts to not only automate production, but also to inventory and document systems and processes. Now, to impact an industrial facility on the cyber-physical level, attackers no longer need to carefully study textbooks on the particular type of protective systems (such as SIS or circuit/relay protection) basics and to involve external experts in the particular industry. All the necessary information is now available in convenient digital form in the organization’s administrative and technological network. We have seen cases of attackers telling journalists that after they entered the victims’ network perimeter they studied internal facility’s safety-related documentation for a long time before choosing which OT systems to attack, in order to avoid putting employee’s lives at risk or polluting the environment as a result of the attack.

    MIL OSI Economics –

  • MIL-OSI: Ice Open Network Launches Mainnet with 200 Validators

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, Jan. 29, 2025 (GLOBE NEWSWIRE) — Ice Open Network (ION), a high-performance, privacy-focused Layer-1 blockchain, today announced its official mainnet launch after reaching a 200 validator headcount. This milestone follows an extensive development and testing phase, accompanied by significant ecosystem expansion, which saw ION amass a 40-million community. Crucially, it paves the way for ION’s hotly anticipated social media platform and decentralized application (dApp) builder.

    “This is a testament to the strength and conviction of our community,” said Alexandru Iulian Florea, Founder and CEO of Ice Open Network. “We initially aimed for 100 validators at launch – to see that number double underscores the trust and enthusiasm surrounding ION. It’s a resounding vote of confidence in our vision to redefine the Internet through decentralization.”

    ION’s unique architecture allows it to scale horizontally as its network participants increase, with the capacity to accommodate billions of users without compromising their privacy and security, nor the chain’s ability to process millions of transactions per second. Combining efficiency with a human-first approach, the ION framework is designed to decentralize and secure the core elements of digital interaction – user identity, content storage and delivery, and social engagement. The result is a robust, yet highly versatile dApp infrastructure with real-world utility, purpose-built to bring the Internet’s 5.5 billion users on-chain.

    Following the mainnet launch is the arrival of Online+ – an integrated social media dApp showcasing the blockchain’s capabilities that serves both as a hub for ION’s community, and a blueprint for dApp developers wishing to build on ION’s framework. Ice Open Network’s flagship no-code, drag-and-drop dApp-building tool, which will allow anyone, regardless of technical expertise, to create decentralized applications on ION from scratch, is next in line and due for release in 2025.

    The ION blockchain mainnet rollout began in November 2024, and is accompanied by the deployment of the ION Bridge, which enables the migration of the network’s native ICE coin from Binance Smart Chain (BSC) to the ION blockchain. Currently, the network’s 200 validators have staked over 15% of the 6.8 billion ICE in circulation – a percentage set to increase as Online+ goes live.

    About Ice Open Network

    Ice Open Network (ION) is the blueprint for a new Internet rooted in privacy, data ownership, and user autonomy. Powered by a high-performance Layer-1 blockchain and an unwavering commitment to digital sovereignty, it is designed to give decentralized applications (dApps) real-world, human-centric utility at unprecedented breadth and scale.

    Founded in 2022, ION serves a dApp ecosystem of over 40 million users. It is engineered to process millions of transactions per second and scale horizontally and infinitely as its network participants increase. Combining this unparalleled efficiency with a comprehensive dApp toolkit purpose-built for intuitive, privacy-preserving user experiences, ION is on a mission to onboard the world to a new, decentralized Internet.

    For more information, please visit https://ice.io

    For media inquiries:
    Mia Agova
    Ice Open Network
    Email: media@ice.io

    Disclaimer: This content is provided by Ice Open Network. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2cb40b77-cddf-4936-bdb1-803bb4f17bcf

    The MIL Network –

  • MIL-OSI Russia: What services of the flagship My Documents in the South-East Administrative District are most in demand

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Over the four years of operation, city residents have contacted the flagship office of “My Documents” of the South-Eastern Administrative District more than a million times. It opened in January 2021 on the first floor of the shopping and entertainment center “Gorod” at the address: Ryazansky Prospekt, Building 2, Building 3 and became the fifth flagship in Moscow.

    During this time, the most popular service was the registration of vehicles (TS) and trailers to them – more than 110 thousand requests were recorded. The second most popular service is cadastral registration and (or) registration of rights to real estate objects, more than 70 thousand applications were received for it. The third place in the rating was taken by the service of registration of citizens of the Russian Federation – over 60 thousand requests.

    The flagship offices of My Documents offer unique services that are not available in district centers, such as out-of-court bankruptcy. Young Muscovites can receive their first passport in a ceremonial setting, and Moscow entrepreneurs can use the services of the state budgetary institution Small Business of Moscow, as well as register a legal entity, a peasant (farming) enterprise, and the status of an individual entrepreneur. City residents also have access to vehicle registration services, making changes to registration data, or deregistering a vehicle. This can be done conveniently by prior appointment on the portal Mos.ru or Internet portal of public services.

    At the flagship of the South-Eastern Administrative District, Muscovites can apply for a foreign passport for children under 14 years of age, submit a birth certificate or marriage registration certificate, extracts from the register of legal entities and other documents for legalization, and also enter information about foreign certificates of registration of civil status acts into the Unified State Register of Civil Registry Offices within 24 hours.

    In addition, residents of the capital are provided with two of the most popular services of the guardianship service, related to the issuance of permission for transactions with property and the management of money in the accounts of minors, incapacitated or partially incapacitated citizens.

    On the territory of the flagship office of the South-East Administrative District, newlyweds can register their marriage in a separate hall equipped with a bright photo zone.

    Muscovites are also offered additional services, such as booking a tour in the “My Travels” zone, visiting the “My Photo” photo studio, or visiting the “Moscow – Caring for History” exhibition. The current exhibition is dedicated to the dynasties of Moscow confectioners. In addition, the flagship has a “My Notary” legal bureau, which has become the most popular additional service. Over four years, residents have contacted this bureau more than 40 thousand times.

    The flagship centers are equipped with everything necessary for the convenience and comfort of visitors and are decorated in a modern design. There are spacious waiting areas with soft sofas, USB ports for charging phones and portable lamps, a large children’s area with interactive games and modern cartoons, a mother and child room. You can also charge your mobile device using a portable power bank. All My Documents flagship offices host exhibitions about outstanding cultural figures. The current exhibition is dedicated to Arkady Gaidar.

    The flagship office of “My Documents” in the South-East Administrative District is open daily from 10:00 to 22:00.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149366073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Four Federal Treasury deposit auctions will take place on 28.01.2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 22025027
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 1,090,000
    Placement period, in days 2
    Date of deposit 01/28/2025
    Refund date 01/30/2025
    Interest rate for placement of funds (fixed or floating) Fix
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Pre-applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 10:50
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 10:50
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 22025028
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 10,000
    Placement period, in days 182
    Date of deposit 01/28/2025
    Refund date 07/29/2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:00 to 12:10
    Pre-applications: from 12:00 to 12:05
    Applications in competition mode: from 12:05 to 12:10
    Formation of a consolidated register of applications: from 12:10 to 12:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:10 to 12:30
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 12:30 to 13:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 12:30 to 13:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 32025001
    Deposit currency rubles
    Type of funds funds of the Social Fund of Russia (SV)
    Maximum amount of funds placed in bank deposits, million monetary units 16.6
    Placement period, in days 41
    Date of deposit 01/28/2025
    Refund date 03/10/2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Special
    Minimum amount of funds placed for one application, million monetary units 1
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 16:00 to 16:10
    Pre-applications: from 16:00 to 16:05
    Applications in competition mode: from 16:05 to 16:10
    Formation of a consolidated register of applications: from 16:10 to 16:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 16:10 to 16:30
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 16:30 to 17:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:30 to 17:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 22025029
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 10,000
    Placement period, in days 2
    Date of deposit 01/28/2025
    Refund date 01/30/2025
    Interest rate for placement of funds (fixed or floating) Fix
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 18:30 to 18:40
    Pre-applications: from 18:30 to 18:35
    Applications in competition mode: from 18:35 to 18:40
    Formation of a consolidated register of applications: from 18:40 to 18:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 18:40 to 18:50
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 18:50 to 19:30
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 18:50 to 19:30
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $12.1 million, or $2.84 per diluted share, for the twelve months ended December 31, 2024, as compared to $8.4 million, or $1.96 per diluted share, for the corresponding prior year period. For the three months ended December 31, 2024, the Bancorp’s net income totaled $2.1 million, or $0.49 per diluted share, as compared to $606 thousand, or $0.14 per diluted share, for the three months ended September 30, 2024, and as compared to $1.5 million, or $0.35 per diluted share, for the three months ended December 31, 2023. Selected performance metrics are as follows for the periods presented:

    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024   2024   2024   2024   2023   2024   2023
    Return on equity   5.39%   1.60%   0.39%   24.97%   4.92%   8.06%   6.28%
    Return on assets   0.41%   0.12%   0.03%   1.77%   0.29%   0.58%   0.40%
    Tax adjusted net interest margin (Non-GAAP)   2.79%   2.66%   2.67%   2.57%   2.80%   2.68%   2.98%
    Noninterest income / average assets   0.72%   0.55%   0.50%   2.57%   0.53%   1.09%   0.52%
    Noninterest expense / average assets   2.75%   2.80%   2.79%   2.86%   2.60%   2.80%   2.65%
    Efficiency ratio   87.20%   97.32%   98.56%   59.41%   87.49%   81.78%   84.58%
         

    “The Bank ended the year with continued improvement in its overall positioning and increased momentum for 2025,” said Benjamin Bochnowski, chief executive officer. “We improved regulatory capital throughout the year through balance sheet management and earnings and had the benefit of one-time income including our sale leaseback transaction early in the year and a gain on a long-held tax credit investment this past quarter. Net interest margin improved throughout 2024 as expected, based on our earning asset position and reduced funding costs driven by recent Federal Reserve interest rate policy,” he continued. “The Bank charged off a small number of commercial business loans in the 4th quarter, and management will continue to actively manage credit quality,” he concluded.  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the three months ended December 31, 2024, was 2.65%, compared to 2.51% for the three months ended September 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the three months ended December 31, 2024, was 2.79%, compared to 2.66% for the three months ended September 30, 2024. The net interest margin for the twelve months ended December 31, 2024, was 2.54%, compared to 2.83% for the twelve months ended December 31, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the twelve months ended December 31, 2024, was 2.68%, compared to 2.98% for the twelve months ended December 31, 2023. The increased net interest margin for the three months ended December 31, 2024 compared to September 30, 2024 is primarily the result of increased yields on the Bank’s loan portfolio, combined with reduced deposit and borrowing costs as a result of the Federal Reserve’s continued reduction of federal funds rates during the quarter. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of December 31, 2024, deposits totaled $1.8 billion, an increase of $11.8 million or 0.7%, compared to September 30, 2024. As of December 31, 2024, non-interest-bearing deposits totaled $263.3 million, a decrease of $21.8 million or 7.7%, compared to September 30, 2024. Core deposits totaled $1.2 billion at both December 31, 2024, and September 30, 2024. Core deposits include checking, savings, and money market accounts and represented 68.2% of the Bancorp’s total deposits at December 31, 2024. As of December 31, 2024, balances for certificates of deposit totaled $560.3 million, compared to $562.2 million on September 30, 2024, a decrease of $2.0 million or 0.4%. The increase in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The decrease in non-interest-bearing deposits is primarily attributable to regular outflow of business-related checking deposits at year-end which tend to return in subsequent periods. In addition, as of December 31, 2024, borrowings and repurchase agreements totaled $105.0 million, a decrease of $22.9 million or 17.9%, compared to September 30, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of December 31, 2024, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of December 31, 2024, the Bancorp had available liquidity of $687 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $16.5 million to $333.6 million as of December 31, 2024, compared to $350.0 million as of September 30, 2024.  The decrease in securities available for sale was due to a combination of portfolio runoff and an increase of accumulated other comprehensive loss (“AOCL”). AOCL was $58.1 million as of December 31, 2024, compared to $48.2 million on September 30, 2024, a decline of $9.8 million, or 20.4%. The yield on the securities portfolio decreased to 2.34% for the three months ended December 31, 2024, down from 2.37% for the three months ended September 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both December 31, 2024, and September 30, 2024. During the three months ended December 31, 2024, the Bank originated $59.2 million in new commercial loans, compared to $70.4 million during the three months ended September 30, 2024, and $47.5 million during the three months ended December 31, 2023. The loan portfolio represents 79.3% of earning assets and is comprised of 63.0% commercial-related credits. At December 31, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $246.6 million or 16.3% of total loan balances and commercial real estate non-owner-occupied properties totaled $305.1 million or 20.2% of total loan balances. Of the $305.1 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $38.5 million or 2.5% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans totaled $1.1 million for both the twelve months ended December 31, 2024, and 2023. During the twelve months ended December 31, 2024, the Bank originated $36.8 million in new fixed rate mortgage loans for sale, compared to $38.0 million during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the Bank originated $27.4 million in new 1-4 family loans retained in its portfolio, compared to $41.6 million during the twelve months ended December 31, 2023. Total 1-4 family originations for the quarter ended December 31, 2024, totaled $25.4 million, an increase of $5.3 million compared to $20.1 million for the quarter ended September 30, 2024. The retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Gain on Tax Credit Investment – During the three months ended December 31, 2024, the Bank successfully concluded a long term, non-controlling interest in a partnership established to facilitate tax credit investments. Upon the termination of the partnership, the Bank recognized a one-time gain of $1.2 million recognized through noninterest income. The proceeds from the dissolution of this tax credit investment will contribute to the Bank’s financial position, thereby supporting ongoing strategic initiatives and operational priorities.
    • Asset Quality – At December 31, 2024, non-performing loans totaled $13.7 million, compared to $13.8 million at September 30, 2024, a decrease of $68 thousand or 0.5%. The Bank’s ratio of non-performing loans to total loans was 0.91% at December 31, 2024, compared to 0.92% at September 30, 2024. The Bank’s ratio of non-performing assets to total assets was 0.74% at December 31, 2024, compared to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $16.9 million at December 31, 2024, or 1.12% of total loans receivable, compared to $18.5 million at September 30, 2024, or 1.23% of total loans receivable, a decrease of $1.6 million or 8.7% and is considered adequate by management. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.7 million at December 31, 2024, compared to $3.9 million at September 30, 2024, a decrease of $1.2 million or 30%.

      For the quarter ended December 31, 2024, the Bank recorded a net negative provision for credit loss expense totaling $579 thousand based on a decline in individually assessed loans balances, historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The fourth quarter’s provision expense consisted of a $597 thousand provision for credit losses on loans, and a $1.2 million reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to reduced unused commitment balances and other factors. For the quarter ended December 31, 2024, net charge-offs, totaled $2.2 million. Most of these charge-offs involved a small number of commercial or multifamily-related loans which were previously monitored and had specific allocations toward individual impairment or contributed to higher expected loss rates within the Bank’s prior ACL balance. For the quarter ended September 30, 2024, the Bank recorded no provision expense and recoveries, net of charge-offs, totaled $186 thousand. The ACL as a percentage of non-performing loans, or coverage ratio, was 123.1% at December 31, 2024 compared to 134.1% at September 30, 2024.

