MIL-OSI: Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

Source: GlobeNewswire (MIL-OSI)

ROSEMONT, Ill., April 21, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

Highlights of the first quarter of 2025:
Comparative information to the fourth quarter of 2024, unless otherwise noted

Total loans increased by $653 million, or 6% annualized.
Total deposits increased by approximately $1.1 billion, or 8% annualized.
Total assets increased by $1.0 billion, or 6% annualized.
Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.
- Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
- Net gains on investment securities totaled $3.2 million.
- Macatawa Bank acquisition-related costs were $2.7 million.
Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/cdbdc506-1b5a-4776-ae2e-e0b14106e712

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company’s loans-to-deposits ratio ended the quarter at 90.9%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).

WINTRUST FINANCIAL CORPORATION
Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:

										% or ⁽¹⁾basis point (bp) change from 4th Quarter 2024			% or basis point (bp) change from 1st Quarter 2024
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Net income	$	189,039		$	185,362		$	187,294		2		%	1		%
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽²⁾		277,018			270,060			271,629		3			2
Net income per common share – Diluted		2.69			2.63			2.89		2			(7	)
Cash dividends declared per common share		0.50			0.45			0.45		11			11
Net revenue ⁽³⁾		643,108			638,599			604,774		1			6
Net interest income		526,474			525,148			464,194		0			13
Net interest margin		3.54	%		3.49	%		3.57	%	5		bps	(3	)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽²⁾		3.56			3.51			3.59		5			(3	)
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.39		(2	)		19
Return on average assets		1.20			1.16			1.35		4			(15	)
Return on average common equity		12.21			11.82			14.42		39			(221	)
Return on average tangible common equity (non-GAAP) ⁽²⁾		14.72			14.29			16.75		43			(203	)
At end of period
Total assets	$	65,870,066		$	64,879,668		$	57,576,933		6		%	14		%
Total loans ⁽⁵⁾		48,708,390			48,055,037			43,230,706		6			13
Total deposits		53,570,038			52,512,349			46,448,858		8			15
Total shareholders’ equity		6,600,537			6,344,297			5,436,400		16			21

^{(1)   Period-end balance sheet percentage changes are annualized.
(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)   Net revenue is net interest income plus non-interest income.
(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)   Excludes mortgage loans held-for-sale.}

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Selected Financial Condition Data (at end of period):
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Total loans ⁽¹⁾		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Selected Statements of Income Data:
Net interest income	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
Net revenue ⁽²⁾		643,108			638,599			615,730			591,757			604,774
Net income		189,039			185,362			170,001			152,388			187,294
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽³⁾		277,018			270,060			255,043			251,404			271,629
Net income per common share – Basic		2.73			2.68			2.51			2.35			2.93
Net income per common share – Diluted		2.69			2.63			2.47			2.32			2.89
Cash dividends declared per common share		0.50			0.45			0.45			0.45			0.45
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽³⁾		3.56			3.51			3.51			3.52			3.59
Non-interest income to average assets		0.74			0.71			0.74			0.85			1.02
Non-interest expense to average assets		2.32			2.31			2.36			2.38			2.41
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.62			1.53			1.39
Return on average assets		1.20			1.16			1.11			1.07			1.35
Return on average common equity		12.21			11.82			11.63			11.61			14.42
Return on average tangible common equity (non-GAAP) ⁽³⁾		14.72			14.29			13.92			13.49			16.75
Average total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695
Average total shareholders’ equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Average loans to average deposits ratio		92.3	%		91.9	%		93.8	%		95.1	%		94.5	%
Period-end loans to deposits ratio		90.9			91.5			91.6			93.0			93.1
Common Share Data at end of period:
Market price per common share	$	112.46		$	124.71		$	108.53		$	98.56		$	104.39
Book value per common share		92.47			89.21			90.06			82.97			81.38
Tangible book value per common share (non-GAAP) ⁽³⁾		78.83			75.39			76.15			72.01			70.40
Common shares outstanding		66,919,325			66,495,227			66,481,543			61,760,139			61,736,715
Other Data at end of period:
Common equity to assets ratio		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) ⁽³⁾		8.1			7.8			8.1			7.5			7.6
Tier 1 leverage ratio ⁽⁵⁾		9.6			9.4			9.6			9.3			9.4
Risk-based capital ratios:
Tier 1 capital ratio ⁽⁵⁾		10.8			10.7			10.6			10.3			10.3
Common equity tier 1 capital ratio ⁽⁵⁾		10.1			9.9			9.8			9.5			9.5
Total capital ratio ⁽⁵⁾		12.5			12.3			12.2			12.1			12.2
Allowance for credit losses ⁽⁶⁾	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504
Allowance for loan and unfunded lending-related commitment losses to total loans		0.92	%		0.91	%		0.93	%		0.98	%		0.99	%
Number of:
Bank subsidiaries		16			16			16			15			15
Banking offices		208			205			203			177			176

^{(1)   Excludes mortgage loans held-for-sale.}
^{(2)   Net revenue is net interest income plus non-interest income.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}
^{(5)   Capital ratios for current quarter-end are estimated.}
^{(6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.}

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	616,216		$	452,017		$	725,465		$	415,462		$	379,825
Federal funds sold and securities purchased under resale agreements		63			6,519			5,663			62			61
Interest-bearing deposits with banks		4,238,237			4,409,753			3,648,117			2,824,314			2,131,077
Available-for-sale securities, at fair value		4,220,305			4,141,482			3,912,232			4,329,957			4,387,598
Held-to-maturity securities, at amortized cost		3,564,490			3,613,263			3,677,420			3,755,924			3,810,015
Trading account securities		—			4,072			3,472			4,134			2,184
Equity securities with readily determinable fair value		270,442			215,412			125,310			112,173			119,777
Federal Home Loan Bank and Federal Reserve Bank stock		281,893			281,407			266,908			256,495			224,657
Brokerage customer receivables		—			18,102			16,662			13,682			13,382
Mortgage loans held-for-sale, at fair value		316,804			331,261			461,067			411,851			339,884
Loans, net of unearned income		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Allowance for loan losses		(378,207	)		(364,017	)		(360,279	)		(363,719	)		(348,612	)
Net loans		48,330,183			47,691,020			46,707,168			44,311,812			42,882,094
Premises, software and equipment, net		776,679			779,130			772,002			722,295			744,769
Lease investments, net		280,472			278,264			270,171			275,459			283,557
Accrued interest receivable and other assets		1,598,255			1,739,334			1,721,090			1,671,334			1,580,142
Trade date securities receivable		463,023			—			551,031			—			—
Goodwill		796,932			796,942			800,780			655,955			656,181
Other acquisition-related intangible assets		116,072			121,690			123,866			20,607			21,730
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183
Interest-bearing		42,368,179			41,102,331			40,665,834			38,017,586			36,540,675
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Federal Home Loan Bank advances		3,151,309			3,151,309			3,171,309			3,176,309			2,676,751
Other borrowings		529,269			534,803			647,043			606,579			575,408
Subordinated notes		298,360			298,283			298,188			298,113			437,965
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Accrued interest payable and other liabilities		1,466,987			1,785,061			1,613,638			1,861,295			1,747,985
Total liabilities		59,269,529			58,535,371			57,388,710			54,244,888			52,140,533
Shareholders’ Equity:
Preferred stock		412,500			412,500			412,500			412,500			412,500
Common stock		67,007			66,560			66,546			61,825			61,798
Surplus		2,494,347			2,482,561			2,470,228			1,964,645			1,954,532
Treasury stock		(9,156	)		(6,153	)		(6,098	)		(5,760	)		(5,757	)
Retained earnings		4,045,854			3,897,164			3,748,715			3,615,616			3,498,475
Accumulated other comprehensive loss		(410,015	)		(508,335	)		(292,177	)		(512,198	)		(485,148	)
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Total liabilities and shareholders’ equity	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest income
Interest and fees on loans	$	768,362		$	789,038		$	794,163		$	749,812		$	710,341
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Interest-bearing deposits with banks		36,766			46,256			32,608			19,731			16,658
Federal funds sold and securities purchased under resale agreements		179			53			277			17			19
Investment securities		72,016			67,066			69,592			69,779			69,678
Trading account securities		11			6			11			13			18
Federal Home Loan Bank and Federal Reserve Bank stock		5,307			5,157			5,451			4,974			4,478
Brokerage customer receivables		78			302			269			219			175
Total interest income		886,965			913,501			908,604			849,979			805,513
Interest expense
Interest on deposits		320,233			346,388			362,019			335,703			299,532
Interest on Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Interest on other borrowings		6,792			7,519			9,013			8,700			9,248
Interest on subordinated notes		3,714			3,733			3,712			5,185			5,487
Interest on junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense		360,491			388,353			406,021			379,369			341,319
Net interest income		526,474			525,148			502,583			470,610			464,194
Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Net interest income after provision for credit losses		502,511			508,169			480,249			430,549			442,521
Non-interest income
Wealth management		34,042			38,775			37,224			35,413			34,815
Mortgage banking		20,529			20,452			15,974			29,124			27,663
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
Fees from covered call options		3,446			2,305			988			2,056			4,847
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677
Operating lease income, net		15,287			15,327			15,335			13,938			14,110
Other		20,836			20,676			24,137			29,282			42,331
Total non-interest income		116,634			113,451			113,147			121,147			140,580
Non-interest expense
Salaries and employee benefits		211,526			212,133			211,261			198,541			195,173
Software and equipment		34,717			34,258			31,574			29,231			27,731
Operating lease equipment		10,471			10,263			10,518			10,834			10,683
Occupancy, net		20,778			20,597			19,945			19,585			19,086
Data processing		11,274			10,957			9,984			9,503			9,292
Advertising and marketing		12,272			13,097			18,239			17,436			13,040
Professional fees		9,044			11,334			9,783			9,967			9,553
Amortization of other acquisition-related intangible assets		5,618			5,773			4,042			1,122			1,158
FDIC insurance		10,926			10,640			10,512			10,429			14,537
OREO expenses, net		643			397			(938	)		(259	)		392
Other		38,821			39,090			35,767			33,964			32,500
Total non-interest expense		366,090			368,539			360,687			340,353			333,145
Income before taxes		253,055			253,081			232,709			211,343			249,956
Income tax expense		64,016			67,719			62,708			58,955			62,662
Net income	$	189,039		$	185,362		$	170,001		$	152,388		$	187,294
Preferred stock dividends		6,991			6,991			6,991			6,991			6,991
Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Net income per common share – Basic	$	2.73		$	2.68		$	2.51		$	2.35		$	2.93
Net income per common share – Diluted	$	2.69		$	2.63		$	2.47		$	2.32		$	2.89
Cash dividends declared per common share	$	0.50		$	0.45		$	0.45		$	0.45		$	0.45
Weighted average common shares outstanding		66,726			66,491			64,888			61,839			61,481
Dilutive potential common shares		923			1,233			1,053			926			928
Average common shares and dilutive common shares		67,649			67,724			65,941			62,765			62,409

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	181,580	$	189,774	$	314,693	$	281,103	$	193,064	(18	)%	(6	)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		135,224		141,487		146,374		130,748		146,820	(18	)	(8	)
Total mortgage loans held-for-sale	$	316,804	$	331,261	$	461,067	$	411,851	$	339,884	(18	)%	(7	)%

Core loans:
Commercial
Commercial and industrial	$	6,871,206	$	6,867,422	$	6,774,683	$	6,236,290	$	6,117,004	0	%	12	%
Asset-based lending		1,701,962		1,611,001		1,709,685		1,465,867		1,355,255	23		26
Municipal		798,646		826,653		827,125		747,357		721,526	(14	)	11
Leases		2,680,943		2,537,325		2,443,721		2,439,128		2,344,295	23		14
Commercial real estate
Residential construction		55,849		48,617		73,088		55,019		57,558	60		(3	)
Commercial construction		2,086,797		2,065,775		1,984,240		1,866,701		1,748,607	4		19
Land		306,235		319,689		346,362		338,831		344,149	(17	)	(11	)
Office		1,641,555		1,656,109		1,675,286		1,585,312		1,566,748	(4	)	5
Industrial		2,677,555		2,628,576		2,527,932		2,307,455		2,190,200	8		22
Retail		1,402,837		1,374,655		1,404,586		1,365,753		1,366,415	8		3
Multi-family		3,091,314		3,125,505		3,193,339		2,988,940		2,922,432	(4	)	6
Mixed use and other		1,652,759		1,685,018		1,588,584		1,439,186		1,437,328	(8	)	15
Home equity		455,683		445,028		427,043		356,313		340,349	10		34
Residential real estate
Residential real estate loans for investment		3,561,417		3,456,009		3,252,649		2,933,157		2,746,916	12		30
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		86,952		114,985		92,355		88,503		90,911	(99	)	(4	)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		36,790		41,771		43,034		45,675		52,439	(48	)	(30	)
Total core loans	$	29,108,500	$	28,804,138	$	28,363,712	$	26,259,487	$	25,402,132	4	%	15	%

Niche loans:
Commercial
Franchise	$	1,262,555	$	1,268,521	$	1,191,686	$	1,150,460	$	1,122,302	(2	)%	12	%
Mortgage warehouse lines of credit		1,019,543		893,854		750,462		593,519		403,245	57		NM
Community Advantage – homeowners association		525,492		525,446		501,645		491,722		475,832	0		10
Insurance agency lending		1,070,979		1,044,329		1,048,686		1,030,119		964,022	10		11
Premium Finance receivables
U.S. property & casualty insurance		6,486,663		6,447,625		6,253,271		6,142,654		6,113,993	2		6
Canada property & casualty insurance		753,199		824,417		878,410		958,099		826,026	(35	)	(9	)
Life insurance		8,365,140		8,147,145		7,996,899		7,962,115		7,872,033	11		6
Consumer and other		116,319		99,562		82,676		87,356		51,121	68		NM
Total niche loans	$	19,599,890	$	19,250,899	$	18,703,735	$	18,416,044	$	17,828,574	7	%	10	%

Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	6	%	13	%

^{(1) Annualized.}

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		(7	)%	13	%
NOW and interest-bearing demand deposits		6,340,168			5,865,546			5,466,932			5,053,909			5,720,947		33		11
Wealth management deposits ⁽²⁾		1,408,790			1,469,064			1,303,354			1,490,711			1,347,817		(17	)	5
Money market		18,074,733			17,975,191			17,713,726			16,320,017			15,617,717		2		16
Savings		6,576,251			6,372,499			6,183,249			5,882,179			5,959,774		13		10
Time certificates of deposit		9,968,237			9,420,031			9,998,573			9,270,770			7,894,420		24		26
Total deposits	$	53,570,038		$	52,512,349		$	51,404,966		$	48,049,026		$	46,448,858		8	%	15	%
Mix:
Non-interest-bearing		21	%		22	%		21	%		21	%		21	%
NOW and interest-bearing demand deposits		12			11			11			11			12
Wealth management deposits ⁽²⁾		3			3			3			3			3
Money market		34			34			34			34			34
Savings		12			12			12			12			13
Time certificates of deposit		18			18			19			19			17
Total deposits		100	%		100	%		100	%		100	%		100	%

^{(1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.}

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of March 31, 2025

(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,845,120	4.34	%
4-6 months		2,345,184	3.81
7-9 months		2,694,739	3.72
10-12 months		711,206	3.62
13-18 months		210,063	3.03
19-24 months		87,336	2.72
24+ months		74,589	2.47
Total	$	9,968,237	3.94	%

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	3,520,048		$	3,934,016		$	2,413,728		$	1,485,481		$	1,254,332
Investment securities ⁽²⁾		8,409,735			8,090,271			8,276,576			8,203,764			8,349,796
FHLB and FRB stock		281,702			271,825			263,707			253,614			230,648
Liquidity management assets ⁽³⁾	$	12,211,485		$	12,296,112		$	10,954,011		$	9,942,859		$	9,834,776
Other earning assets ⁽³⁾⁽⁴⁾		13,140			20,528			17,542			15,257			15,081
Mortgage loans held-for-sale		286,710			378,707			376,251			347,236			290,275
Loans, net of unearned income ⁽³⁾⁽⁵⁾		47,833,380			47,153,014			45,920,586			43,819,354			42,129,893
Total earning assets ⁽³⁾	$	60,344,715		$	59,848,361		$	57,268,390		$	54,124,706		$	52,270,025
Allowance for loan and investment security losses		(375,371	)		(367,238	)		(383,736	)		(360,504	)		(361,734	)
Cash and due from banks		476,423			470,033			467,333			434,916			450,267
Other assets		3,661,275			3,642,949			3,563,296			3,294,066			3,244,137
Total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

NOW and interest-bearing demand deposits	$	6,046,189		$	5,601,672		$	5,174,673		$	4,985,306		$	5,680,265
Wealth management deposits		1,574,480			1,430,163			1,362,747			1,531,865			1,510,203
Money market accounts		17,581,141			17,579,395			16,436,111			15,272,126			14,474,492
Savings accounts		6,479,444			6,288,727			6,096,746			5,878,844			5,792,118
Time deposits		9,406,126			9,702,948			9,598,109			8,546,172			7,148,456
Interest-bearing deposits	$	41,087,380		$	40,602,905		$	38,668,386		$	36,214,313		$	34,605,534
Federal Home Loan Bank advances		3,151,309			3,160,658			3,178,973			3,096,920			2,728,849
Other borrowings		582,139			577,786			622,792			587,262			627,711
Subordinated notes		298,306			298,225			298,135			410,331			437,893
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Total interest-bearing liabilities	$	45,372,700		$	44,893,140		$	43,021,852		$	40,562,392		$	38,653,553
Non-interest-bearing deposits		10,732,156			10,718,738			10,271,613			9,879,134			9,972,646
Other liabilities		1,541,245			1,563,824			1,631,389			1,601,485			1,536,039
Equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Total liabilities and shareholders’ equity	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

Net free funds/contribution ⁽⁶⁾	$	14,972,015		$	14,955,221		$	14,246,538		$	13,562,314		$	13,616,472

^{(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}
^{(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   Other earning assets include brokerage customer receivables and trading account securities.}
^{(5)   Loans, net of unearned income, include non-accrual loans.}
^{(6)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 5: QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	36,945		$	46,308		$	32,885		$	19,748		$	16,677
Investment securities		72,706			67,783			70,260			70,346			70,228
FHLB and FRB stock		5,307			5,157			5,451			4,974			4,478
Liquidity management assets ⁽¹⁾	$	114,958		$	119,248		$	108,596		$	95,068		$	91,383
Other earning assets ⁽¹⁾		92			310			282			235			198
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Loans, net of unearned income ⁽¹⁾		770,568			791,390			796,637			752,117			712,587
Total interest income	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314

