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Category: Politics

  • MIL-OSI NGOs: DRC Green Corridor Project: Greenpeace Africa cautiously welcomes “World’s Largest Forest Reserve”, urges inclusive approach

    Source: Greenpeace Statement –

    Kinshasa, 29 January 2025 – Greenpeace Africa welcomes the creation of the Kivu to Kinshasa Green Corridor Reserve, an ambitious initiative to establish a vast protected area of more than 54,000 km², which will be dedicated to the conservation and sustainable management of natural resources. Felix Tshisekedi, President of the Democratic Republic of Congo (DRC), made the announcement at the World Economic Forum in Davos on January 22nd 2025.

    Established by a ministerial decree adopted on January 15 2025, this zone is designed to safeguard more than 100,000 km² of primary forests and  60,000 km² of peatlands while combating deforestation through tangible initiatives.  These initiatives focus on agricultural development and the promotion of renewable energy, aiming to enhance the socio-economic conditions of local communities. With  this project, the DRC government says is committed to not only preserving  nature but also  fostering a  green economy by actively engaging  local communities and prioritising their role in sustainable natural resource management 

    Since the announcement of the Kivu to Kinshasa Green Corridor Reserve, several issues have arisen, particularly concerning the human rights of local communities and indigenous peoples. Key concerns include the absence of prior consultations and the failure to adhere to the principles of Free, Prior and Informed Consent (FPIC) from the affected local communities during the planning stage. Furthermore, there are significant challenges in effectively managing this community area, primarily due to the limited capacity of the Congolese Institute for Nature Conservation (ICCN) to oversee this extensive protected region, which encompasses the forest concessions of local communities, as well as industrial, mining, and agricultural concessions that fall under the authority of various ministries.

    Greenpeace Africa appreciates this positive initiative aimed at nature conservation and supporting local communities. However, the organisation urges the Congolese government to rethink its strategy, which has not adequately included indigenous peoples, local communities, and other relevant stakeholders. Without genuine involvement from these groups, the Green Corridor project may perpetuate a neo-colonial development model that overlooks the needs and rights of the affected communities, possibly exploiting them in the process. Historically, local communities and indigenous peoples have been passive observers or helpless victims in the management of resources on their ancestral lands. Significant strides are being made to empower indigenous peoples as key contributors to conservation efforts. It is essential to maintain this momentum and not regress.

    Greenpeace Africa strongly urges the Congolese Government to promote good governance and uphold the rights of local communities and indigenous peoples during the execution of the Kivu to Kinshasa Green Corridor Reserve project. This approach is essential for meeting the project’s goals while enhancing local communities’ living standards and safeguarding our natural resources.

    END

    For media enquiries contact:

    Raphael Mavambu, Communication and Media, Greenpeace Africa, +243 810 679 437, [email protected]

    Greenpeace Africa Pressdesk:
    [email protected]

    MIL OSI NGO –

  • MIL-OSI Banking: Monetary developments in the euro area: December 2024

    Source: European Central Bank

    29 January 2025

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 decreased to 3.5% in December 2024 from 3.8% in November, averaging 3.6% in the three months up to December. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 1.8% in December from 1.5% in November. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 4.5% in December from 6.1% in November. The annual growth rate of marketable instruments (M3-M2) decreased to 16.3% in December from 17.0% in November.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 1.1 percentage points (up from 1.0 percentage points in November), short-term deposits other than overnight deposits (M2-M1) contributed 1.3 percentage points (down from 1.8 percentage points) and marketable instruments (M3-M2) contributed 1.0 percentage points (as in the previous month).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households stood at 3.5% in December, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 2.9% in December from 2.3% in November. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 7.4% in December from 7.9% in November.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in December 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 3.6 percentage points (as in the previous month), claims on the private sector contributed 1.7 percentage points (up from 1.2 percentage points), claims on general government contributed -0.4 percentage points (down from -0.3 percentage points), longer-term liabilities contributed -1.8 percentage points (down from -1.6 percentage points), and the remaining counterparts of M3 contributed 0.5 percentage points (down from 0.9 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents increased to 0.9% in December 2024 from 0.7% in the previous month. The annual growth rate of claims on general government was -1.0% in December, compared with -0.7% in November, while the annual growth rate of claims on the private sector increased to 1.7% in December from 1.3% in November.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 2.0% in December from 1.5% in November. Among the borrowing sectors, the annual growth rate of adjusted loans to households increased to 1.1% in December from 0.9% in November, while the annual growth rate of adjusted loans to non-financial corporations increased to 1.5% in December from 1.0% in November.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Global Banks –

  • MIL-OSI United Nations: Japan and WFP join forces to strengthen food security of vulnerable populations in Cameroon

    Source: World Food Programme

    YAOUNDE – The United Nations World Food Programme (WFP) welcomes a Japanese Yen 200 million (approx. US$ 1.27 million) contribution from the Government of Japan to provide lifesaving food assistance to crisis-affected people across six regions in Cameroon

    In collaboration with the government, WFP will provide general food distributions to 17,000 most vulnerable refugees, internally displaced people, vulnerable host populations, including primary school-aged children in the Far North, North, East, Adamawa, North-West and South-West regions of Cameroon. 

    The funding will also enable WFP to reach 8,200 primary school children with nutritious meals sourced from Japan. Additionally, WFP will extend its integrated food and nutrition assistance to 8,800 refugees, IDPs, and vulnerable host communities located in the Far North, and Eastern regions (East, North, and Adamawa).

    “Japan’s support is more than just a lifeline—it is an investment in resilience and hope. By addressing urgent food and nutrition needs, we are creating pathways toward sustainable change for the most vulnerable populations in Cameroon,” said Gianluca Ferrera, WFP’s Country Director in Cameroon. “We are profoundly thankful for Japan’s unwavering dedication to the fight against hunger.”

    The humanitarian situation remains critical in Cameroon with 1.1 million people internally displaced as of December 2024, due to the protracted crisis in the lake Chad, North-West and South-West regions, and the adverse effects of climate change such as frequent droughts and floods.  The country also hosts 281,488 refugees from the Central African Republic in the Adamawa, East, and North regions. According to the November 2024 Cadre Harmonisé food security analysis over 2.7 million people are projected to experience acute hunger between June and August 2025. 

    “Through this partnership, the Government of Japan aims to address food security of communities and build their resilience,” said H.E. Mr. Kentaro Minami, Japanese Ambassador to Cameroon. “Our contribution reflects a balanced approach, addressing essential food and nutrition needs while laying the foundation for long-lasting solutions to improve livelihoods of vulnerable populations.”

    Overall, in Cameroon, WFP focuses on addressing food insecurity and malnutrition through emergency relief and recovery programmes. This includes the provision of cash and food assistance to crisis-affected people, school meals to primary school children, nutrition support and services to children under 5, pregnant women, and breastfeeding mothers, and food assistance for asset creation. The main objective is to improve school attendance and learning, enhance local agricultural productivity, improve access to nutrition, and strengthen community resilience to climate shocks. WFP is dedicated to supporting vulnerable populations and fostering sustainable development throughout the country.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media @WFP_Cameroon

    MIL OSI United Nations News –

  • MIL-OSI United Nations: New Permanent Representative of Mauritania Presents Credentials to the Director-General of the United Nations Office at Geneva

    Source: United Nations – Geneva

    Aicha Vall Verges, the new Permanent Representative of Mauritania to the United Nations Office at Geneva, today presented her credentials to Tatiana Valovaya, the Director-General of the United Nations Office at Geneva.

    Prior to her appointment to Geneva, Ms. Verges had been serving as Director of the Office of the Prime Minister of Mauritania since 2021.  She has also held various leadership roles within the Mauritanian Government, including as Minister of Social Affairs, Children and Families (2012–2013), State Inspector General (2011-2012), Secretary of State for Information and Communication Technologies (2008), and Deputy Director General of the National Agency for the Promotion of Youth Employment (2005-2008).

    Ms. Verges also has experience in Geneva, having served as a member of the United Nations Committee on the Elimination of Discrimination against Women for a four-year term from 2016.  A staunch defender of women’s rights, she has also served as President of the Association for Preventive Health for Women since 2008, and of the Network of Mauritanian Women Leaders since 2018.  Further, she has written numerous publications addressing issues related to gender and women’s rights.

    Born in Kiffa, Mauritania, in 1965, Ms. Verges holds master’s degrees on the management of political economics (2003) and on the management of economic sciences (1991).

    __________

    CR.25.51E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Cabinet Approves ‘National Critical Mineral Mission’ to build a resilient Value Chain for critical mineral resources vital to Green Technologies, with an outlay of Rs.34,300 crore over seven years

    Source: Government of India (2)

    Posted On: 29 JAN 2025 3:08PM by PIB Delhi

    The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs.16,300 crore and expected investment of Rs.18,000 crore by PSUs, etc.

    As part of the Atmanirbhar Bharat initiative, and recognizing the indispensable role of critical minerals in high-tech industries, clean energy, and defense, the Government of India has undertaken several initiatives over the past two years to address challenges in the critical minerals sector.

    There is a need to establish an effective framework for India’s self-reliance in the critical mineral sector. In line with this vision, the Finance Minister announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on 23rd July 2024.
     
    The National Critical Mineral Mission, approved by the Union Cabinet, will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products. The mission will intensify the exploration of critical minerals within the country and in its offshore areas. It aims to create a fast track regulatory approval process for critical mineral mining projects. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.

    The mission aims to encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of stockpile of critical minerals within the country.

    The mission includes provisions for setting up of mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up Centre of Excellence on Critical Minerals.

    Adopting a whole-of-government approach, the Mission will work closely with relevant ministries, PSUs, private companies, and research institutions to achieve its objectives.

    Mines and Minerals (Development and Regulation) Act, 1957, has been amended in 2023 to increase exploration and mining of critical minerals. Consequently, the Ministry of Mines has auctioned 24 blocks of strategic minerals. Further, Geological Survey of India (GSI) has undertaken 368 exploration projects for critical minerals over the past three years, with 195 projects currently underway in FS 2024-25. Further, for FY 2025-26, GSI is going to take up 227 projects for various critical minerals. To foster innovation, the Ministry launched the Science and Technology – Promotion of Research and Innovation in Start-ups and MSMEs (S&T  PRISM) program in 2023, funding start-ups and MSMEs to bridge the gap between R&D and commercialization. Moreover, KABIL, a JV of Ministry of Mines, has acquired an area of about 15703 Ha in the Catamarca province of Argentina, for exploration and mining of Lithium. Government of India has already eliminated customs duties on the majority of critical minerals in Union budget 2024-25. This will increase the availability of critical mineral in the country and will encourage the industry to set up processing facilities in India. These initiatives highlight India’s commitment to securing critical mineral supplies.

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    MJPS/SKS

    (Release ID: 2097308) Visitor Counter : 144

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Central Government announces structured timeline for compliance with Amendments in labelling Provisions under the Legal Metrology (Packaged Commodities) Rules, 2011

    Source: Government of India (2)

    Central Government announces structured timeline for compliance with Amendments in labelling Provisions under the Legal Metrology (Packaged Commodities) Rules, 2011

    Decision reflects commitment towards consumer welfare while ensuring ease of doing business and reducing compliance burdens

    Posted On: 29 JAN 2025 1:01PM by PIB Delhi

    • Decision will ensure smooth transition for compliance with labelling amendments under Legal Metrology Act
    • The enforcement date for amendments related to labelling provisions under the Rules shall be 1st January or 1st July of a given year with 180 Days’ Notice
    • These amendments aim to enhance transparency, ensure accuracy in product information, and empower consumers to make informed purchasing decisions

    Government of India has introduced a revised timeline for implementing amendments in the Legal Metrology (Packaged Commodities) Rules, 2011. To facilitate smooth implementation, it has been decided that any amendments to labelling provisions will come into effect on either January 1st or July 1st, subject to a minimum transition period of 180 days from the date of notification. This approach provides ample time for businesses to adapt to the changes.

    The decision reflects Centre’s commitment to consumer welfare while ensuring ease of doing business and reducing compliance burdens for businesses.

    In extraordinary or exceptional situations, decisions regarding the implementation of amendments may be taken on a case-by-case basis, ensuring timely and practical solutions without compromising public interest.

    The Legal Metrology (Packaged Commodities) Rules, 2011 play a crucial role in ensuring fairness, transparency, and consumer protection in trade and commerce.  The rules mandate clear, legible, and standardized labelling on packaged goods, ensuring consumers have access to vital information such as net quantity, MRP, manufacturing date country of origin and manufacturer details, etc.   Rules provide consumers with all necessary information to make informed purchasing decisions, thus fostering a culture of trust in trade and commerce.

    The rules balance consumer interests with business needs, offering clarity for compliance to reduce disputes and legal uncertainties.  The Legal Metrology (Packaged Commodities) Rules, 2011 are pivotal in fostering a fair marketplace, empowering consumers, and promoting ethical trade practices.

    These decisions reflect the government’s commitment to balancing consumer protection with ease of doing business, while reducing compliance burden on industry stakeholders.

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    Abhishek Dayal/Nihi Sharma

    (Release ID: 2097258) Visitor Counter : 72

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: English rendering of PM’s speech at the opening ceremony of 38th National Games in Dehradun, Uttarakhand

    Source: Government of India (2)

    Posted On: 28 JAN 2025 9:36PM by PIB Delhi

    Long live Mother India! 

    Governor of Devbhoomi Uttarakhand Gurmeet Singh Ji, young Chief Minister Pushkar Dhami Ji, my cabinet colleagues Ajay Tamta Ji, Raksha Khadse Ji, Speaker of Uttarakhand Assembly Ritu Khanduri Ji, Sports Minister Rekha Arya Ji, President of Commonwealth Games Chris Jenkins Ji, President of IOA P.T. Usha Ji, MP Mahendra Bhatt Ji, all the players from across the country who have come to participate in the National Games, and other dignitaries!

    Today, Devbhoomi has become more divine with the energy of youth. With the blessings of Baba Kedarnath, Badrinath ji, Maa Ganga, the National Games are starting today. This year is the 25th year of the formation of Uttarakhand. In this young state, thousands of youth from every corner of the country are going to show their capabilities. A very beautiful picture of Ek Bharat-Shreshtha Bharat is visible here. This time too, many indigenous traditional games have been included in the National Games. This time’s National Games are also Green Games in a way. Environment-friendly things are being used a lot in it. All the medals and trophies received in the National Games are also made of e-waste. A tree will also be planted here in the name of the medal winning players. This is a very good initiative. I wish all the players the best for their excellent performance. I congratulate Dhami ji and his entire team, every citizen of Uttarakhand for this wonderful event.

    Friends, 

    We often hear that gold becomes pure after being tested. We are also creating more and more opportunities for players so that they can further improve their capabilities. Today, many tournaments are being organized throughout the year. Many new tournaments have been added to the Khelo India series. Due to the Khelo India Youth Games, young players have got a chance to move forward. University Games are giving new opportunities to university students. The performance of para athletes through Khelo India Para Games is achieving new things. Just a few days ago, the fifth edition of Khelo India Winter Games started in Ladakh. Last year itself, we organized Beach Games. 

    And comrades,

    It is not that only the government is doing all these works. Today, hundreds of BJP MPs are organizing MP sports competitions in their areas to bring forward new talent. I am also an MP from Kashi. If I talk only about my parliamentary constituency, then every year in the MP sports competition, about 2.5 lakh youth in the Kashi parliamentary constituency are getting a chance to play and flourish. That is, a beautiful bouquet of sports has been prepared in the country, in which flowers bloom in every season, and tournaments are held continuously.

    Friends,

    We consider sports as a major medium for the all-round development of India. When a country progresses in sports, the credibility of the country also increases, the profile of the country also increases. Therefore, today sports are being linked to the development of India. We are linking it to the self-confidence of the youth of India. Today, India is moving towards becoming the third largest economic power in the world, it is our endeavor that sports should have a major part of the economy in this. You know, not only a player plays in any sport, there is a whole ecosystem behind it. There are coaches, trainers, people who focus on nutrition and fitness, doctors, equipment. That is, there is scope for both service and manufacturing in it. India is becoming a quality manufacturer of these different sports equipment used by players from all over the world. Meerut is not very far from here. There are more than 35 thousand small and big factories manufacturing sports equipment there. More than three lakh people are working in them. Today the country is working towards creating these ecosystems in every corner of the country.

    Friends,

    Some time ago, I had the opportunity to meet the Olympic team at my residence in Delhi. During the conversation, a friend gave me a new definition of PM. He said that the country’s players do not consider me as PM or Prime Minister, but as their Param Mitra. This belief of yours gives me energy. I have full faith in all of you, in your talent and capabilities. We are trying our best to increase your capabilities and improve your game. Look at the last 10 years, we have constantly focused on supporting your talent. The sports budget that was there 10 years ago has more than tripled today. Under the TOPS scheme, hundreds of crores of rupees are being invested on dozens of players of the country. Under the Khelo India program, modern sports infrastructure is being built across the country. Today, sports have been mainstreamed even in schools. The country’s first sports university is also being built in Manipur.

    Friends,

    We are seeing the results of these efforts of the government on the ground, it is visible in the medal tally. Today Indian players are flying their flag in every international event. Our players have performed so well in the Olympics and Paralympics. Many players from Uttarakhand have also won medals. I am happy that many medal winners have come here to this venue today to encourage you.

    Friends, 

    The old glory days of hockey are returning. Just a few days ago, our Kho-Kho team won the World Cup. The world was surprised when our Gukesh D. won the World Chess Championship title. Koneru Humpy became the Women’s World Rapid Chess Champion, this success shows how sports in India is no longer just an extra-curricular activity. Now our youth are considering sports as a major career choice. 

    Friends,

    Just like our players always move ahead with big goals, our country is also moving ahead with big resolutions. You all know that India is making all efforts to host the 2036 Olympics. When the Olympics will be held in India, it will take Indian sports to new heights. Olympics is not just an event of a game, in whichever country of the world the Olympics are held, many sectors get a boost. The sports infrastructure that is built for the Olympics also creates employment. Better facilities are created for the players in the future. New connectivity infrastructure is built in the city where the Olympics are held. This strengthens the construction related industry, and the transport related sector progresses. And the biggest benefit is to the tourism of the country. Many new hotels are built, people from all over the world come to participate in the Olympics and watch the games. The entire country benefits from this. Like this National Games is being organized here in Devbhoomi Uttarakhand. The spectators who come here from other parts of the country will also go to other parts of Uttarakhand. This means that a sports event not only benefits the players, but the economy of many other sectors also grows due to it.

    Friends,

    Today the world is saying that the 21st century is the century of India. And after visiting Baba Kedarnath, it suddenly came out of my mouth, from my heart – this is the decade of Uttarakhand. I am happy that Uttarakhand is progressing rapidly. Just yesterday, Uttarakhand became the state of the country that implemented the Uniform Civil Code, I sometimes also call it Secular Civil Code. Uniform Civil Code will become the basis for the dignified life of our daughters, mothers and sisters. Uniform Civil Code will strengthen the spirit of democracy, the spirit of the Constitution will be strengthened. And today I am here in this sports event, so I also see it connected to you. Sportsmanship takes us away from every feeling of discrimination, the mantra behind every victory, every medal is – Sabka Prayas. Sports inspires us to play with team spirit. The same spirit is there in Uniform Civil Code also. No discrimination against anyone, everyone is equal. I congratulate the BJP government of Uttarakhand for this historic step. 

    Friends,

    For the first time in Uttarakhand, such a national event is being organized on such a large scale. This is a big deal in itself. This will also create more employment opportunities here, the youth here will get work here. Uttarakhand will have to create more new ways for its development. Now the economy of Uttarakhand cannot depend only on the Char Dham Yatras. Today the government is continuously increasing the attraction of these Yatras by increasing facilities. The number of devotees is also making new records every season. But this is not enough. It is also important to encourage winter spiritual journeys in Uttarakhand. I am happy that some new steps have been taken in Uttarakhand in this direction too. 

    Friends, 

    Uttarakhand is my second home in a way. I also wish to be a part of winter travel. I would also like to tell the youth of the country to definitely visit Uttarakhand in winter. At that time, the number of devotees was not that much. There is a lot of scope for adventure activities for you here. All you athletes should also definitely find out about them after the National Games and if possible, enjoy the hospitality of Devbhoomi for more days. 

    Friends,

    All of you represent your respective states. In the coming days, you will compete fiercely here. Many national records will be broken, new records will be made. You will give your 100% according to your full potential, but I also have some requests for you. These National Games are not just a sporting competition, it is also a strong platform for Ek Bharat Shreshtha Bharat. This is an event to celebrate the diversity of India. You should try to ensure that your medals also reflect the shine of India’s unity and superiority. You should go from here with better knowledge of the language, food, songs and music of different states of the country. I also have a request regarding cleanliness. Due to the efforts of the residents of Devbhoomi, Uttarakhand is working hard towards becoming plastic free, trying to move forward. The resolution of plastic free Uttarakhand cannot be fulfilled without your support. Do contribute in making this campaign a success.

    Friends, 

    All of you understand the importance of fitness. That is why today I want to talk about a challenge which is very important. Statistics say that the problem of obesity is increasing rapidly in our country. Every age group of the country, and even the youth, are being badly affected by it. And this is also a matter of concern because obesity increases the risk of diseases like diabetes, heart disease. I am satisfied that today the country is becoming aware of fitness and healthy lifestyle through the Fit India Movement. These national games also teach us how important physical activity, discipline and balanced life are. Today I would like to tell the countrymen to definitely focus on two things. These two things are related to exercise and diet. Every day, take out some time and do exercise. From walking to working out, do whatever is possible. Secondly, focus on your diet. Your focus should be on balanced intake and the food should be nutritious. 

    There can be one more thing. Reduce unhealthy fat and oil in your food. Now in our normal homes, ration comes at the beginning of the month. Till now, if you used to bring home two liters of cooking oil every month, then reduce it by at least 10 percent. Reduce the amount of oil we use every day by 10 percent. We will have to find some ways to avoid obesity. Taking such small steps can bring a big change in your health. And this is what our elders used to do. They used to eat fresh food, natural things, and balanced meals. Only a healthy body can create a healthy mind and a healthy nation. I will also ask the state governments, schools, offices and community leaders to spread awareness about this, all of you have a lot of practical experience. I want you to continuously spread the information about correct nutrition to the people. Come, let us all together create a ‘Fit India’, with this call. 

    Friends, 

    Although it is my responsibility to start the National Games, today I want to do it by involving all of you. So for the inauguration of these games, turn on the flash lights of your mobiles, all of you. All of you turn on the flash lights of your mobiles. Everyone’s mobile flash lights should be turned on, everyone’s mobile flash lights should be turned on. Together with all of you, I declare the start of the 38th National Games. Once again, best wishes to all of you.

    Thank you !

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: REPORT on the proposal for a Council directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation – A10-0002/2025

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a Council directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation

    (COM(2024)0497 – C10‑0169/2024 – 2024/0276(CNS))

    (Special legislative procedure – consultation)

    The European Parliament,

    – having regard to the Commission proposal to the Council (COM(2024)0497),

    – having regard to Articles 113 and 115 of the Treaty on the Functioning of the European Union, pursuant to which the Council consulted Parliament (C10‑0169/2024),

    – having regard to Rule 84 of its Rules of Procedure,

    – having regard to the report of the Committee on Economic and Monetary Affairs (A10-0002/2025),

    1. Approves the Commission proposal;

    2. Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

    3. Asks the Council to consult Parliament again if it intends to substantially amend the text approved by Parliament;

    4. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

    EXPLANATORY STATEMENT

    On 7 November 2024, the Council consulted the Parliament on a proposal for a Council Directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation[1] (DAC9).

    The DAC9 proposal is closely linked with the 2022 Pillar 2 Directive, which aims to ensure a global minimum level of taxation for multinational enterprise groups (MNEs) and large-scale domestic groups in the EU.

    The proposal aims at simplifying the filing process and reduce the administrative burden for MNEs with a view to their reporting obligations under the Pillar 2 Directive. For this purpose, it sets up a system for authorities to exchange information with each other and introduces a standard form, in line with that developed by the OECD/G20 Inclusive Framework, which MNEs and large-scale domestic groups (LSDGs) will have to use to report certain tax-related information. These two elements are pre-requisites under Article 44 of the Pillar 2 Directive to apply the simplified rules for reporting obligations, which allows for a central filing by a designated entity on behalf of the entire group as opposed to individual filings by each constituent entity.

    Without the DAC9 proposal, each company that forms part of an MNE would have to file a top-up tax information return in the country where it is based, which can be time‑consuming and complicated.

    A swift adoption by the Council of this proposal is essential in order to ensure that the simplified rules for reporting obligations apply in time for the first reporting, which is due to take place by 30 June 2026. The Directive is expected to bring significant reductions of administrative burden, given that the central filing will only concern approximately 4,000 entities, as opposed to around 180,000 who would be required to do an individual filing in the absence of the Directive. DAC 9 is also a tool to guarantee a smoother implementation of Pillar II but will require time to be implemented. Further delays would not help in delivering Pillar II on time.

    In view of the technical nature of the proposal and the urgency of adopting the proposal, your rapporteur proposes that Parliament approves the proposal without amendments pursuant to a simplified procedure without amendments (rule 52).