    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.75% for the quarter ended December 31, 2024, as compared to 2.80% for the quarter ended September 30, 2024. Decreases in non-interest expenses quarter over quarter were primarily attributable to reduced compensation and benefit expenses, and lower occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 0.3% for the twelve months ended December 31, 2024, compared to December 31, 2023.
    • Capital Adequacy – As of December 31, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.46%, an improvement of 0.08% compared to 8.38% at September 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.48 at December 31, 2024, down from $31.28 as of September 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.17% at December 31, 2024, down from 6.51% as of September 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.94 as of December 31, 2024, from $42.47 as of September 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.   

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Return on equity     5.39 %     1.60 %     0.39 %     24.97 %     4.92 %     8.06 %     6.28 %
    Return on assets     0.41 %     0.12 %     0.03 %     1.77 %     0.29 %     0.58 %     0.40 %
    Yield on loans     5.27 %     5.22 %     5.11 %     5.02 %     5.09 %     5.15 %     4.92 %
    Yield on security investments     2.34 %     2.37 %     2.43 %     2.37 %     2.57 %     2.38 %     2.43 %
    Total yield on earning assets     4.74 %     4.70 %     4.64 %     4.52 %     4.64 %     4.67 %     4.45 %
    Cost of interest-bearing deposits     2.41 %     2.47 %     2.37 %     2.36 %     2.22 %     2.40 %     1.74 %
    Cost of repurchase agreements     3.65 %     4.04 %     3.86 %     3.88 %     3.78 %     3.85 %     3.64 %
    Cost of borrowed funds     4.31 %     4.56 %     4.95 %     4.62 %     4.41 %     4.62 %     4.55 %
    Total cost of interest-bearing liabilities     2.53 %     2.63 %     2.55 %     2.53 %     2.38 %     2.56 %     1.96 %
    Tax adjusted net interest margin (Non-GAAP)     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Noninterest income / average assets     0.72 %     0.55 %     0.50 %     2.57 %     0.53 %     1.09 %     0.52 %
    Noninterest expense / average assets     2.75 %     2.80 %     2.79 %     2.86 %     2.60 %     2.80 %     2.65 %
    Net noninterest margin / average assets     -2.03 %     -2.24 %     -2.29 %     -0.29 %     -2.08 %     -1.71 %     -2.14 %
    Efficiency ratio     87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
    Effective tax rate     21.30 %     -51.88 %     -6.72 %     9.48 %     -30.85 %     9.85 %     -4.16 %
                                 
    Non-performing assets to total assets     0.74 %     0.73 %     0.61 %     0.64 %     0.61 %     0.74 %     0.61 %
    Non-performing loans to total loans     0.91 %     0.92 %     0.75 %     0.78 %     0.76 %     0.91 %     0.76 %
    Allowance for credit losses to non-performing loans   123.10 %     134.12 %     161.17 %     159.12 %     163.90 %     123.10 %     163.90 %
    Allowance for credit losses to loans receivable     1.12 %     1.23 %     1.22 %     1.25 %     1.24 %     1.12 %     1.24 %
    Foreclosed real estate to total assets     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
                                 
    Basic earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 2.85     $ 1.96  
    Diluted earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 2.84     $ 1.96  
    Stockholders’ equity / total assets     7.35 %     7.69 %     7.16 %     7.32 %     6.99 %     7.35 %     6.99 %
    Book value per share   $ 35.10     $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 35.10     $ 34.28  
    Closing stock price   $ 28.11     $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 28.11     $ 25.24  
    Price to earnings per share ratio     14.25       56.21       182.60       2.82       17.77       9.87       12.87  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.48     $ 1.05  
                                 
    Bank Level Capital                            
    Common equity tier 1 capital to risk-weighted assets   11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Tier 1 capital to risk-weighted assets     11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Total capital to risk-weighted assets     12.26 %     12.14 %     11.95 %     11.92 %     11.36 %     12.26 %     11.36 %
    Tier 1 capital to adjusted average assets     8.46 %     8.38 %     8.32 %     8.24 %     7.78 %     8.46 %     7.78 %
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Net interest margin – tax equivalent     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Tangible book value per diluted share   $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
    Tangible book value per diluted share adjusted for AOCL   $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
    Tangible common equity to total assets     6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
    Tangible common equity to total assets adjusted for AOCL     8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average
    Balance    		   Interest   Rate (%)   Average
    Balance    		   Interest   Rate (%)
    ASSETS                      
    Interest bearing deposits in other financial institutions $ 50,271     $ 650   5.17   $ 54,084     $ 665   4.92
    Federal funds sold   891       9   4.04     682       9   5.28
    Securities available-for-sale   343,411       2,011   2.34     342,451       2,031   2.37
    Loans receivable   1,504,233       19,802   5.27     1,506,967       19,660   5.22
    Federal Home Loan Bank stock   6,547       123   7.51     6,547       107   6.54
    Total interest earning assets   1,905,353     $ 22,595   4.74     1,910,731     $ 22,472   4.70
    Cash and non-interest bearing deposits in other financial institutions   27,360               22,478          
    Allowance for credit losses   (18,110 )             (18,482 )        
    Other noninterest bearing assets   154,707               155,997          
    Total assets $ 2,069,310             $ 2,070,724          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,465,198     $ 8,811   2.41   $ 1,451,414     $ 8,946   2.47
    Repurchase agreements   43,372       396   3.65     43,074       435   4.04
    Borrowed funds   72,536       781   4.31     95,224       1,085   4.56
    Total interest bearing liabilities   1,581,106     $ 9,988   2.53     1,589,712     $ 10,466   2.63
    Non-interest bearing deposits   289,467               287,507          
    Other noninterest bearing liabilities   42,944               41,696          
    Total liabilities   1,913,517               1,918,915          
    Total stockholders’ equity   155,793               151,809          
    Total liabilities and stockholders’ equity $ 2,069,310             $ 2,070,724          
                           
    Net interest income     $ 12,607           $ 12,006    
    Return on average assets   0.41 %             0.12 %        
    Return on average equity   5.39 %             1.60 %        
    Net interest margin (average earning assets)   2.65 %               2.51 %        
    Net interest margin (average earning assets) – tax equivalent   2.79 %             2.66 %        
    Net interest spread   2.21 %             2.07 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.21 x           1.20 x        
                           
                           
    Year-to-Date                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)
    ASSETS     `                
    Interest bearing deposits in other financial institutions $ 51,202     $ 2,967   5.79   $ 61,107     $ 2,317   5.06
    Federal funds sold   912       38   4.17     919       29   4.21
    Securities available-for-sale   347,048       8,250   2.38     348,269       6,239   2.39
    Loans receivable   1,504,206       77,515   5.15     1,504,197       57,713   5.12
    Federal Home Loan Bank stock   6,547       408   6.23     6,547       285   5.80
    Total interest earning assets   1,909,915     $ 89,178   4.67     1,921,039     $ 66,583   4.62
    Cash and non-interest bearing deposits in other financial institutions   28,730               19,598          
    Allowance for credit losses   (18,529 )             (18,670 )        
    Other noninterest bearing assets   155,251               155,433          
    Total assets $ 2,075,367             $ 2,077,400          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,462,039     $ 35,161   2.40   $ 1,464,682     $ 26,350   2.40
    Repurchase agreements   41,506       1,600   3.85     40,879       1,204   3.93
    Borrowed funds   85,927       3,970   4.62     90,423       3,189   4.70
    Total interest bearing liabilities   1,589,472     $ 40,731   2.56     1,595,984     $ 30,743   2.57
    Non-interest bearing deposits   293,508               291,161          
    Other noninterest bearing liabilities   41,893               41,540          
    Total liabilities   1,924,873               1,928,685          
    Total stockholders’ equity   150,494               148,715          
    Total liabilities and stockholders’ equity $ 2,075,367             $ 2,077,400          
                           
    Net interest income     $ 48,447           $ 35,840    
    Return on average assets   0.58 %             0.64 %        
    Return on average equity   8.06 %             4.50 %        
    Net interest margin (average earning assets)   2.54 %               2.49 %        
    Net interest margin (average earning assets) – tax equivalent   2.68 %             2.63 %        
    Net interest spread   2.11 %             2.05 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.20 x           1.20 x        
                           
    Finward Bancorp
    Quarterly Financial Report
                           
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
          December 31,   September 30,   June 30,   March 31,   December 31,
            2024       2024       2024       2024       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 17,883     $ 23,071     $ 19,061     $ 16,418     $ 17,942  
    Interest bearing deposits in other financial institutions     52,047       48,025       63,439       54,755       67,647  
    Federal funds sold     654       553       707       607       419  
                           
    Total cash and cash equivalents     70,584       71,649       83,207       71,780       86,008  
                           
    Securities available-for-sale     333,554       350,027       339,585       346,233       371,374  
    Loans held-for-sale     1,253       2,567       1,185       667       340  
    Loans receivable, net of deferred fees and costs     1,508,976       1,508,242       1,506,398       1,508,251       1,512,595  
    Less: allowance for credit losses     (16,911 )     (18,516 )     (18,330 )     (18,805 )     (18,768 )
    Net loans receivable     1,492,065       1,489,726       1,488,068       1,489,446       1,493,827  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,721       7,442       7,695       7,583       8,045  
    Premises and equipment     47,259       47,912       48,696       47,795       38,436  
    Foreclosed real estate     –       –       –       71       71  
    Cash value of bank owned life insurance     33,514       33,312       33,107       32,895       32,702  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     1,860       2,203       2,555       2,911       3,272  
    Other assets     43,947       40,882       44,027       43,459       45,262  
                           
    Total assets   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                           
    Deposits:                    
    Non-interest bearing   $ 263,324     $ 285,157     $ 286,784     $ 296,959     $ 295,594  
    Interest bearing     1,497,242       1,463,653       1,469,970       1,450,519       1,517,827  
    Total     1,760,566       1,748,810       1,756,754       1,747,478       1,813,421  
    Repurchase agreements     40,116       43,038       42,973       41,137       38,124  
    Borrowed funds     65,000       85,000       85,000       90,000       80,000  
    Accrued expenses and other liabilities     43,603       38,259       43,709       41,586       29,389  
                           
    Total liabilities     1,909,285       1,915,107       1,928,436       1,920,201       1,960,934  
                           
    Commitments and contingencies                    
                           
    Stockholders’ Equity:                    
                           
                         
    Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding      –       –       –       –       –  
    Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2024 – 4,313,698 December 31, 2023 – 4,298,773     –       –       –       –       –  
                           
                           
    Additional paid-in capital     70,034       69,916       69,778       69,727       69,555  
    Accumulated other comprehensive loss     (58,084 )     (48,241 )     (58,939 )     (56,313 )     (51,613 )
    Retained earnings     139,464       137,880       137,792       138,167       129,403  
                           
    Total stockholders’ equity     151,414       159,555       148,631       151,581       147,345  
                           
    Total liabilities and stockholders’ equity   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Twelve months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)     (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,     December 31,   December 31,
          2024       2024       2024       2024       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,802     $ 19,660     $ 19,174     $ 18,879     $ 19,281       $ 77,515     $ 74,762  
    Securities & short-term investments     2,793       2,812       2,953       3,105       2,975         11,663       11,021  
    Total interest income     22,595       22,472       22,127       21,984       22,256         89,178       85,783  
    Interest expense:                              
    Deposits     8,812       8,946       8,610       8,794       8,180         35,162       25,438  
    Borrowings     1,176       1,520       1,463       1,410       1,361         5,569       5,790  
    Total interest expense     9,988       10,466       10,073       10,204       9,541         40,731       31,228  
    Net interest income     12,607       12,006       12,054       11,780       12,715         48,447       54,555  
    Provision/(benefit) for credit losses     (579 )     –       76       –       779         (503 )     2,025  
    Net interest income after provision for credit losses     13,186       12,006       11,978       11,780       11,936         48,950       52,530  
    Noninterest income:                              
    Fees and service charges     1,439       1,463       1,257       1,153       1,507         5,312       6,024  
    Wealth management operations     728       731       763       633       672         2,855       2,484  
    Gain on tax credit investment     1,236       –       –       –       –         1,236       –  
    Gain on sale of loans held-for-sale, net     328       338       320       152       352         1,138       1,081  
    Increase in cash value of bank owned life insurance   202       205       212       193       193         812       766  
    Gain (Loss) on real estate     (212 )     –       15       11,858       –         11,661       –  
    Loss on sale of securities, net     –       –       –       (531 )     –         (531 )     (48 )
    Other     11       130       6       17       11         164       439  
    Total noninterest income     3,732       2,867       2,573       13,475       2,735         22,647       10,746  
    Noninterest expense:                              
    Compensation and benefits     6,628       6,963       7,037       7,109       6,290         27,737       27,655  
    Occupancy and equipment     2,045       2,181       2,116       1,908       1,484         8,250       6,382  
    Data processing     1,202       1,165       1,135       1,170       1,269         4,672       4,734  
    Federal deposit insurance premiums     457       435       397       501       492         1,790       2,003  
    Marketing     220       209       212       158       191         799       840  
    Professional and Outside Services     1,341       1,251       1,257       1,557       1,420         5,406       4,279  
    Technology     509       602       507       625       374         2,243       1,654  
    Other     1,845       1,668       1,756       1,976       1,997         7,245       7,684  
    Total noninterest expense     14,247       14,474       14,417       15,004       13,517         58,142       55,231  
    Income before income taxes     2,671       399       134       10,251       1,154         13,455       8,045  
    Income tax expenses (benefit)     569       (207 )     (9 )     972       (356 )       1,325       (335 )
    Net income   $ 2,102     $ 606     $ 143     $ 9,279     $ 1,510       $ 12,130     $ 8,380  
                                   
    Earnings per common share:                              
    Basic   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36       $ 2.85     $ 1.96  
    Diluted   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35       $ 2.84     $ 1.96  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    (Dollars in thousands)   December 31,   September 30, June 30,   March 31,   December 31,
                2024       2024       2024     2024       2023  
    Nonaccruing loans   $ 13,738     $ 13,806     $ 11,079   $ 11,603     $ 9,608  
    Accruing loans delinquent more than 90 days     –       –       294     215       1,843  
    Securities in non-accrual     1,419       1,440       1,371     1,442       1,357  
    Foreclosed real estate     –       –       –     71       71  
      Total nonperforming assets   $ 15,157     $ 15,246     $ 12,744   $ 13,331     $ 12,879  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 284     $ 1,821     $ 1,327   $ 1,455     $ 906  
      ACL general allowances for loan portfolio     16,627       16,695       17,003     17,351       17,862  
        Total ACL   $ 16,911     $ 18,516     $ 18,330   $ 18,806     $ 18,768  
                               