Interest expense:
NOW and interest-bearing demand deposits	$	33,600		$	31,695		$	30,971		$	32,719		$	34,896
Wealth management deposits		8,606			9,412			10,158			10,294			10,461
Money market accounts		146,374			159,945			167,382			155,100			137,984
Savings accounts		35,923			38,402			42,892			41,063			39,071
Time deposits		95,730			106,934			110,616			96,527			77,120
Interest-bearing deposits	$	320,233		$	346,388		$	362,019		$	335,703		$	299,532
Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Other borrowings		6,792			7,519			9,013			8,700			9,248
Subordinated notes		3,714			3,733			3,712			5,185			5,487
Junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense	$	360,491		$	388,353		$	406,021		$	379,369		$	341,319

Less: Fully taxable-equivalent adjustment		(2,899	)		(3,070	)		(3,144	)		(2,875	)		(2,801	)
Net interest income (GAAP) ⁽²⁾		526,474			525,148			502,583			470,610			464,194
Fully taxable-equivalent adjustment		2,899			3,070			3,144			2,875			2,801
Net interest income, fully taxable-equivalent (non-GAAP) ⁽²⁾	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995

^{(1) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}
^{(2) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

TABLE 6: QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.26	%	4.68	%	5.42	%	5.35	%	5.35	%
Investment securities	3.51		3.33		3.38		3.45		3.38
FHLB and FRB stock	7.64		7.55		8.22		7.89		7.81
Liquidity management assets	3.82	%	3.86	%	3.94	%	3.85	%	3.74	%
Other earning assets	2.84		6.01		6.38		6.23		5.25
Mortgage loans held-for-sale	6.01		5.91		6.59		6.29		5.74
Loans, net of unearned income	6.53		6.68		6.90		6.90		6.80
Total earning assets	5.98	%	6.09	%	6.33	%	6.34	%	6.22	%

Rate paid on:
NOW and interest-bearing demand deposits	2.25	%	2.25	%	2.38	%	2.64	%	2.47	%
Wealth management deposits	2.22		2.62		2.97		2.70		2.79
Money market accounts	3.38		3.62		4.05		4.08		3.83
Savings accounts	2.25		2.43		2.80		2.81		2.71
Time deposits	4.13		4.38		4.58		4.54		4.34
Interest-bearing deposits	3.16	%	3.39	%	3.72	%	3.73	%	3.48	%
Federal Home Loan Bank advances	3.27		3.28		3.29		3.22		3.25
Other borrowings	4.73		5.18		5.76		5.96		5.92
Subordinated notes	5.05		4.98		4.95		5.08		5.04
Junior subordinated debentures	6.90		7.32		7.88		7.91		7.94
Total interest-bearing liabilities	3.22	%	3.44	%	3.75	%	3.76	%	3.55	%

Interest rate spread ⁽¹⁾⁽²⁾	2.76	%	2.65	%	2.58	%	2.58	%	2.67	%
Less: Fully taxable-equivalent adjustment	(0.02	)	(0.02	)	(0.02	)	(0.02	)	(0.02	)
Net free funds/contribution ⁽³⁾	0.80		0.86		0.93		0.94		0.92
Net interest margin (GAAP) ⁽²⁾	3.54	%	3.49	%	3.49	%	3.50	%	3.57	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) ⁽²⁾	3.56	%	3.51	%	3.51	%	3.52	%	3.59	%

^{(1)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}
^{(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(3)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 7: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	(1.8	)%	(0.6	)%	(0.2	)%	(1.2	)%
Dec 31, 2024	(1.6	)	(0.6	)	(0.3	)	(1.5	)
Sep 30, 2024	1.2		1.1		0.4		(0.9	)
Jun 30, 2024	1.5		1.0		0.6		(0.0	)
Mar 31, 2024	1.9		1.4		1.5		1.6

Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	0.2	%	0.2	%	(0.1	)%	(0.5	)%
Dec 31, 2024	(0.2	)	(0.0	)	0.0		(0.3	)
Sep 30, 2024	1.6		1.2		0.7		0.5
Jun 30, 2024	1.2		1.0		0.9		1.0
Mar 31, 2024	0.8		0.6		1.3		2.0

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of March 31, 2025 (In thousands)	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
Commercial
Fixed rate	$	405,736		$	3,600,171	$	2,122,563	$	20,444	$	6,148,914
Variable rate		9,781,709			703		—		—		9,782,412
Total commercial	$	10,187,445		$	3,600,874	$	2,122,563	$	20,444	$	15,931,326
Commercial real estate
Fixed rate	$	658,413		$	2,762,221	$	365,181	$	63,593	$	3,849,408
Variable rate		9,054,583			10,843		67		—		9,065,493
Total commercial real estate	$	9,712,996		$	2,773,064	$	365,248	$	63,593	$	12,914,901
Home equity
Fixed rate	$	8,881		$	838	$	—	$	17	$	9,736
Variable rate		445,947			—		—		—		445,947
Total home equity	$	454,828		$	838	$	—	$	17	$	455,683
Residential real estate
Fixed rate	$	13,336		$	4,473	$	74,883	$	1,055,143	$	1,147,835
Variable rate		97,815			623,879		1,815,630		—		2,537,324
Total residential real estate	$	111,151		$	628,352	$	1,890,513	$	1,055,143	$	3,685,159
Premium finance receivables – property & casualty
Fixed rate	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Variable rate		—			—		—		—		—
Total premium finance receivables – property & casualty	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Premium finance receivables – life insurance
Fixed rate	$	350,802		$	207,832	$	4,000	$	4,248	$	566,882
Variable rate		7,798,258			—		—		—		7,798,258
Total premium finance receivables – life insurance	$	8,149,060		$	207,832	$	4,000	$	4,248	$	8,365,140
Consumer and other
Fixed rate	$	44,731		$	7,937	$	883	$	914	$	54,465
Variable rate		61,854			—		—		—		61,854
Total consumer and other	$	106,585		$	7,937	$	883	$	914	$	116,319

Total per category
Fixed rate	$	8,617,862		$	6,687,371	$	2,567,510	$	1,144,359	$	19,017,102
Variable rate		27,240,166			635,425		1,815,697		—		29,691,288
Total loans, net of unearned income	$	35,858,028		$	7,322,796	$	4,383,207	$	1,144,359	$	48,708,390
Less: Existing cash flow hedging derivatives ⁽¹⁾		(6,700,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	29,158,028

Variable Rate Loan Pricing by Index:
SOFR tenors ⁽²⁾										$	18,328,835
12- month CMT ⁽³⁾											6,722,305
Prime											3,420,624
Fed Funds											819,437
Other U.S. Treasury tenors											190,187
Other											209,900
Total variable rate										$	29,691,288

^{(1)   Excludes cash flow hedges with future effective starting dates.}
^{(2)   SOFR – Secured Overnight Financing Rate.}
^{(3)   CMT – Constant Maturity Treasury Rate.}

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/bebf97a7-5d4d-430d-a436-ae832412a4db

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

	Basis Point (bp) Change in
	1-month SOFR			12- month CMT			Prime
First Quarter 2025	(1	)	bps	(13	)	bps	0		bps
Fourth Quarter 2024	(52	)		18			(50	)
Third Quarter 2024	(49	)		(111	)		(50	)
Second Quarter 2024	1			6			0
First Quarter 2024	(2	)		24			0

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Allowance for credit losses at beginning of period	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612
Provision for credit losses – Other		23,963			16,979			6,787			40,061			21,673
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Initial allowance for credit losses recognized on PCD assets acquired during the period		—			—			3,004			—			—
Other adjustments		4			(187	)		30			(19	)		(31	)
Charge-offs:
Commercial		9,722			5,090			22,975			9,584			11,215
Commercial real estate		454			1,037			95			15,526			5,469
Home equity		—			—			—			—			74
Residential real estate		—			114			—			23			38
Premium finance receivables – property & casualty		7,114			13,301			7,790			9,486			6,938
Premium finance receivables – life insurance		12			—			4			—			—
Consumer and other		147			189			154			137			107
Total charge-offs		17,449			19,731			31,018			34,756			23,841
Recoveries:
Commercial		929			775			649			950			479
Commercial real estate		12			172			30			90			31
Home equity		216			194			101			35			29
Residential real estate		136			0			5			8			2
Premium finance receivables – property & casualty		3,487			2,646			3,436			3,658			1,519
Premium finance receivables – life insurance		—			—			41			5			8
Consumer and other		29			19			21			24			23
Total recoveries		4,809			3,806			4,283			4,770			2,091
Net charge-offs		(12,640	)		(15,925	)		(26,735	)		(29,986	)		(21,750	)
Allowance for credit losses at period end	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial		0.23	%		0.11	%		0.61	%		0.25	%		0.33	%
Commercial real estate		0.01			0.03			0.00			0.53			0.19
Home equity		(0.20	)		(0.18	)		(0.10	)		(0.04	)		0.05
Residential real estate		(0.02	)		0.01			0.00			0.00			0.01
Premium finance receivables – property & casualty		0.20			0.59			0.24			0.33			0.32
Premium finance receivables – life insurance		0.00			—			(0.00	)		(0.00	)		(0.00	)
Consumer and other		0.45			0.63			0.63			0.56			0.42
Total loans, net of unearned income		0.11	%		0.13	%		0.23	%		0.28	%		0.21	%

Loans at period end	$	48,708,390		$	48,055,037		$	47,067,447		$	44,675,531		$	43,230,706
Allowance for loan losses as a percentage of loans at period end		0.78	%		0.76	%		0.77	%		0.81	%		0.81	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		0.92			0.91			0.93			0.98			0.99

^{PCD – Purchase Credit Deteriorated}

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Provision for loan losses – Other	$	26,826		$	19,852		$	6,782		$	45,111		$	26,159
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Provision for unfunded lending-related commitments losses – Other		(2,852	)		(2,851	)		17			(5,212	)		(4,468	)
Provision for held-to-maturity securities losses		(11	)		(22	)		(12	)		162			(18	)
Provision for credit losses	$	23,963		$	16,979		$	22,334		$	40,061		$	21,673

Allowance for loan losses	$	378,207		$	364,017		$	360,279		$	363,719		$	348,612
Allowance for unfunded lending-related commitments losses		69,734			72,586			75,435			73,350			78,563
Allowance for loan losses and unfunded lending-related commitments losses		447,941			436,603			435,714			437,069			427,175
Allowance for held-to-maturity securities losses		446			457			479			491			329
Allowance for credit losses	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

^{PCD – Purchase Credit Deteriorated}

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.

	As of Mar 31, 2025						As of Dec 31, 2024						As of Sep 30, 2024
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other	$	15,931,326	$	201,183	1.26	%	$	15,574,551	$	175,837	1.13	%	$	15,247,693	$	171,598	1.13	%
Commercial real estate:
Construction and development		2,448,881		71,388	2.92			2,434,081		87,236	3.58			2,403,690		97,949	4.07
Non-construction		10,466,020		138,622	1.32			10,469,863		135,620	1.30			10,389,727		133,195	1.28
Total commercial real estate	$	12,914,901	$	210,010	1.63	%	$	12,903,944	$	222,856	1.73	%	$	12,793,417	$	231,144	1.81	%
Total commercial and commercial real estate	$	28,846,227	$	411,193	1.43	%	$	28,478,495	$	398,693	1.40	%	$	28,041,110	$	402,742	1.44	%
Home equity		455,683		9,139	2.01			445,028		8,943	2.01			427,043		8,823	2.07
Residential real estate		3,685,159		10,652	0.29			3,612,765		10,335	0.29			3,388,038		9,745	0.29
Premium finance receivables
Property and casualty insurance		7,239,862		15,310	0.21			7,272,042		17,111	0.24			7,131,681		13,045	0.18
Life insurance		8,365,140		729	0.01			8,147,145		709	0.01			7,996,899		698	0.01
Consumer and other		116,319		918	0.79			99,562		812	0.82			82,676		661	0.80
Total loans, net of unearned income	$	48,708,390	$	447,941	0.92	%	$	48,055,037	$	436,603	0.91	%	$	47,067,447	$	435,714	0.93	%

Total core loans ⁽¹⁾	$	29,108,500	$	397,664	1.37	%	$	28,804,138	$	392,319	1.36	%	$	28,363,712	$	396,394	1.40	%
Total niche loans ⁽¹⁾		19,599,890		50,277	0.26			19,250,899		44,284	0.23			18,703,735		39,320	0.21

^{(1) See Table 1 for additional detail on core and niche loans.}

TABLE 12: LOAN PORTFOLIO AGING

(In thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Balances:
Commercial
Nonaccrual	$	70,560	$	73,490	$	63,826	$	51,087	$	31,740
90+ days and still accruing		46		104		20		304		27
60-89 days past due		15,243		54,844		32,560		16,485		30,248
30-59 days past due		97,397		92,551		46,057		36,358		77,715
Current		15,748,080		15,353,562		15,105,230		14,050,228		13,363,751
Total commercial	$	15,931,326	$	15,574,551	$	15,247,693	$	14,154,462	$	13,503,481
Commercial real estate
Nonaccrual	$	26,187	$	21,042	$	42,071	$	48,289	$	39,262
90+ days and still accruing		—		—		225		—		—
60-89 days past due		6,995		10,521		13,439		6,555		16,713
30-59 days past due		83,653		30,766		48,346		38,065		32,998
Current		12,798,066		12,841,615		12,689,336		11,854,288		11,544,464
Total commercial real estate	$	12,914,901	$	12,903,944	$	12,793,417	$	11,947,197	$	11,633,437
Home equity
Nonaccrual	$	2,070	$	1,117	$	1,122	$	1,100	$	838
90+ days and still accruing		—		—		—		—		—
60-89 days past due		984		1,233		1,035		275		212
30-59 days past due		3,403		2,148		2,580		1,229		1,617
Current		449,226		440,530		422,306		353,709		337,682
Total home equity	$	455,683	$	445,028	$	427,043	$	356,313	$	340,349
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		22,522		23,762		17,959		18,198		17,901
90+ days and still accruing		—		—		—		—		—
60-89 days past due		1,351		5,708		6,364		1,977		—
30-59 days past due		38,943		18,917		2,160		130		24,523
Current		3,498,601		3,407,622		3,226,166		2,912,852		2,704,492
Total residential real estate	$	3,685,159	$	3,612,765	$	3,388,038	$	3,067,335	$	2,890,266
Premium finance receivables – property & casualty
Nonaccrual	$	29,846	$	28,797	$	36,079	$	32,722	$	32,648
90+ days and still accruing		18,081		16,031		18,235		22,427		25,877
60-89 days past due		19,717		19,042		18,740		29,925		15,274
30-59 days past due		39,459		68,219		30,204		45,927		59,729
Current		7,132,759		7,139,953		7,028,423		6,969,752		6,806,491
Total Premium finance receivables – property & casualty	$	7,239,862	$	7,272,042	$	7,131,681	$	7,100,753	$	6,940,019
Premium finance receivables – life insurance
Nonaccrual	$	—	$	6,431	$	—	$	—	$	—
90+ days and still accruing		2,962		—		—		—		—
60-89 days past due		10,587		72,963		10,902		4,118		32,482
30-59 days past due		29,924		36,405		74,432		17,693		100,137
Current		8,321,667		8,031,346		7,911,565		7,940,304		7,739,414
Total Premium finance receivables – life insurance	$	8,365,140	$	8,147,145	$	7,996,899	$	7,962,115	$	7,872,033
Consumer and other
Nonaccrual	$	18	$	2	$	2	$	3	$	19
90+ days and still accruing		98		47		148		121		47
60-89 days past due		162		59		22		81		16
30-59 days past due		542		882		264		366		210
Current		115,499		98,572		82,240		86,785		50,829
Total consumer and other	$	116,319	$	99,562	$	82,676	$	87,356	$	51,121
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		151,203		154,641		161,059		151,399		122,408
90+ days and still accruing		21,187		16,182		18,628		22,852		25,951
60-89 days past due		55,039		164,370		83,062		59,416		94,945
30-59 days past due		293,321		249,888		204,043		139,768		296,929
Current		48,063,898		47,313,200		46,465,266		44,167,918		42,547,123
Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706

^{(1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

TABLE 13: NON-PERFORMING ASSETS⁽¹⁾

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Loans past due greater than 90 days and still accruing:
Commercial	$	46		$	104		$	20		$	304		$	27
Commercial real estate		—			—			225			—			—
Home equity		—			—			—			—			—
Residential real estate		—			—			—			—			—
Premium finance receivables – property & casualty		18,081			16,031			18,235			22,427			25,877
Premium finance receivables – life insurance		2,962			—			—			—			—
Consumer and other		98			47			148			121			47
Total loans past due greater than 90 days and still accruing		21,187			16,182			18,628			22,852			25,951
Non-accrual loans:
Commercial		70,560			73,490			63,826			51,087			31,740
Commercial real estate		26,187			21,042			42,071			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		29,846			28,797			36,079			32,722			32,648
Premium finance receivables – life insurance		—			6,431			—			—			—
Consumer and other		18			2			2			3			19
Total non-accrual loans		151,203			154,641			161,059			151,399			122,408
Total non-performing loans:
Commercial		70,606			73,594			63,846			51,391			31,767
Commercial real estate		26,187			21,042			42,296			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		47,927			44,828			54,314			55,149			58,525
Premium finance receivables – life insurance		2,962			6,431			—			—			—
Consumer and other		116			49			150			124			66
Total non-performing loans	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359
Other real estate owned		22,625			23,116			13,682			19,731			14,538
Total non-performing assets	$	195,015		$	193,939		$	193,369		$	193,982		$	162,897
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial		0.44	%		0.47	%		0.42	%		0.36	%		0.24	%
Commercial real estate		0.20			0.16			0.33			0.40			0.34
Home equity		0.45			0.25			0.26			0.31			0.25
Residential real estate		0.61			0.66			0.53			0.59			0.62
Premium finance receivables – property & casualty		0.66			0.62			0.76			0.78			0.84
Premium finance receivables – life insurance		0.04			0.08			—			—			—
Consumer and other		0.10			0.05			0.18			0.14			0.13
Total loans, net of unearned income		0.35	%		0.36	%		0.38	%		0.39	%		0.34	%
Total non-performing assets as a percentage of total assets		0.30	%		0.30	%		0.30	%		0.32	%		0.28	%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans		296.25	%		282.33	%		270.53	%		288.69	%		348.98	%

