NewzIntel.com

Category: Politics

  • MIL-OSI USA: HARRISBURG – Governor Shapiro to Unveil New Hotline, Website to Protect Pennsylvania Consumers

    Source: US State of Pennsylvania

    May 01, 2025 – Harrisburg, PA

    ADVISORY – HARRISBURG – Governor Shapiro to Unveil New Hotline, Website to Protect Pennsylvania Consumers

    Governor Josh Shapiro, Department of Banking and Securities Secretary Wendy Spicher, and Pennsylvania Insurance Department Commissioner Michael Humphreys will join financial protection leaders to announce new tools and resources to help protect Pennsylvanians from financial, insurance, and consumer scams.

    As the federal government slashes the Consumer Financial Protection Bureau and steps back its responsibility to protect consumers, the Shapiro Administration is taking action to ensure all Pennsylvanians have continued access to resources and services when facing fraud, predatory practices, or unfair treatment.

    WHO:
    Governor Josh Shapiro
    Secretary Wendy Spicher, Department of Banking and Securities
    Commissioner Michael Humphreys, Pennsylvania Insurance Department
    Deputy Insurance Commissioner David Buono, Pennsylvania Insurance Department
    Debby Freedman, Executive Director of Community Legal Services of Philadelphia
    Tom Lynch, President of the Mortgage Bankers Association of Eastern PA
    Jonathan Smith, Consumer Services Specialist, Department of Banking and Securities

    WHEN:
    Thursday, May 1, 2025, at 1:00PM

    WHERE:
    Pennsylvania Insurance Department
    13th Floor of Strawberry Square
    1326 Strawberry Street,
    Harrisburg, PA 17120
    *Press credentials must be presented at security check-in prior to attending the event

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Las Vegas Man Sentenced To Prison For Threatening Federal Judge And Anthrax Hoax

    Source: Office of United States Attorneys

    LAS VEGAS – A Las Vegas man was sentenced today by Senior District Judge John A. Mendez to 18 months in prison to be followed by three years of supervised release for mailing a threatening letter to a federal judge and conveying false information and hoax.

    “Threats of violence against a federal judge is a threat to our judicial system,” said United States Attorney Sigal Chattah for the District of Nevada. “The U.S. Attorney’s Office and our partners at the FBI and United States Marshals Service will not tolerate these types of criminal actions against a public servant. We will prosecute perpetrators to the fullest extent of the law.”

    “Unlawful threats of violence against public officials directly challenge the integrity of our democracy,” said Special Agent in Charge Spencer L. Evans for the FBI. “Individuals must not live in fear of violence due to their identity, beliefs, or political affiliation. The FBI remains steadfast in its commitment to collaborating with our law enforcement partners to pursue justice in these matters.”

    According to court documents, on June 27, 2022, Hadari Stallworth mailed a letter to the United States District Court Clerk in Las Vegas, which was addressed to a United States District Court Judge for the District of Nevada. In the letter, Stallworth wrote that he would “have my people kill whatever you hold dearly first: pets, kids, grandkids, husband…” and that individuals under his control would “kidnap” and “to[r]ture” the District Judge.

    Stallworth mailed a subsequent letter, which was received on September 30, 2022, by the United States District Court Clerk. In that letter, Stallworth wrote “This is Anthrax. Now Die Traitors!” and placed a white powder intended to cause the recipients to believe that it contained anthrax. The threatening letter Stallworth wrote caused substantial disruption to the proceedings of the Office of the Clerk of the Court, including causing the office to be closed and individuals to be quarantined.

    Stallworth pleaded guilty to one count of mailing threatening communications and one count of false information and hoaxes.

    United States Attorney Chattah, FBI Special Agent in Charge Evans, and Marshal Gary Schofield for the United States Marshals Service (USMS) made the announcement.

    This case was a joint investigation by the FBI and USMS. Assistant United States Attorneys Edward Veronda and Melinda Brewer prosecuted the case.

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    MIL Security OSI –

  • MIL-OSI Security: Paterson Man with Multiple Felony Convictions Admits to Illegally Possessing Firearms, Ammunition, Fentanyl, And Cocaine

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    NEWARK, N.J. – A Paterson, New Jersey man admitted to illegally possessing two firearms and ammunition, possessing fentanyl and cocaine with intent to distribute, and distributing cocaine, announced U.S. Attorney Alina Habba.

    Lamont Baker, 33, of Paterson, New Jersey, pleaded guilty before U.S. District Judge Claire C. Cecchi in Newark federal court to four counts of a Superseding Indictment charging him with one count of unlawful possession of firearms and ammunition by a convicted felon, one count of possession of fentanyl and cocaine with intent to distribute, and two counts of distribution of cocaine.

    According to documents filed in this case and statements made in court:

    On September 14, 2022 and September 20, 2022, law enforcement conducted controlled purchases of cocaine from Baker.  On those dates, Baker traveled from his residence to a predetermined location to sell cocaine.

    On September 29, 2022, law enforcement searched Baker’s residence and car, and recovered two firearms (including one with a defaced serial number), ammunition (including hollow point rounds), fentanyl, and cocaine, along with several hundred dollars in U.S. currency and materials used to package, store, and transport drugs for distribution.  In 2008, Baker was convicted for his participation in a robbery and in 2021, he was convicted of aggravated assault with a firearm.

    The count of unlawful possession of firearms and ammunition by a convicted felon carries a maximum penalty of 15 years in prison and a $250,000 fine.  Each count of possession of fentanyl and cocaine with intent to distribute, and distribution of cocaine, carries a maximum penalty of 20 years in prison and a $1,000,000 fine.  Sentencing is scheduled for September 17, 2025.

    U.S. Attorney Habba credited special agents of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), under the direction of Special Agent in Charge L.C. Cheeks Jr. for the investigation leading to the guilty plea.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    The government is represented by Assistant U.S. Attorney Matthew Specht of the Special Prosecutions Division.

                                                               ###

    Defense counsel: Christopher Adams, Newark, N.J.

    MIL Security OSI –

  • MIL-OSI Economics: China VC funding value down by more than 50% YoY in Q1 2025, finds GlobalData

    Source: GlobalData

    China VC funding value down by more than 50% YoY in Q1 2025, finds GlobalData

    Posted in Business Fundamentals

    The venture capital (VC) funding landscape in China has experienced a notable contraction in the first quarter (Q1) of 2025 wherein deal volume and value have both seen significant declines compared to the same period in previous year. China recorded a year-on-year (YoY) decrease of around 18% in VC deal volume in Q1 2025. The value of VC funding has YoY plummeted even more drastically at more than 50%, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The contraction highlights the challenges startups are facing in securing funding for growth and innovation. The downturn could be attributed to several factors, including increased regulatory scrutiny, slowdown in economy, and geopolitical tensions that have made investors more cautious. Although the recent downturn raises concerns related to investor sentiments, the country still holds a significant share of global VC activity.”

    An analysis of GlobalData’s Deals Database revealed that despite the decline, China’s share of global deal volume remains substantial, accounting for more than 15% of the total number of VC deals announced globally during the quarter.

    But on the other hand, this sharp drop in funding value has resulted in China’s share of global deal value fall from 21.8% in Q1 2024 to 9.3% in Q1 2025. In contrast, the US has seen a remarkable increase in VC funding value, further widening the gap between these two economic powerhouses.

    Bose concludes: “While the country remains a vital hub for venture capital, the current environment reflects a recalibration of investor sentiment. The decline in both deal volume and value indicates that investors are becoming more selective, focusing on sectors or start-ups with clear growth potential and sustainable business models.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

    MIL OSI Economics –

  • MIL-OSI Economics: Saudi Arabia card payments to surpass $160 billion in 2025 amid digital shift and policy push, forecasts GlobalData

    Source: GlobalData

    Saudi Arabia card payments to surpass $160 billion in 2025 amid digital shift and policy push, forecasts GlobalData

    Posted in Banking

    Saudi Arabia’s card payments market is projected to reach SAR615.5 billion ($164.1 billion) in 2025, driven by a growing shift toward digital transactions and declining cash usage. Strong government support, improved payment infrastructure, and increasing consumer preference for contactless and electronic payments are accelerating this transition, reinforcing the Kingdom’s broader goals of financial inclusion and reduced reliance on cash, according to GlobalData, a leading data and analytics company.

    GlobalData’s report, “Saudi Arabia Cards and Payments: Opportunities and Risks to 2028,” reveals that the card payment value in the Saudi Arabia registered a growth of 10.1% in 2024 to reach SAR571.2 billion ($152.3 billion), driven by the rise in consumer spending.

    However, the current global uncertainty because of latest US tariffs can pose a challenge for the Saudi Arabia’s overall economic growth, resulting in slowdown in the overall card payments value, which is expected to grow by 7.8% in 2025.

    Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “While cash has traditionally been the preferred method of payment in Saudi Arabia, it’s usage is on decline in line with the rising consumer preference for electronic payments. The country has a robust digital payment infrastructure, supported by a developing card market and well-established card acceptance infrastructure. The government is taking steps to enhance the infrastructure by encouraging merchants to adopt at least one electronic payment option apart from cash.”

    Cash remains an integral part of the Saudi consumer payments landscape, particularly for lower-value transactions. However, there has been a consistent increase in electronic payment methods. The government aims to reduce the country’s dependence on cash, drive financial inclusion, promote electronic payments, and encourage payment innovation. The Kingdom’s Vision 2030 plan aims to reduce cash transactions and increase the share of electronic payments.

    As of April 2025, seven banks in Saudi—Al Rajhi Bank, Riyad Bank, Arab National Bank, Banque Saudi Fransi, the Saudi Investment Bank (SAIB), Bank AlJazira, and Bank AlBilad—had obtained SAMA’s license to provide agent banking services.

    The COVID-19 pandemic changed the way Saudi consumers make payments, with an increasing number of consumers preferring contactless payments supported by an improved payment infrastructure.

    According to the country’s central bank, number of contactless card payments using mada cards increased from 3.1 billion in 2021 to 4.6 billion in 2024. In terms of value, SAR311.3 billion ($83.01 billion) worth of contactless card transactions were made in 2024 – up from SAR301.6 billion ($80.43 billion) in 2021.

    Debit cards dominate the overall card payment space, accounting for 79.9% of the overall card payment value in 2024. The government’s financial inclusion initiatives, consumers’ preference for debt-free payments, and prudent consumer spending have resulted in their dominance. Credit and charge cards, on the other hand, are not very popular primarily due to a religious aversion towards debt.

    Sharma concludes: “The Saudi Arabia payment card market is expected to continue grow supported by government initiatives, rising consumer preference for digital payments, and improving banking and payment infrastructure. The card payments value is expected to register a compound annual growth rate (CAGR) of 6.5% between 2025 to 2029 to reach SAR790.5 billion ($210.8 billion) in 2029.”

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Ogles Fights to Classify First English Bible Printed in North America as a Historical Document of Congress

    Source:

    WASHINGTON, DC – Congressman Andy Ogles (TN-05) introduced a resolution recommending that the Robert Aitken Bible be recognized as a historical document of the United States Congress. This copy of the Holy Scriptures was the first known English-language Bible to be printed in North America. 

    “Without the Bible, America would not exist. The revealed Word of God—found in both the Old and New Testaments—is the foundation of our politics and culture. Our Founders clearly understood that America’s survival depends on the people’s strong belief in and practice of the Scriptures,” said Congressman Ogles. “There’s no question that America needs to return to the Bible. Recognizing the Aikten Bible as an official historical document of the U.S. Congress is in our national interest and a great way to close out National Faith Month.”

    “Congressman Ogles’ resolution to recognize the Aitken Bible as a historical document of the United States Congress is a powerful and necessary acknowledgment of our nation’s deep-rooted Christian heritage. The Aitken Bible, as the first English-language Bible printed in North America and endorsed by Congress in 1782, stands as a testament to the foundational role that faith has played in shaping our country. This resolution is a key step in designating April as Faith Month, honoring the spiritual legacy that continues to guide us. We wholeheartedly endorse this resolution and call on our leaders to steadfastly uphold the faith that forged this nation, ensuring it remains a guiding light for generations to come.” –Penny Nance, CEO and President of Concerned Women for America Legislative Action Committee (CWALAC)

    Cosponsors (3): Reps. Barry Moore (AL-02), Greg Steube (FL-17), and Michael Cloud (TX-27).

    Supporting Groups: Concerned Women for America

    Text of the bill

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: At Hearing, Senator Murray Slams Trump Administration for Threatening Biomedical Research and Jeopardizing Americans’ Health

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***WATCH AND READ: Senator Murray’s opening remarks***

    ***WATCH: Senator Murray’s questioning***

    ***WATCH AND READ: Emily Stenson’s testimony***

    Washington, D.C. – Today—at a Senate Appropriations Committee hearing on biomedical research—U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, underscored why the investments we make in biomedical research are so vital, what’s at stake for patients and families as Trump takes a wrecking ball to this research, and why Congress must forcefully push back.

    In just 100 days, President Trump and his administration have taken unprecedented actions across the Department of Health and Human Services (HHS) that are having devastating impacts on biomedical research, innovation, and ultimately, the lives of millions of patients and families. The Trump administration’s actions are delaying funding and stalling research for lifesaving treatments and cures, weakening our biomedical workforce, cancelling vital ongoing studies and trials, and threatening to undo decades of hard-won progress.

    At the hearing, Senator Murray shared the story of Emily Stenson, a mom and patient advocate from Washington state whose daughter Charlie was diagnosed with stage 4 cancer at just three years old but who, thanks to a National Cancer Institute clinical trial at Seattle Children’s Hospital, has been cancer free since December 2024. You can WATCH and READ Emily’s testimony here.

    Senator Murray emphasized that these lifesaving cancer trials are now on the chopping block as the Trump administration terminates $137 million in cancer research grants and plans to cut the NIH budget in half, and asked Emily, “If half of the cancer clinical trials were suddenly cancelled—what would that mean for patients like Charlie and the people you know on the cancer ward at Seattle Children’s?”

    Emily replied, “It would be devastating. There’s no other option often than a clinical trial. And how can you look at these families and say, we’re taking away the only option to save your child. There’s no funding. It feels like the government doesn’t care about families like ours if they take that away. It will be futures left in the balance.”

    Senator Murray also asked Dr. Sudip Parikh, CEO of the American Association for the Advancement of Science (AAAS), and Dr. Barry Sleckman, Director of the University of Alabama Comprehensive Cancer Center, about the impact Trump’s attacks on the National Institutes of Health (NIH) and Food and Drug Administration (FDA) will have on the future of biomedical research and Americans’ health.

    Senator Murray noted that over the last three months, NIH has awarded billions less in funding than over the same period in previous years, which is unprecedented for an agency that typically awards 60,000 grants a year. All the while, Trump has fired or pushed out nearly 5,000 NIH employees, including grant administrators whose job it is to award this funding. Senator Murray asked Dr. Parikh, “At this rate, do you think NIH will be able to spend the $47 billion Congress passed and President Trump signed into law?”

    Dr. Parikh responded, “Thank you for that. If the will is there they can because I know the program folks that are still there, and they will work harder than anybody to work with the scientists in the field, to do the peer review, to get those dollars out. Because those dollars are not just about getting money out the door, it’s about funding the ideas that have been proposed, and there are plenty of proposals, there are plenty of good ideas. We don’t fund enough; the pay lines are already at 20 and 10 percent. We need to make sure that we do get those out, because otherwise it will be impoundment by default.”

    “Well, we know that they have canceled peer review panels and they’re firing staff. So, can they get that funding out the door effectively?” Senator Murray followed up.

    “Only if it becomes a priority. Only if it becomes a priority. We have to make sure that it can go out. I am confident that it can, if they make it a priority. I have not seen that yet,” Dr. Parikh replied.

    Senator Murray pressed, “Who’s the ‘they’?”

    “The ‘they’ is the NIH. The NIH administrators, leaders, and the Department of Health and Human Services. We have to be able to say that we are going to start awarding these grants at the rate that it requires to get the fully appropriated amount that you all approved at the end of last fiscal year,” Dr. Parikh responded.

    “To your knowledge, has that been done?” inquired Senator Murray.

    Dr. Parikh stated, “Not yet, the rate isn’t quite there yet.”

    Senator Murray also discussed the Trump administration’s announcement that they would stop funding the Women’s Health Initiative (WHI), which they later claimed they would reverse. WHI studies cancer, heart disease, and osteoporosis in postmenopausal women—and thanks to this research, 126,000 cases of breast cancer and 76,000 cases of heart disease were prevented over a decade. The Fred Hutch Cancer Center in Seattle is the clinical coordinating center for WHI and one of four regional centers. Senator Murray noted that: “The annual funding for these centers costs about $10 million, that’s less than half by the way of what taxpayers spend on President Trump’s golf trips just in case you were keeping track over the last 3 months—$10 million!”

    “How important, I wanted to ask you, is sex in the diagnosis and treatment of cancer, and do you think now is the time to be cutting breast cancer research?” Senator Murray continued by asking Dr. Sleckman.

    Dr. Sleckman replied, “Thank you for that question, Senator. You know, let me make a comment first about the Women’s Health Study. These types of studies are essential for cancer and understanding the basis of cancer. This is a very long-term study, not a five-year grant. Something where they’ve been following women for decades and using that information to understand about cancer risk and then make informed decisions about cancer prevention. These types of studies could only be funded in a large, organized way through the federal government, the NIH and the NCI. Getting back to your question, is that it’s extremely important to study the biological difference between men and women when it comes to cancer risk, cancer progression, and cancer treatment—extremely important. There are large groups at pretty much all NCI cancer centers that either take that into account when they’re designing a trial or are studying it specifically—absolutely important. Thank you for that question.” 

    ____________________________

    As the largest public funder of biomedical research in the world, NIH has long been considered one of America’s crown jewels with a long history of strong bipartisan support from Congress. Less than 1 percent of the federal budget goes to medical research, yet NIH research drives our economy at the national and local levels by supporting thousands of jobs in every state. More than 83 percent of NIH’s budget goes to more than 300,000 research personnel at over 3,000 universities, medical schools, and other research institutions. NIH directly and indirectly supports more than 550,000 jobs across the country. It pays off: local communities see $2.56 of economic activity for every dollar invested in this research. NIH-funded research contributed to 354 out of 356 drugs approved by the Food and Drug Administration (FDA) between 2010 to 2019. The FDA plays an intricate role in advancing the biomedical research ecosystem in the United States, by regulating, promoting, and supporting the approval of new drugs, biologics, and medical devices coming on the market.

    Despite this, President Trump has systematically undermined NIH and the research it funds, as well as the FDA. He has terminated nearly 800 NIH grants across the country, cutting off more than $1.1 billion in essential research and trials. So far this year, he has slow walked roughly $2 billion in vital NIH funding that should be going out the door to fund the research that might discover the next treatment or cure that will change—or save—a patient’s life. Funding for Alzheimer’s disease, diabetes, and cancer research are just a few examples of large multi-million-dollar research grants that we know are being held hostage. He has illegally sought to cut billions in funding for universities to conduct this vital research by illegally capping the indirect cost rate in direct violation of bipartisan appropriations law. President Trump has pushed out nearly 5,000 NIH employees and 4,000 FDA employees—decimating the very work responsible for discovering lifechanging treatments and cures and ensuring they can safely get to market. He also reportedly plans to propose to nearly halve NIH’s budget.

    As a longtime appropriator and former Chair of the Senate HELP Committee, Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. 

    MIL OSI USA News –

  • MIL-OSI USA: House Republicans Reject Nadler Transit Safety Amendment Despite Bad-Faith USDOT Threats to Withhold Funding from Transit Agencies

    Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

    WASHINGTON, DC –  Today, Republican members of the House Transportation and Infrastructure Committee voted down—on a party-line basis—an amendment offered by Congressman Jerrold Nadler (NY-12) to provide substantial funding for transit safety and security.

    The vote came just weeks after Transportation Secretary Sean Duffy issued letters threatening to withhold federal funding from agencies like the MTA and WMATA over alleged safety concerns. Nadler’s amendment would have provided dedicated capital grants—fully authorized under existing law—to upgrade safety infrastructure, expand staffing, and better protect both passengers and frontline transit workers.

    “Secretary Duffy claims to care about safety. But when Republicans were given the chance to support real solutions, they turned their backs on the very transit agencies they’ve been scapegoating,” said Congressman Nadler. “It’s clear that their threats to withhold federal funds from the MTA aren’t truly about safety—they’re about undermining New York’s increasingly popular congestion pricing program.”

    Public transit remains one of the safest ways to travel, with the National Safety Council reporting it is ten times safer than driving. In New York, felony crime on the subway is at a 30-year low, and assaults on transit workers have dropped more than 30 percent, thanks in part to federal investments in cameras, de-escalation training, and safety teams. This amendment would have built on these gains by providing substantial funding to expand proven safety interventions nationwide. The federal government can and should do far more to help improve transit safety by investing in the infrastructure, staffing, and technology that protect both riders and workers.

    “Riders don’t need threats from Washington about cutting vital transit funding—they need real investment in safety, reliability, and respect for the communities who rely on public transportation every day,” Congressman Nadler continued. “That’s what this amendment offered. Instead, Republicans chose politics over public safety.”

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Danny K. Davis Reflects on President Trump’s First 100 Days of His Second Term

    Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

    April 30, 2025

    CHICAGO, IL — Today, Congressman Danny K. Davis (D-IL-07) issued the following statement reflecting on the first 100 days of President Donald J. Trump’s second term:

    “As President Trump marks his 100th day in his second term, I reflect not only on what has transpired but on what is at stake for the American people. These first 100 days have been defined by a clear agenda to roll back hard-fought gains in healthcare, civil rights, social services, and economic protections for working families.

    The administration’s attempt to privatize Social Security and raise the retirement age is a direct attack on seniors who have spent a lifetime paying into the system. Their efforts to weaken Medicaid and repeal key elements of the Affordable Care Act threaten millions of Americans—particularly in communities of color and rural America—who depend on access to affordable healthcare.

    In education, we’ve seen proposals to slash funding for public schools while diverting resources to unregulated private institutions. Meanwhile, student debt relief programs are being dismantled, leaving our young people burdened and betrayed.

    With regard to criminal justice, the White House’s abandonment of reentry programs, elimination of funding for Second Chance initiatives, and return to punitive incarceration policies represent a disturbing setback for restorative justice and rehabilitation efforts that are critical to reducing recidivism and creating opportunity.

    The administration’s failure to adequately address climate change, gun violence, and economic inequality has exposed its priorities—and they do not lie with everyday Americans. Instead, tax cuts for the ultra-wealthy, deregulation of corporate interests, and divisive political rhetoric have taken center stage.

    Yet, I remain hopeful because the American people are resilient. We are organizing, marching, voting, and demanding a future that honors equity, truth, and justice. As a senior Member of Congress and Co-Chair of the Congressional Reentry Caucus, I will continue to fight to protect our social safety net, expand access to opportunity, and resist any effort that undermines the dignity of our democracy.”

    MIL OSI USA News –

  • MIL-OSI USA: Pressley Applauds Release of Mohsen Mahdawi, Renews Call for Release of Rümeysa Öztürk, Mahmoud Khalil, and Others

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Yesterday, Pressley Rallied With Colleagues at State Dept. to Demand Mahdawi’s Release and Due Process for All

    Pressley Recently Met with Constituent Rümeysa Öztürk, Mahmoud Khalil at ICE Detention Centers in Louisiana

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) issued the following statement applauding the release of Mohsen Mahdawi, Columbia University student and lawful permanent resident who was detained on April 14 after his naturalization interview in Vermont. Yesterday, at a rally outside the State Department, Congresswoman Pressleyjoined Congresswoman Becca Balint (VT-AL)and their colleagues to call for Mahdawi’s immediate release and demand due process for all. Congresswoman Pressley recently met with constituent Rümeysa Öztürk and Mahmoud Khalil, two students who have been unlawfully detained by ICE and transported to Louisiana from their homes in retaliation for their protected speech.

    “Mohsen’s release is an encouraging step in the fight to defend our democracy and the constitutional rights that Donald Trump is working overtime to rip away,” said Rep. Ayanna Pressley. “Due process and free speech are fundamental rights. I am relieved and encouraged that Mohsen was released from detention today, and I continue to demand the immediate release of my constituent Rümeysa Öztürk, as well as Mahmoud Khalil, and the residents across the nation who may not have made headlines but similarly have been unjustly detained by this hostile administration. We have not forgotten about you and we will fight for your rights daily.”

    Mahdawi, a Vermont permanent resident for the last ten years, was abruptly arrested earlier this month by masked, hooded ICE agents without being charged with a crime. In response to his arrest, Rep. Balint, Rep. Pressley, and 66 other House Democrats demanded to know the Administration’s alleged reason for his arrest from Secretaries Rubio and Noem and received no response. 

    A full transcript of her remarks at yesterday’s rally is available below and video is available here.

    Transcript: Pressley Colleagues Demand Due Process for All at “Free Mohsen Mahdawi” Rally
    U.S. State Department
    April 29, 2025

    We keep using the word shame, and this is a shame that we find ourselves here. 

    And it is also a sham. 

    These extremist acts to disappear people from society have nothing to do with immigration. They have nothing to do with law and order. They have everything to do with power.

    And Donald Trump is abusing power. That is what dictators do. Dictators mean to silence any dissenting voices – and the only way to beat a dictator is with defiance, and that’s what brings us all here today. 

    I’m so glad that you all are awake. The other side wants you to be asleep. They’re anti-woke because they want a citizenry that is ignorant and uninformed, that is indifferent to the suffering of their neighbors, and that is inactive. 

    So you’re already winning, and you give me hope and make it easier to practice the discipline of hope – because you could have been anywhere else today, but you chose to be here to say that these abuses of power will not go unchecked.

    I know that I am speaking to the choir as I go to refer to my notes and enumerate these facts, but I preach to the choir for one reason, because I need the choir to sing. 

    When you leave here, I need you to sing about these injustices. I need you to sing about the fact that this is not about whether or not we can weather the next four years, that this is about shaping the next one hundred.