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under her exclusive responsibility that she did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Administrative cooperation in the field of taxation

    References

    COM(2024)0497 – C10-0169/2024 – 2024/0276(CNS)

    Date Parliament was consulted

    7.11.2024

     

     

     

    Committee(s) responsible

    ECON

     

     

     

    Rapporteurs

     Date appointed

    Aurore Lalucq

    19.11.2024

     

     

     

    Simplified procedure – date of decision

    16.1.2025

    Discussed in committee

    16.1.2025

     

     

     

    Date adopted

    16.1.2025

     

     

     

    Date tabled

    20.1.2025

     

     

    MIL OSI Europe News –

  • MIL-OSI Europe: REPORT on European Central Bank – annual report 2024 – A10-0003/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on European Central Bank – annual report 2024

    (2024/2054(INI))

    The European Parliament,

    – having regard to the 2023 Annual Report of the European Central Bank (ECB),

    – having regard to the ECB’s feedback of 18 April 2024 on the input provided by Parliament as part of its resolution on the ECB’s 2022 Annual Report[1],

    – having regard to the Statute of the European System of Central Banks (ESCB) and of the ECB, in particular Articles 2, 15 and 21 thereof,

    – having regard to Articles 119, 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) of the Treaty on the Functioning of the European Union (TFEU),

    – having regard to Articles 3 and 13 of the Treaty on European Union (TEU),

    – having regard to the Eurosystem staff macroeconomic projections for the euro area of 7 March 2024, 6 June 2024, 12 September 2024, and 12 December 2024,

    – having regard to the decisions taken by the ECB Governing Council of 25 January 2024, 7 March 2024, 11 April 2024, 6 June 2024, 18 July 2024, 12 September 2024, 17 October 2024 and 12 December 2024,

    – having regard to Eurostat’s inflation estimate of 18 December 2024,

    – having regard to the Commission’s Autumn 2024 Economic Forecast published on 26 November 2024,

    – having regard to the World Economic Outlook of the International Monetary Fund (IMF) of October 2024,

    – having regard to the monetary dialogues with the President of the ECB, Christine Lagarde, of 15 February 2024, 30 September 2024 and 4 December 2024,

    – having regard to its decision of 1 June 2023 on the arrangements in the form of an exchange of letters between the European Parliament and the ECB on structuring the practices for interaction in the area of central banking[2],

    – having regard to the European Pillar of Social Rights,

    – having regard to the approval of the transmission protection instrument (TPI) by the ECB Governing Council of 21 July 2022,

    – having regard to the Commission proposal of 28 June 2023 for a regulation of the European Parliament and of the Council on the establishment of the digital euro (COM(2023)0369),

    – having regard to the ECB’s first progress report of 24 June 2024 and second progress report of 2 December 2024 on the digital euro preparation phase,

    – having regard to the four ECB progress reports of 13 July 2023, 24 April 2023, 21 December 2022 and 29 September 2022 on the digital euro investigation phase,

    – having regard to the ECB monetary policy strategy review launched on 23 January 2020 and concluded on 8 July 2021, and to the upcoming 2025 monetary policy strategy assessment,

    – having regard to the ECB’s operational framework review published on 13 March 2024,

    – having regard to the ECB annual report on the international role of the euro of June 2024,

    – having regard to the results of the ECB’s first-ever cyber resilience stress test of 26 July 2024,

    – having regard to the ECB’s Financial Stability Review published on 20 November 2024,

    – having regard to the publication of the revised Capital Requirements Regulation[3] (‘CRR III’) and Capital Requirements Directive[4] (‘CRD VI’) in the Official Journal of the European Union on 19 June 2024,

    – having regard to the results of the ECB’s climate risk stress test of 8 July 2022,

    – having regard to the 2024 update of the ECB’s Environmental Statement,

    – having regard to the ECB’s Climate and Nature Plan 2024-2025,

    – having regard to Rule 142(1) of its Rules of Procedure,

    – having regard to Rule 55 of its Rules of Procedure,

    – having regard to the report of the Committee on Economic and Monetary Affairs (A10-0003/2025),

    A. whereas, according to Eurostat, harmonised index of consumer prices (HICP) inflation reached a level of 2.2 % in the euro area in November 2024;

    B. whereas, according to the December 2024 Eurosystem staff macroeconomic projections for the euro area, HICP inflation is projected to decline to 2.1 % in 2025, 1.9 % in 2026, and to increase to 2.1 % in 2027[5];

    C. whereas the ECB’s primary objective is to maintain price stability, which it has defined as a level of inflation of 2 % over the medium term;

    D. whereas the ECB should support the general economic policies of the EU, thereby contributing to the achievement of the objectives of the EU as laid down in Article 3 TEU;

    E. whereas the ECB is politically independent, which means that neither EU institutions and agencies nor Member State governments should seek to influence it;

    F. whereas the ECB can take decisions to fulfil its primary objective of maintaining price stability without political interference other than being held accountable;

    G. whereas political independence requires the ECB to refrain from taking political actions;

    H. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the direct monetary financing of governments; whereas the ECB may purchase debt securities on the secondary market if this is necessary to pursue its objectives;

    I. whereas the Eurosystem has been built on the principle of monetary dominance;

    J. whereas the principal payments from maturing securities purchased under the asset purchase programme (APP) are no longer reinvested and the principal payments from maturing securities purchased under the pandemic emergency purchase programme (PEPP) will no longer be reinvested from January 2025;

    K. whereas bank reserves held by credit institutions at the ECB amounted to EUR 3 trillion in December 2024;

    L. whereas the euro is the second most important currency globally;

    M. whereas the ECB is accountable to Parliament as the EU institution representing EU citizens; whereas this accountability has been maintained at the highest level, with the regular organisation of the Monetary Dialogue, the ECB President’s regular appearances at Parliament plenary sittings and various visits and meetings between Members of Parliament and ECB board members;

    General overview

    1. Welcomes the role of the ECB in safeguarding monetary and financial stability, which is a necessary precondition for growth and economic stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area in this regard; notes that, ‘without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union’ as laid down in Article 127 TFEU;

    2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate, which is to maintain price stability in the euro area and thereby contribute to economic growth, competitiveness and job creation;

    3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political actions; welcomes the institutional cooperation, thereby stressing the importance of the corresponding level of accountability to Parliament;

    4. Invites the ECB and the European Parliament to make full use of the accountability and transparency arrangements and, where possible, further enhance these arrangements, without prejudice to the ECB’s independence;

    5. Recognises the ECB’s efforts to bring inflation back down to levels commensurate with its target of 2 % over the medium term;

    6. Stresses that both the ECB’s monetary policy, delivering on its mandate, and fiscal policies, should work in tandem to help European citizens and households, as well as small businesses;

    7. Takes note of the disparities between Member States with regard to inflation levels above or below the ECB’s 2 % target; emphasises that inflation diminishes the purchasing power of fixed incomes, savings and pensions and that it distorts the signalling function of prices, that ensures an efficient allocation of resources, thereby having a negative impact on economic stability;

    8. Stresses that inflation triggered a ‘cost of living crisis’ for EU citizens; emphasises therefore the imperative of reducing inflation to its target rate of 2 %; notes that high inflation levels disproportionally affect lower-income households that spend a higher proportion of their budget on necessities; stresses that bringing headline and core inflation back down to their target levels is therefore also important to maintaining social cohesion;

    9. Regrets that core inflation still remains high in the euro area (2.7 % in November 2024), with only one euro area Member State reporting core inflation rates below 2 % in November 2024; recalls that this situation generates economic uncertainty, discourages savings and increases citizens’ living costs, particularly affecting those on fixed and limited incomes;

    10. Stresses that keeping interest rates too high could harm economic growth; calls on the ECB not to lower interest rates too quickly, given the risk that inflation levels could start increasing again while inflation is already above 2 %; highlights the key role that inflation expectations play and that excessive volatility in inflation rates might distort inflation expectations; invites the ECB to assess the impact of interest rate changes on different economic sectors, among them capital-intensive sectors;

    11. Acknowledges that the monetary policy decisions taken by the Governing Council of the ECB since the inflation crisis stemming from the rise in energy prices have put inflation on a path which is compatible with the achievement of the objective of price stability, while avoiding a serious deterioration in economic activity or employment;

    12. Recalls that the Eurosystem was built on the principle of monetary dominance and that the economic and monetary union therefore requires solid fiscal policies in the Member States in order to be able to respond to external shocks; recalls the need for adequate implementation of the new fiscal framework to ensure the credibility of fiscal policies at the level of the economic and monetary union; notes that sufficient fiscal space also allows Member States to respond to external shocks; notes the flexibility provided by the new fiscal rules in this regard; points out that Member States can enhance their resilience to external shocks through fiscal measures as well as with growth-enhancing reforms;

    13. Recalls that prudent fiscal policies by the Member States can complement the ECB’s efforts to keep inflation low and thereby protect incomes; highlights that addressing excessive public deficit and debt levels is crucial to maintaining a stable economy, sustainable growth and to having the policy space available for governments to respond to adverse shocks; notes in this respect the recent findings of the Financial Stability Review concerning high levels of national debt;

    14. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment; notes that the proportionality assessment takes into account the impact of monetary policy measures on the broader economy and economic policies;

    Monetary policy

    15. Strongly welcomes the fact that headline inflation has come down from its peak of 10.6 % in October 2022 to 2.2 % in November 2024;

    16. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in November 2024, but expresses its unease at its historically and persistently high level; notes with concern that high core inflation could translate into higher headline inflation numbers;

    17. Notes that it has taken the ECB more than three years to achieve a level of inflation that is commensurate with its target level of 2 %; recalls in this regard the ECB’s incorrect assessment that inflation was expected to be only transitory;

    18. Stresses that supply shocks, primarily originating from external sources, were among the key drivers of the inflation surges; recognises that monetary policy has a more direct effect on inflation levels when it stems primarily from demand factors rather than supply factors;

    19. Welcomes the ECB’s efforts to regularly update its models; invites the ECB to  continue reviewing and improving its models and their role in its policymaking in light of the subpar performance of the models in recent years, in order to learn from previous crises, particularly to better distinguish between demand-driven and supply-side sources of inflation; stresses that economic supply shocks can arise from many sources, among others geopolitical events, climate-related or natural disasters and cyberattacks;

    20. Stresses that the inclusion of owner-occupied housing (OOH) in the HICP is desirable for reasons of both representativeness and comparability across countries in the euro area; calls for an acceleration of the roadmap in order to ensure the rapid inclusion of OOH data in the HICP; welcomes the Governing Council of the ECB’s commitment to consider both in its monetary policy assessments and decisions also the available inflation measures regarding the quarterly stand-alone OOH index;

    21. Supports the ECB’s decision to scale back its asset purchase programmes, so as to balance market liquidity conditions and inflation levels, in view of the excess liquidity in the market and decreased levels of inflation; welcomes the fact that the asset portfolio under the ECB’s purchasing programmes has been on a downward trend since 2023;

    22. Underlines that interest on commercial banks’ holdings of bank reserves resulted  in the Eurosystem paying more than EUR 120 billion interest to credit institutions in 2023, amounting to at least 0.8 % of euro area GDP; considers this is a significant subsidy to the banking sector; asks the ECB to mitigate this issue;

    23. Stresses that the ECB’s purchase programmes are unconventional policies applicable only during crisis periods that, if not carefully implemented, risk contravening the prohibition on monetary financing under Article 123(1) TFEU; invites the ECB to continue monitoring the gradual reduction of its balance sheet, to limit prolonged potential destabilising effects in the euro area, while monitoring the growth and competitiveness of the EU’s economy; invites the ECB to share insights on the impact of the purchasing programmes on the functioning of financial markets, including the impact on pension funds and pension insurance cooperation;

    24. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; underlines that excessive divergence in sovereign yields makes credit conditions inconsistent with the uniform transmission of monetary policy and makes reducing public debt exceedingly difficult; takes note of the establishment of the transmission protection instrument (TPI) in July 2022 as a tool to support the effective transmission of monetary policy;

    25. Stresses that diverging interest rates in the euro area are – in the absence of any serious financial disturbances – generally the result of different risk premiums on government bonds reflecting, among other factors, different approaches to fiscal policy; notes that TPI interventions may conceal underlying fiscal challenges; stresses that TPI should be used under the conditions set by the ECB only to address financial market stress unrelated to economic fundamentals; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levels, thereby ensuring their resilience against current and future shocks;

    Digital euro

    26. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; underscores that the digital euro should deliver clear added value to European citizens, including enhanced strategic autonomy in payments, a higher level of competition in the retail payment market, potential to foster innovation in payments and finance, improved financial inclusion and a reliable offline backup payment system; calls on the ECB to clearly communicate these benefits in order to foster public trust and awareness; notes that the EU co-legislators will need to strike the right balance, among others, on holding limits, privacy concerns, competition with private payment solutions and usability in a business context;

    27. Considers that the digital euro will only become a success story if it provides tangible added value for European citizens that they can understand; notes that currently many European citizens either have not heard about the digital euro project or remain sceptical; invites the ECB, together with relevant stakeholders, to launch a broad information campaign on the digital euro in order to allay citizens’ concerns;

    28. Reiterates that the digital euro will serve as complement to physical cash, that it should not replace cash and that cash will remain widely available and accessible at all times in order to ensure a plurality of means of payment; welcomes, in that context, the proposal for a regulation on the use of euro cash as legal tender;

    29. Stresses the need for a cost-based compensation model for the banking sector, which is tasked with the practical implementation of the digital euro project; recalls that the compensation model must guarantee a euro that is free of charge for its users;

    30. Calls on the ECB to take due account of financial stability concerns and potential changes in the structure of the financial sector resulting from the introduction of the digital euro; recalls the importance of holding limits, in order not to create additional risks for banks’ balance sheets, especially during crises;

    31. Calls on the ECB to prioritise robust privacy safeguards, establishing them as a gold standard for privacy for central bank digital currency (CBDC), to secure public confidence and address citizens’ concerns regarding data protection and autonomy;

    Secondary objectives

    32. Stresses that the EU’s secondary objectives are indeterminate as currently specified by the Treaties; notes that the supportive nature of the ECB’s secondary objectives complements the primary mandate; according to the Treaties, the EU’s aim is to promote peace, its values and the well-being of its peoples, create balanced economic growth and price stability, a highly competitive social market economy, aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment;

    33. Recalls that without prejudice to the ECB’s primary mandate, the Treaties require it to support the general economic policies of the Union; calls on the ECB to adhere to its mandate when interpreting or acting upon its secondary objectives; stresses that overstepping this mandate touches on the independence of the ECB; considers that maintaining price stability and stable macroeconomic conditions is conducive to creating the right conditions for the implementation of the EU’s general economic policy objectives;

    34. Stresses that the ECB’s secondary objectives are best achieved when operating in a stable macroeconomic environment based on predictable price levels that encourages investment; calls on the ECB to include a specific chapter in its annual report explaining how it has interpreted and implemented its secondary objectives;

    35. Stresses that the ECB should prevent distortions in the signalling function of prices that ensures an efficient allocation of resources; invites the ECB to further assess to what extent climate change affects its ability to maintain price stability;

    36. Insists that the ECB respect the market neutrality approach in its monetary operations;

    37. Notes that the ECB’s actions to decarbonise its corporate bond holdings have not strictly followed a market neutral approach;

    38. Invites the ECB to review its policies to ensure that these measures promote EU competitiveness whereas such actions should in no way jeopardise the primary objective of the ECB;

    39. Calls on the ECB to use all its available tools to ensure that banks take all financial and external risks, including climate and geopolitical risks, seriously; welcomes the ECB’s activities to further enhance the Eurosystem’s risk assessment tools and capabilities in order to better include climate- and environment-related risks, particularly because climate change and extreme weather phenomena could lead to greater price volatility, especially in the agri-food sector; invites the ECB to continue its work on climate risk stress tests developed to assess the resilience of banks and corporations in the face of climate transition risk;

    40. Notes the Climate and nature plan 2024-2025; invites the ECB to draft a Geopolitics plan 2025-2030 in order to better understand the implications of war and conflict on price stability and treat all potential sources of external shocks equally;

    Other aspects

    41. Underlines that a strengthened international role of the euro would lead to lower interest rates in the euro area, increased status for the EU on the international stage and enhanced macroeconomic stability; recalls that strengthening the international role of the euro would contribute to enhancing the EU’s strategic autonomy;

    42. Calls on the ECB to look into strengthening the international role of the euro with a view to enhancing its attractiveness as a reserve currency and support market-driven shifts in this direction; notes that the completion of the economic and monetary union could foster the international role of the euro;

    43. Notes the ECB’s support for the establishment of a fully fledged European deposit insurance scheme; acknowledges that risk-sharing and risk-reduction are interlinked;

    44. Welcomes the attention that the ECB pays to the risks of cyberattacks; calls on the ECB to ensure the safety and security of the monetary system for its users, especially in the light of ongoing geopolitical developments;

    45. Considers that financial stability is a prerequisite for effective monetary policy and a resilient financial system; welcomes the finalisation of the Basel III framework and its implementation from 1 January 2025, as it has the potential to strengthen the resilience of the banking sector in this regard; notes, however, the delays in implementation and lack of clarity with regard to implementation by a certain number of other jurisdictions, resulting in an uneven level playing field at the global level;

    46. Acknowledges the ECB’s concern regarding the rise of the shadow banking sector and the risk it may pose to financial stability;

    47. Encourages collaboration with the Member States and national central banks on financial literacy programmes to empower individuals and businesses to make informed financial decisions;

    48. Regrets that only two members of the ECB’s Executive Board and Governing Council are women; reiterates that the nominations to the Executive Board should be gender-balanced, with shortlists submitted to Parliament; urges the euro area Member States to improve the principles of gender equality in their appointment procedures, so that both genders have equal opportunities to serve as governors of their respective national central banks;

    49. Reiterates that ECB appointments should be based on objective merit and competence assessment processes;

    50. Supports the aim of the ECB to increase female representation by encouraging women to advance in this field; therefore welcomes initiatives such as the ECB Women in Economics Scholarship;

    51. Highlights that the latest Financial Stability Review released by the ECB in November 2024 raises concerns over the possibility of an AI-related asset price bubble given the concentration among a few large AI beneficiary firms;

    52. Calls for the further enhancement of the ECB’s internal whistleblowing framework to bring it into line with the EU Whistleblower Directive;

    53. Invites the ESCB to continue and strengthen its dialogues with national parliaments, which it believes would strengthen the legitimacy and policies of the ESCB;

    °

    ° °

    54. Instructs its President to forward this resolution to the Council, the Commission and the European Central Bank.

    MIL OSI Europe News –

  • MIL-OSI Europe: Briefing – Filling the gap: The EU’s fight against VAT fraud – 29-01-2025

    Source: European Parliament

    Value added tax (VAT) is a crucial revenue stream for both EU and national budgets. However, substantial losses resulting from domestic and cross-border VAT fraud make its enforcement an essential priority amid growing financial demands. Fraudsters, who are regularly part of organised criminal networks, exploit weaknesses in the VAT system, causing government revenue losses worth billions of euros. Over the years, the EU and its Member States have taken a variety of measures to close VAT loopholes, adopting innovative digital tools to facilitate exchange of information and detect and stop fraudulent transactions as fast as possible. Member States have also committed to cooperating more closely, through bodies such as the European Public Prosecutor’s Office and Eurofisc; this has led to the successful dismantling of major VAT fraud networks responsible for billions of euros of damage. While progress has been made, the involvement of multiple actors in combating VAT fraud has raised questions about how to optimise cooperation between these bodies. European Commissioner for Taxation, Wopke Hoekstra, has been tasked with maintaining ambitious efforts to combat tax fraud in the EU, while the Commissioner for Budget, Piotr Serafin, is leading a review of the EU’s anti-fraud structures with a view to enhancing efficiency and cooperation.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Providing support and repairing damages in relation to extreme weather events – E-002728/2024(ASW)

    Source: European Parliament

    The European Commission, through Cohesion Policy funds[1] is already contributing to disaster risk management with EUR 14 billion across EU regions, focusing on the most vulnerable and exposed territories.

    For Greece, some EUR 1.4 billion is allocated to prevent and manage climate-related risks[2] in the programming period 2021-2027.

    Under the shared management and subsidiarity principles governing the Cohesion Policy Funds, the use of the available resources (project selection and implementation of operations) falls under the responsibility of the Member State.

    Member States affected by natural disasters may also benefit from the flexibilities provided by the Regional Emergency Support to Reconstruction — RESTORE Regulation which entered into force on 24 December 2024[3].

    This will enable Member States to reprogramme part of their Cohesion Policy funds allocations for actions and projects in response to natural disasters, including reconstruction and repair measures to alleviate the negative socioeconomic consequences of natural disasters.

    Union support could cover up to 95% of the expenditure and include an additional pre-financing of 25%. This will ease the budgetary pressure on affected Member States and regions.

    Finally, the EU Solidarity Fund, upon request, is available to support Member States targeting costs for emergency and recovery operations[4] caused by major natural disasters.

    • [1] European Regional Development Fund, Cohesion Fund, Just Transition Fund and Interreg programmes
    • [2] Out of the EUR 1.4 billion, some EUR 726 million in public funding is allocated to prevent and manage climate-related flood risks.
    • [3] Regulation (EU) 2024/3236 of the European Parliament and of the Council of 19 December 2024 amending Regulations (EU) 2021/1057 and (EU) 2021/1058 as regards Regional Emergency Support to Reconstruction (RESTORE), available at the following link : http://data.europa.eu/eli/reg/2024/3236/oj
    • [4] The EU Solidarity Fund (EUSF) can only be activated at the request of the Member State which has a deadline of 12 weeks as from when the first damage occurred, demonstrating that the total direct damage exceeds the thresholds specified in Article 2 Regulation (EC) No 2012/2002. The EUSF may cover a part of the costs for emergency and recovery operations incurred by public authorities. This means, for example, the recovery of essential infrastructure, provision of temporary accommodation to the population, cleaning-up operations, and protection of the cultural heritage. Private damage is not eligible.
    Last updated: 29 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – European Commission interference in the annulment of the Romanian presidential elections – E-000200/2025

    Source: European Parliament

    Question for written answer  E-000200/2025
    to the Commission
    Rule 144
    Georgiana Teodorescu (ECR), Adrian-George Axinia (ECR), Gheorghe Piperea (ECR), Claudiu-Richard Târziu (ECR), Şerban Dimitrie Sturdza (ECR)

    In an interview with the RMC channel on 10 January 2025, former European Commissioner Thierry Breton stated: ‘Let’s enforce our laws in Europe when they are at risk being circumvented and when they could, if not enforced, lead to interference. We did it in Romania, and we will obviously do it if necessary in Germany’, when asked about possible external interference, especially by Elon Musk.

    The French politician’s statements cast doubt on the European Union’s position on democratic principles and its respect for the sovereignty of the Member States, especially in the context of the recent elections in Romania and the implications for future electoral processes throughout the Union.

    Given that a former European Commissioner made this statement, we ask the following questions:

    • 1.What specifically does the European Commission’s involvement in national elections in a Member State consist of?
    • 2.What are the reasons why ‘the law was enforced’ and the presidential elections in Romania were annulled?

    Submitted: 17.1.2025

    Last updated: 29 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Does the Commission recognise Member States’ sovereignty to hold elections? – P-000353/2025

    Source: European Parliament

    Priority question for written answer  P-000353/2025
    to the Commission
    Rule 144
    Ondřej Knotek (PfE)

    On 15 January 2025, Politico quoted an unnamed EU diplomat as allegedly claiming that ‘the EU should consider starting Article 7 proceedings – penalties that can culminate in a country’s exclusion from EU decision-making – against both Hungary and Austria to send a signal to France, where far-right leader Marine Le Pen is eyeing a fourth run for the presidency in 2027’[1].

    • 1.Is this above-mentioned opinion the position of the Commission?
    • 2.Is the Commission able to guarantee that it will not start Article 7 proceedings or take other measures against sovereign EU Member States after they have held national elections?

    Submitted: 27.1.2025

    • [1] https://www.politico.eu/article/austria-far-right-herbert-kickl-europe-populism/.
    Last updated: 29 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Global lends €125 million to finance SES’s medium earth orbit satellites

    Source: European Investment Bank

    • EIB Global loan will partially fund SES’s continued O3b mPOWER medium earth orbit fleet expansion, enabling additional capacity worldwide.
    • The O3b mPOWER satellite network aims to bridge the urban-rural digital divide, supporting objectives of the EU’s Global Gateway initiative and the EU Space Programme 2021-2027.

    The European Investment Bank’s global arm, EIB Global, has signed a €125 million loan agreement with SES, a provider of satellite-enabled content and connectivity solutions, for three satellites of its second-generation medium earth orbit (MEO) system, O3b mPOWER. SES has already launched eight of 13 O3b mPOWER satellites, which operate 8 000 km away from the Earth, delivering high throughput and flexibility.

    The loan will enable SES to provide enhanced broadband connectivity through its MEO system, reaching underserved and remote areas across Africa, Asia and Latin America. It will also help close the urban-rural digital divide and improve access to essential services like education, healthcare and e-governance.

    “Digital connectivity is essential for economic and social development, particularly in regions where access to broadband is limited. By fostering enhanced connectivity, this collaboration with SES will not only help to bridge the digital divide, but will also unlock new opportunities by improving quality of life for millions of people. The project will also help strengthen Europe’s independence in the area of access to space-based data traffic – reflecting the EIB’s commitment to supporting Europe’s strategic autonomy in the domains of space and global connectivity,” said EIB Vice-President Robert de Groot.

    Sandeep Jalan, Chief Financial Officer at SES, said, “We are pleased to have secured this term loan from the EIB, which reflects their confidence in our business and network and underscores our ability to secure funding from diverse sources while bolstering SES’s financial foundation. This agreement further enables us to deliver high-performance, multi-orbit connectivity services securely and reliably to our customers worldwide.”

    The loan aligns with the European Union’s Global Gateway initiative, which promotes investment in secure and sustainable infrastructure to connect people and improve lives around the world. It is also part of the EIB’s activities related to the EU Space Programme 2021-2027, strengthening Europe’s position in space technology and innovation.

    Background information

    About EIB Global

    The EIB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world.

    About SES

    SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous orbit fleet and medium earth orbit (GEO-MEO) constellation of satellites, offering a combination of global coverage and high-performance services. Using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG).

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Transport and growth update: airport expansion and transition to greener aviation

    Source: United Kingdom – Executive Government & Departments

    Outlines the government’s position on airport expansion and work being done on sustainable aviation fuels.

    I wish to update the House on the government’s position regarding airport expansion and the transition to greener aviation.

    The government recognises that air connectivity plays a vital role in supporting economic growth across the country, contributing £14 billion to our GDP in 2023 and over 140,000 jobs across the UK in 2022.

    However, capacity constraints are hindering the country’s ability to reap the growth benefits of aviation. There is a particular capacity challenge in the south east of England. Heathrow Airport, the largest airport in Europe by passenger traffic, the most internationally connected airport in the world and the UK’s only hub airport, plays a critical role in enabling international connectivity for both passengers and freight. This supports productivity and economic growth. Around 75% of UK long haul flights go from Heathrow and 60% of UK air freight goes through Heathrow. But Heathrow is running at nearly full capacity, which is limiting our potential to compete with major European hubs and holding back growth.

    Tackling capacity constraints at Heathrow Airport could unlock growth benefits that a world-class aviation sector can provide. That’s why the government supports and is inviting proposals for a third runway at Heathrow, to be brought forward by the summer.

    Expansion could inject billions into our economy, create over 100,000 extra jobs, strengthen Heathrow’s status as a global passenger and air freight hub, and deliver major benefits for passengers, including lower fares and reduced delays.

    Once proposals have been received, the government will move at speed to review the Airports National Policy Statement (ANPS), which provides the basis for decision making on granting development consent for a new runway at Heathrow. Any scheme must be delivered in line with the UK’s legal, climate, and environmental obligations.