^{(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024

Balance at beginning of period	$	170,823		$	179,687		$	174,251		$	148,359		$	139,030
Additions from becoming non-performing in the respective period		27,721			30,931			42,335			54,376			23,142
Additions from assets acquired in the respective period		—			—			189			—			—
Return to performing status		(1,207	)		(1,108	)		(362	)		(912	)		(490	)
Payments received		(15,965	)		(12,219	)		(10,894	)		(9,611	)		(8,336	)
Transfer to OREO and other repossessed assets		—			(17,897	)		(3,680	)		(6,945	)		(1,381	)
Charge-offs, net		(8,600	)		(5,612	)		(21,211	)		(7,673	)		(14,810	)
Net change for premium finance receivables		(382	)		(2,959	)		(941	)		(3,343	)		11,204
Balance at end of period	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359

Other Real Estate Owned

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Balance at beginning of period	$	23,116		$	13,682		$	19,731		$	14,538		$	13,309
Disposals/resolved		—			(8,545	)		(9,729	)		(1,752	)		—
Transfers in at fair value, less costs to sell		—			17,979			3,680			6,945			1,436
Fair value adjustments		(491	)		—			—			—			(207	)
Balance at end of period	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

	Period End
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Balance by Property Type:		2025			2024			2024			2024			2024
Residential real estate	$	—		$	—		$	—		$	161		$	1,146
Commercial real estate		22,625			23,116			13,682			19,570			13,392
Total	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

TABLE 14: NON-INTEREST INCOME

	Three Months Ended															Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025			2024			2024			2024			2024		$ Change			% Change		$ Change			% Change
Brokerage	$	4,757		$	5,328		$	6,139		$	5,588		$	5,556		$	(571	)	(11	)%	$	(799	)	(14	)%
Trust and asset management		29,285			33,447			31,085			29,825			29,259			(4,162	)	(12	)		26		0
Total wealth management		34,042			38,775			37,224			35,413			34,815			(4,733	)	(12	)		(773	)	(2	)
Mortgage banking		20,529			20,452			15,974			29,124			27,663			77		0			(7,134	)	(26	)
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811			498		3			4,551		31
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326			6,031		NM			1,870		NM
Fees from covered call options		3,446			2,305			988			2,056			4,847			1,141		50			(1,401	)	(29	)
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677			49		(43	)		(741	)	NM
Operating lease income, net		15,287			15,327			15,335			13,938			14,110			(40	)	(0	)		1,177		8
Other:
Interest rate swap fees		2,269			3,360			2,914			3,392			2,828			(1,091	)	(32	)		(559	)	(20	)
BOLI		796			1,236			1,517			1,351			1,651			(440	)	(36	)		(855	)	(52	)
Administrative services		1,393			1,347			1,450			1,322			1,217			46		3			176		14
Foreign currency remeasurement (losses) gains		(183	)		(682	)		696			(145	)		(1,171	)		499		(73	)		988		(84	)
Changes in fair value on EBOs and loans held-for-investment		383			129			518			604			(439	)		254		NM			822		NM
Early pay-offs of capital leases		768			514			532			393			430			254		49			338		79
Miscellaneous		15,410			14,772			16,510			22,365			37,815			638		4			(22,405	)	(59	)
Total Other		20,836			20,676			24,137			29,282			42,331			160		1			(21,495	)	(51	)
Total Non-Interest Income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580		$	3,183		3	%	$	(23,946	)	(17	)%

^{NM – Not meaningful.
BOLI- Bank-owned life insurance.
EBO- Early buy-out.}

TABLE 15: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Originations:
Retail originations	$	348,468		$	483,424		$	527,408		$	544,394		$	331,504
Veterans First originations		111,985			176,914			239,369			177,792			144,109
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Originations for investment		217,177			355,119			218,984			275,331			169,246
Total originations	$	677,630		$	1,015,457		$	985,761		$	997,517		$	644,859
As a percentage of originations for sale:
Retail originations		76	%		73	%		69	%		75	%		70	%
Veterans First originations		24			27			31			25			30
Purchases		77	%		65	%		72	%		83	%		75	%
Refinances		23			35			28			17			25
Production Margin:
Production revenue (B) ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Add: Current period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		197,297			103,946			272,072			222,738			207,775
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		103,946			272,072			222,738			207,775			119,624
Total mortgage production volume (C)	$	553,804		$	492,212		$	816,111		$	737,149		$	563,764
Production margin (B / C)		1.80	%		1.42	%		1.61	%		2.03	%		2.38	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,402,352		$	12,400,913		$	12,253,361		$	12,211,027		$	12,051,392
Mortgage Servicing Rights (“MSR”), at fair value (E)		196,307			203,788			186,308			204,610			201,044
Percentage of MSRs to loans serviced for others (E / D)		1.58	%		1.64	%		1.52	%		1.68	%		1.67	%
Servicing income	$	10,611		$	10,731		$	10,809		$	10,586		$	10,498
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	203,788		$	186,308		$	204,610		$	201,044		$	192,456
MSR – current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – collection of expected cash flows – payoffs and repurchases		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
MSR – changes in fair value model assumptions		(7,514	)		13,248			(17,331	)		877			7,595
MSR Fair Value at end of period	$	196,307		$	203,788		$	186,308		$	204,610		$	201,044
Summary of Mortgage Banking Revenue:
Operational:
Production revenue ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
MSR – Current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – Collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – Collection of expected cash flows – pay offs		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
Servicing Income		10,611			10,731			10,809			10,586			10,498
Other Revenue		(172	)		(51	)		(67	)		112			(91	)
Total operational mortgage banking revenue	$	20,413		$	21,905		$	22,884		$	28,377		$	24,835
Fair Value:
MSR – changes in fair value model assumptions	$	(7,514	)	$	13,248		$	(17,331	)	$	877		$	7,595
Gain (loss) on derivative contract held as an economic hedge, net		4,897			(11,452	)		6,892			(772	)		(2,577	)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		2,733			(3,249	)		3,529			642			(2,190	)
Total fair value mortgage banking revenue	$	116		$	(1,453	)	$	(6,910	)	$	747		$	2,828
Total mortgage banking revenue	$	20,529		$	20,452		$	15,974		$	29,124		$	27,663

^{(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.}
^{(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.}

TABLE 16: NON-INTEREST EXPENSE

	Three Months Ended												Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,		Dec 31,		Sep 30,			Jun 30,			Mar 31,		Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025		2024		2024			2024			2024	$ Change			% Change		$ Change			% Change
Salaries and employee benefits:
Salaries	$	123,917	$	120,969	$	118,971		$	113,860		$	112,172	$	2,948		2	%	$	11,745		10	%
Commissions and incentive compensation		52,536		54,792		57,575			52,151			51,001		(2,256	)	(4	)		1,535		3
Benefits		35,073		36,372		34,715			32,530			32,000		(1,299	)	(4	)		3,073		10
Total salaries and employee benefits		211,526		212,133		211,261			198,541			195,173		(607	)	(0	)		16,353		8
Software and equipment		34,717		34,258		31,574			29,231			27,731		459		1			6,986		25
Operating lease equipment		10,471		10,263		10,518			10,834			10,683		208		2			(212	)	(2	)
Occupancy, net		20,778		20,597		19,945			19,585			19,086		181		1			1,692		9
Data processing		11,274		10,957		9,984			9,503			9,292		317		3			1,982		21
Advertising and marketing		12,272		13,097		18,239			17,436			13,040		(825	)	(6	)		(768	)	(6	)
Professional fees		9,044		11,334		9,783			9,967			9,553		(2,290	)	(20	)		(509	)	(5	)
Amortization of other acquisition-related intangible assets		5,618		5,773		4,042			1,122			1,158		(155	)	(3	)		4,460		NM
FDIC insurance		10,926		10,640		10,512			10,429			9,381		286		3			1,545		16
FDIC insurance – special assessment		—		—		—			—			5,156		—		—			(5,156	)	(100	)
OREO expense, net		643		397		(938	)		(259	)		392		246		62			251		64
Other:
Lending expenses, net of deferred origination costs		5,866		6,448		4,995			5,335			5,078		(582	)	(9	)		788		16
Travel and entertainment		5,270		8,140		5,364			5,340			4,597		(2,870	)	(35	)		673		15
Miscellaneous		27,685		24,502		25,408			23,289			22,825		3,183		13			4,860		21
Total other		38,821		39,090		35,767			33,964			32,500		(269	)	(1	)		6,321		19
Total Non-Interest Expense	$	366,090	$	368,539	$	360,687		$	340,353		$	333,145	$	(2,449	)	(1	)%	$	32,945		10	%

^{NM – Not meaningful.}

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	886,965		$	913,501		$	908,604		$	849,979		$	805,513
Taxable-equivalent adjustment:
– Loans		2,206			2,352			2,474			2,305			2,246
– Liquidity Management Assets		690			716			668			567			550
– Other Earning Assets		3			2			2			3			5
(B) Interest Income (non-GAAP)	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314
(C) Interest Expense (GAAP)		360,491			388,353			406,021			379,369			341,319
(D) Net Interest Income (GAAP) (A minus C)	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
(E) Net Interest Income (non-GAAP) (B minus C)	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995
Net interest margin (GAAP)		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.56			3.51			3.51			3.52			3.59
(F) Non-interest income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580
(G) Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
(H) Non-interest expense		366,090			368,539			360,687			340,353			333,145
Efficiency ratio (H/(D+F-G))		57.21	%		57.46	%		58.88	%		57.10	%		55.21	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		56.95			57.18			58.58			56.83			54.95
	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Non-convertible preferred stock (GAAP)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,275,033		$	5,013,165		$	5,062,568		$	4,447,566		$	4,345,989
(J) Total assets (GAAP)	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(K) Total tangible assets (non-GAAP)	$	64,957,062		$	63,961,036		$	62,863,778		$	59,104,954		$	56,899,022
Common equity to assets ratio (GAAP) (L/J)		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) (I/K)		8.1			7.8			8.1			7.5			7.6

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(L) Total common equity	$	6,188,037		$	5,931,797		$	5,987,214		$	5,124,128		$	5,023,900
(M) Actual common shares outstanding		66,919			66,495			66,482			61,760			61,737
Book value per common share (L/M)	$	92.47		$	89.21		$	90.06		$	82.97		$	81.38
Tangible book value per common share (non-GAAP) (I/M)		78.83			75.39			76.15			72.01			70.40

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Add: Intangible asset amortization		5,618			5,773			4,042			1,122			1,158
Less: Tax effect of intangible asset amortization		(1,421	)		(1,547	)		(1,087	)		(311	)		(291	)
After-tax intangible asset amortization	$	4,197		$	4,226		$	2,955		$	811		$	867
(O) Tangible net income applicable to common shares (non-GAAP)	$	186,245		$	182,597		$	165,965		$	146,208		$	181,170
Total average shareholders’ equity	$	6,460,941		$	6,418,403		$	5,990,429		$	5,450,173		$	5,440,457
Less: Average preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(P) Total average common shareholders’ equity	$	6,048,441		$	6,005,903		$	5,577,929		$	5,037,673		$	5,027,957
Less: Average intangible assets		(916,069	)		(921,438	)		(833,574	)		(677,207	)		(678,731	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,132,372		$	5,084,465		$	4,744,355		$	4,360,466		$	4,349,226
Return on average common equity, annualized (N/P)		12.21	%		11.82	%		11.63	%		11.61	%		14.42	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		14.72			14.29			13.92			13.49			16.75

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	253,055		$	253,081		$	232,709		$	211,343		$	249,956
Add: Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	277,018		$	270,060		$	255,043		$	251,404		$	271,629

WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
Wintrust Asset Finance offers direct leasing opportunities.
CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
the financial success and economic viability of the borrowers of our commercial loans;
commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
unexpected difficulties and losses related to FDIC-assisted acquisitions;
harm to the Company’s reputation;
any negative perception of the Company’s financial strength;
ability of the Company to raise additional capital on acceptable terms when needed;
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
failure or breaches of our security systems or infrastructure, or those of third parties;
security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
increased costs as a result of protecting our customers from the impact of stolen debit card information;
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
environmental liability risk associated with lending activities;
the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
the expenses and delayed returns inherent in opening new branches and de novo banks;
liabilities, potential customer loss or reputational harm related to closings of existing branches;
examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
the ability of the Company to receive dividends from its subsidiaries;
the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
a lowering of our credit rating;
changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
the impact of heightened capital requirements;
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
delinquencies or fraud with respect to the Company’s premium finance business;
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
the Company’s ability to comply with covenants under its credit facility;
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

The MIL Network –

April 22, 2025

MIL-OSI United Kingdom: UK to step up military partnership with New Zealand as both countries drive forward defence and security agenda

Source: United Kingdom – Government Statements

Press release

UK to step up military partnership with New Zealand as both countries drive forward defence and security agenda

The UK is set to deepen defence and security ties with New Zealand as the Prime Minster strengthens alliances abroad to protect Britain’s national interest.

Prime Minister Keir Starmer and New Zealand Prime Minister Christopher Luxon set to step up support for Ukraine with new drone contract and extension to Operation Interflex
Comes as leaders agree to deepen defence and security ties, with the Royal New Zealand Navy preparing to join the UK’s Carrier Strike Group as it heads to the Indo-Pacific
Leaders also expected to discuss the importance of growth and free trade for economic and national security

The UK is set to deepen defence and security ties with New Zealand as the Prime Minster strengthens alliances abroad to protect Britain’s national interest.

Prime Minister Keir Starmer will host New Zealand Prime Minister Christopher Luxon this morning, with the leaders visiting the training of Ukrainian forces by the UK and New Zealand military as part of Operation Interflex. The visit follows the two leaders meeting at the Commonwealth Heads of Government Meeting in Samoa last year.

New Zealand trainers have worked alongside British counterparts to help train more than 54,000 soldiers on Operation Interflex, and New Zealand are expected to today confirm that they will extend their support for the initiative in the UK until the end of the year.

In addition to their support for training Ukrainian troops, military planners from the New Zealand Defence Force are contributing to the latest thinking and plans for post-conflict support for Ukraine through the Coalition of the Willing.

Prime Minister Starmer will also announce UK contracts worth £30m for drones produced by SYOS Aerospace, a New Zealand uncrewed vehicle manufacturer based in Hampshire to support Ukraine.

The contract has created 45 jobs at the manufacturing facility based in Fareham, Hampshire, and supports a further nine UK based companies with subcontracts – delivering on the government’s Plan for Change through both growth and security.

During the visit to see the training first hand, the leaders are expected to discuss plans to further step up defence and security cooperation, with defence ministers being instructed to work on a new joint defence partnership between both countries to ensure the relationship is fit for the twenty-first century.

The new arrangement, which will succeed the one signed in 2015, comes after both the UK and New Zealand increased defence spending to 2.5% and 2% of GDP respectively. It will also recognise the vital partnership between the UK and New Zealand in upholding stability and security across Europe, the Middle East and the Indo-Pacific.

That includes through the involvement of Royal New Zealand Navy frigate, HMNZS Te Kaha, which will join the UK Carrier Strike Group, which leaves Portsmouth today, in the Indian Ocean.

Prime Minister Keir Starmer said:

“Only by working with our friends and allies and protecting our national security will we be able to deliver on our Plan for Change, putting money back in the pockets of working people through highly skilled jobs – such as those we have announced today – a strong and resilient economy, and greater opportunity.

“From the beaches of Gallipoli, to the vital work we have been doing together on Operation Interflex and our support for Ukraine, the UK and New Zealand have stood shoulder-to-shoulder for generations in pursuit of peace and stability.

“As the world becomes an increasingly dangerous place, I am proud how much we are doing together to support our national and economic security – stepping up our defence spending, deploying our navies together in the Indo-Pacific, and continuing our work to put Ukraine in the strongest possible position to deter an increasingly aggressive Russia.”

Following the visit to Interflex training in the South West of England, the leaders will return to Downing Street to discuss how both countries can work together to drive growth, deliver on the government’s Plan for Change, and put money back in the pockets of working people.

That will include increasing ambition on free and open trade, including through the global Comprehensive and Progressive Trans-Pacific Partnership and New Zealand and the UK’s landmark Free Trade Agreement.

Total trade in goods and services between the UK and New Zealand was £3.6 billion in 12 months to September 2024 an increase of 5.3%, or £179 million in current prices, from 12 months leading up to September 2023.

It comes after Scottish firm Emergency One won a global competition to supply emergency vehicles to Fire and Emergency New Zealand (FENZ). Through the ten-year contract, East Ayrshire based Emergency One will replace 186 vehicles for New Zealand’s first responders, supporting 25 new jobs in Scotland.

The UK and New Zealand are also deepening collaboration in the agriculture technology sector. A new Investor Partnership deal will see New Zealand investment in British small and medium enterprises to develop cutting edge equipment supporting growth, farming sustainability and food security.

Published 21 April 2025

MIL OSI United Kingdom –

April 22, 2025

MIL-OSI Security: Maryland Attorney Pleads Guilty to Not Paying Employment Taxes

Source: United States Attorneys General 1

A Maryland attorney pleaded guilty today for not paying employment taxes withheld from the employees of his law firm.

The following is according to court documents and statements made in court: James E. McCollum Jr. was an attorney licensed to practice law in Maryland and the District of Columbia. From 1998 to 2024, McCollum was the sole proprietor of a law firm based in College Park, Maryland, which he operated using a series of business names, including McCollum P.C.; McCollum & Associates LLC; and The McCollum Firm LLC. Nevertheless, McCollum was always the sole owner and operator of the business.

As such, McCollum exercised financial control over the firm, including hiring and supervising employees, operating the payroll, and maintaining signature authority over the business bank accounts. From at least 2000 onward, McCollum was responsible for withholding Social Security, Medicare, and federal income taxes from his employees’ wages and paying those funds over to the government each quarter. McCollum was also obligated to pay over the employer’s share of Social Security and Medicare taxes.