    I need you to sing about the fact that this is the moment and the opportunity to be better ancestors than descendants. 

    Who is Mohsen?

    Mohsen was raised in a Palestinian refugee camp in the occupied West Bank. He is a man who loves and is loved, who is connected to family, who is connected to community.

    Mohsen is a green card holder and lawful permanent resident of the United States.

    Mohsen is a scholar, a senior at Columbia University and co-founder of Columbia’s Palestinian Student Union.

    And now, shamefully, Mohsen is a political prisoner. 

    Instead of celebrating his graduation and preparing for his Master’s program in the fall, he was on the verge of becoming a US citizen, after 10 years of living and learning and contributing in the United States. 

    Instead, his life has been upended, and he is awaiting his future from the confines of a detention center. Shameful.

    In Donald Trump’s America, Mohsen’s story is becoming shamefully all too familiar to all of us. 

    He was whisked away and disappeared off of the streets, just like my constituent, Somerville resident and PhD student, Rümeysa Öztürk.

    Make no mistake, these abductions are not isolated. 

    They are part and parcel of Trump’s precise, intentional, and coordinated attack on our democracy and our constitutional rights. 

    They serve no purpose other than to silence dissent, restrict due process, and to sow fear in our communities – which is exactly how a dictator operates. 

    But again, we will not allow these abuses of power to go unchecked or unanswered. 

    Last week, I went to conduct some real-time oversight. I visited our sister Rümeysa Öztürk and our brother Mahmoud Khalil in Louisiana at the ICE detention facilities where they are being held. 

    Allow me to digress for a moment to remind people that this is a for-profit carceral system, and the same way that there are billionaire corporations that benefit from for-profit prisons and mass incarceration, the same billionaire corporations are benefiting from for-profit detention centers and the disappearing of immigrants. These things are all connected. 

    So if someone at home is saying, “Why should I care about this?”

    If you care about mass incarceration, you need to care about mass deportation. If you care about mass deportation, you need to care about mass incarceration. 

    So last week, I went for a wellness check, which also again, was real-time congressional oversight. What I saw and heard from Rümeysa and Mahmoud was harrowing, heartbreaking, and infuriating. 

    Mahmoud spoke of growing up in Syria under Assad. He said, “I know what an authoritarian regime looks like – and this is it.”

    Rümeysa thanked me for being there, along with my colleagues in our CODEL and said the women at this detention facility have questioned if God has forgotten about us, if the world has forgotten about us.

    They are being denied proper medical care, deprived of sleep. They’re not receiving nutritious meals, no religious accommodation. A nurse, without consent, removed Rümeysa’s hijab.

    The cruelty is the point. 

    Look family, what’s happening to Mohsen, Rümeysa, Mahmoud and so many others is a damning injustice. They’ve been charged with no crimes, and are being detained simply for exercising their right to free speech, for speaking out about the Israeli government’s genocide in Gaza. 

    Now let me be clear, regardless of your position on that issue or any other, this should outrage everyone and anyone with a moral conscience. 

    I do not journey to rural Louisiana because I am a Democrat. I journeyed to rural Louisiana because I’m a human being who gives a damn about other human beings. 

    In America we have a fundamental right to freedom of speech, and that’s what makes us who we are. So this blatant, flagrant violation of our First Amendment rights through these abductions should outrage everyone, regardless of your personal beliefs. 

    And as I close, because our freedoms and our destinies are tied, in his letter to Angela Y. Davis, James Baldwin wrote, “If they take you in the morning, dear sister, they will surely be coming for us that night.” And that is the truth. 

    Today, it is Mohsen, it is Rümeysa, it is Mahmoud, and tomorrow it could be you. 

    It could be you for reading a banned book. It could be you for suffering a miscarriage. It could be you for practicing Diversity Equity and Inclusion. 

    So today, we refuse to accept these abuses as inevitable. We demand due process and accountability for all, and we will keep working to protect our Constitution and everyone who calls this country home. 

    Free Mohsen Mahdawi. Free Rümeysa Öztürk. Free Mahmoud Khalil. Save our democracy.

    This is not about weathering the next four years. This is about shaping the next one hundred.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Kingsmill report cannot be the end

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by Cusher Councillor and TUV party Chairman Keith Ratcliffe

    “The findings of the Police Ombudsman’s report into the Kingsmill Massacre have laid bare fundamental and deeply troubling failings in the original investigation. The report makes it clear that the resources allocated to the case were wholly insufficient. It identifies a failure to arrest and interview key suspects, and a failure to pursue clear ballistic links that might have brought justice much closer.

    “These are not minor oversights. They raise serious and unavoidable questions about the decisions made at the time—questions that should have been asked decades ago, and which now demand answers.

    “But amidst the investigative failures, we must keep our focus on one unchanging truth: it was not the security services or the state that committed this atrocity. It was a gang of cowardly Provisional IRA terrorists — driven by bloodlust and by a deep, unrestrained hatred for their Protestant neighbours.

    “The report also firmly puts to rest any suggestion of collusion. And tellingly, the one group that has contributed nothing to the investigation — at any stage and on any level — are Republicans. Even now, they continue to maintain the fiction that this was not an IRA massacre, despite the mountain of evidence proving otherwise.

    “Yet it is Sinn Féin, the political wing of the very movement that committed these murders, who presume to lecture the rest of us on truth and justice.

    “It is a mark of how far we have strayed from moral clarity that Northern Ireland has a First Minister who cannot even bring herself to condemn the IRA’s campaign of terror. More than that — she has publicly glorified it, as recently as this past Easter.

    “How can anyone who justifies such acts — who believes they were “necessary” — be considered fit for public office, let alone the highest office in our land?

    “This report must not mark the end of the matter. It should ignite a renewed focus on accountability. If failings occurred at the time — and clearly they did — then what can now be done to bring justice and closure for the families?

    “Are any of those who should have been questioned still alive? What about the leadership of the IRA who presided over and sanctioned this slaughter? Will they finally be held to account?

    “These questions are obvious —yet they are rarely asked. Too often, we have been conditioned by the so-called “process” to accept that justice for victims of republican violence is simply off the table.

    “That must change.

    “It is the moral duty of any society to pursue justice — not selectively, not politically, but consistently. And that duty remains unfinished.

    “My thoughts remain with all those affected by the horror that unfolded at Kingsmill in 1976. Your pain has never been forgotten. Your questions remain valid. And your demand for truth and justice must never be silenced.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: TOMORROW: First Partner Siebel Newsom to celebrate Move Your Body, Calm Your Mind Day with Boys & Girls Club in Bay Area

    Source: US State of California Governor

    Apr 30, 2025

    SAN MATEO COUNTY — California First Partner Jennifer Siebel Newsom will team up with Olympic and World Cup Champion Brandi Chastain and nearly 250 kids at a local Boys & Girls Club to celebrate Move Your Body, Calm Your Mind Day, a statewide day of action embracing the importance of movement, mindfulness, and play. The interactive celebration will feature opportunities for kids to move their bodies as they choose from pickleball, soccer, and Zumba. The event will also feature calming activities like mindfulness crafts and yoga.

    WHEN: Thursday, May 1 at 3:50 p.m.

    **NOTE: This in-person event will not be streamed and will be open to credentialed media only. Media interested in attending must RSVP by clicking here no later than 1 p.m., May 1. Location information will be provided upon confirmation.

    Recent news

    Apr 30, 2025

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    Apr 30, 2025

    News What you need to know: The state of California is providing LA City and County a new AI-powered e-check software free of charge to speed the pace at which local governments are approving building permits. LOS ANGELES – Leveraging the power of private sector…

    Apr 30, 2025

    News What you need to know: Governor Gavin Newsom and the Department of Housing and Community Development today announced the awards of $118.9 million in federal funding for 29 California rural and tribal communities to create more affordable housing and supportive…

    MIL OSI USA News –

  • MIL-Evening Report: Feuding mob families, mind control and a murder at the White House: what to watch in May

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

    Disney+/Prime/Netflix/Paramount+/The Conversation

    It’s May! Where did the year go? It must be all the amazing TV we’re watching that’s making the time whiz by. This month’s lineup of expert picks is packed with standout shows across all genres.

    Whether you’re in the mood for laugh-out-loud comedies, powerful historical fiction, or sci-fi that will leave your brain rattling for days, there’s something binge-worthy waiting for you.

    MobLand

    Paramount+

    Lately, I’ve found myself counting down the days each week for a new episode of MobLand to drop on Paramount+ on Sunday afternoon. The crime series is executive produced (and the first two episodes directed) by Guy Ritchie, and stars Tom Hardy, Pierce Brosnan and Helen Mirren – along with a heavyweight supporting cast – in a story about two rival mob families in London.

    When tensions escalate after a night out, Hardy’s “fixer” character, Harry, works to keep the peace between the Harrigans and the Stevensons – be it with a quiet word or brutal force.

    MobLand is as twisty, gruesome and fun as we’ve come to expect from Ritchie’s popular gangster titles. But while others have been regularly criticised for their lack or limited portrayal of female characters, MobLand benefits from the scheming and swearing of the inimitable Helen Mirren as matriarch Maeve Harrigan, and the quiet fury of Joanne Froggatt as Harry’s wife, Jan, as she tries to force the enforcer into marriage counselling.

    The series has been a huge success for Paramount+ in Australia – becoming the largest launch in the platform’s history. And while some may find the weekly episode drop frustrating, for me it adds to the suspense.

    – Alexa Scarlata

    The Residence

    Netflix

    Faced with Donald Trump, show makers turn to alternative visions of leadership. The latest: a gay president, who is only a bit of a player, in a ridiculously entertaining picture of a crime within the White House.

    At a US state dinner for visiting Australian Prime Minister Stephen Roos (Julian McMahon), the dead body of the chief usher is discovered, and the world’s greatest detective, Cordelia Cupp (Uzo Aduba), is called in. Not only is Cupp an avid bird-watcher, she is also an Agatha Christie devotee who likes to assemble all her suspects for a prolonged denouement.

    The Residence is full of oblique references to current US politics. One former senator, Al Franken, plays a fictional senator named Aaron Filkins. And Tripp Morgan (Jason Lee), US President Perry Morgan’s odious brother, has several real-life precursors.

    The series is also a guide to the White House itself, complete with the sort of lavish detail we’d expect from Shondaland productions. And it’s nice to see Netflix acknowledging Australians. Even if they couldn’t persuade Hugh Jackman to actually show up, there’s plenty of other home-grown talent – including cameos by Kylie Minogue.

    – Dennis Altman

    Last One Laughing UK

    Prime Video

    Last One Laughing is a battle royale for stand-ups. Ten comedians, one room, surrounded by cameras. Laugh once and they’re warned. Laugh again, and they’re out. Last comic left wins.

    An international TV phenomenon in 29 countries, the latest season is from the United Kingdom, hosted by Jimmy Carr and featuring comedians like Bob Mortimer, Sara Pascoe and Joe Lycett.

    Comedy takes time, but laughter can take less than a moment. Richard Ayoade nearly catches out two players when, asked what his childhood hobbies were, he replies: “I don’t know. I cried a lot?”

    Last One Laughing doubles our laughs. We watch the actual joke, we get it, we laugh. And then we see comedians desperately trying not to laugh – but we know that they get the joke too! And so we get an unexpected second look at the joke.

    Last One Laughing helps us understand why we laugh at our own jokes, why we can’t always explain what’s funny, and why gags don’t need words. We’re watching professional comedians get the joke (as we do!) without laughing (as we expect?) but we know that it’s all OK. And, however briefly, we glimpse the world anew.

    – Fergus Edwards



    Read more:
    We’re hardwired to laugh – this is why watching comedians try to be the ‘Last One Laughing’ is so funny

    Dying for Sex

    Disney+

    Based on a popular podcast by Molly Kochan and Nicki Boyer, Dying for Sex is a funny, raunchy, heartfelt exploration of pleasure and death.

    When Molly (Michelle Williams) finds out her cancer is back and this time it is terminal, she seeks out sexual desire and satisfaction in unusual places, making profound discoveries along the way.

    The show is rated R for good reason: the depiction of sexual acts is graphic, but not exploitative or voyeuristic. Rather it embraces the messiness of having a body that is dying but seeking joy.

    While Molly’s sexual adventures feature heavily (and explicitly), the heart of the show is Molly’s friendship with Nicki (Jenny Slate), which feels achingly real. Molly and Nicki are long-term friends, as such they adore and encourage each other’s idiosyncrasies and perceived flaws.

    Williams is luminous and well-matched with Slate, who brings a levity and longing to caring for her best friend and supporting her new goals. Despite its relatively short runtime of just eight 30 minute episodes, we are treated to nuanced renderings of Molly’s complex relationships with her mother (Sissy Spacek), husband (Jay Duplass) and neighbour (Rob Delaney).

    Dying for Sex is infuriating and heartbreaking, as well as absurdly funny – kinda like death.

    – Jessica Ford

    Black Mirror, season seven

    Netflix

    The seventh season of Black Mirror is an ominous return to the dark world of modern technology. This season comprises six new episodes, two of which are sequels to episodes from previous seasons.

    Common People is a powerful opening to the season, starring two of the most famous actors to appear throughout. Amanda (Rashida Jones) and Mike (Chris O’Dowd) are an ordinary suburban couple struck by tragedy in the form of a serious medical emergency – a narrative turn that is compounded by an unexpected departure from Jones and O’Dowd’s comedic reputations. The collapse of their life reaches greater and greater depths, before culminating in a horrifying final scene.

    The other five episodes of the season are not as dismal. USS Callister: Into Infinity, in particular, provides some resolution that the earlier episode USS Callister had not. Plaything, the sequel to the interactive film Bandersnatch, echoes USS Callister’s interest in video gaming, but takes its invasion of human life to an even more powerful conclusion. Bête Noire similarly toys with the idea of mind control.

    Hotel Reverie and Eulogy are quieter episodes, and not as overtly critical of technological advance as the others. Both are very moving, and like Common People, are interested in the lengths one might go to for the people they love.

    Black Mirror’s seventh season is both a warning and a guide for how to be human – and how not to.

    – Jessica Gildersleeve

    The Wheel of Time, season three

    Prime Video

    The Wheel of Time is Prime’s most recent entry into the increasingly popular epic fantasy genre. Despite a lacklustre first two seasons, season three finally rewards fans for their patience.

    Adapted from Robert Jordan’s sprawling 14-book series, the new season begins full throttle with a violent battle between the all-female One Power-wielding Aes Sedai. While some episodes lag due to overly complicated exposition and agonising character development (just embrace the wolf already, Perrin), for the most part showrunner Rafe Judkins maintains the propulsive momentum established in the spectacular opening.

    Episode four, The Road to the Spear, is a standout sure to please die-hard Jordan fans and new audiences alike. Cinematic in scope, the episode faithfully recounts Rand (Josha Stradowski) and Moiraine’s (Rosamund Pike) journey to Rhuidean in the Aiel Waste where Rand is confirmed as the Dragon Reborn.

    Pike continues to provide much-needed gravitas as the steely Moiraine and Stradowski is a revelation. It doesn’t hurt that the episode makes good use of its deliciously vampy leather-clad villain Lanfear (Natasha O’Keeffe).

    No doubt references to Jordan’s expansive lore might continue to baffle some viewers. However, the sumptuous costumes, increasingly assured performances and modernised relationships suggest the series has finally found its footing.

    Long may The Wheel of Time continue to turn.

    – Rachel Williamson

    The Narrow Road to the Deep North

    Prime Video

    The Narrow Road to the Deep North stands as some of the most visceral and moving television produced in Australia in recent memory, marking a new accessibility and confidence to director Justin Kurzel.

    Dorrigo Evans (Jacob Elordi/Ciarán Hinds) is a doctor sent to World War II. Captured during the Battle of Java he is taken as a prisoner of war (POW), where he is forced to lead his Australian soldiers on the building of the Burma-Thailand Railway.

    Rather than an executor of violence, he is a pacifist and victim. Ultimately he has to make peace with his own trauma and guilt of survival when many around him perished – some of whom he knowingly sent to their inevitable death to ensure his own survival.

    Faithfully adapted from Richard Flanagan’s novel in a screenplay by Shaun Grant, this production effectively creates interchanging timelines (seamlessly edited by Alexandre de Francesch) including prewar, war and postwar, and then flashes forward to Dorrigo in his mid-70s.

    Structurally immaculate, The Narrow Road to the Deep North is not defined by its brutal torture of the POWs or comradeship of the starving soldiers (though they are powerful to watch). Instead, it points us towards the quieter visions of characters having to sit alone with their distorted memories.

    Contemporary television is rarely this good.

    – Stephen Gaunson



    Read more:
    Contemporary television is rarely as good as The Narrow Road to the Deep North

    Andor, season two

    Disney+

    Andor returns for a second season, as we follow the early days of the Rebel Alliance leading up to events in Rogue One.

    One year after the events of season one, we open with Cassian (Diego Luna) impersonating an Imperial test pilot so he can steal a prototype Imperial ship. After stealing the ship, he must navigate a ragtag brigade whose infighting becomes violent.

    Elsewhere on planet Mina-Rau, Bix (Adria Arjona) and other undocumented farm workers await Cassian’s arrival with the ship. Over on Chandrila, Imperial Senator Mon (Genevieve O’Reilly) navigates the diplomacy of her daughter’s wedding while continuing to discreetly support the rebellion.

    The most chilling scenes in the opening episodes are perhaps those that show Imperial supervisor Dedra Meero (Denise Gough) attend a top-secret meeting where they strategise how best to cleanse the population of Gorman so they can mine a rare mineral.

    As film academic Daniel Golding notes in an article about how Andor takes on the era of Trump 2.0, showrunner Tony Gilroy takes inspiration from several real world revolutionary events. Given Russia’s invasion of Ukraine, Israel’s assault on Gaza and Trump’s increasing authoritarianism, it will be interesting to see how the revolution in this season continues to reflect real-world precarity.

    I recommend refreshing your memory of season one before diving in, as the new season’s complexity relies on considerable assumed knowledge.

    – Stuart Richards

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Feuding mob families, mind control and a murder at the White House: what to watch in May – https://theconversation.com/feuding-mob-families-mind-control-and-a-murder-at-the-white-house-what-to-watch-in-may-255222

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: B.C. streamlines permitting for renewable-energy projects

    Source: Government of Canada regional news

    The Province is taking action to speed up permitting for renewable-energy projects to meet growing demand for clean power, address climate change and secure energy independence for British Columbians in the face of unprecedented trade threats.

    Government introduced the renewable energy projects (streamlined permitting) act to the legislative assembly on Wednesday, April 30, 2025. If passed, the act will expand the authority of the BC Energy Regulator (BCER) to oversee renewable-energy projects, building on the Province’s investments to generate the clean power needed to create a healthier environment and sustainable future for British Columbians.

    “B.C. has a once-in-a-generation opportunity to become a world leader in clean-energy production and we will take every action possible to see that all British Columbians benefit from this opportunity,” said Adrian Dix, Minister of Energy and Climate Solutions. “Renewable energy projects like wind and solar are urgently needed to provide affordable clean power, create jobs, and strengthen and diversify our economy, especially during this period of global market uncertainty.”

    If approved, these changes will establish the BCER as the primary permitting agency for renewable-energy projects and transmission lines. The legislation will help simplify the approvals process for these projects, eliminating the need for cross-ministry and agency permitting, by establishing the BCER as the single window for permitting in accordance with strict environmental standards. This will be completed in a staged approach through regulation.

    The BCER’s initial focus will be on the North Coast Transmission Line (NCTL) project and the wind- and solar-power projects in BC Hydro’s 2024 call for power. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical-mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration.

    The proposed legislation would also:

    • exempt the NCTL project and the nine wind projects selected in the 2024 call for power from the environmental assessment processes and allow government to do the same for other wind-power projects in the future; and
    • enable the BCER to establish a new rigorous regulatory framework for renewable-energy projects through consultation with First Nations, ensuring that environmental standards are upheld.

    “The BC Energy Regulator is pleased to see the introduction of this legislation and has been engaging with ministries and others to prepare for this expanded mandate that will include permitting processes and engagement functions,” said Michelle Carr, CEO and commissioner, BC Energy Regulator. “Our staff are working across seven regional offices to ensure energy activities are carried out safely, responsibly and in alignment with provincial goals and BCER’s vision for a resilient energy future.”

    The Province is committed to accelerating decisions on renewable-energy projects responsibly.

    The BCER has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BCER’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen and now, renewable energy.

    Quotes:

    Doug Slater, vice-president, Indigenous relations and regulatory affairs, FortisBC —

    “Our focus is on delivering safe, reliable and affordable energy to the families and businesses we serve. Collaborating with local power providers and Indigenous organizations helps us meet the energy demands of homes and businesses in the southern Interior while supporting regional development. Our hope is that these legislative and regulatory changes will help streamline processes and accelerate projects to efficiently deliver power to our customers, including our plans to add up to 1,100 GWh of energy supply as soon as 2030.”

    Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia —

    “This legislation is an important step toward a balanced regulatory framework that encourages responsible clean-energy development at a critical time for our communities, our economy and our climate. The Clean Energy Association of British Columbia is proud to work with the Province and the BC Energy Regulator to help build a framework that is efficient, transparent and aligned with the Declaration on the Rights of Indigenous Peoples Act. Together, we can build a cleaner, stronger and more resilient future.”

    Quick Facts:

    • Under the renewable energy projects (streamlined permitting) act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind or any other clean-energy resource.
    • The BCER has a team of more than 300 employees in seven offices throughout B.C.
    • The BCER’s staff includes biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists.
    • The BCER will hire additional staff and subject-matter experts to support the additional responsibilities.
    • In 2024, FortisBC issued a request for expression of interest for new power to identify projects from lower-carbon and renewable sources in British Columbia that could add up to 1,100 gigawatt hours (GWh) of energy supply for its approximately 190,000 electricity customers in the south Okanagan by 2030.

    Learn More:

    To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

    For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI Australia: Before they vote: How schools shape young citizens

    Source:

    01 May 2025

    Politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas and concerns.

    As politicians continue the campaign trail with carefully scripted messages and media spin, researchers from the University of South Australia say young people are watching – and learning the wrong lessons about democracy.

    With children and teens already engaging with political issues on social media, the election period is a critical opportunity to shape how they understand democratic participation.

    The call follows recommendations from the Australian Parliament’s report for a nationally consistent approach to civics and citizenship in education, with a focus on digital literacy to help young people decipher misinformation through social media.

    UniSA’s Associate Professor Joel Windle says politicians have a duty to move beyond tokenistic gestures and engage seriously with young people’s ideas, concerns and capacities for civic engagement.

    “Australia’s democracy depends on citizens being informed and engaged, especially in a system of compulsory voting. Yet rising misinformation, disengagement, and distrust pose serious challenges,” Assoc Prof Joel Windle says.

    “For young people and children, election campaigns present a master class in deflecting questions, talking to pre-set points, controlling and shutting down debates and, at all costs, avoiding controversy.

    “So rather than arming voters and young people with valuable information upon which to base decisions, politicians are demonstrating the exact opposite.”

    The researchers say that to engage young people and encourage children to grow into active, connected citizens, we need to model, not undermine, democratic values.

    “Civics is also often under-prioritised, outdated, and disconnected from students’ lives, with many teachers lacking the confidence to address contemporary or controversial issues,” Assoc Prof Windle says.

    “From our research, we know that upper-primary school children are more than capable of tackling complex social and political topics. And, with the right support, can investigate anything from local concerns such as unsafe streets, to global challenges like climate change.

    “We also know that they are excellent producers of podcasts and digital content. Blend these together, and you get students who can research, reflect, and represent issues in balanced, thoughtful ways, while navigating and filtering digital content. That’s the essence of democratic citizenship.

    “With the federal election highlighting the gap between political practice and civic ideals, it’s more urgent than ever to ensure young people learn that democracy is about dialogue, accountability and action – starting in the classroom.”

    The UniSA team’s new book – Being Heard: Remixing Critical Literacy for Active Citizenship – offers practical, research-backed strategies for teachers to build student voice and agency in the primary classroom.

    The research team includes: Assoc Prof Joel Windle, Assoc Prof David Caldwell, Assoc Prof Melanie Baak and Dr Aidan Windle.

    …………………………………………………………………………………………………………………………

    Contact for interview:  Assoc Prof Joel Windle M: +61 414 577 454 E: Joel.Windle@unisa.edu.au
    Media contact: Annabel Mansfield E: Annabel.Mansfield@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio(1) was 64.1%.

    First Quarter 2025 Performance Highlights

    • Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
    • Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
    • Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
    • Other borrowed funds decreased $11.8 million compared to the prior quarter.
    • Non-interest expenses declined $1.1 million compared to the prior quarter.
    • Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
    • Ratio of equity to assets increased to 9.04% this quarter.