    Bank Level Capital                   Minimum Required To Be
    (Dollars in thousands)           Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    December 31, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $179,625   11.32%   $71,415   4.50%   $103,154   6.50%
    Tier 1 capital to risk-weighted assets   $179,625   11.32%   $95,219   6.00%   $126,959   8.00%
    Total capital to risk-weighted assets   $194,500   12.26%   $126,959   8.00%   $158,699   10.00%
    Tier 1 capital to adjusted average assets   $179,625   8.46%   $84,854   4.00%   $106,068   5.00%
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures             
                               
    (Dollars in thousands) Quarter Ended,   Twelve months ended,
    (unaudited) December 31, 2024   September 30, 2024 June 30, 2024   March 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Calculation of tangible common equity
    Total stockholder’s equity $ 151,414     $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 151,414     $ 147,345  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (1,860 )     (2,203 )     (2,555 )     (2,911 )     (3,272 )     (1,860 )     (3,272 )
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Accumulated other comprehensive loss   58,084       48,241       58,939       56,313       51,613       58,084       51,613  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
                               
    Calculation of tangible book value per share
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Diluted average common shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
                               
    Calculation of tangible common equity to total assets
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets   6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                               
    Calculation of tax adjusted net interest margin
    Net interest income $ 12,607     $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 48,447     $ 54,555  
    Tax adjusted interest on securities and loans   674       678       677       699       722       2,728       2,956  
    Adjusted net interest income $ 13,281       12,684       12,731       12,749     $ 13,437     $ 51,175     $ 57,511  
    Total average earning assets   1,905,353       1,910,731       1,906,998       1,945,501       1,920,127       1,909,915       1,927,455  
    Tax adjusted net interest margin   2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
                               
    Efficiency ratio
    Total non-interest expense $ 14,247     $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 58,142     $ 55,232  
    Total revenue   16,339       14,873       14,627       25,255       15,450       71,094       65,301  
    Efficiency ratio   87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
                               
    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network –

  • MIL-OSI United Nations: Endorsing Resolution, General Assembly Calls Upon All Stakeholders to Implement 2024–2034 Programme of Action for Landlocked Developing Countries

    Source: United Nations General Assembly and Security Council

    Text on UN Cooperation with Community-Portuguese-Speaking Countries Also Adopted

    The General Assembly today adopted a resolution containing the “Programme of Action for Landlocked Developing Countries for the Decade 2024–2034” — which focuses on diversifying economies, promoting trade, supporting jobs and enhancing climate resilience over the next 10 years in that group of nations — calling upon all stakeholders to commit to implementing it.

    In that action programme — listed in the annex of document A/79/L.21 — the Assembly recommitted to expediting action on the Sustainable Development Goals, calling for increased investment, including through international cooperation, and taking necessary measures to harmonize skills development and training programmes at the national and regional levels.

    The Programme of Action, which was originally adopted 24 December 2024 (see Press Release GA/12671), also lays out Member States’ commitments to substantially increasing investment from all sources in research and development, and in building accessible, reliable and affordable digital infrastructure.  The Assembly committed to doubling the contribution of manufacturing value added to the gross domestic product (GDP) of the landlocked developing countries by 2034.  Further, 193-member body urged development partners to support landlocked developing countries in strengthening strategic coherence between trade and investment policies, and industrial policy objectives.

    “The 570 million people living in the landlocked developing countries deserve nothing less,” said Assembly President Philémon Yang (Cameroon).  “For too long, they have faced unique challenges to trade, connectivity and development,” he added.  Recent shocks, such as the COVID-19 pandemic, rising prices worldwide, geopolitical tensions and the deepening impact of climate change, have only intensified their vulnerabilities.

    “The combined gross domestic product of landlocked developing countries in 2023 came in at 8 per cent below pre-pandemic projections,” he went on to say, commending these countries for their “resilience and ability to quickly reverse negative trends”.  The Assembly, “the great drum that gives voice to all peoples and nation”, will monitor implementation of the programme of action, he pledged.

    Rabab Fatima, Secretary-General of the third United Nations Conference on Landlocked Developing Countries, said the group of countries face profound challenges.  To address their issues, the new Programme of Action proposes regional agricultural hubs, which can help transform the sector and spearhead efforts toward sustainable development.

    “Internet usage is far below the global average,” she added, emphasizing the need to bridge the gender gap in the area.  On trade, she said that landlocked developing countries face 40 per cent higher trade costs than coastal States.  Climate finance remains grossly insufficient for landlocked developing countries, she added, noting that the Programme of Action underscores the need to urge development partners to honour their official development assistance (ODA) commitments.

    “This instrument must be a catalyst to eliminate structural barriers,” said Diego Pary Rodríguez (Bolivia), Chair of the Group of Landlocked Developing Countries.  Many of these countries have taken many measures to diversify their economies, but the Programme of Action has the potential to build new alliances that can provide them with the economic, political and technological tools to overcome barriers.

    He pointed out that the lack of development of regional transport corridors continues to undermine their participation in global trade. “Trade remains a critical means for the landlocked developing countries to achieve economic growth,” he said.  “We also ask for your support in capacity-building initiatives that will allow landlocked developing countries to comply with global trade standards,” he added, stressing the importance of fostering international cooperation in the transfer of clean technology to strengthen responses to climate change. 

    Cooperation between United Nations and Community of Portuguese-Speaking Countries

    By adopting a text titled “Cooperation between the United Nations and the Community of Portuguese-speaking Countries” (document A/79/L.43), the Assembly also stressed the importance of strengthening the cooperation between the Community and United Nations specialized agencies and other entities and programmes.

    By other terms of that resolution, the Assembly stressed the importance of partnership and cooperation between the UN and other relevant organizations, including the Community, to improve coordination and cooperation in peacebuilding and sustaining peace.

    Appointment of Member of Advisory Committee on Administrative and Budgetary Questions 

    On other matters, the Assembly appointed Alexandra Arias (Dominican Republic) as a member of the Advisory Committee on Administrative and Budgetary Questions (ACABQ) for a term of office beginning on 31 January and expiring on 31 December.  She replaces Olivio Fermín, also of the Dominican Republic, who resigned effective 31 January.

    Application of Article 19 of UN Charter 

    The Assembly also noted that Antigua and Barbuda has made the payments necessary to reduce its arrears in assessed contributions to the United Nations below the amount specified in Article 19 of the Charter.

    MIL OSI United Nations News –

  • MIL-OSI Security: Man Admits Transporting Minor to Super Bowl, St. Louis for Prostitution

    Source: Office of United States Attorneys

    ST. LOUIS – A Missouri man pleaded guilty Tuesday and admitted transporting a minor across state lines for sex.

    JoeMarius Green, 24, pleaded guilty in U.S. District Court in St. Louis to one felony count of transporting a minor across state lines to engage in prostitution. Green’s co-defendant, Chantel Robinson, 20, pleaded guilty in November to one felony count of possession of child pornography.

    Green admitted as part of his plea that he took a female minor and others from Dallas to Kansas City on Feb. 12, 2023, to engage in prostitution during the Super Bowl. After about four days, Green took the victim and others to a St. Louis area hotel for the same reason. Green admitted managing the online prostitution ads, renting hotel rooms, setting price points for sex acts and taking all cash proceeds from the victim’s commercial sex acts.

    Robinson admitted engaging in commercial sex acts, taking sexually explicit and sexually suggestive photos of minors and posting online advertisements for commercial sex acts. She oversaw the prostitution activities of minors when Green was absent.

    Green is scheduled to be sentenced on June 25. The charge carries a penalty of 10 years to life in prison. Robinson is scheduled to be sentenced April 8. Her charge carries a penalty of up to 20 years in prison.

    The St. Louis County Police Department and the FBI investigated the case.  Assistant U.S. Attorney Dianna Edwards is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department of Justice Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI: Provident Financial Services, Inc. Announces Fourth Quarter and Full Year Earnings, Declaration of Quarterly Cash Dividend and Annual Meeting Date

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $48.5 million, or $0.37 per basic and diluted share for the three months ended December 31, 2024, compared to $46.4 million, or $0.36 per basic and diluted share, for the three months ended September 30, 2024 and $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023. For the year ended December 31, 2024, net income totaled $115.5 million, or $1.05 per basic and diluted share, compared to $128.4 million, or $1.72 per basic and $1.71 per diluted share, for the year ended December 31, 2023.

    The Company’s earnings for the three months and year ended December 31, 2024 reflect the impact of the May 16, 2024 merger with Lakeland Bancorp, Inc. (“Lakeland”), which added $10.91 billion to total assets, $7.91 billion to loans, and $8.62 billion to deposits, net of purchase accounting adjustments. The merger with Lakeland significantly impacted provisions for credit losses in 2024 due to the initial Current Expected Credit Loss (“CECL”) provisions recorded on acquired loans in the second quarter. Transaction costs related to our merger with Lakeland totaled $20.2 million and $56.9 million, for the three months and year ended December 31, 2024, respectively, compared with transaction costs of $2.5 million and $7.8 million for the respective 2023 periods. Additionally, the Company realized a $2.8 million loss related to the sale of subordinated debt issued by Lakeland from the Provident investment portfolio, during the second quarter of 2024.

    Anthony J. Labozzetta, President and Chief Executive Officer commented, “Provident had an eventful 2024 marked by solid financial performance and defined by the completion of our merger with Lakeland. We have maintained excellent asset quality, grown our deposits, and benefited from our expanding fee-based businesses. With core systems conversion and integration now completed, we look forward to further improving our performance across all business lines in 2025.”

    Performance Highlights for the Fourth Quarter of 2024

    • Adjusted for transaction costs related to the merger with Lakeland, net of tax, the Company’s annualized adjusted returns on average assets, average equity and average tangible equity(1) were 1.05%, 9.53% and 15.39% for the quarter ended December 31, 2024, compared to 0.95%, 8.62% and 14.53% for the quarter ended September 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 13 of the earnings release.
    • The Company’s annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity(2) were 1.53%, 13.91% and 20.31% for the quarter ended December 31, 2024, compared to 1.48%, 13.48% and 19.77% for the quarter ended September 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 13 of the earnings release.
    • Net interest margin decreased three basis points to 3.28% for the quarter ended December 31, 2024, from 3.31% for the trailing quarter, mainly due to a reduction in net accretion of purchase accounting adjustments related to the Lakeland merger. However, the core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased four basis points from the trailing quarter to 2.85%. The average yield on total loans decreased 22 basis points to 5.99% for the quarter ended December 31, 2024, compared to the trailing quarter, while the average cost of deposits, including non-interest-bearing deposits, decreased 11 basis points to 2.25% for the quarter ended December 31, 2024.
    • Wealth management and insurance agency income increased 12% and 19%, respectively, versus the same period in 2023.
    • Asset quality improved in the quarter, as non-performing loans to total loans as of December 31, 2024 decreased to 0.39% from 0.47% as of September 30, 2024, while non-performing assets to total assets as of December 31, 2024 decreased to 0.34% from 0.41% as of September 30, 2024.
    • The Company recorded a $7.8 million provision for credit losses on loans for the quarter ended December 31, 2024, compared to a $9.6 million provision for the trailing quarter. The decrease in the provision for credit losses on loans for the quarter was primarily attributable to the reclassification of $151.3 million to the held for sale portfolio, partially offset by modest deterioration in the economic forecast within our CECL model.
    • Total deposits increased $247.6 million to $18.62 billion as of December 31, 2024 compared to September 30, 2024.
    • In December of 2024, $151.3 million of the Bank’s commercial loan portfolio was reclassified from loans held for investment into the held for sale portfolio as a result of a decision to exit the non-relationship equipment lease financing business.
    • As of December 31, 2024, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.79 billion, with a weighted average interest rate of 6.91%.
    • At December 31, 2024, CRE loans related to office properties totaled $884.1 million, compared to $921.1 million at September 30, 2024. CRE loans secured by office properties constitutes 4.6% of total loans and have an average loan size of $1.9 million, with seven relationships greater than $10.0 million. There were four loans totaling $9.1 million on non-accrual as of December 31, 2024.
    • As of December 31, 2024, multi-family CRE loans secured by New York City properties totaled $244.5 million, compared to $226.6 million as of September 30, 2024. This portfolio constitutes only 1.3% of total loans and has an average loan size of $2.8 million. Loans that are collateralized by rent stabilized apartments comprise less than 0.80% of the total loan portfolio and are all performing.

    Declaration of Quarterly Dividend

    The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on February 28, 2025, to stockholders of record as of the close of business on February 14, 2025.

    Annual Meeting Date Set

    The Annual Meeting of Stockholders will be held on April 24, 2025 at 10:00 a.m. Eastern Time as a virtual meeting. February 28, 2025 has been established as the record date for the determination of stockholders entitled to vote at the Annual Meeting.

    Results of Operations

    Three months ended December 31, 2024 compared to the three months ended September 30, 2024

    For the three months ended December 31, 2024, net income was $48.5 million, or $0.37 per basic and diluted share, compared to net income of $46.4 million, or $0.36 per basic and diluted share, for the three months ended September 30, 2024.

    Net Interest Income and Net Interest Margin

    Net interest income decreased $2.0 million to $181.7 million for the three months ended December 31, 2024, from $183.7 million for the trailing quarter. The decrease in net interest income was primarily due to a decrease in net accretion of purchase accounting adjustments in the loan portfolio related to the Lakeland merger.

    The Company’s net interest margin decreased three basis points to 3.28% for the quarter ended December 31, 2024, from 3.31% for the trailing quarter. The average yield on interest-earning assets for the quarter ended December 31, 2024 decreased 18 basis points to 5.66%, compared to the trailing quarter. The average cost of interest-bearing liabilities for the quarter ended December 31, 2024 decreased 16 basis points to 3.03%, compared to the trailing quarter. The average cost of interest-bearing deposits for the quarter ended December 31, 2024 decreased 15 basis points to 2.81%, compared to 2.96% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.25% for the quarter ended December 31, 2024, compared to 2.36% for the trailing quarter. The average cost of borrowed funds for the quarter ended December 31, 2024 was 3.64%, compared to 3.73% for the quarter ended September 30, 2024. The net accretion of purchase accounting adjustments contributed 43 basis points to the net interest margin for the quarter ended December 31, 2024, compared with 50 basis points in the trailing quarter. The reduction in purchase accounting accretion was largely due to the prepayment of certain loans that resulted in accelerated amortization of acquisition premiums and a decrease in accelerated accretion related to prepayments of loans with acquisition discounts.

    Provision for Credit Losses on Loans

    For the quarter ended December 31, 2024, the Company recorded a $7.8 million provision for credit losses related to loans, compared with a provision for credit losses on loans of $9.6 million for the quarter ended September 30, 2024. The decrease in the provision for credit losses on loans for the quarter was primarily attributable to the reclassification of $151.3 million of commercial loans to the held for sale portfolio, partially offset by modest deterioration in the economic forecast within our CECL model for the current quarter as compared to the prior quarter. For the three months ended December 31, 2024, net charge-offs totaled $5.5 million, or an annualized 12 basis points of average loans, compared to net charge-offs of $6.8 million, or an annualized 14 basis points of average loans for the trailing quarter.

