Category: KB

MIL-OSI USA: MULTIAGENCY POST AND PRE-STORM ALA WAI CLEANUP UNDERWAY

Source: US State of Hawaii

MULTIAGENCY POST AND PRE-STORM ALA WAI CLEANUP UNDERWAY

Posted on Jan 29, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF LAND AND NATURAL RESOURCES

KA ‘OIHANA KUMUWAIWAI ‘ĀINA

JOSH GREEN, M.D.
GOVERNOR

DAWN CHANG
CHAIRPERSON

MULTIAGENCY POST AND PRE-STORM ALA WAI CLEANUP UNDERWAY

FOR IMMEDIATE RELEASE

Jan. 28, 2025

HONOLULU — The DLNR Division of Boating and Ocean Recreation (DOBOR) is working closely today with the state Dept. of Transportation (HDOT) and the City and County of Honolulu to clean mud and debris that filled the Ala Wai canal during heavy weekend rains. The agencies are also taking advance steps to try and reduce the amount of rubbish that flows into the canal during another predicted heavy rain event beginning tomorrow.

A DOBOR contractor is working today with heavy equipment to clear a “trash trap” that is permanently at the outflow of the canal just beyond the Ala Moana Blvd. bridge at the entrance to Waikīkī. It’s expected a large roll-off trash container will be filled by the end of the day with rubbish that flowed downstream. The trap is intended to keep trash from flowing into the Ala Wai Small Boat Harbor and out into the ocean.

Meghan Statts, DOBOR administrator said the trap booms only catch about 20% of the debris from the canal and stops it from going into the harbor or ocean.

DOT officials are on site this afternoon analyzing what mitigation measures can be put into place in the canal proper, before heavy rains begin again. DLNR Chair Dawn Chang recognized the assistance of the DOT, as well as the City and County of Honolulu, in trying to prevent further buildups of debris. It’s expected additional mitigation measures will be implemented later today or tomorrow morning.

State and county officials are encouraging people who live along the Ala Wai Canal, as well as along streams that flow into the canal, to secure anything on their properties that could end up in the canal. The harbor trash trap was filled with large coolers and a huge variety of debris this morning.

HDOT, DLNR, and the University of Hawai‘i College of Engineering are engaged in discussions with area legislator Senator Sharon Moriwaki on long-term actions to reduce the buildup of trash in the Ala Wai canal.

# # #

RESOURCES

(All images/video courtesy: DLNR)

HD video – Ala Wai trap cleaning (Jan. 28, 2025):

https://www.dropbox.com/scl/fi/6d9vk4vdsiy6bwc78m567/Ala-Wai-Post-Storm-Cleanup-media-clips-Jan.-8-025.m4v?rlkey=dxicghvz4f1o37et2wkfdql0u&st=vlnirkjr&dl=0

Photographs – Ala Wai trap cleaning (Jan. 28, 2025):

https://www.dropbox.com/scl/fo/ncs3te4saz3dvfc1uia5d/ABKoM6h2gpCQrvEmKZGFERs?rlkey=a5uyhz4d5vtflokk1vkgq8t2x&st=j5grot7m&dl=0

Media Contact:

Dan Dennison

Communications Director

Hawaiʻi Dept. of Land and Natural Resources

Communications Office: 808-587-0396

Email: dlnr.comms@hawaii.gov

MIL-OSI USA: Governor Newsom provides ongoing support to help business owners and workers recover from LA firestorms

Source: US State of California 2

Jan 29, 2025

What you need to know: As part of ongoing actions to help support workers and businesses impacted by the Los Angeles area fires, Governor Newsom is issuing an executive order to defer licensing fees and streamline requirements for certain small businesses. The order also defers annual licensure fees for thousands of impacted workers – from nurses and barbers to contractors and dental hygienists.

LOS ANGELES — To help Los Angeles continue to recover and rebuild, Governor Gavin Newsom today issued an executive order to support small business owners and workers impacted by Los Angeles-area firestorms. The executive order provides relief to help local businesses recover quickly by deferring annual licensure fees for workers and businesses and waiving other requirements that may impose barriers to recovery.

“Small businesses are not only key to a thriving economy but make up the heart of healthy communities. As we help Los Angeles rise and rebuild, it is crucial that we protect and support the businesses and workers affected. Just as we have removed red tape to rebuild our homes, we are breaking down barriers and helping pave the way for impacted businesses and workers to get back on their feet.”

Governor Gavin Newsom

The executive order helps workers and business owners by:

Extending the deadline to pay for renewing licenses, certificates, and permits for one year for licenses with a renewal date occurring between January 1, 2025, and July 1, 2025.
Waiving fees for businesses and workers requesting duplicate or replacement of a license certificate that was burned or destroyed.
Extending deadlines for businesses to appeal license-related proceedings.
Eliminating requirements that make it more difficult to relocate certain businesses impacted by the fires.

Find resources to help your business at gov.ca.gov/LAfires/help-your-business.

Helping businesses and workers recover

California has worked with federal and local providers to help businesses and workers with the resources and support they need to recover and rebuild from the firestorms.

Supporting workers and employers: The Employment Development Department (EDD) supports workers with unemployment, disability insurance, or Paid Family Leave benefits, including Disaster Unemployment Assistance (DUA) for those who do not qualify for regular unemployment benefits. Citizenship or immigration status doesn’t affect eligibility for disability insurance or Paid Family leave. Employers can request a 60-day extension on payroll reports and taxes, or participate in the Work Sharing program. California also announced $20 million to create temporary jobs in impacted areas and deliver other supportive services through America’s Job Center of California.
On-the-ground advisors for small businesses: 200+ business advisors from Small Business Support Centers funded through the California Office of the Small Business Advocate’s (CalOSBA) Technical Assistance Program (TAP) are staffed across the region, including business advisors from the Small Business Development Center (SBDC) and Women’s Business Center (WBC). All of these TAP partners can answer questions about key aspects of economic recovery, including the loan application process, insurance inquiries, employee and workforce support, and business planning related individual recovery plans. SBDC and WBC staff are co-located at the Disaster Recovery Center at Pasadena City College and the Disaster Loan Outreach Center in Camarillo (Ventura County), as well as various Business Recovery Centers organized by the U.S. Small Business Administration (SBA).
Providing resources for recovery: CalOSBA has launched a Resource Guide for small businesses impacted by the wildfires through its Outsmart Disaster website, and is conducting a series of online trainings in both English and Spanish.
Financial assistance for businesses: The California Infrastructure and Economic Development Bank (IBank) is offering loan programs for businesses from one to 750 employees affected by the LA wildfires. Disaster Relief Loan Guarantee Program (DRLGP) issues loan guarantees up to 95% of the loan through IBank’s partner Financial Development Corporations to help small business borrowers impacted by disaster who need term loans or lines of credit for working capital.
Expediting licensing for contractors: The Contractor State Licensing Board (CSLB) is processing licensing applications as fast as 48 hours from the time an application and exam are complete. Rapid licensing will support the Governor’s efforts to rebuild the homes and businesses destroyed.
Helping fire survivors rebuild safely: CSLB is also partnering with state agencies to directly assist survivors at the Southern California Disaster Recovery Centers, urging them to only hire California-licensed contractors for repairs or to rebuild their homes or businesses. CSLB’s Disaster Hotline 1-800-962-1125 and online Disaster Help Center are also providing valuable support to survivors.
Protecting against unlicensed contractors: Investigation teams are on the ground, posting signs to put unlicensed contractors on notice that it is a felony to contract without a license in a California disaster area. Consumers are urged to always check licenses before hiring a contractor and notify the state of unlicensed activity immediately. Consumers can file complaints and find additional resources online at www2.cslb.ca.gov.
Helping licensees rebuild their businesses: The Board of Barbering and Cosmetology, the Board of Accountancy, and other DCA boards are rescheduling licensing examinations at no charge and assisting licensees by issuing duplicate licenses due to a physical license being lost in the fires.

Governor Newsom has issued a number of executive orders in response to the Los Angeles firestorms to help aid in rebuilding and recovery, create more temporary housing, and protect survivors from exploitation and price gouging.

Get help today

For those Californians impacted by the firestorms in Los Angeles, there are resources available.Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.

Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.

Recent news

Jan 29, 2025

News Los Angeles, California – Governor Gavin Newsom today issued a proclamation declaring January 29, 2025, as Lunar New Year.The text of the proclamation and a copy can be found below: PROCLAMATIONCalifornia joins people throughout the country and around the world…

Jan 28, 2025

News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Deborah Hoffman, of Sacramento, has been appointed Chief Deputy Director at the Office of Tax Appeals. Hoffman has been Special Advisor at the California Department of Veterans Affairs…

Jan 28, 2025

News What you need to know: Governor Newsom met today with leaders of the Pacific Palisades synagogue Kehillat Israel, which still stands after the fire. Los Angeles, California – Today, Governor Gavin Newsom met with clergy, staff, and board members of Kehillat…

MIL-OSI USA: Governor Newsom proclaims Lunar New Year 2025

Source: US State of California 2

Jan 29, 2025

Los Angeles, California – Governor Gavin Newsom today issued a proclamation declaring January 29, 2025, as Lunar New Year.

The text of the proclamation and a copy can be found below:

PROCLAMATION

California joins people throughout the country and around the world in celebrating Lunar New Year, ushering in good fortune and good wishes with the new year, and lifting up the diverse and dynamic communities that help make our state and nation what they are today.

Asian American and Pacific Islander (AAPI) communities have shaped this state through foundational contributions to our past, present, and future. As we celebrate this rich heritage, with its many amazing leaders and accomplishments, we also recognize the ugly history of violence and discrimination against these communities, and reaffirm that, for the sake of our neighbors and fellow Californians, all of us must confront racism in all its forms, both past and present.

Our state’s vibrant diversity is a deep point of pride and a source of enduring strength, and as we recognize Lunar New Year as an official state holiday for the third year, we invite everyone to appreciate the traditions of this special holiday. Two years after the tragedy in Monterey Park, we also honor the memory of those senselessly taken from us, and hold in our hearts the brave survivors and all those mourning lost friends and loved ones.

Today and every day, let us show support and solidarity for our AAPI friends, family, and neighbors and recognize their irreplaceable contributions to our California story. As the Year of the Snake begins, we wish happiness and good fortune to all.

NOW THEREFORE I, GAVIN NEWSOM, Governor of the State of California, do hereby proclaim January 29, 2025, as “Lunar New Year.”

IN WITNESS WHEREOF I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this 28th day of January 2025.

GAVIN NEWSOM
Governor of California

ATTEST:
SHIRLEY N. WEBER, Ph.D.
Secretary of State

Press Releases

Recent news

Jan 28, 2025

News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Deborah Hoffman, of Sacramento, has been appointed Chief Deputy Director at the Office of Tax Appeals. Hoffman has been Special Advisor at the California Department of Veterans Affairs…

Jan 28, 2025

News What you need to know: Governor Newsom met today with leaders of the Pacific Palisades synagogue Kehillat Israel, which still stands after the fire. Los Angeles, California – Today, Governor Gavin Newsom met with clergy, staff, and board members of Kehillat…

Jan 28, 2025

News Dodgers Chairman Mark Walter, Mark Walter Family Foundation, and Los Angeles Dodgers Foundation will provide an initial commitment of up to $100 million LA Rises will support city and county efforts to help accelerate recovery LOS ANGELES — In the wake of one…

MIL-OSI Security: Law enforcement takes down two largest cybercrime forums in the world

Source: Europol

The two platforms, Cracked and Nulled, had more than 10 million users in total. Both of these underground economy forums offered a quick entry point into the cybercrime scene. These sites worked as one-stop shops and were used not only for discussions on cybercrime but also as marketplaces for illegal goods and cybercrime-as-a-service, such as stolen data, malware or hacking…

MIL Security OSI –

MIL-OSI: Portman Ridge Finance Corporation and Logan Ridge Finance Corporation Enter into Merger Agreement

Source: GlobeNewswire (MIL-OSI)

Combined Entity Will be Managed by Sierra Crest Investment Management, LLC, an Affiliate of BC Partners Advisors L.P.

Companies to Host a Joint Conference Call on January 30, 2025, at 4:00 PM ET to Discuss the Proposed Merger

NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) and Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) (together, the “Companies”), business development companies (“BDCs”) managed by affiliates of BC Partners Advisors L.P. (“BC Partners”), announced today that they have entered into an agreement under which LRFC will merge with and into PTMN (the “Proposed Merger”), subject to the receipt of certain shareholder approvals and the satisfaction of other closing conditions. Pursuant to the Proposed Merger agreement, Portman Ridge will be the surviving public entity and will continue to trade on the Nasdaq under the symbol “PTMN.”

The Boards of Directors of both PTMN and LRFC, on the recommendation of their respective Special Committees consisting solely of certain independent directors, have unanimously approved the Proposed Merger. In addition, the Board of Directors of LRFC will recommend that shareholders of LRFC vote in favor of the Proposed Merger, and the Board of Directors of PTMN will recommend that shareholders of PTMN vote in favor of the issuance of PTMN common stock in connection with the Proposed Merger, in each case, subject to certain conditions.