The timely payment of these taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

Over the last 24 years, McCollum, however, was frequently not compliant with his obligations to pay these taxes to the government or to file the necessary tax returns.

Beginning in 2010, the IRS attempted to collect the unpaid employment taxes, issuing numerous notices and levies to the law firm. When the IRS was unable to collect the outstanding taxes from the firm, it assessed them against McCollum personally and tried to collect them from him as well.

In 2020, instead of paying the taxes that were due, McCollum sought to thwart the IRS’s ongoing collection efforts by transferring his business and its employees to a new entity, The McCollum Firm. Yet, even after the transfer, McCollum continued to not file the requisite tax returns or pay the employment taxes over. McCollum acknowledged that from 2000 through 2024, he did not pay over at least approximately $2,174,992.83 in employment taxes.

McCollum also acknowledged that he did not file his own individual income tax returns and did not pay $220,515 in individual income taxes due for the tax years 2020 through 2022.

The court scheduled sentencing for Sept. 29. McCollum faces a maximum penalty of five years in prison for the failure to pay over employment taxes. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. McCollum also faces a period of supervised release, restitution, and monetary penalties.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

IRS Criminal Investigation is investigating the case.

Assistant Chief Jorge Almonte and Trial Attorney Mark McDonald of the Justice Department’s Tax Division are prosecuting the case.

MIL Security OSI –

April 22, 2025

MIL-OSI USA: News 04/21/2025 Blackburn, Tillis Introduce Bill to Prevent Chinese Communist Party from Exploiting Sister City Economic Partnerships for Radical Agenda

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.) and Thom Tillis (R-N.C.) introduced the Sister City Transparency Act to identify the risks of foreign espionage, including by Communist China, within sister city partnerships that exist to promote cultural exchange and economic development:
“Communist China is exploiting sister city partnerships to achieve its own strategic objectives, and we need to make certain we are not enabling this activity in our own communities,” said Senator Blackburn. “This legislation would shine a bright light on these partnerships to keep our enemies from furthering their own dangerous agendas.”
“This commonsense bill is an important step towards protecting our security and economy by studying our sister city partnerships with cities across the world,” said Senator Tillis. “We must ensure sister city partnerships don’t expose us to harmful market practices, limit free speech, or support foreign interests that undermine our values.”

Click here to download a video of Senator Blackburn discussing her Sister City Transparency Act.
BACKGROUND
The United States maintains 1,800 sister city partnerships with countries worldwide, including 157 partnerships with Chinese communities. However, the Chinese Communist Party (CCP) has begun using these partnerships to achieve geostrategic objectives.
The CCP hides behind soft diplomacy and mutual benefit until its foreign partners exhibit political nonconformity. Thus, similar to Confucius Institutes, sister city partnerships may leave American communities vulnerable to foreign espionage and ideological coercion.
Little information currently exists regarding sister city partnerships operating within the U.S because such partnerships generally fail to publicize information regarding their agreements, activities, and employees. This impedes proper oversight and could enable malign activity.
SISTER CITY TRANSPARENCY ACT
The Sister City Transparency Act would create a Government Accountability Office report on sister city partnerships in the U.S. It would direct the Comptroller General to study partnerships involving foreigncommunities in countries with significant public sector corruption like Communist China and the Russian Federation. The study would:
Identify the oversight practices that U.S. communities implement to mitigate the risks of foreign espionage and economic coercion within sister city partnerships;
Assess the extent to which foreign communities could use sister city partnerships to conduct malign activities, including academic and industrial espionage; and
Review best practices to ensure transparency regarding sister city partnerships’ agreements, activities, and employees.

MIL OSI USA News –

April 22, 2025

MIL-OSI USA: S. 562, Rio San José and Rio Jemez Water Settlements Act of 2025

Source: US Congressional Budget Office

By Fiscal Year, Millions of Dollars		2025	2025-2030	2025-2035
Direct Spending (Outlays)		0	1,789	1,789
Revenues		0	0	0
Increase or Decrease (-) in the Deficit		0	1,789	1,789
Spending Subject to Appropriation (Outlays)		*	2	not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2036?	No	Statutory pay-as-you-go procedures apply?		Yes
		Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2036?	No	Contains intergovernmental mandate?		No
		Contains private-sector mandate?		No
* = between zero and $500,000.
The bill would Secure water rights for four Pueblo tribes in New Mexico by ratifying agreements among various parties Establish and appropriate funds for five trust funds to be administered by the Department of the Interior until their transfer to the Pueblo tribes
Estimated budgetary effects would mainly stem from Transfer of the trust funds’ ownership to the Pueblo tribes
Areas of significant uncertainty include Anticipating when the water right settlements would be finalized

MIL OSI USA News –

April 22, 2025

MIL-OSI: VALUE LINE, INC. DIVIDEND HAS JUST BEEN RAISED FROM $1.20 TO $1.30 (ANNUALIZED) – ITS 11TH CONSECUTIVE INCREASE

Source: GlobeNewswire (MIL-OSI)

New York, April 21, 2025 (GLOBE NEWSWIRE) — Value Line, Inc. (NASDAQ – VALU) announced today that its Board of Directors has just raised its quarterly dividend, which will be $0.325 per common share ($1.30 annualized). The new higher cash dividend is payable on May 12, 2025 to stockholders of record on April 28, 2025. The increase of 8.3% is the 11^th consecutive yearly increase in Value Line’s dividend.

Value Line is a leading provider of investment research. The Value Line Investment Survey is one of the most widely used sources of independent equity research.

Value Line publishes proprietary investment research in separate print and digital formats.

Value Line provides these specialized services:
a. Value Line Select – Each month, Value Line analysts recommend the one exceptional stock with superior profit potential and a favorable risk/reward ratio.
b. The Value Line Special Situations Service – Each month, Value Line analysts recommend small and mid-cap stocks that hold the potential to transform your portfolio by delivering returns that are well above the market average.
c. Value Line Select ETFs – Each month, Value Line analysts sift through the myriad investment possibilities to identify the one exchange traded fund that appears best positioned to outperform the market.
d. Value Line Select: Dividend Income & Growth – Each month Value Line analysts make two stock recommendations that are expected to provide above-average current income along with appealing long-term dividend growth prospects.
e. The New Value Line ETFs Service – includes data, information, and analysis on more than 2,800 exchange-traded funds (ETFs), to help subscribers select the best fit for their portfolios.
f. The Value Line M&A Service – Value Line analysts highlight one company each month that is a candidate to be acquired by a larger entity at a material premium to the current stock price.
g. Value Line Information You Should Know wealth newsletter – Value Line focuses on financial planning and investment issues that matter for today’s investor.
h. The Value Line Climate Change Investing Service – Value Line analysts target a critical issue – climate change, which is expected to spur transformation in the global economy for decades to come
i. Certain Value Line copyrights distributed under agreements including proprietary ranking system information and other information used in 3^rd party products
j. The Value Line Options Survey – information and ranks on more than 600,000 options on stocks covering 90% of the market.
k. The Value Line Fund Adviser Plus – covers 20,000 funds, grouped into more than 30 Investment Objective Categories. Our proprietary Ranking System makes it simple to tell whether or not a particular fund is a worthwhile investment. Our approach helps to ensure that investors avoid funds with unsustainable short-term performance, and you can count on our Safety ™ rank to help manage your risk. Our professionally selected Model Portfolio names the best Exchange-Traded funds in eight key categories.
l. The Value Line Investment Survey–Small& Mid Cap – print and digital financial information and quantitative analysis on approximately 1,800 companies with market capitalizations of less than $10 billion.
m. The Value Line 600 – in-depth, independent print research on 600 large and prominent companies
n. The Value Line Investment Survey–Selection & Opinion – Value Line’s weekly economic and stock market commentary, four Model Portfolios, which are actively managed, updated each week, and always contain 20 equities each.
o. The Value Line Investment Survey–Smart Investor – a digital service providing investment research covering large, mid and small-cap stocks comprising about 90% of the total U.S. stock market
p. The Value Line Investment Survey–Small Cap Investor – digital financial information and quantitative analysis on approximately 1,800 companies with market capitalizations of less than $10 billion
q. The Value Line Investment Survey–Savvy Investor – a digital package covering more than 3,000 large, mid and small-cap stocks
r. The Value Line Investment Survey–Investor 900 – this digital service provides investment research on 600 of the largest cap stocks plus 300 small- and mid-cap stocks
s. The Value Line Investment Survey–Investor 600 – In-depth, independent digital research on 600 large and prominent companies
t. The Value Line Investment Survey–Investor 2400 – This digital service provides investment research for 600 of the largest cap stocks plus approximately 1,800 small and mid-cap stocks
u. The Value Line Investment Analyzer – This digital only service covers large, mid and small cap stocks comprising about 90% of the U.S. stock market
v. Value Line Investment Analyzer Plus – a digital service that provides complete stock analysis for approximately 6,000 equities
w. Value Line Research Center – A complete, online investment research system that includes all the financial information and tools needed to structure a well-researched and diversified portfolio for stocks, ETFs and mutual funds
x. Value Line Equity Research Center – A complete, online investment research system that includes all of Value Line’s equity research products needed to structure a well-researched and diversified portfolio for equities

Value Line’s products are available to individual investors by mail, at www.valueline.com or by calling 1-800-VALUELINE (1-800-825-8354).

Institutional services for professional investors, advisors, corporate, academic, and municipal libraries are offered at www.ValueLinePro.com, www.ValueLineLibrary.com and by calling 1-800-531-1425.

Cautionary Statement Regarding Forward-Looking Information
In this report, “Value Line,” “we,” “us,” “our” refers to Value Line, Inc. and “the Company” refers to Value Line and its subsidiaries unless the context otherwise requires.

This report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) accompanied by such phrases as “believe”, “estimate”, “expect”, “anticipate”, “will”, “intend” and other similar or negative expressions, that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Actual results for Value Line, Inc. (“Value Line” or “the Company”) may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following:

maintaining revenue from subscriptions for the Company’s digital and print published products;
changes in investment trends and economic conditions, including global financial issues;
changes in Federal Reserve policies affecting interest rates and liquidity along with resulting effects on equity markets;
stability of the banking system, including the success of U.S. government policies and actions in regard to banks with liquidity or capital issues, along with the associated impact on equity markets;
continuation of orderly markets for equities and corporate and governmental debt securities;
problems protecting intellectual property rights in Company methods and trademarks;
problems protecting confidential information including customer confidential or personal information that we may possess;
dependence on non-voting revenues and non-voting profits interests in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”), which serves as the investment advisor to the Value Line Funds and engages in related distribution, marketing and administrative services;
fluctuations in EAM’s and third-party copyright assets under management due to broadly based changes in the values of equity and debt securities, market sector variations, redemptions by investors and other factors;
possible changes in the valuation of EAM’s intangible assets from time to time;
possible changes in future revenues or collection of receivables from significant customers;
dependence on key executive and specialist personnel;
risks associated with the outsourcing of certain functions, technical facilities, and operations, including in some instances outside the U.S.;
risks of increased tariffs and other restrictions affecting the cost and availability of materials, equipment, and other necessary inputs to the Company’s operations;
competition in the fields of publishing, copyright and investment management, along with associated effects on the level and structure of prices and fees, and the mix of services delivered;
the impact of government regulation on the Company’s and EAM’s businesses;
federal and/or state legislative changes that might affect Value Line’s business;
the availability of free or low cost investment information through discount brokers or generally over the internet;
the economic and other impacts of global political and military conflicts;
continued availability of generally dependable energy supplies and transportation facilities in the geographic areas in which the company and certain suppliers operate;
terrorist attacks, cyber attacks and natural disasters;
the need for changes in our business plans because of unexpected events that occur;
widespread illnesses which may drastically affect markets, employment, and other economic conditions, and may have additional unpredictable impacts on employees, suppliers, customers, and operations;
changes in prices and availability of materials and other inputs and services, such as freight and postage, required by the Company;
risk of inadequacy of our insurance coverage to compensate for potential losses;
potential impact of vendors’ consolidation;
other risks and uncertainties, including but not limited to the risks described in Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended April 30, 2024 and in Part II, Item 1A of the Quarterly Report on Form 10-Q for the period ended January 31, 2025; and other risks and uncertainties arising from time to time.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors which may involve external factors over which we may have no control could also have material adverse effects on future results. Likewise, changes we make in our plans, objectives, strategies, or intentions, which may occur at any time in our discretion, could also have material favorable or adverse effects on our future results. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC’s rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, current plans, anticipated actions, and future financial conditions and results may differ from those expressed in any forward-looking information contained herein.

Contact: Howard A. Brecher
Value Line, Inc.
212-907-1500

www.valueline.com
www.ValueLinePro.com, www.ValueLineLibrary.com
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The MIL Network –

April 22, 2025

MIL-OSI USA: Promoting Work Zone Safety Statewide

Source: US State of New York

overnor Kathy Hochul is promoting work zone safety by urging all drivers to slow down, stay alert and follow New York State’s Move Over Law to protect roadside workers and other motorists. As construction season kicks into high gear statewide, these efforts highlight National Work Zone Awareness Week — which is celebrated from April 21-25, 2025 — and the national theme: “Respect the zone so we all get home.”

“Every roadside worker deserves to return home safely at the end of their shift,” Governor Hochul said. “We’re asking all drivers to do their part by reducing speed, eliminating distractions and staying vigilant in work zones so that our hard-working and dedicated roadside workers are safe. A few extra seconds of your time and attention can save a life.”

In 2024, there were more than 156 crashes in Thruway work zones resulting in one fatality and 30 injuries. Distracted driving, following too closely, an unsafe lane change or disregarding traffic warning signs caused the majority of the crashes. In addition, two Thruway Authority employees died and another was seriously injured in separate incidents while working on the New York State Thruway. In its 70-plus year history, 22 Thruway employees have been killed while on the job.

In 2024, there were 322 intrusions in New York State Department of Transportation (NYSDOT) work zones. These intrusions resulted in the deaths of two drivers who entered the work zones and 138 additional injuries to highway workers and the traveling public. A total of 58 members of the NYSDOT family have died on the job across New York State, dating as far back as 1939.

Throughout National Work Zone Awareness Week, the New York State Thruway Authority and NYSDOT will be hosting awareness events, lighting digital highway signs with safety messages and sharing important safety reminders on social media platforms. In addition — at the direction of Governor Hochul — State landmarks will be illuminated in orange on Wednesday, April 23 in recognition of Go Orange Day. Drivers are encouraged to:

Slow down when approaching work zones.
Move over for all stopped vehicles including roadside workers, emergency responders and disabled vehicles.
Stay off phones and avoid other distractions while driving.
Follow posted signs and flagger instructions.

This April also marks two years since the launch of the Automated Work Zone Speed Enforcement (AWZSE) pilot program. The pilot program was established by legislation enacted into law by Governor Hochul in 2021 which authorized a five-year pilot program run as a joint effort by NYSDOT and the Thruway Authority to enhance the State’s ongoing efforts to slow motorists down in work zones and make New York’s highways safer.

More than 425,000 Notices of Liability have been issued statewide, with over 38,000 repeat offenders since the AWZSE program began issuing Notices of Liability in May 2023. In locations where the cameras have been present more than once, fewer Notices of Liability are being issued, meaning that people are slowing down when cameras are present.

Fines through the pilot program are issued as follows:

First Notice of Liability: $50 fine
Second Notice of Liability: $75 fine if within an 18-month period of first violation
Third and Subsequent Notices of Liability: $100 fine if within an 18-month period of first violation

To further protect the workers who build and maintain roads and bridges, Governor Hochul proposed making the AWZSE pilot program permanent and increasing penalties for repeat violators in her Fiscal Year 2026 Executive Budget, in addition to expanding the program to include Metropolitan Transportation Authority (MTA) Bridges and Tunnels and New York State Bridge Authority properties. Additionally, the Governor suggested enhancing penalties for assaults against transportation workers, extending protections similar to those provided to many MTA and retail workers. These actions will improve safety for both workers and drivers.

Beginning with National Work Zone Awareness Week and continuing through the construction season, the New York State Police and local law enforcement agencies will once again be conducting “Operation Hardhat” details to enforce vehicle and traffic laws in highway work zones. Under “Operation Hardhat,” State Troopers or local police officers are dressed as highway maintenance workers in active NYSDOT or Thruway work zones across New York, identifying and citing motorists for several violations, including disobeying flagging personnel, speeding through work zones, cell phone and seatbelt use, and/or violations of the State’s Move Over law. Last year 2,755 tickets were issued by State Police and participating law enforcement agencies during 62 deployments across the State.

The New York State Department of Transportation and Thruway Authority have produced new videos encouraging motorists to move over in work zones. See the NYSDOT video here and Thruway Authority video here.

To celebrate “Go Orange Day” and to commemorate National Work Zone Awareness Week, the following New York State landmarks will be lit orange on Wednesday, April 23:

Governor Mario M. Cuomo Bridge
Kosciuszko Bridge
The H. Carl McCall SUNY Building
State Education Building
Alfred E. Smith State Office Building
Empire State Plaza
State Fairgrounds – Main Gate & Expo Center
Niagara Falls
The “Franklin D. Roosevelt” Mid-Hudson Bridge
Albany International Airport Gateway
MTA LIRR – East End Gateway at Penn Station
Fairport Lift Bridge over the Erie Canal
Moynihan Train Hall

The New York State Bridge Authority (NYSBA) is observing Work Zone Awareness Week by conducting a “road show” at each of its five vehicular spans. Each day will consist of a meeting with staff, followed by a meeting with local stakeholders and first responders to discuss safety concerns, explore opportunities for collaboration, and share information about NYSBA’s upcoming construction season. Additionally, the necklace lights on the Mid-Hudson Bridge will be illuminated in orange in honor of “Go Orange Day” to promote work zone safety.

New York State Thruway Authority Executive Director Frank G. Hoare said, “Each day, roadside workers risk their lives to enhance the safety of the roads we all rely on. It’s everyone’s responsibility to ensure they can perform their jobs safely and return to their families after their shifts. Drivers need to remain alert and reduce their speed in work zones. Let’s show our appreciation for the dedicated men and women who keep our roads operating safely.”

New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Our dedicated highway maintenance and construction workers routinely work in hazardous conditions so that the rest of us can get where we need to go, safely. They have families, friends and loved ones who love them and depend on them. We owe them all a debt of gratitude and paying back that debt begins with keeping them safe. I appreciate Governor Hochul’s continuing efforts to protect our workers so remember, every driver has a role to play — during National Work Zone Awareness Week and throughout the year – that is why I urge all motorists to put down your phones, slow down, and pay attention, especially in work zones. Lives are at stake.”