    Non-Interest Income and Expense

    For the three months ended December 31, 2024, non-interest income totaled $24.2 million, a decrease of $2.7 million, compared to the trailing quarter. Bank owned life insurance (“BOLI”) income decreased $2.0 million compared to the trailing quarter, to $2.3 million for the three months ended December 31, 2024, primarily due to a reduction in benefit claims. Insurance agency income decreased $342,000 to $3.3 million for the three months ended December 31, 2024, compared to $3.6 million for the trailing quarter, largely due to a seasonal decrease in business activity. Additionally, other income decreased $181,000 to $1.3 million for the three months ended December 31, 2024, compared to the trailing quarter, while fees and commissions decreased $129,000 to $9.7 million for the three months ended December 31, 2024, compared to the trailing quarter.

    Non-interest expense totaled $134.3 million for the three months ended December 31, 2024, a decrease of $1.7 million, compared to $136.0 million for the trailing quarter. Compensation and benefits expense decreased $3.5 million to $59.9 million for the three months ended December 31, 2024, compared to $63.5 million for the trailing quarter mainly due to decreases in salary expense and payroll tax expense. Amortization of intangibles decreased $2.7 million to $9.5 million for the three months ended December 31, 2024 primarily due to a current quarter adjustment to the rate of core deposit intangible amortization related to Lakeland, as a result of lower projected attrition on core deposits. FDIC insurance decreased $769,000 to $3.4 million for the three months ended December 31, 2024, compared to $4.2 million for the trailing quarter, primarily due to a decreases in the assessment rate and average assets. Additionally, data processing expense decreased $600,000 to $9.9 million for the three months ended December 31, 2024, compared to the trailing quarter, largely due to a decrease in core system expenses. Partially offsetting these decreases, merger-related expenses increased $4.6 million to $20.2 million for the three months ended December 31, 2024, compared to the trailing quarter, while other operating expenses increased $1.6 million to $17.4 million for the three months ended December 31, 2024, compared to the trailing quarter largely due to a $1.4 million charge for contingent litigation reserves.

    The Company’s annualized adjusted non-interest expense as a percentage of average assets(4) was 1.90% for the quarter ended December 31, 2024, compared to 1.98% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(5) was 55.43% for the three months ended December 31, 2024, compared to 57.20% for the trailing quarter.

    Income Tax Expense

    For the three months ended December 31, 2024, the Company’s income tax expense was $14.2 million with an effective tax rate of 22.6%, compared with income tax expense of $18.9 million with an effective tax rate of 28.9% for the trailing quarter. The decrease in tax expense and the effective tax rate for the three months ended December 31, 2024, compared with the trailing quarter was largely due to a $4.2 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024.

    Three months ended December 31, 2024 compared to the three months ended December 31, 2023

    For the three months ended December 31, 2024, net income was $48.5 million, or $0.37 per basic and diluted share, compared to net income of $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023. The Company’s earnings for the quarter ended December 31, 2024 reflected the impact of the May 16, 2024 merger with Lakeland. The results of operations included transaction costs related to the merger with Lakeland totaling $20.2 million and $2.5 million for the three months ended December 31, 2024 and 2023, respectively.

    Net Interest Income and Net Interest Margin

    Net interest income increased $85.9 million to $181.7 million for the three months ended December 31, 2024, from $95.8 million for same period in 2023. Net interest income for the quarter ended December 31, 2024 compared to the same period in 2023 was favorably impacted by the net assets acquired from Lakeland, combined with favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by unfavorable repricing of deposits.

    The Company’s net interest margin increased 36 basis points to 3.28% for the quarter ended December 31, 2024, from 2.92% for the same period last year. The average yield on interest-earning assets for the quarter ended December 31, 2024 increased 62 basis points to 5.66%, compared to 5.04% for the quarter ended December 31, 2023. The average cost of interest-bearing liabilities increased 32 basis points for the quarter ended December 31, 2024 to 3.03%, compared to 2.71% for the fourth quarter of 2023. The average cost of interest-bearing deposits for the quarter ended December 31, 2024 was 2.81%, compared to 2.47% for the same period last year. The average cost of total deposits, including non-interest-bearing deposits, was 2.25% for the quarter ended December 31, 2024, compared with 1.95% for the quarter ended December 31, 2023. The average cost of borrowed funds for the quarter ended December 31, 2024 was 3.64%, compared to 3.71% for the same period last year.

    Provision for Credit Losses on Loans

    For the quarter ended December 31, 2024, the Company recorded a $7.8 million provision for credit losses related to loans, compared with a $500,000 provision for credit losses on loans for the quarter ended December 31, 2023. The increase in the provision for credit losses on loans was largely a function of the period-over-period deterioration in the economic forecast and an increase in loans from the Lakeland acquisition.

    Non-Interest Income and Expense

    Non-interest income totaled $24.2 million for the quarter ended December 31, 2024, an increase of $5.2 million, compared to the same period in 2023. Fee income increased $3.6 million to $9.7 million for the three months ended December 31, 2024, compared to the same period in 2023, primarily resulting from the Lakeland merger. Wealth management income increased $812,000 to $7.7 million for the three months ended December 31, 2024, compared to the same period in 2023, primarily due to an increase in the average market value of assets under management, while BOLI income increased $617,000 to $2.3 million for the three months ended December 31, 2024, compared to the same period in 2023 largely due to an increase in income related to the addition of Lakeland’s BOLI. Insurance agency income increased $530,000 to $3.3 million, for the three months ended December 31, 2024, compared to the same period in 2023, largely due to strong retention revenue and new business activity. Partially offsetting these increases to non-interest income, other income decreased $330,000 to $1.3 million for the three months ended December 31, 2024, compared to the quarter ended December 31, 2023, primarily due to a decrease in net gains on the sale of SBA loans.

    Non-interest expense totaled $134.3 million for the three months ended December 31, 2024, an increase of $58.5 million, compared to $75.9 million for the three months ended December 31, 2023. Compensation and benefits expense increased $21.2 million to $59.9 million for three months ended December 31, 2024, compared to $38.8 million for the same period in 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Additionally, merger-related expense increased $17.7 million to $20.2 million for the three months ended December 31, 2024, compared to the same period in 2023. Amortization of intangibles increased $8.8 million to $9.5 million for the three months ended December 31, 2024, compared to $721,000 for the same period in 2023, largely due to core deposit intangible amortization related to the addition of Lakeland. Net occupancy expenses increased $4.8 million to $12.6 million for the three months ended December 31, 2024, compared to the same period in 2023, primarily due to an increase in depreciation and maintenance expenses related to the addition of Lakeland. Data processing expense increased $3.4 million to $9.9 million for the three months ended December 31, 2024, compared to the same period in 2023, largely due to additional software and hardware expenses related to the addition of Lakeland, while other operating expenses increased $1.7 million to $17.4 million for the three months ended December 31, 2024, compared to the same period in 2023, largely due to an increase in professional service expenses.

    The Company’s annualized adjusted non-interest expense as a percentage of average assets(4) was 1.90% for the quarter ended December 31, 2024, compared to 1.98% for the same period in 2023. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(5) was 55.43% for the three months ended December 31, 2024 compared to 61.32% for the same respective period in 2023.

    Income Tax Expense

    For the three months ended December 31, 2024, the Company’s income tax expense was $14.2 million with an effective tax rate of 22.6%, compared with $12.5 million with an effective tax rate of 31.3% for the three months ended December 31, 2023. The increase in tax expense for the three months ended December 31, 2024, compared with the three months ended December 31, 2023, was primarily due to an increase in taxable income, which was partially offset by a $4.2 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024. The decrease in the effective tax rate for the three months ended December 31, 2024, compared with the three months ended December 31, 2023 was primarily due to the aforementioned $4.2 million tax benefit related to the revaluation of deferred tax assets.

    Year ended December 31, 2024 compared to the year ended December 31, 2023

    For the year ended December 31, 2024, net income totaled $115.5 million, or $1.05 per basic and diluted share, compared to net income of $128.4 million, or $1.71 per basic and diluted share, for the year ended December 31, 2023.

    Net Interest Income and Net Interest Margin

    Net interest income increased $201.2 million to $600.6 million for the year ended December 31, 2024, from $399.5 million for 2023. Net interest income for the year ended December 31, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with the favorable repricing of adjustable rate loans and higher market rates on new loan originations, partially offset by the unfavorable repricing of both deposits and borrowings.

    For the year ended December 31, 2024, the net interest margin increased 10 basis points to 3.26%, compared to 3.16% for 2023. The weighted average yield on interest earning assets increased 81 basis points to 5.68% for the year ended December 31, 2024, compared to 4.87% for 2023, while the weighted average cost of interest-bearing liabilities increased 81 basis points to 3.05% for the year ended December 31, 2024, compared to 2.24% last year. The average cost of interest-bearing deposits increased 84 basis points to 2.83% for the year ended December 31, 2024, compared to 1.99% in the prior year. Average non-interest-bearing demand deposits increased $792.0 million to $3.12 billion for the year ended December 31, 2024, compared with $2.33 billion for 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.26% for the year ended December 31, 2024, compared with 1.54% for 2023. The average cost of borrowings for the year ended December 31, 2024 was 3.71%, compared to 3.41% in the prior year.

    Provision for Credit Losses on Loans

    For the year ended December 31, 2024, the Company recorded an $83.6 million provision for credit losses related to loans, compared with a provision for credit losses of $28.2 million for 2023. The increased provision for credit losses on loans for the year ended December 31, 2024 was primarily attributable to an initial CECL provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations, partially offset by some economic forecast improvement over the current twelve-month period within our CECL model, compared to last year.

    Non-Interest Income and Expense

    For the year ended December 31, 2024, non-interest income totaled $94.1 million, an increase of $14.3 million, compared to 2023. Fee income increased $9.7 million to $34.1 million for the year ended December 31, 2024, compared to 2023, primarily due to the addition of Lakeland. BOLI income increased $5.2 million to $11.7 million for the year ended December 31, 2024, compared to 2023, primarily due to an increase in benefit claims, combined with an increase in income related to the addition of Lakeland’s BOLI, while wealth management income increased $2.9 million to $30.5 million for the year ended December 31, 2024, compared to 2023, mainly due to an increase in the average market value of assets under management during the period. Additionally, insurance agency income increased $2.3 million to $16.2 million for the year ended December 31, 2024, compared to $13.9 million for 2023, largely due to increases in contingent commissions, retention revenue and new business activity. Partially offsetting these increases in non-interest income, net gains on securities transactions decreased $3.0 million for the year ended December 31, 2024, primarily due to a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland. Additionally, other income decreased $2.8 million to $4.5 million for the year ended December 31, 2024, compared to $7.3 million for 2023, primarily due to a $2.0 million gain from the sale of a foreclosed commercial property recorded in the prior year, combined with a decrease in gains on sales of SBA loans in the current year.

    Non-interest expense totaled $457.5 million for the year ended December 31, 2024, an increase of $182.2 million, compared to $275.3 million for 2023. Compensation and benefits expense increased $69.8 million to $218.3 million for the year ended December 31, 2024, compared to $148.5 million for 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Merger-related expenses increased $49.0 million to $56.9 million for the year ended December 31, 2024, compared to $7.8 million for 2023. Amortization of intangibles increased $26.0 million to $28.9 million for the year ended December 31, 2024, compared to $3.0 million for 2023, largely due to core deposit intangible amortization related to the addition of Lakeland. Net occupancy expense increased $12.7 million to $45.0 million for the year ended December 31, 2024, compared to 2023, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland, while data processing expense increased $12.6 million to $35.6 million for the year ended December 31, 2024, compared to $23.0 million for 2023, primarily due to additional software and hardware expenses related to the addition of Lakeland. Other operating expenses increased $7.3 million to $54.7 million for the year ended December 31, 2024, compared to $47.4 million for 2023, primarily due to increases in consulting and other professional service expenses, while FDIC insurance increased $4.4 million to $13.0 million for the year ended December 31, 2024, primarily due to the addition of Lakeland.

    Income Tax Expense

    For the year ended December 31, 2024, the Company’s income tax expense was $34.1 million with an effective tax rate of 22.8%, compared with $47.4 million with an effective tax rate of 27.0% for 2023. The decrease in tax expense for the year ended December 31, 2024, compared with last year was largely due to a $10.0 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024, combined with a decrease in taxable income as a result of the initial CECL provision for credit losses on loans of $60.1 million recorded in accordance with GAAP requirements for accounting for business combinations and additional expenses from the Lakeland merger.

    Asset Quality

    The Company’s total non-performing loans at December 31, 2024 were $72.1 million, or 0.39% of total loans, compared to $89.9 million or 0.47% of total loans at September 30, 2024 and $49.6 million, or 0.46% of total loans at December 31, 2023. The $17.9 million decrease in non-performing loans at December 31, 2024, compared to the trailing quarter, consisted of a $24.3 million decrease in non-performing commercial loans and a $676,000 decrease in non-performing residential loans, partially offset by a $6.9 million increase in non-performing commercial mortgage loans and a $223,000 increase in non-performing consumer loans. As of December 31, 2024, impaired loans totaled $55.4 million with related specific reserves of $7.5 million, compared with impaired loans totaling $74.0 million with related specific reserves of $7.2 million as of September 30, 2024. As of December 31, 2023, impaired loans totaled $42.3 million with related specific reserves of $2.9 million.

    At December 31, 2024, the Company’s allowance for credit losses related to the loan portfolio was 1.04% of total loans, compared to 1.02% and 0.99% at September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses increased $88.0 million to $193.4 million at December 31, 2024, from $107.2 million at December 31, 2023. The increase in the allowance for credit losses on loans at December 31, 2024 compared to December 31, 2023 was due to an $83.6 million provision for credit losses on loans, which included an initial CECL provision of $60.1 million on loans acquired from Lakeland, and a $17.2 million allowance recorded through goodwill related to Purchased Credit Deteriorated loans acquired from Lakeland, partially offset by net charge-offs of $14.6 million.

    The following table sets forth accruing past due loans and non-accrual loans on the dates indicated, as well as certain asset quality ratios.