Transaction Highlights

Size & Scale: The Proposed Merger will significantly increase the size and scale of Portman Ridge, which is expected to translate into increased trading volume and improved secondary liquidity, lower operating expenses and potentially greater access to more diverse sources of financing at a lower cost. The combined company will be externally managed by Sierra Crest Investment Management LLC (“Sierra Crest”), the current investment adviser to Portman Ridge, and is expected to have total assets in excess of $600 million, and a net asset value (“NAV”) of approximately $270 million, each based on the Companies’ September 30, 2024 balance sheets, adjusted for estimated transaction expenses, but excluding the impact of the Tax Distribution (as defined below).
Portfolio Overlap: The Proposed Merger will result in the acquisition of a known, diversified portfolio with significant portfolio overlap between the two Companies. PTMN and LRFC employ the same investment strategy, and the BC Partners Credit Platform has been allocating substantially similar or the same investments to both Companies since Mount Logan Management, LLC (“Mount Logan”) became LRFC’s external investment adviser on July 1, 2021. As a result, more than 70% of the investments in LRFC’s portfolio at fair value are expected to be BC Partners-originated assets at the time of closing, with over 60% of the portfolio overlapping with PTMN. The combination of two known, complementary portfolios, originated and managed by the BC Partners Credit Platform, is expected to substantially mitigate integration risk.
Accretive to NAV: Expected to be immediately accretive to PTMN’s NAV by 1.3% upon closing, based on the Companies’ September 30, 2024, NAVs and adjusted for estimated transaction expenses but excluding the impact of the Tax Distribution.
Accretive to Core Net Investment Income (“NII”): Expected to be immediately accretive to the Companies’ NII as result of an expected $2.8 million of annual operating expense efficiencies and the Incentive Fee Waiver (as defined below). Over the longer term, management of the Companies expects the Proposed Merger to provide further NII accretion through a lower cost of debt and improved financing terms as well as further rotation out of LRFC’s legacy non-yielding equity portfolio into interest-earning assets originated by the BC Partners Credit Platform.
Increased Borrowing Capacity & Optimized Debt Capital Structure: As a result of the recent refinancing of LRFC’s credit facility with KeyBank National Association (“KeyBank”), LRFC currently has additional available borrowing base that can be used for future deployment at the combined company. With LRFC’s refinanced credit facility with KeyBank and PTMN’s existing senior secured revolving credit facility with JPMorgan Chase Bank, National Association in place, the combined company is expected to be able to further optimize its debt capital structure based on differing eligibility requirements and advance rates.
Research Coverage: The increase in Portman Ridge’s market capitalization is expected to facilitate additional research coverage.

Fixed Exchange Ratio

In connection with the Proposed Merger, shareholders of LRFC will receive 1.50 newly issued shares of PTMN common stock in exchange for each share of common stock of LRFC (the “Fixed Exchange Ratio”). Based on the Fixed Exchange Ratio, using PTMN’s closing price of $16.68 per share on January 24, 2025 and excluding the impact of the Tax Distribution, the merger consideration values LRFC’s shares at $25.02 per share, which represents a 4% premium to LRFC’s January 24, 2025, closing price of $24.00 per share and a 17% premium to LRFC’s closing price of $21.43 per share on September 11, 2024 (which was the date immediately prior to the announcement of LRFC’s successful exit of its investment in Nth Degree Investment Group, LLC, an important catalyst for this transaction).

In addition to approval by shareholders of both PTMN and LRFC, the closing of the Proposed Merger is subject to customary conditions. Further, the merger agreement provides each Special Committee a termination right that allows for either Special Committee to terminate the Proposed Merger if it has determined, reasonably and in good faith, as a result of events or other circumstances occurring or arising after the date of the signing of the Proposed Merger agreement that were not known to the applicable Board of Directors, that the interests of their respective shareholders would be diluted within the meaning of Rule 17a-8 under the Investment Company Act of 1940, as amended (the “1940 Act”), as a result of the Proposed Merger.

The parties currently expect the Proposed Merger to be completed in the second calendar quarter of 2025.

Additional Transaction Details

In connection with and in support of the transaction, only if the Proposed Merger is consummated, PTMN’s external investment adviser, Sierra Crest, has agreed to waive up to $1.5 million of incentive fees over eight consecutive quarters following the closing of the Proposed Merger, subject to the satisfaction of certain conditions set forth in the definitive documentation executed between Sierra Crest and PTMN (the “Incentive Fee Waiver”).

Prior to the anticipated closing of the Proposed Merger, PTMN and LRFC intend to declare and pay ordinary course quarterly dividends.

Subject to the approval of LRFC’s Board of Directors and contingent upon the satisfaction of the closing conditions to the Proposed Merger, LRFC will declare a dividend to LRFC’s shareholders in an amount totaling no less than $1.0 million, but otherwise equal to any undistributed 2024 NII of LRFC estimated to be remaining as of the closing of the Proposed Merger, which management of LRFC currently expects to be between approximately $1.0 million and $1.5 million (the “Tax Distribution”).

Management Commentary

Ted Goldthorpe, President and Chief Executive Officer of PTMN and LRFC and Head of the BC Partners Credit Platform, stated, “I am incredibly proud to announce the proposed combination of PTMN and LRFC. Based on the September 30, 2024 net assets value of each company and inclusive of an estimated Tax Distribution, LRFC shareholders will receive merger consideration equal to approximately 98% of its September 30, 2024 net asset value. This combination is the culmination of a journey we embarked upon over three and half years ago, when shareholders of Logan Ridge placed their trust and confidence in the management team and the BC Partners Credit Platform by appointing Mount Logan to serve as the investment adviser to Logan Ridge. During this time, we have transformed LRFC’s investment portfolio by substantially reducing the non-income producing legacy equity exposure, reducing non-accruals, significantly increasing the portfolio’s diversification and growing LRFC’s exposure to credits originated by the BC Partners Credit Platform. Importantly, by the time this transaction closes and barring any unexpected repayments, we expect that more than 70% of Logan Ridge’s portfolio at fair value to be in portfolio companies financed by the BC Partners Credit Platform. Further, we have materially lowered Logan Ridge’s cost of debt capital and lowered operating expenses. The collective result of these efforts has been the stable and growing operating earnings LRFC has generated over this time, which in turn has been used to reward shareholders with a stable and growing dividend. More importantly, LRFC’s management did all of this against the backdrop of particularly challenging and uncertain market conditions. The combination of these Companies is a marquee transaction for the platform and a significant milestone for the BC Partners Credit Platform. I couldn’t be more excited for the future of the combined company.

We believe now is the right time to combine the Companies, as we can finally do so in a manner that is expected to be accretive to both sets of shareholders. The merger will significantly increase the size and scale of Portman Ridge, which we believe will translate into increased trading volume and improved secondary liquidity, lower operating expenses and potentially greater access to more diverse sources of financing at a lower cost.

Looking ahead, we will continue to execute our strategy of targeting inorganic growth opportunities that we believe have the potential to be earnings accretive for shareholders of both PTMN and LRFC. I look forward to updating our shareholders on the work management will be doing on this front over the course of 2025.”

Transaction Advisors

Keefe, Bruyette & Woods, A Stifel Company, is serving as financial advisor to the Special Committee of PTMN in connection with the transaction. Stradley Ronon Stevens & Young, LLP is acting as the legal counsel to the Special Committee of PTMN.

Houlihan Lokey is serving as financial advisor to the Special Committee of LRFC in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP is acting as the legal counsel to the Special Committee of LRFC.

Simpson Thacher & Bartlett LLP is serving as legal counsel to PTMN and LRFC with respect to the transaction. Dechert LLP serves as legal counsel to PTMN and LRFC.

Conference Call Details

PTMN and LRFC will host a joint conference call on Thursday, January 30, 2025, at 4:00 PM ET to discuss the transaction. All interested persons are invited to attend the call and should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 4584554. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on both Company’s websites, www.portmanridge.com, and www.loganridge.com, in the Investor Relations sections under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/sx9vwkih. The online archive of the webcast will be available on the Company’s websites shortly after the call.

The Companies will be utilizing an investor presentation as an accompaniment to the live call, which will be available on LRFC’s website at www.loganridgefinance.com and PTMN’s website at www.portmanridge.com.

About Logan Ridge Finance Corporation

Logan Ridge Finance Corporation (NASDAQ: LRFC) is a BDC that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

About Portman Ridge Finance Corporation

Portman Ridge Finance Corporation (NASDAQ: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest.
Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

Forward-Looking Statements

Some of the statements in this document constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this document involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Joint Proxy Statement and Registration Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

No Offer or Solicitation

This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

Additional Information and Where to Find It

This document relates to the proposed merger and certain related matters (the “Proposals”). In connection with the Proposals, PTMN will file with the SEC and mail to its and LRFC’s respective shareholders a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Registration Statement”). The Registration Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

Participants in the Solicitation

PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2024. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2024. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

Contacts:
Portman Ridge Finance Corporation
650 Madison Avenue, 3rd floor
New York, NY 10022
info@portmanridge.com

Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880

The Equity Group Inc.
Lena Cati
lcati@equityny.com
(212) 836-9611

Val Ferraro
vferraro@equityny.com
(212) 836-9633

MIL-OSI: Dave Cantin Group Signs PGA Tour Professional Quade Cummins as Its First Athlete Ambassador

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — The Dave Cantin Group (DCG), a leading advisor to retail automotive groups and their owners, today announced its partnership with PGA Tour professional Quade Cummins, marking the company’s first venture into athlete sponsorship. Cummins, born into the automotive industry as the son of a dealership family, embodies the drive, preparation and determination that DCG champions in its mission to serve its retail automotive clients.

Quade is a native of Weatherford, Oklahoma, and the son of Chad and Stacy Cummins, owners of the Cummins Auto Group, a trio of domestic automotive dealerships in Oklahoma. Growing up, Quade spent his early years splitting time between the dealership and the golf course, but quickly realized he had a future in the sport his grandfather taught him. Quade attended the University of Oklahoma, where he was the first four-time All American in the program’s history.

“Quade’s background makes him a perfect fit for Dave Cantin Group’s first athlete ambassador,” said Dave Cantin, President and CEO of Dave Cantin Group. “Quade’s journey from his family’s dealership to the PGA Tour reflects the same commitment and vision that we bring to our clients in the automotive industry. His story resonates deeply with us, and we are honored to support him on his journey as a Tour professional.”

Quade transitions this year from the Korn Ferry Tour to the PGA Tour after finishing with enough points in 2024 to earn his Tour card. That achievement is a testament to his tenacity and determined pursuit of excellence, a quality mirrored in DCG’s approach to its M&A advisory services.

“Being part of the DCG team is an incredible opportunity,” Cummins said. “The automotive industry has been a big part of my life, and it’s exciting to partner with a company that understands where I came from and shares my values. I’m looking forward to representing DCG on and off the course as I continue my PGA Tour journey.”

“The entire automotive industry should be rooting for Quade and we’re just happy to help raise awareness of who he is, and how special his story is,” DCG Chief Business and Strategy Officer Brian Gordon said. “He is one of us and should feel his whole extended automotive family behind him on every shot.”

About Dave Cantin Group

The Dave Cantin Group is a leading automotive mergers and acquisitions advisory company specializing in acquisitions, divestitures, intelligence, and other advisory services. The company is the M&A services provider of choice for North America’s top automotive dealership groups, advising on approximately 40 transactions annually, DCG is differentiated by its advisory approach, long-term lens on client relationships, and commitment to market intelligence tools that inform DCG and client strategies. In 2023, DCG became the only retail automotive M&A company with a significant strategic investor, welcoming Kaltroco to the DCG family.

Through its M&A intelligence division, DCG produces automotive content and delivers relevant, timely marketing intelligence, including the automotive industry Market Outlook Report (MOR). Together with CBT News, DCG produces the Inside M&A studio show and podcast to share stories, news and trends impacting the retail automotive industry. DCG’s proprietary AI-enabled software, Jump IQ, anchors its advisory services that support retail automotive dealers in developing informed M&A strategies and making smarter M&A decisions.

The company’s nonprofit initiative, DCG Giving, funds child and adolescent cancer research and treatment in communities nationwide and other worthy charitable initiatives. DCG team members regularly feature on the industry speaking circuit and are regularly cited by top national and global news outlets. For more information, please visit davecantingroup.com.

Media Contact:

Katie Merx
katiemerx@gmail.com
313.510.5090

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/141f7b76-fb6a-4a10-bd7e-65c61fc77d53

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23a49777-1b1a-44ac-9734-ae8529cfc450

MIL-OSI: New Report Finds that Work-From-Anywhere Employees Work Longer Hours

Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — A new report from Cloudbrink, a leader in high-performance secure connectivity, reveals that work-from-anywhere (WFA) employees are starting earlier and logging off later than the typical eight-hour workday. In the report, “2025 Trends in Hybrid Work Report: The Facts Behind Balancing Security and Performance” usage data shows heavy transfer of data on Fridays, an indication that ‘work from anywhere’ employees actually put in longer hours than their ‘9 to 5’ counterparts — with heavy usage starting at 7:00 am and continuing to 7:00 pm. Despite employer fears about worker focus, the report concludes that employees are working quite a bit outside the office, but could be even more productive if technical challenges could be reduced. The report points to the impact on network performance by security measures such as VPNs and traditional ZTNA approaches as an issue impacting hybrid work.

“Employers shouldn’t worry that remote workers are slacking off. It’s simply not true. Our data shows they actually work longer hours,” said Prakash Mana, CEO of Cloudbrink. “What’s really impacting productivity is when users waste hours trying to get work done because of network connectivity issues caused by VPNs and other outdated security. There’s no question security is a requirement, but it doesn’t have to slow down productivity outside the office.”

Remote Work is Now Just Work
Cloudbrink analyzed its usage data pulled from thousands of users for more detail into how and when these workers are logging in when using Cloudbrink’s Personal SASE service. Perhaps not surprisingly, the heaviest work-from-anywhere day is Friday. In addition to weekdays, data transfer trends suggest many workers are also logging in on Saturdays and Sundays.