    The government is committed to ensuring that the economic benefits of airport expansions are delivered in a way that considers and addresses environmental and social responsibilities. We are already making great strides in transitioning to greener aviation. Earlier this month, the Sustainable Aviation Fuel (SAF) Mandate became law, requiring 2% of this year’s aviation fuel supply to be from sustainable sources, with the targets reaching 10% in 2030 and 22% in 2040. SAF is one of the key measures required to reach net zero emissions from aviation by 2050: it reduces GHG emissions by around 70% on average when replacing fossil kerosene (jet fuel).

    Today (29 January 2025), I am pleased to announce that we will invest £63 million over the next year for the Advanced Fuels Fund, supporting SAF producers across the UK including in areas like Teesside. We have also published today the government’s response to the consultation on a revenue certainty mechanism (RCM), which, once implemented, will encourage investment into the nascent UK SAF industry. Next steps on the RCM will be set out imminently.

    Taken together, our SAF commitments will support thousands of jobs, bring down our transport emissions, support our energy security and make the UK a clean energy superpower.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on PLTY ($2.9826), MARO ($2.1002), NVDY ($0.8294), YMAX ($0.1469), YMAG ($0.1898) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group B ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Ex-Date & R
    ecord Date    		 Payment
    Date
    GPTY* YieldMax™ AI & Tech
    Portfolio Option
    Income ETF    		 Multiple – Weekly – –
    LFGY YieldMax™ Crypto
    Industry & Tech
    Portfolio Income ETF    		 Multiple $0.6294 Weekly 1/30/2025 1/31/2025
    YMAX YieldMax™ Universe
    Fund of Option
    Income ETFs    		 Multiple $0.1469 Weekly 1/30/2025 1/31/2025
    YMAG YieldMax™
    Magnificent 7 Fund of
    Option Income ETFs    		 Multiple $0.1898 Weekly 1/30/2025 1/31/2025
    NVDY YieldMax™ NVDA
    Option Income
    Strategy ETF    		 NVDA $0.8294 Every 4 Weeks 1/30/2025 1/31/2025
    DIPS YieldMax™ Short
    NVDA Option Income
    Strategy ETF    		 NVDA $0.5026 Every 4 Weeks 1/30/2025 1/31/2025
    FBY YieldMax™ META
    Option Income
    Strategy ETF    		 META $0.6390 Every 4 Weeks 1/30/2025 1/31/2025
    GDXY YieldMax™ Gold
    Miners Option Income
    Strategy ETF    		 GDX® $0.5937 Every 4 Weeks 1/30/2025 1/31/2025
    BABO YieldMax™ BABA
    Option Income
    Strategy ETF    		 BABA $0.4693 Every 4 Weeks 1/30/2025 1/31/2025
    JPMO YieldMax™ JPM
    Option Income
    Strategy ETF    		 JPM $0.6929 Every 4 Weeks 1/30/2025 1/31/2025
    MRNY YieldMax™ MRNA O
    ption Income
    Strategy ETF    		 MRNA $0.2730 Every 4 Weeks 1/30/2025 1/31/2025
    PLTY YieldMax™ PLTR
    Option Income
    Strategy ETF    		 PLTR $2.9826 Every 4 Weeks 1/30/2025 1/31/2025
    MARO YieldMax™ MARA
    Option Income
    Strategy ETF    		 MARA $2.1002 Every 4 Weeks 1/30/2025 1/31/2025
    Weekly Payers & Group C ETFs scheduled for next week: GPTY LFGY YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs.”

    You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *The inception date for GPTY is January 22, 2025.

    1 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
       
      Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.
       

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies, and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Lantronix Launches New 28-Port PoE++ Network Switch at 2025 BICSI Winter Conference & Exhibition

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX) (the “Company”), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced it will launch its new 28-port SM24TBT4XPA Managed 2.5G Ethernet PoE++ network switch as well as feature its 24-port SM24TBT4SA and 8-port SM8TBT2SA Managed Gigabit Ethernet PoE++ network switches at the 2025 BICSI Winter Conference & Exhibition. Taking place Feb. 4–6, 2025, at the Gaylord Palms Resort & Convention Center in Orlando, Fla., Lantronix will exhibit these newest items, along with more IoT network solutions, at booth Number 910.

    “At BICSI, we will feature our new PoE++ network switches that offer flexibility in port speed and power while delivering the always-on performance needed for critical applications, such as smart building, wireless and security and surveillance. Our users know they can rely on Lantronix’s secure network solutions to stay connected at the network edge while gaining easy, intuitive control of end-to-end devices,” said Mathi Gurusamy, chief strategy officer at Lantronix.

    Ideal for connecting and powering wireless devices in security and surveillance, smart building and other applications that require always-on performance, Lantronix’s new 28-port Managed Ethernet PoE++ Switch features 2.5G ports and IEEE 1588v2 precision clock synchronization protocol, providing the highly accurate time synchronization needed for use in applications like wireless networks and financial trading. Similar to other Lantronix switches, it also includes the unique, simple-to-navigate user interface with device management features that help reduce troubleshooting time and operating costs. The switches come integrated with Lantronix’s Percepxion™ Software End-to-End Solutions platform, providing comprehensive device life cycle management, enterprise application integration and data analytics, all through a single pane of glass.

    Lantronix Speaker to Present on Lantronix’s New 24-Port Switch

    Dennis Troxell, senior field applications engineer at Lantronix, will speak about Lantronix’s 24-port SM24TBT4SA Managed Gigabit Ethernet PoE++ switch. He will highlight its benefits in smart buildings and security and surveillance applications as part of the “What’s New, What’s It Do?” speaker series held on Monday, Feb. 3, at 5:40 p.m. at the BICSI Theatre.

    Other solutions on display at the Lantronix booth include:

    Network Extension Solutions

    Secure Data Transmission at the Desktop Solutions

    • Fiber to the Desk Solutions: Learn how to improve security and increase network reliability by integrating fiber optic cabling with existing copper infrastructure utilizing compact Mini Media Converters or Network Interface Cards (NICs) at desktop workstations

    Solutions for Connecting and Powering at the Network Edge

    Industrial IoT Solutions

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOBM) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix leadership. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI: Nasdaq Reports Fourth Quarter and Full Year 2024 Results; A Year of Strong Financial Performance and Strategic Execution

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the fourth quarter and full year of 2024

    • 2024 net revenues1 were $4.6 billion, or $4.7 billion on a non-GAAP basis2, an increase of 19% over 2023, or up 9% on an adjusted3 basis. This included Solutions4 revenue increasing 25%, or up 10% on an adjusted basis.
    • Fourth quarter 2024 net revenue was $1.2 billion, an increase of 10% over the fourth quarter of 2023. This included Solutions revenue increasing 10%, or up 9% on an adjusted basis.
    • Annualized Recurring Revenue (ARR)5 of $2.8 billion increased 7% over the fourth quarter of 2023. Annualized SaaS revenues increased 14% and represented 37% of ARR.
    • Financial Technology revenue of $438 million increased 10% over the fourth quarter of 2023, or up 7% on an adjusted basis.
    • Index revenue of $188 million grew 29%, with $80 billion of net inflows over the trailing twelve months and $28 billion in the fourth quarter.
    • GAAP diluted earnings per share fell 7% in 2024 and grew 72% in the fourth quarter of 2024. Non-GAAP diluted earnings per share was flat in 2024 and grew 5% in the fourth quarter of 2024, or grew 11% and 10% on organic6 basis, respectively.
    • In the fourth quarter of 2024, the company returned $138 million to shareholders through dividends. The company also repurchased $181 million of senior unsecured notes in the fourth quarter of 2024.

    Fourth Quarter and Full Year 2024 Highlights

    (US$ millions,
    except per share,
    % changes YoY)    		 4Q24 Change % Adjusted
    change    3%    		 Organic
    change %    		 2024 Change % Adjusted
    change    3%    		 Organic
    change %
    GAAP Solutions revenue $949 10%     $3,593 25%    
    Non-GAAP Solutions revenue $949 10% 9% 9% $3,627 26% 10% 10%
    Market Services net revenue $268 8% 12% 8% $1,020 3% 4% 3%
    GAAP net revenue $1,227 10%     $4,649 19%    
    Non-GAAP net revenue $1,227 10% 10% 9% $4,683 20% 9% 8%
    GAAP operating income $517 47%     $1,798   14%  
    Non-GAAP operating income $671 10% 13% 12% $2,521 22% 11% 9%
    ARR $2,768 7% 7% 7% $2,768 7% 7% 7%
    GAAP diluted EPS $0.61 72%     $1.93 (7)%    
    Non-GAAP diluted EPS $0.76 5%   10% $2.82 0%   11%


    Adena Friedman, Chair and CEO     said, “2024 was a transformative year for Nasdaq. With the integration of AxiomSL and Calypso largely complete, we’ve made substantial progress as a scalable platform company. We are executing well across our strategic priorities, including driving cross-sell opportunities, innovating across our solutions, and expanding client relationships with our One Nasdaq strategy.

    Looking to 2025, we are well positioned to provide more value to our clients while driving profitable and durable growth as the trusted fabric of the world’s financial system.”

    Sarah Youngwood, Executive Vice President and CFO said, “After setting ambitious targets, Nasdaq delivered strong revenue growth and profitability across 2024 and is tracking ahead of schedule against our deleveraging and cost synergy targets.

    Our achievements this year reflect our team’s relentless focus on our clients and our ability to deliver outsized, long-term growth within our large and expanding market opportunity.”

    FINANCIAL REVIEW

    • 2024 net revenue was $4,649 million, reflecting 19% growth versus the prior year period while non-GAAP net revenue was $4,683 million. Adjusted net revenue growth was 9%.
    • Fourth quarter 2024 net revenue was $1,227 million, reflecting 10% growth versus the prior year period. Adjusted net revenue growth was also 10%.
    • Solutions revenue was $949 million in the fourth quarter of 2024, up 10% versus the prior year period, or up 9% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
    • ARR grew 7% year over year in the fourth quarter of 2024 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 3% ARR growth for Capital Access Platforms.
    • Market Services net revenue was $268 million in the fourth quarter of 2024, up 8% versus the prior year period, or 12% growth on an adjusted basis. The increase was primarily driven by a $15 million increase in U.S. equity derivatives and a $14 million increase in U.S. cash equities, partly offset by a $4 million decrease in U.S. tape plan revenue.
    • 2024 GAAP operating expenses were $2,851 million, an increase of 23% versus the prior year period. The increase for the year was due to expenses related to the acquisition of Adenza, which resulted in an incremental $288 million in amortization expense of acquired intangible assets, $220 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by lower merger and strategic initiative costs.
    • Fourth quarter 2024 GAAP operating expenses were $710 million, a decrease of 7% versus the prior year period. The decrease in the fourth quarter was primarily due to lower merger and strategic initiative costs and lower general and administrative expense, partially offset by expenses related to the acquisition of Adenza, which resulted in an incremental $29 million in amortization expense of acquired intangible assets, $24 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and people to drive innovation and long-term growth.
    • 2024 non-GAAP operating expenses were $2,162 million, an increase of 18% over 2023, or 6% growth on an adjusted basis. Fourth quarter 2024 non-GAAP operating expenses were $556 million, reflecting 10% growth versus the prior year period, or 6% growth on an adjusted basis. The increase for the full year and fourth quarter included $220 million and $24 million, respectively, of AxiomSL and Calypso operating expenses. The increases for the year and quarter on an adjusted basis reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, as well as increased regulatory costs, partially offset by the benefit of synergies.
    • Cash flow from operations was $705 million for the fourth quarter and $1,939 million for 2024, enabling the company to make additional progress on its deleveraging plan. In the fourth quarter, the company returned $138 million to shareholders through dividends. The company also repurchased $181 million of senior unsecured notes in the fourth quarter of 2024. As of December 31, 2024, there was $1.7 billion remaining under the board authorized share repurchase program.

    2025 EXPENSE AND TAX GUIDANCE UPDATE7

    • The company is initiating its 2025 non-GAAP operating expense guidance at a range of $2,245 million to $2,325 million, and its 2025 non-GAAP tax rate guidance to be in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Strong execution across Financial Technology led to double-digit ARR growth in the fourth quarter. Financial Technology ARR growth was up 12% on an organic basis, in the fourth quarter with 120 new clients, 127 upsells, and 4 cross-sells. Division revenue increased 7% on an adjusted basis. Financial Technology had an exceptional year for new bookings, including a number of sizeable and strategic enterprise deals, underscoring its leadership position and expanding Nasdaq’s right to win across its products. Fourth quarter highlights included:
      • Financial Technology continued its international expansion with several strategic enterprise deals. In the fourth quarter, Nasdaq signed a long-term agreement to provide a future-proof, regulatory management solution through AxiomSL to AuRep, a collaborative joint venture of banks and financial service providers in Austria. The companies will provide additional details on this important partnership in the coming weeks. AxiomSL also secured an upsell with Société Générale to manage its domestic regulatory reporting needs. During the quarter, Calypso also expanded its reach with international customers through upsells with a large European bank and a Middle Eastern bank.
      • Financial Crime Management Technology generated 23% ARR growth with 114% net revenue retention. In the fourth quarter, Nasdaq Verafin added 102 new SMB clients, completed a new cross-sell with a Tier 1 bank, and launched in Europe. Nasdaq Verafin’s data consortium continues to benefit from strong growth in its client base, which now represents nearly $10 trillion in assets.
      • AxiomSL and Calypso accelerated cloud bookings. Cloud bookings as a percent of AxiomSL and Calypso’s combined new annual contract value was 52% for 2024 and 60% in the fourth quarter, increasing the combined business’ cloud mix of ARR to 27% at year end.
    • Index delivered another quarter of outstanding performance benefiting from its growth strategy across innovation, globalization, and institutional client expansion. In 2024, Nasdaq’s Index business launched a record 116 new products with its clients, more than half of which were international, 27 were within the institutional insurance annuity space, and 30 were launched in partnership with new Index clients. For the year, the business had $80 billion of net inflows, including $28 billion in the fourth quarter, and reported its fifth consecutive record quarter in ETP AUM, reaching $647 billion at quarter end.
    • Nasdaq extended listing leadership in 2024 with its sixth consecutive year as the top U.S. exchange by number of IPOs and proceeds raised. For the year, Nasdaq welcomed 180 IPOs, representing $23 billion in total proceeds raised. New listings included 130 operating companies, headlined by Lineage, the largest IPO of the year. In 2024, Nasdaq had an 80% win rate among eligible operating company IPOs in the U.S. In the third quarter, Nasdaq celebrated its 500th listing transfer, bringing the cumulative market capitalization at transfer to nearly $3 trillion. The company had 14 new transfers in the fourth quarter, including Palantir, the largest transfer on a U.S. exchange in 2024, bringing the total to 30 new switches with over $180 billion in market value for the year.  
    • Market Services achieved record fourth quarter and full year net revenue. Fourth quarter net revenue benefited from momentum in U.S. cash equities, including the Closing Cross reaching a new record in fourth quarter share volume, and record U.S. equity derivatives volumes. 2024 Market Services net revenue growth reflected healthy growth in U.S. cash equities, with the Closing Cross setting full year records in both share volume and notional value traded, and index options revenue more than doubling.
    • Nasdaq successfully delivered on its 2024 strategic priorities – Integrate, Innovate, Accelerate – positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq finished the year ahead of its net expense synergy and deleveraging goals. The company has fully actioned the $80 million net expense synergies goal that was announced with the acquisition of AxiomSL and Calypso, a year ahead of the initial target. Nasdaq is broadening its efficiency program beyond the Financial Technology division and now expects to action annual cost savings of $140 million by the end of 2025, inclusive of the net expense synergies related to the AxiomSL and Calypso acquisition.
      • Innovate – In 2024, Nasdaq demonstrated its innovation leadership with the launch of AI-powered solutions and product enhancements across its divisions. Nasdaq has a robust pipeline of new AI capabilities to deliver through our software and analytics solutions, with several feature launches planned for 2025. The company has advanced its focus from “exploration and experimentation” to driving “impact” as it targets AI-driven productivity enhancements across the organization.
      • Accelerate – The company continues to make progress on its One Nasdaq strategy, with 17 cross-sell deals since the Adenza acquisition across solutions such as Nasdaq Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to exceed $100 million in run-rate revenue from cross-sells by the end of 2027.

    ____________
    1 Represents revenue less transaction-based expenses.
    2 Refer to our reconciliations of U.S. GAAP to non-GAAP Solutions revenue, net revenue, net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    3Adjusted change reflects AxiomSL and Calypso on a pro forma basis (including ratable revenue recognition for AxiomSL in 2024 and 2023). Adjusted change also excludes the impacts of foreign currency except for AxiomSL and Calypso, which will be calculated on an organic basis beginning in 2025, and the previously announced one-time revenue benefits in Market Services in 4Q23 and Index in 1Q24. These results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this earnings release.
    4 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    5 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    6 Organic changes reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture.
    7 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.

    ABOUT NASDAQ

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

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP Solutions revenue, non-GAAP net revenue, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, real estate impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period. We expect to achieve benefits in the form of both increased customer engagement and operating efficiencies. Costs related to the Adenza restructuring and the divisional alignment programs are recorded as “restructuring charges” in our consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, deleveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact
    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi.@Nasdaq.com

    Investor Relations Contact
    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    NDAQF

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
     
               
      Three Months Ended   Year Ended
      December 31,   December 31,   December 31,   December 31,
       2024     2023     2024     2023 
        (unaudited)   (unaudited)   (unaudited)    
    Revenues:              
    Capital Access Platforms $ 511     $ 461     $ 1,972     $ 1,770  
    Financial Technology   438       399       1,621       1,099  
    Market Services   1,070       778       3,771       3,156  
    Other Revenues   10       10       36       39  
      Total revenues   2,029       1,648       7,400       6,064  
    Transaction-based expenses:              
    Transaction rebates   (548 )     (462 )     (2,026 )     (1,838 )
    Brokerage, clearance and exchange fees   (254 )     (69 )     (725 )     (331 )
    Revenues less transaction-based expenses   1,227       1,117       4,649       3,895  
                   
    Operating Expenses:              
    Compensation and benefits   324       305       1,324       1,082  
    Professional and contract services   44       36       152       128  
    Technology and communication infrastructure   75       65       281       233  
    Occupancy   28       30       112       129  
    General, administrative and other   24       52       109       113  
    Marketing and advertising   20       16       54       47  
    Depreciation and amortization   152       125       613       323  
    Regulatory   18       8       55       34  
    Merger and strategic initiatives   12       97       35       148  
    Restructuring charges   13       31       116       80  
      Total operating expenses   710       765       2,851       2,317  
    Operating income   517       352       1,798       1,578  
    Interest income   8       30       28       115  
    Interest expense   (101 )     (111 )     (414 )     (284 )
    Other income (loss)   7       5       21       (1 )
    Net income (loss) from unconsolidated investees   9       2       16       (7 )
    Income before income taxes   440       278       1,449       1,401  
    Income tax provision   85       81       334       344  
    Net income   355       197       1,115       1,057  
    Net loss attributable to noncontrolling interests   —       —       2       2  
    Net income attributable to Nasdaq $ 355     $ 197     $ 1,117     $ 1,059  
                   
    Per share information:              
    Basic earnings per share $ 0.62     $ 0.36     $ 1.94     $ 2.10  
    Diluted earnings per share $ 0.61     $ 0.36     $ 1.93     $ 2.08  
    Cash dividends declared per common share $ 0.24     $ 0.22     $ 0.94     $ 0.86  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   574.8       547.1       575.4       504.9  
    Diluted   579.7       550.6       579.2       508.4  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
     
               
      Three Months Ended   Year Ended
      December 31,   December 31,   December 31,   December 31,
       2024     2023     2024     2023 
      (unaudited)   (unaudited)   (unaudited)    
    CAPITAL ACCESS PLATFORMS              
    Data and Listing Services revenues $ 192     $ 189     $ 754     $ 749  
    Index revenues   188       146       706       528  
    Workflow and Insights revenues   131       126       512       493  
    Total Capital Access Platforms revenues   511       461       1,972       1,770  
                   
    FINANCIAL TECHNOLOGY              
    Financial Crime Management Technology revenues   73       60       273       223  
    Regulatory Technology revenues   98       110       352       212  
    Capital Markets Technology revenues   267       229       996       664  
    Total Financial Technology revenues   438       399       1,621       1,099  
                   
    MARKET SERVICES              
    Market Services revenues   1,070       778       3,771       3,156  
    Transaction-based expenses:              
    Transaction rebates   (548 )     (462 )     (2,026 )     (1,838 )
    Brokerage, clearance and exchange fees   (254 )     (69 )     (725 )     (331 )
    Total Market Services revenues, net   268       247       1,020       987  
                   
    OTHER REVENUES   10       10       36       39  
                   
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,227     $ 1,117     $ 4,649     $ 3,895  
                   
                   
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          December 31,   December 31,
           2024     2023 
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 592     $ 453  
      Restricted cash and cash equivalents     31       20  
      Default funds and margin deposits     5,664       7,275  
      Financial investments     184       188  
      Receivables, net     1,022       929  
      Other current assets     293       231  
    Total current assets     7,786       9,096  
    Property and equipment, net     593       576  
    Goodwill     13,957       14,112  
    Intangible assets, net     6,905       7,443  
    Operating lease assets     375       402  
    Other non-current assets     779       665  
    Total assets   $ 30,395     $ 32,294  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 269     $ 332  
      Section 31 fees payable to SEC     319       84  
      Accrued personnel costs     325       303  
      Deferred revenue     711       594  
      Other current liabilities     215       146  
      Default funds and margin deposits     5,664       7,275  
      Short-term debt     399       291  
    Total current liabilities     7,902       9,025  
    Long-term debt     9,081       10,163  
    Deferred tax liabilities, net     1,594       1,642  
    Operating lease liabilities     388       417  
    Other non-current liabilities     230       220  
    Total liabilities     19,195       21,467  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,530       5,496  
      Common stock in treasury, at cost     (647 )     (587 )
      Accumulated other comprehensive loss     (2,099 )     (1,924 )
      Retained earnings     8,401       7,825  
    Total Nasdaq stockholders’ equity     11,191       10,816  
      Noncontrolling interests     9       11  
    Total equity     11,200       10,827  
    Total liabilities and equity   $ 30,395     $ 32,294  
               
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                       
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP net income attributable to Nasdaq   $ 355     $ 197     $ 1,117     $ 1,059  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     —       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       95       488       206  
      Merger and strategic initiatives expense (3)     12       97       35       148  
      Restructuring charges (4)     13       31       116       80  
      Lease asset impairments (5)     —       1       —       25  
      Net (income) loss from unconsolidated investees (6)     (9 )     (2 )     (16 )     7  
      Extinguishment of debt (7)     4       —       4       —  
      Legal and regulatory matters (8)     2       23       20       12  
      Pension settlement charge (9)     —       9       23       9  
      Other (income) loss (10)     (6 )     3       (15 )     21  
      Total non-GAAP adjustments     138       257       689       508  
      Non-GAAP adjustment to the income tax provision (11)     (55 )     (59 )     (208 )     (134 )
      Tax on intra-group transfer of intellectual property assets (12)     —       —       33       —  
      Total non-GAAP adjustments, net of tax     83       198       514       374  
    Non-GAAP net income attributable to Nasdaq   $ 438     $ 395     $ 1,631     $ 1,433  
                       
    U.S. GAAP diluted earnings per share   $ 0.61     $ 0.36     $ 1.93     $ 2.08  
      Total adjustments from non-GAAP net income above     0.15       0.36       0.89       0.74  
    Non-GAAP diluted earnings per share   $ 0.76     $ 0.72     $ 2.82     $ 2.82  
                       
    Weighted-average diluted common shares outstanding for earnings per share:     579.7       550.6       579.2       508.4  
                       
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
                       
    (7) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (8) For the year ended December 31, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority (SFSA) fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (9) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (10) For the three months and year ended December 31, 2024, other items include net gains from strategic investments entered into through our corporate venture program, which are included in other income (loss) in our Consolidated Statements of Income. For the three months and year ended December 31, 2023, other items included certain financing costs related to the Adenza acquisition and a net loss from a strategic investments entered into through our corporate venture program.
                       
    (11) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months and year ended December 31, 2024, we recorded a tax benefit related to return to provision adjustments and release of tax reserves due to lapse in statute of limitations.
                       
    (12) For the year ended December 31, 2024, the completion of an intra-group transfer of intellectual property assets to U.S. headquarters resulted in a net tax expense of $33 million.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Revenues Less Transaction-Based Expenses
    (in millions)
    (unaudited)
           
      Year Ended
      December 31, 2024
      U.S. GAAP Revenues
    Less Transaction-
    Based Expenses    		 Adenza purchase
    accounting
    adjustment     (1)    		 Non-GAAP Revenues
    Less Transaction-
    Based Expenses
    CAPITAL ACCESS PLATFORMS $ 1,972 $ — $ 1,972
           
    FINANCIAL TECHNOLOGY      
    Financial Crime Management Technology revenues   273   —   273
    Regulatory Technology revenues (1)   352   34   386
    Capital Markets Technology revenues   996   —   996
    Total Financial Technology revenues   1,621   34   1,655
    SOLUTIONS REVENUES   3,593   34   3,627
           
    MARKET SERVICES REVENUES, NET   1,020   —   1,020
    OTHER REVENUES   36   —   36
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 4,649 $ 34 $ 4,683
           
           
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
    (in millions)
    (unaudited)
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP operating income   $ 517     $ 352     $ 1,798     $ 1,578  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     —       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       95       488       206  
      Merger and strategic initiatives expense (3)     12       97       35       148  
      Restructuring charges (4)     13       31       116       80  
      Lease asset impairments (5)     —       1       —       25  
      Extinguishment of debt (6)     4       —       4       —  
      Legal and regulatory matters (7)     2       23       20       12  
      Pension settlement charge (8)     —       9       23       9  
      Other loss     1       5       3       7  
      Total non-GAAP adjustments     154       261       723       487  
    Non-GAAP operating income   $ 671     $ 613     $ 2,521     $ 2,065  
                     
    U.S. GAAP revenues less transaction-based expenses   $ 1,227     $ 1,117     $ 4,649     $ 3,895  
                       
    Non-GAAP revenues less transaction-based expenses   $ 1,227     $ 1,117     $ 4,683     $ 3,895  
                       
    U.S. GAAP operating margin (9)     42 %     32 %     39 %     41 %
                       
    Non-GAAP operating margin (10)     55 %     55 %     54 %     53 %
                       
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
                       
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (7) For the year ended December 31, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (8) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (9) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
                       
    (10) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
           2024     2023     2024     2023 
                       
    U.S. GAAP operating expenses   $ 710     $ 765     $ 2,851     $ 2,317  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (95 )     (488 )     (206 )
      Merger and strategic initiatives expense (2)     (12 )     (97 )     (35 )     (148 )
      Restructuring charges (3)     (13 )     (31 )     (116 )     (80 )
      Lease asset impairments (4)     —       (1 )     —       (25 )
      Extinguishment of debt (5)     (4 )     —       (4 )     —  
      Legal and regulatory matters (6)     (2 )     (23 )     (20 )     (12 )
      Pension settlement charge (7)     —       (9 )     (23 )     (9 )
      Other (loss)     (1 )     (5 )     (3 )     (7 )
      Total non-GAAP adjustments     (154 )     (261 )     (689 )     (487 )
    Non-GAAP operating expenses   $ 556     $ 504     $ 2,162     $ 1,830  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months and years ended December 31, 2024 and December 31, 2023, these costs primarily relate to the Adenza acquisition. For the year ended December 31, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (4) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the year ended December 31, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (5) For the three months and year ended December 31, 2024, we recorded costs related to the early extinguishment of debt. This charge is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
                       
    (6) For the year ended December 31, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the three months and year ended December 31, 2023, these charges primarily included accruals related to certain legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income. For the year ended December 31, 2023, these accruals were offset with insurance recoveries related to legal matters recorded in general, administrative and other expense and professional and contract services expense in our Condensed Consolidated Statements of Income.
                       