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

    Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

    Net Interest Income

    Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

    Non-Interest Income

    Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

    Non-Interest Expense

    During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

    Income Tax Expense (Benefit)

    Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

    Balance Sheet Highlights

    As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

    Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

    Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

    The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

    Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000
     

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Balance Sheets (unaudited)  
                                   
    (Dollars in thousands)   March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 21,881     $ 20,275     $ 21,211     $ 23,889     $ 16,468  
    Interest-bearing deposits at other banks     3,973       4,110       4,363       4,881       4,920  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     58,424       64,458       83,753       89,325       93,683  
    Municipal obligations, tax exempt     101,812       107,128       112,126       114,047       118,445  
    Municipal obligations, taxable     70,614       71,715       75,129       74,588       75,371  
    Agency mortgage-backed securities     125,142       129,211       140,004       142,499       149,777  
    Total investment securities available-for-sale     355,992       372,512       411,012       420,459       437,276  
    Investment securities held-to-maturity     3,701       3,672       3,643       3,613       3,584  
    Bank stocks, at cost     6,225       6,618       7,894       9,647       7,850  
    Loans:                                        
    One-to-four family residential real estate     355,632       352,209       344,380       332,090       312,833  
    Construction and land     28,645       25,328       23,454       30,480       24,823  
    Commercial real estate     359,579       345,159       324,016       318,850       323,397  
    Commercial     190,881       192,325       181,652       178,876       181,945  
    Agriculture     101,808       100,562       91,986       84,523       86,808  
    Municipal     7,082       7,091       7,098       6,556       5,690  
    Consumer     31,297       29,679       29,263       29,200       28,544  
    Total gross loans     1,074,924       1,052,353       1,001,849       980,575       964,040  
    Net deferred loan (fees) costs and loans in process     (426 )     (307 )     (63 )     (583 )     (578 )
    Allowance for credit losses     (12,802 )     (12,825 )     (11,544 )     (10,903 )     (10,851 )
    Loans, net     1,061,696       1,039,221       990,242       969,089       952,611  
    Loans held for sale, at fair value     2,997       3,420       3,250       2,513       2,697  
    Bank owned life insurance     39,329       39,056       39,176       38,826       38,578  
    Premises and equipment, net     19,886       20,220       20,976       20,986       20,696  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,426       2,578       2,729       2,900       3,071  
    Mortgage servicing rights     3,045       3,061       3,041       2,997       2,977  
    Real estate owned, net     167       167       428       428       428  
    Other assets     24,894       26,855       23,309       28,149       29,684  
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     368,480       351,595       360,188       360,631       364,386  
    Money market and checking     613,459       636,963       565,629       546,385       583,315  
    Savings     149,223       145,514       145,825       150,996       154,000  
    Certificates of deposit     204,660       194,694       203,860       192,470       191,823  
    Total deposits     1,335,822       1,328,766       1,275,502       1,250,482       1,293,524  
    FHLB and other borrowings     48,767       53,046       92,050       131,330       74,716  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,256       13,808       9,528       8,745       15,895  
    Accrued interest and other liabilities     23,442       20,656       25,229       20,292       20,760  
    Total liabilities     1,435,938       1,437,927       1,423,960       1,432,500       1,426,546  
    Stockholders’ equity:                                        
    Common stock     58       58       55       55       55  
    Additional paid-in capital     95,148       95,051       89,532       89,469       89,364  
    Retained earnings     60,422       56,934       60,549       57,774       55,912  
    Treasury stock, at cost     –       –       (396 )     (330 )     (249 )
    Accumulated other comprehensive loss     (12,977 )     (15,828 )     (10,049 )     (18,714 )     (18,411 )
    Total stockholders’ equity     142,651       136,215       139,691       128,254       126,671  
    Total liabilities and stockholders’ equity   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Statements of Earnings (unaudited)  
       
    (Dollars in thousands, except per share amounts)   Three months ended,  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Interest income:                        
    Loans   $ 16,395     $ 15,955     $ 14,490  
    Investment securities:                        
    Taxable     2,180       2,210       2,428  
    Tax-exempt     719       738       764  
    Interest-bearing deposits at banks     48       49       63  
    Total interest income     19,342       18,952       17,745  
    Interest expense:                        
    Deposits     5,236       5,350       5,457  
    FHLB and other borrowings     565       737       1,022  
    Subordinated debentures     357       389       412  
    Repurchase agreements     65       77       107  
    Total interest expense     6,223       6,553       6,998  
    Net interest income     13,119       12,399       10,747  
    Provision for credit losses     –       1,500       300  
    Net interest income after provision for credit losses     13,119       10,899       10,447  
    Non-interest income:                        
    Fees and service charges     2,388       2,710       2,461  
    Gains on sales of loans, net     562       522       512  
    Bank owned life insurance     272       976       245  
    Losses on sales of investment securities, net     (2 )     (1,031 )     –  
    Other     138       194       182  
    Total non-interest income     3,358       3,371       3,400  
    Non-interest expense:                        
    Compensation and benefits     6,154       6,264       5,532  
    Occupancy and equipment     1,252       1,550       1,390  
    Data processing     396       452       481  
    Amortization of mortgage servicing rights and other intangibles     239       240       412  
    Professional fees     745       1,043       647  
    Valuation allowance on real estate held for sale     –       –       129  
    Other     1,975       2,325       1,960  
    Total non-interest expense     10,761       11,874       10,551  
    Earnings before income taxes     5,716       2,396       3,296  
    Income tax expense (benefit)     1,015       (886 )     518  
    Net earnings   $ 4,701     $ 3,282     $ 2,778  
                             
    Net earnings per share (1)                        
     Basic   $ 0.81     $ 0.57     $ 0.48  
     Diluted     0.81       0.57       0.48  
    Dividends per share (1)     0.21       0.20       0.20  
    Shares outstanding at end of period (1)     5,778,610       5,775,198       5,747,560  
    Weighted average common shares outstanding – basic (1)     5,777,593       5,775,227       5,743,452  
    Weighted average common shares outstanding – diluted (1)     5,814,650       5,789,764       5,748,595  
                             
    Tax equivalent net interest income   $ 13,291     $ 12,574     $ 10,925  
                             
    (1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
    Performance ratios:                        
    Return on average assets (1)     1.21 %     0.83 %     0.72 %
    Return on average equity (1)     13.71 %     9.54 %     8.88 %
    Net interest margin (1)(2)     3.76 %     3.51 %     3.12 %
    Effective tax rate     17.8 %     -37.0 %     15.7 %
    Efficiency ratio (3)     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (3)     20.4 %     25.0 %     24.1 %
                             
    Average balances:                        
    Investment securities   $ 377,845     $ 409,648     $ 456,933  
    Loans     1,048,585       1,010,153       945,737  
    Assets     1,574,295       1,568,821       1,555,662  
    Interest-bearing deposits     979,787       944,969       935,417  
    FHLB and other borrowings     48,428       57,507       72,618  
    Subordinated debentures     21,651       21,651       21,651  
    Repurchase agreements     8,634       12,212       14,371  
    Stockholders’ equity   $ 139,068     $ 136,933     $ 125,846  
                             
    Average tax equivalent yield/cost (1):                        
    Investment securities     3.29 %     3.03 %     2.96 %
    Loans     6.34 %     6.28 %     6.16 %
    Total interest-bearing assets     5.53 %     5.34 %     5.11 %
    Interest-bearing deposits     2.17 %     2.25 %     2.35 %
    FHLB and other borrowings     4.73 %     5.10 %     5.66 %
    Subordinated debentures     6.69 %     7.15 %     7.65 %
    Repurchase agreements     3.05 %     2.51 %     2.99 %
    Total interest-bearing liabilities     2.38 %     2.52 %     2.70 %
                             
    Capital ratios:                        
    Equity to total assets     9.04 %     8.65 %     8.16 %
    Tangible equity to tangible assets (3)     6.99 %     6.58 %     6.01 %
    Book value per share   $ 24.69     $ 23.59     $ 22.04  
    Tangible book value per share (3)   $ 18.66     $ 17.53     $ 15.87  
                             
    Rollforward of allowance for credit losses (loans):                        
    Beginning balance   $ 12,825     $ 11,544     $ 10,608  
    Charge-offs     (108 )     (246 )     (141 )
    Recoveries     85       27       134  
    Provision for credit losses for loans     —       1,500       250  
    Ending balance   $ 12,802     $ 12,825     $ 10,851  
                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300  
                             
    Non-performing assets:                        
    Non-accrual loans   $ 13,280     $ 13,115     $ 3,621  
    Accruing loans over 90 days past due     —       —       —  
    Real estate owned     167       167       428  
     Total non-performing assets   $ 13,447     $ 13,282     $ 4,049  
                             
    Loans 30-89 days delinquent   $ 9,977     $ 6,201     $ 4,064  
                             
    Other ratios:                        
    Loans to deposits     79.48 %     78.21 %     73.64 %
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.93 %     0.59 %     0.42 %
    Total non-performing loans to gross loans outstanding     1.24 %     1.25 %     0.38 %
    Total non-performing assets to total assets     0.85 %     0.84 %     0.26 %
    Allowance for credit losses to gross loans outstanding     1.19 %     1.22 %     1.13 %
    Allowance for credit losses to total non-performing loans     96.40 %     97.79 %     299.67 %
    Net loan charge-offs to average loans (1)     0.01 %     0.09 %     0.00 %
                             
    (1) Information is annualized.  
    (2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
                 
    Non-GAAP financial ratio reconciliation:                        
    Total non-interest expense   $ 10,761     $ 11,874     $ 10,551  
    Less: foreclosure and real estate owned expense     (50 )     (13 )     (50 )
    Less: amortization of other intangibles     (152 )     (151 )     (170 )
    Less: valuation allowance on real estate held for sale     —       —       (129 )
    Adjusted non-interest expense (A)     10,559       11,710       10,202  
                             
    Net interest income (B)     13,119       12,399       10,747  
                             
    Non-interest income     3,358       3,371       3,400  
    Less: losses on sales of investment securities, net     2       1,031       —  
    Less: gains on sales of premises and equipment and foreclosed assets     —       (273 )     9  
    Adjusted non-interest income (C)   $ 3,360     $ 4,129     $ 3,409  
                             
    Efficiency ratio (A/(B+C))     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (C/(B+C))     20.4 %     25.0 %     24.1 %
                             
    Total stockholders’ equity   $ 142,651     $ 136,215     $ 126,671  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible equity (D)   $ 107,848     $ 101,260     $ 91,223  
                             
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,553,217  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible assets (E)   $ 1,543,786     $ 1,539,187     $ 1,517,769  
                             
    Tangible equity to tangible assets (D/E)     6.99 %     6.58 %     6.01 %
                             
    Shares outstanding at end of period (F)     5,778,610       5,775,198       5,747,560  
                             
    Tangible book value per share (D/F)   $ 18.66     $ 17.53     $ 15.87  

    The MIL Network –

  • MIL-OSI Security: Louisiana Man Sentenced to 97 Months in Prison for Traveling to New Jersey to Engage in Sexual Activity with Minor

    Source: Office of United States Attorneys

    TRENTON, N.J. – A Louisiana man was sentenced today to 97 months in prison for traveling to New Jersey for the purpose of engaging in sexual conduct with a minor, U.S. Attorney Alina Habba announced.

    Spencer W. Caudle, 36, of Prairieville, Louisiana, previously pleaded guilty before U.S. District Judge Michael A. Shipp in Trenton federal court to an information charging him with travel with intent to engage in illicit sexual conduct.

    According to documents filed in this case and statements made in court:

    In or around April 2023, Caudle began interacting on online social media applications with the then-14-year-old victim. Caudle’s communications with the victim were sexual in nature despite the victim informing Caudle of the victim’s minor status.  Caudle even expressed nervousness about being on the show “To Catch a Predator,” but continued informing the victim of his desire to have sex with the victim.  On May 26, 2023, Caudle drove from Louisiana to meet and have sex with the victim in Toms River, New Jersey the following day. On May 27, 2023, Caudle, in fact, committed sexual acts on the victim.  Later that night, Caudle left New Jersey to drive back to Louisiana.

    Local law enforcement became aware of Caudle’s prohibited sexual activity with the victim and began an investigation.  In June 2023, an undercover law enforcement officer assumed the victim’s online and cellular presence and communicated with Caudle.  During these conversations, Caudle confirmed his prior sexual acts with the victim and expressed a desire for further sexual activity.  While communicating with the undercover officer, Caudle made plans to return to New Jersey to commit additional sexual acts on the victim.  On June 16, 2023, Caudle flew from Louisiana to New Jersey, and law enforcement arrested him upon his arrival at the Newark Liberty International Airport.

    U.S. Attorney Habba credited special agents of the U.S. Department of Homeland Security, Homeland Security Investigations Newark, under the direction of Special Agent in Charge Ricky J. Patel; the Ocean County Prosecutor’s Office, under the direction of Prosecutor Bradley D. Billhimer; and the Toms River Police Department, under the direction of Police Chief Peter Sundack, with the investigation.

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

    The government is represented by Assistant U.S. Attorney Richard G. Shephard of the U.S. Attorney’s Office’s Criminal Division in Trenton. 

                                                                                                                ###

    MIL Security OSI –

  • MIL-OSI Security: School official pleads guilty in $2.9M Scheme to defraud veterans’ education programs

    Source: Office of United States Attorneys

    ALEXANDRIA, Va. – The career services manager for a Virginia school offering job training programs to veterans pled guilty today to wire fraud in connection with a scheme to defraud the Department of Veterans Affairs (VA) of nearly $3 million.

    According to court documents, Jeffrey Williams, 37, of Alexandria, used false records to defraud the VA of millions of dollars from approximately July 2022 to May 2024. During that time, the defendant was a career services manager at an educational institution offering veterans educational programs in cyber that could be paid for by the VA. As part of the scheme, Williams created fraudulent employment offer letters, falsified certifications, and forged veterans’ signatures to make it appear as if veterans had attained the meaningful employment needed for the educational institution to receive tuition payments from the government. Williams caused the submission of hundreds of false documents to the VA, claiming approximately $2.9 million in fraudulent tuition payments for at least 189 veterans.

    Williams is scheduled to be sentenced on Sept. 17 and faces up to 20 years in prison. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The VA Office of Inspector General is investigating the case.

    Assistant U.S. Attorney Jordan Harvey for the Eastern District of Virginia and Trial Attorney Lauren Archer of the Justice Department’s Fraud Section are prosecuting the case.   

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-122.

    MIL Security OSI –

  • MIL-OSI Security: Wethersfield Woman Admits Role in Scheme that Defrauded Connecticut’s Medicaid Program of More Than $1.8 Million

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that SUHAIL APONTE, 38, of Wethersfield, waived her right to be indicted and pleaded guilty today before U.S. District Judge Stefan R. Underhill in Bridgeport to a health care fraud offense related to a Medicaid fraud scheme.

    The Connecticut Medical Assistance Program (CTMAP) is a Connecticut Department of Social Services-administered program that provides medical assistance to low income persons.  CTMAP’s benefit packages, referred to as “HUSKY” or “Connecticut Medicaid,” are jointly funded by the State of Connecticut and the federal government.

    According to court documents and statements made in court, Aponte was the sole principal and registered agent of Minds Cornerstone LLC, dba Minds Cornerstone Behavior Therapy Services (“Minds Cornerstone”), an Autism Specialist Group, which was registered with the State of Connecticut in June 2021.  Beginning in approximately November 2021, Aponte, who is not a licensed provider, was involved in a scheme in which she and a co-conspirator used Minds Cornerstone to defraud the Connecticut Medicaid Program by submitting fraudulent claims for applied behavior analysis (“ABA”) services to children diagnosed with Autism Spectrum Disorder (“ASD”).  The scheme involved billing for Medicaid for services purportedly rendered to patients when company payroll records indicate employees were not compensated for the associated services; direct supervision services purportedly provided by a Board Certified Behavior Analyst (“BCBA”) of a behavioral technician, when the corresponding procedure code for behavioral technician services was not billed; services purportedly rendered to patients who were actually in an inpatient hospital; and services purportedly rendered when parents of patients and former employees of Minds Cornerstone confirmed those services did not occur.

    Between November 2021 and January 2025, Aponte and her co-conspirator submitted or caused to be submitted to Medicaid fraudulent claims that resulted in a loss of approximately $1,876,617 to the Connecticut Department of Social Services.

    From approximately May 2022 until November 2024, Aponte was also employed by the State of Connecticut in the Office of Policy and Management.

    Aponte pleaded guilty to conspiracy to commit health care fraud, which carries a maximum term of imprisonment of 10 years.

    As part of her plea, Aponte has agreed to the forfeiture of approximately $459,000 in funds seized from various bank accounts she controlled, as well as her interest in additional bank accounts and two parcels of land in Hartford.

    Judge Underhill scheduled sentencing for July 30.

    Aponte has been released on a $100,000 bond since her arrest on January 16, 2025.

    This investigation is being conducted by the Federal Bureau of Investigation, the U.S. Department of Health and Human Services, Office of the Inspector General (HHS-OIG), and the Medicaid Fraud Control Unit of the Connecticut Chief State’s Attorney’s Office, with the assistance of the Connecticut Department of Social Services.  The case is being prosecuted by Assistant U.S. Attorney David T. Huang.

    MIL Security OSI –

  • MIL-OSI: The First of Long Island Corporation Reports Earnings for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three months ended March 31, 2025.

    Analysis of Earnings – First Quarter 2025 Versus Linked Quarter

    Net income for the first quarter of 2025 increased $512,000 compared to the fourth quarter of 2024. The increase in net income was primarily due to a $795,000 increase in net interest income largely due to an eight basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards during the fourth quarter of 2024 offset by pending merger related system conversion expenses of $468,000 and debit card chargeoffs of $243,000 during the first quarter of 2025. These were partially offset by a provision for credit losses of $168,000 as compared to a provision reversal for credit losses of $381,000 in the fourth quarter, a decrease in noninterest income of $503,000 primarily due to $233,000 of back-to-back swap fees and $225,000 of bank-owned life insurance (“BOLI”) benefit payments earned in the fourth quarter, and an increase in income tax expense of $761,000 substantially due to a decrease in the percentage of pre-tax income derived from the Bank’s real estate investment trust, increasing the state and local income tax due. 

    Analysis of Earnings – First Quarter 2025 Versus First Quarter of 2024

    Net income and earnings per share (“EPS”) for the quarter ended March 31, 2025 were $3.8 million and $0.17, respectively, as compared to $4.4 million and $0.20, respectively, for the comparable quarter in 2024. The principal drivers of the change in net income were an increase in net interest income of $661,000, or 3.6%, which was more than offset by an increase in the provision for credit losses of $168,000, an increase in noninterest expense of $922,000, and an increase in income tax expense of $193,000. The quarter produced a return on average assets (“ROA”) of 0.37%, return on average equity (“ROE”) of 3.98%, and a net interest margin of 1.91%.

    Net interest income increased when comparing the first quarters of 2025 and 2024 primarily due to a decrease in interest expense of $2.0 million which was partially offset by a $1.4 million decrease in interest income. The decrease in interest expense was a combination of a 16 basis points decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $92.9 million. The decrease in interest income resulted from interest-earning assets decreasing by $156.6 million offset by the yield on interest-earning assets increasing two basis points.

    In the first quarter of 2025, the Bank recorded a provision for credit losses of $168,000. The Bank did not record a provision in the first quarter of 2024. The allowance for credit losses remained relatively flat when compared to year-end 2024 largely due to declines in historical loss rates and loan balances which were offset by an increase due to deterioration in current and forecasted economic conditions, including adjustments for economic uncertainty. The reserve coverage ratio ticked up one basis point to 0.89% of total loans at March 31, 2025 as compared to 0.88% at December 31, 2024. Past due loans and nonaccrual loans were at $7.5 million and $3.5 million, respectively, on March 31, 2025. Overall, the credit quality of the loan and investment portfolios remains strong.

    Noninterest income decreased $57,000, or 2.1%, when comparing the first quarters of 2025 and 2024 mainly due to 2024 nonrecurring items of $114,000 in real estate tax refunds, $60,000 in BOLI benefit payments, $50,000 in joint marketing fees and an additional one-time service charge cycle related to the Bank’s core system conversion, which were partially offset by increases of $96,000 in merchant card service fees and $72,000 in BOLI accretion.

    Noninterest expense increased $922,000, or 5.7%, for the first quarter of 2025, as compared to the first quarter of 2024. The change in noninterest expense is mainly attributable to the current year’s expenses related to the pending merger. Noninterest expense increased due to merger expenses of $230,000, merger related system conversion expenses of $468,000, debit card chargeoffs of $243,000 and higher legal fees, partially offset by a 2.6% year-over-year decrease in salaries and employee benefits.  The decrease in salaries and employee benefits was due to a decrease in full time equivalent employees, primarily the result of branch closings in 2024.

    Income tax expense increased $193,000 due to an increase in the effective tax rate from 6.2% in the first quarter of 2024 to 11.5% in the current quarter. The increase in the effective tax rate is mainly due to the same reasons discussed above with respect to the linked quarter changes. 

    Liquidity

    Total average deposits declined by $51.9 million when comparing the first quarters of 2025 and 2024. There were no overnight advances on March 31, 2025 or December 31, 2024. On March 31, 2025, other borrowings were down by $75.0 million from year-end 2024. At March 31, 2025, the Bank had $653.3 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, a $20.0 million unsecured line of credit with a correspondent bank and $204.8 million in unencumbered securities. In total, $878.1 million in liquidity was available on March 31, 2025. Uninsured deposits were 49.5% of total deposits at March 31, 2025. 

    Capital

    The Corporation’s capital position remains strong with a leverage ratio of approximately 10.29% on March 31, 2025. Book value per share was $16.91 on March 31, 2025, versus $16.77 on December 31, 2024. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter.

    Forward Looking Information

    This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; changes in domestic or international governmental policies, including the imposition of tariffs; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

    For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended March 31, 2025. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about May 1, 2025, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

               
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Assets:              
    Cash and cash equivalents $ 67,555     $ 38,330  
    Investment securities available-for-sale, at fair value   615,350       624,779  
                   
    Loans:              
    Commercial and industrial   134,095       136,732  
    Secured by real estate:              
    Commercial mortgages   1,929,881       1,963,107  
    Residential mortgages   1,065,380       1,084,090  
    Home equity lines   33,452       36,468  
    Consumer and other   1,126       1,210  
        3,163,934       3,221,607  
    Allowance for credit losses   (28,308 )     (28,331 )
        3,135,626       3,193,276  
                   
    Restricted stock, at cost   24,329       27,712  
    Bank premises and equipment, net   28,411       29,135  
    Right-of-use asset – operating leases   18,358       18,951  
    Bank-owned life insurance   117,471       117,075  
    Pension plan assets, net   11,693       11,806  
    Deferred income tax benefit   35,022       36,192  
    Other assets   22,491       22,080  
      $ 4,076,306     $ 4,119,336  
    Liabilities:              
    Deposits:              
    Checking $ 1,072,766     $ 1,074,671  
    Savings, NOW and money market   1,587,030       1,574,160  
    Time   635,789       616,027  
        3,295,585       3,264,858  
                   
    Overnight advances   —       —  
    Other borrowings   360,000       435,000  
    Operating lease liability   20,348       21,964  
    Accrued expenses and other liabilities   17,533       18,648  
        3,693,466       3,740,470  
    Stockholders’ Equity:              
    Common stock, par value $0.10 per share:              
    Authorized, 80,000,000 shares;              
    Issued and outstanding, 22,635,724 and 22,595,349 shares   2,264       2,260  
    Surplus   79,866       79,731  
    Retained earnings   353,043       354,051  
        435,173       436,042  
    Accumulated other comprehensive loss, net of tax   (52,333 )     (57,176 )
        382,840       378,866  
      $ 4,076,306     $ 4,119,336  
                   
                   
         
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
         
      Three Months Ended  
      3/31/2025     3/31/2024  
      (dollars in thousands)  
    Interest and dividend income:              
    Loans $ 33,785     $ 33,543  
    Investment securities:              
    Taxable   5,374       6,993  
    Nontaxable   956       960  
        40,115       41,496  
    Interest expense:              
    Savings, NOW and money market deposits   10,318       10,083  
    Time deposits   6,403       6,977  
    Overnight advances   71       263  
    Other borrowings   4,501       6,012  
        21,293       23,335  
    Net interest income   18,822       18,161  
    Provision for credit losses   168       —  
    Net interest income after provision for credit losses   18,654       18,161  
                   
    Noninterest income:              
    Bank-owned life insurance   912       840  
    Service charges on deposit accounts   829       880  
    Net loss on sales of securities   —       —  
    Other   976       1,054  
        2,717       2,774  
    Noninterest expense:              
    Salaries and employee benefits   9,711       9,974  
    Occupancy and equipment   3,233       3,214  
    Merger expenses   230       —  
    Other   3,954       3,018  
        17,128       16,206  
    Income before income taxes   4,243       4,729  
    Income tax expense   487       294  
    Net income $ 3,756     $ 4,435  
                   
    Share and Per Share Data:              
    Weighted Average Common Shares   22,625,117       22,520,568  
    Dilutive restricted stock units   86,270       73,827  
    Dilutive weighted average common shares   22,711,387       22,594,395  
                   
    Basic EPS $ 0.17     $ 0.20  
    Diluted EPS   0.17       0.20  
    Cash Dividends Declared per share   0.21       0.21  
                   
    FINANCIAL RATIOS  
    (Unaudited)  
    ROA   0.37 %     0.42 %
    ROE   3.98       4.72  
    Net Interest Margin   1.91       1.79  
                   
                   
               
    PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Loans including modifications to borrowers experiencing financial difficulty:              
    Modified and performing according to their modified terms $ 419     $ 421  
    Past due 30 through 89 days   7,452       270  
    Past due 90 days or more and still accruing   —       —  
    Nonaccrual   3,510       3,229  
        11,381       3,920  
    Other real estate owned   —       —  
      $ 11,381     $ 3,920  
                   
    Allowance for credit losses $ 28,308     $ 28,331  
    Allowance for credit losses as a percentage of total loans   0.89 %     0.88 %
    Allowance for credit losses as a multiple of nonaccrual loans   8.1 x     8.8 x
                   
                   
         
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
         
      Three Months Ended March 31,  
      2025     2024  
      Average     Interest/   Average     Average     Interest/   Average  
    (dollars in thousands) Balance     Dividends   Rate     Balance     Dividends   Rate  
    Assets:                                      
    Interest-earning bank balances $ 28,537     $ 313   4.45 %   $ 55,117     $ 751   5.48 %
    Investment securities:                                      
    Taxable (1)   568,162       5,061   3.56       638,857       6,242   3.91  
    Nontaxable (1) (2)   151,745       1,210   3.19       153,417       1,215   3.17  
    Loans (1)   3,185,771       33,785   4.24       3,243,445       33,543   4.14  
    Total interest-earning assets   3,934,215       40,369   4.10       4,090,836       41,751   4.08  
    Allowance for credit losses   (28,399 )                 (28,947 )            
    Net interest-earning assets   3,905,816                   4,061,889              
    Cash and due from banks   28,197                   31,703              
    Premises and equipment, net   28,912                   31,257              
    Other assets   130,528                   120,884              
      $ 4,093,453                 $ 4,245,733              
    Liabilities and Stockholders’ Equity:                                      
    Savings, NOW & money market deposits $ 1,572,109       10,318   2.66     $ 1,534,081       10,083   2.64  
    Time deposits   612,730       6,403   4.24       643,854       6,977   4.36  
    Total interest-bearing deposits   2,184,839       16,721   3.10       2,177,935       17,060   3.15  
    Overnight advances   6,322       71   4.55       18,846       263   5.61  
    Other borrowings   416,944       4,501   4.38       504,258       6,012   4.80  
    Total interest-bearing liabilities   2,608,105       21,293   3.31       2,701,039       23,335   3.47  
    Checking deposits   1,067,804                   1,126,593              
    Other liabilities   35,260                   40,014              
        3,711,169                   3,867,646              
    Stockholders’ equity   382,284                   378,087              
      $ 4,093,453                 $ 4,245,733              
                                           
    Net interest income (2)         $ 19,076                 $ 18,416      
    Net interest spread (2)               0.79 %                 0.61 %
    Net interest margin (2)               1.91 %                 1.79 %
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       

    For More Information Contact:
    Janet Verneuille, SEVP and CFO
    (516) 671-4900, Ext. 7462

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces Preliminary 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., April 30, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) reported preliminary results for the first quarter of 2025. As previously disclosed, the Company is completing its evaluation, subject to review by its independent registered public accounting firm, of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation, not material to tangible equity. This process is ongoing and must be completed for the Company to file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which is expected to include restated financial statements for the applicable periods.