According to a survey also commissioned for the report, more than half of all respondents say 40 percent or more of their employees work remotely at least one day each week. These workers need to securely connect to company resources yet often face a number of challenges in getting their work done. According to survey respondents, the number one challenge for remote workers is the inability to maintain a steady connection. This is followed by poor quality audio and video, hindering important conference calls that keep teams connected. Other top challenges include slow performance for file transfer, and the inability to access apps and systems. Each of these issues impacts more than 45 percent of remote workers according to the survey.

Security vs Performance
A primary cause of remote access challenges is the need to keep connections secure. Balancing security with access is a challenge for every employer with remote workers. Survey results say 70 percent of companies believe that their security negatively impacts performance and user experience. However, findings suggest professionals don’t understand the full impact or how to fix it.

The hidden culprit: Packet Loss
Diving more deeply into the issue, the report highlights one technical culprit of poor performance that is often overlooked: packet loss. Legacy and even some modern security approaches add latency which combined with packet loss can reduce a 100Mbps or 1Gbps connection to just a few Mbps. According to the report, “Adding just 0.5% packet loss on top of just 10 milliseconds of latency can cause throughput to plummet by 90%.” According to Cloudbrink, 60 percent of end users struggle with packet loss above 0.5 percent, enough to greatly exacerbate the impact of normal network latency.

Mana added, “Unfortunately you can’t solve all connectivity issues with a bigger pipe. Frustrated workers paying for high-speed connections still experience maddening upload speeds that get slower instead of faster. Packet loss is the ten-ton gorilla hiding in the shadows, and it’s a more prevalent problem than most people think.”

The Cloudbrink report is based on a combination of real usage data from millions of sessions a day from hybrid workers and a survey of 251 IT/network (57.8%) and cybersecurity (42.2%) professionals from a broad range of industry sectors. More than half of all participants in the survey work at companies with 5,000 employees or more. For more detail or to download a copy of the report go to: https://cloudbrink.com/trends-in-work-from-anywhere/

About Cloudbrink
Cloudbrink delivers a high-performance secure connectivity solution that significantly enhances productivity for the work-from-anywhere generation. The Personal SASE service offers up to a 30-fold increase in network performance and ensures a secure, seamless, in-office experience for employees, no matter where they are. With a focus on speed, simplicity, security, and savings, Cloudbrink streamlines management and support while providing edge-native zero-trust access for users and devices for simplified operations, reduced complexity, and fewer support calls. For more information go to www.cloudbrink.com.

Media contact:
Chris Fucanan
AquaLab PR for Cloudbrink
chris@aqualabpr.com
916-345-3475

MIL-OSI: Gabelli Funds to Host Pump, Valve & Water Systems Symposium at the Harvard Club, New York City

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Gabelli Funds is hosting its 35th annual Pump, Valve & Water Systems Symposium at the Harvard Club in New York City on Thursday, February 27, 2025. The symposium focuses on themes crucial to this industry, including infrastructure spending, resource security, conservation, and mergers and acquisitions (M&A). Attendees will have the opportunity to engage in one-on-one sessions with management, providing an opportunity to delve into the strategies and growth prospects of these companies.

This symposium underscores the pivotal role of the pump, valve, and water systems industry in addressing global challenges. It highlights the sector’s significance in infrastructure development, resource management, and environmental sustainability. With a focus on key themes and direct interactions with management, the event aims to offer investors valuable insights into industry trends and potential investment opportunities within this dynamic and vital sector.

Registration Link: CLICK HERE
The Harvard Club, New York, NY
Thursday, February 27^th, 2025

Company presentations, fireside chats, panel discussions, and one-on-one meetings

Gabelli Funds 35^th Annual Pump, Valve & Water Systems Symposium Thursday, February 27 The Harvard Club, New York City
8:20 AM	Gabelli Team Intro
8:30	Graco Inc. (NYSE: GGG) David Lowe, CFO & Treasurer; John Bower, Director of Investor Relations, Finance & FP&A
9:00	Watts Water Technologies, Inc. (NYSE: WTS)* Robert Pagano, Chairperson, President & CEO
9:30	Enerpac Tool Group Corp. (NYSE: EPAC) Paul Sternlieb, President & CEO; Darren Kozik, Executive VP & CFO
10:00	ITT Inc. (NYSE: ITT) Emmanuel Caprais, Senior VP & CFO; Mark Macaluso, Vice President of Investor Relations & Global Communications
10:30	Franklin Electric Co., Inc. (NASDAQ: FELE) Jeffery Taylor, Vice President & CFO
11:00	Landis+Gyr Group AG (XSWX: LAND)* Peter Mainz, CEO
11:30	Flowserve Corporation (NYSE: FLS) Amy Schwetz, Senior VP & CFO; Brian Ezzell, Vice President, Treasurer, Investor Relations & Corporate Finance
12:00 PM	Lunch
12:15	EnPro Inc. (NYSE: NPO)* Eric Vaillancourt, President & CEO; Joe Bruderek, Executive VP & CFO; James Gentile, Vice President, Investor Relations
12:45	Mueller Water Products Inc. (NYSE: MWA) Paul McAndrew, President & COO; Whit Kincaid, Vice President, Investor Relations & Communications
1:15	Graham Corporation (NYSE: GHM) Dan Thoren, President & CEO; Christopher Thome, VP Finance, CFO & CAO; Matt Malone, Vice President & GM Barber-Nichols for Graham Corporation
1:45	AMETEK, Inc. (NYSE: AME)* Kevin Coleman, Vice President, Investor Relations & Treasurer
2:15	The Gorman-Rupp Company (NYSE: GRC) Scott A. King, President & CEO; James C. Kerr, Executive VP & CFO
2:45	Badger Meter, Inc. (NYSE: BMI)* Bob Wrocklage, Senior VP & CFO; Karen Bauer, Vice President, Investor Relations, Strategy & Treasurer; Barb Noverini, Senior Director, Investor Relations
3:15	Crane Company (NYSE: CR) Alex Alcala, COO; Shangaza Dasent, Senior VP, Process Flow Technologies; Allison Poliniak-Cusic, Vice President, Investor Relations
3:45	Gibraltar Industries (NASDAQ: ROCK)* William Bosway, CEO; Joseph Lovechio, CFO

*Indicates Virtual Attendance

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Contact
General Inquiries

Isabella DeLuca
Client Relations
P: 914-921-5101
E : ideluca@gabelli.com

Portfolio Management / Research Team

Kevin Dreyer
Co-CIO, Value
P: 914-921-7791
E: kdreyer@gabelli.com

Tony Bancroft
Portfolio Manager
P: 914-921-5083
E: tbancroft@gabelli.com

Justin Bergner
Portfolio Manager
P: 914-921-8326
E: jbergner@gabelli.com

Sarah Donnelly
Portfolio Manager
P: 914-921-5197
E: sdonnelly@gabelli.com

Simon Wong, CFA
Portfolio Manager
P: 914-921-5125
E: swong@gabelli.com

MIL-OSI: Element Launches Risk Solutions Offering with Insurance

Source: GlobeNewswire (MIL-OSI)

Element Risk Solutions, which will be available in the United States and Canada, combines insurance coverage placement with industry-leading claims management and advisory services.

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announces the launch of Element Risk Solutions – a fully integrated risk management offering. This new service, which Element is launching in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. This new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

“Commercial auto insurance market placement has been a persistent challenge for our clients in North America for over 15 years,” shares Angelique Magi, Head of Insurance at Element. “In 2024 alone, commercial auto rates in North America have surged to an on average increase of 20 per cent. This has left our clients with a lack of certainty on securing coverage or increased premiums, impacting their projected cash flow and balance sheet. Element Risk Solutions simplifies the process by providing an automated end-to-end solution that saves time, reduces complexity, and leverages Element’s data capabilities.”

Leveraging a simplified transaction process, clients can access customized insurance products powered by HUB Drive Online, based on their specific needs and vehicle. This new service offering will be available in Q1 of 2025.

“HUB is excited to partner with Element to provide their clients with an all-in-one digital resource that streamlines the process of securing insurance and better managing the costs for doing business,” said Lisa Paul of HUB Transportation Specialty.

“As a purpose-driven organization committed to Move the World Through Intelligent Mobility, we’re always looking for ways to create lasting value for our clients,” says David Madrigal, Element’s Executive Vice President and Chief Commercial Officer. “Element Risk Solutions’ partnership with HUB is a client-focused solution that takes the friction out of insurance placement and reduces fleet risks to help our clients manage their Total Cost of Risk and ensure they can focus on growing their businesses.”

About Element Fleet Management

Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com/insurance

This press release contains certain forward-looking statements and forward-looking information regarding Element, its business and the fleet industry, which are based upon Element’s current expectations, estimates, projections, assumptions and beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “could”, “predict”, “project”, “model”, “forecast”, “will”, “potential”, “target,” “by”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this news release may include, but are not limited to, statements with respect to, among other things, the Company’s expectations regarding new product offerings, including the benefits of the products, client demand and profitability, the Company’s ability to execute on its product plans, and the Company’s expectations regarding the risk and insurance industries. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct. External factors outside of Element’s reasonable control may impact our ability to achieve our goals and expectations, including industry dynamics, legislation and regulatory actions, the failure of third parties to comply with their obligations to us and our affiliates or associates, client decisions and preferences. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require Element to adjust its initiatives and activities. The forward-looking statements in this news release speak only as of the date hereof and are presented for the purpose of assisting our stakeholders and others in understanding our objectives and strategic priorities and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law. In addition, a discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the twelve-month period ended December 31, 2023 and the three and nine-month period ended September 30, 2024, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2023, as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.com.

MIL-OSI: CIRA unveils new Internet Performance Test to help Canadians better understand broadband speeds

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ontario, Jan. 30, 2025 (GLOBE NEWSWIRE) — Today, CIRA is proud to unveil a completely redesigned version of its popular Internet Performance Test (IPT) as part of its Net Good program. First launched in 2015, CIRA’s Internet Performance Test enables Canadians to test their mobile and home broadband performance across dozens of data points while gathering comprehensive and accurate data on broadband coverage and quality nationwide. The latest version of IPT provides users with an enhanced test-results dashboard, to ensure users understand critical aspects of their internet performance including how their connection supports common online activities like streaming services or video calls.

While Canada has made great strides to bridge the digital divide in the past few years, there is still work to be done to ensure the speeds that are being promised are actually attained. The new IPT will allow Canadians to verify whether they are receiving the speeds and quality of service advertised. CIRA will then leverage Canadians’ anonymous broadband data and real-world daily experience to help municipalities, local and federal governments and consumers create a heat map of where connectivity upgrades are most urgently needed.

Key features

The new user interface guides participants intuitively through the testing process, improving accessibility for users of all technical backgrounds.
Enhanced user interface makes running a test faster and easier on smartphones, tablets and desktops.
Through a new, interactive dashboard, users can now explore trends and performance data from previous tests, gaining a deeper understanding of internet performance changes. These insights empower individuals, researchers and policymakers to track progress and identify gaps.
More accurate user location estimation improves the quality of location-specific internet performance data, which is vital in analyzing broadband access across regions or within a community or neighbourhood.

Executive quote

“With this upgrade, CIRA is taking a significant step forward in our mission to empower Canadians with insights into their internet connectivity. We encourage everyone to use the new Internet Performance Test regularly to understand their speeds under real-world conditions and contribute to the heat map of Canada’s connectivity so we can work together to build a stronger, reliable internet across the country.”

— Charles Noir, vice-president, Community Investment, Policy and Advocacy

Resource

About CIRA

CIRA is the national not-for-profit best known for managing the .CA domain on behalf of all Canadians. As a leader in Canada’s internet ecosystem, CIRA offers a wide range of products, programs and services designed to make the internet a secure and accessible space for all. CIRA advocates for Canada on both national and international stages to support its goal of building a trusted internet for Canadians by helping shape the future of the internet.

Media contact
Delphine Avomo Evouna
613.315.1458
delphine.avomoevouna@cira.ca

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4970dd9d-e2c1-4bbb-af1b-631cad2352a1

MIL-OSI: Enphase Energy Expands in Southeast Asia with Market Entry in Vietnam and Malaysia

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia. Enphase is now shipping IQ8P™ Microinverters, with peak output AC power of 480 W, for residential and commercial applications in Vietnam and Malaysia to support newer high-powered solar modules. Enphase announced first shipments of IQ8P Microinverters in Thailand and the Philippines last year.

IQ8™ Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher-powered solar modules through increased energy harvesting. The IQ8P Microinverters are the most powerful microinverters available to date from Enphase. The product features a peak output power of 480 W and is built to seamlessly pair with a full range of solar modules up to 640 W DC. All IQ8P Microinverters activated in Vietnam, Malaysia, Thailand, and the Philippines come with an industry-leading 25-year limited warranty.

“The Vietnamese solar market is poised for explosive growth thanks to the new Decree 135/2024/ND-CP on October 22, 2024,” said Phan Ngoc Anh, CEO of Alena Energy, a distributor of Enphase products in Vietnam. “This will be a major boost to the government’s ambitious 2050 net-zero carbon goal. Enphase IQ8P Microinverters are a game-changer, delivering unparalleled performance and safety – perfect for our solar installations.”

“In Malaysia, the demand for energy savings and reliable, clean power solutions is driving solar adoption,” said Bernard Fok, general manager of MYSOLARPOWER SDN BHD, a distributor of Enphase products in Malaysia. “As the global leader in microinverter technology, Enphase offers the IQ8P Microinverters, which provide an ideal blend of efficiency and reliability. This empowers our customers to enjoy consistent energy production while reducing both their carbon footprint and utility costs.”

The Enphase IQ8P Microinverter is built to use low-voltage alternating current (AC) power instead of high-voltage direct current (DC) power used by central (“string”) inverter-based solar systems. Additionally, Enphase IQ^® Microinverters include built-in rapid shutdown to help keep first responders and utility workers safe. In an emergency, solar power can be turned off instantly and easily.