New York State Bridge Authority Executive Director Dr. Minosca Alcantara said, “This week serves as an important reminder that work zone safety is a shared responsibility for everyone who travels on our state’s roadways. In recognition of this, the Bridge Authority is bringing together staff and local leaders at each of our five vehicular bridges to reinforce our partnerships and collective commitment to protecting employees working in construction zones. By remaining vigilant and looking out for our work crews, we help ensure that our staff return home safely to their loved ones—and that all travelers experience a safer journey.”

New York State Police Superintendent Steven G. James said, “Highway workers, law enforcement officers and other emergency responders, work in a dangerous environment and risk their lives to keep the traveling public safe. They should be able to do their jobs without fear of harm and go home to their families at the end of each workday. It is important that motorists are aware of their responsibility to slow down, move over and put electronic devices away.”

New York State Department of Motor Vehicles Commissioner and Chair of the Governor’s Traffic Safety Committee Mark J.F. Schroeder said, “As someone who spends a lot of time on the road driving across New York, I cannot understate my appreciation for the men and women who work to maintain the safety of those roads. We must all mind the rules of the road, and especially the rules of the work zone, to ensure that everyone on both sides of the cones and barricades are safe at all times.”

State Senator Jeremy Cooney said, “This National Work Zone Awareness Week is a reminder for drivers to slow down, drive safely, and obey the rules of the road. Our highway employees work hard every day to improve our roads and get drivers where they need to go, and it’s only right that we work to keep them safe while on the job. I’m grateful to Governor Hochul, the Thruway Authority and NYSDOT for their continued partnership to keep all New Yorkers safe on the road.”

Assemblymember William B. Magnarelli said, “Work Zone safety continues to be a priority for me as Chair of the Transportation Committee. In 2021, I was proud to sponsor and get passed into law legislation creating a pilot program for the use of speed cameras in work zones. There is no excuse for speeding and reckless driving in work zones. Our workers deserve a safe working environment and to safely go home to their families at the end of their shifts.”

Associated General Contractors of New York State President and CEO Mike Elmendorf said, “Work zone safety isn’t just a one-week concern—it’s a year-round priority. As construction season ramps up, we urge all drivers: stay alert, slow down, and move over in work zones. Every day, highway workers and flaggers face serious risks from speeding and distracted drivers. That’s why New York’s work zone speed camera program is critical — it saves lives and must be made permanent and expanded. The recent rise in assaults on transportation workers makes it even more urgent to strengthen legal protections for those building and maintaining our infrastructure. AGC NYS is proud to partner with Governor Hochul and NYSDOT to create safer roads for workers and drivers alike. We applaud the Governor’s Executive Budget proposals to make the speed camera program permanent and close legal loopholes that leave workers vulnerable. Now, the Legislature must act to protect the men and women who keep New York moving.”

New York State American Federation of Labor and Congress of Industrial Organizations President Mario Cliento said, “In just a few days, we will mark Workers Memorial Day to honor those who lost their lives on the job. As leaders move closer to finalizing the state budget, we have a unique opportunity to improve worker safety with new work zone protections and traffic laws. No worker should fear for their life while performing their job, and no family should have to grieve the loss of a loved one due to preventable and entirely avoidable roadway incidents. We thank Governor Hochul for prioritizing worker safety, and we look forward to working with her on protecting the workforce that keeps our roads safe.”

New York State Building and Construction Trades Council President Gary LaBarbera said, “Construction sites are inherently dangerous and the added hazards and less-controllable variants of roadways and high speed traffic only increase the risks for worksites on our highways. This is why we must continue to encourage drivers to proceed with more caution and mindfulness around roadway work zones. We applaud Governor Hochul for her ongoing leadership and action on this important issue. Every hard-working New Yorker, including our brave tradesmen and tradeswomen working on our roadways, deserve to return home safely to their families at the end of each shift.”

Laborers’ International Union of North America Vice President and New England Regional Manager Donato A. Bianco, Jr. said, “National Work Zone Awareness Week serves as an important reminder to everyone traveling our highways to slow down, stay alert and respect the men and women who perform this necessary and inherently dangerous work. Every day, LIUNA members build, repair and maintain the roads we drive to our jobs and back home to our families. It is because of these workers that our commutes are safer and more efficient. We all owe it to them to prioritize their safety and ensure they also return home to their loved ones at the end of their workday.”

New York State Laborers Health and Safety Trust Fund Executive Director Frank Marchese, Jr. said, “National Work Zone Awareness Week is an important initiative that calls attention to the perils of road construction, and why driver attentiveness is imperative all year round. The data shows that prioritizing work zone safety legislation and initiatives creates a far less hazardous environment for workers simply doing their jobs by reducing speeding and distracted driving. Our union calls on everyone to do their part to keep workers safe, and show support for those who keep New York State moving forward.”

New York State Conference of Operating Engineers President Thomas A. Callahan said, “Our members work hard building and repairing New York’s roads and bridges. That dangerous work becomes deadly with reckless and careless drivers. That’s why we urge the Legislature and the Governor to pass a budget that includes speed cameras in work zones legislation in addition to other safety measures.”

Civil Service Employees Association Thruway Local 058 President Sean Kennedy said, “CSEA affirms our commitment to making sure all of our members make it home at the end of the work day. Drivers need to do their part too.”

Civil Service Employees Association President Mary E. Sullivan said, “Our union joins Governor Hochul, the New York State Department of Transportation and the New York State Thruway Authority in observing National Work Zone Awareness Week from April 21 to April 25. As road work season begins, we want to once again highlight the importance of safe driving in highway work zones. This year, we observe this week remembering our union brother Stephen Ebling, who lost his life while working in a Thruway work zone. As motorists, we must always use caution while in work zones; respect the zone so we can all get home.”

New York State Public Employees Federation President Wayne Spence said, “The 54,000 members of the New York State Public Employees Federation, especially the hardworking professionals at the NYS Department of Transportation, urge all New Yorkers to stay aware, on task and use caution when driving through highway work zones. As we enter National Work Zone Awareness Week, April 21-25, 2025, all New Yorkers should all be mindful that our highway workers have families that need them. In 2024 alone, there were more than 156 crashes in Thruway work zones resulting in one fatality and 30 injuries. Unfortunately, the vast majority of these accidents were entirely preventable if the drivers had focused on operating their vehicles and maintained appropriate work zone speeds — distracted driving and operator error were responsible for the vast majority of these crashes. PEF urges all motorists to pay attention and respect our highway work zones so all these dedicated workers can get home safely to their families.”

Teamsters Local 456 President and Principal Officer Louis A. Picani said, “National Work Zone Awareness Week is a crucial time to reflect on the safety of our workers and the public. One of Teamsters Local 456’s objectives is to maintain the safety and well-being of our members. We support our partners in state government in enforcing stringent safety measures to protect those who build and maintain our roads. Local 456 not only represents the New York State Thruway workers, whose lives are in danger every day, but also the construction workers who are out fixing and maintaining roadways for those who travel them every day. We extend our heartfelt thanks to Governor Hochul for her unwavering support and commitment to enhancing work zone safety. Together, we can ensure that every work zone is a safe zone.”

Safety is a shared responsibility. By working together, we can reduce accidents and ensure safer roads for workers and drivers alike.

For more information on National Work Zone Awareness Week and how to stay safe while driving through work zones, visit the state’s comprehensive website at ny.gov/workzone.

MIL OSI USA News –

April 22, 2025

MIL-OSI Security: Miami Executive Pleads Guilty to Massive Fraud Scheme

Source: Office of United States Attorneys

Earlier today, in federal court in Brooklyn, Pushpesh Kumar Baid, also known as “PK Jain,” pleaded guilty to conspiracy to commit wire fraud in connection with a scheme to defraud investors in Tradepay Capital LLC (Tradepay), a purported factoring company. The proceeding was held before United States Magistrate Judge Lois Bloom. When sentenced, Baid faces a maximum sentence of 20 years’ imprisonment, as well as restitution of over $35 million and forfeiture of over $2.6 million.

John J. Durham, United States Attorney for the Eastern District of New York, and Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the guilty plea.

“Through a complex web of shell companies, straw bank accounts, fraudulent documents, and other lies, Baid and his co-conspirators deceived their victims into investing tens of millions of dollars into a business that did not exist,” stated United States Attorney Durham. “Today’s plea demonstrates that my Office will hold accountable fraudsters like Baid who enrich themselves at their investors’ expense.”

Mr. Durham expressed his appreciation to the Internal Revenue Service, Criminal Investigations for its work on the case.

As set forth in court filings, Baid was the business head of Tradepay, which purported to be an international factoring business run by an executive team experienced in factoring invoices in particular industries and geographic regions. Factoring involves the sale of an invoice to a third party at a discount. In a factoring transaction, the seller of an invoice obtains immediate funding from the buyer of the invoice, and the buyer of the invoice makes a profit when the invoice is paid in full.

Between April 2017 and October 2019, Baid and his co-conspirators implemented a scheme to defraud investors in Tradepay by making it appear that Tradepay was a legitimate and successful business when it was, in fact, an elaborate scam. For example, the hundreds of invoices from various businesses that Tradepay purported to be factoring were fraudulent and included fake signatures for both sides of the transactions. Baid and his co-conspirators also funneled millions of dollars of investors’ funds—which they represented would be sent to Tradepay’s business partners—into a sprawling network of bank accounts that Baid controlled through shell entities and straw signatories. From those accounts, Baid and his co-conspirators spent millions of dollars on personal expenses, including cash withdrawals and purchases of luxury cars and watches. Baid even lied about his identity, concealing his real name from investors in order to obscure the fact that he was wanted for criminal offenses abroad.

Investors in Tradepay initially received payments on the invoices, which led them to contribute increasingly large sums of capital. By approximately July 2019, however, the payments on the invoices stopped, resulting in roughly $35 million in losses.

As part of his plea, Baid also admitted to defrauding investors in Luxestreet Inc., formerly known as Asset Capital Partners LLC (Luxestreet), and agreed to pay restitution to Luxestreet’s investors. Baid claimed that Luxestreet operated like a pawn shop for high end goods, including luxury watches. In reality, Luxestreet contracts were forged and the physical watches held by the company were mere knockoffs.

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys Dylan A. Stern, Benjamin Weintraub, and Molly Delaney are in charge of the prosecution, with assistance from Paralegal Specialist Sarah Burn.

The Defendant:

Pushpesh Kumar Baid (also known as “PK Jain”)
Age: 44
Miami, Florida

E.D.N.Y. Docket No. 21-CR-367 (DC)

MIL Security OSI –

April 22, 2025

MIL-Evening Report: Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free

Source: The Conversation (Au and NZ) – By Naomi Oreskes, Professor of the History of Science, Harvard University

President Donald Trump has issued an executive order that would block state laws seeking to tackle greenhouse gas emissions – the latest salvo in his administration’s campaign to roll back United States’ climate action.

Under Trump, the US has clearly abdicated climate leadership. But the US has in fact obstructed climate action for decades – largely due to damaging actions by the powerful fossil fuel industry.

In 20 years studying attacks on climate science and the powerful forces at work behind the scenes, I’ve come to think the United States is simply not going to lead on climate action. The fossil fuel industry has so poisoned the well of public debate in the US that it’s unlikely the nation will lead on the issue in our lifetimes.

Australia, on the other hand, has enormous potential.

I recently visited Australia from Harvard University for a series of public talks. This nation is very close to my heart. I trained as a mining geologist and spent three years in outback South Australia, before returning to academia.

The vacuum Trump has created on climate policy provides a chance for other countries to lead. Australia has much more to gain from the clean-energy future than it stands to lose – and your climate action could be pivotal.

The climate crisis: a long time coming

Scientists first warned against burning fossil fuels way back in the 1950s. When the US Clean Air Act was passed in 1970, the words “weather” and “climate” were included because scientists had already explained to Congress that carbon dioxide was a pollutant with serious — even dire — effects.

In the late 1980s, scientists at NASA observed changes in the climate system that could only be explained by the extra heating effect of atmospheric carbon dioxide. The predictions had become reality.

When George H.W. Bush ran successfully for president in 1988, he promised to use the power of the “White House effect” to fight the “greenhouse effect”. In 1992, Bush and other world leaders gathered in Rio de Janeiro, Brazil, to sign the United Nations Framework Convention on Climate Change. Together, 178 countries promised action to prevent “dangerous anthropogenic interference” with Earth’s climate. But that action never came.

Trump has undoubtedly been bad news for global climate action. He makes preposterous claims about science and is dismantling the federal agencies responsible for supporting climate science and maintaining climate data.

But the US has long failed to play its part in cutting dangerous greenhouse gas emissions. The reason for this lies largely outside the White House.

If only George H.W. Bush had used the White House effect to counter the greenhouse effect, as he once promised to.
mark reinstein, Shutterstock

A long-running campaign of disinformation

The fossil fuel industry has known about climate change for as long as scientists have.

In the late 1970s and early 1980s, scientists at Esso (later ExxonMobil) actively researched the topic, building climate models and coauthoring scientific papers.

The scientists informed their managers of the risk of catastrophic damage if the burning of oil, gas and coal continued unabated. They even suggested the company might need a different business model – one not so dependent on fossil fuels.

But managers at ExxonMobil made a fateful decision: to turn from information to disinformation. Working in tandem with other oil, gas and coal companies, as well as automobile and aluminium manufacturers, ExxonMobil launched an organised campaign, sustained over decades, to block climate action by casting doubt on the underlying science.

They ran ad campaigns in national and local newspapers insisting the science was too unsettled to warrant action. They created “astroturf” organisations that only pretended to be green, and funded “third-party allies” to argue that proposed remedies would be too expensive, cost jobs and damage the economy.

The company funded outlier scientists to publish papers claiming atmospheric warming was the result of natural climate variability. They pressured journalists to give equal time to “their side” of the story in the name of “balance”.

Over the next three decades, whenever any meaningful climate policy seemed to be gaining traction, the industry and its allies lobbied Congress and state legislatures to block it. So, neither Democratic nor Republican administrations were able to undertake meaningful climate action.

While people were dying in climate-charged floods and fires, the fossil fuel industry persuaded a significant proportion of the US population, including Trump, that the whole thing might just be a hoax.

Rise up Australia

In a matter of weeks after becoming president, Trump pulled out of the Paris Agreement to limit global warming, shut down government websites hosting climate data, and withdrew support for research that dares to mention the word “climate”.

This has created a vacuum that other countries, including Australia, can step up to fill.

Few countries have more to lose from climate change than Australia. The continent has already witnessed costly and devastating wildfires and floods — affecting remote areas and major cities. It’s not unreasonable to worry that in coming years, significant parts of Australia could become uninhabitable.

Like the US, Australia has a powerful fossil fuel industry that has disproportionately influenced its politics. Unlike the US, however, that industry is based mainly on coal for export, which Australians do not depend on in their daily lives.

And Australia is truly a lucky country. It has unsurpassed potential to replace fossil fuels with renewable energy.

More than 15 years ago, Australian researchers in the Zero Carbon Australia project offered a blueprint for how the country could eliminate fossil fuel use entirely. Since then, renewable energy has only become cheaper and more efficient.

South Australia has proved the point: the state was 100% reliant on fossil fuels for electricity in 2002, but now more than 70% comes from renewables.

Across Australia, the share of renewable electricity generation is growing. Victoria, New South Wales and Queensland are vying for second place after SA. It’s fascinating to watch the National Electricity Market balance supply and demand in real time, where a large proportion of the electricity comes from rooftop solar.

For decades, the fossil fuel industry has told the public our societies can’t manage without fossil fuels. Large parts of Australia have proved it’s just not so. The rest of the nation can follow that lead, and model the energy transition for the world. Here’s your chance.

Over the past two decades, Naomi Oreskes has received grant funding from various governments and non-government organisations to support the research upon which this piece is based. She serves on the board of The Climate Science Legal Defense Fund, which works to protect the integrity of climate science, and climate scientists, from politically motivated attacks. The Fund is a registered 501 c(3) non-profit organisation, meaning it does not engage in political activities. She is also an emerita board member of Protect our Winters, a 501 c (3) that works with the winter sports community to educate people about climate change and the threat it poses to winter sports. Naomi serves on the board of the Kann-Rasmussen foundation (Denmark), a non-profit foundation that works “to support the transition to a more environmentally resilient stable, and sustainable planet”.
Naomi currently serves as a consultant to a number of groups pursuing climate litigation in the United States, and recently submitted an expert report to the International Court of Justice on behalf of Vanuatu. She also receives speaking fees and book royalties for talks and publications on the history of climate science and climate change denial. Co-author, with Erik M. Conway, of Merchants of Doubt (2010) and The Big Myth (2023).

– ref. Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free – https://theconversation.com/fossil-fuel-companies-poisoned-the-well-of-public-debate-with-climate-disinformation-heres-how-australia-can-break-free-251221

MIL OSI Analysis – EveningReport.nz –

April 22, 2025

MIL-OSI USA: Senator Murray Demands Answers from Secretary Collins Over VA’s Unprecedented Refusal to Allow VA Puget Sound to Participate in Women Veterans Roundtable This Week

US Senate News:

Source: United States Senator for Washington State Patty Murray

Senator Murray in letter to Secretary Collins: “Over the thirty years I have represented Washington state, VA has approved and hosted countless outreach events with me… I was surprised and dismayed to find out this month that my office had been suddenly denied permission to hold a roundtable for women veterans to be able to talk about their own health care experiences, and concerns related to continued access to services.”

Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Veterans’ Affairs Committee, sent a letter to U.S. Department of Veterans Affairs (VA) Secretary Doug Collins expressing concern and dismay over the unprecedented refusal—with no justification—by VA to allow VA Puget Sound to participate in a roundtable discussion Senator Murray is holding in Seattle tomorrow on women veterans’ health care. In the hearing on his nomination to lead VA and in his meeting with Senator Murray ahead of the Senate vote on his nomination, Doug Collins promised to be transparent with Congress if confirmed.

“Throughout my time in Congress, under both Republican and Democratic administrations, I have been able to have open and honest conversations with VA and engage with my veteran constituents in Washington state,” Senator Murray wrote in her letter to Secretary Collins. “However, this administration has proven to be vastly different—VA is now providing little to no information in response to congressional inquiries and VA providers are being prevented from getting the opportunity to hear directly from veterans about their health care experience.”