    While the Company works diligently to complete this process, the Company is providing preliminary results for the first quarter of 2025. These results reflect the updated accounting methodology for the remaining third party lending and servicing arrangements. The Company’s actual results may differ materially from these preliminary financial results. The Company is also completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. An impairment, if determined to exist, would not affect the tangible equity or the regulatory capital ratios of the Company. This preliminary financial data has been prepared by and is the responsibility of the Company. The Company’s independent auditor has not reviewed or audited these preliminary financial results. The results should be considered preliminary and are subject to adjustment based on the results of the process, the restatement and other developments that may arise between now and the time the Company’s 2024 audited consolidated financial statements are issued.

    As a result of the delays in the filing of the 2024 Annual Report, certain subsequent events have been evaluated and will be recorded in the Company’s audited financial statements for the year ended December 31, 2024. The Company will continue to evaluate subsequent events that occur prior to the date the financial statements for the year ended December 31, 2024 are available to be issued.

    Preliminary 2025 First Quarter Results

    • Net income available to common shareholders of $12.6 million, or $0.57 per diluted share, for the first quarter of 2025
    • Pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share, for the first quarter of 2025

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “We are working diligently to resolve the delay in our audited financials, although we want to emphasize that we do not expect a material impact to first quarter tangible equity or regulatory capital levels, and that our unaudited preliminary first quarter results already reflect the previously disclosed accounting methodology changes, for a small third party guaranteed loan portfolio.

    “Improving credit quality remains a strategic priority, and during the first quarter we had no significant new substandard or nonperforming loans identified, with two-thirds of net charge-offs in the quarter taking place within third party programs that were fully reimbursed. The previously disclosed sale of $330 million of GreenSky loans in April 2025, plus tighter underwriting standards in our equipment finance portfolio are expected to significantly reduce exposure to higher-risk portfolios over the balance of 2025.

    “Our underlying profitability trends were favorable in the first quarter, with a strong net interest margin of 3.48%, solid loan growth in the Community Bank, and continued contribution from our wealth management revenue platform. We continue to expect stronger profitability over the balance of 2025 with growing capital ratios.”

    Key Points for First Quarter and Outlook

    Continued Credit Clean-up; Tightened Credit Standards

    • The Company closed its sale of participation interests of consumer loans originated through the GreenSky program. The sale included approximately $330 million, or 89%, of the Company’s GreenSky portfolio. The remaining portfolio will be retained by the Company under a new servicing agreement.
    • Substandard accruing loans and nonperforming loans decreased slightly to $75.7 million and $140.0 million at March 31, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $16.9 million for the quarter, including $11.1 million of fully reimbursed charge-offs related to our third party lending programs. Net charge-offs in our equipment finance portfolio were approximately $4.5 million as we continue to see credit issues primarily in the trucking industry.
    • Provision for credit losses on loans was $8.3 million for the first quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $90.5 million, or 1.80% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of March 31, 2025.

    (in thousands)   As of and for the
    Three Months Ended
    March 31, 2025
    Asset Quality    
    Loans 30-89 days past due   $ 43,522  
    Nonperforming loans     140,020  
    Nonperforming assets     146,080  
    Substandard accruing loans     75,668  
    Net charge-offs     16,878  
    Loans 30-89 days past due to total loans     0.87 %
    Nonperforming loans to total loans     2.79 %
    Nonperforming assets to total assets     1.96 %
    Allowance for credit losses to total loans     1.80 %
    Allowance for credit losses to nonperforming loans     64.60 %
    Net charge-offs to average loans     1.35 %
             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at March 31, 2025 were $5.02 billion, a decrease of $149.5 million from December 31, 2024. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $56.8 million, or 1.8%, from December 31, 2024, pipelines remain strong
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $159.3 million during the quarter.
      • Equipment finance portfolio balances declined $44.9 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.94 billion at March 31, 2025, a decrease of $260.8 million from December 31, 2024. The decline in deposits reflects the following:
      • Noninterest-bearing deposits increased $35.1 million in the quarter.
      • Retail deposits increased by $96.8 million through a growth and marketing strategy implemented late in the first quarter of 2025, along with higher average deposits held by retail customers.
      • Brokered deposits, including both money market and time deposits decreased by $115.4 million.
      • Sweep accounts included in interest bearing checking decreased by $115.4 million, of which $80 million was related to normal first quarter distributions for one large depositor with the remainder due to seasonal adjustments.
      • Servicing deposits decreased by $53.9 million.
    • Wealth Management revenue totaled $7.4 million in the first quarter of 2025. Assets under administration were $4.10 billion at March 31, 2025. The Company added six new sales positions in the first quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.48%, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.29% in the first quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the first quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   March 31, 2025
    Interest-earning assets   Average Balance   Interest & Fees   Yield/Rate
    Cash and cash equivalents   $ 68,671   $ 718   4.24 %
    Investment securities(1)     1,311,887     15,517   4.80  
    Loans(1)(2)     5,057,394     78,014   6.26  
    Loans held for sale     326,348     4,563   5.67  
    Nonmarketable equity securities     35,614     647   7.37  
    Total interest-earning assets     6,799,914     99,459   5.93  
    Noninterest-earning assets     687,870        
    Total assets   $ 7,487,784        
                 
    Interest-Bearing Liabilities            
    Interest-bearing deposits   $ 5,074,007   $ 34,615   2.77 %
    Short-term borrowings     73,767     700   3.85  
    FHLB advances & other borrowings     299,578     3,163   4.28  
    Subordinated debt     77,752     1,387   7.23  
    Trust preferred debentures     51,283     1,200   9.49  
    Total interest-bearing liabilities     5,576,387     41,065   2.99  
    Noninterest-bearing deposits     1,052,181        
    Other noninterest-bearing liabilities     124,638        
    Shareholders’ equity     734,578        
    Total liabilities and shareholder’s equity   $ 7,487,784        
                 
    Net Interest Margin       $ 58,394   3.48 %
                 
    Cost of Deposits           2.29 %
    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for the three months ended March 31, 2025.
    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
       

    Trends in Noninterest Income and Expense

    • Noninterest income was $17.8 million for the first quarter of 2025 and included a loss on limited partnership investments of $0.6 million and credit enhancement losses of $0.6 million, offset by income from death benefits on life insurance policies of $0.3 million.
    • As of the date of this earnings release, the Company expects noninterest income of approximately $17.0 million to $17.5 million in the near term quarters after consideration of credit enhancement income or losses.
    • Noninterest expense was $48.9 million for the first quarter of 2025 and was impacted by an additional $1.4 million in severance expense and $0.7 million in professional fees. The Company continues to experience higher levels of legal fees and other expenses related to loan collections.
    • As of the date of this earnings release, the Company expects the near term operating expense run rate to be approximately $48.0 million to $49.0 million.

    First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the
    Three Months Ended
    March 31, 2025
    Return on average assets     0.80 %
    Pre-tax, pre-provision return on average assets(1)     1.46 %
    Net interest margin     3.48 %
    Efficiency ratio (1)     64.24 %
    Noninterest expense to average assets     2.65 %
    Net charge-offs to average loans     1.35 %
    Tangible book value per share at period end (1)   $ 21.43  
    Diluted earnings per common share   $ 0.57  
    Common shares outstanding at period end     21,503,036  
    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
       

    Capital

    At March 31, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of March 31, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory Requirements (2)
    Total capital to risk-weighted assets 13.10%   13.77%   10.50%
    Tier 1 capital to risk-weighted assets 11.84%   11.43%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 11.84%   8.60%   7.00%
    Tier 1 leverage ratio 9.90%   9.55%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.32%   N/A
    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.
       

    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank. 

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-tax, pre-provision earnings,” “Pre-tax, pre-provision diluted earnings per share,” “Pre-tax, pre-provision return on average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including the expected timing and results of the Company’s audit for the year ended December 31, 2024, and the Company’s ongoing evaluation of whether there is an impairment to its goodwill; the fact that the completion and filing of the 2024 Annual Report has taken, and may continue to take, longer than expected; changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
         
    (dollars in thousands)   As of March 31, 2025
    Assets    
    Cash and cash equivalents   $ 102,006  
    Investment securities     1,368,405  
    Loans     5,018,053  
    Allowance for credit losses on loans     (90,458 )
    Total loans, net     4,927,595  
    Loans held for sale     287,821  
    Premises and equipment, net     86,719  
    Other real estate owned     4,669  
    Loan servicing rights, at lower of cost or fair value     17,278  
    Goodwill     161,904  
    Other intangible assets, net     11,189  
    Company-owned life insurance     212,336  
    Credit enhancement asset     5,614  
    Other assets     272,217  
    Total assets   $ 7,457,753  
         
    Liabilities and Shareholders’ Equity    
    Noninterest-bearing demand deposits   $ 1,090,707  
    Interest-bearing deposits     4,845,727  
    Total deposits     5,936,434  
    Short-term borrowings     40,224  
    FHLB advances and other borrowings     498,000  
    Subordinated debt     77,754  
    Trust preferred debentures     51,358  
    Other liabilities     109,599  
    Total liabilities     6,713,369  
    Total shareholders’ equity     744,384  
    Total liabilities and shareholders’ equity   $ 7,457,753  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
         
    (in thousands, except per share data)   For the Three Months
    Ended     March 31, 2025
    Net interest income:    
    Interest income   $ 99,251  
    Interest expense     41,065  
    Net interest income     58,186  
    Provision for credit losses on loans     8,250  
    Net interest income after provision for credit losses     49,936  
    Noninterest income:    
    Wealth management revenue     7,350  
    Service charges on deposit accounts     3,305  
    Interchange revenue     3,151  
    Residential mortgage banking revenue     676  
    Income on company-owned life insurance     2,334  
    Credit enhancement (loss) income     (578 )
    Other income     1,525  
    Total noninterest income     17,763  
    Noninterest expense:    
    Salaries and employee benefits     26,416  
    Occupancy and equipment     4,498  
    Data processing     6,919  
    Professional services     2,741  
    Amortization of intangible assets     911  
    FDIC insurance     1,463  
    Other expense     5,977  
    Total noninterest expense     48,925  
    Income before income taxes     18,774  
    Income tax expense     3,975  
    Net income     14,799  
    Preferred stock dividends     2,228  
    Net income available to common shareholders   $ 12,571  
         
    Basic earnings per common share   $ 0.57  
    Diluted earnings per common share   $ 0.57  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
         
    (in thousands)   As of March 31, 2025
    Loan Portfolio Mix    
    Commercial loans   $ 869,009
    Equipment finance loans     390,276
    Equipment finance leases     373,168
    Total commercial loans and leases     1,632,453
    Commercial real estate     2,592,325
    Construction and land development     264,966
    Residential real estate     373,095
    Consumer     155,214
    Total loans   $ 5,018,053
         
    Loan Portfolio Segment    
    Regions    
    Eastern   $ 897,792
    Northern     747,028
    Southern     711,787
    St. Louis     902,743
    Total Community Bank     3,259,350
    Specialty finance     865,401
    Equipment finance     763,444
    Non-core consumer and other(1)     129,858
    Total loans   $ 5,018,053
         
    Deposit Portfolio Mix    
    Noninterest-bearing demand   $ 1,090,707
    Interest-bearing:    
    Checking     2,161,282
    Money market     1,154,403
    Savings     522,663
    Time     818,732
    Brokered time     188,647
    Total deposits   $ 5,936,434
         
    Deposit Portfolio by Channel    
    Retail   $ 2,846,494
    Commercial     1,074,837
    Public Funds     490,374
    Wealth & Trust     301,251
    Servicing     842,567
    Brokered Deposits     358,063
    Other     22,848
    Total deposits   $ 5,936,434
    (1) Non-core consumer loans refers to consumer loan portfolios originated through third parties.
       
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
         
    Pre-Tax, Pre-Provision Earnings Reconciliation
         
        For the Three Months
    Ended March 31, 2025
    Income before income taxes   $ 18,774  
    Provision for credit losses     8,250  
    Pre-tax, pre-provision earnings   $ 27,024  
    Pre-tax, pre-provision earnings per diluted share   $ 1.12  
    Pre-tax, pre-provision return on average assets     1.46 %
         
    Efficiency Ratio Reconciliation
         
    (dollars in thousands)   For the Three Months
    Ended     March 31, 2025
    Noninterest expense – GAAP   $ 48,925  
         
    Net interest income – GAAP   $ 58,186  
    Effect of tax-exempt income     208  
    Adjusted net interest income     58,394  
         
    Noninterest income – GAAP     17,763  
         
    Adjusted total revenue   $ 76,157  
         
    Efficiency ratio     64.24 %
             
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
         
    (dollars in thousands, except per share data)   As of March 31, 2025
    Shareholders’ Equity to Tangible Common Equity
    Total shareholders’ equity—GAAP   $ 744,384  
    Adjustments:    
    Preferred Stock     (110,548 )
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible common equity     460,743  
         
    Total Assets to Tangible Assets:    
    Total assets—GAAP   $ 7,457,753  
    Adjustments:    
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible assets   $ 7,284,660  
         
    Common Shares Outstanding     21,503,036  
         
    Tangible Common Equity to Tangible Assets     6.32 %
    Tangible Book Value Per Share   $ 21.43  

    The MIL Network –

  • MIL-OSI: Ansys Announces Q1 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    / Q1 2025 Results

    • Revenue of $504.9 million
    • GAAP diluted earnings per share of $0.59 and non-GAAP diluted earnings per share of $1.64
    • GAAP operating profit margin of 11.7% and non-GAAP operating profit margin of 33.5%
    • Operating cash flows of $398.9 million and unlevered operating cash flows of $407.1 million
    • Annual contract value (ACV) of $410.1 million
    • Deferred revenue and backlog of $1,627.7 million on March 31, 2025

    PITTSBURGH, April 30, 2025 (GLOBE NEWSWIRE) — ANSYS, Inc. (NASDAQ: ANSS) today reported first quarter 2025 revenue of $504.9 million, an increase of 8% in reported currency, or 10% in constant currency, when compared to the first quarter of 2024. For the first quarter of 2025, the Company reported diluted earnings per share of $0.59 and $1.64 on a GAAP and non-GAAP basis, respectively, compared to $0.40 and $1.39 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2024. Additionally, the Company reported first quarter ACV growth of 1% in reported currency, or 2% in constant currency, when compared to the first quarter of 2024. The results for the first quarter met the Company’s expectations and it continues to expect double-digit FY 2025 ACV growth.

    As previously announced, on January 15, 2024, Ansys entered into a definitive agreement with Synopsys, Inc. (“Synopsys”) under which Synopsys will acquire Ansys. Since the Company’s last earnings release, the U.K. Competition and Markets Authority has formally cleared the transaction in Phase 1 subject to previously announced divestitures. Additionally, Ansys and Synopsys have received clearances from the Turkey Competition Authority, Japan Fair Trade Commission, Korea Fair Trade Commission and Taiwan Fair Trade Commission. We continue to work with the regulators in other relevant jurisdictions to conclude their reviews. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

    The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures can be found later in this release.

    / Summary of Financial Results

    Ansys’ first quarter 2025 and 2024 financial results are presented below. The 2025 and 2024 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

    Our results are as follows:

      GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Revenue $   504,891     $   466,605     8.2 %
    Net income $     51,865     $     34,778     49.1 %
    Diluted earnings per share $        0.59        $        0.40        47.5 %
    Gross margin   85.6 %     85.3 %    
    Operating profit margin   11.7 %     9.3 %    
    Effective tax rate   19.6 %     15.1 %    
                       
      Non-GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Net income $   144,149     $   121,996     18.2 %
    Diluted earnings per share $        1.64        $        1.39        18.0 %
    Gross margin   91.2 %     90.9 %    
    Operating profit margin   33.5 %     32.2 %    
    Effective tax rate   17.5 %     17.5 %    
                       
      Other Metrics
    (in thousands, except percentages) Q1 2025   Q1 2024   % Change
    ACV $   410,068   $   407,405   0.7 %
    Operating cash flows $   398,935   $   282,817   41.1 %
    Unlevered operating cash flows $   407,128   $   292,667   39.1 %
                     
    Supplemental Financial Information

    / Annual Contract Value

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    ACV $        410,068   $         416,640   $        407,405   0.7 %   2.3 %
                                 

    Recurring ACV includes both subscription lease ACV and all maintenance ACV (including maintenance from perpetual licenses). It excludes perpetual license ACV and service ACV.

     

    / Revenue

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    Revenue $        504,891   $         512,570   $        466,605   8.2 %   9.9 %
                                 
    REVENUE BY LICENSE TYPE
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Subscription Lease $          96,919   19.2 %   $          94,800   20.3 %   2.2 %   4.0 %
    Perpetual              63,036   12.5 %                65,521   14.0 %   (3.8)%   (2.9)%
    Maintenance1            324,392   64.2 %              289,340   62.0 %   12.1 %   13.9 %
    Service              20,544   4.1 %                16,944   3.6 %   21.2 %   22.5 %
    Total $        504,891       $        466,605       8.2 %   9.9 %
                           

    1Maintenance revenue is inclusive of both maintenance associated with perpetual licenses and the maintenance component of subscription leases.

    REVENUE BY GEOGRAPHY
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Americas $        230,377   45.6 %   $        208,697   44.7 %   10.4 %   10.5 %
                           
    Germany              35,021   6.9 %                36,198   7.8 %   (3.3)%   (0.4)%
    Other EMEA              83,839   16.6 %                82,417   17.7 %   1.7 %   3.9 %
    EMEA            118,860   23.5 %              118,615   25.4 %   0.2 %   2.6 %
                           
    Japan              43,297   8.6 %                36,532   7.8 %   18.5 %   20.9 %
    Other Asia-Pacific            112,357   22.3 %              102,761   22.0 %   9.3 %   12.9 %
    Asia-Pacific            155,654   30.8 %              139,293   29.9 %   11.7 %   15.0 %
                           
    Total $        504,891       $        466,605       8.2 %   9.9 %
                                   
    REVENUE BY CHANNEL
           
      Q1 2025   Q1 2024
    Direct revenue, as a percentage of total revenue 69.1 %   66.5 %
    Indirect revenue, as a percentage of total revenue 30.9 %   33.5 %
               

    / Deferred Revenue and Backlog

    (in thousands) March 31,
    2025    		   December 31,
         2024    		   March 31,
    2024
    Current Deferred Revenue $            490,318   $            504,527   $            433,167
    Current Backlog                511,197                  524,617                  433,106
    Total Current Deferred Revenue and Backlog            1,001,515               1,029,144                  866,273
               
    Long-Term Deferred Revenue                  30,840                    31,778                    21,434
    Long-Term Backlog                595,388                  657,345                  481,746
    Total Long-Term Deferred Revenue and Backlog                626,228                  689,123                  503,180
               
    Total Deferred Revenue and Backlog $        1,627,743   $        1,718,267   $        1,369,453
                     

    / Currency

    The first quarter of 2025 revenue, operating income and ACV, as compared to the first quarter of 2024, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income and ACV based on 2024 exchange rates are reflected in the tables below. Deferred revenue and backlog as of March 31, 2025, as compared to the balances at December 31, 2024, were also impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. Amounts in brackets indicate an adverse impact from currency fluctuations.

    (in thousands) Q1 2025
    Revenue $          (7,679 )
    GAAP operating income $          (2,848 )
    Non-GAAP operating income $          (3,044 )
    ACV $          (6,572 )
    Deferred revenue and backlog $         19,166  
           

    The most meaningful currency impacts are typically attributable to U.S. Dollar exchange rate changes against the Euro and Japanese Yen. Historical exchange rates are reflected in the charts below.

      Period-End Exchange Rates
    As of EUR/USD   USD/JPY
    March 31, 2025                    1.08                       150
    December 31, 2024                    1.04                       157
    March 31, 2024                    1.08                       151
           
      Average Exchange Rates
    Three Months Ended EUR/USD   USD/JPY
    March 31, 2025                    1.05                       152
    March 31, 2024                    1.09                       148
           

    / GAAP Financial Statements

    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (in thousands) March 31, 2025   December 31, 2024
    ASSETS:      
    Cash & short-term investments $                      1,828,559   $                      1,497,517
    Accounts receivable, net                              754,655                             1,022,850
    Goodwill                          3,799,809                             3,778,128
    Other intangibles, net                              694,235                                716,244
    Other assets                              903,755                             1,036,692
    Total assets $                      7,981,013   $                      8,051,431
    LIABILITIES & STOCKHOLDERS’ EQUITY:      
    Current deferred revenue $                          490,318   $                          504,527
    Long-term debt                              754,287                                754,208
    Other liabilities                              556,933                                706,256
    Stockholders’ equity                          6,179,475                             6,086,440
    Total liabilities & stockholders’ equity $                      7,981,013   $                      8,051,431
               
    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Income
    (Unaudited)
        Three Months Ended
    (in thousands, except per share data)   March 31,
    2025    		   March 31,
    2024
    Revenue:        
    Software licenses   $              159,955     $              160,321  
    Maintenance and service                     344,936                       306,284  
    Total revenue                     504,891                       466,605  
    Cost of sales:        
    Software licenses                         9,370                         10,044  
    Amortization                       23,429                         22,484  
    Maintenance and service                       39,770                         36,139  
    Total cost of sales                       72,569                         68,667  
    Gross profit                     432,322                       397,938  
    Operating expenses:        
    Selling, general and administrative                     230,415                       219,643  
    Research and development                     137,292                       128,811  
    Amortization                         5,722                           6,145  
    Total operating expenses                     373,429                       354,599  
    Operating income                       58,893                         43,339  
    Interest income                       16,743                         10,995  
    Interest expense                     (10,177 )                     (12,369 )
    Other expense, net                           (930 )                       (1,007 )
    Income before income tax provision                       64,529                         40,958  
    Income tax provision                       12,664                           6,180  
    Net income   $                51,865     $                34,778  
    Earnings per share – basic:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       87,653                         87,067  
    Earnings per share – diluted:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       88,127                         87,780  
                     

    / Glossary of Terms

    Annual Contract Value (ACV): ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:

    • the annualized value of maintenance and subscription lease contracts with start dates or anniversary dates during the period, plus
    • the value of perpetual license contracts with start dates during the period, plus
    • the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
    • the value of work performed during the period on fixed-deliverable services contracts.

    When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2025, the anniversary dates would be July 1, 2026 and July 1, 2027. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2028, our ACV performance metric does not assume any contract renewals.

    Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2025 – June 30, 2026 would each contribute $100,000 to ACV for fiscal year 2025 with no contribution to ACV for fiscal year 2026.

    Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2025 – June 30, 2028 would each contribute $100,000 to ACV in each of fiscal years 2025, 2026 and 2027. There would be no contribution to ACV for fiscal year 2028 as each period captures the full annual value upon the anniversary date.

    Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2025 would contribute $200,000 to ACV in fiscal year 2025.

    Backlog: Deferred revenue associated with installment billings for periods beyond the current quarterly billing cycle and committed contracts with start dates beyond the end of the current period.

    Deferred Revenue: Billings made or payments received in advance of revenue recognition.

    Subscription Lease or Time-Based License: A license of a stated product of our software that is granted to a customer for use over a specified time period, which can be months or years in length. In addition to the use of the software, the customer is provided with access to maintenance (unspecified version upgrades and technical support) without additional charge. The revenue related to these contracts is recognized ratably over the contract period for the maintenance portion and up front for the license portion.

    Perpetual / Paid-Up License: A license of a stated product and version of our software that is granted to a customer for use in perpetuity. The revenue related to this type of license is recognized up front.

    Maintenance: A contract, typically one year in duration, that is purchased by the owner of a perpetual license and that provides access to unspecified version upgrades and technical support during the duration of the contract. The revenue from these contracts is recognized ratably over the contract period.

    / Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

      Three Months Ended
      March 31, 2025
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      432,322   85.6 %   $        58,893   11.7 %   $      51,865     $        0.59  
    Stock-based compensation expense               3,977   0.8 %              70,243   14.0 %             70,243                 0.80  
    Excess payroll taxes related to stock-based awards                  354   0.1 %                6,016   1.2 %               6,016                 0.07  
    Amortization of intangible assets from acquisitions             23,429   4.6 %              29,151   5.7 %             29,151                 0.33  
    Expenses related to business combinations                  405   0.1 %                4,787   0.9 %               4,787                 0.05  
    Adjustment for income tax effect                     —   — %                      —   — %           (17,913 )             (0.20 )
    Total non-GAAP $      460,487   91.2 %   $      169,090   33.5 %   $    144,149     $        1.64  
                                           

    1 Diluted weighted average shares were 88,127.

      Three Months Ended
      March 31, 2024
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      397,938   85.3 %   $       43,339   9.3 %   $      34,778     $        0.40  
    Stock-based compensation expense               3,343   0.7 %             58,664   12.7 %             58,664                 0.66  
    Excess payroll taxes related to stock-based awards                  378   0.1 %                5,362   1.1 %               5,362                 0.06  
    Amortization of intangible assets from acquisitions             22,484   4.8 %             28,629   6.1 %             28,629                 0.33  
    Expenses related to business combinations                     —   — %             14,261   3.0 %             14,261                 0.16  
    Adjustment for income tax effect                     —   — %                      —   — %           (19,698 )             (0.22 )
    Total non-GAAP $      424,143   90.9 %   $     150,255   32.2 %   $    121,996     $        1.39  
                                           

    1 Diluted weighted average shares were 87,780.

      Three Months Ended
    (in thousands) March 31,
    2025    		   March 31,
    2024
    Net cash provided by operating activities $            398,935     $            282,817  
    Cash paid for interest                    9,931                      11,939  
    Tax benefit                   (1,738 )                     (2,089 )
    Unlevered operating cash flows $            407,128     $            292,667  
                   

    / Use of Non-GAAP Measures

    We provide non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income, non-GAAP diluted earnings per share and unlevered operating cash flows as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to these financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure, as applicable.

    We use non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and employees. In addition, many financial analysts that follow us focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. Moreover, investors have historically requested, and we have historically reported, these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.

    While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all our competitors and may not be directly comparable to similarly titled measures of our competitors due to potential differences in the exact method of calculation. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

    The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

    Amortization of intangible assets from acquisitions. We incur amortization of intangible assets, included in our GAAP presentation of amortization expense, related to various acquisitions we have made. We exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by us after the acquisition. Accordingly, we do not consider these expenses for purposes of evaluating our performance during the applicable time period after the acquisition, and we exclude such expenses when making decisions to allocate resources. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our past reports of financial results as we have historically reported these non-GAAP financial measures.

    Stock-based compensation expense. We incur expense related to stock-based compensation included in our GAAP presentation of cost of maintenance and service; research and development expense; and selling, general and administrative expense. We also incur excess payroll tax expense related to stock-based compensation, which is an additional non-GAAP adjustment. Although stock-based compensation is an expense and viewed as a form of compensation, we exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance. Specifically, we exclude stock-based compensation during our annual budgeting process and our quarterly and annual assessments of our performance. The annual budgeting process is the primary mechanism whereby we allocate resources to various initiatives and operational requirements. Additionally, the annual review by our Board of Directors during which it compares our historical business model and profitability to the planned business model and profitability for the forthcoming year excludes the impact of stock-based compensation. In evaluating the performance of our senior management and department managers, charges related to stock-based compensation are excluded from expenditure and profitability results. In fact, we record stock-based compensation expense into a stand-alone cost center for which no single operational manager is responsible or accountable. In this way, we can review, on a period-to-period basis, each manager’s performance and assess financial discipline over operational expenditures without the effect of stock-based compensation. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Expenses related to business combinations. We incur expenses for professional services rendered in connection with acquisitions and divestitures, which are included in our GAAP presentation of selling, general and administrative expense. We also incur other expenses directly related to business combinations, including compensation expenses and concurrent restructuring activities, such as employee severances and other exit costs. These costs are included in our GAAP presentation of cost of maintenance and service, selling, general and administrative and research and development expenses. We exclude these acquisition-related expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance, as we generally would not have otherwise incurred these expenses in the periods presented as a part of our operations. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Non-GAAP tax provision. We utilize a normalized non-GAAP annual effective tax rate (AETR) to calculate non-GAAP measures. This methodology provides better consistency across interim reporting periods by eliminating the effects of non-recurring items and aligning the non-GAAP tax rate with our expected geographic earnings mix. To project this rate, we analyzed our historic and projected non-GAAP earnings mix by geography along with other factors such as our current tax structure, recurring tax credits and incentives, and expected tax positions. On an annual basis we re-evaluate and update this rate for significant items that may materially affect our projections.

    Unlevered operating cash flows. We make cash payments for the interest incurred in connection with our debt financing which are included in our GAAP presentation of operating cash flows. We exclude this cash paid for interest, net of the associated tax benefit, for the purpose of calculating unlevered operating cash flows. Unlevered operating cash flow is a supplemental non-GAAP measure that we use to evaluate our core operating business. We believe this measure is useful to investors and management because it provides a measure of our cash generated through operating activities independent of the capital structure of the business.

    Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
    We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

    GAAP Reporting Measure Non-GAAP Reporting Measure
    Gross Profit Non-GAAP Gross Profit
    Gross Profit Margin Non-GAAP Gross Profit Margin
    Operating Income Non-GAAP Operating Income
    Operating Profit Margin Non-GAAP Operating Profit Margin
    Net Income Non-GAAP Net Income
    Diluted Earnings Per Share Non-GAAP Diluted Earnings Per Share
    Operating Cash Flows Unlevered Operating Cash Flows
       

    Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2025 period results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2024 comparable period, rather than the actual exchange rates in effect for 2025. Constant currency growth rates are calculated by adjusting the 2025 period reported amounts by the 2025 currency fluctuation impacts and comparing the adjusted amounts to the 2024 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

    / About Ansys

    Our Mission: Powering Innovation that Drives Human Advancement™

    When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.

    / Forward-Looking Information

    This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are statements that provide current expectations or forecasts of future events based on certain assumptions. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

    Forward-looking statements use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “target” or other words of similar meaning. Forward-looking statements include those about the proposed transaction with Synopsys, including the expected date of closing and the potential benefits thereof, and other aspects of future operations. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    The risks associated with the following, among others, could cause actual results to differ materially from those described in any forward-looking statements:

    • our ability to complete the proposed transaction with Synopsys on anticipated terms and timing, including completing the associated divestiture of our PowerArtist RTL business and obtaining regulatory approvals, and other conditions related to the completion of the transaction with Synopsys;
       
    • the realization of the anticipated benefits of the proposed transaction with Synopsys, including potential disruptions to our and Synopsys’ businesses and commercial relationships with others resulting from the announcement, pendency or completion of the proposed transaction and uncertainty as to the long-term value of Synopsys’ common stock;
       
    • restrictions on our operations during the pendency of the proposed transaction with Synopsys that could impact our ability to pursue certain business opportunities or strategic transactions, including tuck-in M&A;
       
    • adverse conditions in the macroeconomic environment, including inflation, recessionary conditions and volatility in equity and foreign exchange markets;
       
    • political, economic and regulatory uncertainties in the countries and regions in which we operate;
       
    • impacts from tariffs, trade sanctions, export controls or other trade barriers, including export control restrictions and licensing requirements for exports to China;
       
    • impacts resulting from the conflict between Israel and Hamas and other countries and groups in the Middle East, including impacts from changes to diplomatic relations and trade policy between the United States and other countries resulting from the conflict;
       
    • impacts from changes to diplomatic relations and trade policy between the United States and Russia or between the United States and other countries that may support Russia or take similar actions due to the conflict between Russia and Ukraine;
       
    • constrained credit and liquidity due to disruptions in the global economy and financial markets, which may limit or delay availability of credit under our existing or new credit facilities, or which may limit our ability to obtain credit or financing on acceptable terms or at all;
       
    • our ability to timely recruit and retain key personnel in a highly competitive labor market, including potential financial impacts of wage inflation and potential impacts due to the proposed transaction with Synopsys;
       
    • our ability to protect our proprietary technology; cybersecurity threats or other security breaches, including in relation to breaches occurring through our products and an increased level of our activity that is occurring from remote global off-site locations; and disclosure or misuse of employee or customer data whether as a result of a cybersecurity incident or otherwise;
       
    • volatility in our revenue due to the timing, duration and value of multi-year subscription lease contracts; and our reliance on high renewal rates for annual subscription lease and maintenance contracts;
       
    • declines in our customers’ businesses resulting in adverse changes in procurement patterns; disruptions in accounts receivable and cash flow due to customers’ liquidity challenges and commercial deterioration; uncertainties regarding demand for our products and services in the future and our customers’ acceptance of new products; delays or declines in anticipated sales due to reduced or altered sales and marketing interactions with customers; and potential variations in our sales forecast compared to actual sales;
       
    • our ability and our channel partners’ ability to comply with laws and regulations in relevant jurisdictions; and the outcome of contingencies, including legal proceedings, government or regulatory investigations and tax audit cases;
       
    • uncertainty regarding income tax estimates in the jurisdictions in which we operate; and the effect of changes in tax laws and regulations in the jurisdictions in which we operate;
       
    • the quality of our products, including the strength of features, functionality and integrated multiphysics capabilities; our ability to develop and market new products to address the industry’s rapidly changing technology, including the use of artificial intelligence and machine learning in our products as well as the products of our competitors; failures or errors in our products and services; and increased pricing pressure as a result of the competitive environment in which we operate;
       
    • investments in complementary companies, products, services and technologies; our ability to complete and successfully integrate our acquisitions and realize the financial and business benefits of such transactions; and the impact indebtedness incurred in connection with any acquisition could have on our operations;
       
    • investments in global sales and marketing organizations and global business infrastructure, and dependence on our channel partners for the distribution of our products;
       
    • current and potential future impacts of any global health crisis, natural disaster or catastrophe; the actions taken to address these events by our customers, our suppliers, and regulatory authorities; the resulting effects on our business, the global economy and our consolidated financial statements; and other public health and safety risks and related government actions or mandates;
       
    • operational disruptions generally or specifically in connection with transitions to and from remote work environments; and the failure of our technological infrastructure or those of the service providers upon whom we rely including for infrastructure and cloud services;
       
    • our intention to repatriate previously taxed earnings and to reinvest all other earnings of our non-U.S. subsidiaries;
       
    • plans for future capital spending and the extent of corporate benefits from such spending; and higher than anticipated costs for research and development or a slowdown in our research and development activities;
       
    • our ability to execute on our strategies related to environmental, social and governance matters, and meet evolving and varied expectations, including as a result of evolving regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing, and changes in carbon markets; and
       
    • other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission (the SEC).  

    Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

    Visit https://investors.ansys.com for more information.

    ANSS-F

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/555457d0-68c2-4e39-9654-7433c0575e9e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f9600ece-a84c-4586-bb8a-98965ce32a1c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/131c8a8b-e47c-4724-bdab-f0846535f0df

    The MIL Network –

  • MIL-OSI: FHLBank San Francisco’s 2025 AHEAD Program to Award $8 Million in Grants for Economic Development Initiatives in Arizona, California, and Nevada

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 30, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced it is making a total of $8 million in funding available for its 2025 AHEAD Program that provides economic development grants, with the maximum grant per project increased to $150,000 this year, up from $50,000 in 2024.

    Since 2004, the AHEAD Program has awarded over $32 million in grants to more than 880 projects across FHLBank San Francisco’s three-state district of Arizona, California, and Nevada. AHEAD grants support innovative initiatives that expand economic opportunity in lower-income communities.

    “For more than two decades, our AHEAD Program has delivered vital funding to spark economic opportunity for communities in need across our district of Arizona, California, and Nevada,” said Joseph Amato, interim president and chief executive officer of FHLBank San Francisco. “We’re pleased to increase both the total allocation and the individual grant amount for AHEAD grants in 2025. This voluntary program continues to support the transformative work of community organizations that are changing lives and strengthening communities.”

    FHLBank San Francisco’s AHEAD Program is designed to foster strong partnerships between its member financial institutions and community-based organizations that specialize in building economic and community development initiatives that:

    • Create or preserve jobs
    • Deliver job training or educational programs
    • Support small business, microlending, and microenterprise incubation for low-income entrepreneurs.

    In 2024, FHLBank San Francisco and its members awarded $7.3 million in AHEAD Program funds – an 82% increase above 2023 – to 84 recipients, including:

    Western Alliance Bank – Surprise, Arizona
    Native American Connections partnered with member Western Alliance Bank to receive a $100,000 AHEAD grant award to fund the Surprise Bridge Housing project that houses previously homeless individuals and families, helping them build stability, create positive rental history and improve their credit.

    Mission Federal Credit Union – San Diego, California
    City Heights Community Development Corporation partnered with Mission Federal Credit Union to fund the Chopped project, an eight-week business training program for micro-enterprise, home kitchen operators, sidewalk vendors, pop-ups, caterers, and start-up restaurateurs.

    Toyota Financial Savings Bank – Henderson, Nevada
    HopeLink of Southern Nevada, in partnership with Toyota Financial Savings Bank, received a grant award to support its Homeless and Low-Income Household Employment program, which helps newly housed clients prepare for and obtain employment through a local community partner.

    The window for FHLBank San Francisco members to submit applications for AHEAD grants in partnership with nonprofit organizations, government agencies, or community groups is now open and all applications must be submitted by May 28, 2025. The Bank expects to announce 2025 AHEAD Program grant winners in September.

    To learn more about the AHEAD Program and how to apply, please visit fhlbsf.com.

    About Federal Home Loan Bank of San Francisco
    The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

    The MIL Network –

  • MIL-OSI Economics: Microsoft Cloud and AI strength drives third quarter results

    Source: Microsoft

    Headline: Microsoft Cloud and AI strength drives third quarter results

    Microsoft Cloud and AI Strength Drives Third Quarter Results

    REDMOND, Wash. — April 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2025, as compared to the corresponding period of last fiscal year:

    ·        Revenue was $70.1 billion and increased 13% (up 15% in constant currency)

    ·        Operating income was $32.0 billion and increased 16% (up 19% in constant currency)

    ·        Net income was $25.8 billion and increased 18% (up 19% in constant currency)

    ·        Diluted earnings per share was $3.46 and increased 18% (up 19% in constant currency)

    “Cloud and AI are the essential inputs for every business to expand output, reduce costs, and accelerate growth,” said Satya Nadella, chairman and chief executive officer of Microsoft. “From AI infra and platforms to apps, we are innovating across the stack to deliver for our customers.”

    “We delivered a strong quarter with Microsoft Cloud revenue of $42.4 billion, up 20% (up 22% in constant currency) year-over-year driven by continued demand for our differentiated offerings,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

    Business Highlights

    Revenue in Productivity and Business Processes was $29.9 billion and increased 10% (up 13% in constant currency), with the following business highlights:

    ·        Microsoft 365 Commercial products and cloud services revenue increased 11% (up 14% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 12% (up 15% in constant currency)

    ·        Microsoft 365 Consumer products and cloud services revenue increased 10% (up 12% in constant currency) driven by Microsoft 365 Consumer cloud revenue growth of 10% (up 12% in constant currency)

    ·        LinkedIn revenue increased 7% (up 8% in constant currency)

    ·        Dynamics products and cloud services revenue increased 11% (up 13% in constant currency) driven by Dynamics 365 revenue growth of 16% (up 18% in constant currency)

    Revenue in Intelligent Cloud was $26.8 billion and increased 21% (up 22% in constant currency), with the following business highlights:

    ·        Server products and cloud services revenue increased 22% (up 24% in constant currency) driven by Azure and other cloud services revenue growth of 33% (up 35% in constant currency)

    Revenue in More Personal Computing was $13.4 billion and increased 6% (up 7% in constant currency), with the following business highlights:

    ·        Windows OEM and Devices revenue increased 3%

    ·        Xbox content and services revenue increased 8% (up 9% in constant currency)

    ·        Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 23% in constant currency)

    Microsoft returned $9.7 billion to shareholders in the form of dividends and share repurchases in the third quarter of fiscal year 2025.

    Business Outlook

    Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

    Quarterly Highlights, Product Releases, and Enhancements 

    Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

    Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

    Environmental, Social, and Governance (ESG)

    To learn more about Microsoft’s corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency. 

    Webcast Details

    Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on April 30, 2026.

    Constant Currency

    Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

    Financial Performance Constant Currency Reconciliation

     

    Three Months Ended March 31,

     ($ in millions, except per share amounts)

    Revenue

    Operating Income

    Net Income

    Diluted Earnings per Share

    2024 As Reported (GAAP)

    $61,858

    $27,581

    $21,939

    $2.94

    2025 As Reported (GAAP)

    $70,066

    $32,000

    $25,824

    $3.46

    Percentage Change Y/Y (GAAP)

    13%

    16%

    18%

    18%

    Constant Currency Impact

    $(1,059)

    $(703)

    $(392)

    $(0.05)

    Percentage Change Y/Y Constant Currency

    15%

    19%

    19%

    19%

     

    Segment Revenue Constant Currency Reconciliation

     

    Three Months Ended March 31,

     ($ in millions)

    Productivity and Business Processes

    Intelligent Cloud

    More Personal Computing

    2024 As Reported (GAAP)

    $27,113

    $22,141

    $12,604

    2025 As Reported (GAAP)

    $29,944

    $26,751

    $13,371

    Percentage Change Y/Y (GAAP)

    10%

    21%

    6%

    Constant Currency Impact

    $(626)

    $(308)

    $(125)

    Percentage Change Y/Y Constant Currency

    13%

    22%

    7%

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

    Selected Product and Service Revenue Constant Currency Reconciliation           

     

    Three Months Ended March 31, 2025

    Percentage Change Y/Y (GAAP)

    Constant Currency Impact

    Percentage Change Y/Y Constant Currency

    Microsoft Cloud

    20%

    2%

    22%

    Microsoft 365 Commercial products and cloud services

    11%

    3%

    14%

    Microsoft 365 Commercial cloud

    12%

    3%

    15%

    Microsoft 365 Consumer products and cloud services

    10%

    2%

    12%

    Microsoft 365 Consumer cloud

    10%

    2%

    12%

    LinkedIn

    7%

    1%

    8%

    Dynamics products and cloud services

    11%

    2%

    13%

    Dynamics 365

    16%

    2%

    18%

    Server products and cloud services

    22%

    2%

    24%

    Azure and other cloud services

    33%

    2%

    35%

    Windows OEM and Devices

    3%

    0%

    3%

    Xbox content and services

    8%

    1%

    9%

    Search and news advertising excluding traffic acquisition costs

    21%

    2%

    23%

     

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    Forward-Looking Statements

    Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

    ·        intense competition in all of our markets that may adversely affect our results of operations;

    ·        focus on cloud-based and AI services presenting execution and competitive risks;

    ·        significant investments in products and services that may not achieve expected returns;

    ·        acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;

    ·        impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;

    ·        cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

    ·        disclosure and misuse of personal data that could cause liability and harm to our reputation;

    ·        the possibility that we may not be able to protect information stored in our products and services from use by others;

    ·        abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

    ·        products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

    ·        issues about the use of AI in our offerings that may result in reputational or competitive harm, or legal liability;

    ·        excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

    ·        supply or quality problems;

    ·        government enforcement under competition laws and new market regulation may limit how we design and market our products;

    ·        potential consequences of trade and anti-corruption laws;

    ·        potential consequences of existing and increasing legal and regulatory requirements;

    ·        laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;

    ·        claims against us that may result in adverse outcomes in legal disputes;

    ·        uncertainties relating to our business with government customers;

    ·        additional tax liabilities;

    ·        sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;

    ·        an inability to protect and utilize our intellectual property may harm our business and operating results;

    ·        claims that Microsoft has infringed the intellectual property rights of others;

    ·        damage to our reputation or our brands that may harm our business and results of operations;

    ·        adverse economic or market conditions that may harm our business;

    ·        catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

    ·        exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

    ·        the dependence of our business on our ability to attract and retain talented employees.

    For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

    All information in this release is as of March 31, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

    For more information, press only:

    Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

    For more information, financial analysts and investors only:

    Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

    Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.


     

    MICROSOFT CORPORATION

    INCOME STATEMENTS

    (In millions, except per share amounts) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue:

    Product

     $15,319

     $17,080

     $46,810

     $51,556

    Service and other

    54,747

     

    44,778

     

    158,473

     

    128,839

    Total revenue

    70,066

     

    61,858

     

    205,283

     

    180,395

    Cost of revenue:

    Product

    3,037

    4,339

    10,187

    13,834

    Service and other

    18,882

     

    14,166

     

    53,630

     

    40,596

    Total cost of revenue

    21,919

     

    18,505

     

    63,817

     

    54,430

    Gross margin

    48,147

    43,353

    141,466

    125,965

    Research and development

    8,198

    7,653

    23,659

    21,454

    Sales and marketing

    6,212

    6,207

    18,369

    17,640

    General and administrative

    1,737

    1,912

    5,233

    5,363

    Operating income

    32,000

     

    27,581

     

    94,205

     

    81,508

    Other expense, net

    (623)

     

    (854)

     

    (3,194)

     

    (971)

    Income before income taxes

    31,377

    26,727

    91,011

    80,537

    Provision for income taxes

    5,553

     

    4,788

     

    16,412

     

    14,437

    Net income

     $25,824

     

     $21,939

     

     $74,599

     

     $66,100

    Earnings per share:

    Basic

     $3.47

     $2.95

     $10.03

     $8.90

    Diluted

     $3.46

     $2.94

     $9.99

     $8.85

    Weighted average shares outstanding:

    Basic

    7,434

    7,431

    7,434

    7,431

    Diluted

    7,461

     

    7,472

     

    7,466

     

    7,467

     


     

    COMPREHENSIVE INCOME STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Net income

     $25,824

     

     $21,939

     

     $74,599

     

     $66,100

    Other comprehensive income (loss), net of tax:

    Net change related to derivatives

    (20)

    10

    4

    28

    Net change related to investments

    450

    (202)

    1,130

    869

    Translation adjustments and other

    353

     

    (294)

     

    (377)

     

    11

    Other comprehensive income (loss)

    783

     

    (486)

     

    757

     

    908

    Comprehensive income

     $26,607

     

     $21,453

     

     $75,356

     

     $67,008

     


     

    BALANCE SHEETS

    (In millions) (Unaudited)

     

    March 31,

    2025

    June 30,

     2024

    Assets

    Current assets:

    Cash and cash equivalents

     $28,828

     $18,315

    Short-term investments

    50,790

    57,228

    Total cash, cash equivalents, and short-term investments

    79,618

    75,543

    Accounts receivable, net of allowance for doubtful accounts of $695 and $830

    51,700

    56,924

    Inventories

    848

    1,246

    Other current assets

    24,478

    26,021

    Total current assets

    156,644

    159,734

    Property and equipment, net of accumulated depreciation of $87,074 and $76,421

    183,939

    135,591

    Operating lease right-of-use assets

    24,475

    18,961

    Equity and other investments

    16,035

    14,600

    Goodwill

    119,329

    119,220

    Intangible assets, net

    23,968

    27,597

    Other long-term assets

    38,234

    36,460

    Total assets

     $562,624

     $512,163

    Liabilities and stockholders’ equity

    Current liabilities:

    Accounts payable

     $26,250

     $21,996

    Short-term debt

    0

    6,693

    Current portion of long-term debt

    2,999

    2,249

    Accrued compensation

    10,579

    12,564

    Short-term income taxes

    6,805

    5,017

    Short-term unearned revenue

    44,636

    57,582

    Other current liabilities

    22,937

    19,185

    Total current liabilities

    114,206

    125,286

    Long-term debt

    39,882

    42,688

    Long-term income taxes

    25,061

    27,931

    Long-term unearned revenue

    2,840

    2,602

    Deferred income taxes

    2,522

    2,618

    Operating lease liabilities

    17,686

    15,497

    Other long-term liabilities

    38,536

    27,064

    Total liabilities

    240,733

    243,686

    Commitments and contingencies

    Stockholders’ equity:

    Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434

    106,965

    100,923

    Retained earnings

    219,759

    173,144

    Accumulated other comprehensive loss

    (4,833)

    (5,590)

    Total stockholders’ equity

    321,891

    268,477

    Total liabilities and stockholders’ equity

     $562,624

     $512,163

     


     

    CASH FLOWS STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Operations

    Net income

     $25,824

     $21,939

     $74,599

     $66,100

    Adjustments to reconcile net income to net cash from operations:

    Depreciation, amortization, and other

    8,740

    6,027

    22,950

    15,907

    Stock-based compensation expense

    2,980

    2,703

    8,901

    8,038

    Net recognized losses (gains) on investments and derivatives

    (298)

    49

    553

    261

    Deferred income taxes

    (2,244)

    (1,323)

    (4,835)

    (3,593)

    Changes in operating assets and liabilities:

    Accounts receivable

    (2,461)

    (2,028)

    5,598

    6,055

    Inventories

    52

    260

    390

    1,229

    Other current assets

    1,076

    951

    642

    880

    Other long-term assets

    (518)

    (2,137)

    (3,368)

    (5,577)

    Accounts payable

    1,179

    648

    1,221

    (659)

    Unearned revenue

    (1,032)

    (645)

    (12,923)

    (10,309)

    Income taxes

    1,298

    2,622

    (1,081)

    2,493

    Other current liabilities

    2,839

    2,803

    576

    215

    Other long-term liabilities

    (391)

     

    48

     

    292

     

    313

    Net cash from operations

    37,044

     

    31,917

     

    93,515

     

    81,353

    Financing

    Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net

    0

    (3,810)

    (5,746)

    6,392

    Proceeds from issuance of debt

    0

    6,352

    0

    24,198

    Repayments of debt

    (2,250)

    (11,589)

    (3,216)

    (16,005)

    Common stock issued

    546

    522

    1,508

    1,468

    Common stock repurchased

    (4,781)

    (4,213)

    (13,874)

    (13,044)

    Common stock cash dividends paid

    (6,169)

    (5,572)

    (17,913)

    (16,197)

    Other, net

    (382)

     

    (498)

     

    (1,614)

     

    (1,006)

    Net cash used in financing

    (13,036)

     

    (18,808)

     

    (40,855)

     

    (14,194)

    Investing

    Additions to property and equipment

    (16,745)

    (10,952)

    (47,472)

    (30,604)

    Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets

    (981)

    (1,575)

    (4,235)

    (67,790)