“At KG Solar, we prioritize safety and reliability in every project, whether it’s a simple installation or a sensitive site like a gas station,” said Gunn Teeraniti, engineering director of KG Solar, an Enphase installer in Thailand. “That’s why we choose Enphase. The Enphase IQ8P Microinverters, backed by their impressive 25-year warranty, provide unmatched peace of mind for us and our customers. Their advanced safety features and consistent energy savings make them the ideal choice for all types of installations, from straightforward setups to the most demanding environments.”

“As homeowners, our homes are likely to be one of the most expensive investments we’ll ever make in our entire lives,” said Hsin Yao Cheng, CEO at Helios, an installer of Enphase products in the Philippines. “We care a lot about our homes and the loved ones we nurture in them. Therefore, it’s a no brainer to put in the absolute safest and highest quality equipment to protect your investment and your family. Enphase IQ8P Microinverters stand out for their safety, durability, and exceptional performance. The 25-year limited warranty reassures us of their long-term reliability, while the system’s efficiency helps our clients achieve significant energy savings.”

“At Enphase, our focus remains on expanding access to leading-edge, reliable energy technology across Southeast Asia,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “We deeply value our partnerships with regional solar installers and are committed to supporting their work as we drive the adoption of resilient, renewable energy solutions.”

For more information about IQ8P Microinverters, please visit the Enphase websites for Vietnam, Malaysia, Thailand, and the Philippines.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 78.0 million microinverters, and over 4.5 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the United States and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; and the availability and market adoption of Enphase’s products in Vietnam, Malaysia, Thailand, and the Philippines. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Contact:

Enphase Energy

press@enphaseenergy.com

This press release was published by a CLEAR® Verified individual.

MIL-OSI: Dotz Nano to Present at the Small Cap Growth Virtual Investor Conference February 6th

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Jan. 30, 2025 (GLOBE NEWSWIRE) — Dotz Nano Limited (ASX: DTZ, OTC: DTZZF/DTZNY, “Dotz” or “Company”), a leading developer of innovative climate and industrial nanotechnologies, today announced that Sharon Malka, CEO, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 6^th, 2025.

DATE: February 6^th
TIME: 10:30 a.m. ET
LINK: https://bit.ly/4gkzOdq
Available for 1×1 meetings: Monday, February 10^th, 9:00 a.m. to 1:00 p.m. ET

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

Received the first commercial order for the Company’s proprietary in-product tagging solution, DotzShield, from a leading provider of energy solutions to the Oil & Gas industries worldwide;
Dotz’s newly developed modified sorbent demonstrates high adsorption capacity and low energy usage for Direct Air Capture (DAC);
Successful lab-scale pilot demonstration of DotzEarth CO₂ capture technology, showing the sorbents’ high adsorption capacity, selectivity, and robustness;
Signed a strategic collaboration agreement with Bar-Ilan University to pilot an innovative electrochemical DAC technology;
U.S. institutional shareholder invests a further A$2.0 million to support the development of the DotzEarth carbon capture technology.

About Dotz Nano Limited

Dotz Nano Limited (ASX: DTZ, OTC: DTZZF/DTZNY) is a technology company developing innovative climate and industrial nano-technologies. The Company’s primary focus is centered on ground-breaking carbon dioxide (CO₂) management technologies, leading towards a carbon-neutral future. The Company’s proprietary carbon-based solid sorbents offer an efficient and sustainable approach to facilitate industrial deep decarbonization.

To learn more about Dotz, please visit the website via the following link www.dotz.tech

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

Investor & Media Enquiries John Hurst E: info@dotz.tech P: +61 (0)418 798 663	US IR Robert Meyers E: bob@fnkir.com P: +1-646-878-9204

Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com

MIL-OSI: Oxyle raises $16m to lead the fight against the “forever chemicals” contaminating our water

Source: GlobeNewswire (MIL-OSI)

Zurich, Jan. 30, 2025 (GLOBE NEWSWIRE) — When Fajer Mushtaq turned on the tap as a child in Delhi, one question always loomed: was the water safe? Today, that same question haunts communities worldwide as PFAS — toxic “forever chemicals” used in everything from non-stick pans to firefighting foam — contaminate water supplies at an alarming rate. Today, Swiss startup Oxyle announced a $16m funding round to scale its breakthrough solution to destroy, not just relocate, PFAS from wastewater. This builds on its $3M pre-seed round in 2022, growing support for its mission.

The seed round was led by 360 Capital, with participation from Axeleo Capital and returning investors Founderful and SOSV.

Oxyle founders: Dr. Silvan Staufert and Dr. Fajer Musthaq (CREDIT: Daniel Kunz, daniekunzphoto, Adliswil, Switzerland)

Industries have long struggled with PFAS treatment. Current methods like filtration and adsorption merely move PFAS from water to other waste streams, requiring expensive incineration or landfilling that risks these chemicals leaching back into the environment through air or soil – creating an endless cycle of contamination. While some technologies can destroy PFAS, their massive energy requirements make them financially impractical for most organizations to implement at scale.

Oxyle’s breakthrough technology represents the world’s first economical and permanent solution to PFAS contamination. Unlike traditional methods that merely filter or concentrate these chemicals, Oxyle’s system destroys PFAS molecules, achieving over 99% elimination rates while consuming at least 15 times less energy than alternative destruction methods. The system’s three-stage process combines foam fractionation, catalytic destruction, and real-time monitoring powered by machine learning – all housed in a modular system that eliminates the need for secondary waste disposal through incineration or landfilling. Whereas traditional solutions require weeks-long lab analysis, Oxyle’s proprietary monitoring system provides instant feedback and continuous treatment optimization.

Oxyle pilot unit on a customer site (CREDIT: Oxyle).

“Five years ago, Oxyle was two of us founders and one big idea: get rid of forever chemicals from our water. Today, that idea is proven, implemented, and ready to scale. This funding is a game-changer. It gives us what we need to take our technology to the industries and communities that need it most. To our investors, old and new, thank you for joining us on this mission to make clean water a reality for all.” commented Dr. Fajer Mushtaq, CEO & Co-Founder, Oxyle.

The company was co-founded by Fajer Mushtaq and Silvan Staufert at ETH Zurich, where Mushtaq earned her PhD in Micro- and Nanosystems focused on water remediation – inspired by her experiences with water scarcity in Delhi – while Staufert completed his PhD in Mechanical and Process Engineering. Understanding that water treatment innovations couldn’t come soon enough, they developed a technology to degrade Forever Chemicals in minutes. They knew their breakthrough could change the world, but only if it moved from lab to reality.

Oxyle Team (CREDIT Daniel Kunz, daniekunzphoto, Adliswil, Switzerland).

In just four years, the duo have transformed Oxyle from innovation to implementation. The company has grown to a team of 26, completed over 20 customer projects, and secured prestigious recognition including the Swiss Technology Award, SEIF, and WEF’s Uplink Top Innovators. This round brings Oxyle’s total funding to $26m, including additional non-dilutive funding from grants and awards. With revenue-generating customer pilots under its belt and its first commercial installation operational, Oxyle is now securing multiple-year treatment contracts for 2025 and beyond.

The technology’s effectiveness has been proven across multiple applications. In groundwater treatment, it reduces PFAS concentrations from 8,700 ng/l to below 14 ng/l. For soil wash water, it achieves 99.8% removal of 11 different PFAS species. It eliminated 98% of short-chain PFAS and reduced trifluoracetic acid (TFA) concentrations by 96% in trials with an industrial customer. Most significantly, in November 2024, Oxyle deployed its first full-scale system in Switzerland, treating 10 cubic meters of contaminated groundwater per hour at less than 1 kWh/m³.

“We are proud to lead the investment in Oxyle, whose pioneering technology addresses the massive global challenge of PFAS pollution,” says Thomas Nivard, Partner at 360 Capital. “Unlike traditional methods that merely contain these harmful chemicals, Oxyle’s solution destroys them permanently, setting a new standard for tackling this urgent environmental crisis. This is a game changer. The team’s exceptional commercial and technical momentum has laid a strong foundation for establishing a true technology leader in the coming years.”

The timing for Oxyle’s solution is critical. Rising waves of PFAS-related lawsuits and multi-billion-dollar settlements in the U.S. are pushing companies to adopt preventative solutions. Stricter regulations in both the EU and U.S. are increasing demand for advanced treatment technologies that can ensure compliance and minimize liability. New data from the Forever Lobbying Project shows the cost of inaction is staggering—cleaning up Europe’s soil and water from PFAS contamination could cost €100 billion per year, totaling €2 trillion over the next 20 years.

Looking ahead, Oxyle aims to treat 100 million cubic meters of contaminated water in the next five years. The company plans to expand its solution across industries, from chemical and consumer goods manufacturing to semiconductor production and municipal water treatment – ultimately restoring and protecting our waters from Forever Chemicals, down to the very last drop.

Ends

Notes to the editor
Media images can be found here.

About Oxyle
Oxyle is the world’s first economical, sustainable, and permanent answer to PFAS contamination. Our breakthrough PFAS catalytic destruction technology empowers industrial and environmental remediation companies in their fight against PFAS. We don’t just filter or adsorb PFAS, we eliminate it entirely to below detection limits. With 15x lower average energy consumption than other destructive treatments, it is the most energy efficient, cost effective treatment on the market. Established in 2020, we’re on a mission to protect our water from PFAS – down to the last drop.

About 360 Capital
360 Capital is a leading European venture capital firm specializing in early-stage investments across Deep Tech, Climate Tech, and Digital-First solutions. Since 1997, it has partnered with visionary entrepreneurs across Europe, supporting over 160 startups. With €500 million in assets under management, a portfolio of more than 60 active companies, and offices in Paris and Milan, 360 Capital is a prominent force in Europe’s venture ecosystem

Founderful
Founderful is Switzerland’s leading pre-seed fund, backing founder teams building tech companies with the potential to become global market leaders. Founderful has a track record of supporting exceptional founders in creating breakthrough companies and has the passionate conviction that the Swiss startup ecosystem is just starting to write its best success stories.

SOSV
SOSV is a multi-stage, deep tech venture investor committed to “human and planetary health,” and invests beginning at a startup’s inception, the “First Check in Deep Tech®.” Headquartered in Princeton, NJ, SOSV operates the deeply resourced startup development programs in New York City and San Francisco (IndieBio) and Newark, NJ (HAX) equipped with labs for bio-safety, chem, food, EE, analytics and mechatronics. The SOSV ecosystem spans the globe, with 800+ startups operating in 40 countries.

Axeleo Capital
Axeleo Capital (AXC) is an Emerging independent early-stage VC, trusted and backed by seasoned entrepreneurs and industry experts across Europe, focusing on B2B software and Greentech startups. With €300 million in assets under management, 4 successful fund raises so far and 13 employees, the firm has made over 70 investments across the EU, and has achieved 18 successful exits within the past 36 months. AXC provides a unique framework for European early-stage startups. It offers a comprehensive range of support, including equity investments from seed to Series B stages, operational guidance and strategic assistance. The firm boasts an active ecosystem of more than 150 high-level partners, sector experts and mentors who have been instrumental in numerous success stories across Europe and the US. Axeleo Greentech Industry I aims to foster green innovation and sustainable development in Europe, with a focus on energy, chemicals, agriculture, and mobility sectors

MIL-OSI: Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG

Source: GlobeNewswire (MIL-OSI)

Baker Hughes to supply power island and liquefaction train systems, and signs multi-year services frame agreement to support phases 1 and 2 of Plaquemines LNG project
As a strategic LNG solutions supplier, Baker Hughes to help Venture Global deliver 100+ MTPA of production capacity

HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday that it has been awarded a major contract to provide a modularized liquefied natural gas (LNG) system and power island to support Venture Global (VG) LNG projects in the United States. In addition, Baker Hughes signed a multi-year services frame agreement, including maintenance, inspection, repairs and engineering services, to support phases 1 and 2 of VG’s Plaquemines LNG project in Louisiana. The equipment order and services agreement were both secured in the fourth quarter of 2024.

“As power demand surges, LNG has a critical role to play in providing a reliable, flexible fuel source that can be quickly scaled to meet rising demand,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “We have been a trusted partner in natural gas operations for more than 30 years, and our collaboration with Venture Global is a key example of what our industry needs more of today: businesses coming together to leverage best-in-class technologies and services that can deliver reliable and efficient natural gas operations to support sustainable energy development.”

“Baker Hughes continues to be a trusted partner for Venture Global in delivering a secure, reliable energy supply to the world and we are thrilled to add another significant milestone on our partnership,” said Mike Sabel, CEO of Venture Global.

Baker Hughes, as a strategic LNG technology supplier to Venture Global for more than 100 million tons per annum (MTPA) of production capacity, has already provided comprehensive LNG solutions to the Calcasieu Pass and Plaquemines LNG facilities.

Recently, Venture Global announced the successful loading and departure of the first liquefied natural gas (LNG) cargo produced from its Plaquemines LNG facility, after reaching first LNG production.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Chiara Toniato
+39 3463823419
chiara.toniato@bakerhughes.com

Investor Relations

Chase Mulvehill
+1 281-809-9088
investor.relations@bakerhughes.com

MIL-OSI: FlexShopper Updates Status of Rights Offering

Source: GlobeNewswire (MIL-OSI)

BOCA RATON, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced an update to its previously disclosed rights offering. FlexShopper shareholders who participated in the unit subscription that closed on January 10, 2025, are now eligible to participate in the Series A, B, and C rights. Details of which can be found in the body of this press release.