Murray continued, “VA has approved and hosted countless outreach events with me, including roundtables, on VA property to talk about everything from the implementation of the PACT Act to VA’s advancements in prosthetics care. All these events have been compliant with the Hatch Act. So, I was surprised and dismayed to find out this month that my office had been suddenly denied permission to hold a roundtable for women veterans to be able to talk about their own health care experiences, and concerns related to continued access to services. Furthermore, the VA provided no rationale to justify this denial.”

“This roundtable was designed to give providers, women veterans, and VA staff a chance to come together, in a space they all know and trust, to talk about the current state of women’s health care and ensure an ongoing conversation on the importance of prioritizing gender-specific health care services at VA… We owe women veterans the opportunity to have a say in how VA can best deliver their health care to them—and VA Puget Sound has a robust women’s health program that is worth showcasing,” Murray wrote. “From the abrupt mass firing of tens of thousands of VA employees, to the refusal to meaningfully engage with Congress, I am left to conclude that this administration is committed to putting up barriers that only make it harder for women veterans—and all veterans—to receive the care they deserve.”

Senator Murray concluded by requesting answers to the following questions by May 16^th, noting her concern with VA’s lack of transparency on the decision to deny her request to host a women veterans’ roundtable at VA Puget Sound, and growing concern with VA politicizing constituent services and congressional oversight:

Plainly, why was the request refused?
At what level was the request refused –VISN, VHA headquarters, or by VA central office political leadership?
Was VA’s refusal based in any way due to the due to the event’s focus on women veterans?
Has VA approved outreach activities at other VA facilities since January 22, 2025 which have involved other Members of Congress?
1. If so, which Members, which facilities, and what is the distinction between those events and this planned event?
What has caused VA to shift away from its previous policy regarding hosting on-campus events?
1. Please provide a copy of the new policy, guidance, directive, or memo.
What does VA define as an “outreach” activity?
What would be considered an approved outreach activity?
Will Congressional visits, tours, or in-person oversight actions of any kind no longer be allowed?
What kind of in-person engagement will be allowable for the administration?

In February 2024, Senator Murray hosted a roundtable discussion on improving health care for women veterans where she heard directly from VA officials as well as women veterans and Veteran Service Organizations. Senator Murray has hosted countless other events in conjunction with VA Puget Sound over the years.

A PDF of the letter is available HERE.

MIL OSI USA News –

April 22, 2025

MIL-OSI Security: Pittsburgh Woman Pleads Guilty to Credit Card Fraud and Aggravated Identity Theft Charges in Car Rental Scam

Source: Office of United States Attorneys

PITTSBURGH, Pa. – A resident of Pittsburgh, Pennsylvania, pleaded guilty in federal court to charges of access device fraud and aggravated identity theft, Acting United States Attorney Troy Rivetti announced today.

Tai Jauna Jones, 29, pleaded guilty to two counts before United States District Judge Marilyn J. Horan.

In connection with the guilty plea, the Court was advised that Jones, through the dark web, obtained credit card numbers and other personal information of numerous individuals, and then was one of several co-defendants who provided the fraudulently obtained credit card numbers to a manager at a Monroeville car rental location. The manager rented the vehicles knowing that the true owners of the credit card numbers did not authorize the car rentals, renting a total of more than 140 vehicles in this manner to cause losses of more than $500,000.

Judge Horan scheduled sentencing for August 14, 2025. The law provides for a total sentence of not less than two years and up to 12 years in prison, a fine of up to $500,000, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

Assistant United States Attorney Brendan T. Conway is prosecuting this case on behalf of the government.

The United States Secret Service, in conjunction with the Pittsburgh Bureau of Police, conducted the investigation that led to the prosecution of Jones.

MIL Security OSI –

April 22, 2025

MIL-OSI Security: Former US Forest Service law enforcement officer pleads guilty to fraud

Source: Office of United States Attorneys

MISSOULA – A Thompson Falls man accused of falsifying time and attendance records admitted to charges today, U.S. Attorney Kurt Alme said.

The defendant, Nathan J. Snead, 47, pleaded guilty to theft of government money. Snead faces ten years of imprisonment, a $250,000 fine, and three years of supervised release.

U.S. Magistrate Judge Kathleen DeSoto presided. U.S. District Judge Dana Christensen will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing is set for August 27, 2025. Snead was released with conditions pending further proceedings.

The government alleged in court documents that the defendant was required to work 40 hours of regular time per week, and he was compensated for administratively uncontrollable overtime, which is premium pay designed to compensate law enforcement officers (LEOs) for irregular and unscheduled overtime duty. In 2023, the defendant’s overtime rate was 15%, meaning he was required to justify an additional 5-7 hours per week to maintain that percentage at his next overtime review.

The defendant documented his regular and overtime hours on his Time and Attendance Record for each pay period and signed the following certification: “I certify that the above information on hours worked and leave used is true and accurate.” The defendant also completed a record of overtime for each pay period in which he provided a case number and justification for the overtime and signed the following certification: “I certify that the official duties were performed as described above and were administratively uncontrollable.”

On May 2, 2023, based on information Snead was not working his claimed hours, agents installed a GPS tracker on his government-issued patrol vehicle to monitor his movements. The tracker data showed Snead’s patrol vehicle was stationary at his house during hours he claimed to be working.

On several occasions, Snead certified on his Time and Attendance Record he worked an 8-hour regular shift. However, his patrol vehicle remained stationary at his house for the entire 8 hours. Additionally, Snead claimed overtime hours when his patrol vehicle was stationary at his house for much of his regular shift and for the entire time of claimed overtime.

Agents also evaluated Snead’s law enforcement statistics from 2021 through 2023. His productivity levels, measured via incident reports and the issuance of violation notices, were much lower than other similarly situated LEOs. The United States estimates Snead’s false time claims resulted in him stealing approximately $18,645.

The U.S. Attorney’s Office prosecuted the case. The U.S. Forest Service conducted the investigation.

XXX

MIL Security OSI –

April 22, 2025

MIL-Evening Report: Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0

Source: The Conversation (Au and NZ) – By Dan Golding, Professor and Chair of the Department of Media and Communication, Swinburne University of Technology

Lucasfilm Ltd™

Premiering today, the second and final season of Star Wars streaming show Andor seems destined to be one of the pop culture defining moments of the second Trump presidency.

Andor, which began airing in 2022, tells the story of the early days of the Rebel Alliance before the adventures of Luke Skywalker and Princess Leia. The series is the most politically articulate of the Star Wars franchise.

Where older Star Wars entries focused on lightsaber battles and dogfights in space, Andor shows a world of political manifestos, fractious alliances between rebel groups, and surreptitious fundraising for revolution.

Season one of the show followed the political awakening of the titular Cassian Andor (Diego Luna), who progresses from troubled thief to total ideological commitment to fighting the Empire. The show also follows a covert revolutionary leader (Stellan Skarsgård), an ineffective politician who secretly finances the rebellion (Genevieve O’Reilly), and two Imperials manoeuvring for power (Denise Gough and Kyle Soller).

Showrunner Tony Gilroy has so far taken inspiration for Andor from a variety of real historical revolutionary events, from Stalin’s bank robbery in Tiflis of 1907 to the Baader-Meinhof group in West Germany.

Aesthetically, Andor has more in common with the political filmmaking of the likes of The Battle of Algiers (1966), the films of Costa-Gavras, or early Paul Greengrass than the central Flash Gordon-inspired Star Wars saga.

As authoritarian governments and conflicts loom large globally, the final season of Andor in 2025 is perfectly timed to articulate anxieties much closer to home than the galaxy far, far away.

Star Wars has always been political

Andor is far from the first time that Star Wars has captured the political zeitgeist. In fact, much of the franchise’s success stems from the way it provides us with a pop culture language to talk about politics.

In 2016, Trump’s first election win coincided with the release of Rogue One, the Star Wars precursor to Andor.

Within days, two Star Wars creatives made public comparisons between Trump and Rogue One’s villains, with writer Chris Weitz posting on Twitter “the Empire is a white supremacist (human) organization”. Writer Gary Whitta replied: “Opposed by a multi-cultural group led by brave women”.

They were officially reprimanded by the studio. “This is a film that the world should enjoy,” said Disney CEO Bob Iger at the time. “It is not a film that is, in any way, a political film.”

Under the ownership of a risk averse corporation like Disney, Star Wars is supposed to be family friendly, apolitical entertainment.

However, since its very conception, Star Wars has been political.

Inspired by anti-Vietnam war protests, director George Lucas described Darth Vader and the Empire as “Nixonian gangsters” in early drafts of the original film’s script. Lucas, who had developed Apocalypse Now before Francis Ford Coppola ultimately directed the film, has consistently claimed to have thought of the Rebel Alliance as similar to North Vietnamese fighters resisting United States forces.

When it came time for the prequel trilogy in the 2000s, Lucas told a story of democracy willingly falling to dictatorship (beginning with a trade war, something not lost on contemporary observers). In 2005, Lucas even had Darth Vader paraphrase George W. Bush.

It has also shaped politics. Scholars and critics like Andrew Britton and Robin Wood argued Star Wars was so escapist and disconnected from politics here on earth that it set the scene for Ronald Reagan’s good-versus-evil rhetoric.

A galaxy not so far away

It is precisely Star Wars’ apolitical image that gives it so much political utility. A series with such strong heroes and villains inevitably invites comparison.

Almost immediately after its release in 1977, Star Wars became a pop culture language for understanding politics.

When Maggie Thatcher won government in the United Kingdom on May 4 1979, the Conservative Party took out an advertisement in the London Evening News congratulating her with the words “May the Fourth Be With You”.

When Ronald Reagan proposed a “Strategic Defense Initiative” missile system in 1983, critics immediately and famously labelled it “Star Wars” (something Lucas tried unsuccessfully to stop). Reagan himself eventually joined in, too, claiming in a speech in 1985 that “the Force is with us”.

It is easy to find examples of politicians of all stripes being likened to Star Wars villains like Darth Vader (most enduring was Dick Cheney who claimed to not mind the comparison).

Composer John Williams’ Imperial March has even been played at protests as a way to antagonise opponents.

The enduring currency of the political language of Star Wars is in part due to its generalities. In any political conflict it helps to have a way to describe an archetypal evil puppet master (the Emperor), his henchman (Darth Vader), and the soulful heroes putting their lives on the line (the Jedi).

The real trick to Star Wars’ ongoing relevance, however, lies in its very real inspirations. Whether it is George W. Bush, the Viet Cong, or the Bolsheviks, Star Wars has time and again turned the specifics of political history into mythology.

At a time where many see global politics as having set the stage for the Empire to Strike Back, the final season of Andor may give many a language to articulate A New Hope.

Dan Golding does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0 – https://theconversation.com/since-its-very-conception-star-wars-has-been-political-now-andor-will-take-on-trump-2-0-254208

MIL OSI Analysis – EveningReport.nz –

April 22, 2025

MIL-Evening Report: Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage

Source: The Conversation (Au and NZ) – By Penny Van Bergen, Associate Professor in the Psychology of Education, Macquarie University

If you have a child born at the start of the year, you may be faced with a tricky and stressful decision. Do you send them to school “early”, in the year they turn five? Or do you “hold them back” and send them in the year they turn six?

Media reports refer to parents who want to “hold children back”. This is particularly the case for boys. Some parents express concerns boys may develop more slowly and school activities may favour girls.

Our new study surveyed Australian parents to understand their reasons for sending children to school early or on time or holding them back.

School entry in Australia

State regulations for the age of starting school vary across Australia, and between public, Catholic and independent schools.

Typically, however, children born in the first part of the year can be sent to school in either the year they turn five or the year they turn six. This can lead to big age caps in a school year level.

Public school cutoff dates are April 30 in Victoria, May 1 in South Australia, June 30 in Queensland and July 31 in New South Wales.

A 2019 study of more than 160,000 NSW students showed overall, 26% of children were held back, although there was variation between different regions. This is much higher than in many other countries. For example, delayed entry is as low as 5.5% in the United States and 6% in Germany.

Our research

In our research published in Early Education and Development, we surveyed 226 Australian parents who had a choice about whether to send their child to school in the year they turned five or six. Parents were from a mix of states and recruited via social media and a variety of other media, including parenting magazines.

We found 29% of parents intended to send their child to school in the first year they were eligible and 66% planned to start later. About 5% were unsure. Consistent with trends in other countries, parents were almost four times as likely to report they intended to start boys later than girls.

There were five key factors guiding their decisions.

1. Money and work

One group of factors, which we labelled “practical realities”, meant parents were more likely to send a child on time or early.

This included high early childhood education costs (it is much cheaper to send a child to a government school than pay for daycare) and parents’ work demands (and the benefits of regular school hours). As one parent said:

School is a cheaper option for many parents and community preschool (which is cheaper, depending on the number of days) is not a practical option for many working families.

2. A child’s size

Parents also considered their child’s physical size relative to their peers. Other studies suggest parents worry smaller boys will be bullied and will struggle to demonstrate sporting prowess.

Reflecting on this trend, one parent said:

I would prefer that my child wasn’t starting school with children well over a year older just because other parents think boys need a bit more time to mature. They are then significantly older and bigger by then.

3. Social readiness

Another group of factors involved children’s social, emotional and behavioral readiness for school. This includes their ability to pay attention and sit still, follow instructions, regulate and manage emotions and show empathy and consideration for others.

One parent sending their child to school in the year they turn five said:

Our child will be fine […] He is able, social and confident and hopefully this will mean he will have a positive school experience irrespective of what year he starts.

Another who chose to hold their child back suggested:

I want my child to be introduced to formal schooling as late as possible to ensure his brain development and emotional regulation are mature enough to handle the transition.

4. Family time

Another set of reasons influencing parents’ decisions was a desire to spend time together with their child before formal schooling. As one parent said:

I always hear that no one ever regrets sending their child a bit later but they often regret sending early. I can afford for her to have an extra year of preschool and time at home and that is a luxury I acknowledge not everyone has.

5. Milestones

Parents also looked to the future and considered their child’s age relative to peers. This included when they would be starting high school or completing teenage milestones, such as driving, drinking, managing friendships and finishing school. This might explain why rates of holding children back vary by region. As one parent told us:

The people around me having a choice (and holding their children back) ended up influencing my choice. She [my daughter] could have started school but would have been in a peer group that had been held back.

What about academic concerns?

Interestingly, parents did not typically express academic concerns or motivations (such as a desire to see their child move ahead of others academically) as a factor in their decision. Indeed, as one parent said:

I have very strong beliefs about what school readiness means and for me it is much more than just being academically ready.

Although there is evidence older children have a developmental advantage over younger children when entering school, academic benefits dissipate over time. For example, older children do better on Year 3 and 5 NAPLAN numeracy and literacy tests, but benefits fade or disappear by Year 9.

What does this mean?

Our research suggests the reasons why parents start a child early or hold them back are complex – and very much based on the needs of individual families and children.

Taken together they suggest teachers not only need to accommodate a wide range of ages starting school but a sizeable portion of families who will have “delayed” school for a variety of personal reasons.

Penny Van Bergen receives funding from the ARC, Google and the Marsden Fund.

Naomi Sweller receives funding from the ARC.

Rebecca Andrews receives funding from NSW Department of Education and the Australian Children’s Early Childhood Quality Authority.

Anne McMaugh and Kay Bussey 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. Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage – https://theconversation.com/parents-delay-sending-kids-to-school-for-social-reasons-and-physical-size-its-not-about-academic-advantage-254076

MIL OSI Analysis – EveningReport.nz –

April 22, 2025

MIL-Evening Report: Early voting opens in the federal election – but it brings some problems for voters and parties

Source: The Conversation (Au and NZ) – By Zareh Ghazarian, Senior Lecturer in Politics, School of Social Sciences, Monash University

More than 18 million Australians are enrolled to vote at the federal election on May 3.

A fair proportion of them – perhaps as many as half – will take advantage of early voting, which starts Tuesday April 22.

Hundreds of locations around Australia will morph into pre-polling centres for the next couple of weeks as we enter the final phase of the campaign.

Australians have enthusiastically embraced the opportunity to vote early in recent elections. But there are some risks for voters if they jump the gun too quickly. And it’s upending the way parties and other candidates organise their campaigns.

Go early

The popularity of voting early has been on an upward trajectory in recent decades.

Research shows that in 2004, for instance, over 80% of Australians waited until polling day to cast their ballots.

But at the 2022 federal election, almost half of all Australians on the electoral roll voted early.

There were variations across jurisdictions. Queensland had the highest rate of pre-poll voting at 56.6%, while Tasmanians had the lowest at just 36.8%.

The Australian Electoral Commission (AEC) was actively encouraging people to vote early due to COVID concerns. Nonetheless, the trend is unmistakable. Voters want to skip the queues on election day.

Logistical problems

Early voting has been the subject of much scrutiny, especially the length of time it is available to voters. The major political parties have expressed concern about the impact it has on campaign planning and logistics.

In its submission to a parliamentary inquiry into the conduct of the 2019 election, the Liberal Party highlighted how pre-poll voting placed “significant pressure on political parties” and their ability to provide booth workers for the entire early voting period, which was almost three weeks long.

Similarly, Labor acknowledged “significant practical implications for political parties and campaign managers”. The Greens also indicated they were in favour of limiting the pre-poll period.

Following the rise in early voting at the 2016 and 2019 elections, the Joint Standing Committee on Electoral Matters recommended pre-polling be restricted to a fortnight before election day.

The committee noted:

a two week period best balances the opportunity to participate in an election as a voter, with the logistic demands placed on those who participate as contestants.

The electoral laws were subsequently changed by the Morrison government in 2021.

But given Easter Monday and Anzac Day both fall within the fortnight preceding May 3, the early polling window for this election will be further reduced.

Campaign disruption

The rising popularity of early voting plays havoc with the campaign plans of all candidates.

In the past, when the overwhelming majority of voters waited for election day, it made sense for the major parties in particular to continually drip feed promises and announcements until the last day of voting.

Parties now have less time to pitch for support during the campaign. The critical window of opportunity to appeal to voters is the time between the election being called and when Australians flock to the polls at the start of early voting.

It is highly likely we have already seen all the major policies in this election, including the voter-friendly cost-of-living measures.