    Purchases of investments

    (4,474)

    (2,183)

    (8,144)

    (14,901)

    Maturities of investments

    6,721

    3,350

    11,461

    23,218

    Sales of investments

    2,161

    1,941

    6,688

    8,871

    Other, net

    604

    (1,281)

    (325)

    (916)

    Net cash used in investing

    (12,714)

     

    (10,700)

     

    (42,027)

     

    (82,122)

    Effect of foreign exchange rates on cash and cash equivalents

    52

     

    (80)

     

    (120)

     

    (107)

    Net change in cash and cash equivalents

    11,346

    2,329

    10,513

    (15,070)

    Cash and cash equivalents, beginning of period

    17,482

     

    17,305

     

    18,315

     

    34,704

    Cash and cash equivalents, end of period

     $28,828

     

     $19,634

     

     $28,828

     

     $19,634

     


     

    SEGMENT REVENUE AND OPERATING INCOME

    (In millions) (Unaudited)

     

    Three Months Ended

     March 31,

     

    Nine Months Ended

     March 31,

     

     

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue

     

     

     

     

     

     

     

    Productivity and Business Processes

     $29,944

     

     $27,113

     

     $87,698

     

     $78,193

    Intelligent Cloud

    26,751

     

    22,141

     

    76,387

     

    63,679

    More Personal Computing

    13,371

     

    12,604

     

    41,198

     

    38,523

    Total

     $70,066

     

     $61,858

     

     $205,283

     

     $180,395

    Operating Income

     

     

     

     

     

     

     

    Productivity and Business Processes

     $17,379

     

     $15,143

     

     $50,780

     

     $43,955

    Intelligent Cloud

    11,095

     

    9,515

     

    32,449

     

    27,978

    More Personal Computing

    3,526

     

    2,923

     

    10,976

     

    9,575

    Total

     $32,000

     

     $27,581

     

     $94,205

     

     $81,508

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

     

    MIL OSI Economics –

  • MIL-OSI USA: Welch Speaks on His Bipartisan Legislation to Repeal Trump’s Tariffs 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, today urged the Senate to pass his bipartisan legislation to repeal Donald Trump’s global tariffs and reassert Congress’s trade authority. The resolution, led by Senators Welch (D-Vt.), Ron Wyden (D-Ore.), Rand Paul (R-Ky.), Tim Kaine (D-Va.), Jeanne Shaheen (D-N.H.), Elizabeth Warren (D-Mass.), and Senate Democratic Leader Chuck Schumer (D-N.Y.), would terminate the emergency authority President Trump has used to apply tariffs on products Americans imports. In the wake of President Trump’s tariff declaration, markets have cratered, manufacturers have laid off thousands of workers, and foreign countries have retaliated by imposing their own tariffs on U.S. agricultural and manufactured goods.    
    Senator Welch spoke ahead of the Senate’s vote, which is expected this evening. Watch his remarks below:  
    “We have a collective responsibility to do everything we can to maintain the constitutional structure of three independent branches of government, each a counterweight to the other. And that’s not just an abstract concept. That’s the wisdom that has served us well, for well over 200 years. That those checks and balances give all our citizens an opportunity to have a seat at the table when major decisions about their lives and their futures are being made.  
    “That is why this decision that we’re about to make is not just about the tariffs. It’s not just about, in my view, how recklessly they’re being applied and imposed. It’s not just how they infect our economy with corruption, where it’s who you know rather than how hard you work, that’s going to get you ahead. It’s about the basic structure of our constitutional order. And every single one of us has the responsibility to protect that, because that’s not about us; it’s not about who we represent; it’s about how our country can operate with a democratic system where every single person, through their representatives, has a seat at the table. 
    “I urge all of us to take a look at what our constitutional responsibility is and whether we agree or not on so many different issues of vital concern to the future of this country, we each have a responsibility to act in a way that protects the constitutional system. And that means that we exercise the authority over tariffs—we don’t give that away to an executive branch decision.” 
    If enacted, the resolution would terminate the emergency that Trump declared, reverse Trump’s new taxes of 10% on all imported goods and end his threat of additional tariffs up to 49% on products Americans buy from other countries. In the wake of Trump’s tariff standoff, manufacturers have laid off thousands of workers, and foreign countries have retaliated by slapping their own tariffs on U.S. agricultural and manufactured goods. 
    Senator Welch was joined on the floor by Ranking Member of the Finance Committee, Ron Wyden (D-Ore.), and Senators Rand Paul (R-Ky.), Tim Kaine (D-Va.), Alex Padilla (D-Calif.), and Elizabeth Warren (D-Mass.). 
    Read and download the full text of the bipartisan resolution. 

    MIL OSI USA News –

  • MIL-OSI USA: School Official Pleads Guilty to 2.9M Scheme to Defraud Veterans’ Education Programs

    Source: US State of California

    A Virginia career services manager for a school offering job training programs to veterans pleaded guilty today for his role in a scheme to defraud the Department of Veterans Affairs (VA) of nearly $3 million.

    According to court documents, Jeffrey Williams, 37, of Alexandria, used false records to defraud the VA of millions of dollars from approximately July 2022 to May 2024. During that time, the defendant was a career services manager at an educational institution offering veterans educational programs in cyber that could be paid for by the VA. As part of the scheme, Williams created fraudulent employment offer letters, falsified certifications, and forged veterans’ signatures to make it appear as if veterans had attained the meaningful employment needed for the educational institution to receive tuition payments from the government. Williams caused the submission of hundreds of false documents to the VA, claiming approximately $2.9 million in fraudulent tuition payments for at least 189 veterans.

    Williams pleaded guilty to one count of wire fraud and faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The VA Office of Inspector General is investigating the case.

    Trial Attorney Lauren Archer of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Jordan Harvey for the Eastern District of Virginia are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Former Salem County Resident Admits Filing False Tax Returns

    Source: Office of United States Attorneys

    CAMDEN, N.J. – A former resident of Salem County admitted to filing false tax returns and causing a tax loss of approximately $590,000, U.S. Attorney Alina Habba announced.

    Michael DiPaolo, Jr., 47, of Newtown Square, Pennsylvania, pleaded guilty before U.S. District Judge Edward S. Kiel to an information charging him with one count of filing a false income tax return.

    According to documents filed in this case and statements made in court:                                                                               

    From 2018 through 2022, DiPaolo was the manager of a restaurant in Salem County, New Jersey, and received income from the restaurant.  DiPaolo received and failed to report more than $1,700,000 in income from 2018 through 2022.  By failing to report the income, DiPaolo avoided approximately $590,000 in federal income taxes.

    The count of filing a false tax return is punishable by a maximum of 3 years in prison and a maximum fine of $250,000, or twice the gross loss or gain, whichever is greatest.

    Sentencing is scheduled for September 3, 2025.

    U.S. Attorney Habba credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, with the investigation leading to this guilty plea.

    The government is represented by Assistant U.S. Attorney Daniel A. Friedman of the U.S. Attorney’s Office’s Criminal Division.

                                                                           ###

    Defense counsel:

    Michael S. Adelman, Esq., Cherry Hill, New Jersey

    MIL Security OSI –

  • MIL-OSI Security: Real Estate Developer Sentenced to More Than Six Years in Prison for Embezzling Millions From the Failed Washington Federal Bank in Chicago

    Source: Office of United States Attorneys

    CHICAGO — A federal judge in Chicago has sentenced a real estate developer to more than six years in prison for participating in a conspiracy that embezzled millions of dollars from the failed Washington Federal Bank for Savings in Chicago.

    Washington Federal, which was based in Chicago’s Bridgeport neighborhood, was shut down in 2017 after the Office of the Comptroller of the Currency determined that the bank was insolvent and had at least $66 million in nonperforming loans. For more than a decade, developer MIROSLAW KREJZA was part of a conspiracy that embezzled millions of dollars in bank funds.  The embezzled funds were disguised as purported real estate development loan disbursements to Krejza and others.  The conspirators were not required to repay these purported loans, and they never did.

    A federal jury in 2023 convicted Krejza, 67, of Chicago, of conspiring to commit embezzlement and falsify bank records, and aiding and abetting embezzlement by bank employees.  On Tuesday, U.S. District Judge Virginia M. Kendall sentenced Krejza to six years and eight months in prison and ordered him to pay more than $2 million in restitution.

    The sentence was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois; Vincent R. Zehme, Special Agent-in-Charge of the Chicago Region of the FDIC’s Office of Inspector General; Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI; Machelle L. Jindra, Special Agent-in-Charge of the U.S. Department of Housing and Urban Development’s Office of Inspector General in Chicago; Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago; Korey Brinkman, Special Agent-in-Charge of the Central Region of the Federal Housing Finance Agency, Office of Inspector General; Andrea Peacock, Special Agent-in-Charge of the Department of the Treasury, Office of Inspector General; Deborah Witzburg, City of Chicago Inspector General; and Kathryn B. Richards, Chicago Housing Authority Inspector General.  Valuable assistance was provided by the U.S. Trustee Program.  The government was represented by Assistant U.S. Attorneys Michelle Petersen, Kristin Pinkston, and Jeffrey Snell, and Special Assistant U.S. Attorney Brian Netols.

    The federal investigation into the collapse of Washington Federal led to criminal charges against 16 defendants, including the bank’s Chief Financial Officer, Treasurer, and other high-ranking employees, for conspiring to embezzle at least $31 million in bank funds.   Krejza and three others were convicted after jury trials, while ten defendants pleaded guilty and two entered into deferred prosecution agreements.

    Much of the embezzled money was transferred to Chicago attorney ROBERT M. KOWALSKI, real estate developer MAREK MATCZUK, and other individuals outside the bank without all of the required documentation and often without any documentation whatsoever.  A jury convicted Robert Kowalski on bankruptcy fraud, bank embezzlement, and tax charges, while Matczuk was convicted of conspiring to commit embezzlement and falsify bank records, as well as aiding and abetting embezzlement by bank employees.  Judge Kendall last year sentenced Robert Kowalski to 25 years in federal prison and Matczuk to nearly 13 years.

    Robert Kowalski’s sister, JAN R. KOWALSKI, also an attorney, pleaded guilty and was sentenced to more than three years in prison for fraudulently enabling her brother to conceal more than $357,000 from creditors and the trustee in his bankruptcy case.

    Three former members of Washington Federal’s Board of Directors pleaded guilty to conspiring to falsify bank records to deceive the OCC.  WILLIAM M. MAHON was sentenced to 18 months in prison; GEORGE F. KOZDEMBA was sentenced to a year in prison; and JANICE M. WESTON was sentenced to three months in prison.

    MIL Security OSI –

  • MIL-OSI: National Fuel Reports Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.

    FISCAL 2025 SECOND QUARTER SUMMARY

    • GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
    • Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
    • Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).
    • Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.
    • Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
    • The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

    MANAGEMENT COMMENTS

    David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “During our second quarter, National Fuel built upon its positive momentum which, along with the tailwind of higher natural gas price realizations, drove a 32% increase in earnings per share over the prior year.

    “Our integrated Appalachian natural gas development program, focused on the highly prolific EDA, continues to deliver strong operational results and improving capital efficiency. Seneca’s recent well results exhibited the highest productivity we’ve seen to date, giving us further confidence in our deep, high-quality well inventory, and allowing us to increase our production guidance for fiscal 2025. On the regulated side of the business, we saw significant earnings growth during the quarter, driven by the ongoing impact of positive rate case outcomes that balance the continued investment in modernizing our infrastructure with the goal of maintaining affordable rates for our customers.

    “National Fuel’s integrated natural gas business, track record of strong operational execution, and consistent approach to managing risk, collectively position us well to navigate an uncertain global economic backdrop. As such, we remain confident in our ability to provide strong returns, achieve our long-term growth targets, and continue to deliver shareholder value.”

    RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

                   
      Three Months Ended March 31,
      (Thousands)   (Per Share)
        2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 2.37     $ 1.80  
    Items impacting comparability:              
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       0.03       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (0.01 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     0.00       0.00  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       0.00       0.00  
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     0.00       (0.01 )
    Tax impact of unrealized (gain) loss on other investments   4       162       0.00       0.00  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 2.39     $ 1.79  

    FISCAL 2025 GUIDANCE UPDATE

    National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which is now expected to be within a range of $6.75 to $7.05, an increase of $0.15 at the midpoint of the Company’s prior guidance range. This updated range incorporates our second quarter results as well as higher expected production and lower unit costs in the Exploration and Production segment for the remainder of the fiscal year.

    The Company is assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining six months of fiscal 2025 (no change from previous guidance), which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

    NYMEX Assumption
    Remaining 6 months
    ($/MMBtu)    		 Fiscal 2025
    Adjusted Earnings
    Per Share Sensitivities
    $3.00 $6.50 – $6.80
    $3.50 $6.75 – $7.05
    $4.00 $7.05 – $7.35

    The Company’s other fiscal 2025 guidance assumptions remain largely unchanged as detailed in the table on page 7.

    FINANCING ACTIVITIES UPDATE

    In February 2025, the Company issued $1 billion of new five- and ten-year notes (split in two equal tranches) to refinance the early redemption of $950 million of notes that were scheduled to mature in July 2025 and January 2026. In addition, the Company placed $50 million (plus interest) in trust for the benefit of holders of long-term debt issued under the Company’s 1974 Indenture and scheduled to mature in June 2025. Placing these funds in trust discharged the 1974 Indenture, relieving the Company from its obligations to comply with the indenture’s covenants. In connection with these transactions, the Company recognized an after-tax loss of $1.7 million, which is presented as an item impacting comparability for the quarter.

    DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

    The following earnings discussion of each operating segment for the quarter ended March 31, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

    Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

    Upstream Business

    Exploration and Production Segment

    The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 97,828     $ 62,065     $ 35,763  
                           
    Premiums paid on early redemption of debt, net of tax   1,045       —       1,045  
    Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax   245       (389 )     634  
    Adjusted Operating Results $ 99,118     $ 61,676     $ 37,442  
               
    Adjusted EBITDA $ 214,350     $ 172,068     $ 42,282  
                           

    Seneca’s second quarter GAAP earnings increased $35.8 million versus the prior year. GAAP earnings included a $1.0 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Seneca’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Excluding items impacting comparability, Seneca’s adjusted operating results in the second quarter increased $37.4 million primarily due to higher realized natural gas prices and natural gas production, as well as lower per unit operating expenses.

    During the second quarter, Seneca produced 105.5 Bcf of natural gas, an increase of 2.6 Bcf, or 3%, from the prior year, and 7.8 Bcf, or 8%, higher compared to the fiscal 2025 first quarter. Two highly prolific pads turned in line this year in the EDA (Tioga Utica) were the main drivers behind these increases in production.

    Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.94 per Mcf, an increase of $0.38 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

      Three Months Ended
      March 31,
    (Cost per Mcf)   2025       2024     Variance
    Lease Operating and Transportation Expense (“LOE”) $ 0.67     $ 0.68     $ (0.01 )
    General and Administrative Expense (“G&A”) $ 0.18     $ 0.17     $ 0.01  
    Taxes and Other $ 0.07     $ 0.06     $ 0.01  
    Total Cash Operating Costs $ 0.92     $ 0.91     $ 0.01  
    Depreciation, Depletion and Amortization Expense (“DD&A”) $ 0.61     $ 0.71     $ (0.10 )
    Total Operating Costs $ 1.53     $ 1.62     $ (0.09 )
                           

    On a per unit basis, the second quarter total cash operating costs were up slightly compared to the prior year as other taxes increased as a result of a higher Impact Fee in Pennsylvania due to the increase in NYMEX natural gas prices. LOE included $59 million ($0.56 per Mcf), or 84% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.61 per Mcf, a decrease of $0.10 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

    Midstream Businesses

    Pipeline and Storage Segment

    The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 31,707     $ 30,737     $ 970  
               
    Adjusted EBITDA $ 70,169     $ 70,033     $ 136  
                           

    The Pipeline and Storage segment’s second quarter GAAP earnings increased $1.0 million versus the prior year primarily due to higher operating revenues. The increase in operating revenues of $1.6 million, or 1%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024.

    Empire Rate Case Update

    On March 17, 2025, FERC approved an amendment to Empire’s 2019 rate case settlement, which provides for modest unit rate reductions for Empire’s transportation services. Based on current contracts, this settlement amendment is estimated to decrease Empire’s revenues on a yearly basis by approximately $0.5 million with new rates effective November 1, 2025. Under the amendment, Empire may not file a new rate case before April 30, 2027, and is required to file a rate case by May 31, 2031.

    Gathering Segment

    The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 26,342     $ 28,706     $ (2,364 )
    Premiums paid on early redemption of debt, net of tax   698       —       698  
    Adjusted Operating Results $ 27,040     $ 28,706     $ (1,666 )
               
    Adjusted EBITDA $ 52,748     $ 53,103     $ (355 )
                           

    The Gathering segment’s second quarter GAAP earnings decreased $2.4 million versus the prior year as higher operating revenues were more than offset by higher O&M and DD&A expense. GAAP earnings also included a $0.7 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Gathering’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Operating revenues increased $1.0 million, or 2%, primarily due to an increase in throughput from Seneca’s new wells in Tioga County. While O&M expense increased $1.5 million, the per unit rate of $0.09 per Mcf remained unchanged. DD&A expense increased $1.2 million primarily due to higher average depreciable plant in service compared to the prior year.

    Downstream Business

    Utility Segment

    The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 63,544     $ 44,739     $ 18,805  
               
    Adjusted EBITDA $ 95,270     $ 78,326     $ 16,944  
                           

    The Utility segment’s second quarter GAAP earnings increased $18.8 million, or 42%, primarily as a result of the implementation of the recently approved rate case settlement in the Utility’s New York jurisdiction, which became effective October 1, 2024.

    For the quarter, customer margin (operating revenues less purchased gas sold) increased $22.2 million, primarily due to the New York rate case settlement. Other income increased $10.8 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

    O&M expense increased by $4.2 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. Further, interest expense increased $2.4 million primarily due to a higher average amount of net borrowings.

    Corporate and All Other

    The Company’s operations that are included in Corporate and All Other generated a combined net loss of $3.1 million in the current year second quarter, compared to combined earnings of less than $0.1 million in the prior year. The reduction in earnings during the second quarter was primarily driven by higher interest expense due to a higher average amount of net borrowings. A decrease in investment income on marketable securities and corporate-owned life insurance policies also contributed to the earnings reduction.

    EARNINGS TELECONFERENCE

    A conference call to discuss the results will be held on Thursday, May 1, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

    National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

    Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    GUIDANCE SUMMARY
     

    As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

    The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

      Previous FY 2025 Guidance   Updated FY 2025 Guidance
           
    Consolidated Adjusted Earnings per Share $6.50 to $7.00   $6.75 to $7.05
    Consolidated Effective Tax Rate ~ 25%   ~ 25%
           
    Capital Expenditures (Millions)      
    Exploration and Production $495 – $515   $495 – $515
    Pipeline and Storage $130 – $150   $130 – $150
    Gathering $95 – $110   $95 – $110
    Utility $165 – $185   $165 – $185
    Consolidated Capital Expenditures $885 – $960   $885 – $960
           
    Exploration and Production Segment Guidance      
           
    Commodity Price Assumptions (remaining six months)      
    NYMEX natural gas price $3.50 /MMBtu   $3.50 /MMBtu
    Appalachian basin spot price $2.90 /MMBtu   $2.60 /MMBtu
    Realized natural gas prices, after hedging ($/Mcf) $2.77 – $2.81   $2.72 – $2.76
           
    Production (Bcf) 410 to 425   415 to 425
           
    E&P Operating Costs($/Mcf)      
    LOE $0.68 – $0.70   $0.68 – $0.69
    G&A $0.18 – $0.19   $0.18 – $0.19
    DD&A $0.63 – $0.67   $0.63 – $0.65
           
    Other Business Segment Guidance(Millions)      
    Gathering Segment Revenues $250 – $260   $250 – $260
    Pipeline and Storage Segment Revenues $415 – $435   $415 – $435
           
    Utility Segment Guidance(Millions)      
    Customer Margin* $445 – $465   $445 – $465
    O&M Expense $240 – $250   $240 – $245
    Non-Service Pension & OPEB Income $23 – $27   $23 – $27
           
    * Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings $ 62,065     $ 30,737     $ 28,706     $ 44,739     $ 25     $ 166,272  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   (536 )                     (536 )
    Tax impact of unrealized (gain) loss on derivative asset   147                       147  
    Unrealized (gain) loss on other investments                   (769 )     (769 )
    Tax impact of unrealized (gain) loss on other investments                   162       162  
    Second quarter 2024 adjusted operating results   61,676       30,737       28,706       44,739       (582 )     165,276  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   5,322                       5,322  
    Higher (lower) realized natural gas prices, after hedging   31,956                       31,956  
    Midstream Revenues                      
    Higher (lower) operating revenues       1,227       819               2,046  
    Downstream Margins***                      
    Impact of usage and weather               3,011           3,011  
    Impact of new rates in New York               14,577           14,577  
    Higher (lower) other operating revenues               (924 )         (924 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (1,196 )                     (1,196 )
    Lower (higher) operating expenses   (1,855 )     (1,248 )     (1,168 )     (3,330 )         (7,601 )
    Lower (higher) property, franchise and other taxes   (948 )                     (948 )
    Lower (higher) depreciation / depletion   6,973       745       (966 )     (685 )         6,067  
    Other Income (Expense)                      
    Higher (lower) other income               8,545       612       9,157  
    (Higher) lower interest expense       331       (891 )     (1,895 )     (2,902 )     (5,357 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,331 )     241       463       (545 )     (159 )     (2,331 )
    All other / rounding   (479 )     (326 )     77       51       (45 )     (722 )
    Second quarter 2025 adjusted operating results   99,118       31,707       27,040       63,544       (3,076 )     218,333  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (335 )                     (335 )
    Tax impact of unrealized gain (loss) on derivative asset   90                       90  
    Unrealized gain (loss) on other investments                   17       17  
    Tax impact of unrealized gain (loss) on other investments                   (4 )     (4 )
    Second quarter 2025 GAAP earnings $ 97,828     $ 31,707     $ 26,342     $ 63,544     $ (3,063 )   $ 216,358  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings per share $ 0.67     $ 0.33     $ 0.31     $ 0.48     $ 0.01     $ 1.80  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   —                       —  
    Unrealized (gain) loss on other investments, net of tax                   (0.01 )     (0.01 )
    Second quarter 2024 adjusted operating results per share   0.67       0.33       0.31       0.48       —       1.79  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   0.06                       0.06  
    Higher (lower) realized natural gas prices, after hedging   0.35                       0.35  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.01       0.01               0.02  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.16           0.16  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (0.01 )                     (0.01 )
    Lower (higher) operating expenses   (0.02 )     (0.01 )     (0.01 )     (0.04 )         (0.08 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.09       0.01       (0.01 )     (0.01 )         0.08  
    Other Income (Expense)                      
    Higher (lower) other income               0.09       0.01       0.10  
    (Higher) lower interest expense       —       (0.01 )     (0.02 )     (0.03 )     (0.06 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   (0.02 )     0.01       —       0.03       (0.02 )     —  
    Second quarter 2025 adjusted operating results per share   1.08       0.35       0.30       0.70       (0.04 )     2.39  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   —                       —  
    Unrealized gain (loss) on other investments, net of tax                   —       —  
    Second quarter 2025 GAAP earnings per share $ 1.07     $ 0.35     $ 0.29     $ 0.70     $ (0.04 )   $ 2.37  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings $ 114,548     $ 54,792     $ 57,531     $ 71,289     $ 1,132     $ 299,292  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   3,662                       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (1,004 )                     (1,004 )
    Unrealized (gain) loss on other investments                   (1,818 )     (1,818 )
    Tax impact of unrealized (gain) loss on other investments                   382       382  
    Six months ended March 31, 2024 adjusted operating results   117,206       54,792       57,531       71,289       (304 )     300,514  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (817 )                     (817 )
    Higher (lower) realized natural gas prices, after hedging   33,964                       33,964  
    Midstream Revenues                      
    Higher (lower) operating revenues       10,865       (332 )             10,533  
    Downstream Margins***                      
    Impact of usage and weather               2,685           2,685  
    Impact of new rates in New York               22,442           22,442  
    Higher (lower) other operating revenues               (1,364 )         (1,364 )
    Operating Expenses                      
    Lower (higher) operating expenses   (1,742 )     (2,105 )     (1,108 )     (4,575 )         (9,530 )
    Lower (higher) property, franchise and other taxes   (746 )                     (746 )
    Lower (higher) depreciation / depletion   13,816       452       (1,802 )     (1,309 )         11,157  
    Other Income (Expense)                      
    Higher (lower) other income   (1,888 )     (603 )         11,720       2,300       11,529  
    (Higher) lower interest expense       328       (1,271 )     (3,679 )     (3,165 )     (7,787 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,338 )     (246 )     905       (1,128 )     43       (2,764 )
    All other / rounding   (226 )     679       262       (38 )     (219 )     458  
    Six months ended March 31, 2025 adjusted operating results   157,229       64,162       54,185       96,043       (1,345 )     370,274  
    Items impacting comparability:                      
    Impairment of assets   (141,802 )                     (141,802 )
    Tax impact of impairment of assets   37,169                       37,169  
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (684 )                     (684 )
    Tax impact of unrealized gain (loss) on derivative asset   184                       184  
    Unrealized gain (loss) on other investments                   (2,600 )     (2,600 )
    Tax impact of unrealized gain (loss) on other investments                   546       546  
    Six months ended March 31, 2025 GAAP earnings $ 51,051     $ 64,162     $ 53,487     $ 96,043     $ (3,399 )   $ 261,344  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings per share $ 1.24     $ 0.59     $ 0.62     $ 0.77     $ 0.02     $ 3.24  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   0.03                       0.03  
    Unrealized (gain) loss on other investments, net of tax                   (0.02 )     (0.02 )
    Six months ended March 31, 2024 adjusted operating results per share   1.27       0.59       0.62       0.77       —       3.25  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (0.01 )                     (0.01 )
    Higher (lower) realized natural gas prices, after hedging   0.37                       0.37  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.12       —               0.12  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.25           0.25  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) operating expenses   (0.02 )     (0.02 )     (0.01 )     (0.05 )         (0.10 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.15       —       (0.02 )     (0.01 )         0.12  
    Other Income (Expense)                      
    Higher (lower) other income   (0.02 )     (0.01 )         0.13       0.03       0.13  
    (Higher) lower interest expense       —       (0.01 )     (0.04 )     (0.03 )     (0.08 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   0.02       0.02       0.01       (0.01 )     (0.01 )     0.03  
    Six months ended March 31, 2025 adjusted operating results per share   1.72       0.70       0.60       1.05       (0.01 )     4.06  
    Items impacting comparability:                      
    Impairment of assets, net of tax   (1.14 )                     (1.14 )
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   (0.01 )                     (0.01 )
    Unrealized gain (loss) on other investments, net of tax                   (0.02 )     (0.02 )
    Rounding                   (0.01 )     (0.01 )
    Six months ended March 31, 2025 GAAP earnings per share $ 0.56     $ 0.70     $ 0.59     $ 1.05     $ (0.04 )   $ 2.86  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                   
    (Thousands of Dollars, except per share amounts)              
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
    SUMMARY OF OPERATIONS   2025       2024       2025       2024  
    Operating Revenues:              
    Utility Revenues $ 343,574     $ 290,198     $ 571,998     $ 492,119  
    Exploration and Production and Other Revenues   311,958       264,614       560,818       518,633  
    Pipeline and Storage and Gathering Revenues   74,418       75,127       146,616       144,549  
        729,950       629,939       1,279,432       1,155,301  
    Operating Expenses:              
    Purchased Gas   135,338       105,940       200,675       162,491  
    Operation and Maintenance:              
    Utility   63,447       59,288       118,691       112,993  
    Exploration and Production and Other   35,059       32,794       68,600       67,620  
    Pipeline and Storage and Gathering   42,363       39,340       78,304       74,303  
    Property, Franchise and Other Taxes   25,214       23,019       47,270       45,434  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Impairment of Assets   —       —       141,802       —  
        412,698       379,316       875,989       697,566  
                   