        December 31, 2024   September 30, 2024   December 31, 2023  
        Number
    of
    Loans    		   Principal
    Balance
    of Loans    		   Number
    of
    Loans    		   Principal
    Balance
    of Loans    		   Number
    of
    Loans    		   Principal
    Balance
    of Loans    		  
        (Dollars in thousands)
    Accruing past due loans:                          
    30 to 59 days past due:                          
    Commercial mortgage loans   7   $ 8,538     2   $ 430     1   $ 825    
    Multi-family mortgage loans   —     —     —     —     1     3,815    
    Construction loans   —     —     —     —     —     —    
    Residential mortgage loans   22     6,388     23     5,020     13     3,429    
    Total mortgage loans   29     14,926     25     5,450     15     8,069    
    Commercial loans   23     4,248     14     1,952     6     998    
    Consumer loans   47     3,152     53     4,073     31     875    
    Total 30 to 59 days past due   99   $ 22,326     92   $ 11,475     52   $ 9,942    
                               
    60 to 89 days past due:                          
    Commercial mortgage loans   4   $ 3,954     1   $ 641     —   $ —    
    Multi-family mortgage loans   —     —     —     —     1     1,635    
    Construction loans   —     —     —     —     —     —    
    Residential mortgage loans   17     5,049     11     1,991     8     1,208    
    Total mortgage loans   21     9,003     12     2,632     9     2,843    
    Commercial loans   9     2,377     9     1,240     3     198    
    Consumer loans   15     856     10     606     5     275    
    Total 60 to 89 days past due   45     12,236     31     4,478     17     3,316    
    Total accruing past due loans   144   $ 34,562     123   $ 15,953     69   $ 13,258    
                               
    Non-accrual:                          
    Commercial mortgage loans   17   $ 20,883     17   $ 13,969     7   $ 5,151    
    Multi-family mortgage loans   6     7,498     6     7,578     1     744    
    Construction loans   2     13,246     2     13,151     1     771    
    Residential mortgage loans   23     4,535     24     5,211     7     853    
    Total mortgage loans   48     46,162     49     39,909     16     7,519    
    Commercial loans   65     24,243     69     48,592     26     41,487    
    Consumer loans   23     1,656     32     1,433     10     633    
    Total non-accrual loans   136   $ 72,061     150   $ 89,934     52   $ 49,639    
                               
    Non-performing loans to total loans         0.39 %         0.47 %         0.46 %  
    Allowance for loan losses to total non-performing loans         268.43 %         217.09 %         215.96 %  
    Allowance for loan losses to total loans         1.04 %         1.02 %         0.99 %  
     

    At December 31, 2024 and December 31, 2023, the Company held foreclosed assets of $9.5 million and $11.7 million, respectively. During the year ended December 31, 2024, there were four properties sold with an aggregate carrying value of $861,000 and one write-down of a foreclosed commercial property of $1.3 million. Foreclosed assets at December 31, 2024 consisted primarily of commercial real estate. Total non-performing assets at December 31, 2024 increased $20.2 million to $81.5 million, or 0.34% of total assets, from $61.3 million, or 0.43% of total assets at December 31, 2023.

    Balance Sheet Summary

    Total assets at December 31, 2024 were $24.05 billion, a $13.78 billion increase from December 31, 2023. The increase in total assets was primarily due to the addition of Lakeland.

    The Company’s loans held for investment portfolio totaled $18.66 billion at December 31, 2024 and $10.87 billion at December 31, 2023. The loan portfolio consists of the following:

      December 31, 2024   September 30, 2024   December 31, 2023  
      (Dollars in thousands)
    Mortgage loans:            
    Commercial $ 7,228,078     $ 7,342,456     $ 4,512,411    
    Multi-family   3,382,933       3,226,918       1,812,500    
    Construction   823,503       873,509       653,246    
    Residential   2,014,844       2,032,671       1,164,956    
      Total mortgage loans   13,449,358       13,475,554       8,143,113    
    Commercial loans   4,604,367       4,710,601       2,440,621    
    Consumer loans   613,819       623,709       299,164    
      Total gross loans   18,667,544       18,809,864       10,882,898    
    Premiums on purchased loans   1,338       1,362       1,474    
    Net deferred fees and unearned discounts   (9,512 )     (16,617 )     (12,456 )  
      Total loans $ 18,659,370     $ 18,794,609     $ 10,871,916    
     

    As part of the merger with Lakeland, we acquired $7.91 billion in loans, net of purchase accounting adjustments. For the year ended December 31, 2024, the Company experienced net increases of $1.57 billion in multi-family loans, $2.16 billion in commercial loans and $2.72 billion in commercial mortgage loans, partially offset by net decreases of $170.3 million in construction loans and net decreases in residential mortgage and consumer loans of $849.9 million and $314.7 million, respectively. Commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 85.9% of the loan portfolio at December 31, 2024, compared to 86.5% at December 31, 2023.

    For the year ended December 31, 2024, loan funding, including advances on lines of credit, totaled $4.73 billion, compared with $3.34 billion for the same period in 2023.

    At December 31, 2024, the Company’s unfunded loan commitments totaled $2.73 billion, including commitments of $1.62 billion in commercial loans, $608.1 million in construction loans and $85.1 million in commercial mortgage loans. Unfunded loan commitments at September 30, 2024 and December 31, 2023 totaled $2.97 billion and $2.09 billion, respectively.

    The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.79 billion at December 31, 2024, compared to $1.98 billion at September 30, 2024 and $1.70 billion at December 31, 2023.

    Total investment securities were $3.21 billion at December 31, 2024, a $2.26 billion increase from December 31, 2023. This increase was primarily due to the addition of Lakeland.

    Total deposits increased $10.56 billion during the year ended December 31, 2024, to $18.62 billion. Total savings and demand deposit accounts increased $6.26 billion to $15.46 billion at December 31, 2024, while total time deposits increased $2.07 billion to $3.17 billion at December 31, 2024. The increase in savings and demand deposits was largely attributable to a $3.13 billion increase in interest-bearing demand deposits, a $1.59 billion increase in non-interest-bearing demand deposits, a $1.04 billion increase in money market deposits and a $504.0 million increase in savings deposits. The increase in time deposits consisted of a $1.98 billion increase in retail time deposits and a $91.1 million increase in brokered time deposits.

    Borrowed funds increased $1.34 billion during the year ended December 31, 2024, to $2.02 billion. The increase in borrowings was largely due to the addition of Lakeland. Borrowed funds represented 8.4% of total assets at December 31, 2024, an decrease from 13.9% at December 31, 2023.

    Stockholders’ equity increased $1.60 billion during the year ended December 31, 2024, to $2.60 billion, primarily due to common stock issued for the purchase of Lakeland, net income earned for the period and a slight improvement in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the year ended December 31, 2024, common stock repurchases totaled 89,569 shares at an average cost of $14.90 per share, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. At December 31, 2024, approximately 3.1 million shares remained eligible for repurchase under the current stock repurchase authorization. Book value per share and tangible book value per share(6) at December 31, 2024 were $19.93 and $13.66, respectively, compared with $22.38 and $16.32, respectively, at December 31, 2023.

    About the Company

    Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

    Post Earnings Conference Call

    Representatives of the Company will hold a conference call for investors on Wednesday, January 29, 2025 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter and year ended December 31, 2024. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on “Webcast.”

    Forward Looking Statements

    Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “project,” “intend,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, the effects of the recent turmoil in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, the ability to complete, or any delays in completing, the pending merger between the Company and Lakeland; any failure to realize the anticipated benefits of the transaction when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected conditions, factors or events; potential adverse reactions or changes to business, employee, customer and/or counterparty relationships, including those resulting from the completion of the merger and integration of the companies; and the impact of a potential shutdown of the federal government.

    The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

    Footnotes

    (1) Annualized adjusted pre-tax, pre-provision return on average assets, annualized return on average tangible equity, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.

    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Financial Highlights
    (Dollars in Thousands, except share data) (Unaudited)
     
      At or for the
    Three months ended    		   At or for the
    Year ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Statement of Income                  
    Net interest income $ 181,737     $ 183,701     $ 95,788     $ 600,614     $ 399,454  
    Provision for credit losses   8,880       9,299       (863 )     87,564       28,168  
    Non-interest income   24,175       26,855       18,968       94,113       79,829  
    Non-interest expense   134,323       136,002       75,851       457,548       275,336  
    Income before income tax expense   62,709       65,255       39,768       149,615       175,779  
    Net income   48,524       46,405       27,312       115,525       128,398  
    Diluted earnings per share $ 0.37     $ 0.36     $ 0.36     $ 1.05     $ 1.71  
    Interest rate spread   2.63 %     2.65 %     2.33 %     2.63 %     2.63 %
    Net interest margin   3.28 %     3.31 %     2.92 %     3.26 %     3.16 %
                       
    Profitability                  
    Annualized return on average assets   0.81 %     0.76 %     0.77 %     0.57 %     0.92 %
    Annualized adjusted return on average assets (1)   1.05 %     0.95 %     0.83 %     0.78 %     0.97 %
    Annualized return on average equity   7.36 %     6.94 %     6.60 %     5.07 %     7.81 %
    Annualized adjusted return on average equity (1)   9.53 %     8.62 %     7.10 %     6.95 %     8.22 %
    Annualized return on average tangible equity (3)   12.21 %     12.06 %     9.32 %     8.58 %     11.01 %
    Annualized adjusted return on average tangible equity (1)   15.39 %     14.53 %     9.99 %     11.29 %     11.54 %
    Annualized adjusted non-interest expense to average assets (4)   1.90 %     1.98 %     1.98 %     1.97 %     1.90 %
    Efficiency ratio (4)   55.43 %     57.20 %     61.32 %     57.67 %     55.19 %
                       
    Asset Quality                  
    Non-accrual loans     $ 89,934         $ 72,061     $ 49,639  
    90+ and still accruing       —           —       —  
    Non-performing loans       88,061           72,061       49,639  
    Foreclosed assets       9,801           9,473       11,651  
    Non-performing assets       97,862           81,534       61,290  
    Non-performing loans to total loans       0.47 %         0.39 %     0.46 %
    Non-performing assets to total assets       0.41 %         0.34 %     0.43 %
    Allowance for loan losses     $ 191,175         $ 193,432     $ 107,200  
    Allowance for loan losses to total non-performing loans       217.09 %         268.43 %     215.96 %
    Allowance for loan losses to total loans       1.02 %         1.04 %     0.99 %
    Net loan charge-offs $ 5,493       6,756     $ 4,010     $ 14,560     $ 8,129  
    Annualized net loan charge offs to average total loans   0.12 %     0.14 %     0.16 %     0.09 %     0.08 %
                       
    Average Balance Sheet Data                  
    Assets $ 23,908,514     $ 24,248,038     $ 14,114,626     $ 20,382,148     $ 13,915,467  
    Loans, net   18,487,443       18,531,939       10,660,201       15,600,431       10,367,620  
    Earning assets   21,760,458       21,809,226       12,823,541       18,403,149       12,637,224  
    Savings and demand deposits   15,581,608       15,394,715       9,210,315       13,103,803       9,358,290  
    Borrowings   1,711,806       2,125,149       1,873,822       1,983,674       1,636,572  
    Interest-bearing liabilities   17,093,382       17,304,569       10,020,726       14,596,325       9,671,794  
    Stockholders’ equity   2,624,019       2,660,470       1,642,854       2,279,525       1,644,529  
    Average yield on interest-earning assets   5.66 %     5.84 %     5.04 %     5.68 %     4.87 %
    Average cost of interest-bearing liabilities   3.03 %     3.19 %     2.71 %     3.05 %     2.24 %
     

    Notes and Reconciliation of GAAP and Non-GAAP Financial Measures
    (Dollars in Thousands, except share data)

    The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

    (1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
        2024   2024   2023   2024   2023
    Net Income   $ 48,524     $ 46,405     $ 27,312     $ 115,525     $ 128,398  
    Merger-related transaction costs     20,184       15,567       2,477       56,867       7,826  
    Less: income tax expense     (5,819 )     (4,306 )     (465 )     (14,010 )     (1,480 )
    Annualized adjusted net income   $ 62,889     $ 57,666     $ 29,324     $ 158,382     $ 134,744  
    Less: Amortization of Intangibles (net of tax)   $ 6,649     $ 8,551     $ 504     $ 20,226     $ 2,064  
    Annualized adjusted net income for annualized adjusted return on average tangible equity   $ 69,538     $ 66,216     $ 29,828     $ 178,607     $ 136,808  
                         
    Annualized Adjusted Return on Average Assets     1.05 %     0.95 %     0.83 %     0.78 %     0.97 %
    Annualized Adjusted Return on Average Equity     9.53 %     8.62 %     7.10 %     6.95 %     8.22 %
    Annualized Adjusted Return on Average Tangible Equity     15.39 %     14.53 %     9.99 %     11.29 %     11.54 %
                         
    (2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Net income   $ 48,524     $ 46,405     $ 27,312     $ 115,525     $ 128,398  
    Adjustments to net income:                    
    Provision charge (benefit) for credit losses     8,880       9,299       (863 )     87,564       28,168  
    Net loss on Lakeland bond sale     —       —       —       2,839       —  
    Merger-related transaction costs     20,184       15,567       2,477       56,867       7,826  
    Contingent litigation reserves     —       —       3,000       —       3,000  
    Income tax expense     14,185       18,850       12,456       34,090       47,381  
    Adjusted PTPP income   $ 91,773     $ 90,121     $ 44,382     $ 296,885     $ 214,773  
                         
    Annualized Adjusted PTPP income   $ 365,097     $ 358,525     $ 176,081     $ 296,885     $ 214,773  
    Average assets   $ 23,908,514     $ 24,248,038     $ 14,114,626     $ 20,382,148     $ 13,915,467  
    Average equity   $ 2,624,019     $ 2,660,470     $ 1,642,854     $ 2,279,525     $ 1,644,529  
    Average tangible equity   $ 1,797,994     $ 1,813,327     $ 1,184,444     $ 1,581,339     $ 1,185,026  
                         
    Annualized Adjusted PTPP return on average assets     1.53 %     1.48 %     1.25 %     1.46 %     1.54 %
    Annualized PTPP return on average equity     13.91 %     13.48 %     10.72 %     13.02 %     13.06 %
    Annualized PTPP return on average tangible equity     20.31 %     19.77 %     14.87 %     18.77 %     18.12 %
                         
    (3) Annualized Return on Average Tangible Equity  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Total average stockholders’ equity   $ 2,624,019     $ 2,660,470     $ 1,642,854     $ 2,279,525     $ 1,644,529  
    Less: total average intangible assets     826,025       847,143       458,410       698,186       459,503  
    Total average tangible stockholders’ equity   $ 1,797,994     $ 1,813,327     $ 1,184,444     $ 1,581,339     $ 1,185,026  
                         
    Net income   $ 48,524     $ 46,405     $ 27,312     $ 115,525     $ 128,398  
    Less: Amortization of Intangibles, net of tax     6,649       8,551       504       20,226       2,064  
    Total net income (loss)   $ 55,173     $ 54,956     $ 27,816     $ 135,751     $ 130,462  
                         
    Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)     12.21 %     12.06 %     9.32 %     8.58 %     11.01 %
                         