As a result of the initial unit subscription, FlexShopper raised approximately $12 million of proceeds, consisting of $9.4 million in gross proceeds from the subscription and the conversion of $2.5 million of the Company’s subordinated debt with NRNS Capital Holdings LLC. The $9.4 million in gross proceeds was used to pay down borrowings under FlexShopper’s credit agreement with Waterfall Asset Management, LLC. As a result of these actions, FlexShopper estimates that the initial unit subscription would have been approximately 15% accretive to pro-forma earnings per share for the 2024 third quarter.

“The outcome of the initial unit subscription demonstrates the accretive nature of our efforts to equitize our balance sheet,” said Russ Heiser, CEO of FlexShopper. “We are approaching the Series A, B, and C rights offerings from a position of strength and I am excited to provide investors with an update on our financial performance.”

Overview of Upcoming Rights

Rights:	Expiration Dates:	Exercise Pricing of Rights:
Series A	February 15, 2025	Exercise price equal to the higher of: 1) $1.70 or 2) 90.0% of the VWAP of our common stock over the last three trading days prior to the expiration date of the Series A Rights, but in any event not to exceed $2.55.
Series B	March 17, 2025	Exercise price equal to the higher of: 1) $1.70 or 2) 87.5% of the VWAP of our common stock over the last three trading days prior to the expiration date of the Series A Rights, but in any event not to exceed $3.40.
Series C	April 16, 2025	Exercise price equal to the higher of: 1) $1.70 or 2) 85.0% of the VWAP of our common stock over the last three trading days prior to the expiration date of the Series A Rights, but in any event not to exceed $4.25.

It is important to note that many broker-dealers ask for rights subscription submissions prior to the expiration dates of the respective rights. As a result, FlexShopper encourages rightsholders to submit their submissions by February 13, 2025, March 14, 2025, and April 14, 2025.

FlexShopper encourages holders of the Series A, B, and C Rights to contact their broker or financial advisor’s Corporate Actions Department to participate in these subsequent rights. Rights offering information can be found at https://www.sec.gov and https://investors.flexshopper.com, or by calling the rights offer information agent, MacKenzie Partners at 800-322-2885.

Moody Capital Solutions, Inc. (Moody Capital) is acting as dealer-manager for the rights offering and can be contacted at info@moodycapital.com.

The offering was made pursuant to the Corporation’s registration statement on Form S-1 (File No. 333-282857), which was declared effective by the U.S. Securities and Exchange Commission on November 29, 2024. The prospectus relating to and describing the terms of the rights offering has been filed with the SEC on December 2, 2024, and is available on the SEC’s website at www.sec.gov. This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

About FlexShopper, Inc.:
FlexShopper, Inc. (Nasdaq: FPAY) is a leading national financial technology company that provides payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its online direct to consumer marketplace at flexshopper.com and in partnership with partner merchants both online as well as at brick and mortar locations. FlexShopper’s solutions are designed to meet the needs of a wide range of consumer segments via lease-to-own and lending products.

Forward-Looking Statements
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Company Contact:
FlexShopper, Inc.
Investor Relations
ir@flexshopper.com

Investor and Media Contact
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
andrew@smberger.com

MIL-OSI: Standard Lithium, Equinor announce Smackover Lithium as new joint venture name

Source: GlobeNewswire (MIL-OSI)

LEWISVILLE, Ark., Jan. 30, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium”) (TSXV:SLI) (NYSE:A:SLI), a leading near-commercial lithium developer, and Equinor, a global energy leader, today announced Smackover Lithium as the new name for their joint venture developing direct lithium extraction (“DLE”) projects in Southwest Arkansas and East Texas.

Smackover Lithium was announced yesterday at a community meeting in Lewisville, Arkansas, home of a planned field office and nearby the joint venture’s South West Arkansas (“SWA”) project. The SWA project, located in Lafayette and Columbia counties, is expected to be one of the world’s first commercial-scale DLE facilities.

“Smackover Lithium is a natural fit for the joint venture given the Smackover formation’s prolific resource and our joint venture’s commitment to adding to the incredible legacy of American energy production from this region,” said David Park, CEO of Standard Lithium.

In May 2024, Equinor formed a joint venture with Standard Lithium to advance DLE projects in the Smackover basin, focused on Southwest Arkansas and East Texas. Smackover Lithium is now the external brand for the joint venture and will continue building on Standard Lithium’s work with local communities to enhance economic development and grow educational and workforce opportunities.

“We are excited to be a part of Smackover Lithium, developing critical mineral projects in the Smackover basin and building the next generation of lithium development,” said Allie Kennedy Thurmond, Vice President of US Lithium at Equinor.

For more information on Smackover Lithium, please visit: www.smackoverlithium.com.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the SWA project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

Standard Lithium trades on both the TSX Venture Exchange (the “TSXV”) and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

About Equinor

Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

For more information on Equinor in the US, please visit: Equinor in the US – Equinor

Media Contacts:

Chris Lang
Standard Lithium Ltd.
investors@standardithium.com

Ola Morten Aanestad
Equinor
oaan@equinor.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued existence and success of the joint venture, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements and information represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information. The Company does not intend, and does not assume any obligation to, update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information other than as required by applicable laws, rules and regulations.

MIL-OSI: First Merchants Corporation Announces Fourth Quarter 2024 Earnings Per Share

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., Jan. 30, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

Fourth Quarter 2024 Highlights:

Net income available to common stockholders was $63.9 million and diluted earnings per common share totaled $1.10, compared to $48.7 million and $0.84 in the third quarter of 2024, and $42.0 million and $0.71 in the fourth quarter of 2023. Excluding the impact of the branch sale and repositioning of the available for sale securities portfolio, adjusted net income available to common stockholders¹was $58.1 million or $1.00 per share for the fourth quarter of 2024.
Strong capital position with Common Equity Tier 1 Capital Ratio of 11.43% and Tangible Common Equity to Tangible Assets Ratio of 8.81%.
Net interest margin was 3.28% compared to 3.23% on a linked quarter basis and 3.16% in the fourth quarter of 2023.
Total loans grew $185.6 million, or 5.9% annualized, on a linked quarter basis, and $368.1 million, or 2.9% during the last twelve months.
Total deposits increased $156.5 million, or 4.4% annualized, on a linked quarter basis, and declined $32.4 million, or 0.2%, during the last twelve months after normalizing for deposits sold during the fourth quarter.
Nonperforming assets to total assets were 43 basis points compared to 35 basis points on a linked quarter basis.
Adjusted efficiency ratio totaled 53.60%¹for the quarter.
Completed the sale of five Illinois branches and certain loans and deposits to Old Second National Bank on December 6, 2024.

“The fourth quarter was a strong finish to the year and showed the momentum we have built with healthy increases in core earnings, NIM and ROA,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “We restructured a portion of our securities portfolio and completed the Illinois branch sale to help prioritize our core markets. These actions and the completion of multiple technology initiatives in 2024 have positioned First Merchants to deliver strong results in 2025.”

Fourth Quarter Financial Results:

First Merchants Corporation (the “Corporation”) reported fourth quarter 2024 net income available to common stockholders of $63.9 million compared to $42.0 million during the same period in 2023. Diluted earnings per common share for the period totaled $1.10 compared to the fourth quarter of 2023 result of $0.71. Excluding non-core income and expenses incurred in each period, adjusted net income available to common stockholders¹ for the fourth quarter 2024 was $58.1 million, or $1.00 diluted earnings per common share compared to $53.4 million, or $0.90 in the same period in 2023.

During the quarter, the Corporation completed the sale of five Illinois branches along with loans of $7.4 million and deposits of $267.4 million, generating a gain of $20.0 million recorded in non-interest income. The sale of these branches represents the Corporation’s exit from suburban Chicago markets.

Total assets equaled $18.3 billion and loans totaled $12.9 billion as of quarter-end. During the past twelve months, total loans grew by $368.1 million, or 2.9%. On a linked quarter basis, loans grew $185.6 million, or 5.9% annualized, with growth primarily in commercial loans.

Investments totaling $3.5 billion decreased $350.7 million, or 9.2%, during the last twelve months and decreased $201.5 million on a linked quarter basis. The decline during the quarter was partially due to the sale of $109.6 million of available for sale securities with a weighted average tax-equivalent yield of 2.31%, which resulted in a loss of $11.6 million. The remaining decline for the quarter was due to security paydowns and maturities, as well as a decline in valuation of securities reflecting the movement of interest rates. Sales of available for sale securities in 2024 totaled $268.5 million and resulted in a loss of $20.8 million.

Total deposits were $14.5 billion as of quarter-end and decreased by $299.8 million, or 2.0%, over the past twelve months. The decline was primarily due to the sale of the Illinois branches during the fourth quarter which included $267.4 million of deposits. Excluding this impact, deposits declined by $32.4 million in 2024. On a linked quarter basis, deposits grew by $156.5 million, or 4.4% annualized. The loan to deposit ratio increased slightly to 88.5% at period end from 88.0% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.8 million as of quarter-end, or 1.50% of total loans, an increase of $4.9 million from prior quarter. Loan charge-offs, net of recoveries totaled $0.8 million and provision for loans of $5.7 million was recorded during the quarter. Reserves for unfunded commitments totaled $18.0 million declining during the quarter due to reserve release of $1.5 million. Net provision for the quarter totaled $4.2 million. Non-performing assets to total assets were 43 basis points for the fourth quarter of 2024, an increase of eight basis points compared to 35 basis points in the prior quarter.

Net interest income totaled $134.4 million for the quarter, an increase of $3.3 million, or 2.5%, compared to the prior quarter and an increase of $4.3 million, or 3.3%, compared to the fourth quarter of 2023. Fully taxable equivalent net interest margin was 3.28%, an increase of five basis points compared to the third quarter of 2024, and an increase of 12 basis points compared to the fourth quarter of 2023. The increase in net interest margin compared to the third quarter was due to lower funding costs and a more favorable earning asset and funding mix.

Noninterest income totaled $42.7 million for the quarter, an increase of $17.9 million compared to the third quarter of 2024 and an increase of $16.3 million compared to the fourth quarter of 2023. When excluding non-core income from each period, noninterest income totaled $34.4 million for the quarter, an increase of $0.4 million compared to third quarter of 2024, and an increase of $5.6 million compared to the fourth quarter of 2023. The increase in core noninterest income over the fourth quarter of 2023 was primarily due to an increase in gains on sales of loans and CRA investment income.

Noninterest expense totaled $96.3 million for the quarter, an increase of $1.7 million from the third quarter of 2024 and a decrease of $11.8 million from the fourth quarter of 2023. The increase in the linked quarter was from higher marketing costs and other one-time operating expenses. The decrease from the fourth quarter of 2023 was due to one-time charges incurred in the prior year which included an FDIC special assessment, early retirement and severance costs, and a lease termination.

The Corporation’s total risk-based capital ratio totaled 13.31%, common equity tier 1 capital ratio totaled 11.43%, and the tangible common equity ratio totaled 8.81%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

¹ See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

First Merchants Corporation will conduct a fourth quarter earnings conference call and webcast at 11:30 a.m. (ET) on Thursday, January 30, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register.vevent.com/register/BIc49ad0293a7844dca2e7171f51e600dd95f36e86b6)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/9t5v76m2) during the time of the call. A replay of the webcast will be available until January 30, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	December 31,
		2024			2023
ASSETS
Cash and due from banks	$	87,616		$	112,649
Interest-bearing deposits		298,891			436,080
Investment securities, net of allowance for credit losses of $245,000 and $245,000		3,460,695			3,811,364
Loans held for sale		18,663			18,934
Loans		12,854,359			12,486,027
Less: Allowance for credit losses – loans		(192,757	)		(204,934	)
Net loans		12,661,602			12,281,093
Premises and equipment		129,743			133,896
Federal Home Loan Bank stock		41,690			41,769
Interest receivable		91,829			97,664
Goodwill and other intangibles		731,830			739,101
Cash surrender value of life insurance		304,906			306,301
Other real estate owned		4,948			4,831
Tax asset, deferred and receivable		92,387			99,883
Other assets		387,169			322,322
TOTAL ASSETS	$	18,311,969		$	18,405,887
LIABILITIES
Deposits:
Noninterest-bearing	$	2,325,579		$	2,500,062
Interest-bearing		12,196,047			12,321,391
Total Deposits		14,521,626			14,821,453
Borrowings:
Federal funds purchased		99,226			—
Securities sold under repurchase agreements		142,876			157,280
Federal Home Loan Bank advances		822,554			712,852
Subordinated debentures and other borrowings		93,529			158,644
Total Borrowings		1,158,185			1,028,776
Interest payable		16,102			18,912
Other liabilities		311,073			289,033
Total Liabilities		16,006,986			16,158,174
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 57,974,535 and 59,424,122 shares		7,247			7,428
Additional paid-in capital		1,188,768			1,236,506
Retained earnings		1,272,528			1,154,624
Accumulated other comprehensive loss		(188,685	)		(175,970	)
Total Stockholders’ Equity		2,304,983			2,247,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,311,969		$	18,405,887