    (7) For the years ended December 31, 2024 and 2023 and for the three months ended December 31, 2023, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Adjusted Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Operating Margin
    (in millions)
    (unaudited)
                                       
      Three Months Ended                    
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   FX & Other (2)   Adjusted YoY
      Non-GAAP   Non-GAAP   Adenza   Pro Forma (1)   $   %   $   $   %
    CAPITAL ACCESS PLATFORMS                                  
    data                                  
    listings                                  
    Data and Listing Services revenues $ 192     $ 189     $ —     $ 189     $ 3     2 %   $ —     $ 3     2 %
    Index revenues   188       146       —       146       42     29 %     —       42     29 %
    Workflow and insights revenues   131       126       —       126       5     4 %     —       5     4 %
    Total Capital Access Platforms revenues   511       461       —       461       50     11 %     —       50     11 %
                                       
    FINANCIAL TECHNOLOGY                                  
    Financial Crime Management Technology revenues   73       60       —       60       13     22 %     —       13     22 %
    Regulatory Technology revenues   98       110       (16 )     94       4     5 %     (1 )     5     6 %
    Capital Markets Technology revenues   267       229       26       255       12     4 %     —       12     4 %
    Total Financial Technology revenues   438       399       10       409       29     7 %     (1 )     30     7 %
                                       
    Non-GAAP Solutions revenues (3)   949       860       10       870       79     9 %     (1 )     80     9 %
                                       
    Market Services, net revenues   268       247       —       247       21     8 %     (8 )     29     12 %
    Other revenues   10       10       —       10       —     (1 )%     —       —     (2 )%
    Non-GAAP Revenues less transaction-based expenses   1,227       1,117       10       1,127       100     9 %     (9 )     109     10 %
                                       
    Non-GAAP operating expenses   556       504       23       527       29     5 %     (3 )     32     6 %
    Non-GAAP operating income $ 671     $ 613     $ (13 )   $ 600     $ 71     12 %   $ (6 )   $ 77     13 %
    Non-GAAP operating margin   55 %     56 %         53 %                    
                                       
                                       
      Year Ended                    
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   FX & Other (2)   Adjusted YoY
      Non-GAAP   Non-GAAP   Adenza   Pro Forma (1)   $   %   $   $   %
    CAPITAL ACCESS PLATFORMS                                  
    Data and Listing Services revenues $ 754     $ 749     $ —     $ 749     $ 5     1 %   $ —     $ 5     1 %
    Index revenues   706       528       —       528       178     34 %     16       162     31 %
    Workflow and insights revenues   512       493       —       493       19     4 %     1       18     4 %
    Total Capital Access Platforms revenues   1,972       1,770       —       1,770       202     11 %     17       185     10 %
                                       
    FINANCIAL TECHNOLOGY                                  
    Financial Crime Management Technology revenues   273       223       —       223       50     22 %     —       50     22 %
    Regulatory Technology revenues   286       212       149       361       25     7 %     1       24     7 %
    Capital Markets Technology revenues   996       664       257       921       75     8 %     1       74     8 %
    Total Financial Technology revenues   1,655       1,099       406       1,505       150     10 %     2       148     10 %
                                       
    Non-GAAP Solutions revenues (3)   3,627       2,869       406       3,275       352     11 %     19       333     10 %
                                       
    Market Services, net revenues   1,020       987       —       987       33     3 %     (8 )     41     4 %
    Other revenues   36       39       —       39       (3 )   (9 )%     (2 )     (1 )   (5 )%
    Non-GAAP Revenues less transaction-based expenses   4,683       3,895       406       4,301       382     9 %     9       373     9 %
                                       
    Operating expenses   2,162       1,830       217       2,047       115     6 %     (4 )     119     6 %
    Operating income $ 2,521     $ 2,065     $ 189     $ 2,254     $ 267     12 %   $ 13     $ 254     11 %
    Operating margin   54 %     53 %         52 %                    
                                       
                                       
                                       
    (1) Includes the pro forma results for AxiomSL and Calypso and are presented assuming AxiomSL and Calypso were included in the entire prior year quarterly and full year results and revenue for AxiomSL on-premises contracts were recognized ratably for 2024 and 2023.
    (2) Reflects the impacts from changes in foreign currency exchange rates (except for AxiomSL and Calypso, which will be calculated on an organic basis beginning in 2025) and the exclusion of a non-recurring payment received in 4Q23 recorded within our Market Services business. In addition, the full year also excludes the impact of a one-time revenue benefit related to a legal settlement to recoup revenue recorded within Index in 1Q24.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                       
    Note: The pro forma results above are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this press release. The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                                       
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions)
    (unaudited)
                                   
      Three Months Ended                        
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   Other Impacts (1)   Organic Impact (2)
      Non-GAAP   Non-GAAP   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 192   $ 189   $ 3     2 %   $ —     — %   $ 3     2 %
    Index revenues   188     146     42     29 %     —     — %     42     29 %
    Workflow and Insights revenues   131     126     5     4 %     —     — %     5     4 %
    Total Capital Access Platforms revenues   511     461     50     11 %     —     — %     50     11 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   73     60     13     22 %     —     — %     13     22 %
    Regulatory Technology revenues   98     110     (12 )   (10 )%     (15 )   (13 )%     3     4 %
    Capital Markets Technology revenues   267     229     38     16 %     27     12 %     11     5 %
    Total Financial Technology revenues   438     399     39     10 %     12     3 %     27     7 %
                                   
    Non-GAAP Solutions revenues (3)   949     860     89     10 %     12     1 %     77     9 %
                                   
    Market Services, net revenues   268     247     21     8 %     —     — %     21     8 %
                                   
    Other revenues   10     10     —     (1 )%     —     — %     —     (2 )%
                                   
    Non-GAAP Revenues less transaction-based expenses $ 1,227   $ 1,117   $ 110     10 %   $ 12     1 %   $ 98     9 %
                                   
    Non-GAAP Operating Expenses $ 556   $ 504   $ 52     10 %   $ 21     4 %   $ 31     6 %
                                   
    Non-GAAP Operating Income $ 671   $ 613   $ 58     10 %   $ (9 )   (1 )%   $ 67     12 %
                                   
    Non-GAAP diluted earnings per share $ 0.76   $ 0.72   $ 0.04     5 %   $ (0.03 )   (5 )%   $ 0.07     10 %
                                   
      Year Ended                        
      December 31,
    2024    		   December 31,
    2023    		   Total Variance   Other Impacts (1)   Organic Impact (2)
      Non-GAAP   Non-GAAP   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 754   $ 749   $ 5     1 %   $ —     — %   $ 5     1 %
    Index revenues   706     528     178     34 %     —     — %     178     34 %
    Workflow and Insights revenues   512     493     19     4 %     1     — %     18     4 %
    Total Capital Access Platforms revenues   1,972     1,770     202     11 %     1     — %     201     11 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   273     223     50     22 %     —     — %     50     22 %
    Regulatory Technology revenues   386     212     174     83 %     165     78 %     9     5 %
    Capital Markets Technology revenues   996     664     332     50 %     316     48 %     16     2 %
    Total Financial Technology revenues   1,655     1,099     556     51 %     481     44 %     75     7 %
                                   
    Non-GAAP Solutions revenues (3)   3,627     2,869     758     26 %     482     17 %     276     10 %
                                   
    Market Services, net revenues   1,020     987     33     3 %     —     — %     33     3 %
                                   
    Other revenues   36     39     (3 )   (9 )%     (2 )   (4 )%     (1 )   (5 )%
                                   
    Non-GAAP Revenues less transaction-based expenses $ 4,683   $ 3,895   $ 788     20 %   $ 480     12 %   $ 308     8 %
                                   
    Non-GAAP Operating Expenses $ 2,162   $ 1,830   $ 332     18 %   $ 216     12 %   $ 116     6 %
                                   
    Non-GAAP Operating Income $ 2,521   $ 2,065   $ 456     22 %   $ 264     13 %   $ 192     9 %
                                   
    Non-GAAP diluted earnings per share $ 2.82   $ 2.82   $ —     — %   $ (0.31 )   (11 )%   $ 0.31     11 %
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
                                   
    (1) Primarily includes the impacts of the Adenza acquisition and changes in FX rates. The revenue adjustments related to the Adenza acquisition reflect an additional $514 million of total revenue recorded in FY 2024 and $48 million for 4Q24, partially offset by an adjustment to reported 2023 revenues related to AxiomSL ratable revenue recognition of $34 million.
    (2) Organic impact reflects adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Year Ended
        December 31,   December 31,   December 31,   December 31,
         2024     2023     2024     2023 
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,268     $ 1,235     $ 1,268     $ 1,235  
      Initial public offerings              
      The Nasdaq Stock Market (2)   66       28       180       130  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   7       4       14       7  
      Total new listings              
      The Nasdaq Stock Market (2)   162       100       463       330  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   13       7       31       23  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,075       4,044       4,075       4,044  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,174       1,218       1,174       1,218  
      Index              
      Number of licensed exchange traded products (6)   401       364       401       364  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 647     $ 473     $ 647     $ 473  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 632     $ 436     $ 558     $ 396  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 80     $ 31     $ 80     $ 31  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 110     $ 128     $ 110     $ 128  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 278     $ 226     $ 278     $ 226  
      Regulatory Technology   354       325       354       325  
      Capital Markets Technology   868       799       868       799  
      Total Financial Technology $ 1,500     $ 1,350     $ 1,500     $ 1,350  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   47.5       40.2       44.4       40.4  
      Nasdaq PHLX matched market share   10.5 %     11.5 %     10.0 %     11.3 %
      The Nasdaq Options Market matched market share   5.2 %     5.5 %     5.5 %     6.1 %
      Nasdaq BX Options matched market share   1.8 %     2.4 %     2.1 %     3.3 %
      Nasdaq ISE Options matched market share   7.2 %     6.1 %     6.9 %     5.9 %
      Nasdaq GEMX Options matched market share   2.6 %     2.7 %     2.6 %     2.4 %
      Nasdaq MRX Options matched market share   3.0 %     2.6 %     2.7 %     2.0 %
      Total matched market share executed on Nasdaq’s exchanges   30.3 %     30.8 %     29.8 %     31.0 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts (8)   228,955       327,680       233,610       301,320  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   13.6       11.2       12.2       11.0  
      Matched share volume (in billions)   125.2       113.3       479.4       455.6  
      The Nasdaq Stock Market matched market share   14.0 %     15.4 %     15.1 %     15.8 %
      Nasdaq BX matched market share   0.3 %     0.4 %     0.3 %     0.4 %
      Nasdaq PSX matched market share   0.1 %     0.3 %     0.2 %     0.3 %
      Total matched market share executed on Nasdaq’s exchanges   14.4 %     16.1 %     15.6 %     16.5 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   47.6 %     40.9 %     44.3 %     36.7 %
      Total market share (9)   62.0 %     57.0 %     59.9 %     53.2 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   669,234       637,403       651,455       666,411  
      Total average daily value of shares traded (in billions) $ 4.5     $ 4.5     $ 4.5     $ 4.5  
      Total market share executed on Nasdaq’s exchanges   70.9 %     72.0 %     71.9 %     71.0 %
                     
      Fixed Income and Commodities Trading and Clearing              
      Fixed Income              
      Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts   91,471       93,128       93,747       95,625  
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended December 31, 2024 and 2023, IPOs included 22 and 8 SPACs, respectively. For the years ended December 31, 2024 and 2023, IPOs included 50 and 27 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the twelve months ended December 31, 2024 and December 31, 2023 included 768 and 600 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of December 31, 2023 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex had a revenue sharing arrangement, which ended in the fourth quarter of 2023.
      (9) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

    The MIL Network –

  • MIL-OSI: First Northwest Bancorp Reports Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., Jan. 29, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported a net loss of $2.8 million for the fourth quarter of 2024, compared to a net loss of $2.0 million for the third quarter of 2024 and a net loss of $5.5 million for the fourth quarter of 2023. Basic and diluted loss per share were $0.32 for the fourth quarter of 2024, compared to basic and diluted loss per share of $0.23 for the third quarter of 2024 and basic and diluted loss per share of $0.62 for the fourth quarter of 2023.

    In the fourth quarter of 2024, the Company recorded adjusted pre-tax, pre-provision net revenue (“PPNR”)(1) of $1.2 million, compared to a $49,000 adjusted PPNR loss for the preceding quarter and adjusted PPNR of $327,000 for the fourth quarter of 2023.

    The Board of Directors of First Northwest declared a quarterly cash dividend of $0.07 per common share, payable on February 28, 2025, to shareholders of record as of the close of business on February 14, 2025.

    Quote from First Northwest President and CEO, Matthew P. Deines:
    “Although financial results in 2024 were adversely impacted by elevated credit costs, we are optimistic for continued improvement in asset quality in early 2025. During the fourth quarter, our pre-provision net revenue (1) grew to $1.2 million with modest margin improvement as we successfully reduced FHLB borrowings. As we look ahead to 2025, we are laser focused on growing core commercial and retail customer relationships while resolving problem assets, improving profitability and maintaining our strong capital position. Highlights for 2024 include the termination of our compliance Consent Order with the FDIC, reduction of core operating expenses and improvement in our liquidity position with the loan to deposit ratio below 100% at year-end. I’d like to thank all our employees for their efforts and contributions in 2024, and for making a positive impact in the communities we serve.”

    Key Points for Fourth Quarter and Going Forward

    Provision for credit losses:

    • The Company recorded a $3.8 million provision for credit losses on loans in the fourth quarter of 2024, primarily due to charge-offs of six commercial business loans. This compares to loan credit loss provisions of $3.1 million for the preceding quarter and $1.2 million for the fourth quarter of 2023. 
    • We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers. The provision for credit losses on loans had a significant negative impact on net income for the fourth quarter of 2024.

    First Fed Bank’s (“First Fed” or the “Bank”) balance sheet restructure continues to have a positive impact:

    • The fair value hedge on loans, tied to the compounded overnight index swap using the secured overnight financing rate index, which was established in the first quarter of 2024, added $1.1 million to interest income for the year. The hedge successfully reduced the Bank’s liability sensitivity, and lowered the overall interest rate risk profile. The hedge also enhanced earnings due to a favorable contract position during the 2024 interest rate environment. The Bank expects to maintain a positive carry on its derivative for up to an additional 25-basis points of rate cuts. 
    • During 2024, bank-owned life insurance policies (“BOLI”) were reinvested into higher yielding products. In the fourth quarter of 2024, a $8.5 million policy was surrendered and reinvested into a policy earning 6.01% and a $922,000 policy earning 1.64% was exchanged and reinvested into a policy earning 3.99%. Total policy conversions during 2024 increased the annual pre-tax net yield earned on the total BOLI portfolio by 74-basis points. The remaining surrender transaction is expected to be completed during the first quarter of 2025. 
    • Investment security purchases during the fourth quarter of 2024 totaled $47.1 million, carrying a weighted-average yield of 6.7% at purchase and a weighted-average life of 3.1 years. The annualized interest income on these securities is anticipated to provide $2.6 million in revenue for 2025.

    (1) See reconciliation of Non-GAAP Financial Measures later in this release.

    Selected Quarterly Financial Ratios:

      As of or For the Quarter Ended  
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Performance ratios: (1)                              
    Return on average assets   -0.51 %   -0.36 %   -0.40 %   0.07 %   -1.03 %
    Adjusted PPNR return on average assets (2)   0.22     -0.01     0.10     0.34     -0.06  
    Return on average equity   -6.92     -4.91     -5.47     0.98     -14.05  
    Net interest margin (3)   2.73     2.70     2.76     2.76     2.84  
    Efficiency ratio (4)   92.2     100.3     72.3     88.8     150.8  
    Equity to total assets   6.89     7.13     7.17     7.17     7.42  
    Book value per common share $ 16.45   $ 17.17   $ 16.81   $ 17.00   $ 16.99  
    Tangible performance ratios: (1)                              
    Tangible common equity to tangible assets (2)   6.83 %   7.06 %   7.10 %   7.10 %   7.35 %
    Return on average tangible common equity (2)   -6.99     -4.96     -5.53     0.99     -14.20  
    Tangible book value per common share (2) $ 16.29   $ 17.00   $ 16.64   $ 16.83   $ 16.83  
    Capital ratios (First Fed): (5)                              
    Tier 1 leverage   9.4 %   9.4 %   9.4 %   9.7 %   9.9 %
    Common equity Tier 1 capital   12.4     12.2     12.4     12.6     13.1  
    Total risk-based   13.6     13.4     13.5     13.6     14.1  
    (1 ) Performance ratios are annualized, where appropriate.
    (2 ) See reconciliation of Non-GAAP Financial Measures later in this release.
    (3 ) Net interest income divided by average interest-earning assets.
    (4 ) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (5 ) Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.


    Adjusted Pre-tax, Pre-Provision Net Revenue     (1)

    Adjusted PPNR for the fourth quarter of 2024 increased $1.3 million to $1.2 million, compared to an adjusted PPNR loss of $49,000 for the preceding quarter, and increased $1.5 million from an adjusted PPNR $327,000 loss in the fourth quarter one year ago.

        For the Quarter Ended   For the Year Ended  
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
    Net interest income   $ 14,137   $ 14,020   $ 14,235   $ 13,928   $ 14,195   $ 56,320   $ 61,432  
    Total noninterest income     1,300     1,779     7,347     2,188     (2,929 )   12,614     4,020  
    Total revenue     15,437     15,799     21,582     16,116     11,266     68,934     65,452  
    Total noninterest expense     14,233     15,848     15,609     14,303     16,990     59,993     61,454  
    PPNR (1)     1,204     (49 )   5,973     1,813     (5,724 )   8,941     3,998  
    Selected nonrecurring adjustments to PPNR                                            
    Less: Net gain on sale of premises and equipment     —     —     7,919     —     —     7,919     —  
    Sale leaseback taxes and assessments included in occupancy and equipment     —     —     (359 )   —     —     (359 )   —  
    Net loss on sale of investment securities     —     —     (2,117 )   —     (5,397 )   (2,117 )   (5,397 )
    Adjusted PPNR (1)   $ 1,204   $ (49 ) $ 530   $ 1,813   $ (327 ) $ 3,498   $ 9,395  

    (1) See reconciliation of Non-GAAP Financial Measures later in this release.

    • Total interest income was relatively unchanged at $28.2 million for the fourth quarter of 2024, compared to the previous quarter, and increased $1.9 million compared to $26.3 million in the fourth quarter of 2023. Interest income decreased in the fourth quarter of 2024 primarily due to a decrease in the income earned on the securities derivative combined with lower FHLB dividends and reduced interest income received on Company deposit accounts. Higher yields on performing loans during the fourth quarter of 2024 were partially offset by nonaccrual interest adjustments totaling $46,000. Interest and fees on loans increased year-over-year as the loan portfolio grew. Loan yields increased over the prior year due to higher rates on new originations as well as the repricing of variable and adjustable-rate loans.
    • The net interest margin increased to 2.73% for the fourth quarter of 2024, from 2.70% for the prior quarter, and decreased 11-basis points from 2.84% for the fourth quarter of 2023. The Company reported reduced rates and declining volume of borrowings during the quarter which lowered costs; however, these savings were partially offset by an increase in cost due to a higher volume of customer deposits. The decrease in net interest margin from the same quarter one year ago is due to higher funding costs for deposits and borrowed funds. 
    • Noninterest income included a $1.8 million write down on an equity investment in an organization that is involved in a lawsuit, partially offset by a $1.5 million BOLI death benefit payment received due to the passing of an employee. 
    • Noninterest expense for the fourth quarter of 2024 decreased mainly due to a $1.2 million reduction in compensation related to nonrecurring payouts in the previous quarter combined with a reduced incentive accrual and lower headcount in the fourth quarter of 2024. FDIC assessment, state taxes, advertising and other discretionary spending also decreased from the previous quarter.

    Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality

    The allowance for credit losses on loans (“ACLL”) decreased $1.5 million to $20.5 million at December 31, 2024, from $22.0 million at September 30, 2024. The ACLL as a percentage of total loans was 1.21% at December 31, 2024, a decrease from 1.27% at September 30, 2024, and an increase from 1.05% one year earlier. The pooled loan reserve decreased $1.5 million during the fourth quarter of 2024, primarily due to the decreases in multi-family, construction, and consumer loan balances combined with decreases resulting from lower loss factors applied to commercial business and commercial real estate loans, partially offset by higher loss factors applied to one-to-four family and other consumer loans.

    Nonperforming loans totaled $30.5 million at December 31, 2024, an increase of $139,000 from September 30, 2024. ACLL to nonperforming loans decreased to 67% at December 31, 2024, from 72% at September 30, 2024, and 94% at December 31, 2023. This ratio continued to decline as higher balances of real estate loans are included in nonperforming assets with no significant corresponding increase to the ACLL as these collateral dependent loans were considered adequately reserved for based on information available at each period end.

    Classified loans decreased $4.4 million to $42.5 million at December 31, 2024, from $46.9 million at September 30, 2024, primarily due to charge-offs totaling $3.9 million on six commercial business loans during the fourth quarter. An $11.4 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; an $8.1 million commercial construction loan relationship, which became classified in the second quarter of 2024; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 61% of the classified loan balance at December 31, 2024. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 15 loans totaling $2.2 million included in classified loans at December 31, 2024, and an additional eight loans totaling $2.8 million included in the special mention risk grading category.

      For the Quarter Ended  
    ACLL ($ in thousands) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Balance at beginning of period $ 21,970   $ 19,343   $ 17,958   $ 17,510   $ 16,945  
    Charge-offs:                              
    Construction and land   (411 )   —     (3,978 )   —     —  
    Home equity   —     —     —     —     1  
    Auto and other consumer   (364 )   (492 )   (832 )   (806 )   (655 )
    Commercial business   (4,596 )   (24 )   (2,643 )   (33 )   —  
    Total charge-offs   (5,371 )   (516 )   (7,453 )   (839 )   (654 )
    Recoveries:                              
    One-to-four family   —     42     —     2     5  
    Commercial real estate   2     —     —     —     —  
    Home equity   —     —     —     —     10  
    Auto and other consumer   52     24     198     46     42  
    Commercial business   36     —     —     —     —  
    Total recoveries   90     66     198     48     57  
    Net loan charge-offs   (5,281 )   (450 )   (7,255 )   (791 )   (597 )
    Provision for credit losses   3,760     3,077     8,640     1,239     1,162  
    Balance at end of period $ 20,449   $ 21,970   $ 19,343   $ 17,958   $ 17,510  
                                   
    Average total loans   1,708,232     1,718,402     1,717,830     1,678,656     1,645,418  
    Annualized net charge-offs to average outstanding loans   1.23 %   0.10 %   1.70 %   0.19 %   0.14 %
    Asset Quality ($ in thousands) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Nonaccrual loans:                              
    One-to-four family $ 1,477   $ 1,631   $ 1,750   $ 1,237   $ 1,844  
    Multi-family   —     —     708     708     —  
    Commercial real estate   5,598     5,634     14     22     28  
    Construction and land   19,544     19,382     19,292     14,440     14,986  
    Home equity   55     116     118     121     123  
    Auto and other consumer   700     894     746     1,012     786  
    Commercial business   3,141     2,719     1,003     1,941     877  
    Total nonaccrual loans   30,515     30,376     23,631     19,481     18,644  
    Other real estate owned   —     —     —     —     —  
    Total nonperforming assets $ 30,515   $ 30,376   $ 23,631   $ 19,481   $ 18,644  
                                   
    Nonaccrual loans as a % of total loans (1)   1.80 %   1.75 %   1.39 %   1.14 %   1.12 %
    Nonperforming assets as a % of total assets (2)   1.37     1.35     1.07     0.87     0.85  
    ACLL as a % of total loans   1.21     1.27     1.14     1.05     1.05  
    ACLL as a % of nonaccrual loans   67.01     72.33     81.85     92.18     93.92  
    Total past due loans to total loans   1.98     1.92     1.45     1.91     0.94  
    (1 ) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
    (2 ) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.


    Financial Condition and Capital

    Investment securities increased $29.5 million, or 9.5%, to $340.3 million at December 31, 2024, compared to $310.9 million three months earlier, and increased $44.7 million compared to $295.6 million at December 31, 2023. The market value of the portfolio decreased $5.8 million during the fourth quarter of 2024. The estimated average life of the securities portfolio was approximately 6.9 years at December 31, 2024, 7.4 years at the prior quarter end and 7.7 years at the end of the fourth quarter of 2023. The effective duration of the portfolio was approximately 3.9 years at December 31, 2024, compared to 3.9 years at the prior quarter end and 4.8 years at the end of the fourth quarter of 2023. Investment purchases at the beginning of 2024 were primarily floating rate securities to take advantage of higher short-term rates above those offered on cash at that time and to reduce our liability sensitivity. Purchases in the fourth quarter were primarily fixed to rebalance our securities portfolio position for 2025.