    (4) Annualized Adjusted Non-Interest Expense to Average Assets  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Reported non-interest expense   $ 134,323     $ 136,002     $ 75,851     $ 457,548     $ 275,336  
    Adjustments to non-interest expense:                    
    Merger-related transaction costs     20,184       15,567       2,477       56,867       7,826  
    Contingent litigation reserves     —       —       3,000       —       3,000  
    Adjusted non-interest expense   $ 114,139     $ 120,435     $ 70,374     $ 400,681     $ 264,510  
                         
    Annualized adjusted non-interest expense   $ 454,075     $ 479,122     $ 279,201     $ 400,681     $ 264,510  
    Average assets   $ 23,908,514     $ 24,248,038     $ 14,114,626     $ 20,382,148     $ 13,915,467  
    Annualized adjusted non-interest expense/average assets     1.90 %     1.98 %     1.98 %     1.97 %     1.90 %
                         
    (5) Efficiency Ratio Calculation  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Net interest income   $ 181,737     $ 183,701     $ 95,788     $ 600,614     $ 399,454  
    Non-interest income     24,175       26,855       18,968       94,113       79,829  
    Adjustments to non-interest income:                    
    Net loss (gain) on securities transactions     14       (2 )     7       2,986       (30 )
    Adjusted non-interest income     24,189       26,853       18,975       97,099       79,799  
    Total income   $ 205,912     $ 210,554     $ 114,756     $ 694,727     $ 479,283  
                         
    Adjusted non-interest expense   $ 114,139     $ 120,435     $ 70,374     $ 400,681     $ 264,510  
                         
    Efficiency ratio (adjusted non-interest expense/income)     55.43 %     57.20 %     61.32 %     57.67 %     55.19 %
                         
    (6) Book and Tangible Book Value per Share  
                    December 31,   December 31,
                      2024       2023  
    Total stockholders’ equity               $ 2,601,207     $ 1,690,596  
    Less: total intangible assets                 819,230       457,942  
    Total tangible stockholders’ equity               $ 1,781,977     $ 1,232,654  
                         
    Shares outstanding                 130,489,493       75,537,186  
                         
    Book value per share (total stockholders’ equity/shares outstanding)               $ 19.93     $ 22.38  
    Tangible book value per share (total tangible stockholders’ equity/shares outstanding)               $ 13.66     $ 16.32  
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Statements of Financial Condition
    December 31, 2024 (Unaudited) and December 31, 2023
    (Dollars in Thousands)
           
    Assets December 31, 2024   December 31, 2023
    Cash and due from banks $ 166,914     $ 180,241  
    Short-term investments   25       14  
    Total cash and cash equivalents   166,939       180,255  
    Available for sale debt securities, at fair value   2,768,915       1,690,112  
    Held to maturity debt securities, (net of $14,000 allowance as of December 31, 2024 (unaudited) and $31,000 allowance as of December 31, 2023)   327,623       363,080  
    Equity securities, at fair value   19,762       1,270  
    Federal Home Loan Bank stock   112,115       79,217  
    Loans held for sale   162,453       1,785  
    Loans held for investment   18,659,370       10,871,916  
    Less allowance for credit losses   193,432       107,200  
    Net loans   18,628,391       10,766,501  
    Foreclosed assets, net   9,473       11,651  
    Banking premises and equipment, net   119,622       70,998  
    Accrued interest receivable   91,160       58,966  
    Intangible assets   819,230       457,942  
    Bank-owned life insurance   405,893       243,050  
    Other assets   582,702       287,768  
    Total assets $ 24,051,825     $ 14,210,810  
           
    Liabilities and Stockholders’ Equity      
    Deposits:      
    Demand deposits $ 13,775,991     $ 8,020,889  
    Savings deposits   1,679,667       1,175,683  
    Certificates of deposit of $250,000 or more   789,342       218,549  
    Other time deposits   2,378,813       877,393  
    Total deposits   18,623,813       10,292,514  
    Mortgage escrow deposits   42,247       36,838  
    Borrowed funds   2,020,435       1,970,033  
    Subordinated debentures   401,608       10,695  
    Other liabilities   362,515       210,134  
    Total liabilities   21,450,618       12,520,214  
           
    Stockholders’ equity:      
    Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued   —       —  
    Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,489,493 shares outstanding as of December 31, 2024 and 75,537,186 outstanding as of December 31, 2023.   1,376       832  
    Additional paid-in capital   1,834,495       989,058  
    Retained earnings   989,111       974,542  
    Accumulated other comprehensive loss   (135,355 )     (141,115 )
    Treasury stock   (88,420 )     (127,825 )
    Unallocated common stock held by the Employee Stock Ownership Plan   —       (4,896 )
    Common Stock acquired by the Directors’ Deferred Fee Plan   —       (2,694 )
    Deferred Compensation – Directors’ Deferred Fee Plan   —       2,694  
    Total stockholders’ equity   2,601,207       1,690,596  
    Total liabilities and stockholders’ equity $ 24,051,825     $ 14,210,810  
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Statements of Income
    Three months ended December 31, 2024, September 30, 2024 (Unaudited) and December 31, 2023,
    and year ended December 31, 2024 (Unaudited) and 2023
    (Dollars in Thousands, except per share data)
                       
      Three Months Ended   Year Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024     2023       2024       2023  
    Interest and dividend income:                  
    Real estate secured loans $ 194,236     $ 197,857   $ 109,112     $ 655,868     $ 408,942  
    Commercial loans   75,978       81,183     34,939       251,793       128,854  
    Consumer loans   10,815       12,947     5,020       36,635       18,439  
    Available for sale debt securities, equity securities and Federal Home Loan Bank stock   27,197       25,974     12,042       85,895       46,790  
    Held to maturity debt securities   2,125       2,136     2,303       8,885       9,362  
    Deposits, federal funds sold and other short-term investments   1,596       2,425     755       7,062       3,433  
    Total interest income   311,947       322,522     164,171       1,046,138       615,820  
                       
    Interest expense:                  
    Deposits   105,922       110,009     50,579       349,523       159,459  
    Borrowed funds   15,652       19,923     17,527       73,523       55,856  
    Subordinated debt   8,636       8,889     277       22,478       1,051  
    Total interest expense   130,210       138,821     68,383       445,524       216,366  
    Net interest income   181,737       183,701     95,788       600,614       399,454  
    Provision charge (benefit) for credit losses   8,880       9,299     (863 )     87,564       28,168  
    Net interest income after provision for credit losses   172,857       174,402     96,651       513,050       371,286  
                       
    Non-interest income:                  
    Fees   9,687       9,816     6,102       34,114       24,396  
    Wealth management income   7,655       7,620     6,843       30,533       27,669  
    Insurance agency income   3,289       3,631     2,759       16,201       13,934  
    Bank-owned life insurance   2,261       4,308     1,644       11,709       6,482  
    Net (loss) gain on securities transactions   (14 )     2     (7 )     (2,986 )     30  
    Other income   1,297       1,478     1,627       4,542       7,318  
    Total non-interest income   24,175       26,855     18,968       94,113       79,829  
                       
    Non-interest expense:                  
    Compensation and employee benefits   59,937       63,468     38,773       218,341       148,497  
    Net occupancy expense   12,562       12,790     7,797       45,014       32,271  
    Data processing expense   9,881       10,481     6,457       35,579       22,993  
    FDIC Insurance   3,411       4,180     2,890       12,964       8,578  
    Amortization of intangibles   9,511       12,231     721       28,931       2,952  
    Advertising and promotion expense   1,485       1,524     1,100       5,146       4,822  
    Merger-related expenses   20,184       15,567     2,477       56,867       7,826  
    Other operating expenses   17,352       15,761     15,636       54,706       47,397  
    Total non-interest expense   134,323       136,002     75,851       457,548       275,336  
    Income before income tax expense   62,709       65,255     39,768       149,615       175,779  
    Income tax expense   14,185       18,850     12,456       34,090       47,381  
    Net income $ 48,524     $ 46,405   $ 27,312     $ 115,525     $ 128,398  
                       
    Basic earnings per share $ 0.37     $ 0.36   $ 0.36     $ 1.05     $ 1.72  
    Average basic shares outstanding   130,067,244       129,941,845     74,995,705       109,668,911       74,844,489  
                       
    Diluted earnings per share $ 0.37     $ 0.36   $ 0.36     $ 1.05     $ 1.71  
    Average diluted shares outstanding   130,163,872       130,004,870     75,041,545       109,712,732       74,873,256  
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Net Interest Margin Analysis
    Quarterly Average Balances
    (Dollars in Thousands) (Unaudited)
     
      December 31, 2024   September 30, 2024   December 31, 2023
      Average Balance   Interest   Average
    Yield/Cost    		   Average Balance   Interest   Average
    Yield/Cost    		   Average Balance   Interest   Average
    Yield/Cost
    Interest-Earning Assets:                                  
    Deposits $ 117,998   $ 1,596   5.38 %   $ 179,313   $ 2,425   5.38 %   $ 54,998   $ 745   5.37 %
    Federal funds sold and other short-term investments   —     —   — %     —     —   — %     838     10   4.39 %
    Available for sale debt securities   2,720,065     25,063   3.69 %     2,644,262     24,884   3.72 %     1,647,906     9,858   2.39 %
    Held to maturity debt securities, net (1)   328,147     2,125   2.59 %     342,217     2,136   2.50 %     364,433     2,303   2.53 %
    Equity securities, at fair value   19,920     —   — %     19,654     —   — %     1,016     —   — %
    Federal Home Loan Bank stock   86,885     2,134   9.82 %     91,841     1,090   4.75 %     94,149     2,184   9.28 %
    Net loans: (2)                                  
    Total mortgage loans   13,287,942     194,236   5.75 %     13,363,265     197,857   5.83 %     8,028,300     109,112   5.34 %
    Total commercial loans   4,587,048     75,978   6.54 %     4,546,088     81,183   7.05 %     2,329,430     34,939   5.90 %
    Total consumer loans   612,453     10,815   7.02 %     622,586     12,947   8.27 %     302,471     5,020   6.58 %
    Total net loans   18,487,443     281,029   5.99 %     18,531,939     291,987   6.21 %     10,660,201     149,071   5.50 %
    Total interest-earning assets $ 21,760,458   $ 311,947   5.66 %   $ 21,809,226   $ 322,522   5.84 %   $ 12,823,541   $ 164,171   5.04 %
                                       
    Non-Interest Earning Assets:                                  
    Cash and due from banks   159,151             341,505             111,610        
    Other assets   1,988,905             2,097,307             1,179,475        
    Total assets $ 23,908,514           $ 24,248,038           $ 14,114,626        
                                       
    Interest-Bearing Liabilities:                                  
    Demand deposits $ 10,115,827   $ 71,265   2.80 %   $ 9,942,053   $ 74,864   3.00 %   $ 5,856,916   $ 39,648   2.69 %
    Savings deposits   1,677,725     968   0.23 %     1,711,502     1006   0.23 %     1,183,857     602   0.20 %
    Time deposits   3,187,172     33,689   4.21 %     3,112,598     34,139   4.36 %     1,095,468     10,329   3.74 %
    Total Deposits   14,980,724     105,922   2.81 %     14,766,153     110,009   2.96 %     8,136,241     50,579   2.47 %
    Borrowed funds   1,711,806     15,652   3.64 %     2,125,149     19,923   3.73 %     1,873,822     17,527   3.71 %
    Subordinated debentures   400,852     8,636   8.57 %     413,267     8,889   8.56 %     10,663     277   10.27 %
    Total interest-bearing liabilities   17,093,382     130,210   3.03 %     17,304,569     138,821   3.19 %     10,020,726     68,383   2.71 %
                                       
    Non-Interest Bearing Liabilities:                                  
    Non-interest bearing deposits   3,788,056             3,741,160             2,169,542        
    Other non-interest bearing liabilities   403,057             541,839             281,504        
    Total non-interest bearing liabilities   4,191,113             4,282,999             2,451,046        
    Total liabilities   21,284,495             21,587,568             12,471,772        
    Stockholders’ equity   2,624,019             2,660,470             1,642,854        
    Total liabilities and stockholders’ equity $ 23,908,514           $ 24,248,038           $ 14,114,626        
                                       
    Net interest income     $ 181,737           $ 183,701           $ 95,788    
    Net interest rate spread         2.63 %           2.65 %           2.33 %
    Net interest-earning assets $ 4,667,076           $ 4,504,657           $ 2,802,815        
    Net interest margin (3)         3.28 %           3.31 %           2.92 %
    Ratio of interest-earning assets to total interest-bearing liabilities 1.27x           1.26x           1.28x        
     
       
    (1 ) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
    (2 ) Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans.
    (3 ) Annualized net interest income divided by average interest-earning assets.
         
    The following table summarizes the quarterly net interest margin for the previous five quarters.      
           
      12/31/24   9/30/24   6/30/24   3/31/24   12/31/23
      4th Qtr.   3rd Qtr.   2nd Qtr.   1st Qtr.   4th Qtr.
    Interest-Earning Assets:                  
    Securities 3.78 %   3.69 %   3.40 %   2.87 %   2.79 %
    Net loans 5.99 %   6.21 %   6.05 %   5.51 %   5.50 %
    Total interest-earning assets 5.66 %   5.84 %   5.67 %   5.06 %   5.04 %
                       
    Interest-Bearing Liabilities:                  
    Total deposits 2.81 %   2.96 %   2.84 %   2.60 %   2.47 %
    Total borrowings 3.64 %   3.73 %   3.83 %   3.60 %   3.71 %
    Total interest-bearing liabilities 3.03 %   3.19 %   3.09 %   2.80 %   2.71 %
                       
    Interest rate spread 2.63 %   2.65 %   2.58 %   2.26 %   2.33 %
    Net interest margin 3.28 %   3.31 %   3.21 %   2.87 %   2.92 %
                       
    Ratio of interest-earning assets to interest-bearing liabilities 1.27x   1.26x   1.25x   1.28x   1.28x
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Net Interest Margin Analysis
    Average Year to Date Balances
    (Dollars in Thousands) (Unaudited)
                           
      December 31, 2024   December 31, 2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
    Interest-Earning Assets:                      
    Deposits $ 36,932   $ 7,062   5.23 %   $ 65,991   $ 3,421   5.18 %
    Federal funds sold and other short-term investments   —     —   — %     255     12   4.55 %
    Available for sale debt securities   2,323,158     77,617   3.32 %     1,745,105     40,678   2.33 %
    Held to maturity debt securities, net (1)   344,903     8,885   2.58 %     375,436     9,362   2.49 %
    Equity securities, at fair value   12,367     —   — %     1,020     —   — %
    Federal Home Loan Bank stock   85,358     8,278   9.70 %     81,797     6,112   7.47 %
    Net loans: (2)                      
    Total mortgage loans   11,333,540     655,868   5.79 %     7,813,764     408,942   5.23 %
    Total commercial loans   3,768,388     251,793   6.68 %     2,251,175     128,854   5.72 %
    Total consumer loans   498,503     36,635   7.35 %     302,681     18,439   6.09 %
    Total net loans   15,600,431     944,296   6.05 %     10,367,620     556,235   5.37 %
    Total interest-earning assets $ 18,403,149   $ 1,046,138   5.68 %   $ 12,637,224   $ 615,820   4.87 %
                           
    Non-Interest Earning Assets:                      
    Cash and due from banks   233,829             119,232        
    Other assets   1,745,170             1,159,011        
    Total assets $ 20,382,148           $ 13,915,467        
                           
    Interest-Bearing Liabilities:                      
    Demand deposits $ 8,480,380   $ 245,874   2.90 %   $ 5,747,671   $ 125,471   2.18 %
    Savings deposits   1,502,852     3,443   0.23 %     1,282,062     2,184   0.17 %
    Time deposits   2,367,144     100,206   4.23 %     994,901     31,804   3.20 %
    Total deposits   12,350,376     349,523   2.83 %     8,024,634     159,459   1.99 %
    Borrowed funds   1,983,674     73,523   3.71 %     1,636,572     55,856   3.41 %
    Subordinated debentures   262,275     22,478   8.57 %     10,588     1,051   9.92 %
    Total interest-bearing liabilities $ 14,596,325   $ 445,524   3.05 %   $ 9,671,794   $ 216,366   2.24 %
                           
    Non-Interest Bearing Liabilities:                      
    Non-interest bearing deposits   3,120,571             2,328,557        
    Other non-interest bearing liabilities   385,727             270,587        
    Total non-interest bearing liabilities   3,506,298             2,599,144        
    Total liabilities   18,102,623             12,270,938        
    Stockholders’ equity   2,279,525             1,644,529        
    Total liabilities and stockholders’ equity $ 20,382,148           $ 13,915,467        
                           
    Net interest income     $ 600,614           $ 399,454    
    Net interest rate spread         2.63 %           2.63 %
    Net interest-earning assets $ 3,806,824           $ 2,965,430        
    Net interest margin (3)         3.26 %           3.16 %
    Ratio of interest-earning assets to total interest-bearing liabilities 1.26x           1.31x        
                           
                           
    (1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
    (2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans.
    (3) Annualized net interest income divided by average interest-earning assets.
     