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended						Twelve Months Ended
(Dollars In Thousands, Except Per Share Amounts)	December 31,						December 31,
		2024			2023			2024			2023
INTEREST INCOME
Loans:
Taxable	$	197,536		$	197,523		$	803,652		$	747,837
Tax-exempt		9,020			8,197			34,262			31,954
Investment securities:
Taxable		9,024			8,644			36,086			35,207
Tax-exempt		12,754			13,821			53,487			58,117
Deposits with financial institutions		5,350			8,034			16,992			17,719
Federal Home Loan Bank stock		958			771			3,527			3,052
Total Interest Income		234,642			236,990			948,006			893,886
INTEREST EXPENSE
Deposits		89,835			96,655			386,127			306,092
Federal funds purchased		26			1			481			1,421
Securities sold under repurchase agreements		680			827			3,057			3,451
Federal Home Loan Bank advances		8,171			6,431			29,886			27,206
Subordinated debentures and other borrowings		1,560			3,013			7,341			10,316
Total Interest Expense		100,272			106,927			426,892			348,486
NET INTEREST INCOME		134,370			130,063			521,114			545,400
Provision for credit losses		4,200			1,500			35,700			3,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		130,170			128,563			485,414			541,900
NONINTEREST INCOME
Service charges on deposit accounts		8,124			7,690			32,606			30,837
Fiduciary and wealth management fees		8,665			8,187			34,215			30,840
Card payment fees		4,957			4,437			19,317			18,862
Net gains and fees on sales of loans		5,681			4,111			20,840			15,659
Derivative hedge fees		1,594			1,049			3,082			3,385
Other customer fees		316			237			1,547			1,880
Earnings on cash surrender value of life insurance		2,188			3,202			8,464			8,347
Net realized losses on sales of available for sale securities		(11,592	)		(2,317	)		(20,757	)		(6,930	)
Gain on branch sale		19,983			—			19,983			—
Other income (loss)		2,826			(152	)		6,283			2,722
Total Noninterest Income		42,742			26,444			125,580			105,602
NONINTEREST EXPENSES
Salaries and employee benefits		55,437			60,967			221,167			228,745
Net occupancy		7,335			9,089			28,387			29,859
Equipment		7,028			6,108			26,802			24,113
Marketing		2,582			2,647			7,389			7,427
Outside data processing fees		6,029			5,875			27,140			25,165
Printing and office supplies		377			402			1,462			1,552
Intangible asset amortization		1,771			2,182			7,271			8,743
FDIC assessments		3,744			7,557			15,029			14,674
Other real estate owned and foreclosure expenses		227			1,743			2,076			3,318
Professional and other outside services		3,777			3,981			14,586			16,172
Other expenses		7,982			7,552			27,957			28,502
Total Noninterest Expenses		96,289			108,103			379,266			388,270
INCOME BEFORE INCOME TAX		76,623			46,904			231,728			259,232
Income tax expense		12,274			4,425			30,326			35,446
NET INCOME		64,349			42,479			201,402			223,786
Preferred stock dividends		469			469			1,875			1,875
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	63,880		$	42,010		$	199,527		$	221,911
Per Share Data:
Basic Net Income Available to Common Stockholders	$	1.10		$	0.71		$	3.42		$	3.74
Diluted Net Income Available to Common Stockholders	$	1.10		$	0.71		$	3.41		$	3.73
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.34		$	1.39		$	1.34
Average Diluted Common Shares Outstanding (in thousands)		58,247			59,556			58,533			59,489

FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2024			2023			2024			2023
NET CHARGE-OFFS	$	771		$	3,148		$	49,377		$	25,643

AVERAGE BALANCES:
Total Assets	$	18,478,303		$	18,397,200		$	18,400,495		$	18,186,507
Total Loans		12,757,676			12,396,451			12,634,324			12,297,974
Total Earning Assets		17,089,198			17,222,714			17,054,267			16,991,787
Total Deposits		14,788,294			15,000,580			14,816,564			14,721,498
Total Stockholders’ Equity		2,312,270			2,130,993			2,252,491			2,127,262

FINANCIAL RATIOS:
Return on Average Assets		1.39	%		0.92	%		1.09	%		1.23	%
Return on Average Stockholders’ Equity		11.05			7.89			8.86			10.43
Return on Tangible Common Stockholders’ Equity		16.75			12.75			13.71			16.76
Average Earning Assets to Average Assets		92.48			93.62			92.68			93.43
Allowance for Credit Losses – Loans as % of Total Loans		1.50			1.64			1.50			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.02			0.10			0.39			0.21
Average Stockholders’ Equity to Average Assets		12.51			11.58			12.24			11.70
Tax Equivalent Yield on Average Earning Assets		5.63			5.64			5.69			5.40
Interest Expense/Average Earning Assets		2.35			2.48			2.50			2.05
Net Interest Margin (FTE) on Average Earning Assets		3.28			3.16			3.19			3.35
Efficiency Ratio		48.48			63.26			53.55			55.17
Tangible Common Book Value Per Share	$	26.78		$	25.06		$	26.78		$	25.06

NONPERFORMING ASSETS
(Dollars In Thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
Nonaccrual Loans	$	73,773		$	59,088		$	61,906		$	62,478		$	53,580
Other Real Estate Owned and Repossessions		4,948			5,247			4,824			4,886			4,831
Nonperforming Assets (NPA)		78,721			64,335			66,730			67,364			58,411
90+ Days Delinquent		5,902			14,105			1,686			2,838			172
NPAs & 90 Day Delinquent	$	84,623		$	78,440		$	68,416		$	70,202		$	58,583

Allowance for Credit Losses – Loans	$	192,757		$	187,828		$	189,537		$	204,681		$	204,934
Quarterly Net Charge-offs		771			6,709			39,644			2,253			3,148
NPAs / Actual Assets %		0.43	%		0.35	%		0.36	%		0.37	%		0.32	%
NPAs & 90 Day / Actual Assets %		0.46	%		0.43	%		0.37	%		0.38	%		0.32	%
NPAs / Actual Loans and OREO %		0.61	%		0.51	%		0.53	%		0.54	%		0.47	%
Allowance for Credit Losses – Loans / Actual Loans (%)		1.50	%		1.48	%		1.50	%		1.64	%		1.64	%
Net Charge-offs as % of Average Loans (Annualized)		0.02	%		0.21	%		1.26	%		0.07	%		0.10	%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
ASSETS
Cash and due from banks	$	87,616		$	84,719		$	105,372		$	100,514		$	112,649
Interest-bearing deposits		298,891			359,126			168,528			410,497			436,080
Investment securities, net of allowance for credit losses		3,460,695			3,662,145			3,753,088			3,783,574			3,811,364
Loans held for sale		18,663			40,652			32,292			15,118			18,934
Loans		12,854,359			12,646,808			12,639,650			12,465,582			12,486,027
Less: Allowance for credit losses – loans		(192,757	)		(187,828	)		(189,537	)		(204,681	)		(204,934	)
Net loans		12,661,602			12,458,980			12,450,113			12,260,901			12,281,093
Premises and equipment		129,743			129,582			133,245			132,706			133,896
Federal Home Loan Bank stock		41,690			41,716			41,738			41,758			41,769
Interest receivable		91,829			92,055			97,546			92,550			97,664
Goodwill and other intangibles		731,830			733,601			735,373			737,144			739,101
Cash surrender value of life insurance		304,906			304,613			306,379			306,028			306,301
Other real estate owned		4,948			5,247			4,824			4,886			4,831
Tax asset, deferred and receivable		92,387			86,732			107,080			101,121			99,883
Other assets		387,169			348,384			367,845			331,006			322,322
TOTAL ASSETS	$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887
LIABILITIES
Deposits:
Noninterest-bearing	$	2,325,579		$	2,334,197		$	2,303,313		$	2,338,364		$	2,500,062
Interest-bearing		12,196,047			12,030,903			12,265,757			12,546,220			12,321,391
Total Deposits		14,521,626			14,365,100			14,569,070			14,884,584			14,821,453
Borrowings:
Federal funds purchased		99,226			30,000			147,229			—			—
Securities sold under repurchase agreements		142,876			124,894			100,451			130,264			157,280
Federal Home Loan Bank advances		822,554			832,629			832,703			612,778			712,852
Subordinated debentures and other borrowings		93,529			93,562			93,589			118,612			158,644
Total Borrowings		1,158,185			1,081,085			1,173,972			861,654			1,028,776
Deposits and other liabilities held for sale		—			288,476			—			—			—
Interest payable		16,102			18,089			18,554			19,262			18,912
Other liabilities		311,073			292,429			329,302			327,500			289,033
Total Liabilities		16,006,986			16,045,179			16,090,898			16,093,000			16,158,174
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,247			7,265			7,256			7,321			7,428
Additional paid-in capital		1,188,768			1,192,683			1,191,193			1,208,447			1,236,506
Retained earnings		1,272,528			1,229,125			1,200,930			1,181,939			1,154,624
Accumulated other comprehensive loss		(188,685	)		(151,825	)		(211,979	)		(198,029	)		(175,970	)
Total Stockholders’ Equity		2,304,983			2,302,373			2,212,525			2,224,803			2,247,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
INTEREST INCOME
Loans:
Taxable	$	197,536		$	206,680		$	201,413		$	198,023		$	197,523
Tax-exempt		9,020			8,622			8,430			8,190			8,197
Investment securities:
Taxable		9,024			9,263			9,051			8,748			8,644
Tax-exempt		12,754			13,509			13,613			13,611			13,821
Deposits with financial institutions		5,350			2,154			2,995			6,493			8,034
Federal Home Loan Bank stock		958			855			879			835			771
Total Interest Income		234,642			241,083			236,381			235,900			236,990
INTEREST EXPENSE
Deposits		89,835			98,856			99,151			98,285			96,655
Federal funds purchased		26			329			126			—			1
Securities sold under repurchase agreements		680			700			645			1,032			827
Federal Home Loan Bank advances		8,171			8,544			6,398			6,773			6,431
Subordinated debentures and other borrowings		1,560			1,544			1,490			2,747			3,013
Total Interest Expense		100,272			109,973			107,810			108,837			106,927
NET INTEREST INCOME		134,370			131,110			128,571			127,063			130,063
Provision for credit losses		4,200			5,000			24,500			2,000			1,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		130,170			126,110			104,071			125,063			128,563
NONINTEREST INCOME
Service charges on deposit accounts		8,124			8,361			8,214			7,907			7,690
Fiduciary and wealth management fees		8,665			8,525			8,825			8,200			8,187
Card payment fees		4,957			5,121			4,739			4,500			4,437
Net gains and fees on sales of loans		5,681			6,764			5,141			3,254			4,111
Derivative hedge fees		1,594			736			489			263			1,049
Other customer fees		316			344			460			427			237
Earnings on cash surrender value of life insurance		2,188			2,755			1,929			1,592			3,202
Net realized losses on sales of available for sale securities		(11,592	)		(9,114	)		(49	)		(2	)		(2,317	)
Gain on branch sale		19,983			—			—			—			—
Other income (loss)		2,826			1,374			1,586			497			(152	)
Total Noninterest Income		42,742			24,866			31,334			26,638			26,444
NONINTEREST EXPENSES
Salaries and employee benefits		55,437			55,223			52,214			58,293			60,967
Net occupancy		7,335			6,994			6,746			7,312			9,089
Equipment		7,028			6,949			6,599			6,226			6,108
Marketing		2,582			1,836			1,773			1,198			2,647
Outside data processing fees		6,029			7,150			7,072			6,889			5,875
Printing and office supplies		377			378			354			353			402
Intangible asset amortization		1,771			1,772			1,771			1,957			2,182
FDIC assessments		3,744			3,720			3,278			4,287			7,557
Other real estate owned and foreclosure expenses		227			942			373			534			1,743
Professional and other outside services		3,777			3,035			3,822			3,952			3,981
Other expenses		7,982			6,630			7,411			5,934			7,552
Total Noninterest Expenses		96,289			94,629			91,413			96,935			108,103
INCOME BEFORE INCOME TAX		76,623			56,347			43,992			54,766			46,904
Income tax expense		12,274			7,160			4,067			6,825			4,425
NET INCOME		64,349			49,187			39,925			47,941			42,479
Preferred stock dividends		469			468			469			469			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	63,880		$	48,719		$	39,456		$	47,472		$	42,010
Per Share Data:
Basic Net Income Available to Common Stockholders	$	1.10		$	0.84		$	0.68		$	0.80		$	0.71
Diluted Net Income Available to Common Stockholders	$	1.10		$	0.84		$	0.68		$	0.80		$	0.71
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.35		$	0.35		$	0.34		$	0.34
Average Diluted Common Shares Outstanding (in thousands)		58,247			58,289			58,328			59,273			59,556
FINANCIAL RATIOS:
Return on Average Assets		1.39	%		1.07	%		0.87	%		1.04	%		0.92	%
Return on Average Stockholders’ Equity		11.05			8.66			7.16			8.47			7.89
Return on Tangible Common Stockholders’ Equity		16.75			13.39			11.29			13.21			12.75
Average Earning Assets to Average Assets		92.48			92.54			92.81			92.91			93.62
Allowance for Credit Losses – Loans as % of Total Loans		1.50			1.48			1.50			1.64			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.02			0.21			1.26			0.07			0.10
Average Stockholders’ Equity to Average Assets		12.51			12.26			12.02			12.17			11.58
Tax Equivalent Yield on Average Earning Assets		5.63			5.82			5.69			5.65			5.64
Interest Expense/Average Earning Assets		2.35			2.59			2.53			2.55			2.48
Net Interest Margin (FTE) on Average Earning Assets		3.28			3.23			3.16			3.10			3.16
Efficiency Ratio		48.48			53.76			53.84			59.21			63.26
Tangible Common Book Value Per Share	$	26.78		$	26.64		$	25.10		$	25.07		$	25.06