    Investment Securities ($ in thousands)  December 31,
    2024    		    September 30,
    2024    		    December 31,
    2023    		   Three Month
    % Change    		   One Year
    % Change    		  
    Available for Sale at Fair Value                          
    Municipal bonds $ 77,876   $ 81,363   $ 87,761   -4.3 % -11.3 %
    U.S. government agency issued asset-backed securities (ABS agency)   12,876     13,296     11,782   -3.2   9.3  
    Corporate issued asset-backed securities (ABS corporate)   16,122     16,391     5,286   -1.6   205.0  
    Corporate issued debt securities (Corporate debt)   54,491     54,058     51,454   0.8   5.9  
    U.S. Small Business Administration securities (SBA)   8,666     9,317     —   -7.0   100.0  
    Mortgage-backed securities:                          
    U.S. government agency issued mortgage-backed securities (MBS agency)   98,697     78,549     63,247   25.7   56.1  
    Non-agency issued mortgage-backed securities (MBS non-agency)   71,616     57,886     76,093   23.7   -5.9  
    Total securities available for sale $ 340,344   $ 310,860   $ 295,623   9.5   15.1  

    Net loans, excluding loans held for sale, decreased $39.2 million, or 2.3%, to $1.68 billion at December 31, 2024, from $1.71 billion at September 30, 2024, and increased $32.7 million, or 2.0%, from $1.64 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $18.3 million. Loan payoffs of $73.9 million, regular payments of $35.3 million and charge-offs totaling $5.3 million outpaced new loan funding totaling $55.6 million and draws on existing loans totaling $19.7 million.

    Loans ($ in thousands)  December 31,
    2024    		    September 30,
    2024    		    December 31,
    2023    		   Three Month
    % Change    		   One Year
    % Change    		  
    Real Estate:                          
    One-to-four family $ 395,315   $ 395,792   $ 378,432   -0.1 % 4.5 %
    Multi-family   332,596     353,813     333,094   -6.0   -0.1  
    Commercial real estate   390,379     376,008     387,983   3.8   0.6  
    Construction and land   78,110     95,709     129,691   -18.4   -39.8  
    Total real estate loans   1,196,400     1,221,322     1,229,200   -2.0   -2.7  
    Consumer:                          
    Home equity   79,054     76,960     69,403   2.7   13.9  
    Auto and other consumer   268,876     281,198     249,130   -4.4   7.9  
    Total consumer loans   347,930     358,158     318,533   -2.9   9.2  
    Commercial business   151,493     155,327     112,295   -2.5   34.9  
    Total loans receivable   1,695,823     1,734,807     1,660,028   -2.2   2.2  
    Less:                          
    Derivative basis adjustment   188     (1,579 )   —   111.9   100.0  
    Allowance for credit losses on loans   20,449     21,970     17,510   -6.9   16.8  
    Total loans receivable, net $ 1,675,186   $ 1,714,416   $ 1,642,518   -2.3   2.0  

    Total deposits decreased $23.6 million to $1.69 billion at December 31, 2024, compared to $1.71 billion at September 30, 2024, and increased $11.1 million, or 0.7%, compared to $1.68 billion one year ago. During the fourth quarter of 2024, total customer deposit balances decreased $2.8 million and brokered deposit balances decreased $20.8 million. Overall, the current rate environment continues to contribute to greater competition for deposits. As a result, the Bank continues offering deposit rate specials to attract new funds.

    Deposits ($ in thousands)  December 31,
    2024    		    September 30,
    2024    		    December 31,
    2023    		   Three Month
    % Change    		   One Year
    % Change    		  
    Noninterest-bearing demand deposits $ 256,416   $ 252,999   $ 252,083   1.4 % 1.7 %
    Interest-bearing demand deposits   164,891     167,202     169,418   -1.4   -2.7  
    Money market accounts   413,822     433,307     362,205   -4.5   14.3  
    Savings accounts   205,055     212,763     242,148   -3.6   -15.3  
    Certificates of deposit, customer   464,928     441,665     443,412   5.3   4.9  
    Certificates of deposit, brokered   182,914     203,705     207,626   -10.2   -11.9  
    Total deposits $ 1,688,026   $ 1,711,641   $ 1,676,892   -1.4   0.7  

    Total shareholders’ equity decreased to $153.9 million at December 31, 2024, compared to $160.8 million three months earlier, due to a decrease in the after-tax fair market values of the available-for-sale investment securities portfolio of $4.5 million, a net loss of $2.8 million and dividends declared of $656,000, partially offset by an increase in the after-tax fair market values of derivatives of $952,000.

    Capital levels for both the Company and its operating bank, First Fed, remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at December 31, 2024. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at December 31, 2024, were 12.4% and 13.6%, respectively.

    First Northwest continued to return capital to our shareholders through cash dividends during the fourth quarter of 2024. The Company paid cash dividends totaling $656,000 in the fourth quarter of 2024. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (“Repurchase Plan”) during the quarter ended December 31, 2024. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

    Awards/Recognition
    The Company received several accolades as a leader in the community in the last year.

    In September 2024, the First Fed team was recognized in the 2024 Best of Olympic Peninsula surveys, winning Best Bank and Best Lender in Clallam County; Best Bank and Best Financial Advisor in the West End; and Best Lender in Jefferson County. First Fed was also a finalist for Best Bank, Best Customer Service, Best Employer and Best Financial Advisor in Jefferson County; Best Customer Service, Best Employer and Best Financial Advisor in Clallam County; and Best Customer Service and Best Employer in the West End.
    In May 2024, First Fed, along with the First Fed Community Foundation, were honored to be ranked second on the Puget Sound Business Journal Midsize Corporate Philanthropists list.
    In October 2023, the First Fed team was honored to bring home the Gold for Best Bank in the Best of the Northwest survey hosted by Bellingham Alive for the second year in a row.
    In September 2023, the First Fed team was recognized in the 2023 Best of Olympic Peninsula surveys as a finalist for Best Employer in Kitsap County and Best Bank and Best Financial Institution in Bainbridge.


    We recommend reading this earnings release in conjunction with the Fourth Quarter 2024 Investor Presentation, located at http://investor.ourfirstfed.com/quarterly-reports and included as an exhibit to our January 29, 2025, Current Report on Form 8-K.

    About the Company
    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

    Forward-Looking Statements
    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2024 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

    For More Information Contact:
    Matthew P. Deines, President and Chief Executive Officer
    Geri Bullard, EVP, Chief Financial Officer and Chief Operating Officer
    IRGroup@ourfirstfed.com
    360-457-0461

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data) (Unaudited)
     
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    ASSETS                                
    Cash and due from banks   $ 16,811   $ 17,953   $ 19,184   $ 15,562   $ 19,845  
    Interest-earning deposits in banks     55,637     64,769     63,995     61,784     103,324  
    Investment securities available for sale, at fair value     340,344     310,860     306,714     325,955     295,623  
    Loans held for sale     472     378     1,086     988     753  
    Loans receivable (net of allowance for credit losses on loans $20,449, $21,970, $19,343, $17,958, and $17,510)     1,675,186     1,714,416     1,677,764     1,692,774     1,642,518  
    Federal Home Loan Bank (FHLB) stock, at cost     14,435     14,435     13,086     15,876     13,664  
    Accrued interest receivable     8,159     8,939     9,466     8,909     7,894  
    Premises held for sale, net     —     —     —     6,751     18,049  
    Premises and equipment, net     10,129     10,436     10,714     11,028     —  
    Servicing rights on sold loans, at fair value     3,281     3,584     3,740     3,820     3,793  
    Bank-owned life insurance, net     41,150     41,429     41,113     34,681     40,578  
    Equity and partnership investments     13,229     14,912     15,085     15,121     14,794  
    Goodwill and other intangible assets, net     1,082     1,083     1,084     1,085     1,086  
    Deferred tax asset, net     13,738     10,802     12,216     12,704     13,001  
    Right-of-use (“ROU”) asset, net     17,001     17,315     17,627     5,841     6,047  
    Prepaid expenses and other assets     21,352     24,175     23,088     27,141     20,828  
    Total assets   $ 2,232,006   $ 2,255,486   $ 2,215,962   $ 2,240,020   $ 2,201,797  
                                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                
    Deposits   $ 1,688,026   $ 1,711,641   $ 1,708,288   $ 1,666,624   $ 1,676,892  
    Borrowings     336,014     334,994     302,575     371,455     320,936  
    Accrued interest payable     3,295     2,153     3,143     2,830     3,396  
    Lease liability, net     17,535     17,799     18,054     6,227     6,428  
    Accrued expenses and other liabilities     31,770     25,625     23,717     29,980     29,545  
    Advances from borrowers for taxes and insurance     1,484     2,485     1,304     2,398     1,260  
    Total liabilities     2,078,124     2,094,697     2,057,081     2,079,514     2,038,457  
                                     
    Shareholders’ Equity                                
    Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding     —     —     —     —     —  
    Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,353,348; 9,365,979; 9,453,247; 9,442,796; and 9,611,876     93     94     94     94     96  
    Additional paid-in capital     93,357     93,218     93,985     93,763     95,784  
    Retained earnings     97,198     100,660     103,322     106,202     107,349  
    Accumulated other comprehensive loss, net of tax     (30,172 )   (26,424 )   (31,597 )   (32,465 )   (32,636 )
    Unearned employee stock ownership plan (ESOP) shares     (6,594 )   (6,759 )   (6,923 )   (7,088 )   (7,253 )
    Total shareholders’ equity     153,882     160,789     158,881     160,506     163,340  
    Total liabilities and shareholders’ equity   $ 2,232,006   $ 2,255,486   $ 2,215,962   $ 2,240,020   $ 2,201,797  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)
     
        For the Quarter Ended   For the Year Ended  
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
    INTEREST INCOME                                            
    Interest and fees on loans receivable   $ 23,716   $ 23,536   $ 23,733   $ 22,767   $ 22,083   $ 93,752   $ 84,614  
    Interest on investment securities     3,658     3,786     3,949     3,632     3,393     15,025     13,279  
    Interest on deposits in banks     550     582     571     645     581     2,348     2,126  
    FHLB dividends     273     302     358     282     252     1,215     880  
    Total interest income     28,197     28,206     28,611     27,326     26,309     112,340     100,899  
    INTEREST EXPENSE                                            
    Deposits     11,175     10,960     10,180     10,112     8,758     42,427     27,019  
    Borrowings     2,885     3,226     4,196     3,286     3,356     13,593     12,448  
    Total interest expense     14,060     14,186     14,376     13,398     12,114     56,020     39,467  
    Net interest income     14,137     14,020     14,235     13,928     14,195     56,320     61,432  
    PROVISION FOR CREDIT LOSSES                                            
    Provision for credit losses on loans     3,760     3,077     8,640     1,239     1,162     16,716     2,357  
    (Recapture of) provision for credit losses on unfunded commitments     (105 )   57     99     (269 )   (10 )   (218 )   (1,034 )
    Provision for credit losses     3,655     3,134     8,739     970     1,152     16,498     1,323  
    Net interest income after provision for credit losses     10,482     10,886     5,496     12,958     13,043     39,822     60,109  
    NONINTEREST INCOME                                            
    Loan and deposit service fees     1,054     1,059     1,076     1,102     1,068     4,291     4,341  
    Sold loan servicing fees and servicing rights mark-to-market     (115 )   10     74     219     276     188     676  
    Net gain on sale of loans     52     58     150     52     33     312     438  
    Net loss on sale of investment securities     —     —     (2,117 )   —     (5,397 )   (2,117 )   (5,397 )
    Net gain on sale of premises and equipment     —     —     7,919     —     —     7,919     —  
    Increase in cash surrender value of bank-owned life insurance     328     315     293     243     260     1,179     928  
    Income from death benefit on bank-owned life insurance, net     1,536     —     —     —     —     1,536     —  
    Other (loss) income     (1,555 )   337     (48 )   572     831     (694 )   3,034  
    Total noninterest income     1,300     1,779     7,347     2,188     (2,929 )   12,614     4,020  
    NONINTEREST EXPENSE                                            
    Compensation and benefits     7,367     8,582     8,588     8,128     7,397     32,665     31,209  
    Data processing     2,065     2,085     2,008     1,944     2,107     8,102     8,170  
    Occupancy and equipment     1,559     1,553     1,799     1,240     1,262     6,151     4,858  
    Supplies, postage, and telephone     296     360     317     293     351     1,266     1,433  
    Regulatory assessments and state taxes     460     548     457     513     376     1,978     1,635  
    Advertising     362     409     377     309     235     1,457     2,706  
    Professional fees     813     698     684     910     1,119     3,105     3,738  
    FDIC insurance premium     491     533     473     386     418     1,883     1,357  
    Other expense     820     1,080     906     580     3,725     3,386     6,348  
    Total noninterest expense     14,233     15,848     15,609     14,303     16,990     59,993     61,454  
    Loss before provision (benefit) for income taxes     (2,451 )   (3,183 )   (2,766 )   843     (6,876 )   (7,557 )   2,675  
    Provision (benefit) for income taxes     359     (1,203 )   (547 )   447     (1,354 )   (944 )   549  
    Net (loss) income   $ (2,810 ) $ (1,980 ) $ (2,219 ) $ 396   $ (5,522 ) $ (6,613 ) $ 2,286  
                                                 
    Basic and diluted (loss) earnings per common share   $ (0.32 ) $ (0.23 ) $ (0.25 ) $ 0.04   $ (0.62 ) $ (0.75 ) $ 0.26  
                                                 
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Selected Loan Detail   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    Construction and land loans breakout                                
    1-4 Family construction   $ 39,319   $ 43,125   $ 56,514   $ 69,075   $ 68,029  
    Multifamily construction     15,407     29,109     43,341     45,776     50,431  
    Nonresidential construction     16,857     17,500     1,015     3,374     3,756  
    Land and development     6,527     5,975     6,403     7,122     7,475  
    Total construction and land loans   $ 78,110   $ 95,709   $ 107,273   $ 125,347   $ 129,691  
                                     
    Auto and other consumer loans breakout                                
    Triad Manufactured Home loans   $ 128,231   $ 129,600   $ 110,510   $ 105,525   $ 105,057  
    Woodside auto loans     117,968     126,129     131,151     128,072     124,401  
    First Help auto loans     14,283     15,971     17,427     8,326     4,516  
    Other auto loans     1,647     2,064     2,690     3,313     4,158  
    Other consumer loans     6,747     7,434     23,845     23,598     10,998  
    Total auto and other consumer loans   $ 268,876   $ 281,198   $ 285,623   $ 268,834   $ 249,130  
                                     
    Commercial business loans breakout                                
    Northpointe Bank MPP   $ 36,230   $ 38,155   $ 9,150   $ 15,047   $ 9,502  
    Secured lines of credit     35,701     37,686     28,862     41,014     35,815  
    Unsecured lines of credit     1,717     1,571     1,133     1,001     456  
    SBA loans     7,044     7,219     7,146     8,944     9,115  
    Other commercial business loans     70,801     70,696     70,803     70,291     57,407  
    Total commercial business loans   $ 151,493   $ 155,327   $ 117,094   $ 136,297   $ 112,295  
    Loans by Collateral and Unfunded Commitments   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		  
    One-to-four family construction   $ 44,468   $ 51,607   $ 49,440   $ 70,100   $ 60,211  
    All other construction and land     34,290     45,166     58,346     55,286     69,484  
    One-to-four family first mortgage     466,046     469,053     434,840     436,543     426,159  
    One-to-four family junior liens     15,090     14,701     13,706     12,608     12,250  
    One-to-four family revolving open-end     51,481     48,459     44,803     45,536     42,479  
    Commercial real estate, owner occupied:                                
    Health care     29,129     29,407     29,678     29,946     22,523  
    Office     17,756     17,901     19,215     17,951     18,468  
    Warehouse     14,948     11,645     14,613     14,683     14,758  
    Other     78,170     64,535     56,292     55,063     61,304  
    Commercial real estate, non-owner occupied:                                
    Office     49,417     49,770     50,158     53,099     53,548  
    Retail     49,591     49,717     50,101     50,478     51,384  
    Hospitality     61,919     62,282     62,628     66,982     67,332  
    Other     81,640     82,573     84,428     93,040     94,822  
    Multi-family residential     333,419     354,118     350,382     339,907     333,428  
    Commercial business loans     77,381     86,904     79,055     90,781     76,920  
    Commercial agriculture and fishing loans     21,833     15,369     14,411     10,200     5,422  
    State and political subdivision obligations     369     404     405     405     405  
    Consumer automobile loans     133,789     144,036     151,121     139,524     132,877  
    Consumer loans secured by other assets     131,429     132,749     129,293     122,895     108,542  
    Consumer loans unsecured     3,658     4,411     5,209     6,415     7,712  
    Total loans   $ 1,695,823   $ 1,734,807   $ 1,698,124   $ 1,711,442   $ 1,660,028  
                                     
    Unfunded commitments under lines of credit or existing loans   $ 163,827   $ 166,446   $ 155,005   $ 148,736   $ 149,631  
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    NET INTEREST MARGIN ANALYSIS
    (Dollars in thousands) (Unaudited)
     
        Three Months Ended December 31,  
        2024   2023  
        Average   Interest         Average   Interest        
        Balance   Earned/   Yield/   Balance   Earned/   Yield/  
        Outstanding   Paid   Rate   Outstanding   Paid   Rate  
        (Dollars in thousands)  
    Interest-earning assets:                                      
    Loans receivable, net (1) (2)   $ 1,688,239   $ 23,716     5.59 % $ 1,628,718   $ 22,083     5.38 %
    Investment securities     313,759     3,658     4.64     297,020     3,393     4.53  
    FHLB dividends     11,762     273     9.23     12,514     252     7.99  
    Interest-earning deposits in banks     45,358     550     4.82     41,974     581     5.49  
    Total interest-earning assets (3)     2,059,118     28,197     5.45     1,980,226     26,309     5.27  
    Noninterest-earning assets     146,384                 147,429              
    Total average assets   $ 2,205,502               $ 2,127,655              
    Interest-bearing liabilities:                                      
    Interest-bearing demand deposits   $ 162,954   $ 210     0.51   $ 172,013   $ 197     0.45  
    Money market accounts     442,481     2,773     2.49     362,366     1,351     1.48  
    Savings accounts     206,605     721     1.39     247,744     963     1.54  
    Certificates of deposit, customer     461,136     4,925     4.25     424,722     4,197     3.92  
    Certificates of deposit, brokered     192,018     2,546     5.27     172,214     2,050     4.72  
    Total interest-bearing deposits (4)     1,465,194     11,175     3.03     1,379,059     8,758     2.52  
    Advances     236,576     2,491     4.19     256,560     2,962     4.58  
    Subordinated debt     39,504     394     3.97     39,425     394     3.96  
    Total interest-bearing liabilities     1,741,274     14,060     3.21     1,675,044     12,114     2.87  
    Noninterest-bearing deposits (4)     256,715                 259,845              
    Other noninterest-bearing liabilities     45,953                 36,795              
    Total average liabilities     2,043,942                 1,971,684              
    Average equity     161,560                 155,971              
    Total average liabilities and equity   $ 2,205,502               $ 2,127,655              
                                           
    Net interest income         $ 14,137               $ 14,195        
    Net interest rate spread                 2.24                 2.40  
    Net earning assets   $ 317,844               $ 305,182              
    Net interest margin (5)                 2.73                 2.84  
    Average interest-earning assets to average interest-bearing liabilities     118.3 %               118.2 %            

    (1) The average loans receivable, net balances include nonaccrual loans.
    (2) Interest earned on loans receivable includes net deferred fees (costs) of $103,000 and ($151,000) for the three months ended December 31, 2024 and 2023, respectively.
    (3) Includes interest-earning deposits (cash) at other financial institutions.
    (4) Cost of all deposits, including noninterest-bearing demand deposits, was 2.58% and 2.12% for the three months ended December 31, 2024 and 2023, respectively.
    (5) Net interest income divided by average interest-earning assets.

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

    Non-GAAP Financial Measures
    This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

    Calculations Based on PPNR and Adjusted PPNR:

        For the Quarter Ended   For the Year Ended  
    (Dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
    Net (loss) income   $ (2,810 ) $ (1,980 ) $ (2,219 ) $ 396   $ (5,522 ) $ (6,613 ) $ 2,286  
    Plus: provision for credit losses     3,655     3,134     8,739     970     1,152     16,498     1,323  
    Provision (benefit) for income taxes     359     (1,203 )   (547 )   447     (1,354 )   (944 )   549  
    PPNR (1)     1,204     (49 )   5,973     1,813     (5,724 )   8,941     4,158  
    Selected nonrecurring adjustments to PPNR                                            
    Less: Net gain on sale of premises and equipment     —     —     7,919     —     —     7,919     —  
    Sale leaseback taxes and assessments included in occupancy and equipment     —     —     (359 )   —     —     (359 )   —  
    Net loss on sale of investment securities     —     —     (2,117 )   —     (5,397 )   (2,117 )   (5,397 )
    Adjusted PPNR (1)   $ 1,204   $ (49 ) $ 530   $ 1,813   $ (327 ) $ 3,498   $ 9,555  
                                                 
    Average total assets   $ 2,205,502   $ 2,209,333   $ 2,219,370   $ 2,166,187   $ 2,127,655   $ 2,200,138   $ 2,109,200  
    Return on average assets (GAAP)     -0.51 %   -0.36 %   -0.40 %   0.07 %   -1.03 %   -0.30 %   0.11 %
    Adjusted PPNR return on average assets (Non-GAAP) (1)     0.22 %   -0.01 %   0.10 %   0.34 %   -0.06 %   0.16 %   0.45 %
    (1) We believe these non-GAAP metrics are useful to evaluate the relative strength of the Company’s performance.
    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)
     
    Calculations Based on Tangible Common Equity:
     
        For the Quarter Ended   For the Year Ended  
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		  
        (Dollars in thousands, except per share data)  
    Total shareholders’ equity   $ 153,882   $ 160,789   $ 158,881   $ 160,506   $ 163,340   $ 153,882   $ 163,340  
    Less: Goodwill and other intangible assets     1,082     1,083     1,084     1,085     1,086     1,082     1,086  
    Disallowed non-mortgage loan servicing rights     423     489     517     489     481     423     481  
    Total tangible common equity   $ 152,377   $ 159,217   $ 157,280   $ 158,932   $ 161,773   $ 152,377   $ 161,773  
                                                 
    Total assets   $ 2,232,006   $ 2,255,486   $ 2,215,962   $ 2,240,020   $ 2,201,797   $ 2,232,006   $ 2,201,797  
    Less: Goodwill and other intangible assets     1,082     1,083     1,084     1,085     1,086     1,082     1,086  
    Disallowed non-mortgage loan servicing rights     423     489     517     489     481     423     481  
    Total tangible assets   $ 2,230,501   $ 2,253,914   $ 2,214,361   $ 2,238,446   $ 2,200,230   $ 2,230,501   $ 2,200,230  
                                                 
    Average shareholders’ equity   $ 161,560   $ 160,479   $ 163,079   $ 161,867   $ 155,971   $ 161,742   $ 159,413  
    Less: Average goodwill and other intangible assets     1,083     1,084     1,085     1,085     1,086     1,084     1,087  
    Average disallowed non-mortgage loan servicing rights     489     517     489     481     608     494     670  
    Total average tangible common equity   $ 159,988   $ 158,878   $ 161,505   $ 160,301   $ 154,277   $ 160,164   $ 157,656  
                                                 
    Net (loss) income   $ (2,810 ) $ (1,980 ) $ (2,219 ) $ 396   $ (5,522 ) $ (6,613 ) $ 2,286  
    Common shares outstanding     9,353,348     9,365,979     9,453,247     9,442,796     9,611,876     9,353,348     9,611,876  
    GAAP Ratios:                                            
    Equity to total assets     6.89 %   7.13 %   7.17 %   7.17 %   7.42 %   6.89 %   7.42 %
    Return on average equity     -6.92 %   -4.91 %   -5.47 %   0.98 %   -14.05 %   -4.09 %   1.43 %
    Book value per common share   $ 16.45   $ 17.17   $ 16.81   $ 17.00   $ 16.99   $ 16.45   $ 16.99  
    Non-GAAP Ratios:                                            
    Tangible common equity to tangible assets (1)     6.83 %   7.06 %   7.10 %   7.10 %   7.35 %   6.83 %   7.35 %
    Return on average tangible common equity (1)     -6.99 %   -4.96 %   -5.53 %   0.99 %   -14.20 %   -4.13 %   1.45 %
    Tangible book value per common share (1)   $ 16.29   $ 17.00   $ 16.64   $ 16.83   $ 16.83   $ 16.29   $ 16.83  
    (1 ) We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

    The MIL Network –

  • MIL-OSI: Stifel Reports Fourth Quarter and Full Year Results

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.36 billion for the three months ended December 31, 2024, compared with $1.15 billion a year ago. Net income available to common shareholders of $234.7 million, or $2.09 per diluted common share, compared with $153.2 million, or $1.38 per diluted common share for the fourth quarter of 2023. Non-GAAP net income available to common shareholders of $249.7 million, or $2.23 per diluted common share for the fourth quarter of 2024.

    Net revenues of $4.97 billion for the year ended December 31, 2024 compared to $4.35 billion a year ago. Net income available to common shareholders of $694.1 million, or $6.25 per diluted common share, compared with $485.3 million, or $4.28 per diluted common share in 2023. Non-GAAP net income available to common shareholders of $755.9 million, or $6.81 per diluted common share in 2024.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel generated record net revenue and the second highest earnings per share in our history in 2024. The fact that we accomplished this level of performance in a year when our Institutional segment was rebounding from a very difficult operating environment in 2023 is a testament to the strength and diversity of our business model. Given our long history of profitable growth, Stifel is well positioned to capitalize on improving market conditions in 2025 and to achieve our short and long term targets.”

    Full Year Highlights

    • The Company reported record net revenues of $4.97 billion driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.
    • Non-GAAP net income available to common shareholders of $6.81.
    • Record asset management revenues, up 18% over 2023.
    • Record client assets of $501.4 billion, up 13% over 2023.
    • Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors.
    • Non-GAAP pre-tax margin of 20%.
    • Return on average tangible common equity (ROTCE) (5) of 23%.
    • Tangible book value per common share (7) of $34.99, up 12% from prior year.


    Fourth Quarter Highlights

    • Quarterly record net revenues of $1.36 billion.
    • Non-GAAP net income available to common shareholders of $2.23.
    • Investment banking revenue increased 48% over the year-ago quarter, driven by higher advisory and capital raising revenues.
      • Capital raising revenues increased 50% over the year-ago quarter.
      • Advisory revenues increased 47% over the year-ago quarter.
    • Non-GAAP pre-tax margin of 21%.
    • Annualized ROTCE (5) of 28%.