But the parties are in a bind, because they must continue to appeal to the significant number of voters who will be considering who to vote for right up until election day itself.

Skip the queue

While many people will be tempted to vote early, the Australian Electoral Commission’s website reminds us there are some conditions for pre-poll voting.

You can only vote early, either in person or by post, if on polling day you are:

travelling or unable to leave your workplace to vote
sick or due to give birth, or caring for someone who is
a person with a disability, or caring for someone who is
in prison serving a sentence of less than three years
prevented by religious beliefs from attending on election day
a silent elector, or reasonably fearful for your safety or wellbeing.

Aware of the temptation to pre-poll, the AEC says people who wait until election day won’t have to battle long queues. In fact, 75% of them will be in and out of the polling place in under 15 minutes.

The AEC says it’s worked out ways to minimise queuing on election day.

Voter beware

The numbers don’t lie. More and more voters are keen to participate in the democratic process before election day.

However, voting early could be a double-edged sword. It may be convenient, but there is always the risk candidates or parties could say or do something that antagonises a voter after they have cast their ballot.

As there is no way to withdraw an original vote or cast a new one if they change their minds, early voters are taking a risk.

Moreover, by voting early, people may be missing out on the sausage sizzle, the craft stands, and the bake sales that many communities hold on voting day. These election day traditions raise funds and add a special community feeling to the ultimate exercise of democracy – choosing a government.

Zareh Ghazarian does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Early voting opens in the federal election – but it brings some problems for voters and parties – https://theconversation.com/early-voting-opens-in-the-federal-election-but-it-brings-some-problems-for-voters-and-parties-254172

MIL OSI Analysis – EveningReport.nz –

April 22, 2025

MIL-Evening Report: Rates will never be enough – councils need the power to raise money in other ways

Source: The Conversation (Au and NZ) – By Guy C. Charlton, Adjunct Associate Professor at Auckland University of Technology and Associate Professor, University of New England

Getty Images

You might have recently received voting papers for your local body elections. Going by our historically low participation rates, many of those envelopes will remain unopened.

This is a shame, because New Zealand’s local authorities face major financial challenges that affect nearly everyone. Only by increasing democratic engagement and giving ratepayers more reason to vote will real change happen.

Local Government New Zealand recently estimated an extra NZ$11 billion is needed over the next seven years to meet unexpected cost increases. The credit rating agency S&P Global has downgraded 18 councils and three council-controlled organisations, and given negative outlooks to three more councils.

The auditor-general reported in February that inflation has driven up the costs of construction, insurance and debt servicing. This is putting pressure on operational expenses and capital improvements at the same time as demand for council services is increasing.

The central government problem

Central government supports councils primarily through grants, subsidies, shared revenue (such as from road taxes) and development contributions. But its main response to the financial stress now being felt has been to urge local governments to focus on “core tasks”, not “pet” and “vanity” projects.

To that end, the government has introduced annual council benchmark reports that will compare rates, debt levels, capital spending breakdowns and road conditions. It is also amending in the Local Government Act to remove references to the social, economic, environmental and cultural wellbeing of communities.

It also wants to encourage inter-council cooperation with its Regional Deals Strategic Framework and streamline resource management requirements that it believes hinder economic development.

It is unlikely these measures will be enough. Government contributions to councils have averaged around 10% of local government operating income since 2000, not enough to meet increasing legal and infrastructure costs.

Other OECD countries transfer significantly higher proportions of central taxes to local governments. In New Zealand, this might include central government reimbursing taxes and other revenues it captures due to local government activity (such the GST on rates).

The government could also pick up local costs that have national benefits, such as water and wastewater capacity at prime international tourism destinations. But more fundamental reform is needed.

Councils’ operational budgets are static while demand for their services are increasing.
Getty Images

Rates aren’t enough

At the moment, councils generate about 80% of their income from general and targeted rates, with the rest coming from things such as parking fines, amenities fees and investment interest.

This heavy reliance of rates is clearly inadequate to pay for local operational and infrastructure costs. This is despite recent court decisions giving councils more leeway to set, raise and target rates.

But to really make a difference, councils must also be given the legal authority to raise additional revenue themselves. This could include excise taxes on petrol and visitor accommodation, sales taxes and stamp duties.

As the recently repealed Auckland regional fuel tax demonstrated, excise taxes can be an effective way to raise funds for specific activities. The roughly $780 million it raised helped pay for the Eastern Busway ($272 million) and new commuter train cars ($330 million).

Room or lodging levies on overnight stays in hotels, motels, campgrounds, Airbnb and other short-term visitor rentals can help mitigate the impacts of tourism on local infrastructure and services.

In the Queenstown Lakes district, for example, a 5% levy on the estimated $413 million spent on accommodation in 2023 would generate $210 million over ten years, about 30% of the $756 million cost attributed to tourism.

Councils could also add a small extra levy on GST in their regions, a common practice in many large American cities and counties. Or they could apply a stamp duty on things like real estate transactions as Australia does.

Stamp duties might be a political non-starter in New Zealand. But what are known as “tax incremental districts” could be an effective way of offsetting the infrastructure and public facilities costs of new developments or economic revitalisation projects.

These schemes work by applying incremental increases in rates during the private development of an area. Done properly, they can be useful in brownfield redevelopment sites, as well as speeding up housing developments on city fringes.

Reinvigorating local democracy

New taxes are rarely popular, and selling the idea of local governments levying other sources of revenue to already stretched ratepayers will be difficult. But infrastructure and other costs cannot simply be ignored and passed down to future generations.

On top of more funding from central government, local authorities need the flexibility to creatively address their financial and infrastructure needs. The decision on whether and how they do this ultimately resides with ratepayers and electors.

Having more authority would also create more accountability in local government, reinvigorate local democracy and encourage overall policy innovation.

Without greater funding authority and fewer constraints on their activities, elected community representatives risk becoming mere administrators of central government policy rather than truly reflecting and shaping their electorates.

The author thanks Avi Charlton Diesch, a post-graduate student in finance at the University of Hong Kong, for his help with the preparation of this article.

Guy C. Charlton does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Rates will never be enough – councils need the power to raise money in other ways – https://theconversation.com/rates-will-never-be-enough-councils-need-the-power-to-raise-money-in-other-ways-252718

MIL OSI Analysis – EveningReport.nz –

April 22, 2025

MIL-OSI: TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds

Source: GlobeNewswire (MIL-OSI)

Executive Snapshot:

Bank-wide financial results:
- Key metrics for the first quarter 2025:
  - Net income of $14.3 million increased 17.7% compared to $12.1 million for the first quarter 2024
  - Net interest income of $40.4 million, up 10.4% from $36.6 million compared to the first quarter 2024
  - Average loans were up $104.7 million for the first quarter 2025 compared to the first quarter 2024
  - Average deposits were up $103.3 million for the first quarter 2025 compared to the first quarter 2024

Capital position and key ratios:
- Consolidated equity to assets increased to 10.85% as of March 31, 2025 from 10.51% as of March 31, 2024
- Book value per share as of March 31, 2025 was $36.16, up from $34.12 as of March 31, 2024
- Stock repurchase program announced authorizing for up to one million shares or approximately 5% of TrustCo’s current outstanding common stock

Trustco Financial Services and Wealth Management income:
- Fees increased to $2.1 million or 16.7% compared to first quarter 2024
- Assets under management increased to $1.2 billion or 17.4% compared first quarter 2024

GLENVILLE, N.Y., April 21, 2025 (GLOBE NEWSWIRE) —

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced a robust start to 2025, marked by significant growth in both the loan and deposit portfolios of Trustco Bank during the first quarter of 2025 compared to the first quarter of 2024. This performance underscores the Bank’s commitment to serving its community through increased residential and commercial lending and adapting effectively to the evolving financial landscape. This resulted in first quarter 2025 net income of $14.3 million or $0.75 diluted earnings per share, compared to net income of $12.1 million or $0.64 diluted earnings per share for the first quarter 2024. Average loans increased $104.7 million or 2.1% for the first quarter 2025 over the same period in 2024. Average deposits increased $103.3 million or 1.9% for the first quarter 2025 over the same period in 2024.

Overview

Chairman, President, and CEO, Robert J. McCormick said “We are very pleased to announce today that tried and true Trustco Bank strategy has once again yielded exceptional results. We added loans at current market rates, which repriced our current loan portfolio higher, supporting long-term profitability. This was funded entirely by our own deposits, and we did so while holding the line on board rates. Despite aggressive market competition, we have favorably repriced our time deposits with the help of strong brand loyalty and digital engagement. These efforts yielded net income of $14.3 million and boosted all return metrics significantly year-over-year. Credit quality remains exceptional, with non-performing loans holding steady at a negligible 0.37%. The Bank also grew capital and thus maintains its position of strength. Based upon what we have seen in the first quarter, we anticipate that good things are likely in the future.”

Details

Average loans were up $104.7 million, or 2.1%, in the first quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $26.2 million, or 0.6%, and $61.0 million, or 17.3%, respectively, in the first quarter 2025 over the same period in 2024. Average commercial loans also increased $20.7 million, or 7.5%, in the first quarter 2025 over the same period in 2024. This uptick reflects a strong local economy and increased demand for credit. Average deposits were up $103.3 million, or 1.9%, for the first quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the Bank’s competitive deposit offerings. As we move forward, despite a complex economic environment, we believe that our strategic focus on relationship banking and solid financial practices has positioned us for continued success.

During the first quarter of 2025, the TrustCo announced a stock repurchase program of up to one million shares, or approximately 5% of TrustCo’s current outstanding shares of common stock. This repurchase initiative is part of the Bank’s broader capital management strategy and is intended to enhance shareholder value while maintaining flexibility to support future growth. As of March 31, 2025, our equity to asset ratio was 10.85%, compared to 10.51% as of March 31, 2024. Book value per share as of March 31, 2025 was $36.16, up 6.0% compared to $34.12 a year earlier.

Net interest income was $40.4 million for the first quarter 2025, an increase of $3.8 million, or 10.4%, compared to the first quarter of 2024, driven by loan growth at higher interest rates and less interest expense on deposit products, partially offset by lower investment interest income and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the first quarter 2025 was 2.64%, up 20 basis points from 2.44% in the first quarter of 2024. The yield on interest earnings assets increased to 4.13% in the first quarter of 2025, up 14 basis points from 3.99% in the first quarter of 2024. The cost of interest bearing liabilities decreased to 1.92% in the first quarter 2025, down from 1.99% in the first quarter 2024. As the Federal Reserve signals potential interest rate reductions in 2025, the Bank is proactively preparing to navigate the evolving rate environment. In this context, the Bank anticipates that a lower interest rate environment will provide opportunities to manage deposit costs more effectively, thereby supporting net interest margin. The Bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our communities’ banking needs.

Non-interest income increased to $5.0 million as compared to $4.8 million for the first quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 16.7% to $2.1 million, driven by strong client demand and higher assets under management. These revenues now represent 42.6% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $1.4 million over the first quarter of 2024 due to increases in several areas of expenses.

Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $300 thousand in the first quarter of 2025, which is the result of a provision for credit losses on loans of $100 thousand, and a provision for credit losses on unfunded commitments of $200 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.98% as of March 31, 2025 and 2024, respectively. The allowance for credit losses on loans was $50.6 million as of March 31, 2025, compared to $49.2 million as of March 31, 2024. Nonperforming loans (NPLs) were $18.8 million as of March 31, 2025, compared to $18.3 million as of March 31, 2024. NPLs were 0.37% of total loans as of March 31, 2025 and 2024. The coverage ratio, or allowance for credit losses on loans to NPLs, was 269.8% as of March 31, 2025, compared to 269.3% as of March 31, 2024. Nonperforming assets (NPAs) were $20.9 million as of March 31, 2025, compared to $20.6 million as of March 31, 2024.

A conference call to discuss first quarter 2025 results will be held at 9:00 a.m. Eastern Time on April 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 048251. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 486810. The call will also be audio webcast at https://events.q4inc.com/attendee/647533404,and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of March 31, 2025.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings, as well as our upcoming quarterly report on Form 10-Q for the first quarter of 2025. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

TRUSTCO BANK CORP NY
GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	3/31/2025			12/31/2024			3/31/2024
Summary of operations
Net interest income	$	40,373		$	38,902		$	36,578
Provision for credit losses		300			400			600
Noninterest income		4,974			4,409			4,843
Noninterest expense		26,329			28,165			24,903
Net income		14,275			11,281			12,126

Per share
Net income per share:
– Basic	$	0.75		$	0.59		$	0.64
– Diluted		0.75			0.59			0.64
Cash dividends		0.36			0.36			0.36
Book value at period end		36.16			35.56			34.12
Market price at period end		30.48			33.31			28.16

At period end
Full time equivalent employees		740			737			761
Full service banking offices		136			136			140

Performance ratios
Return on average assets		0.93	%		0.73	%		0.80	%
Return on average equity		8.49			6.70			7.54
Efficiency ratio (GAAP)		58.06			65.03			59.94
Adjusted Efficiency ratio (1)		58.00			63.93			59.94
Net interest spread		2.21			2.15			2.00
Net interest margin		2.64			2.60			2.44
Dividend payout ratio	47.97				60.70			56.48

Capital ratios at period end
Consolidated equity to assets		10.85	%		10.84	%		10.51	%
Consolidated tangible equity to tangible assets (1)		10.84	%		10.83	%		10.50	%

Asset quality analysis at period end
Nonperforming loans to total loans		0.37	%		0.37	%		0.37	%
Nonperforming assets to total assets		0.33			0.34			0.33
Allowance for credit losses on loans to total loans		0.99			0.99			0.98
Coverage ratio (2)	2.7x			2.7x			2.7x


(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
(2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.


CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Interest and dividend income:
Interest and fees on loans	$	53,450	$	53,024	$	52,112	$	50,660	$	49,804
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		596		680		718		909		906
State and political subdivisions		–		–		–		1		–
Mortgage-backed securities and collateralized mortgage
obligations – residential		1,483		1,418		1,397		1,451		1,494
Corporate bonds		260		358		361		362		476
Small Business Administration – guaranteed
participation securities		81		84		90		94		100
Other securities		7		6		2		2		3
Total interest and dividends on securities available for sale		2,427		2,546		2,568		2,819		2,979

Interest on held to maturity securities:
obligations – residential		57		59		62		65		68
Total interest on held to maturity securities		57		59		62		65		68

Federal Home Loan Bank stock		151		152		153		147		152

Interest on federal funds sold and other short-term investments		6,732		6,128		6,174		6,894		6,750
Total interest income		62,817		61,909		61,069		60,585		59,753

Interest expense:
Interest on deposits:
Interest-bearing checking		558		397		311		288		240
Savings		734		719		770		675		712
Money market deposit accounts		1,989		2,024		2,154		2,228		2,342
Time deposits		18,983		19,680		18,969		19,400		19,677
Interest on short-term borrowings		180		187		194		206		204
Total interest expense		22,444		23,007		22,398		22,797		23,175

Net interest income		40,373		38,902		38,671		37,788		36,578

Less: Provision for credit losses		300		400		500		500		600
Net interest income after provision for credit losses		40,073		38,502		38,171		37,288		35,978

Noninterest income:
Trustco Financial Services income		2,120		1,778		2,044		1,609		1,816
Fees for services to customers		2,645		2,226		2,482		2,399		2,745
Net gains on equity securities		–		–		23		1,360		–
Other		209		405		382		283		282
Total noninterest income		4,974		4,409		4,931		5,651		4,843

Noninterest expenses:
Salaries and employee benefits		11,894		12,068		12,134		12,520		11,427
Net occupancy expense		4,554		4,563		4,271		4,375		4,611
Equipment expense		1,944		2,404		1,757		1,990		1,738
Professional services		1,726		1,782		1,863		1,570		1,460
Outsourced services		2,700		3,051		2,551		2,755		2,501
Advertising expense		361		590		339		466		408
FDIC and other insurance		1,188		1,113		1,112		797		1,094
Other real estate expense, net		28		476		204		16		74
Other		1,934		2,118		1,969		1,970		1,590
Total noninterest expenses		26,329		28,165		26,200		26,459		24,903

Income before taxes		18,718		14,746		16,902		16,480		15,918
Income taxes		4,443		3,465		4,027		3,929		3,792

Net income	$	14,275	$	11,281	$	12,875	$	12,551	$	12,126

Net income per common share:
– Basic	$	0.75	$	0.59	$	0.68	$	0.66	$	0.64

– Diluted		0.75		0.59		0.68		0.66		0.64

Average basic shares (in thousands)		19,020		19,015		19,010		19,022		19,024
Average diluted shares (in thousands)		19,044		19,045		19,036		19,033		19,032


CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)
(Unaudited)
	3/31/2025			12/31/2024			9/30/2024			6/30/3024				3/31/2024
ASSETS:

Cash and due from banks	$	48,782		$	47,364		$	49,659		$	42,193		$	44,868
Federal funds sold and other short term investments		707,355			594,448			473,306			493,920			564,815
Total cash and cash equivalents		756,137			641,812			522,965			536,113			609,683

Securities available for sale:
U. S. government sponsored enterprises		65,942			85,617			90,588			106,796			128,854
States and political subdivisions		18			18			26			26			26
Mortgage-backed securities and collateralized mortgage
obligations – residential		219,333			213,128			222,841			218,311			227,078
Small Business Administration – guaranteed
participation securities		13,683			14,141			15,171			15,592			16,260
Corporate bonds		24,779			44,581			54,327			53,764			53,341
Other securities		698			700			701			688			682
Total securities available for sale		324,453			358,185			383,654			395,177			426,241

Held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations-residential		5,090			5,365			5,636			5,921			6,206
Total held to maturity securities		5,090			5,365			5,636			5,921			6,206

Federal Reserve Bank and Federal Home Loan Bank stock		6,507			6,507			6,507			6,507			6,203

Loans:
Commercial		302,753			286,857			280,261			282,441			279,092
Residential mortgage loans		4,380,561			4,388,302			4,382,674			4,370,640			4,354,369
Home equity line of credit		419,806			409,261			393,418			370,063			355,879
Installment loans		13,017			13,638			14,503			15,168			16,166
Loans, net of deferred net costs		5,116,137			5,098,058			5,070,856			5,038,312			5,005,506