    Operating Income   317,252       250,623       403,443       457,735  
                   
    Other Income (Expense):              
    Other Income (Deductions)   15,232       6,070       22,952       9,801  
    Interest Expense on Long-Term Debt   (39,662 )     (28,453 )     (73,024 )     (56,915 )
    Other Interest Expense   (5,095 )     (6,636 )     (9,476 )     (12,910 )
                   
    Income Before Income Taxes   287,727       221,604       343,895       397,711  
                   
    Income Tax Expense   71,369       55,332       82,551       98,419  
                   
    Net Income Available for Common Stock $ 216,358     $ 166,272     $ 261,344     $ 299,292  
                   
    Earnings Per Common Share              
    Basic $ 2.39     $ 1.81     $ 2.88     $ 3.25  
    Diluted $ 2.37     $ 1.80     $ 2.86     $ 3.24  
                   
    Weighted Average Common Shares:              
    Used in Basic Calculation   90,500,162       92,114,415       90,640,333       92,011,772  
    Used in Diluted Calculation   91,176,327       92,512,447       91,312,334       92,478,604  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
       
      March 31,   September 30,
    (Thousands of Dollars)   2025       2024  
    ASSETS      
    Property, Plant and Equipment $ 14,834,817     $ 14,524,798  
    Less – Accumulated Depreciation, Depletion and Amortization   7,487,618       7,185,593  
    Net Property, Plant and Equipment   7,347,199       7,339,205  
    Current Assets:      
    Cash and Temporary Cash Investments   39,954       38,222  
    Cash Held in Trust for Bondholders   51,352       —  
    Receivables – Net   291,132       127,222  
    Unbilled Revenue   49,077       15,521  
    Gas Stored Underground   6,413       35,055  
    Materials and Supplies – at average cost   48,451       47,670  
    Unrecovered Purchased Gas Costs   3,562       —  
    Other Current Assets   78,532       92,229  
    Total Current Assets   568,473       355,919  
    Other Assets:      
    Recoverable Future Taxes   88,623       80,084  
    Unamortized Debt Expense   7,166       5,604  
    Other Regulatory Assets   118,800       108,022  
    Deferred Charges   69,572       69,662  
    Other Investments   71,958       81,705  
    Goodwill   5,476       5,476  
    Prepaid Pension and Post-Retirement Benefit Costs   194,325       180,230  
    Fair Value of Derivative Financial Instruments   45       87,905  
    Other   8,326       5,958  
    Total Other Assets   564,291       624,646  
    Total Assets $ 8,479,963     $ 8,319,770  
    CAPITALIZATION AND LIABILITIES      
    Capitalization:      
    Comprehensive Shareholders’ Equity      
    Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and      
    Outstanding – 90,397,698 Shares and 91,005,993 Shares, Respectively $ 90,398     $ 91,006  
    Paid in Capital   1,042,822       1,045,487  
    Earnings Reinvested in the Business   1,855,366       1,727,326  
    Accumulated Other Comprehensive Loss   (222,975 )     (15,476 )
    Total Comprehensive Shareholders’ Equity   2,765,611       2,848,343  
    Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs   2,381,126       2,188,243  
    Total Capitalization   5,146,737       5,036,586  
    Current and Accrued Liabilities:      
    Notes Payable to Banks and Commercial Paper   208,400       90,700  
    Current Portion of Long-Term Debt   350,000       500,000  
    Accounts Payable   127,611       165,068  
    Amounts Payable to Customers   34,393       42,720  
    Dividends Payable   46,555       46,872  
    Interest Payable on Long-Term Debt   19,454       27,247  
    Customer Advances   —       19,373  
    Customer Security Deposits   30,358       36,265  
    Other Accruals and Current Liabilities   184,925       162,903  
    Fair Value of Derivative Financial Instruments   201,464       4,744  
    Total Current and Accrued Liabilities   1,203,160       1,095,892  
    Other Liabilities:      
    Deferred Income Taxes   1,072,436       1,111,165  
    Taxes Refundable to Customers   302,293       305,645  
    Cost of Removal Regulatory Liability   300,256       292,477  
    Other Regulatory Liabilities   140,828       151,452  
    Other Post-Retirement Liabilities   3,404       3,511  
    Asset Retirement Obligations   193,802       203,006  
    Other Liabilities   117,047       120,036  
    Total Other Liabilities   2,130,066       2,187,292  
    Commitments and Contingencies   —       —  
    Total Capitalization and Liabilities $ 8,479,963     $ 8,319,770  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Six Months Ended
      March 31,
    (Thousands of Dollars)   2025       2024  
           
    Operating Activities:      
    Net Income Available for Common Stock $ 261,344     $ 299,292  
    Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
    Impairment of Assets   141,802       —  
    Depreciation, Depletion and Amortization   220,647       234,725  
    Deferred Income Taxes   25,787       65,187  
    Premiums Paid on Early Redemption of Debt   2,385       —  
    Stock-Based Compensation   10,487       10,477  
    Other   14,317       11,874  
    Change in:      
    Receivables and Unbilled Revenue   (197,553 )     (50,123 )
    Gas Stored Underground and Materials and Supplies   27,861       25,675  
    Unrecovered Purchased Gas Costs   (3,562 )     —  
    Other Current Assets   13,737       15,201  
    Accounts Payable   17,322       (15,641 )
    Amounts Payable to Customers   (8,327 )     13,327  
    Customer Advances   (19,373 )     (21,003 )
    Customer Security Deposits   (5,907 )     1,836  
    Other Accruals and Current Liabilities   21,528       26,927  
    Other Assets   (20,282 )     (22,165 )
    Other Liabilities   (28,343 )     (9,328 )
    Net Cash Provided by Operating Activities $ 473,870     $ 586,261  
           
    Investing Activities:      
    Capital Expenditures $ (434,260 )   $ (481,958 )
    Other   8,881       (1,189 )
    Net Cash Used in Investing Activities $ (425,379 )   $ (483,147 )
           
    Financing Activities:      
    Changes in Notes Payable to Banks and Commercial Paper   117,700       (8,600 )
    Shares Repurchased Under Repurchase Plan   (50,471 )     (4,230 )
    Reduction of Long-Term Debt   (954,086 )     —  
    Net Proceeds From Issuance of Long-Term Debt   989,019       —  
    Dividends Paid on Common Stock   (93,543 )     (91,048 )
    Net Repurchases of Common Stock Under Stock and Benefit Plans   (4,026 )     (3,914 )
    Net Cash Provided by (Used in) Financing Activities $ 4,593     $ (107,792 )
           
    Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash   53,084       (4,678 )
    Cash, Cash Equivalents, and Restricted Cash at Beginning of Period   38,222       55,447  
    Cash, Cash Equivalents, and Restricted Cash at March 31 $ 91,306     $ 50,769  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    UPSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    EXPLORATION AND PRODUCTION SEGMENT   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ 311,958     $ 264,614     $ 47,344     $ 560,818     $ 518,633     $ 42,185  
    Operating Expenses:                  
    Operation and Maintenance:                  
    General and Administrative Expense   18,847       17,165       1,682       38,173       34,958       3,215  
    Lease Operating and Transportation Expense   71,176       69,662       1,514       136,816       136,736       80  
    All Other Operation and Maintenance Expense   3,310       2,644       666       7,178       8,188       (1,010 )
    Property, Franchise and Other Taxes   4,275       3,075       1,200       7,657       6,713       944  
    Depreciation, Depletion and Amortization   64,622       73,448       (8,826 )     127,925       145,413       (17,488 )
    Impairment of Assets   —       —       —       141,802       —       141,802  
        162,230       165,994       (3,764 )     459,551       332,008       127,543  
                       
    Operating Income   149,728       98,620       51,108       101,267       186,625       (85,358 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   37       100       (63 )     74       201       (127 )
    Interest and Other Income (Deductions)   101       1,170       (1,069 )     373       (342 )     715  
    Interest Expense on Long-Term Debt   (1,949 )     —       (1,949 )     (1,949 )     —       (1,949 )
    Other Interest Expense   (15,091 )     (15,108 )     17       (30,291 )     (30,377 )     86  
    Income Before Income Taxes   132,826       84,782       48,044       69,474       156,107       (86,633 )
    Income Tax Expense   34,998       22,717       12,281       18,423       41,559       (23,136 )
    Net Income $ 97,828     $ 62,065     $ 35,763     $ 51,051     $ 114,548     $ (63,497 )
    Net Income Per Share (Diluted) $ 1.07     $ 0.67     $ 0.40     $ 0.56     $ 1.24     $ (0.68 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    MIDSTREAM BUSINESSES
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    PIPELINE AND STORAGE SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 71,185     $ 71,210     $ (25 )   $ 139,935     $ 136,036     $ 3,899  
    Intersegment Revenues   38,388       36,810       1,578       76,251       66,397       9,854  
    Total Operating Revenues   109,573       108,020       1,553       216,186       202,433       13,753  
    Operating Expenses:                  
    Purchased Gas   162       325       (163 )     121       926       (805 )
    Operation and Maintenance   30,642       29,062       1,580       57,677       55,013       2,664  
    Property, Franchise and Other Taxes   8,600       8,600       —       17,266       17,320       (54 )
    Depreciation, Depletion and Amortization   18,547       19,490       (943 )     37,132       37,704       (572 )
        57,951       57,477       474       112,196       110,963       1,233  
                       
    Operating Income   51,622       50,543       1,079       103,990       91,470       12,520  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   952       1,257       (305 )     1,905       2,515       (610 )
    Interest and Other Income   1,794       2,046       (252 )     3,833       3,978       (145 )
    Interest Expense   (11,700 )     (12,119 )     419       (23,428 )     (23,843 )     415  
    Income Before Income Taxes   42,668       41,727       941       86,300       74,120       12,180  
    Income Tax Expense   10,961       10,990       (29 )     22,138       19,328       2,810  
    Net Income $ 31,707     $ 30,737     $ 970     $ 64,162     $ 54,792     $ 9,370  
    Net Income Per Share (Diluted) $ 0.35     $ 0.33     $ 0.02     $ 0.70     $ 0.59     $ 0.11  
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    GATHERING SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 3,233     $ 3,917     $ (684 )   $ 6,681     $ 8,513     $ (1,832 )
    Intersegment Revenues   61,797       60,076       1,721       119,480       118,068       1,412  
    Total Operating Revenues   65,030       63,993       1,037       126,161       126,581       (420 )
    Operating Expenses:                  
    Operation and Maintenance   12,275       10,796       1,479       21,703       20,300       1,403  
    Property, Franchise and Other Taxes   7       94       (87 )     (227 )     117       (344 )
    Depreciation, Depletion and Amortization   10,834       9,611       1,223       21,349       19,068       2,281  
        23,116       20,501       2,615       42,825       39,485       3,340  
                       
    Operating Income   41,914       43,492       (1,578 )     83,336       87,096       (3,760 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit (Costs)   —       9       (9 )     (1 )     19       (20 )
    Interest and Other Income   93       72       21       152       143       9  
    Interest Expense on Long-Term Debt   (1,334 )     —       (1,334 )     (1,334 )     —       (1,334 )
    Other Interest Expense   (4,450 )     (3,701 )     (749 )     (8,661 )     (7,431 )     (1,230 )
    Income Before Income Taxes   36,223       39,872       (3,649 )     73,492       79,827       (6,335 )
    Income Tax Expense   9,881       11,166       (1,285 )     20,005       22,296       (2,291 )
    Net Income $ 26,342     $ 28,706     $ (2,364 )   $ 53,487     $ 57,531     $ (4,044 )
    Net Income Per Share (Diluted) $ 0.29     $ 0.31     $ (0.02 )   $ 0.59     $ 0.62     $ (0.03 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    DOWNSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    UTILITY SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 343,574     $ 290,198     $ 53,376     $ 571,998     $ 492,119     $ 79,879  
    Intersegment Revenues   119       306       (187 )     203       393       (190 )
    Total Operating Revenues   343,693       290,504       53,189       572,201       492,512       79,689  
    Operating Expenses:                  
    Purchased Gas   171,777       140,836       30,941       273,249       224,886       48,363  
    Operation and Maintenance   64,444       60,229       4,215       120,704       114,913       5,791  
    Property, Franchise and Other Taxes   12,202       11,113       1,089       22,313       21,019       1,294  
    Depreciation, Depletion and Amortization   17,135       16,268       867       33,962       32,305       1,657  
        265,558       228,446       37,112       450,228       393,123       57,105  
                       
    Operating Income   78,135       62,058       16,077       121,973       99,389       22,584  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   12,299       857       11,442       18,170       1,327       16,843  
    Interest and Other Income   714       1,340       (626 )     1,242       3,250       (2,008 )
    Interest Expense   (10,927 )     (8,528 )     (2,399 )     (21,643 )     (16,986 )     (4,657 )
    Income Before Income Taxes   80,221       55,727       24,494       119,742       86,980       32,762  
    Income Tax Expense   16,677       10,988       5,689       23,699       15,691       8,008  
    Net Income $ 63,544     $ 44,739     $ 18,805     $ 96,043     $ 71,289     $ 24,754  
    Net Income Per Share (Diluted) $ 0.70     $ 0.48     $ 0.22     $ 1.05     $ 0.77     $ 0.28  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    ALL OTHER   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ —     $ —     $ —     $ —     $ —     $ —  
    Operating Expenses:                  
    Operation and Maintenance   —       —       —       —       —       —  
        —       —       —       —       —       —  
                       
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Income (Deductions)   (222 )     (41 )     (181 )     (358 )     (119 )     (239 )
    Interest Expense   (131 )     (84 )     (47 )     (248 )     (165 )     (83 )
    Loss before Income Taxes   (353 )     (125 )     (228 )     (606 )     (284 )     (322 )
    Income Tax Benefit   (82 )     (29 )     (53 )     (141 )     (67 )     (74 )
    Net Loss $ (271 )   $ (96 )   $ (175 )   $ (465 )   $ (217 )   $ (248 )
    Net Loss Per Share (Diluted) $ —     $ —     $ —     $ (0.01 )   $ —     $ (0.01 )
               
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    CORPORATE   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ —     $ —     $ —     $ —     $ —     $ —  
    Intersegment Revenues   1,341       1,286       55       2,683       2,571       112  
    Total Operating Revenues   1,341       1,286       55       2,683       2,571       112  
    Operating Expenses:                  
    Operation and Maintenance   5,219       5,121       98       9,266       8,916       350  
    Property, Franchise and Other Taxes   130       137       (7 )     261       265       (4 )
    Depreciation, Depletion and Amortization   139       118       21       279       235       44  
        5,488       5,376       112       9,806       9,416       390  
                       
    Operating Loss   (4,147 )     (4,090 )     (57 )     (7,123 )     (6,845 )     (278 )
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Costs   (212 )     (387 )     175       (423 )     (774 )     351  
    Interest and Other Income   41,785       40,234       1,551       82,846       81,262       1,584  
    Interest Expense on Long-Term Debt   (36,379 )     (28,453 )     (7,926 )     (69,741 )     (56,915 )     (12,826 )
    Other Interest Expense   (4,905 )     (7,683 )     2,778       (10,066 )     (15,767 )     5,701  
    Income (Loss) before Income Taxes   (3,858 )     (379 )     (3,479 )     (4,507 )     961       (5,468 )
    Income Tax Benefit   (1,066 )     (500 )     (566 )     (1,573 )     (388 )     (1,185 )
    Net Income (Loss) $ (2,792 )   $ 121     $ (2,913 )   $ (2,934 )   $ 1,349     $ (4,283 )
    Net Income (Loss) Per Share (Diluted) $ (0.04 )   $ 0.01     $ (0.05 )   $ (0.03 )   $ 0.02     $ (0.05 )
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    INTERSEGMENT ELIMINATIONS   2025       2024     Variance     2025       2024     Variance
    Intersegment Revenues $ (101,645 )   $ (98,478 )   $ (3,167 )   $ (198,617 )   $ (187,429 )   $ (11,188 )
    Operating Expenses:                  
    Purchased Gas   (36,601 )     (35,221 )     (1,380 )     (72,695 )     (63,321 )     (9,374 )
    Operation and Maintenance   (65,044 )     (63,257 )     (1,787 )     (125,922 )     (124,108 )     (1,814 )
        (101,645 )     (98,478 )     (3,167 )     (198,617 )     (187,429 )     (11,188 )
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Deductions   (42,109 )     (40,587 )     (1,522 )     (84,861 )     (81,659 )     (3,202 )
    Interest Expense   42,109       40,587       1,522       84,861       81,659       3,202  
    Net Income $ —     $ —     $ —     $ —     $ —     $ —  
    Net Income Per Share (Diluted) $ —     $ —     $ —     $ —     $ —     $ —  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT INFORMATION (Continued)
    (Thousands of Dollars)
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Capital Expenditures:                      
    Exploration and Production $ 108,384   (1) $ 124,184   (3) $ (15,800 )   $ 230,986   (1)(2) $ 285,141   (3)(4) $ (54,155 )
    Pipeline and Storage   15,626   (1)   18,025   (3)   (2,399 )     35,417   (1)(2)   42,579   (3)(4)   (7,162 )
    Gathering   18,499   (1)   19,949   (3)   (1,450 )     31,526   (1)(2)   39,518   (3)(4)   (7,992 )
    Utility   41,867   (1)   37,741   (3)   4,126       78,298   (1)(2)   68,251   (3)(4)   10,047  
    Total Reportable Segments   184,376       199,899       (15,523 )     376,227       435,489       (59,262 )
    All Other   —       —       —       —       —       —  
    Corporate   174       121       53       378       182       196  
    Eliminations   (3,520 )     —       (3,520 )     (3,520 )     —       (3,520 )
    Total Capital Expenditures $ 181,030     $ 200,020     $ (18,990 )   $ 373,085     $ 435,671     $ (62,586 )
    (1)   Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $44.8 million, $2.4 million, $6.8 million, and $4.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represent non-cash investing activities at that date.
    (2)   Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.
    (3)   Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2024, since they represented non-cash investing activities at that date.
    (4)   Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2024.
         
    DEGREE DAYS                                  
                              Percent Colder
                              (Warmer) Than:
    Three Months Ended March 31,   Normal       2025       2024     Normal(1)     Last Year(1)  
    Buffalo, NY(2)   3,226       3,116       2,705       (3.4 )     15.2  
    Erie, PA   3,023       3,017       2,576       (0.2 )     17.1  
                                       
    Six Months Ended March 31,                                  
    Buffalo, NY(2)   5,352       5,000       4,563       (6.6 )     9.6  
    Erie, PA   4,917       4,714       4,240       (4.1 )     11.2  
                                       
    (1)   Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
    (2)   Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                           
    EXPLORATION AND PRODUCTION INFORMATION
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Gas Production/Prices:                      
    Production (MMcf)                      
    Appalachia   105,514       102,883       2,631       203,232       203,640       (408 )
                           
    Average Prices (Per Mcf)                      
    Weighted Average $ 3.02     $ 1.98     $ 1.04     $ 2.64     $ 2.14     $ 0.50  
    Weighted Average after Hedging $ 2.94     $ 2.56     $ 0.38     $ 2.74     $ 2.53     $ 0.21  
                           
    Selected Operating Performance Statistics:                      
    General and Administrative Expense per Mcf(1) $ 0.18     $ 0.17     $ 0.01     $ 0.19     $ 0.17     $ 0.02  
    Lease Operating and Transportation Expense per Mcf(1)(2) $ 0.67     $ 0.68     $ (0.01 )   $ 0.67     $ 0.67     $ —  
    Depreciation, Depletion and Amortization per Mcf(1) $ 0.61     $ 0.71     $ (0.10 )   $ 0.63     $ 0.71     $ (0.08 )
                           
    (1)   Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
    (2)   Amounts include transportation expense of $0.57 per Mcf for the three months ended March 31, 2025 and March 31, 2024. Amounts include transportation expense of $0.57 per Mcf for the six months ended March 31, 2025 and March 31, 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    Pipeline and Storage Throughput – (millions of cubic feet – MMcf)            
                                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Firm Transportation – Affiliated   49,240       42,561       6,679       81,110       74,056       7,054  
    Firm Transportation – Non-Affiliated   185,490       179,697       5,793       356,502       348,303       8,199  
    Interruptible Transportation   454       1,271       (817 )     515       1,389       (874 )
        235,184       223,529       11,655       438,127       423,748       14,379  
                                           
    Gathering Volume – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Gathered Volume   129,771       125,565       4,206       250,732       249,388       1,344  
                                           
                                           
    Utility Throughput – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Retail Sales:                                      
    Residential Sales   32,111       27,063       5,048       50,587       45,045       5,542  
    Commercial Sales   5,420       4,293       1,127       8,339       7,093       1,246  
    Industrial Sales   302       190       112       501       327       174  
        37,833       31,546       6,287       59,427       52,465       6,962  
    Transportation   25,086       22,637       2,449       42,028       40,166       1,862  
        62,919       54,183       8,736       101,455       92,631       8,824  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
     

    In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

    Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands except per share amounts)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Items impacting comparability:              
    Impairment of assets (E&P)   —       —       141,802       —  
    Tax impact of impairment of assets   —       —       (37,169 )     —  
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       2,385       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (642 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     684       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       (184 )     (1,004 )
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     2,600       (1,818 )
    Tax impact of unrealized (gain) loss on other investments   4       162       (546 )     382  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 370,274     $ 300,514  
                   
    Reported GAAP Earnings Per Share $ 2.37     $ 1.80     $ 2.86     $ 3.24  
    Items impacting comparability:              
    Impairment of assets, net of tax (E&P)   —       —       1.14       —  
    Premiums paid on early redemption of debt, net of tax (E&P / Midstream)   0.02       —       0.02       —  
    Unrealized (gain) loss on derivative asset, net of tax (E&P)   —       —       0.01       0.03  
    Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)   —       (0.01 )     0.02       (0.02 )
    Rounding   —       —       0.01       —  
    Adjusted Operating Results Per Share $ 2.39     $ 1.79     $ 4.06     $ 3.25  
     

    Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Other (Income) Deductions   (15,232 )     (6,070 )     (22,952 )     (9,801 )
    Interest Expense   44,757       35,089       82,500       69,825  
    Income Taxes   71,369       55,332       82,551       98,419  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
                   
    Adjusted EBITDA by Segment              
    Pipeline and Storage Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
    Gathering Adjusted EBITDA   52,748       53,103       104,685       106,164  
    Total Midstream Businesses Adjusted EBITDA   122,917       123,136       245,807       235,338  
    Exploration and Production Adjusted EBITDA   214,350       172,068       370,994       332,038  
    Utility Adjusted EBITDA   95,270       78,326       155,935       131,694  
    Corporate and All Other Adjusted EBITDA   (4,008 )     (3,972 )     (6,844 )     (6,610 )
    Total Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    SEGMENT ADJUSTED EBITDA
     
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Exploration and Production Segment              
    Reported GAAP Earnings $ 97,828     $ 62,065     $ 51,051     $ 114,548  
    Depreciation, Depletion and Amortization   64,622       73,448       127,925       145,413  
    Other (Income) Deductions   (138 )     (1,270 )     (447 )     141  
    Interest Expense   17,040       15,108       32,240       30,377  
    Income Taxes   34,998       22,717       18,423       41,559  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 214,350     $ 172,068     $ 370,994     $ 332,038  
                   
    Pipeline and Storage Segment              
    Reported GAAP Earnings $ 31,707     $ 30,737     $ 64,162     $ 54,792  
    Depreciation, Depletion and Amortization   18,547       19,490       37,132       37,704  
    Other (Income) Deductions   (2,746 )     (3,303 )     (5,738 )     (6,493 )
    Interest Expense   11,700       12,119       23,428       23,843  
    Income Taxes   10,961       10,990       22,138       19,328  
    Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
                   
    Gathering Segment              
    Reported GAAP Earnings $ 26,342     $ 28,706     $ 53,487     $ 57,531  
    Depreciation, Depletion and Amortization   10,834       9,611       21,349       19,068  
    Other (Income) Deductions   (93 )     (81 )     (151 )     (162 )
    Interest Expense   5,784       3,701       9,995       7,431  
    Income Taxes   9,881       11,166       20,005       22,296  
    Adjusted EBITDA $ 52,748     $ 53,103     $ 104,685     $ 106,164  
                   
    Utility Segment              
    Reported GAAP Earnings $ 63,544     $ 44,739     $ 96,043     $ 71,289  
    Depreciation, Depletion and Amortization   17,135       16,268       33,962       32,305  
    Other (Income) Deductions   (13,013 )     (2,197 )     (19,412 )     (4,577 )
    Interest Expense   10,927       8,528       21,643       16,986  
    Income Taxes   16,677       10,988       23,699       15,691  
    Adjusted EBITDA $ 95,270     $ 78,326     $ 155,935     $ 131,694  
                   
    Corporate and All Other              
    Reported GAAP Earnings $ (3,063 )   $ 25     $ (3,399 )   $ 1,132  
    Depreciation, Depletion and Amortization   139       118       279       235  
    Other (Income) Deductions   758       781       2,796       1,290  
    Interest Expense   (694 )     (4,367 )     (4,806 )     (8,812 )
    Income Taxes   (1,148 )     (529 )     (1,714 )     (455 )
    Adjusted EBITDA $ (4,008 )   $ (3,972 )   $ (6,844 )   $ (6,610 )
     

    Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

    The MIL Network –

  • MIL-OSI: Orange County Bancorp, Inc. Announces First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Highlights include:

    • Net interest margin of 3.95% for the quarter ended March 31, 2025 increased 31 basis points, or 8.5%, versus 3.64% for the quarter ended March 31, 2024
    • Total Deposits grew $128.3 million, or 6.0%, reaching $2.3 billion at March 31, 2025 as compared to $2.2 billion at December 31, 2024
    • Total Loans of $1.9 billion at March 31, 2025 increased $38.5 million, or 2.1%, from $1.8 billion at December 31, 2024
    • Net Income reached $8.7 million for the three months ended March 31, 2025 representing a decrease of $586 thousand, or 6.3%, as compared to $9.3 million for the three months ended March 31, 2024
    • Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025 from $2.9 million for the quarter ended March 31, 2024
    • Book value per share increased $1.34, or 8.2%, reaching $17.69 at March 31, 2025 as compared to $16.35 at December 31, 2024

    MIDDLETOWN, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $8.7 million, or $0.77 per basic and diluted share, for the quarter ended March 31, 2025. This represents a $586 thousand, or 6.3%, decrease in net income as compared to $9.3 million, or $0.82 per basic and diluted share, for the quarter ended March 31, 2024. The year-over-year comparison reflects a reduction in provision for credit losses on loans and increases in net interest income and total noninterest income in the most recent quarter, while the same period last year benefitted from a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt previously written off. The prior year’s gain had an approximately $.17 per share impact on first quarter earnings.   Non-interest income for the quarter ended March 31, 2025 rose $670 thousand, or 18.2%, to $4.4 million, as compared to $3.7 million for the quarter ended March 31, 2024.