    The following table summarizes the year-to-date net interest margin for the previous three years.
                 
      Year Ended  
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2022    		  
    Interest-Earning Assets:            
    Securities 3.43 %   2.62 %   1.86 %  
    Net loans 6.05 %   5.37 %   4.26 %  
    Total interest-earning assets 5.68 %   4.87 %   3.76 %  
                 
    Interest-Bearing Liabilities:            
    Total deposits 2.83 %   1.99 %   0.47 %  
    Total borrowings 3.71 %   3.41 %   1.23 %  
    Total interest-bearing liabilities 3.05 %   2.24 %   0.54 %  
                 
    Interest rate spread 2.63 %   2.63 %   3.22 %  
    Net interest margin 3.26 %   3.16 %   3.37 %  
                 
    Ratio of interest-earning assets to interest-bearing liabilities 1.26x   1.31x   1.38x  
                 

    The MIL Network –

  • MIL-OSI: Synaptics Accelerates Edge AI Strategy with New Broadcom Agreement

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Synaptics® Incorporated (Nasdaq: SYNA) announced it has accelerated its Edge AI strategy by signing a definitive licensing agreement with Broadcom that includes Wi-Fi® 8, ultra-wideband (UWB), Wi-Fi 7, advanced Bluetooth®, and next-generation GPS/GNSS products and technology for IoT and Android™ ecosystem.

    Strategic benefits:

    • Accelerates Edge AI strategy: Solidifies Synaptics’ leadership position for end-to-end AI Internet of Things (IoT) connectivity and expands our ability to service the Android™ ecosystem.
    • Solidifies Synaptics’ Veros™ wireless product roadmap for next 5+ years: Adds Wi-Fi 8 combo, UWB, GPS/GNSS, as well as Wi-Fi 7 combo products.
    • Increases addressable market: Expands serviceable wireless market to include augmented and virtual reality (AR/VR) platforms, Android™ smartphones, and consumer audio.
    • Strengthens wireless team: Establishes one of the largest and most highly qualified teams in cutting-edge wireless research and development.
    • Accretive to financials: Expected to add $40+ million in annualized sales and to be immediately accretive to non-GAAP EPS.

    “Our wireless technology and capabilities are cornerstones of our success in IoT markets,” said Michael Hurlston, President and CEO of Synaptics. “We are now developing this expertise to enable ecosystems with centralized control and seamless connectivity to a rapidly growing array of Edge AI devices. Our platform history, proven track record, and strategy uniquely position us to integrate Broadcom’s technology and fully deliver on the potential of IoT connectivity.”

    Key technology focus and growth:

    • Wi-Fi 8: Reinforces and builds on Synaptics’ field-proven Wi-Fi/Bluetooth combo solutions for the IoT, including Wi-Fi 7. The rapid incorporation of Wi-Fi 8 gives us first-mover advantage in new markets such as automotive and positions Synaptics among the leaders deploying this technology for AR/VR and Android™ smartphones.
    • UWB: Allows Synaptics to participate in a growing market for precise location tracking and complements our market-leading Wi-Fi combo connectivity.
    • GPS/GNSS: Synaptics is already among the leaders in GPS/GNSS for the IoT. The widely acclaimed SYN4778 is a prime example. Next-generation devices will build upon this success through lower power, greater accuracy, reduced system-level cost and complexity, and more functionality. These enhancements will allow Synaptics to further penetrate markets such as wearables, navigation devices, and asset trackers.

    The all-cash transaction is expected to close on January 30, 2025.

    Synaptics will provide further details on the transaction at its scheduled fiscal Q2 2025 investor conference call on February 6th, 2025.

    About Synaptics Incorporated
    Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X, and Facebook, or visit www.synaptics.com. 

    Cautionary Statement Regarding Forward-Looking Statements
    This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that the Company or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations or various assumptions. Our expectations and assumptions are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including risks related to our ability to consummate and realize anticipated benefits from the transaction and our ability to grow sales and expand into the serviceable wireless market as expected, and other risks as identified in the “Risk Factors,” “Management’ Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q; and other risks as identified from time to time in our Securities and Exchange Commission reports. For any forward-looking statements contained in this or any other document, we claim ​the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.
    For further information, please contact:

    Investor Relations
    Munjal Shah
    Synaptics
    +1-408-518-7639
    munjal.shah@synaptics.com

    Media Contact
    Patrick Mannion
    Synaptics
    +1-631-678-1015
    patrick.mannion@synaptics.com

    The MIL Network –

  • MIL-OSI Security: Nigerian Man Extradited to the U.S. After Being Indicted for Sextortion Scheme That Caused Death of South Carolina Teen

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

    COLUMBIA, S.C. — Hassanbunhussein Abolore Lawal (luh-wall), 24, of Osun State, Nigeria, has been extradited to the United States from Nigeria to face prosecution in a partially unsealed indictment for the sextortion of a South Carolina minor, which led to the victim’s death.

    This investigation was launched after Gavin Guffey, a 17-year-old from Rock Hill, died by suicide in July 2022 after being victimized by Lawal’s scheme. Lawal allegedly posed as a young woman on social media and coerced the teen into sending compromising photos. He then extorted and sent harassing messages to the teen threatening to leak the photos and ruin his reputation unless the teen sent him money. Lawal later did the same to members of his family.

    The five-count federal indictment charges Lawal with child exploitation resulting in death, the production and distribution of child sexual abuse material, coercion and enticement of a minor, cyberstalking resulting in death, interstate threats with intent to extort, and aiding/abetting. In addition to victimizing the teen in every count, the indictment alleges Lawal targeted the minor victim’s family in the stalking and extortion charges.

    Lawal faces up to life in prison, and mandatory minimum prison sentences on multiple counts. The child exploitation resulting in death count carries a mandatory 30-year sentence. He also faces mandatory restitution, where the court may order Lawal to pay for losses incurred by the family as a result of his scheme.

    The indictment was returned by a federal Grand Jury in South Carolina in October 2023. On Jan. 24, following extradition proceedings in Nigeria, agents with the FBI Columbia Field Office took custody of Lawal in Lagos, Nigeria and executed the removal with assistance from Nigerian law enforcement.

    “We will not allow predators who target our children to hide behind a keyboard or across the ocean. Today we honor Gavin’s life and continue our fight against sextortion by holding this defendant accountable,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “This investigation and extradition are the result of tremendous law enforcement coordination both in the United States and Nigeria. We’re grateful to the many agencies who helped make this day possible.”

    “This indictment represents the culmination of countless hours of dedicated work done by our investigators both here and abroad,” said Steve Jensen, Special Agent in Charge of the FBI Columbia Field Office. “The defendant’s alleged actions are reprehensible resulting in the tragic loss of a young man’s life. We remain steadfast in our commitment to holding criminals accountable, especially those who target our children and endanger their lives, no matter where they are.”

    U.S. Attorney Boroughs and SAC Jensen thanked the U.S. Department of Justice’s Office of International Affairs (OIA), and U.S. State Department for their help in facilitating the arrest and extradition of Lawal.

    Nigerian law enforcement provided critical assistance in the identification, investigation, arrest, and extradition of Lawal. U.S. Attorney Boroughs and SAC Jensen extend their appreciation and thanks to the Economic and Financial Crimes Commission (EFCC), the Nigerian Attorney General’s Office – Ministry of Justice, and all other involved Nigerian authorities for their important partnership in this case.

    This case is part of Project Safe Childhood, a nationwide initiative designed to protect children from online exploitation and abuse. The U.S. Attorney’s Office, county prosecutor’s offices, the Internet Crimes Against Children task force (ICAC), federal, state, tribal, and local law enforcement are working closely together to locate, apprehend, and prosecute individuals who exploit children. The partners in Project Safe Childhood work to educate local communities about the dangers of online child exploitation, and to teach children how to protect themselves. For more information about Project Safe Childhood, please visit the following website: www.projectsafechildhood.gov. Individuals with information or concerns about possible child exploitation should contact local law enforcement officials.

    If someone you know is being victimized by sextortion, please report to local law enforcement and to the FBI. Learn more about sextortion and find resources for parents, caregivers, and teachers.

    The case was investigated by the FBI Columbia Field Office, the FBI’s Violent Crimes Against Children Section and International Operations Division, the South Carolina Law Enforcement Division, and the York County Sheriff’s Office. 

    Assistant U.S. Attorneys Elliott B. Daniels, Lothrop Morris, and Michael Shedd are prosecuting the case. 

    All charges in the indictment are merely accusations and that defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 third quarter ended December 28, 2024.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 third quarter was $916.3 million, gross margin was 42.7%, operating income was $53.0 million, and diluted earnings per share was $0.43. On a non-GAAP basis, gross margin was 46.5%, operating income was $177.9 million, and diluted earnings per share was $1.61.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo is executing on a broad set of strategic initiatives to expand margin, generate strong free cash flow, and increase shareholder value. During the December quarter, we continued to successfully support our largest customer, who represented approximately 50% of sales. Within our Android 5G product portfolio, we are narrowing our focus to the higher-value flagship and premium tiers, where customers value Qorvo’s differentiated products. In HPA, we had record Defense & Aerospace quarterly revenue and expect continued strength in the March quarter. As we continue to execute on our growth and diversification strategy, we expect HPA and CSG to deliver double-digit growth in fiscal 2025 and next fiscal year.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the midpoint of our December quarter non-GAAP guidance in revenue, gross margin, and EPS. During the quarter, we took proactive steps to change how we support our Android business. These actions will reduce operating expense and are expected to benefit gross margin in our fiscal 2026. Subsequent to the quarter, we divested our silicon carbide business. These actions, in aggregate, are expected to support a high-40%’s gross margin in seasonally strong quarters of fiscal 2026 and additional gross margin improvement in fiscal 2027.”

    Qorvo’s current outlook for the March 2025 quarter is:

    • Quarterly revenue of approximately $850 million, plus or minus $25 million1
    • Non-GAAP gross margin between 43% and 44%
    • Non-GAAP diluted earnings per share between $0.90 and $1.10

    1 Includes immaterial silicon carbide revenue, versus silicon carbide revenue of approximately $9 million in the December 2024 quarter

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 391.4     $ 445.3     $ 387.9     $ (53.9 )   $ 3.5  
    Gross margin   42.7 %     42.6 %     36.1 %   0.1 ppt   6.6 ppt
    Operating expenses $ 338.4     $ 435.6     $ 429.4     $ (97.2 )   $ (91.0 )
    Operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   $ 43.3     $ 94.6  
    Net income (loss) $ 41.3     $ (17.4 )   $ (126.9 )   $ 58.7     $ 168.2  
    Weighted-average diluted shares   95.0       94.9       97.2       0.1       (2.2 )
    Diluted EPS (loss per share) $ 0.43     $ (0.18 )   $ (1.31 )   $ 0.61     $ 1.74  
                           
                           
    SELECTED NON-GAAP RESULTS(1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 426.3     $ 492.0     $ 470.5     $ (65.7 )   $ (44.2 )
    Gross margin   46.5 %     47.0 %     43.8 %   (0.5) ppt   2.7 ppt
    Operating expenses $ 248.4     $ 279.8     $ 234.0     $ (31.4 )   $ 14.4  
    Operating income $ 177.9     $ 212.2     $ 236.5     $ (34.3 )   $ (58.6 )
    Net income $ 152.8     $ 179.8     $ 205.9     $ (27.0 )   $ (53.1 )
    Weighted-average diluted shares   95.0       95.8       97.8       (0.8 )     (2.8 )
    Diluted EPS $ 1.61     $ 1.88     $ 2.10     $ (0.27 )   $ (0.49 )

    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.

    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue                  
    HPA $ 171.7     $ 148.3     $ 118.9     15.8 %   44.4 %
    CSG   109.5       146.8       108.9     (25.4 )%   0.6 %
    ACG   635.1       751.4       846.1     (15.5 )%   (24.9 )%
    Total revenue $ 916.3     $ 1,046.5     $ 1,073.9     (12.4 )%   (14.7 )%
    Operating income (loss)                  
    HPA $ 32.6     $ 13.1     $ 1.6     148.9 %   1,937.5 %
    CSG   (11.7 )     (9.0 )     (25.6 )   (30.0 )%   54.3 %
    ACG   161.2       215.1       263.8     (25.1 )%   (38.9 )%
    All other(1)   (129.1 )     (209.5 )     (281.4 )   38.4 %   54.1 %
    Total operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   446.4 %   227.4 %
    Operating income (loss) as a % of revenue                      
    HPA   19.0 %     8.8 %     1.3 %   10.2 ppt   17.7 ppt
    CSG   (10.7 )     (6.1 )     (23.5 )   (4.6) ppt   12.8 ppt
    ACG   25.4       28.6       31.2     (3.2) ppt   (5.8) ppt
    Total operating income (loss) as a % of revenue   5.8 %     0.9 %   (3.9 )%   4.9 ppt   9.7 ppt

    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.