    Other Highlights

    • Board of Directors authorized a 10% increase in common stock dividend starting in the first quarter of 2025.
    • Announced the acquisition of Bryan, Garnier, & Co.
    Financial Summary (Unaudited)
    (000s) 4Q 2024 4Q 2023 FY 2024 FY 2023
    GAAP Financial Highlights:      
    Net revenues $1,364,682   $1,146,379   $4,970,320   $4,348,944  
    Net income (1) $234,685   $153,164   $694,098   $485,255  
    Diluted EPS (1) $2.09   $1.38   $6.25   $4.28  
    Comp. ratio 58.3%   58.8%   58.7%   58.7%  
    Non-comp. ratio 22.2%   23.2%   22.6%   25.1%  
    Pre-tax margin 19.5%   18.0%   18.7%   16.2%  
    Non-GAAP Financial Highlights:      
    Net revenues $1,364,721   $1,146,419   $4,971,051   $4,348,958  
    Net income (1)(2) $249,710   $166,587   $755,896   $531,524  
    Diluted EPS (1) (2) $2.23   $1.50   $6.81   $4.68  
    Comp. ratio (2) 58.0%   58.0%   58.0%   58.0%  
    Non-comp. ratio (2) 21.3%   22.6%   21.9%   24.3%  
    Pre-tax margin (3) 20.7%   19.4%   20.1%   17.7%  
    ROCE (4) 20.1%   14.6%   15.9%   11.5%  
    ROTCE (5) 28.3%   21.3%   22.7%   16.6%  
    Global Wealth Management (assets and loans in millions)  
    Net revenues $865,209   $766,028   $3,283,960   $3,049,962  
    Pre-tax net income $316,318   $301,360   $1,207,942   $1,215,822  
    Total client assets $501,402   $444,318      
    Fee-based client assets $192,705   $165,301      
    Bank loans, net (6) $21,311   $19,730      
    Institutional Group        
    Net revenues $478,335   $359,292   $1,592,833   $1,226,317  
    Equity $280,159   $200,915   $926,729   $709,286  
    Fixed Income $198,176   $158,377   $666,104   $517,031  
    Pre-tax net income $95,681   $7,771   $223,400   $2,100  

    Global Wealth Management

    Fourth Quarter Results

    Global Wealth Management reported record net revenues of $865.2 million for the three months ended December 31, 2024 compared with $766.0 million during the fourth quarter of 2023. Pre-tax net income was $316.3 million compared with $301.4 million in the fourth quarter of 2023.

    Highlights

    • Client assets of $501.4 billion, up 13% over the year-ago quarter.
    • Fee-based client assets of $192.7 billion, up 17% over the year-ago quarter.
    • Recruited 8 financial advisors during the quarter, including 4 experienced employee advisors with total trailing 12 month production of $8 million.

    Net revenues increased 13% from a year ago:

    • Transactional revenues increased 18% over the year-ago quarter reflecting an increase in client activity.
    • Asset management revenues increased 23% over the year-ago quarter reflecting higher asset values as a result of improved market conditions and net cash inflows.
    • Net interest income decreased 1% from the year-ago quarter primarily as a result of lower rates, partially offset by balance sheet growth.

    Total Expenses:

    • Compensation expense as percent of net revenues increased to 48.5% primarily as a result of higher compensable revenues.
    • Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.
    • Non-compensation operating expenses as a percent of net revenues increased to 14.9% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth.
    Summary Results of Operations  
    (000s) 4Q 2024 4Q 2023  
    Net revenues $865,209   $766,028    
    Transactional revenues   200,564     169,471    
    Asset management   405,800     330,498    
    Net interest income   254,337     257,920    
    Investment banking   5,198     4,562    
    Other income   (690)     3,577    
    Total expenses $548,891   $464,668    
    Compensation expense   419,466     359,376    
    Provision for credit losses   11,893     (37)    
    Non-comp. opex   117,532     105,329    
    Pre-tax net income $316,318   $301,360    
    Compensation ratio   48.5%     46.9%    
    Non-compensation ratio   14.9%     13.8%    
    Pre-tax margin   36.6%     39.3%    

    Institutional Group

    Fourth Quarter Results

    Institutional Group reported net revenues of $478.3 million for the three months ended December 31, 2024 compared with $359.3 million during the fourth quarter of 2023. Pre-tax net income was $95.7 million compared with $7.8 million in the fourth quarter of 2023.

    Highlights

    Investment banking revenues increased 49% from a year ago:

    • Advisory revenues of $189.9 million increased 47% from the year-ago quarter driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues increased 53% over the year-ago quarter primarily driven by higher bond issuances.
    • Equity capital raising revenues increased 52% over the year-ago quarter driven by higher volumes.

    Fixed income transactional revenues increased 16% from a year ago:

    • Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and realized trading gains.

    Equity transactional revenues increased 5% from a year ago:

    • Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

    Total Expenses:

    • Compensation expense as a percent of net revenues decreased to 58.6% primarily as a result of higher revenues.
    • Non-compensation operating expenses as a percent of net revenues decreased to 21.4% primarily as a result of revenue growth.
    Summary Results of Operations  
    (000s)  4Q 2024  4Q 2023  
    Net revenues $478,335   $359,292    
    Investment banking   299,221     201,102    
    Advisory   189,912     129,378    
    Fixed income capital raising   61,424     40,214    
    Equity capital raising   47,885     31,510    
    Fixed income transactional   118,700     102,019    
    Equity transactional   59,409     56,501    
    Other   1,005     (330)    
    Total expenses $382,654   $351,521    
    Compensation expense   280,261     248,970    
    Non-comp. opex.   102,393     102,551    
    Pre-tax net income $95,681   $7,771    
    Compensation ratio   58.6%     69.3%    
    Non-compensation ratio   21.4%     28.5%    
    Pre-tax margin   20.0%     2.2%    

    Global Wealth Management

    Full Year Results

    Global Wealth Management reported record net revenues of $3.3 billion for the year ended December 31, 2024 compared with $3.0 billion in 2023. Pre-tax net income of $1.2 billion decreased 1% from 2023.

    Highlights

    • Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors with total trailing 12 month production of $37 million.

    Net revenues increased 8% from prior year:

    • Transactional revenues increased 15% from prior year reflecting an increase in client activity.
    • Asset management revenues increased 18% from prior year reflecting higher asset values as a result of improved market conditions and net cash inflows.
    • Net interest income decreased 11% from prior year primarily driven by changes in the deposit mix, partially offset by lending growth and higher rates.

    Total Expenses:

    • Compensation expense as a percent of net revenues increased to 48.9% primarily as a result of higher compensable revenues.
    • Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.
    • Non-compensation operating expenses as a percent of net revenues increased to 14.3% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth.
    Summary Results of Operations  
    (000s) FY 2024 FY 2023  
    Net revenues $3,283,960   $3,049,962    
    Transactional revenues   752,352     654,231    
    Asset management   1,536,296     1,299,361    
    Net interest income   967,712     1,086,628    
    Investment banking   21,475     16,680    
    Other income   6,125     (6,938)    
    Total expenses $2,076,018   $1,834,140    
    Compensation expense   1,605,148     1,415,210    
    Provision for credit losses   25,102     22,699    
    Non-comp. opex   445,768     396,231    
    Pre-tax net income $1,207,942   $1,215,822    
    Compensation ratio   48.9%     46.4%    
    Non-compensation ratio   14.3%     13.7%    
    Pre-tax margin   36.8%     39.9%    

    Institutional Group

    Full Year Results

    Institutional Group reported net revenues of $1.6 billion for the year ended December 31, 2024 compared with $1.2 billion in 2023. Pre-tax net income was $223.4 million compared with $2.1 million in 2023.

    Highlights

    Investment banking revenues increased 36% from prior year:

    • Advisory revenues of $577.4 million increased 24% from prior year driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues increased 48% from prior year driven by an increase in our corporate debt issuance business.
    • Equity capital raising revenues increased 74% from prior year driven by higher volumes.

    Fixed income transactional revenues increased 27% from prior year:

    • Fixed income transactional revenues increased from prior year driven by improved client engagement, market volatility, and realized trading gains.

    Equity transactional revenues increased 7% from prior year:

    • Equity transactional revenues increased from prior year driven by an increase in equities trading commissions.

    Total Expenses:

    • Compensation expense as a percent of net revenues decreased to 60.2% primarily as a result of higher revenues.
    • Non-compensation operating expenses as a percent of net revenues decreased to 25.8% as a result of revenue growth and expense discipline.
    Summary Results of Operations  
    (000s)  FY 2024 FY 2023  
    Net revenues $1,592,833   $1,226,317    
    Investment banking   973,356     714,575    
    Advisory   577,432     465,588    
    Fixed income capital raising   209,047     141,647    
    Equity capital raising   186,877     107,340    
    Fixed income transactional   393,013     308,393    
    Equity transactional   215,223     201,413    
    Other   11,241     1,936    
    Total expenses $1,369,433   $1,224,217    
    Compensation expense   959,602     841,671    
    Non-comp. opex.   409,831     382,546    
    Pre-tax net income $223,400   $2,100    
    Compensation ratio   60.2%     68.6%    
    Non-compensation ratio   25.8%     31.2%    
    Pre-tax margin   14.0%     0.2%    

    Other Matters

    Highlights

    • Total assets increased $2.1 billion, or 6%, over the year-ago quarter.
    • The Board of Directors approved a 10% increase in the quarterly dividend to $0.46 per common share starting in the first quarter of 2025.
    • The Company repurchased $45.5 million of its outstanding common stock during the fourth quarter. During 2024, the Company repurchased $242.6 million of its outstanding common stock.
    • Weighted average diluted shares outstanding increased from the year-ago quarter as a result of the increase in share price and a decrease in share repurchases over the comparable period.
    • The effective tax rate was primarily impacted by the benefit related to the tax impact on stock-based compensation.
    • The Board of Directors declared a $0.42 quarterly dividend per share payable on December 16, 2024 to common shareholders of record on December 2, 2024.
    • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 16, 2024 to shareholders of record on December 2, 2024.
      4Q 2024 4Q 2023 FY 2024 FY 2023
    Common stock repurchases      
    Repurchases (000s) $45,461   $141,138   $242,628   $518,296  
    Number of shares (000s)   408     2,345     3,140     8,475  
    Average price $111.30   $60.18   $77.28   $61.16  
    Period end shares (000s)   102,171     101,062     102,171     101,062  
    Weighted average diluted shares outstanding (000s)   112,089     111,330     110,975     113,453  
    Effective tax rate   8.3%     21.1%     21.2%     26.1%  
    Stifel Financial Corp. (8)
    Tier 1 common capital ratio   15.4%     14.2%      
    Tier 1 risk based capital ratio   18.2%     17.2%      
    Tier 1 leverage capital ratio   11.4%     10.5%      
    Tier 1 capital (MM) $4,331   $3,916      
    Risk weighted assets (MM) $23,742   $22,748      
    Average assets (MM) $38,073   $37,451      
    Quarter end assets (MM) $39,896   $37,727      
    Agency Rating Outlook    
    Fitch Ratings BBB+ Stable    
    S&P Global Ratings BBB Stable    

    Conference Call Information

    Stifel Financial Corp. will host its fourth quarter and full year 2024 financial results conference call on Wednesday, January 29, 2025, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

    A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

    The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

    Cautionary Note Regarding Forward-Looking Statements

    This earnings release contains certain statements that may be deemed to be “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. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

    Summary Results of Operations (Unaudited)

      Three Months Ended   Year Ended
    (000s, except per share amounts) 12/31/2024 12/31/2023 % Change 9/30/2024 % Change 12/31/2024 12/31/2023 % Change
    Revenues:                
    Commissions $ 203,786 $ 173,614 17.4   $ 183,445 11.1   $ 756,024 $ 673,597 12.2  
    Principal transactions   174,887   154,377 13.3     137,089 27.6     604,564   490,440 23.3  
    Investment banking   304,419   205,664 48.0     243,182 25.2     994,831   731,255 36.0  
    Asset management   405,825   330,536 22.8     382,616 6.1     1,536,674   1,299,496 18.3  
    Other income   3,294   9,687 (66.0 )   18,705 (82.4 )   43,129   8,747 393.1  
    Operating revenues   1,092,211   873,878 25.0     965,037 13.2     3,935,222   3,203,535 22.8  
    Interest revenue   500,661   516,213 (3.0 )   510,823 (2.0 )   2,016,464   1,955,745 3.1  
    Total revenues   1,592,872   1,390,091 14.6     1,475,860 7.9     5,951,686   5,159,280 15.4  
    Interest expense   228,190   243,712 (6.4 )   251,192 (9.2 )   981,366   810,336 21.1  
    Net revenues   1,364,682   1,146,379 19.0     1,224,668 11.4     4,970,320   4,348,944 14.3  
    Non-interest expenses:                
    Compensation and benefits   795,750   674,437 18.0     718,065 10.8     2,916,229   2,554,581 14.2  
    Non-compensation operating expenses   302,731   265,947 13.8     289,945 4.4     1,125,647   1,087,671 3.5  
    Total non-interest expenses   1,098,481   940,384 16.8     1,008,010 9.0     4,041,876   3,642,252 11.0  
    Income before income taxes   266,201   205,995 29.2     216,658 22.9     928,444   706,692 31.4  
    Provision for income taxes   22,196   43,511 (49.0 )   58,153 (61.8 )   197,065   184,156 7.0  
    Net income   244,005   162,484 50.2     158,505 53.9     731,379   522,536 40.0  
    Preferred dividends   9,320   9,320 0.0     9,320 0.0     37,281   37,281 0.0  
    Net income available to common shareholders $ 234,685 $ 153,164 53.2   $ 149,185 57.3   $ 694,098 $ 485,255 43.0  
    Earnings per common share:                
    Basic $ 2.26 $ 1.47 53.7   $ 1.43 58.0   $ 6.67 $ 4.55 46.6  
    Diluted $ 2.09 $ 1.38 51.4   $ 1.34 56.0   $ 6.25 $ 4.28 46.0  
    Cash dividends declared per common share $ 0.42 $ 0.36 16.7   $ 0.42 0.0   $ 1.68 $ 1.44 16.7  
    Weighted average number of common shares outstanding:          
    Basic   103,856   103,934 (0.1 )   103,966 (0.1 )   104,066   106,661 (2.4 )
    Diluted   112,089   111,330 0.7     110,994 1.0     110,975   113,453 (2.2 )

    Non-GAAP Financial Measures (9)

      Three Months Ended Year Ended
    (000s, except per share amounts) 12/31/2024 12/31/2023 12/31/2024 12/31/2023
    GAAP net income $244,005   $162,484   $731,379   $522,536  
    Preferred dividend   9,320     9,320     37,281     37,281  
    Net income available to common shareholders   234,685     153,164     694,098     485,255  
             
    Non-GAAP adjustments:        
    Merger-related (10)   16,820     16,921     60,745     63,222  
    Restructuring and severance (11)   (430)     —     10,792     —  
    Provision for income taxes (12)   (1,365)     (3,498)     (9,739)     (16,953)  
    Total non-GAAP adjustments   15,025     13,423     61,798     46,269  
    Non-GAAP net income available to common shareholders $249,710   $166,587   $755,896   $531,524  
             
    Weighted average diluted shares outstanding   112,089     111,330     110,975     113,453  
             
    GAAP earnings per diluted common share $2.18   $1.46   $6.59   $4.61  
    Non-GAAP adjustments   0.14     0.12     0.56     0.40  
    Non-GAAP earnings per diluted common share $2.32   $1.58   $7.15   $5.01  
             
    GAAP earnings per diluted common share available to common shareholders $2.09   $1.38   $6.25   $4.28  
    Non-GAAP adjustments   0.14     0.12     0.56     0.40  
    Non-GAAP earnings per diluted common share available to common shareholders $2.23   $1.50   $6.81   $4.68  


    GAAP to Non-GAAP Reconciliation     (9)

      Three Months Ended Year Ended
    (000s) 12/31/2024 12/31/2023 12/31/2024 12/31/2023
    GAAP compensation and benefits $795,750   $674,437   $2,916,229   $2,554,581  
    As a percentage of net revenues   58.3%     58.8%     58.7%     58.7%  
    Non-GAAP adjustments:        
    Merger-related (10)   (4,641)     (9,203)     (22,039)     (32,150)  
    Restructuring and severance (11)   430     —     (10,792)     —  
    Total non-GAAP adjustments   (4,211)     (9,203)     (32,831)     (32,150)  
    Non-GAAP compensation and benefits $791,539   $665,234   $2,883,398   $2,522,431  
    As a percentage of non-GAAP net revenues   58.0%     58.0%     58.0%     58.0%  
             
    GAAP non-compensation expenses $302,731   $265,947   $1,125,647   $1,087,671  
    As a percentage of net revenues   22.2%     23.2%     22.6%     25.1%  
    Non-GAAP adjustments:        
    Merger-related (10)   (12,140)     (7,678)     (37,975)     (31,058)  
    Non-GAAP non-compensation expenses $290,591   $258,269   $1,087,672   $1,056,613  
    As a percentage of non-GAAP net revenues   21.3%     22.6%     21.9%     24.3%  
    Total adjustments $16,390   $16,921   $71,537   $63,222  

    Footnotes

    (1)   Represents available to common shareholders.

    (2)   Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

    (3)   Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

    (4)   Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

    (5)   Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $80.3 million and $71.1 million as of December 31, 2024 and 2023, respectively.

    (6)   Includes loans held for sale.

    (7)   Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

    (8)   Capital ratios are estimates at time of the Company’s earnings release, January 29, 2025.

    (9)   The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

    (10)   Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

    (11)   The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

    (12)   Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations 

    The MIL Network –

  • MIL-OSI: LoCorr Funds Launches Innovative Strategic Allocation Fund

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Jan. 29, 2025 (GLOBE NEWSWIRE) — LoCorr Funds, a leader in low-correlating alternative investments, is pleased to announce the launch of the LoCorr Strategic Allocation Fund (LSAIX, LSAAX), a daily liquid mutual fund designed to help investors capture equity market upside while mitigating downside losses during periods of market stress. The Fund combines tax-managed equities and multi-manager futures strategies to deliver a tax-efficient solution for navigating today’s volatile markets and to position portfolios for long-term success.

    The Fund employs low correlating and complementary investment strategies targeting approximately 50% exposure to a tax-managed U.S. Equity strategy and 50% exposure to trend following and other futures strategies. The product’s equity exposure includes a distinctive, active tax-loss harvesting process that seeks to improve the overall tax efficiency by potentially offsetting gains in the portfolio. The futures exposure takes long and short positions across equities, fixed income, currencies, and commodities in more than 250 global markets, providing diversification when stocks and bonds struggle. The Fund follows a strategic asset allocation strategy and is rebalanced daily.

    “We are excited to offer advisors access to a next-generation strategy diversifying equity risk by combining tax-managed equities and managed futures to position the portfolio for better risk-adjusted returns,” said Kevin Kinzie, CEO of LoCorr Funds. “With markets at all-time highs, we have seen a growing appetite for strategies that can profit if the current equity bull market continues but can also potentially mitigate the downside if we enter a bearish environment.”

    The equity tax-managed portion is sub-advised by Parametric Portfolio Associates LLC, while the futures portfolio is sub-advised by BH-DG Systematic Trading LLP, Crabel Capital Management LLC, and P/E Global LLC.

    The Strategic Allocation Fund joins the recently launched Hedged Core Fund (LHEIX, LHEAX), along with LoCorr’s suite of five long-standing mutual funds, each with track records over a decade, and a private fund that formed in 1990.

    About LoCorr Funds
    LoCorr Funds is a leading provider of low-correlating investment strategies, founded on the belief that non-traditional investment strategies with low correlation to stocks and bonds can reduce risk and help increase portfolio returns. LoCorr offers investment solutions that not only provide the potential for positive returns in rising or falling markets but also help to achieve diversification in investment portfolios. LoCorr Funds is headquartered in Excelsior, MN. For more information, please visit www.LoCorrFunds.com or call 1.888.628.2887.

    The Strategic Allocation Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1.855.LCFUNDS, or visiting www.LoCorrFunds.com. Read it carefully before investing.

    Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign investments and foreign currencies which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Investing in commodities may subject the Fund to greater risks and volatility as commodity prices may be influenced by a variety of factors including unfavorable weather, environmental factors, and changes in government regulations. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks, and, depending upon the characteristics of a particular derivative, suddenly can become illiquid. Derivative contracts ordinarily have leverage inherent in their terms which can magnify the Fund’s potential for gains or losses through increased long and short position exposure. The Fund may access derivatives via a swap agreement. A risk of a swap agreement is the risk that the counterparty to the agreement will default on its obligation to pay the Fund. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed, Mortgage-Backed, and Collateralized Mortgage-Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the Fund, and money borrowed will be subject to interest costs. One cannot invest directly in an index.

    Diversification does not assure a profit nor protect against loss in a declining market. Correlation measures how much the returns of two investments move together over time. Past performance is not necessarily indicative of future results.

    The LoCorr Funds are distributed by Quasar Distributors, LLC. © 2025 LoCorr Funds

    The MIL Network –

  • MIL-OSI: Fidelity D & D Bancorp, Inc. Reports 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank (“the Company”), announced its unaudited, consolidated financial results for the three and twelve month periods ended December 31, 2024.

    Unaudited Financial Information

    Net income recorded for the year ended December 31, 2024 was $20.8 million, or $3.60 diluted earnings per share, compared to $18.2 million, or $3.19 diluted earnings per share, for the year ended December 31, 2023. The $2.6 million, or 14% increase in net income resulted primarily from the $7.6 million increase in non-interest income for 2024 compared to 2023. During 2023, the Company sold available-for-sale securities resulting in a $6.5 million loss, $5.1 million net of tax, which was the primary reason for the change in non-interest income. This was partially offset by the $3.7 million increase in non-interest expense.

    Net income for the quarter ended December 31, 2024 was $5.8 million, or $1.01 diluted earnings per share, compared to $0.5 million, or $0.08 diluted earnings per share, for the quarter ended December 31, 2023. The $5.3 million increase in net income stemmed from a $6.5 million loss, $5.1 million net of tax, on the sale of securities which lowered non-interest income for the fourth quarter of 2023. This is coupled with a $1.5 million increase in net interest income to $16.4 million in the fourth quarter of 2024, compared to $14.9 million in the same quarter of 2023. These increases are offset by a $1.6 million increase in non-interest expense.

    “We are pleased to post solid performance in Q4, attributable to the execution of our strategic initiatives and improvement in our net interest margin,” said Dan Santaniello, President and CEO. “Strong deposit and lending growth, along with positive balance sheet trends and credit metrics contributed to the achievement of year end asset balances of $2.6 billion and $20.8 million in net income. I would like to thank our bankers for their efforts and dedication in continuing to serve our clients, our shareholders and our communities well, positioning us for a strong 2025.”

    Consolidated Year-To-Date Operating Results Overview

    Net interest income was $61.9 million for the year ended December 31, 2024 compared to $62.1 million for the year ended December 31, 2023. The $0.2 million, or less than 1%, decline was the result of interest expense growing faster than interest income. On the asset side, the loan portfolio caused interest income growth by producing $12.6 million more in interest income primarily from an increase of 45 basis points in the fully-taxable equivalent (“FTE”) loan yields on $106.1 million in higher average balances. On the funding side, total interest expense increased by $13.4 million due to an increase in interest expense paid on deposits of $14.2 million from a 72 basis point higher rate paid on a $111.0 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $0.8 million for the twelve months ended December 31, 2024 compared to the same period in 2023.

    The overall cost of interest-bearing liabilities was 2.60% for the twelve months ended December 31, 2024 compared to 1.93% for the twelve months ended December 31, 2023. The cost of funds increased 55 basis points to 1.99% for the twelve months ended December 31, 2024 from 1.44% for the same period of 2023. The FTE yield on interest-earning assets was 4.62% for the year ended December 31, 2024, an increase of 44 basis points from the 4.18% for the same period of 2023. The Company’s FTE (non-GAAP measurement) net interest spread was 2.02% for the twelve months ended December 31, 2024, a decrease of 23 basis points from the 2.25% recorded for the same period of 2023. FTE net interest margin decreased by 9 basis points to 2.72% for the twelve months ended December 31, 2024 from 2.81% for the same 2023 period due to the increase of 67 basis points in rates paid on interest-bearing liabilities growing at a faster pace than the increase of 44 basis points in yields on interest-earning assets.

    For the year ended December 31, 2024, the provision for credit losses on loans was $1.3 million and the provision for credit losses on unfunded commitments was $0.1 million, compared to a $1.5 million provision for credit losses on loans and a $0.2 million net benefit for the provision for unfunded commitments for the year ended December 31, 2023. For the year ended December 31, 2024, the decrease in the provision for credit losses on loans compared to the prior year period was due to lower net charge-offs coupled with improved economic forecast assumptions. For the year ended December 31, 2024, the increase in the provision for credit losses on unfunded commitments compared to the prior period was due to growth in unfunded commitments, specifically in commercial construction commitments.

    Total non-interest income for the year ended December 31, 2024 was $19.0 million, an increase of $7.6 million, or 67%, from $11.4 million for the year ended December 31, 2023. The primary driver of the large increase was a $6.5 million loss recognized on the sale of securities during 2023. The remaining $1.1 million increase resulted from increases of $0.6 million in additional trust fiduciary fees, $0.3 million in additional service charges on loans, $0.2 million more in debit card interchange fees and $0.1 million higher fees from financial services. Partially offsetting these increases, the Company received $0.3 million in recoveries from acquired charged-off loans during 2023. Additionally, the Company experienced a decrease of $0.2 million in fees from commercial loans with interest rate hedges compared to 2023.

    Non-interest expenses increased to $55.5 million for the year ended December 31, 2024, an increase of $3.6 million, or 7%, from $51.9 million for the year ended December 31, 2023. Salaries and benefits expense increased $3.2 million due to an increase in employees and incentive-based compensation throughout the year ended December 31, 2024. There were additional increases throughout the period in professional fees of $0.6 million, and PA shares tax of $0.3 million. The increases were partially offset by $0.5 million less in fraud losses and $0.3 million less advertising and marketing expenses.

    The provision for income taxes increased $1.0 million during 2024 compared to 2023 due to $3.6 million higher income before taxes.

    Consolidated Fourth Quarter Operating Results Overview

    Net interest income was $16.4 million for the fourth quarter of 2024, a 10% increase over the $14.9 million earned for the fourth quarter of 2023. The $1.5 million increase in net interest income resulted from the increase of $3.2 million in interest income primarily due to a $131.7 million increase in the average balance of interest-earning assets and a 32 basis point increase in the FTE yield. The loan portfolio had the biggest impact, producing a $3.2 million increase in interest income from $132.1 million in higher quarterly average balances and an increase of 37 basis points in the FTE loan yield. Slightly offsetting the higher interest income is a $1.7 million increase in interest expense due to a 24 basis point increase in the rates paid on interest-bearing liabilities coupled with a $152.4 million quarter-over-quarter increase in average interest-bearing deposit balances. The largest contributor to the increase in interest expense was due to growth in average balances and a 31 basis point increase in the rates paid on interest-bearing deposits.