    Book value per share rose $1.34, or 8.2%, from $16.35 at December 31, 2024 to $17.69 at March 31, 2025. Tangible book value per share also increased $1.35, or 8.5%, from $15.80 at December 31, 2024 to $17.15 at March 31, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were the result of earnings growth during the quarter combined with a decrease in unrealized losses in the investment portfolio attributed to interest rate changes during the first quarter of 2025.

    “2025 began with anticipation of a deregulatory, pro-business agenda from the incoming administration that would accelerate economic growth, but saw the quarter marked instead by uncertainty and market volatility stemming from government cost cutting and tariff policy,” said Orange Bank President and CEO, Michael Gilfeather. “Despite this unexpected shift, I am pleased to announce Orange Bank posted another excellent quarterly performance. For the three months ended March 31, 2025, the Company earned $8.7 million. This was a $586 thousand, or 6.3%, decrease versus the same quarter in 2024, but reflects solid growth in net interest income and noninterest income and a meaningful reduction in our provision for credit losses excluding a $1.9 million gain we realized last year as the result of recovery from the sale of Signature Bank subordinated debt previously written off. Excluding last year’s one-time gain, earnings for Q1 2025 would have exceeded Q1 2024.

    While we hope for the return of more stable, predictable markets, for the benefit of local economic activity and businesses, our clients continue to identify compelling long-term investment opportunities for us to finance. Total loans grew $38.5 million, or 2.1%, for the quarter, from $1.8 billion at December 31, 2024. As discussed in prior quarters, we continue to employ a conservative underwriting posture that guides the prioritization, sizing, and pricing of loans to ensure we thoughtfully manage risk while providing our clients with access to capital.

    The quarter also saw strong deposit growth; up $128.3 million, or 6.0%, to $2.3 billion at March 31, 2025 from $2.2 billion at December 31, 2024. Growth in deposits remains a priority for the Bank, and effective management of their costs has long been a strategic and differentiating strength of our organization. Our cost of deposits for the first quarter of 2025 was 1.29%, down compared to 1.34% for the first quarter of 2024.  

    Also embedded in our operational results is solid expansion of net interest margin, which ended the quarter at 3.95%. This is a 31 basis points, or 8.5%, increase, over the same quarter last year, once again reflecting management of our overall process and drive to source appropriately priced deposits.

    Our Wealth Management division also continued its strong recent performance in the quarter. Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025, from $2.9 million for the quarter ended March 31, 2024. This division not only provides the Bank an important, diversified source of revenue, but also offers clients additional, value-added service that leads to stronger, longer-lasting business relationships.

    Though it’s difficult to predict when the current period of market volatility and uncertainty will subside, I remain confident in our team and Company’s ability to adapt and meet our clients’ needs. This is a testament to strategic initiatives and execution we’ve committed to the past several years and is only possible through the dedication of our employees, the continued trust of our clients, and the support of our stockholders. I thank you all.”

    First Quarter 2025 Financial Review

    Net Income

    Net income for the first quarter of 2025 was $8.7 million, a decrease of $586 thousand, or 6.3%, from net income of $9.3 million for the first quarter of 2024. This decrease was the result of a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt in the first quarter of 2024 offset by higher net interest income and noninterest income as well as a reduced provision for credit losses on loans during the first quarter of 2025 as compared to the first quarter of 2024.  

    Net Interest Income

    For the three months ended March 31, 2025, net interest income rose $2.0 million, or 9.4%, to $23.6 million versus $21.6 million during the same period last year reflecting an increase in total interest income of $834 thousand and a decrease in total interest expense of $1.2 million mainly due to lower borrowing costs during the current period.

    Total interest income rose $834 thousand, or 2.7%, to $31.9 million for the three months ended March 31, 2025, compared to $31.1 million for the three months ended March 31, 2024. The increase reflected 6.6% growth in interest and fees associated with loans which was offset by decreases in interest income associated with investment securities, fed funds, and balances held at correspondent banks.

    Total interest expense decreased $1.2 million during the first quarter of 2025, to $8.3 million, as compared to $9.5 million in the first quarter of 2024. Interest expense from FHLB advances and borrowings during the current quarter totaled $931 thousand as compared to $2.3 million during the first quarter of 2024. The decrease primarily represented the effect of lower average balances and costs associated with FHLB borrowings. Interest expense associated with savings and NOW accounts totaled $4.9 million during the first quarter of 2025 as compared to $4.6 million during the first quarter of 2024. Interest expense related to brokered deposits totaled $2.1 million during the first quarter of 2025 as compared to $2.3 million during the first quarter of 2024.

    Provision for Credit Losses

    Provision for credit losses amounted to $202 thousand for the three months ended March 31, 2025 and a net credit of $1.6 million for the three months ended March 31, 2024. The increase in the provision for credit losses was primarily attributable to the investment recovery during 2024. The allowance for credit losses to total loans was 1.42% as of March 31, 2025 versus 1.44% as of December 31, 2024. No additional reserves for investment securities were recorded during 2025 or 2024, respectively.

    Non-Interest Income

    Non-interest income rose $670 thousand, or 18.2%, to $4.4 million for the three months ended March 31, 2025 as compared to $3.7 million for the three months ended March 31, 2024. This growth was related to increased fee income within each of the Company’s fee income categories, including investment advisory, trust, and service charges on deposit accounts.

    Non-Interest Expense

    Non-interest expense was $16.5 million for the first quarter of 2025, reflecting an increase of $1.2 million, or 7.7%, as compared to $15.3 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s investment in growth. This investment consists primarily of increases in compensation, occupancy, and information technology. Our efficiency ratio, which is a non-GAAP measurement, decreased to 58.9% for the three months ended March 31, 2025, from 60.5% for the same period in 2024.  

    Income Tax Expense

    Provision for income taxes for the three months ended March 31, 2025 was $2.6 million, representing an increase of $257 thousand, or 11.0%, as compared to $2.3 million for the three months ended March 31, 2024. The amount was directly related to provisions associated with the Company’s earnings as well as the effect of certain tax adjustments for the quarter. Our effective tax rate for the three-month period ended March 31, 2025 was 22.9%, as compared to 20.0% for the same period in 2024.  

    Financial Condition

    Total consolidated assets increased by $50.2 million, or 2.0%, and grew from $2.5 billion at December 31, 2024 to $2.6 billion at March 31, 2025. The increase reflected increases in cash and loans during the first quarter of 2025.

    Total cash and due from banks increased from $150.3 million at December 31, 2024, to $164.2 million at March 31, 2025, an increase of approximately $13.8 million, or 9.2%. This increase resulted mainly from higher levels of deposit balances.

    Total investment securities fell $4.2 million, or 0.9%, from $453.4 million at December 31, 2024 to $449.3 million at March 31, 2025. The decrease was driven primarily by investment securities maturities during the first three months of 2025.

    Total loans increased $38.5 million, or 2.1%, to $1.9 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The increase was due primarily to growth of $19.7 million in CRE loans, including additional growth of $16.7 million in CRE Construction loans as well as $4.9 million in commercial and industrial loans.

    Total deposits increased $128.3 million, to $2.3 billion at March 31, 2025 from approximately $2.2 billion at December 31, 2024. This increase was due primarily to $50.8 million of growth in interest bearing demand deposits; $24.3 million increase in money market accounts; $11.5 million growth in savings accounts; and $38.8 million increase in time deposits mainly associated with brokered deposits which the Bank utilized to increase cash balances and reduce borrowings during the first quarter. The increases in deposits also included a $2.9 million increase in noninterest-bearing demand deposit accounts during the quarter. Deposit composition at March 31, 2025 included 45.4% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 39% at March 31, 2025 and December 31, 2024, respectively.

    FHLBNY short-term borrowings were $20.5 million at March 31, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings was driven mainly by increased deposits which outpaced loan growth during the quarter and allowed for paydowns of borrowings while maintaining consistent levels of cash at March 31, 2025.

    Stockholders’ equity increased $15.8 million, or 8.5%, to $201.3 million at March 31, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of $8.7 million in net income and a decrease in unrealized losses of approximately $7.7 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes during the first quarter of 2025 offset by dividends of $1.5 million.

    At March 31, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital-to-average-assets ratio was 10.41%, both common equity and Tier 1 capital-to-risk-weighted-assets were 14.16%, and total-capital-to-risk-weighted-assets was 15.42%.  

    Wealth Management

    At March 31, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.7 billion in assets under management or advisory as compared to $1.8 billion at December 31, 2024, reflecting a decrease of $43.0 million, or 2.4%. Trust and investment advisory income for the quarter ended March 31, 2025 totaled $3.4 million and represented an increase of 19.2%, or $553 thousand, as compared to $2.9 million for the quarter ended March 31, 2024.

    The breakdown of trust and investment advisory assets as of March 31, 2025 and December 31, 2024, respectively, is as follows:

    ORANGE COUNTY BANCORP, INC.
    SUMMARY OF AUM/AUA
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At March 31, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Investment Assets Under Management & Advisory $ 1,105,692     63.55 %   $ 1,105,143     61.99 %
    Trust Asset Under Administration & Management   634,177     36.45 %     677,723     38.01 %
    Total $ 1,739,869     100.00 %   $ 1,782,866     100.00 %
                   

    Loan Quality

    At March 31, 2025, the Bank had total non-performing loans of $6.2 million, or 0.33% of total loans. Total non-accrual loans represented approximately $6.2 million of loans at March 31, 2025, compared to $6.3 million at December 31, 2024.

    Liquidity

    Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of March 31, 2025, the Bank’s cash and due from banks totaled $164.2 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of March 31, 2025, the Bank’s investment in securities available for sale was $443.8 million, of which $80.3 million was not pledged as collateral. Additionally, as of March 31, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $631.0 million, of which $96.4 million was used to collateralize municipal deposits and $10.0 million was utilized for overnight and long term FHLBNY advances. As of March 31, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $524.6 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At March 31, 2025, the Bank also held $91.0 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window.

    The Bank also considers brokered deposits as an element of its deposit strategy. As of March 31, 2025, the Bank had brokered deposit arrangements with various terms totaling $220.0 million.

     
    Non-GAAP Financial Measure Reconciliations
    The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
           
      March 31, 2025   December 31, 2024
      (Dollars in thousands except for share data)
    Tangible Common Equity:      
    Total stockholders’ equity $ 201,324     $ 185,531  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (750 )     (821 )
    Tangible common equity $ 195,215     $ 179,351  
    Common shares outstanding   11,383,738       11,350,158  
    Book value per common share $ 17.69     $ 16.35  
    Tangible book value per common share $ 17.15     $ 15.80  
           
    Tangible Assets      
    Total assets $ 2,560,128     $ 2,509,927  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (750 )     (821 )
    Tangible assets $ 2,554,019     $ 2,503,747  
    Tangible common equity to tangible assets   7.64 %     7.16 %
           
    NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025
           

    About Orange County Bancorp, Inc.

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Forward Looking Statements

    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

    The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    For further information:
    Michael Lesler
    EVP & Chief Financial Officer
    mlesler@orangebanktrust.com
    Phone: (845) 341-5111

     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
    (UNAUDITED)
      (Dollar Amounts in thousands except per share data)
               
          March 31, 2025   December 31, 2024
               
        ASSETS      
               
    Cash and due from banks $ 164,173     $ 150,334  
    Investment securities – available-for-sale   443,797       443,775  
    (Amortized cost $509,906 at March 31, 2025 and $519,567 at December 31, 2024)    
    Restricted investment in bank stocks   5,525       9,716  
    Loans   1,854,254       1,815,751  
    Allowance for credit losses   (26,373 )     (26,077 )
      Loans, net   1,827,881       1,789,674  
               
    Premises and equipment, net   15,904       15,808  
    Accrued interest receivable   11,002       6,680  
    Bank owned life insurance   42,516       42,257  
    Goodwill   5,359       5,359  
    Intangible assets   750       821  
    Other assets   43,221       45,503  
               
        TOTAL ASSETS $ 2,560,128     $ 2,509,927  
               
        LIABILITIES AND STOCKHOLDERS’ EQUITY      
               
    Deposits:      
      Noninterest bearing $ 654,061     $ 651,135  
      Interest bearing   1,627,637       1,502,224  
        Total deposits   2,281,698       2,153,359  
               
    FHLB advances, short term   20,500       113,500  
    FHLB advances, long term   10,000       10,000  
    Subordinated notes, net of issuance costs   19,609       19,591  
    Accrued expenses and other liabilities   26,997       27,946  
               
        TOTAL LIABILITIES   2,358,804       2,324,396  
               
        STOCKHOLDERS’ EQUITY      
               
    Common stock, $0.25 par value; 30,000,000 shares authorized;      
      11,391,755 and 11,366,608 issued; 11,383,738 and 11,350,158 outstanding,    
      at March 31, 2025 and December 31, 2024, respectively   2,848       2,842  
    Surplus   121,546       120,896  
    Retained Earnings   137,148       129,919  
    Accumulated other comprehensive income (loss), net of taxes   (60,019 )     (67,751 )
    Treasury stock, at cost; 8,017 and 16,450 shares at March 31,      
      2025 and December 31, 2024, respectively   (199 )     (375 )
        TOTAL STOCKHOLDERS’ EQUITY   201,324       185,531  
               
        TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,560,128     $ 2,509,927  
               
     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
            For Three Months Ended March 31,
            2025   2024
    INTEREST INCOME      
      Interest and fees on loans $ 27,314     $ 25,614  
      Interest on investment securities:      
        Taxable   2,664       3,226  
        Tax exempt   576       568  
      Interest on Federal funds sold and other   1,353       1,665  
                 
        TOTAL INTEREST INCOME   31,907       31,073  
                 
    INTEREST EXPENSE      
      Savings and NOW accounts   4,894       4,577  
      Time deposits   2,224       2,414  
      FHLB advances and borrowings   931       2,251  
      Subordinated notes   230       230  
        TOTAL INTEREST EXPENSE   8,279       9,472  
                 
        NET INTEREST INCOME   23,628       21,601  
                 
    Provision for credit losses   202       (1,640 )
        NET INTEREST INCOME AFTER      
          PROVISION FOR CREDIT LOSSES   23,426       23,241  
                 
    NONINTEREST INCOME      
      Service charges on deposit accounts   290       235  
      Trust income   1,674       1,312  
      Investment advisory income   1,766       1,575  
      Earnings on bank owned life insurance   259       242  
      Other   367       322  
        TOTAL NONINTEREST INCOME   4,356       3,686  
                 
    NONINTEREST EXPENSE      
      Salaries   6,905       6,738  
      Employee benefits   2,450       2,122  
      Occupancy expense   1,277       1,161  
      Professional fees   1,347       1,436  
      Directors’ fees and expenses   306       322  
      Computer software expense   1,982       1,235  
      FDIC assessment   330       418  
      Advertising expenses   389       364  
      Advisor expenses related to trust income   22       33  
      Telephone expenses   207       187  
      Intangible amortization   71       72  
      Other   1,208       1,222  
        TOTAL NONINTEREST EXPENSE   16,494       15,310  
                 
      Income before income taxes   11,288       11,617  
                 
    Provision for income taxes   2,584       2,327  
        NET INCOME $ 8,704     $ 9,290  
                 
    Basic and diluted earnings per share $ 0.77     $ 0.82  
                 
    Weighted average shares outstanding   11,331,884       11,269,874  
                 
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Three Months Ended March 31,
      2025   2024
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,829,917     $ 27,311     6.05 %   $ 1,738,199     $ 25,611     5.91 %
    PPP Loans   163       3     7.46 %     209       3     5.76 %
    Investment securities   441,776       3,123     2.87 %     481,530       3,432     2.86 %
    Due from banks   146,657       1,353     3.74 %     149,596       1,665     4.46 %
    Other   7,979       117     5.95 %     10,894       362     13.33 %
    Total interest earning assets   2,426,492       31,907     5.33 %     2,380,428       31,073     5.24 %
    Non-interest earning assets   101,960               94,647          
    Total assets $ 2,528,452             $ 2,475,075          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 357,057     $ 403     0.46 %   $ 360,287     $ 437     0.49 %
    Money market accounts   685,827       3,634     2.15 %     620,028       3,355     2.17 %
    Savings accounts   269,019       857     1.29 %     235,829       785     1.34 %
    Certificates of deposit   222,992       2,224     4.04 %     209,642       2,414     4.62 %
    Total interest-bearing deposits   1,534,895       7,118     1.88 %     1,425,786       6,991     1.97 %
    FHLB Advances and other borrowings   85,011       931     4.44 %     167,484       2,251     5.39 %
    Subordinated notes   19,597       230     4.76 %     19,526       230     4.72 %
    Total interest bearing liabilities   1,639,503       8,279     2.05 %     1,612,796       9,472     2.36 %
    Non-interest bearing demand accounts   667,564               668,439          
    Other non-interest bearing liabilities   29,907               28,446          
    Total liabilities   2,336,974               2,309,681          
    Total shareholders’ equity   191,478               165,394          
    Total liabilities and shareholders’ equity $ 2,528,452             $ 2,475,075          
                           
    Net interest income     $ 23,628             $ 21,601      
    Interest rate spread1         3.28 %           2.88 %
    Net interest margin2         3.95 %           3.64 %
    Average interest earning assets to interest-bearing liabilities   148.0 %             147.6 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets
                           
                   
    ORANGE COUNTY BANCORP, INC.
    SELECTED RATIOS AND OTHER DATA
    (UNAUDITED)
     
          Three Months Ended March 31,
          2025   2024
    Performance Ratios:      
    Return on average assets (1) 1.38 %   1.50 %
    Return on average equity (1) 18.18 %   22.47 %
    Interest rate spread (2) 3.28 %   2.88 %
    Net interest margin (3) 3.95 %   3.64 %
    Dividend payout ratio (4) 16.92 %   13.95 %
    Non-interest income to average total assets 0.17 %   0.15 %
    Non-interest expenses to average total assets 0.65 %   0.62 %
    Average interest-earning assets to average interest-bearing liabilities 148.00 %   147.60 %
               
          At   At
          March 31, 2025   March 31, 2024
    Asset Quality Ratios:      
    Non-performing assets to total assets 0.24 %   0.24 %
    Non-performing loans to total loans 0.33 %   0.33 %
    Allowance for credit losses to non-performing loans 425.03 %   440.86 %
    Allowance for credit losses to total loans 1.42 %   1.47 %
               
    Capital Ratios (5):      
    Total capital (to risk-weighted assets) 15.42 %   14.74 %
    Tier 1 capital (to risk-weighted assets) 14.16 %   13.49 %
    Common equity tier 1 capital (to risk-weighted assets) 14.16 %   13.49 %
    Tier 1 capital (to average assets) 10.41 %   9.72 %
               
    Notes:        
    (1)   Annualized for the three month periods ended March 31, 2025 and 2024, respectively.
    (2)   Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
    (3)   The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
    (4)   The dividend payout ratio represents dividends paid per share divided by net income per share.
    (5)   Ratios are for the Bank only.
               
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED OPERATING DATA
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      Three Months Ended March 31,
      2025   2024
    Interest income $ 31,907     $ 31,073  
    Interest expense   8,279       9,472  
    Net interest income   23,628       21,601  
    Provision for credit losses   202       (1,640 )
    Net interest income after provision for credit losses   23,426       23,241  
    Noninterest income   4,356       3,686  
    Noninterest expenses   16,494       15,310  
    Income before income taxes   11,288       11,617  
    Provision for income taxes   2,584       2,327  
    Net income $ 8,704     $ 9,290  
           
    Basic and diluted earnings per share $ 0.77     $ 0.82  
    Weighted average common shares outstanding   11,331,884       11,269,874  
           
      At   At
      March 31, 2025   December 31, 2024
    Book value per share $ 17.69     $ 16.35  
    Net tangible book value per share (1) $ 17.15     $ 15.80  
    Outstanding common shares   11,383,738       11,350,158  
           
    Notes:      
    (1)      Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $750, and $821 in other intangible assets for March 31, 2025 and December 31, 2024, respectively.
           
     
    ORANGE COUNTY BANCORP, INC.
    LOAN COMPOSITION
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At March 31, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Commercial and industrial (a) $ 247,284     13.34 %   $ 242,390     13.35 %
    Commercial real estate   1,381,719     74.52 %     1,362,054     75.01 %
    Commercial real estate construction   97,703     5.27 %     80,993     4.46 %
    Residential real estate   73,090     3.94 %     74,973     4.13 %
    Home equity   18,211     0.98 %     17,365     0.96 %
    Consumer   36,247     1.95 %     37,976     2.09 %
    Total loans   1,854,254     100.00 %     1,815,751     100.00 %
    Allowance for loan losses   26,373           26,077      
    Total loans, net $ 1,827,881         $ 1,789,674      
                   
    (a) – Includes PPP loans of: $ 159         $ 170      
                   
     
    ORANGE COUNTY BANCORP, INC.
    DEPOSITS BY ACCOUNT TYPE
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At March 31, 2025   At December 31, 2024
      Amount   Percent   Average Rate   Amount   Percent   Average Rate
    Noninterest-bearing demand accounts $ 654,061     28.66 %   0.00 %   $ 651,135     30.24 %   0.00 %
    Interest bearing demand accounts   381,878     16.74 %   0.48 %     331,115     15.38 %   0.42 %
    Money market accounts   703,384     30.83 %   2.14 %     679,082     31.54 %   2.15 %
    Savings accounts   282,563     12.38 %   1.23 %     271,014     12.59 %   1.25 %
    Certificates of Deposit   259,812     11.39 %   3.93 %     221,013     10.26 %   3.97 %
    Total $ 2,281,698     100.00 %   1.34 %   $ 2,153,359     100.00 %   1.31 %
                           
     
    ORANGE COUNTY BANCORP, INC.
    NON-PERFORMING ASSETS
    (UNAUDITED)
      (Dollar Amounts in thousands)
           
      March 31, 2025   December 31, 2024
           
    Non-accrual loans:      
    Commercial and industrial $ 200     $ 293  
    Commercial real estate   6,000       6,000  
    Commercial real estate construction   –       –  
    Residential real estate   5       6  
    Home equity   –       –  
    Consumer   –       –  
    Total non-accrual loans   6,205       6,299  
    Accruing loans 90 days or more past due:      
    Commercial and industrial   –       –  
    Commercial real estate   –       –  
    Commercial real estate construction   –       –  
    Residential real estate   –       –  
    Home equity   –       –  
    Consumer   –       –  
    Total loans 90 days or more past due   –       –  
    Total non-performing loans   6,205       6,299  
    Other real estate owned   –       –  
    Other non-performing assets   –       –  
    Total non-performing assets $ 6,205     $ 6,299  
           
    Ratios:      
    Total non-performing loans to total loans   0.33 %     0.35 %
    Total non-performing loans to total assets   0.24 %     0.25 %
    Total non-performing assets to total assets   0.24 %     0.25 %
    Net-chargeoffs to total loans   0.00 %     0.00 %
           

    The MIL Network –