    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. Included in the net adjustments to our cost of goods sold for the third quarter of fiscal 2024 is a contract termination fee which we paid during the fourth quarter of fiscal 2024. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. Return on invested capital (ROIC) is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 8143934. The playback will be available through the close of business February 4, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Revenue $ 916,317     $ 1,073,861     $ 2,849,497     $ 2,828,518  
                   
    Costs and expenses:              
    Cost of goods sold   524,901       685,983       1,680,471       1,721,880  
    Research and development   179,126       164,329       567,778       502,366  
    Selling, general and administrative   90,360       86,914       313,043       296,033  
    Other operating expense   68,905       178,204       220,899       246,516  
    Total costs and expenses   863,292       1,115,430       2,782,191       2,766,795  
                   
    Operating income (loss)   53,025       (41,569 )     67,306       61,723  
    Interest expense   (18,655 )     (17,581 )     (58,343 )     (51,963 )
    Other income, net   14,526       15,359       41,713       34,286  
                   
    Income (loss) before income taxes   48,896       (43,791 )     50,676       44,046  
    Income tax expense   (7,625 )     (83,147 )     (26,426 )     (117,103 )
    Net income (loss) $ 41,271     $ (126,938 )   $ 24,250     $ (73,057 )
                   
    Net income (loss) per share:              
    Basic $ 0.44     $ (1.31 )   $ 0.26     $ (0.75 )
    Diluted $ 0.43     $ (1.31 )   $ 0.25     $ (0.75 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic   94,341       97,152       94,942       97,905  
    Diluted   95,031       97,152       95,808       97,905  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
               
    GAAP operating income (loss) $ 53,025     $ 9,675     $ (41,569 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment   —       96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   2,216       1,926       (7,333 )
    Non-GAAP operating income $ 177,911     $ 212,214     $ 236,522  
               
    GAAP net income (loss) $ 41,271     $ (17,435 )   $ (126,938 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment   —       96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   600       (506 )     (12,252 )
    (Gain) loss on investments   (1,721 )     780       464  
    Adjustment of income taxes   (10,067 )     (3,611 )     59,161  
    Non-GAAP net income $ 152,753     $ 179,841     $ 205,859  
               
    GAAP weighted-average outstanding diluted shares   95,031       94,886       97,152  
    Dilutive stock-based awards   —       867       666  
    Non-GAAP weighted-average outstanding diluted shares   95,031       95,753       97,818  
               
    Non-GAAP net income per share, diluted $ 1.61     $ 1.88     $ 2.10  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) December 28, 2024   September 28, 2024   December 30, 2023
    GAAP gross profit/margin $ 391,416   42.7 %   $ 445,306   42.6 %   $ 387,878   36.1 %
    Stock-based compensation expense   5,742   0.6       6,047   0.6       5,575   0.5  
    Amortization of intangible assets   23,462   2.6       25,523   2.4       25,457   2.4  
    Restructuring-related charges   6,931   0.7       15,414   1.4       (250 ) —  
    Acquisition and integration-related costs   1   —       636   0.1       1   —  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 ) (0.1 )     (885 ) (0.1 )     51,864   4.8  
    Non-GAAP gross profit/margin $ 426,299   46.5 %   $ 492,041   47.0 %   $ 470,525   43.8 %
     
      Three Months Ended
    Non-GAAP Operating Income December 28, 2024
    (as a percentage of revenue)  
       
    GAAP operating income 5.8 %
    Stock-based compensation expense 3.1  
    Amortization of intangible assets 2.8  
    Restructuring-related charges 7.4  
    Acquisition and integration-related costs 0.2  
    Net adjustments related to a terminated capacity reservation agreement (0.1 )
    Other expense 0.2  
    Non-GAAP operating income 19.4 %
      Three Months Ended
    Free Cash Flow(1) December 28, 2024
    (in millions)  
       
    Net cash provided by operating activities $ 214.1  
    Purchases of property and equipment   (37.8 )
    Free cash flow $ 176.3  

    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.

    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP research and development expense $ 179,126   $ 201,050   $ 164,329  
    Less:          
    Stock-based compensation expense   13,650     13,468     11,830  
    Acquisition and integration-related costs   1     2     2  
    Non-GAAP research and development expense $ 165,475   $ 187,580   $ 152,497  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP selling, general and administrative expense $ 90,360   $ 107,760   $ 86,914  
    Less:          
    Stock-based compensation expense   8,985     18,488     4,336  
    Amortization of intangible assets   2,623     3,959     4,330  
    Acquisition and integration-related costs   —     1     —  
    Non-GAAP selling, general and administrative expense $ 78,752   $ 85,312   $ 78,248  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP other operating expense $ 68,905   $ 126,821   $ 178,204  
    Less:          
    Stock-based compensation expense   7     178     14  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,380     572     2,526  
    Goodwill impairment   —     96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP other operating expense $ 4,161   $ 6,935   $ 3,258  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP total operating expense $ 338,391   $ 435,631   $ 429,447  
    Less:          
    Stock-based compensation expense   22,642     32,134     16,180  
    Amortization of intangible assets   2,623     3,959     4,330  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,381     575     2,528  
    Goodwill impairment   —     96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP total operating expense $ 248,388   $ 279,827   $ 234,003  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      December 28, 2024   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 769,432   $ 1,029,258
    Accounts receivable, net   427,863     412,960
    Inventories   656,216     710,555
    Other current assets   126,917     133,983
    Assets of disposal group held for sale   116,435     159,278
    Total current assets   2,096,863     2,446,034
           
    Property and equipment, net   820,874     870,982
    Goodwill   2,437,234     2,534,601
    Intangible assets, net   332,338     509,383
    Long-term investments   25,692     23,252
    Other non-current assets   250,095     170,383
    Total assets $ 5,963,096   $ 6,554,635
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $ 551,676   $ 589,760
    Current portion of long-term debt   —     438,740
    Other current liabilities   227,110     113,215
    Liabilities of disposal group held for sale   29,075     88,372
    Total current liabilities   807,861     1,230,087
           
    Long-term debt   1,549,230     1,549,272
    Other long-term liabilities   225,572     218,904
    Total liabilities   2,582,663     2,998,263
           
    Stockholders’ equity   3,380,433     3,556,372
    Total liabilities and stockholders’ equity $ 5,963,096   $ 6,554,635
     

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network –

  • MIL-OSI Security: FBI Springfield Advises Caution in Online Relationships

    Source: Federal Bureau of Investigation (FBI) State Crime News

    As Valentine’s Day approaches, FBI Springfield takes the opportunity to remind the public that online relationships are not always as they appear. While many people find authentic rewarding relationships online, far too many fall prey to romance scams. In this type of scam, a criminal adopts a fake online identity to gain a victim’s affection and trust with the illusion of a romantic or close relationship in order to steal the victim’s money, personal or financial information, or even items of value.

    Scammers use well-rehearsed scripts that have been used repeatedly and successfully, typically targeting victims via dating websites or apps, with the intention of establishing a relationship as quickly as possible. Some even keep journals on their victims to better understand how to manipulate and exploit them.

    In 2023, the FBI’s Internet Crime Complaint Center reported that Illinoisians lost almost $19 million in romance scams, a slight increase from the previous year. Nationwide, the dollar loss has declined slightly every year from 2021 to 2023; however, victims still lost $652.5 million in 2023.

    “If someone has already sent money, the FBI will make every effort to see that the funds are returned to the victim by working with other law enforcement agencies and financial institutions, but oftentimes it can be difficult to investigate. That’s why the FBI relies on education and awareness to deter individuals from falling victim to these scams,” said Springfield Field Office Special Agent in Charge Christopher Johnson. “Proceed carefully and stay alert to warning signs from the very beginning to avoid the emotional and financial fall-out that accompanies romance scams.”

    Romance scammers actively search dating websites, apps, chat rooms, and social networking sites in their efforts to build a relationship with an unwitting victim. Here are some red flags that might indicate you are headed for heartbreak.

    • You are asked to leave the dating website where you met to communicate solely through email or instant messaging.
    • The individual sends you a photo that looks like a glamour shot out of a magazine.
    • The individual professes love quickly.
    • The individual tries to isolate you from friends and family.
    • The individual claims to be working and living far away.
    • Plans made to visit you always cancel because of an emergency.
    • You are asked to send money, personal and financial information, items of value, or to launder money.
    • The individual uses stories of severe life circumstances, tragedies, deaths in the family, injuries to themselves, or other hardships to keep their victims concerned and involved.
    • A claim they have knowledge of cryptocurrency investments or trading opportunities that will result in substantial profits.

    FBI Springfield offers the following tips to avoid becoming a victim.

    • Go slow and ask questions.
    • If you suspect an online relationship is a scam, stop all contact immediately.
    • Never send money to someone you met online and have not met in person.
    • Never share your Social Security number or other personally identifiable information.
    • Research the individual’s picture and profile using other online search tools.
    • If you are planning to meet someone in person, proceed with caution, especially if you plan to travel to a foreign country.
    • Be careful what you post and make public online as scammers can use details shared on social media and dating sites to better understand and target you.
    • If you haven’t met the individual in person after a few months, you have good reason to be suspicious.

    Many times, victims may feel embarrassed, ashamed, or humiliated and be reluctant to share their victimization with anyone, let alone report it to law enforcement. However, the FBI encourages anyone who has been victimized by this fraud or unsuccessfully targeted to contact FBI Springfield at 217-522-9675 and file a complaint with the FBI’s IC3. Coming forward will provide law enforcement with the necessary information to ensure online imposters are stopped and brought to justice.

    MIL Security OSI –

  • MIL-OSI Security: Columbia Man Indicted for Sexual Exploitation of a Minor

    Source: Office of United States Attorneys

    JEFFERSON CITY, Mo. – A Columbia, Mo., man was indicted by a federal grand jury today for the sexual exploitation of a minor and on additional charges related to child pornography.

    William Lee Nichols, 53, was charged in a five-count indictment returned by a federal grand jury in Jefferson City, Mo.

    Today’s indictment charges Nichols with two counts of using the internet and a cell phone to attempt to persuade a minor victim to engage in illicit sexual activity. Those offenses allegedly occurred between June 1, 2019, and Feb. 6, 2023.

    Nichols is also charged with one count of attempting to use the minor victim to produce child pornography from Jan. 1, 2021, to Feb. 6, 2023; one count of distributing child pornography on Sept. 16, 2021; and one count of possessing child pornography on March 16, 2023.

    The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case is being prosecuted by Assistant U.S. Attorney Ashley S. Turner. It was investigated by the Boone County, Mo., Sheriff’s Department.

    Project Safe Childhood

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc . For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

    MIL Security OSI –

  • MIL-OSI Video: Democratic Republic of the Congo, Paris Agreement & other topics – Daily Press Briefing (28 January)

    Source: United Nations (Video News)

    Noon briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    Briefings
    Democratic Republic of the Congo
    Paris Agreement
    Deputy Secretary-General/Travels
    UNRWA
    Occupied Palestinian Territory
    Syria
    Sudan
    Honour Roll

    Democratic Republic of the Congo
    Turning to the Democratic Republic of the Congo. This morning the Secretary-General spoke to the President of the Democratic Republic of the Congo, Félix Tshisekedi, as well as with the President of Rwanda, Paul Kagame. During his conversation with the President of Rwanda, they discussed the situation in the DRC, with an emphasis on the protection of civilians.
    This afternoon, at 3pm, the Security Council will meet to discuss the situation in the country. Vivian van de Perre, the Deputy Special Representative for Protection and Operations for the UN peacekeeping operations – MONUSCO – is expected to brief from Goma.
    On the ground, in Goma, the security situation remains extremely volatile. M23 forces are inside the city and UN peacekeeping personnel and troops have largely been forced to take shelter in bunkers.
    Medical facilities in Goma are reportedly overwhelmed, and essential services are disrupted.
    Currently, M23 forces control the airport and there are real risks of breakdown of law and order in the city. The Mission has also seen credible reports of prisoners who have escaped from the Goma prison, as well as looting by civilians. Non-essential UN personnel have been temporarily relocated from Goma and the surrounding area.
    The movement of essential supplies and personnel is an urgent concern. Armed clashes continue in multiple regions, including Masisi, Rutshuru, and Nyiragongo, further displacing civilians and complicating humanitarian efforts.
    Peacekeepers also report that protests in Kinshasa over the ongoing situation in eastern DRC have turned violent, with demonstrators setting fires outside UN premises [MONUSCO and UN agencies] and targeting several embassies. Looting has also been reported in Kinshasa.
    For its part, the Office for the Coordination of Humanitarian Affairs tells us that the humanitarian situation in and around Goma remains worrying. Hospitals in Goma continue to be overwhelmed, struggling to manage the influx of wounded people.
    Two ambulances from a local NGO were targeted in the city of Goma today while attempting to evacuate wounded people.
    According to humanitarian partners, there are also reports of gender-based violence; the looting of property, including several humanitarian warehouses; and humanitarian and health facilities being struck in the fighting.
    Electricity and water supplies are still disrupted. The phone network is operational, but the Internet is not.
    OCHA reiterates that all parties must do all they can to spare civilians in military operations. Schools, hospitals and other civilian infrastructure must be protected.
    If the situation remains calm tomorrow, aid workers are planning to resume their efforts to respond to the enormous humanitarian needs.
    WFP tells us that access to food in Goma has been impacted. They remain focused on supporting the 7.1 million most vulnerable women, men, and children and also aim to resume delivering assistance as soon as circumstances allow.

    Paris Agreement
    The United States of America notified the Secretary-General, in his capacity as depositary, of its withdrawal, on 27 January 2025, from the Paris Agreement of 12 December 2015.
    The United States had signed the Paris Agreement on 22 April 2016 and expressed its consent to be bound by the Agreement by acceptance on 3 September 2016.
    It then withdrew from the Agreement effective on 4 November 2020, before accepting it again as of 19 February 2021.
    According to Article 28, paragraph 2, of the Paris Agreement, the withdrawal of the United States will take effect on 27 January 2026.
    The UN reaffirms its commitment to the Paris Agreement and to support all efforts to limit the rise in global temperature to 1.5 degrees Celsius.

    Deputy Secretary-General/Travels
    The Deputy Secretary-General, Amina J. Mohammed, attended the second and final day of the Africa Energy Summit in Tanzania today. In her opening remarks, she called on the African leaders present to advance energy access by 2030. To realize this vision, the Deputy Secretary-General stressed the need for strong institutions, effective multilateral cooperation and investments from the public and private sectors to scale up implementation of energy projects.
    The Deputy Secretary-General engaged with Heads of State and Government, ministers, and other high-level representatives to discuss cooperation with the United Nations towards achieving the 2030 Agenda and the Paris Agreement.
    She will return to New York on Wednesday.

    Full highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=28%20January%202025

    https://www.youtube.com/watch?v=dxsVYtU2DEg

    MIL OSI Video –