    The overall cost of interest-bearing liabilities was 2.60% for the fourth quarter of 2024, an increase of 24 basis points from the 2.36% paid for the fourth quarter of 2023. The cost of funds increased 21 basis points to 2.00% for the fourth quarter of 2024 from 1.79% for the fourth quarter of 2023. The Company’s FTE (non-GAAP measurement) net interest spread was 2.08% for the fourth quarter of 2024, up 8 basis points from the 2.00% recorded for the fourth quarter of 2023. FTE net interest margin increased by 12 basis points to 2.78% for the three months ended December 31, 2024 from 2.66% for the same 2023 period due to the increase of 32 basis points in the yields on interest-earning assets growing slightly faster than increase of 24 basis points in rates paid on interest-bearing liabilities.

    For the three months ended December 31, 2024, the provision for credit losses on loans was $0.2 million partially offset by a $0.1 million net benefit in the provision for unfunded commitments, compared to a $0.1 million provision for credit losses on loans and a $0.1 million net benefit in the provision for credit losses on unfunded loan commitments for the three months ended December 31, 2023. For the three months ended December 31, 2024, the increase in the provision for credit losses on loans compared to the prior year period was due to higher net charge-offs compared to the same period of 2023. For the three months ended December 31, 2024, the $0.1 million net benefit for credit losses on unfunded commitments, which was unchanged from the prior year period, was due to a reduction in unfunded commitments as funds were advanced during the quarter.

    Total non-interest income increased $6.8 million to $4.8 million in the fourth quarter of 2024 compared to the same period of 2023 primarily due to the $6.5 million loss recognized on the sale of securities during the fourth quarter of 2023. Additionally, the Company experienced an increase of $0.2 million in trust fiduciary activities revenue.

    Non-interest expenses increased $1.6 million, or 12%, for the fourth quarter of 2024 to $14.4 million from $12.8 million for the same quarter of 2023. The increase in non-interest expenses was primarily due to $1.2 million increase in salaries and benefits expense from higher salaries related to new hires and banker incentives. There were also increases in professional services of $0.3 million, data center services of $0.1 million, and PA shares tax of $0.1 million.

    The provision for income taxes increased $1.2 million during the fourth quarter of 2024 primarily due to the higher level of operating income compared to the fourth quarter of 2023.

    Consolidated Balance Sheet & Asset Quality Overview

    The Company’s total assets grew to $2.6 billion as of December 31, 2024, an increase of $81.5 million from December 31, 2023. The increase resulted from $114.3 million in growth in the loans and leases portfolio during the twelve months ended December 31, 2024. Asset growth was offset by a decline in cash and cash equivalents by $28.6 million and a decrease in the investment portfolio by $11.1 million. The decline in the investment portfolio was primarily due to $22.0 million in paydowns partially offset by a $15.4 million in purchases within the available-for-sale securities portfolio. As of December 31, 2024, the market value of held-to-maturity securities decreased by $2.6 million compared to December 31, 2023, bringing the portfolio down to a $31.2 million unrealized loss position.

    During the same time period, total liabilities increased $67.0 million, or 3%. Deposit growth of $182.4 million was utilized to fund loan growth and pay-off of short-term borrowings as of December 31, 2024. The Company experienced an increase of $110.4 million in money market deposits and an increase of $125.9 million in time deposits due to promotional rates offered as a result of market competition. The growth in these products was partially offset by a decrease of $53.9 million in checking and savings account balances as of December 31, 2024. This decrease resulted primarily from declines experienced in average balances per checking and saving account, even though the number of accounts in each product grew throughout 2024. Also as of December 31, 2024, checking deposit balances remained at more than half of total deposits. As of December 31, 2024, the ratio of insured and collateralized deposits to total deposits was approximately 76%.

    Shareholders’ equity increased $14.5 million, or 8%, to $204.0 million at December 31, 2024 from $189.5 million at December 31, 2023. The increase was caused by $11.9 million higher retained earnings from net income of $20.8 million plus a $0.9 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $8.9 million in cash dividends paid to shareholders. An additional $1.7 million was recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense. At December 31, 2024, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.22% of total average assets as of December 31, 2024. Total risk-based capital was 14.78% of risk-weighted assets and Tier 1 risk-based capital was 13.60% of risk-weighted assets as of December 31, 2024. Tangible book value per share was $31.98 at December 31, 2024 compared to $29.57 at December 31, 2023. Tangible common equity was 7.16% of total assets at December 31, 2024 compared to 6.79% at December 31, 2023.

    Asset Quality

    Total non-performing assets were $7.8 million, or 0.30% of total assets at December 31, 2024, compared to $3.3 million, or 0.13% of total assets at December 31, 2023. Past due and non-accrual loans to total loans were 0.71% at December 31, 2024 compared to 0.46% at December 31, 2023. Net charge-offs to average total loans were 0.03% at December 31, 2024 compared to 0.04% at December 31, 2023.

    About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

    Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

    Non-GAAP Financial Measures

    The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

    Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (“FTE”), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2024 and 2023.

    Forward-looking statements

    Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

    The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

      ■ local, regional and national economic conditions and changes thereto;
      ■ the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
      ■ the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
      ■ securities markets and monetary fluctuations and volatility;
      ■ disruption of credit and equity markets;
      ■ impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
      ■ governmental monetary and fiscal policies, as well as legislative and regulatory changes;
      ■ effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
      ■ the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
      ■ the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
      ■ the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
      ■ the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
      ■  the effects of economic conditions of any pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
      ■  the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
      ■  technological changes;
      ■  the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
      ■  acquisitions and integration of acquired businesses;
      ■  the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
      ■  acts of war or terrorism; and
      ■  the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

    For more information please visit our investor relations web site located through www.bankatfidelity.com.

    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   December 31, 2024     December 31, 2023  
    Assets                
    Cash and cash equivalents   $ 83,353     $ 111,949  
    Investment securities     557,221       568,273  
    Restricted investments in bank stock     3,961       3,905  
    Loans and leases     1,800,856       1,686,555  
    Allowance for credit losses on loans     (19,666 )     (18,806 )
    Premises and equipment, net     35,914       34,232  
    Life insurance cash surrender value     58,069       54,572  
    Goodwill and core deposit intangible     20,504       20,812  
    Other assets     44,404       41,667  
                     
    Total assets   $ 2,584,616     $ 2,503,159  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 533,935     $ 536,143  
    Interest-bearing deposits     1,806,885       1,622,282  
    Total deposits     2,340,820       2,158,425  
    Short-term borrowings     –       117,000  
    Secured borrowings     6,266       7,372  
    Other liabilities     33,561       30,883  
    Total liabilities     2,380,647       2,313,680  
                     
    Shareholders’ equity     203,969       189,479  
                     
    Total liabilities and shareholders’ equity   $ 2,584,616     $ 2,503,159  
    Average Year-To-Date Balances:   December 31, 2024     December 31, 2023  
    Assets                
    Cash and cash equivalents   $ 55,773     $ 35,462  
    Investment securities     557,537       597,359  
    Restricted investments in bank stock     3,960       4,212  
    Loans and leases     1,741,349       1,635,286  
    Allowance for credit losses on loans     (19,391 )     (18,680 )
    Premises and equipment, net     35,580       32,215  
    Life insurance cash surrender value     56,455       54,085  
    Goodwill and core deposit intangible     20,641       20,977  
    Other assets     41,755       44,180  
                     
    Total assets   $ 2,493,659     $ 2,405,096  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 527,825     $ 558,962  
    Interest-bearing deposits     1,697,529       1,586,527  
    Total deposits     2,225,354       2,145,489  
    Short-term borrowings     32,446       49,860  
    Secured borrowings     6,830       7,489  
    Other liabilities     32,471       29,881  
    Total liabilities     2,297,101       2,232,719  
                     
    Shareholders’ equity     196,558       172,377  
                     
    Total liabilities and shareholders’ equity   $ 2,493,659     $ 2,405,096  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Statements of Income
    (dollars in thousands)
     
        Three Months Ended     Twelve Months Ended  
        Dec. 31, 2024     Dec. 31, 2023     Dec. 31, 2024     Dec. 31, 2023  
    Interest income                                
    Loans and leases   $ 24,584     $ 21,406     $ 93,269     $ 80,629  
    Securities and other     3,475       3,434       13,753       13,206  
                                     
    Total interest income     28,059       24,840       107,022       93,835  
                                     
    Interest expense                                
    Deposits     (11,468 )     (9,232 )     (43,165 )     (28,945 )
    Borrowings and debt     (217 )     (707 )     (1,992 )     (2,843 )
                                     
    Total interest expense     (11,685 )     (9,939 )     (45,157 )     (31,788 )
                                     
    Net interest income     16,374       14,901       61,865       62,047  
                                     
    Provision for credit losses on loans     (250 )     (111 )     (1,325 )     (1,491 )
    Net benefit (provision) for credit losses on unfunded loan commitments     85       65       (140 )     165  
    Non-interest income (loss)     4,847       (1,944 )     19,013       11,405  
    Non-interest expense     (14,395 )     (12,804 )     (55,541 )     (51,870 )
                                     
    Income before income taxes     6,661       107       23,872       20,256  
                                     
    (Provision) benefit for income taxes     (826 )     361       (3,078 )     (2,046 )
    Net income   $ 5,835     $ 468     $ 20,794     $ 18,210  
        Three Months Ended  
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Interest income                                        
    Loans and leases   $ 24,584     $ 24,036     $ 22,516     $ 22,133     $ 21,406  
    Securities and other     3,475       3,263       3,523       3,492       3,434  
                                             
    Total interest income     28,059       27,299       26,039       25,625       24,840  
                                             
    Interest expense                                        
    Deposits     (11,468 )     (11,297 )     (10,459 )     (9,941 )     (9,232 )
    Borrowings and debt     (217 )     (571 )     (463 )     (741 )     (707 )
                                             
    Total interest expense     (11,685 )     (11,868 )     (10,922 )     (10,682 )     (9,939 )
                                             
    Net interest income     16,374       15,431       15,117       14,943       14,901  
                                             
    Provision for credit losses on loans     (250 )     (675 )     (275 )     (125 )     (111 )
    Net benefit (provision) for credit losses on unfunded loan commitments     85       (135 )     (140 )     50       65  
    Non-interest income (loss)     4,847       4,979       4,615       4,572       (1,944 )
    Non-interest expense     (14,395 )     (13,840 )     (13,616 )     (13,689 )     (12,804 )
                                             
    Income before income taxes     6,661       5,760       5,701       5,751       107  
                                             
    (Provision) benefit for income taxes     (826 )     (793 )     (766 )     (694 )     361  
    Net income   $ 5,835     $ 4,967     $ 4,935     $ 5,057     $ 468  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Assets                                        
    Cash and cash equivalents   $ 83,353     $ 120,169     $ 78,085     $ 72,733     $ 111,949  
    Investment securities     557,221       559,819       552,495       559,016       568,273  
    Restricted investments in bank stock     3,961       3,944       3,968       3,959       3,905  
    Loans and leases     1,800,856       1,795,548       1,728,509       1,697,299       1,686,555  
    Allowance for credit losses on loans     (19,666 )     (19,630 )     (18,975 )     (18,886 )     (18,806 )
    Premises and equipment, net     35,914       36,057       35,808       34,899       34,232  
    Life insurance cash surrender value     58,069       57,672       57,278       54,921       54,572  
    Goodwill and core deposit intangible     20,504       20,576       20,649       20,728       20,812  
    Other assets     44,404       41,778       42,828       44,227       41,667  
                                             
    Total assets   $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 533,935     $ 549,710     $ 527,572     $ 537,824     $ 536,143  
    Interest-bearing deposits     1,806,885       1,792,796       1,641,558       1,678,172       1,622,282  
    Total deposits     2,340,820       2,342,506       2,169,130       2,215,996       2,158,425  
    Short-term borrowings     –       25,000       98,120       25,000       117,000  
    Secured borrowings     6,266       6,323       7,237       7,299       7,372  
    Other liabilities     33,561       34,843       30,466       28,966       30,883  
    Total liabilities     2,380,647       2,408,672       2,304,953       2,277,261       2,313,680  
                                             
    Shareholders’ equity     203,969       207,261       195,692       191,635       189,479  
                                             
    Total liabilities and shareholders’ equity   $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159  
    Average Quarterly Balances:   Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Assets                                        
    Cash and cash equivalents   $ 67,882     $ 41,991     $ 58,351     $ 54,887     $ 42,176  
    Investment securities     560,453       554,578       551,445       563,674       558,423  
    Restricted investments in bank stock     3,957       3,965       3,983       3,934       3,854  
    Loans and leases     1,797,023       1,763,254       1,707,598       1,696,669       1,664,905  
    Allowance for credit losses on loans     (20,050 )     (19,323 )     (19,171 )     (19,013 )     (19,222 )
    Premises and equipment, net     36,065       36,219       35,433       34,591       33,629  
    Life insurance cash surrender value     57,919       57,525       55,552       54,796       54,449  
    Goodwill and core deposit intangible     20,529       20,602       20,677       20,759       20,844  
    Other assets     41,454       41,734       42,960       40,871       46,028  
                                             
    Total assets   $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 538,506     $ 522,827     $ 530,048     $ 519,856     $ 533,663  
    Interest-bearing deposits     1,769,265       1,702,187       1,670,211       1,647,615       1,616,826  
    Total deposits     2,307,771       2,225,014       2,200,259       2,167,471       2,150,489  
    Short-term borrowings     10,326       37,220       28,477       53,952       48,490  
    Secured borrowings     6,297       6,429       7,269       7,335       7,412  
    Other liabilities     34,695       31,999       30,734       32,434       30,745  
    Total liabilities     2,359,089       2,300,662       2,266,739       2,261,192       2,237,136  
                                             
    Shareholders’ equity     206,143       199,883       190,089       189,976       167,950  
                                             
    Total liabilities and shareholders’ equity   $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086  
    FIDELITY D & D BANCORP, INC.
    Selected Financial Ratios and Other Financial Data
     
        Three Months Ended  
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Selected returns and financial ratios                                        
    Basic earnings per share   $ 1.02     $ 0.87     $ 0.86     $ 0.88     $ 0.08  
    Diluted earnings per share   $ 1.01     $ 0.86     $ 0.86     $ 0.88     $ 0.08  
    Dividends per share   $ 0.40     $ 0.38     $ 0.38     $ 0.38     $ 0.38  
    Yield on interest-earning assets (FTE)*     4.68 %     4.68 %     4.58 %     4.52 %     4.36 %
    Cost of interest-bearing liabilities     2.60 %     2.70 %     2.58 %     2.51 %     2.36 %
    Cost of funds     2.00 %     2.08 %     1.96 %     1.93 %     1.79 %
    Net interest spread (FTE)*     2.08 %     1.98 %     2.00 %     2.01 %     2.00 %
    Net interest margin (FTE)*     2.78 %     2.70 %     2.71 %     2.69 %     2.66 %
    Return on average assets     0.90 %     0.79 %     0.81 %     0.83 %     0.08 %
    Pre-provision net revenue to average assets*     1.06 %     1.05 %     1.00 %     0.96 %     0.03 %
    Return on average equity     11.26 %     9.89 %     10.44 %     10.71 %     1.10 %
    Return on average tangible equity*     12.50 %     11.02 %     11.72 %     12.02 %     1.26 %
    Efficiency ratio (FTE)*     65.48 %     65.33 %     66.47 %     67.56 %     63.74 %
    Expense ratio     1.48 %     1.41 %     1.47 %     1.50 %     2.43 %
        Years ended  
        Dec. 31, 2024     Dec. 31, 2023  
    Basic earnings per share   $ 3.63     $ 3.21  
    Diluted earnings per share   $ 3.60     $ 3.19  
    Dividends per share   $ 1.54     $ 1.46  
    Yield on interest-earning assets (FTE)*     4.62 %     4.18 %
    Cost of interest-bearing liabilities     2.60 %     1.93 %
    Cost of funds     1.99 %     1.44 %
    Net interest spread (FTE)*     2.02 %     2.25 %
    Net interest margin (FTE)*     2.72 %     2.81 %
    Return on average assets     0.83 %     0.76 %
    Pre-provision net revenue to average assets*     1.02 %     0.90 %
    Return on average equity     10.58 %     10.56 %
    Return on average tangible equity*     11.82 %     12.03 %
    Efficiency ratio (FTE)*     66.19 %     62.67 %
    Expense ratio     1.47 %     1.69 %
    FIDELITY D & D BANCORP, INC.
    Selected Financial Ratios and Other Financial Data
     
    Non-GAAP Measures   Three Months Ended     Twelve Months Ended  
    (dollars in thousands except per share data)   Dec. 31, 2024     Dec. 31, 2023     Dec. 31, 2024     Dec. 31, 2023  
    Net income   $ 5,835     $ 468     $ 20,794     $ 18,210  
    Loss (gain) on the sale of available-for-sale debt securities, net of income taxes     –       5,109       –       5,110  
    Adjusted net income*   $ 5,835     $ 5,577     $ 20,794     $ 23,320  
    Adjusted basic earnings per share*   $ 1.02     $ 0.98     $ 3.63     $ 4.11  
    Adjusted diluted earnings per share*   $ 1.01     $ 0.97     $ 3.60     $ 4.08  
    Adjusted return on average assets*     0.90 %     0.92 %     0.83 %     0.97 %
    Adjusted return on average tangible equity*     12.51 %     15.04 %     11.82 %     15.40 %
    Other financial data   At period end:  
    (dollars in thousands except per share data)   Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Assets under management   $ 921,994     $ 942,190     $ 906,861     $ 900,964     $ 876,287  
    Book value per share   $ 35.56     $ 36.13     $ 34.12     $ 33.41     $ 33.22  
    Tangible book value per share*   $ 31.98     $ 32.55     $ 30.52     $ 29.80     $ 29.57  
    Equity to assets     7.89 %     7.92 %     7.83 %     7.76 %     7.57 %
    Tangible common equity ratio*     7.16 %     7.19 %     7.06 %     6.98 %     6.79 %
    Allowance for credit losses on loans to:                                        
    Total loans     1.09 %     1.09 %     1.10 %     1.11 %     1.12 %
    Non-accrual loans   2.68x     2.77x     2.75x     5.31x     5.68x  
    Non-accrual loans to total loans     0.41 %     0.39 %     0.40 %     0.21 %     0.20 %
    Non-performing assets to total assets     0.30 %     0.29 %     0.28 %     0.15 %     0.13 %
    Net charge-offs to average total loans     0.03 %     0.02 %     0.03 %     0.01 %     0.04 %
                                             
    Capital Adequacy Ratios                                        
    Total risk-based capital ratio     14.78 %     14.56 %     14.69 %     14.68 %     14.67 %
    Common equity tier 1 risk-based capital ratio     13.60 %     13.38 %     13.52 %     13.47 %     13.42 %
    Tier 1 risk-based capital ratio     13.60 %     13.38 %     13.52 %     13.47 %     13.42 %
    Leverage ratio     9.22 %     9.30 %     9.30 %     9.15 %     9.15 %

    * Non-GAAP Financial Measures – see reconciliations below

    FIDELITY D & D BANCORP, INC.
    Reconciliations of Non-GAAP Financial Measures to GAAP
           
    Reconciliations of Non-GAAP Measures to GAAP   Three Months Ended  
    (dollars in thousands)   Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    FTE net interest income (non-GAAP)                                        
    Interest income (GAAP)   $ 28,059     $ 27,299     $ 26,039     $ 25,625     $ 24,840  
    Adjustment to FTE     764       775       751       747       664  
    Interest income adjusted to FTE (non-GAAP)     28,823       28,074       26,790       26,372       25,504  
    Interest expense (GAAP)     11,685       11,868       10,922       10,682       9,939  
    Net interest income adjusted to FTE (non-GAAP)   $ 17,138       16,206     $ 15,868       15,690       15,565  
                                             
    Efficiency Ratio (non-GAAP)                                        
    Non-interest expenses (GAAP)   $ 14,395     $ 13,840     $ 13,616     $ 13,689     $ 12,804  
                                             
    Net interest income (GAAP)     16,374       15,431       15,117       14,943       14,901  
    Plus: taxable equivalent adjustment     764       775       751       747       664  
    Non-interest income (GAAP)     4,847       4,979       4,615       4,572       (1,944 )
    Less: (Loss) gain on sales of securities     –       –       –       –       (6,467 )
    Net interest income (FTE) plus adjusted non-interest income (non-GAAP)   $ 21,985     $ 21,185     $ 20,483     $ 20,262     $ 20,088  
    Efficiency ratio (non-GAAP) (1)     65.47 %     65.33 %     66.48 %     67.56 %     63.74 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.                                        
                                             
    Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)                                        
    Total assets (GAAP)   $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159  
    Less: Intangible assets, primarily goodwill     (20,504 )     (20,576 )     (20,649 )     (20,728 )     (20,812 )
    Tangible assets     2,564,112       2,595,357       2,479,996       2,448,168       2,482,347  
    Total shareholders’ equity (GAAP)     203,969       207,261       195,692       191,635       189,479  
    Less: Intangible assets, primarily goodwill     (20,504 )     (20,576 )     (20,649 )     (20,728 )     (20,812 )
    Tangible common equity     183,465       186,685       175,043       170,907       168,667  
                                             
    Common shares outstanding, end of period     5,736,252       5,736,025       5,735,728       5,735,732       5,703,636  
    Tangible Common Book Value per Share   $ 31.98     $ 32.55     $ 30.52     $ 29.80     $ 29.57  
    Tangible Common Equity Ratio     7.16 %     7.19 %     7.06 %     6.98 %     6.79 %
                                             
    Pre-Provision Net Revenue to Average Assets                                        
    Income before taxes (GAAP)   $ 6,661     $ 5,760     $ 5,701     $ 5,751     $ 107  
    Plus: Provision for credit losses     165       810       415       75       47  
    Total pre-provision net revenue (non-GAAP)     6,826       6,570       6,116       5,826       154  
    Total (annualized) (non-GAAP)   $ 27,157     $ 26,423     $ 24,600     $ 23,432     $ 609  
                                             
    Average assets   $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.06 %     1.05 %     1.00 %     0.96 %     0.03 %
    FIDELITY D & D BANCORP, INC.
    Reconciliations of Non-GAAP Financial Measures to GAAP
     
    Reconciliations of Non-GAAP Measures to GAAP   Years ended  
    (dollars in thousands)   Dec. 31, 2024     Dec. 31, 2023  
    FTE net interest income (non-GAAP)                
    Interest income (GAAP)   $ 107,022     $ 93,835  
    Adjustment to FTE     3,036       2,850  
    Interest income adjusted to FTE (non-GAAP)     110,058       96,685  
    Interest expense (GAAP)     45,157       31,788  
    Net interest income adjusted to FTE (non-GAAP)   $ 64,901       64,897  
                     
    Efficiency Ratio (non-GAAP)                
    Non-interest expenses (GAAP)   $ 55,541     $ 51,870  
                     
    Net interest income (GAAP)     61,865       62,047  
    Plus: taxable equivalent adjustment     3,036       2,850  
    Non-interest income (GAAP)     19,013       11,405  
    Less: (Loss) gain on sales of securities     –       (6,468 )
    Net interest income (FTE) plus non-interest income (non-GAAP)   $ 83,914     $ 82,770  
    Efficiency ratio (non-GAAP) (1)     66.19 %     62.67 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.                
                     
    Pre-Provision Net Revenue to Average Assets                
    Income before taxes (GAAP)   $ 23,873     $ 20,256  
    Plus: Provision for credit losses     1,465       1,327  
    Total pre-provision net revenue (non-GAAP)   $ 25,338     $ 21,583  
                     
    Average assets   $ 2,493,659     $ 2,405,096  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.02 %     0.90 %
    Contacts:  
       
    Daniel J. Santaniello Salvatore R. DeFrancesco, Jr.
    President and Chief Executive Officer Treasurer and Chief Financial Officer
    570-504-8035 570-504-8000

    The MIL Network –

  • MIL-OSI Video: UNRWA Chief Briefs Security Council | United Nations

    Source: United Nations (Video News)

    UNRWA Commissioner-General Philippe Lazzarini addressed the UN Security Council Tuesday morning, pushing back against the implementation of the Knesset legislation that would ‘cripple’ UNRWA’s operations. He insists on a genuine political path forward that delineates UNRWA’s role as a provider of education and healthcare and stresses the importance adequate financial resources.

    https://www.youtube.com/watch?v=tc3odD6pfxg

    MIL OSI Video –

  • MIL-OSI United Kingdom: Decade-long ban for director of London bakery who abused Covid support scheme

    Source: United Kingdom – Government Statements

    Director disqualified for Bounce Back Loan abuse

    • Azizullrahman Akbari overstated his company’s turnover when he applied for a £50,000 Bounce Back Loan – the maximum amount businesses could receive under the scheme 
    • His New Watan Bakery Limited company did not have a turnover of more than £200,000 as he falsely claimed 
    • Akbari has been banned as a company director until January 2035 following investigations by the Insolvency Service 

    The former boss of a west London bakery who overstated his company’s turnover to secure a maximum-value Covid loan has been banned from acting as a director for 10 years. 

    Azizullrahman Akbari, 60, obtained a £50,000 Bounce Back Loan just weeks into the pandemic, claiming the turnover for his New Watan Bakery Limited company was more than £200,000. 

    In reality, the company, which ran the Watan Bakery on South Road in Southall, never had such a high turnover. 

    Elizabeth Pigney, Chief Investigator at the Insolvency Service, said: 

    Azizullrahman Akbari exaggerated his company’s turnover to secure a £50,000 Bounce Back Loan, the most businesses were entitled to under the rules of the scheme. 

    From our analysis of the accounts, the company did not deserve anywhere near this amount. 

    Tackling Bounce Back Loan misconduct remains a key priority for the Insolvency Service and we will continue to take action against directors like Akbari who made false declarations when applying for financial support from the government.

    New Watan Bakery began trading in June 2016, with Akbari as its sole director. 

    Akbari, of The Broadway, Southall, applied for a Bounce Back Loan in May 2020, declaring his company had a turnover of £214,010. 

    Businesses established before the start of January 2019 could apply for a Bounce Back Loan of up to a quarter of their annual turnover, with a maximum amount of £50,000. 

    Insolvency Service analysis of the company’s accounts revealed a turnover of £62,584 for the period up until the end of June 2019. 

    For the period ending June 2020, the turnover was smaller at £52,370. 

    New Watan Bakery entered liquidation in July 2023 owing more than £53,000. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Akbari, and his ban started on Wednesday 29 January.  

    The undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court. 