LOANS
(Dollars In Thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
Commercial and industrial loans	$	4,114,292		$	4,041,217		$	3,949,817		$	3,722,365		$	3,670,948
Agricultural land, production and other loans to farmers		256,312			238,743			239,926			234,431			263,414
Real estate loans:
Construction		792,144			814,704			823,267			941,726			957,545
Commercial real estate, non-owner occupied		2,274,016			2,251,351			2,323,533			2,368,360			2,400,839
Commercial real estate, owner occupied		1,157,944			1,152,751			1,174,195			1,137,894			1,162,083
Residential		2,374,729			2,366,943			2,370,905			2,316,490			2,288,921
Home equity		659,811			641,188			631,104			618,258			617,571
Individuals’ loans for household and other personal expenditures		166,028			158,480			162,089			161,459			168,388
Public finance and other commercial loans		1,059,083			981,431			964,814			964,599			956,318
Loans		12,854,359			12,646,808			12,639,650			12,465,582			12,486,027
Allowance for credit losses – loans		(192,757	)		(187,828	)		(189,537	)		(204,681	)		(204,934	)
NET LOANS	$	12,661,602		$	12,458,980		$	12,450,113		$	12,260,901		$	12,281,093

DEPOSITS
(Dollars In Thousands)	December 31,		September 30,		June 30,		March 31,		December 31,
	2024		2024		2024		2024		2023
Demand deposits	$	7,980,061	$	7,678,510	$	7,757,679	$	7,771,976	$	7,965,862
Savings deposits		4,522,758		4,302,236		4,339,161		4,679,593		4,516,433
Certificates and other time deposits of $100,000 or more		1,043,068		1,277,833		1,415,131		1,451,443		1,408,985
Other certificates and time deposits		692,068		802,949		889,949		901,280		849,906
Brokered certificates of deposits¹		283,671		303,572		167,150		80,292		80,267
TOTAL DEPOSITS²	$	14,521,626	$	14,365,100	$	14,569,070	$	14,884,584	$	14,821,453

_{^{1 –} Total brokered deposits of $955.7 million, which includes brokered CD’s of $283.7 million at December 31, 2024.}
_{² – Total deposits at September 30, 2024 excluded $287.7 million of deposits reclassified to Deposits and other liabilities held for sale related to the Illinois branch sale. The sale of $267.4 million of deposits associated with the Illinois branch sale was subsequently completed on December 6, 2024.}

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Three Months Ended
	December 31, 2024						December 31, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	522,868	$	5,350	4.09	%	$	700,705	$	8,034	4.59	%
Federal Home Loan Bank stock		41,703		958	9.19			41,792		771	7.38
Investment Securities:⁽¹⁾
Taxable		1,677,554		9,024	2.15			1,801,533		8,644	1.92
Tax-exempt⁽²⁾		2,089,397		16,144	3.09			2,282,233		17,495	3.07
Total Investment Securities		3,766,951		25,168	2.67			4,083,766		26,139	2.56
Loans held for sale		36,219		550	6.07			16,355		246	6.02
Loans:⁽³⁾
Commercial		8,753,723		156,414	7.15			8,533,233		159,190	7.46
Real estate mortgage		2,177,351		24,401	4.48			2,118,060		21,829	4.12
HELOC and installment		841,537		16,171	7.69			820,728		16,258	7.92
Tax-exempt⁽²⁾		948,846		11,418	4.81			908,075		10,376	4.57
Total Loans		12,757,676		208,954	6.55			12,396,451		207,899	6.71
Total Earning Assets		17,089,198		240,430	5.63	%		17,222,714		242,843	5.64	%
Total Non-Earning Assets		1,389,105						1,174,486
TOTAL ASSETS	$	18,478,303					$	18,397,200
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,564,228	$	37,049	2.66	%	$	5,504,725	$	40,996	2.98	%
Money market deposits		3,189,334		25,463	3.19			3,096,085		27,909	3.61
Savings deposits		1,362,705		3,102	0.91			1,587,758		3,913	0.99
Certificates and other time deposits		2,313,284		24,221	4.19			2,225,528		23,837	4.28
Total Interest-Bearing Deposits		12,429,551		89,835	2.89			12,414,096		96,655	3.11
Borrowings		1,049,677		10,437	3.98			1,013,856		10,272	4.05
Total Interest-Bearing Liabilities		13,479,228		100,272	2.98			13,427,952		106,927	3.19
Noninterest-bearing deposits		2,358,743						2,586,484
Other liabilities		328,062						251,771
Total Liabilities		16,166,033						16,266,207
STOCKHOLDERS’ EQUITY		2,312,270						2,130,993
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,478,303		100,272			$	18,397,200		106,927
Net Interest Income (FTE)			$	140,158					$	135,916
Net Interest Spread (FTE)⁽⁴⁾					2.65	%					2.45	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.63	%					5.64	%
Interest Expense / Average Earning Assets					2.35	%					2.48	%
Net Interest Margin (FTE)⁽⁵⁾					3.28	%					3.16	%

_{⁽¹⁾Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.}
_{⁽²⁾Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $5,788 and $5,853 for the three months ended December 31, 2024 and 2023, respectively.}
_{⁽³⁾Non accruing loans have been included in the average balances.}
_{⁽⁴⁾Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.}
_{⁽⁵⁾Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.}


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Twelve Months Ended
	December 31, 2024						December 31, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
Assets:
Interest-bearing deposits	$	418,163	$	16,992	4.06	%	$	431,581	$	17,719	4.11	%
Federal Home Loan Bank stock		41,736		3,527	8.45			41,319		3,052	7.39
Investment Securities:⁽¹⁾
Taxable		1,759,578		36,086	2.05			1,854,438		35,207	1.90
Tax-exempt⁽²⁾		2,200,466		67,705	3.08			2,366,475		73,566	3.11
Total Investment Securities		3,960,044		103,791	2.62			4,220,913		108,773	2.58
Loans held for sale		29,650		1,792	6.04			21,766		1,292	5.94
Loans:⁽³⁾
Commercial		8,687,638		641,393	7.38			8,519,706		603,611	7.08
Real estate mortgage		2,158,743		94,890	4.40			2,035,488		82,183	4.04
HELOC and installment		830,079		65,577	7.90			830,006		60,751	7.32
Tax-exempt⁽²⁾		928,214		43,370	4.67			891,008		40,448	4.54
Total Loans		12,634,324		847,022	6.70			12,297,974		788,285	6.41
Total Earning Assets		17,054,267		971,332	5.69	%		16,991,787		917,829	5.40	%
Total Non-Earning Assets		1,346,228						1,194,720
Total Assets	$	18,400,495					$	18,186,507
Liabilities:
Interest-Bearing deposits:
Interest-bearing deposits	$	5,506,492	$	157,984	2.87	%	$	5,435,733	$	138,012	2.54	%
Money market deposits		3,061,461		106,026	3.46			2,884,271		83,777	2.90
Savings deposits		1,463,707		14,587	1.00			1,694,230		14,606	0.86
Certificates and other time deposits		2,413,900		107,530	4.45			1,923,268		69,697	3.62
Total Interest-Bearing Deposits		12,445,560		386,127	3.10			11,937,502		306,092	2.56
Borrowings		1,005,017		40,765	4.06			1,111,472		42,394	3.81
Total Interest-Bearing Liabilities		13,450,577		426,892	3.17			13,048,974		348,486	2.67
Noninterest-bearing deposits		2,371,004						2,783,996
Other liabilities		326,423						226,275
Total Liabilities		16,148,004						16,059,245
Stockholders’ Equity		2,252,491						2,127,262
Total Liabilities and Stockholders’ Equity	$	18,400,495		426,892			$	18,186,507		348,486
Net Interest Income (FTE)			$	544,440					$	569,343
Net Interest Spread (FTE)⁽⁴⁾					2.52	%					2.73	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.69	%					5.40	%
Interest Expense / Average Earning Assets					2.50	%					2.05	%
Net Interest Margin (FTE)⁽⁵⁾					3.19	%					3.35	%

_{⁽¹⁾Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.}
_{⁽²⁾Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $23,326 and $23,943 for the years ended December 31, 2024 and 2023, respectively.}
_{⁽³⁾Non accruing loans have been included in the average balances.}
_{⁽⁴⁾Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.}
_{⁽⁵⁾Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.}

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Net Income Available to Common Stockholders – GAAP	$	63,880		$	48,719		$	39,456		$	47,472		$	42,010		$	199,527		$	221,911
Adjustments:
PPP loan income		—			—			—			—			(7	)		—			(49	)
Net realized losses on sales of available for sale securities		11,592			9,114			49			2			2,317			20,757			6,930
Gain on branch sale		(19,983	)		—			—			—			—			(19,983	)		—
Non-core expenses^1,2,3		762			—			—			3,481			12,682			4,243			12,682
Tax on adjustments		1,851			(2,220	)		(12	)		(848	)		(3,652	)		(1,229	)		(4,767	)
Adjusted Net Income Available to Common Stockholders – Non-GAAP	$	58,102		$	55,613		$	39,493		$	50,107		$	53,350		$	203,315		$	236,707

Average Diluted Common Shares Outstanding (in thousands)		58,247			58,289			58,328			59,273			59,556			58,533			59,489

Diluted Earnings Per Common Share – GAAP	$	1.10		$	0.84		$	0.68		$	0.80		$	0.71		$	3.41		$	3.73
Adjustments:
PPP loan income		—			—			—			—			—			—			—
Net realized losses on sales of available for sale securities		0.20			0.15			—			—			0.04			0.35			0.12
Gain on branch sale		(0.34	)		—			—			—			—			(0.34	)		—
Non-core expenses^1,2,3		0.01			—			—			0.06			0.21			0.07			0.21
Tax on adjustments		0.03			(0.04	)		—			(0.01	)		(0.06	)		(0.02	)		(0.08	)
Adjusted Diluted Earnings Per Common Share – Non-GAAP	$	1.00		$	0.95		$	0.68		$	0.85		$	0.90		$	3.47		$	3.98

_{¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.}
_{² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.}
_{³ – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.}

NET INTEREST MARGIN (“NIM”), ADJUSTED
(Dollars in Thousands)
	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Net Interest Income (GAAP)	$	134,370		$	131,110		$	128,571		$	127,063		$	130,063		$	521,114		$	545,400
Fully Taxable Equivalent (“FTE”) Adjustment		5,788			5,883			5,859			5,795			5,853			23,326			23,943
Net Interest Income (FTE) (non-GAAP)	$	140,158		$	136,993		$	134,430		$	132,858		$	135,916		$	544,440		$	569,343

Average Earning Assets (GAAP)	$	17,089,198		$	16,990,358		$	17,013,984		$	17,123,851		$	17,222,714		$	17,054,267		$	16,991,787
Net Interest Margin (GAAP)		3.15	%		3.09	%		3.02	%		2.97	%		3.02	%		3.06	%		3.21	%
Net Interest Margin (FTE) (non-GAAP)		3.28	%		3.23	%		3.16	%		3.10	%		3.16	%		3.19	%		3.35	%

RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
(Dollars In Thousands)	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Total Average Stockholders’ Equity (GAAP)	$	2,312,270		$	2,251,547		$	2,203,361		$	2,242,139		$	2,130,993		$	2,252,491		$	2,127,262
Less: Average Preferred Stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Average Intangible Assets, Net of Tax		(728,218	)		(729,581	)		(730,980	)		(732,432	)		(734,007	)		(730,295	)		(736,601	)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,558,927		$	1,496,841		$	1,447,256		$	1,484,582		$	1,371,861		$	1,497,071		$	1,365,536

Net Income Available to Common Stockholders (GAAP)	$	63,880		$	48,719		$	39,456		$	47,472		$	42,010		$	199,527		$	221,911
Plus: Intangible Asset Amortization, Net of Tax		1,399			1,399			1,399			1,546			1,724			5,744			6,906
Tangible Net Income (Non-GAAP)	$	65,279		$	50,118		$	40,855		$	49,018		$	43,734		$	205,271		$	228,817

Return on Tangible Common Equity (Non-GAAP)		16.75	%		13.39	%		11.29	%		13.21	%		12.75	%		13.71	%		16.76	%

EFFICIENCY RATIO – NON-GAAP
(Dollars In Thousands)	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Non Interest Expense (GAAP)	$	96,289		$	94,629		$	91,413		$	96,935		$	108,103		$	379,266		$	388,270
Less: Intangible Asset Amortization		(1,771	)		(1,772	)		(1,771	)		(1,957	)		(2,182	)		(7,271	)		(8,743	)
Less: OREO and Foreclosure Expenses		(227	)		(942	)		(373	)		(534	)		(1,743	)		(2,076	)		(3,318	)
Adjusted Non Interest Expense (Non-GAAP)	$	94,291		$	91,915		$	89,269		$	94,444		$	104,178		$	369,919		$	376,209

Net Interest Income (GAAP)	$	134,370		$	131,110		$	128,571		$	127,063		$	130,063		$	521,114		$	545,400
Plus: Fully Taxable Equivalent Adjustment		5,788			5,883			5,859			5,795			5,853			23,326			23,943
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)	$	140,158		$	136,993		$	134,430		$	132,858		$	135,916		$	544,440		$	569,343

Non Interest Income (GAAP)	$	42,742		$	24,866		$	31,334		$	26,638		$	26,444		$	125,580		$	105,602
Less: Investment Securities (Gains) Losses		11,592			9,114			49			2			2,317			20,757			6,930
Adjusted Non Interest Income (Non-GAAP)	$	54,334		$	33,980		$	31,383		$	26,640		$	28,761		$	146,337		$	112,532
Adjusted Revenue (Non-GAAP)	$	194,492		$	170,973		$	165,813		$	159,498		$	164,677		$	690,777		$	681,875
Efficiency Ratio (Non-GAAP)		48.48	%		53.76	%		53.84	%		59.21	%		63.26	%		53.55	%		55.17	%

Adjusted Non Interest Expense (Non-GAAP)	$	94,291		$	91,915		$	89,269		$	94,444		$	104,178		$	369,919		$	376,209
Less: Acquisition-related Expenses		—			—			—			—			—			—			—
Less: Non-core Expenses^1,2,3		(762	)		—			—			(3,481	)		(12,682	)		(4,243	)		(12,682	)
Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP)	$	93,529		$	91,915		$	89,269		$	90,963		$	91,496		$	365,676		$	363,527

Adjusted Revenue (Non-GAAP)	$	194,492		$	170,973		$	165,813		$	159,498		$	164,677		$	690,777		$	681,875
Less: Gain on Branch Sale		(19,983	)		—			—			—			—			(19,983	)		—
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)	$	174,509		$	170,973		$	165,813		$	159,498		$	164,677		$	670,794		$	681,875
Adjusted Efficiency Ratio (Non-GAAP)		53.60	%		53.76	%		53.84	%		57.03	%		55.56	%		54.51	%		53.31	%

_{¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.}
_{² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.}
_{³ – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.}

For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

MIL-OSI: Flex Pricing Releases First Ever User Level Dynamic Pricing Software

Source: GlobeNewswire (MIL-OSI)

CHEYENNE, Wyo., Jan. 30, 2025 (GLOBE NEWSWIRE) — Flex Pricing is announcing the release of the world’s first user level dynamic pricing software for e-commerce. The software enables merchants to set pricing rules based on user attributes including shoppers estimated income, type of device they’re browsing on and their geographic location. Unique prices display to each shopper, in real-time, without any perception that the prices rendered are unique to them.