    A separate company now runs the bakery. Akbari is not listed as a director of this company. 

    Further information

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Video: UK The work of NHS England – Health and Social Care Committee

    Source: United Kingdom UK Parliament (video statements)

    MPs on the Health and Social Care Committee question the senior leadership of NHS England on whether the NHS is well placed to implement the Government’s three healthcare shifts. Examining the relationship between NHS England and ICSs (integrated care systems), the committee consider how the current system can support the Government’s ambition to shift care from hospital to community.

    MPs pose questions on the Budget’s funding allocations for the NHS and on productivity within the NHS, as well as what the panel hopes to see from the 10 Year Health Plan. The session is an opportunity for the Committee to explore the NHS’ approach to tackling waiting lists and winter pressures.

    #nhs #nhsengland #selectcommittee #ukpolitics

    https://www.youtube.com/watch?v=mF3cFrnF1HQ

    MIL OSI Video –

  • MIL-OSI Europe: AFRICA/DR CONGO – “Did the flight of the military leadership facilitate the capture of Goma?”

    Source: Agenzia Fides – MIL OSI

    Kinshasa (Agenzia Fides) – “In Goma there are 2 million people in need,” local Church sources, who asked not to be named for security reasons, told Fides. “At least a million of them are displaced from other areas of North Kivu previously affected by the war.”On the capture of the capital of North Kivu (eastern province of the Democratic Republic of Congo) by the M23 troops supported by Rwanda, the observers report: “The collapse of the Congolese army (FARDC) began on Sunday evening, when the commanders left the city on several boats, heading from the port of Goma on Lake Kivu to Bukavu (capital of South Kivu), about 100 kilometers away. From there, the military leaders boarded a plane that took them to Kinshasa. The troops, which no longer had a commander, were faced with well-equipped M23 rebels and soldiers of the Rwandan army. The M23 rebels and the Rwandans quickly took over the city’s main points: the center, the port and the airport. Several Congolese soldiers surrendered to the rebels or handed themselves over to the MONUSCO peacekeepers.” “The conquest of Goma was bloody, with several dead, many of whom are still lying in the streets of the city. There are at least a thousand injured, which is putting additional pressure on the health system, which is overwhelmed by the lack of water, electricity, food and medicine,” the observers continued.Today, January 29, “the situation in Goma appears to be calming down, although isolated shootings have been reported in some districts,” the observers continued. “But food warehouses, including that of the World Food Programme (WFP), and markets have been looted. There is a lack of electricity because the high-voltage pylons have been knocked down; As a result, there is a shortage of water, which is pumped from Lake Kivu and then purified in special plants that cannot function without electricity. The plundering of supplies and the interruption of deliveries from the surrounding area have led to a food shortage that is becoming more dramatic by the hour.” On the political level, Corneille Nangaa, the leader of the Congo River Alliance, which also includes the M23 movement, announced that they intended to overthrow the government in Kinshasa. “This had already happened in 1997, when rebels supported by Rwanda and Uganda, starting from the east of what was then Zaire, took Kinshasa and forced then President Mobutu to flee,” our observers said. It is suspected “that the M23 will march on Bukavu, trying to cause as few casualties as possible, because Nangaa is a Congolese politician who is trying to exploit the discontent among the soldiers who feel betrayed by their commanders; among other things, despite the army’s spending, the soldiers are poorly equipped and do not even have the right clothing to face the cold, bearing in mind that we are here at an altitude of 1,500 to 1,700 meters,” the observers conclude.Corneille Nangaa was president of the Independent National Electoral Commission (CENI) from 2015 to 2021, but was sentenced to death for treason in August 2024 after founding the Congo River Alliance in 2023. (L.M.) (Agenzia Fides, 29/1/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Government backs Heathrow expansion to kickstart economic growth

    Source: United Kingdom – Executive Government & Departments

    Lift-off for growth as government backs expansion at Britain’s busiest and only hub airport.

    • Plan could create over 100,000 direct jobs, boost a better-connected British economy by billions, and lead to cheaper fares and fewer delays for families as part of Plan for Change.
    • Expansion must be delivered in line with UK’s legal, environmental and climate obligations.

    Working people and businesses across Britain will benefit from a government going “further and faster” to kickstart economic growth, as the Chancellor today [29 January] announced the government’s support for a third runway at Heathrow.

    Speaking to an audience of business chiefs at Siemens in North Oxfordshire this morning, the Chancellor set out the government’s latest set of reforms to kickstart economic growth and drive up living standards across the UK by driving investment, getting Britain building and tackling regulatory barriers. This included the announcement that the government supports and is inviting proposals for a third runway at Heathrow.

    The Chancellor confirmed that the government will move at speed to review the Airports National Policy Statement (ANPS). This provides the basis for decision making on granting development consent for a new runway at Heathrow, to ensure that any scheme is delivered in line with our legal, environmental and climate obligations.

    In her speech, Chancellor of the Exchequer Rachel Reeves said:

    I have always been clear that a third runway at Heathrow would unlock further growth, boost investment, increase exports, and make the UK more open and more connected as part of our Plan for Change.

    And now the case is stronger than ever because our reforms to the economy – like speeding up our planning system, and our strengthened plans to modernise UK airspace – mean the delivery of this project is set up for success.

    So I can confirm today that this Government supports a third runway at Heathrow and is inviting proposals to be brought forward by the summer.

    As well as creating over 100,000 jobs in the local area and many more indirectly, research published today by Frontier Economics finds that 60% of the economic boost from a third runway would be felt by areas outside of London and the South East – putting more money in the pockets of working people across the UK through lower fares and greater choice for passengers as part of our Plan for Change.

    During the speech, Reeves announced that the Transport Secretary Heidi Alexander is expected to take decisions on expansion plans at Gatwick and Luton shortly, and that the government will work with Doncaster Council and the Mayor of South Yorkshire to support their efforts to reopen Doncaster Sheffield Airport as a thriving regional airport.

    The Chancellor also announced that a new partnership between global logistics giant Prologis and East Midlands Airport to build a new advanced manufacturing park within the East Midlands Freeport zone to unlock £1 billion of investment and 2,000 jobs. It follows this government’s swift approval of similarly stalled plans for London City Airport to expand to nine million passengers per year by 2031 and a £1.1 billion investment at Stansted Airport to extend its terminal and create 5,000 jobs.

    After delivering stability to the public finances and wider economy as the basic precondition for economic growth, the pace of investment and reform demonstrates the government’s willingness to secure the future of the UK’s world-class aviation sector and the sustainable growth it can provide. Air freight represented 57% of the UK’s non-EU exports by value in 2023, with over 60% of freight coming through the UK doing so through Heathrow. International connectivity also supports vital tourism and business links, with overseas visitors spending £31 billion on their visits to the UK in 2023 and 15 million business travellers using Heathrow in the same year.

    It comes after reforms to speed up the planning system and a presumption to ‘back the builders over the blockers’ were set out by the Prime Minister Keir Starmer last week. The government has committed to making decisions on 150 major economic infrastructure applications over this Parliament, having already made decisions on multiple significant projects within its first six months spanning airports, data centres, energy farms, and major housing developments. The Planning and Infrastructure Bill to be introduced in Spring will enact further sweeping reforms and take an axe to the red tape that slows down approval of infrastructure projects.

    Alongside these reforms and plans to modernise UK airspace, the government is taking great strides in transitioning to greener aviation. Sustainable Aviation Fuel reduces CO2 emissions compared to fossil jet fuel by around 70% and the Chancellor announced that the government is supporting UK producers by investing £63 million in 2025-26 into the Advanced Fuels Fund and setting out details of a Revenue Certainty Mechanism. This will support investment and high-skilled green jobs in plants across the UK – with previous winners of the Fund ranging from across the north of England to South Wales – and follows the Sustainable Aviation Fuel Mandate coming into law at the start of 2025. Taken together, our commitments to SAF will support thousands of jobs in places like Teesside and Humberside, bring down our transport emissions, and help make the UK a clean energy superpower as part of our Plan for Change.

    The government is also assessing options for privately financing the Lower Thames Crossing, which will improve connectivity across vital ports and alleviate congestion as goods to be exported come from across the country to markets overseas. 

    In further recognition that the Government’s clean energy superpower mission is helping to drive the UK’s economic growth mission, Reeves announced that the government will designate new Marine Protected Areas to enable offshore wind, whilst protecting our marine environment. In doing so, barriers to 16 gigawatts of offshore wind will be unblocked – as much electricity as was produced by all gas power plants in 2024 – and up to £30 billion of private investment in homegrown clean power will be unlocked, creating thousands of good clean energy jobs in the offshore wind sector in areas like East Anglia and Yorkshire.

    A new approach to the Oxford-Cambridge Growth Corridor – a centre of innovation which could become Europe’s answer to Silicon Valley – will be spearheaded by Sir Patrick Vallance as a Ministerial Champion. The economic potential of this region will be unlocked through leveraging the strengths it boasts in sectors across Britain’s new modern Industrial Strategy, from life sciences and tech to advanced manufacturing.

    The Chancellor set out the government’s plans to increase investment across the whole of the UK. She stressed that the government would do more to support city regions and local leaders outside of London and the South East, in recognition that bringing the productivity of major cities like Manchester, Birmingham and Leeds to the national average would deliver an extra £33 billion in output for the UK economy.

    Reeves confirmed the backing of the Mayor of Greater Manchester’s plans for the regeneration of the area around Old Trafford, including new housing and commercial development, and the new approach to planning decisions on land around stations, changing the default to yes. The Office for Investment is expanding its support to local leaders across the UK to help develop and promote their investment plans, and new strategic partnerships from the National Wealth Fund (NWF) will provide deeper, more focused support for city regions starting in Glasgow, West Yorkshire, the West Midlands, and Greater Manchester.

    NWF and Aviva have today invested £65 million in Connected Kerb to back plans for the electric vehicle smart charging infrastructure company to expand its UK EV charging network towards 40,000 sockets – up from 9,000 as of the end of 2024. This substantial investment into the UK’s public charging infrastructure – one of the NWF’s priority sectors – is crucial for delivering the forecast requirement of at least 300,000 public EV chargers by 2030. NWF is also investing £28 million in Cornish Metals to provide the raw materials to be used in solar panels, wind turbines and electric vehicles, supporting growth and jobs in the South West of England.

    Reeves announced that the Treasury will review the Green Book and how it is being used to provide objective, transparent advice on public investment across the country, including outside London and the South East. There were also further details announced on Investment Zones, with the Wrexham and Flintshire Investment Zone to focus on the area’s strengths in advanced manufacturing. Backed by the likes of Airbus and JCB, this is expected to crowd in £1 billion of private investment over a decade and create up to 6,000 jobs.

    The Chancellor said that the Business and Trade Secretary Jonathan Reynolds will visit India next month to relaunch talks on a free-trade agreement and bilateral investment treaty, She set out that the guiding principle the government will take in its approach to trade is acting in the national interest of Britain’s economy, its businesses and working people. A trade deal with India, as one of the fastest growing economies in the world and one which is projected to be the fourth largest global importer by 2035, is in line with this approach.

    Notes to Editors

    • The Chancellor’s speech can be found on gov.uk later today here.
    • As part of the ANPS review, government will engage the Climate Change Committee on how aviation expansion can be made consistent with our net zero framework.

    Stakeholder reaction

    Kenton Jarvis, CEO of easyJet, said:

    I welcome the Government’s pro-growth agenda and their recognition of the importance of aviation and the crucial role it plays as an enabler of economic growth. As an island nation, this industry provides much-needed connectivity as well as creating many skilled jobs which contribute to the wider prosperity of the country. 

    Expansion at Heathrow will provide consumer and economic benefits and represents a unique opportunity for easyJet to operate from the airport at scale for the first time and bring with it lower fares for consumers.

    Paul Weston, Regional Head of Prologis UK said:

    The Chancellor’s announcements reflect a drive to support enhanced UK economic growth, which underscores Prologis’ global partnership with East Midlands Airport to unlock investment at the nation’s only inland Freeport site.

    We are focused on delivering a new Advanced Manufacturing and Logistics park at pace and in partnership, harnessing the site’s unique potential.

    Prologis, as a partner of choice, continues to commit to opportunities across the UK that underpin growth, building the foundations that support economic opportunities and on-the-ground benefits, with central, regional and local government.

    Gordon Sanghera, Chief Executive Officer, Oxford Nanopore Technologies said:

    The attention given to the innovation potential in the Oxford-Cambridge Growth Corridor is welcome. This is an opportunity to strengthen the UK’s tech infrastructure, expand access to talent, and attract investment—the foundations of innovation—so we can turn more pioneering UK life science start-ups into global scale-ups. The UK can be the best place in the world for breakthrough technologies.

    Tim Knowles, Founder and Managing Director of FI Real Estate Management, said:

    As an investor in Wrexham for almost 20 years, we’re delighted to see the announcement that Wrexham and Flintshire will receive Advanced Manufacturing Investment Zone status, with three of our schemes on Wrexham Industrial Estate – Wrexham 1M, Wrexham 152, and Bridgeway Centre – forming part of the designated zone.

    Across these sites, we’ll be investing £115m to create new, high-quality industrial accommodation, supporting the creation of over 1,000 new jobs and delivering an estimated economic value of £1.2bn in Wrexham over the next 10 years.

    Mark Turner, JCB’s Chief Operating Officer said:

    JCB has been a prominent feature of the industrial and economic landscape in Wrexham and Flintshire for over 45 years. Innovation is the lifeblood of our business and we welcome the creation of an Investment Zone in North Wales and hope that it will attract many other businesses to the area. As an advanced manufacturer of precision engineering components, JCB Transmissions looks forward to other advanced manufacturing businesses coming to the area. This could go a long way towards building the supply chain resilience of existing manufacturing businesses in the area, such as JCB.

    We place a lot of values on skills in our business and we look forward to the Investment Zone positively supporting skills development in the future. JCB continues to invest in our business in Wrexham and today’s IZ announcement bodes well for the economic development of the area in the future.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: W&T Offshore Announces Initial Results of Cash Tender Offer and Consent Solicitation

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Initial Results of Cash Tender Offer and Consent Solicitation

    HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) announced today the initial results of its previously announced cash tender offer (the “Tender Offer”) relating to any and all of its outstanding 11.750% senior second lien notes due 2026 (the “2026 Senior Second Lien Notes”) pursuant to its Offer to Purchase and Consent Solicitation dated January 13, 2025 (the “Offer to Purchase”). In conjunction with the Tender Offer, the Company also solicited consents (the “Consent Solicitation”) from the holders of the 2026 Senior Second Lien Notes for the adoption of proposed amendments (the “Proposed Amendments”), which, among other things, eliminated substantially all of the restrictive covenants, as well as various events of default and related provisions contained in the indenture governing the 2026 Senior Second Lien Notes (the “Indenture”).

    As of 5:00 p.m. (New York City time) on January 27, 2025, the Company had received the requisite tenders and consents to the Proposed Amendments. The Proposed Amendments became effective on January 27, 2025 upon execution of a supplemental indenture to the indenture governing the 2026 Senior Second Lien Notes.

    On January 28, 2025 (the “Early Settlement Date”), the Company accepted and purchased $269,741,000 aggregate principal amount of the outstanding 2026 Senior Second Lien Notes (or approximately 98.09% of the outstanding principal amount of 2026 Senior Second Lien Notes) for a purchase price equal to $1,036.25, plus accrued and unpaid interest, for each $1,000 principal amount of the 2026 Senior Second Lien Notes purchased. After giving effect to the purchase of 2026 Senior Second Lien Notes on the Early Settlement Date, an aggregate $5,259,000 principal amount of the 2026 Senior Second Lien Notes will remain outstanding.

    W&T’s tender offer for the 2026 Senior Second Lien Notes will expire at 5:00 p.m. (New York City time) on February 11, 2025, unless the Tender Offer is extended by the Company in its sole discretion (the “Expiration Time”). Holders of the 2026 Senior Second Lien Notes who validly tender their 2026 Senior Second Lien Notes on or prior to the Expiration Time, and whose 2026 Senior Second Lien Notes are accepted for purchase, will receive consideration of $1,006.25 per $1,000 principal amount of the 2026 Senior Second Lien Notes tendered. In addition, the Company will pay accrued and unpaid interest on the principal amount of 2026 Senior Second Lien Notes accepted for purchase from the most recent interest payment date on the 2026 Senior Second Lien Notes to, but not including, February 13, 2025, the final settlement date.

    Also on January 28, 2025, the Company mailed a notice of redemption to each remaining holder of 2026 Senior Second Lien Notes. The notice of redemption calls for the redemption of any 2026 Senior Second Lien Notes that remain outstanding on August 1, 2025. Such redemption is being made in accordance with the “optional redemption” provision of the Indenture, at a redemption price equal to 100.000% of the aggregate principal amount of the 2026 Senior Second Lien Notes, plus accrued and unpaid interest up to, but excluding, the date of redemption.

    Because the withdrawal deadline of 5:00 p.m. (New York City time) on January 27, 2025 has passed, previously tendered 2026 Senior Second Lien Notes may no longer be withdrawn, and holders who tender 2026 Senior Second Lien Notes after the withdrawal deadline will not have withdrawal rights.

    W&T engaged Morgan Stanley & Co. LLC to act as dealer manager for the Tender Offer and as solicitation agent for the Consent Solicitation and can be contacted at (212) 761-1057 (collect) or (800) 624-1808 (toll-free) with questions regarding the Tender Offer and Consent Solicitation.

    Copies of the Offer to Purchase are available to holders of 2026 Second Senior Lien Notes from D.F. King & Co., Inc., the information agent and tender agent for the Tender Offer and the Consent Solicitation. Requests for copies of the Offer to Purchase should be directed to D.F. King at (866) 620-2535 (toll free), (212) 269-5550 (banks and brokers) or wtoffshore@dfking.com

    Neither the Offer to Purchase nor any related documents have been filed with the U.S. Securities and Exchange Commission (“SEC”), nor have any such documents been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.

    The Tender Offer and the Consent Solicitation were made solely on the terms and conditions set forth in the Offer to Purchase. Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell the 2026 Second Senior Lien Notes or any other securities of the Company or any of its subsidiaries. The Tender Offer and the Consent Solicitation are not being made to, nor will the Company accept tenders of 2026 Second Senior Lien Notes or deliveries of consents from, holders in any jurisdiction in which the Tender Offer and the Consent Solicitation or the acceptance thereof would not be in compliance with the securities of blue sky laws of such jurisdiction. This press release also is not a solicitation of consents to the Proposed Amendments to the indenture governing the 2026 Second Senior Lien Notes. No recommendation is made as to whether holders should tender their 2026 Second Senior Lien Notes or deliver their consents with respect to the 2026 Second Senior Lien Notes. Holders should carefully read the Offer to Purchase because it contains important information, including the terms and conditions of the Tender Offer and the Consent Solicitation.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of September 30, 2024, the Company had working interests in 53 producing offshore fields in federal and state waters (which include 46 fields in federal waters and seven in state waters). The Company has under lease approximately 673,100 gross acres (515,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 514,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding the Company’s financial position, operating and financial performance, timing and completion of the Tender Offer and Consent Solicitation are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

    Disclaimer

    This press release must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Tender Offer and the Consent Solicitation. If any holder of 2026 Senior Second Lien Notes is in any doubt as to the actions it should take, it is recommended to seek its own legal, tax, accounting and financial advice, including as to any tax consequences, immediately from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose 2026 Senior Second Lien Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offer to Purchase. None of the Company, the dealer manager and solicitation agent, the information agent and tender agent and any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether holders of 2026 Senior Second Lien Notes should participate in the Tender Offer.

         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released January 29, 2025

    MIL OSI Economics –

  • MIL-OSI United Kingdom: NDA group celebrates progress and innovation in parliament

    Source: United Kingdom – Executive Government & Departments

    NDA utilises innovative technology to bring to life progress in delivering its nationally important mission at ‘Nuclear Week in Parliament’.

    NDA group graduates and apprentices in Westminster

    The Nuclear Decommissioning Authority (NDA) group utilised innovative technology to bring to life progress in delivering its nationally important mission at the Nuclear Industry Association’s ‘Nuclear Week in Parliament’ (NWIP).

    Parliamentarians were able to use a VR headset to see what a Geological Disposal Facility will look like and get hands on experience in manoeuvring state of the art robots, including drones with laser imaging technology, which are used to decommission the legacy nuclear sites.

    This year marks 20 years since the NDA was established to decommission the UK’s oldest nuclear sites, one of the most important environmental programmes in the world, protecting people and the planet.

    David Peattie, NDA group CEO said:

    We’re transforming the legacy of UK’s nuclear power into a sustainable future. And, as we celebrate our anniversary, we can proudly say the UK is now a significantly safer place, thanks to our collective efforts.

    At a series of events for Parliamentarians, MPs and industry stakeholders, the NDA group shared its successes and tangible examples of the progress being made across the group including:

    • First simultaneous retrievals from Sellafield’s legacy ponds and silos, the NDA estate’s high hazard facilities.
    • Bringing all Magnox reactors, the first type of commercial nuclear power station in the UK, to a safe end of generation and defueling.
    • Removing highly radioactive coolant, from Dounreay’s Fast Reactor.
    • Launching the process to identify a site for a Geological Disposal Facility – the only community consent-led national significant infrastructure project.
    • Transporting over 2000 casks of nuclear material by sea, and conducting over 5 million miles of UK nuclear rail transports, with a 100% nuclear safety record.
    • Investing £277m of socio-economic funding to support significant projects that enable permanent and sustainable change in site communities.
    • Reprocessing 9,000 tonnes of spent nuclear fuel, generating £9bn.
    • 274 buildings demolished or reused and 9% of land released for reuse or redesignated.

    The value the NDA group provides for the nation far surpasses just its decommissioning progress.

    The NDA group invested around £100 million last year in research and development to stay at the forefront of innovation; pioneering and deploying solutions to tackle first of a kind technical and engineering challenges which have applications across the nuclear and defence sector.

    The group is also critical in developing and maintaining a strong nuclear supply chain spending around £2billion last year, across 82% of UK Parliamentary Constituencies with 5,000 supply chain companies supporting delivery of its mission.

    In addition, through its socio-economic strategy it’s leveraged over £200m of additional funding, with each £1 of NDA group support helping to attract £3.79 of further investment from other organisations for projects making a tangible difference in its communities.

    NDA Group CEO David Peattie, Lord Hunt and David Mundell MP

    The NDA also sponsored the NWiP Skills and Apprenticeship Fair, hosted by Liz Saville Roberts MP, where 12 NDA group apprentices and graduates were able to meet their local MPs and representatives across the sector and explain first-hand how their organisations are developing the next generation of the nuclear decommissioning workforce.

    Rachel Gleaves, a Control Systems Degree Apprentice who attended the event, said:

    The group are leading the most complex decommissioning challenges faced by the UK to make sure we leave our environment clean and safe for future generations, and this is a challenge I was really passionate to support.

    In my role at Sellafield Ltd, I have been able to learn from industry leading engineers to help support high hazard retrievals considered key to safely decommissioning the nation’s nuclear legacy.

    There are currently more than 1,500 apprentices and graduates across NDA group early careers schemes and hundreds of PhD students and post-doctoral researchers have been sponsored, focusing on developing advanced skills.

    Liz Saville Roberts MP, said:

    Nuclear sector jobs have long been a significant provider of well-paid high-quality employment in my constituency of Dwyfor Meirionnydd and I believe Wales should play a leading role to support the invaluable work of the NDA group in decommissioning sites to free up land for reuse, delivering benefit to local communities, the environment and the wider economy.

    The development of 19 apprentices at Trawsfynydd since 2012, highlights how decommissioning can provide a range of job options for young people, as well as appropriate skills and training opportunities.

    The NDA group’s programme of work will last for well over a hundred years so developing a pipeline of future talent is an essential part of delivering this nationally important mission long into the future.

    To find out more about a career within the NDA group, including graduate and apprenticeships opportunities, visit: NDA group Careers – The NDA group.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: In 2024, 34 non-residential buildings were erected in the west of the capital using extra-budgetary funds

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In 2024, 34 non-residential real estate objects were built in the west of the capital using extra-budgetary funds. They appeared in seven districts of the city. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Last year, 34 non-residential real estate objects with a total area of 416 thousand square meters were built in the districts of Kuntsevo, Dorogomilovo, Ramenki, Krylatskoye, Ochakovo-Matveyevskoye, Troparevo-Nikulino and Mozhaysky. Among them are student dormitory buildings, a church, a hotel complex, business and sports infrastructure facilities, as well as five educational institutions with more than 1.4 thousand places. About 3.3 thousand jobs were created in the new objects,” Vladimir Efimov noted.

    In ZAO, the territory near the Skolkovo Institute of Science and Technology is actively developing, where a student campus with dormitories is being created. Social, business, commercial and sports facilities are also appearing in other areas of the district.

    “Over the past year, four kindergartens for a total of 640 children were built in the west of the capital. One of them appeared on the territory of the residential area “Michurinsky Park” in the Ochakovo-Matveyevskoye district. It is designed for 250 places. The three-story building with an area of 5.8 thousand square meters provides a swimming pool, 10 group cells, a medical and a full-cycle food unit, sports and music halls. The construction of the kindergarten was carried out by a capital developer, upon completion of the work, the facility was transferred to the capital’s education system,” said the Minister of the Moscow Government, Head of the Department of Urban Development Policy of the capital

    Vladislav Ovchinsky.

    On the instructions of the Mayor of Moscow, the city is paying special attention to the quality of construction.

    As the Chairman of the Moscow State Construction Supervision Authority said Anton Slobodchikov, the department’s specialists carried out 174 control and supervisory activities at the sites with the participation of employees of the Center for Expertise, Research and Testing in Construction. The inspectors took samples of the materials used and checked the samples’ compliance with the approved design solutions in laboratory conditions.

    The past January holidays in Moscow once again emphasized the importance of developing the hospitality industry and creating additional places for city guests to relax. The tourist turnover during this period is estimated at 136.8 billion rubles, and the volume of revenues to the city budget is 18.7 billion rubles.

    First Deputy Head of the Office of the Mayor and the Government of Moscow, Chairman of the Moscow Tourism Committee Evgeniy Kozlovnoted that the tourist flow is growing every year. Travelers expect Moscow to provide them with opportunities for comfortable accommodation, so it is important for the city to regularly open new three-star, four-star and five-star hotels. Thanks to high-quality hotel infrastructure, the image of the capital is enhanced and revenues to its budget increase.

    Earlier Sergei Sobyanin toldthat by 2024, 81 new educational, healthcare, cultural and sports facilities will appear in Moscow.

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

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

    https: //vv.mos.ru/nevs/ite/149438073/

    MIL OSI Russia News –