FlexPricing Logo

This technology has previously only been developed and used internally, by large multinational companies. Flex Pricing will not bring this advanced technology to small and medium sized merchants in the e-commerce industry.

Flex Pricing has released it’s software as a Woo Commerce plugin, supporting merchants that sell goods on WordPress sites through Woo Commerce. Additionally Flex Pricing plans the release of a Shopify compatible application by March 1^st. With the release of the Shopify app, Flex Pricing’s patent pending software will become available to nearly 90% of all U.S. based ecommerce businesses.

Merchants using the Flex Pricing application can expect benefits in both conversion rate and margin, which is a unique benefit of a user level dynamic pricing system. Shoppers with greater price sensitivities, determined by a variety of user attributes can be rendered a lower, more competitive price to increase the likelihood of a conversion. Whereas shoppers who are less price sensitive, often determined by attributes indicative of high affluence can be rendered a higher price to increase margins.

Learn more about Flex Pricing at FlexPricing.com and follow us on Twitter https://twitter.com/FlexPricing or YouTube https://www.youtube.com/@FlexPricing

Media Contact:

Brendon Fields
Flex Pricing LLC
press@flexpricing.com
914-384-7611

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5211a66-0600-4fcb-b8ec-7fa4b086a476

https://www.youtube.com/watch?v=n4CeAb14epk

MIL-OSI Video: Minister Angie Motshekga outlines the current situation in DRC.

Source: Republic of South Africa (video statements-2)

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

MIL-OSI Video: Minister Ronald Lamola gives an update on the upcoming SADC Summit.

Source: Republic of South Africa (video statements-2)

https://www.youtube.com/watch?v=Mh5R3JMDdo8

MIL-OSI Video: Minister Aaron Motsoaledi on the withdrawal of funding from the US.

Source: Republic of South Africa (video statements-2)

https://www.youtube.com/watch?v=jO7wTJn0BPI

MIL-OSI Video: Minister Khumbudzo Ntshavheni briefs media on the outcomes of Cabinet Lekgotla.

Source: Republic of South Africa (video statements-2)

MIL-OSI United Kingdom: New submarine facility in Bristol opened by Defence Minister

Source: United Kingdom – Executive Government & Departments

New Submarine Availability Support Hub will support 100 new jobs, boost engineering capabilities and deliver on the Government’s Plan for Change.

Defence Minister Maria Eagle opening the facility

New Submarine Availability Support Hub will support 100 new jobs, boost engineering capabilities and deliver on the Government’s Plan for Change.
The state-of-the-art facility will bring Government and industry closer together – enabling faster decision- making and innovative problem solving.
Follows the launch of the Government’s new Defence Industrial Strategy, which will ensure the defence sector is an engine for growth.

Britain’s nuclear submarine patrols will be strengthened by a new hub that brings Government and industry closer together, creating 100 new jobs and supporting apprenticeships across the UK.

The Submarine Availability Support Hub (SASH) will improve submarine delivery, boost UK engineering capabilities, and help maintain the continuous at-sea nuclear deterrent.

The opening of the state-of-the-art facility will help deliver the government’s Plan for Change by strengthening security and supporting the mission to kickstart economic growth.

The facility will enable the Defence Nuclear Enterprise – the partnership of organisations that operate, maintain, renew and sustain the UK’s nuclear deterrent – to work together more seamlessly with Babcock and other contractors to drive better submarine availability and delivery.

This will be achieved through utilising cutting-edge digital and learning tools and drawing together technical and engineering expertise in a collaborative space.

The investment demonstrates the government’s commitment to the national security and follows the launch of the consultation for the Defence Industrial Strategy – which will place deterrence at the heart of a new approach and ensures the defence sector is an engine for growth in every region and nation of the UK.

Defence Minister Maria Eagle today opened the SASH in Bristol, which adds to the 42,000 jobs, and supply chain of 3,000 businesses already supporting our national endeavour to maintain the continuous at-sea nuclear deterrent.

Minister for Defence Procurement and Industry, Maria Eagle MP, said:

It was a privilege to open the new Babcock Submarine Availability Support Hub in Bristol, and to have the opportunity to speak with civilian colleagues and Navy personnel alike.

The investment in this new facility is another demonstration of the government’s commitment to making defence an engine for growth.

This brand new facility will benefit the UK’s nuclear deterrent, which safeguards our security, and bolsters our country’s prosperity.

Submarine Delivery Agency, CEO Sir Chris Gardner KBE said:

The opening of the Submarine Availability Support Hub in Bristol provides a collaborative space that will support submarine availability for the Royal Navy in defence of our nation. This innovative facility is a clear demonstration of the government’s commitment to the UK’s nuclear enterprise.

It offers a dedicated space for the Submarine Delivery Agency and Babcock to undertake vital joint work which will support waterfront operations, as well as presenting an opportunity to develop future talent by providing placement roles for engineering students.

In addition, the activity taking place within the SASH enables waterfront operations at Clyde and Devonport by improving the content, planning and preparation for maintenance periods as part of an integrated Naval Nuclear business to support submarine availability.

Published 30 January 2025

MIL OSI United Kingdom –

MIL-OSI United Kingdom: UKHSA launches new metagenomic surveillance for health security

Source: United Kingdom – Executive Government & Departments

The UK launches mSCAPE, a world-first metagenomics initiative by UKHSA to enhance health security through rapid pathogen detection and surveillance.

The UK has taken a leap forward in its efforts to use pathogen genomics to improve health security. Today the UK Health Security Agency (UKHSA) launches a world-first metagenomics initiative to aid in the rapid detection of infectious diseases that could threaten the UK. The metagenomics Surveillance Collaboration and Analysis Programme (mSCAPE), which has been in development over the last year, is piloting the use of metagenomic data for public health surveillance and pathogen analysis.   

The programme is a collaborative initiative, led by UKHSA and involving a consortium of NHS and academic partners including the University of Birmingham, University of Edinburgh, and the NHS Clinical Respiratory Metagenomics Network led by Guy’s and St Thomas’ NHS Foundation Trust.   

UKHSA will take anonymous pathogen data from multiple labs that are using metagenomics for diagnosis, including those in the NHS, and analyse it at a national level to monitor trends, epidemiology and pathogen emergence at speed. This will allow for assessment of the ability to significantly improve identification of new outbreaks as well as enabling the source of an outbreak to be better understood, predictions to be made about the effectiveness of potential treatments, and any concerning mutations can be identified. 

Effective use of metagenomic data will add a new, crucial insight to current health protection surveillance systems in the UK. mSCAPE aims to develop the capability to use this data as part of UKHSA’s ongoing surveillance of new and emerging infections, pathogens of pandemic potential, and to monitor the evolution of pathogens that cause disease.   

Metagenomic methodology allows for untargeted sequencing of patient samples for the presence of pathogenic viruses and bacteria, which is a significant step forward in detection and diagnosis abilities. Traditional genomic methodologies have required scientists to target sample sequencing towards pathogens that are already known to the scientific and medical community. Pathogen-agnostic metagenomic methods do not require scientists to know for sure what pathogens are present in a sample before the sequencing is conducted.

This is a major advantage in the detection of known but unexpected pathogens for which specific tests are not readily available and for pathogens not normally found in humans. It is also beneficial in the event of the emergence of a previously unknown novel pathogen.  Metagenomic sequencing is becoming established as a clinical diagnostic test, and its use is currently being expanded in the NHS.

Professor Susan Hopkins, UKHSA Chief Medical Advisor, said: 

Genomics has been a crucial aspect of the response to the COVID-19 pandemic from the very start, and the UK’s enormous technical expertise in this area has allowed us to play a leading role in the identification and analysis of COVID-19 variants as they emerge.  

The new mSCAPE programme will allow us to use the UK’s leading genomics capability to conduct community surveillance using pathogen-agnostic sequencing data for the first time anywhere in the world, and our new initiative to share our pathogen genomic data demonstrates our commitment to our data being used to improve health globally. 

This is a hugely exciting development which will increase our ability to respond at speed to new and emerging pathogens and will help to ensure that we are as prepared as possible to act quickly and effectively to protect the public from future threats.

Professor Dame Sue Hill, Chief Scientific Officer for NHS England and Senior Responsible Officer for NHS Genomics, said:

Genomics is revolutionising the way we predict, prevent, diagnose and treat illness – whether it’s diagnosing rare conditions in children more quickly, helping personalise cancer treatments to make them more effective, or identifying people at greater risk from kidney disease.

The mSCAPE programme is another great example of how the UK is leading the world in this field, and we are pleased to be able to support it through our Networks of Excellence in Severe Respiratory Infections.

Published 30 January 2025

MIL OSI United Kingdom –

MIL-OSI Russia: Financial news: 01/30/2025, 10:23 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A100VG7 (SUEK-F1P3R) security were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

01/30/2025

10:23

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 30.01.2025, 10-23 (Moscow time), the values of the upper limit of the price corridor (up to 101.15) and the range of market risk assessment (up to 1043.11 rubles, equivalent to a rate of 6.25%) of the RU000A100VG7 (SUEK-F1P3R) security were changed.

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. MEEX.K.M.M.

MIL-OSI Russia: Financial News: Exports in Q4 Declined on Lower Oil Prices

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

In the fourth quarter of 2024, the value of exports decreased due to lower world oil prices and a decrease in oil production in Russia based on OPEC agreements. At the same time, the value of imports increased compared to the same period in 2023 amid expanding domestic demand.

As a result of the reduction in exports and the increase in imports, the positive balance of the current account decreased in the fourth quarter.

Read more in the quarterly issue of the information and analytical commentary “Balance of Payments of the Russian Federation”.

Preview photo: Egor Aleev / TASS

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.KBR.ru/Press/Event/? ID = 23325

MIL-OSI Russia: Financial News: December saw an expected cooling in corporate and consumer lending

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

The corporate loan portfolio decreased by 0.2% in December due to the repayment of a number of large foreign currency loans. Overall, for 2024, growth was 17.9%, which is comparable to 2023. More than half of the growth came from segments that are less sensitive to rate increases – lending for investment programs that have already begun and housing construction.

The effect of macroprudential restrictions and the increase in rates led to a reduction in unsecured consumer lending by 1.9%. However, given the high rates of lending dynamics observed in the spring and summer, by the end of 2024 the portfolio grew by 11.2%.

Mortgages increased by a modest 0.4% over the month, with more than 80% of new loans coming from mortgages with state support. The annual growth slowed to 13.4%, which is significantly lower than the 2023 level, when the market was overheated due to massive state support. At the same time, the volume of loans issued in 2024 was comparable to 2020 and 2022.

The population’s funds in banks grew by a significant 7.2%, which is due to the traditional advance payment of January social payments (including pensions and child benefits) and the payment of annual bonuses. At the end of the year, the growth was 26.1%, including due to an increase in the population’s income and high interest rates on deposits.

In December, banks’ net profit fell sharply to 187 billion rubles due to losses from currency revaluation and increased operating expenses. In 2024, the sector earned 3.8 trillion rubles (excluding receipts from subsidiary banks). The total financial result, taking into account the negative revaluation of securities reflected directly in capital, was lower and amounted to 3.4 trillion rubles.

Read more in the information and analytical material “On the development of the banking sector of the Russian Federation in December 2024”.

Preview photo: liliya Vantsura / Shutterstock / Fotodom

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. KBR.ru/Press/Event/? ID = 23324

MIL-OSI Russia: Financial news: 01/30/2025, 11:46 (Moscow time) the values of the lower boundary of the price corridor and the range of market risk assessment for the security RU000A100YQ0 (Rosnft2P9) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

01/30/2025

11:46

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 30.01.2025, 11-46 (Moscow time), the values of the lower limit of the price corridor (up to 79.86) and the range of market risk assessment (up to 763.3 rubles, equivalent to a rate of 11.25%) of the RU000A100YQ0 (Rosnft2P9) security were changed.

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. MEEX.K.M.M.

MIL-OSI Russia: Financial news: 01/30/2025, 12-18 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A1012B3 (FPK 1P-07) were changed.

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

01/30/2025

12:18

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 30.01.2025, 12-18 (Moscow time), the values of the upper limit of the price corridor (up to 94.31) and the range of market risk assessment (up to 985.58 rubles, equivalent to a rate of 7.5%) of the security RU000A1012B3 (FPK 1P-07) were changed.

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. MEEX.K.M.M.