Less: Allowance for credit losses on loans		50,606			50,248			49,950			49,772			49,220
Net loans		5,065,531			5,047,810			5,020,906			4,988,540			4,956,286

Bank premises and equipment, net		37,178			33,782			33,324			33,466			33,423
Operating lease right-of-use assets		34,968			36,627			37,958			38,376			39,647
Other assets		108,681			108,656			98,730			102,544			101,881

Total assets	$	6,338,545		$	6,238,744		$	6,109,680		$	6,106,644		$	6,179,570

LIABILITIES:
Deposits:
Demand	$	793,306		$	762,101		$	753,878		$	745,227		$	742,997
Interest-bearing checking		1,067,948			1,027,540			988,527			1,029,606			1,020,136
Savings accounts		1,094,968			1,086,534			1,092,038			1,144,427			1,155,517
Money market deposit accounts		478,872			465,049			477,113			517,445			532,611
Time deposits		2,061,576			2,049,759			1,952,635			1,840,262			1,903,908
Total deposits		5,496,670			5,390,983			5,264,191			5,276,967			5,355,169

Short-term borrowings		82,275			84,781			91,450			89,720			94,374
Operating lease liabilities		38,324			40,159			41,469			42,026			43,438
Accrued expenses and other liabilities		33,468			46,478			43,549			42,763			37,399

Total liabilities		5,650,737			5,562,401			5,440,659			5,451,476			5,530,380

SHAREHOLDERS’ EQUITY:
Capital stock		20,097			20,097			20,058			20,058			20,058
Surplus		259,182			258,874			257,644			257,490			257,335
Undivided profits		453,931			446,503			442,079			436,048			430,346
Accumulated other comprehensive loss, net of tax		(132	)		(3,861	)		(6,600	)		(14,268	)		(14,763	)
Treasury stock at cost		(45,270	)		(45,270	)		(44,160	)		(44,160	)		(43,786	)

Total shareholders’ equity		687,808			676,343			669,021			655,168			649,190

Total liabilities and shareholders’ equity	$	6,338,545		$	6,238,744		$	6,109,680		$	6,106,644		$	6,179,570

Outstanding shares (in thousands)		19,020			19,020			19,010			19,010			19,024

NONPERFORMING ASSETS

(dollars in thousands)
(Unaudited)
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Nonperforming Assets

New York and other states*
Loans in nonaccrual status:
Commercial	$	688		$	343		$	466		$	741		$	532
Real estate mortgage – 1 to 4 family		14,795			14,671			15,320			14,992			14,359
Installment		139			108			163			131			149
Total non-accrual loans		15,622			15,122			15,949			15,864			15,040
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			–			–
Total nonperforming loans		15,622			15,122			15,949			15,864			15,040
Other real estate owned		2,107			2,175			2,503			2,334			2,334
Total nonperforming assets	$	17,729		$	17,297		$	18,452		$	18,198		$	17,374

Florida
Loans in nonaccrual status:
Commercial	$	–		$	–		$	314		$	314		$	314
Real estate mortgage – 1 to 4 family		3,135			3,656			3,176			2,985			2,921
Installment		3			22			5			22			–
Total non-accrual loans		3,138			3,678			3,495			3,321			3,235
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			–			–
Total nonperforming loans		3,138			3,678			3,495			3,321			3,235
Other real estate owned		–			–			–			–			–
Total nonperforming assets	$	3,138		$	3,678		$	3,495		$	3,321		$	3,235

Total
Loans in nonaccrual status:
Commercial	$	688		$	343		$	780		$	1,055		$	846
Real estate mortgage – 1 to 4 family		17,930			18,327			18,496			17,977			17,280
Installment		142			130			168			153			149
Total non-accrual loans		18,760			18,800			19,444			19,185			18,275
Other nonperforming real estate mortgages – 1 to 4 family		–			–			–			–			–
Total nonperforming loans		18,760			18,800			19,444			19,185			18,275
Other real estate owned		2,107			2,175			2,503			2,334			2,334
Total nonperforming assets	$	20,867		$	20,975		$	21,947		$	21,519		$	20,609


Quarterly Net (Recoveries) Chargeoffs

New York and other states*
Commercial	$	(3	)	$	62		$	65		$	–		$	–
Real estate mortgage – 1 to 4 family		41			(316	)		104			(74	)		(78	)
Installment		4			41			11			(2	)		36
Total net chargeoffs (recoveries)	$	42		$	(213	)	$	180		$	(76	)	$	(42	)

Florida
Commercial	$	(315	)	$	314		$	–		$	–		$	–
Real estate mortgage – 1 to 4 family		–			–			–			17			–
Installment		15			1			42			7			–
Total net (recoveries) chargeoffs	$	(300	)	$	315		$	42		$	24		$	–

Total
Commercial	$	(318	)	$	376		$	65		$	–		$	–
Real estate mortgage – 1 to 4 family		41			(316	)		104			(57	)		(78	)
Installment		19			42			53			5			36
Total net (recoveries) chargeoffs	$	(258	)	$	102		$	222		$	(52	)	$	(42	)


Asset Quality Ratios

Total nonperforming loans (1)	$	18,760		$	18,800		$	19,444		$	19,185		$	18,275
Total nonperforming assets (1)		20,867			20,975			21,947			21,519			20,609
Total net (recoveries) chargeoffs (2)		(258	)		102			222			(52	)		(42	)

Allowance for credit losses on loans (1)		50,606			50,248			49,950			49,772			49,220

Nonperforming loans to total loans		0.37	%		0.37	%		0.38	%		0.38	%		0.37	%
Nonperforming assets to total assets		0.33	%		0.34	%		0.36	%		0.35	%		0.33	%
Allowance for credit losses on loans to total loans		0.99	%		0.99	%		0.99	%		0.99	%		0.98	%
Coverage ratio (1)		269.8	%		267.3	%		256.9	%		259.4	%		269.3	%
Annualized net (recoveries) chargeoffs to average loans (2)		-0.02	%		0.01	%		0.02	%		0.00	%		0.00	%
Allowance for credit losses on loans to annualized net chargeoffs (2)		N/A			123.2x			56.3x			N/A			N/A

* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)
(Unaudited)	Three months ended							Three months ended
	March 31, 2025							March 31, 2024
	Average			Interest		Average		Average			Interest		Average
	Balance					Rate		Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises	$	74,680		$	596	3.19	%	$	125,973		$	906	2.88	%
Mortgage backed securities and collateralized mortgage
obligations – residential		239,509			1,483	2.46			258,814			1,494	2.30
State and political subdivisions		18			–	6.77			26			0	6.90
Corporate bonds		40,019			260	2.60			73,625			476	2.59
Small Business Administration – guaranteed
participation securities		15,003			81	2.15			18,224			100	2.20
Other		699			7	4.01			696			3	1.72

Total securities available for sale		369,928			2,427	2.62			477,358			2,979	2.50

Federal funds sold and other short-term Investments		613,646			6,732	4.45			497,652			6,750	5.45

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential		5,233			57	4.34			6,329			68	4.30

Total held to maturity securities		5,233			57	4.34			6,329			68	4.30

Federal Home Loan Bank stock		6,507			151	9.28			6,203			152	9.80

Commercial loans		297,926			4,165	5.59			277,183			3,661	5.28
Residential mortgage loans		4,385,646			42,614	3.89			4,359,476			40,415	3.71
Home equity lines of credit		413,981			6,435	6.30			353,004			5,464	6.22
Installment loans		12,967			236	7.37			16,128			264	6.58

Loans, net of unearned income		5,110,520			53,450	4.19			5,005,791			49,804	3.98

Total interest earning assets		6,105,834		$	62,817	4.13			5,993,333		$	59,753	3.99

Allowance for credit losses on loans		(50,475	)						(48,824	)
Cash & non-interest earning assets		201,154							185,230


Total assets	$	6,256,513						$	6,129,739


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts	$	1,038,218		$	558	0.22	%	$	990,130		$	240	0.10	%
Money market accounts		469,070			1,989	1.72			544,687			2,342	1.73
Savings		1,089,358			734	0.27			1,158,558			712	0.25
Time deposits		2,054,494			18,984	3.75			1,889,929			19,677	4.19

Total interest bearing deposits		4,651,140			22,265	1.94			4,583,304			22,971	2.02
Short-term borrowings		83,207			180	0.88			93,316			204	0.88

Total interest bearing liabilities		4,734,347		$	22,445	1.92			4,676,620		$	23,175	1.99

Demand deposits		761,800							726,299
Other liabilities		78,748							80,158
Shareholders’ equity		681,618							646,662

Total liabilities and shareholders’ equity	$	6,256,513						$	6,129,739

Net interest income				$	40,372						$	36,578

Net interest spread						2.21	%						2.00	%


Net interest margin (net interest income to
total interest earning assets)						2.64	%						2.44	%

Non-GAAP Financial Measures Reconciliation

Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(dollars in thousands)
(Unaudited)
		3/31/2025			12/31/2024			3/31/2024
Tangible Book Value Per Share

Equity (GAAP)		$	687,808		$	676,343		$	649,190
Less: Intangible assets			553			553			553
Tangible equity (Non-GAAP)		$	687,255		$	675,790		$	648,637

Shares outstanding			19,020			19,020			19,024
Tangible book value per share			36.13			35.53			34.10
Book value per share			36.16			35.56			34.12

Tangible Equity to Tangible Assets
Total Assets (GAAP)		$	6,338,545		$	6,238,744		$	6,179,570
Less: Intangible assets			553			553			553
Tangible assets (Non-GAAP)		$	6,337,992		$	6,238,191		$	6,179,017

Equity to Assets (GAAP)			10.85	%		10.84	%		10.51	%
Tangible Equity to Tangible Assets (Non-GAAP)			10.84	%		10.83	%		10.50	%

		Three months ended
Efficiency and Adjusted Efficiency Ratios		3/31/2025			12/31/2024			3/31/2024

Net interest income (GAAP)	A	$	40,373		$	38,902		$	36,578
Non-interest income (GAAP)	B		4,974			4,409			4,843
Revenue used for efficiency ratio (GAAP)	C	$	45,347		$	43,311		$	41,421

Total noninterest expense (GAAP)	D	$	26,329		$	28,165		$	24,903
Less: Other real estate expense, net	E		28			476			74
Expense used for efficiency ratio (Non-GAAP)	F	$	26,301		$	27,689		$	24,829

Efficiency Ratio (GAAP)	D/C		58.06	%		65.03	%		59.94	%
Adjusted Efficiency Ratio (Non-GAAP)	F/C		58.00	%		63.93	%		59.94	%

Subsidiary:		Trustco Bank

Contact:		Robert Leonard
		Executive Vice President
		(518) 381-3693

The MIL Network –

April 22, 2025

MIL-OSI: Climb Global Solutions Appoints Paul Giovacchini to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., April 21, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced that the Company’s Board of Directors (the “Board”) has elected Paul Giovacchini to the Board. With the election of Mr. Giovacchini, Climb’s Board increased to seven total members, six of whom are independent under the Nasdaq listing standards.

Mr. Giovacchini brings over 30 years of experience in private equity, corporate governance, and board leadership across public and private companies. He currently serves as the Lead Independent Director of TPI Composites, Inc. (NASDAQ:TPIC), where he previously served as Chairman and helped lead the company’s transformation into a global public enterprise. Mr. Giovacchini also serves as an independent consulting advisor to Advantage Capital Management, supporting private equity and debt investment strategies. Mr. Giovacchini holds a B.A. in Economics from Stanford University and an M.B.A. from Harvard Business School.

“Paul brings a wealth of executive leadership, investment expertise, and operational insight to our Board,” said John McCarthy, Chairman of the Board. “His extensive experience across public and private enterprises, coupled with his strong financial background, will be invaluable as we continue to strengthen our operational foundation and advance our organic and inorganic growth initiatives.”

Mr. Giovacchini stated, “Climb has built an impressive platform in the global IT channel, distinguished by its strong partnerships and consistent execution. As the Company enters its next chapter of growth, I’m honored to join the Board and contribute to its continued success. I look forward to leveraging my experience in governance, finance, and global expansion to support Climb’s long-term vision both domestically and abroad.”

About Climb Global Solutions

Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

Additional information can be found by visiting www.climbglobalsolutions.com.

Forward-Looking Statements

The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the addition to the Board and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time in the Company’s filings with the Securities and Exchange Commission.

Company Contact

Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com

The MIL Network –

April 22, 2025

MIL-OSI USA: Nadler Statement On Proposed Trump Cuts to Domestic HIV Programs

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

WASHINGTON, DC – Today, Congressman Jerrold Nadler (NY-12) made the following statement in response to the Trump Administration’s reported plan to slash over $40 billion from the Department of Health and Human Services and eliminate all dedicated domestic HIV prevention programs:

“It is unconscionable that the Trump Administration has proposed cutting over a third of the Department of Health and Human Services’ budget. As a proud, longtime champion for federal HIV prevention and assistance programs, I am appalled that the administration’s proposed budget would eliminate all federal HIV prevention efforts and devastate funding for HIV research. This is yet another exceptionally cruel and reckless move by the Trump Administration, and it would have devastating consequences for our nation’s public health.

“Over a million people in this country are living with HIV/AIDS, including more than 100,000 in New York State and over 60,000 in New York City alone. Young people, gay and bisexual men, and people of color are being disproportionately affected. Eliminating our nation’s HIV/AIDS prevention programs would mean many of the most vulnerable among us would lose access to HIV testing, prevention, and care. Simply put, Americans will die as a direct result of the Trump Administration’s cuts.

“Trump’s budget proposal would eliminate the Ending the HIV/AIDS Epidemic Initiative, the CDC’s Division of HIV Prevention, and the Minority AIDS Initiative. It also eviscerates funding for the Ryan White HIV/AIDS program and slashes the NIH’s budget by 40%. NIH funds the vast majority of research driving breakthroughs in HIV treatment. Trump’s proposed budget cuts compound Republican proposals to slash Medicaid in the upcoming budget reconciliation process, as 40% of adults with HIV are covered by Medicaid.

“We’ve seen this kind of cruelty before. In the 1980s, we had a President who ignored an epidemic and a Congress reluctant to devote resources to finding its cure. The federal government turned its back on people fighting HIV/AIDS, and as a result, we lost a generation of young men and women far too soon. Nearly half a century later, the administration has put forth a budget proposal that once again abandons Americans who are fighting HIV/AIDS.

“However, Trump can’t unilaterally make these cuts; he needs the consent of Congress. I vow to continue to fight for full funding for our nation’s HIV/AIDS prevention and research programs in the congressional appropriations process. I’ve led the congressional effort to increase funding for the Housing Opportunities for People with AIDS program, or HOPWA, for over 3 decades. Since its inception in 1992, HOPWA has provided critical housing support to low-income people living with HIV. Linking individuals living with HIV to stable, supportive housing leads to an 80% reduction in mortality from AIDS.

“New York has always led the fight against HIV/AIDS, and we will not turn our backs now. It is up to this Congress to ensure that Trump’s devastating cuts never become reality. Congress must summon the resolve of the generations who came before us—activists like the founders of ACT UP and Gay Men’s Health Crisis—and fight with everything we have to protect the progress we’ve made.”

###

MIL OSI USA News –

April 22, 2025

MIL-OSI USA: Malliotakis: MTA Will Be Held Accountable for Congestion Tax

Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

(NEW YORK, NY) – Congresswoman Malliotakis issued the following statement regarding the U.S. Department of Transportation’s final warning to Governor Kathy Hochul to comply with its order to halt congestion pricing by May 21 or face consequences.

“I applaud President Trump and Transportation Secretary Sean Duffy for taking action to hold the MTA and Governor Kathy Hochul accountable for not complying with federal law and their directive to end the congestion tax in New York City. Today’s warning should serve as a wake-up call that the federal government will not stand idly by as Hochul and the MTA continue to rip off hardworking taxpayers and commuters.

The city’s Congestion Pricing plan did not receive the scrutiny and environmental review required under the National Environmental Policy Act (NEPA) — a clear violation that underscores the need for federal intervention. If this illegal cash grab continues, we will hold the State and MTA accountable by freezing advanced construction authorizations, NEPA approvals or federal funding for projects within Manhattan’s congestion zone.”

View Secretary Duffy’s letter HERE.

MIL OSI USA News –

April 22, 2025

MIL-OSI USA: Gov. Kemp Signs Historic Legislation Delivering Commonsense, Meaningful Tort Reform

Source: US State of Georgia

ATLANTA – Governor Brian P. Kemp, joined by First Lady Marty Kemp, Lieutenant Governor Burt Jones, Speaker Jon Burns, Constitutional Officers, members of the Georgia General Assembly, and state and local leaders signed historic legislation delivering commonsense, meaningful tort reform.

The legislative package, signed into law by the Governor, levels the playing field in our courtrooms, bans hostile foreign powers from taking advantage of consumers and legal proceedings, aims to stabilize insurance costs for businesses and consumers, increases transparency and fairness, and ensures Georgia continues to be the best place to live, work, and raise a family.

“Today is a victory for the people of our state who for too long were suffering the impacts of an out-of-balance legal environment,” said Governor Brian Kemp. “While there was great passion on all sides of this issue, I am grateful for the diligent work of Commissioner John King and his office in studying this issue, the leadership of Lieutenant Governor Burt Jones and Speaker Jon Burns, the unrelenting work of Senate President Pro Tempore John F. Kennedy and House Majority Whip James Burchett, as well as Chairmen Brian Strickland and Rob Leverett for leading a thorough review, and the thoughtful deliberation of our legislative partners in the General Assembly. As a result of this collective effort and outpouring of support from Georgians of all backgrounds, Georgia continues to move in the right direction as we work to stabilize costs and compete for economic opportunities that will create good paying jobs for hardworking Georgians across our state.”

“My position on this important issue has not changed – these are not anti-lawyer or pro-insurance bills, these are pro-Georgia bills,” said Lt. Governor Burt Jones. “From the extensive debate we saw on this issue, it is clear that the environment we are in right now is not playing well consistently and something had to change to level the playing field. I want to thank Governor Brian Kemp and his entire team for making these measures a top priority. These bills ensure that we put Georgia families and consumers first by tackling the hidden costs we have all been paying thanks to Georgia’s current tort laws. These much-needed reforms, which I was proud to support, strike a balance by stabilizing insurance costs for businesses and consumers, while increasing transparency and fairness for all Georgia citizens.”

“Today was certainly a great day to be a Georgian as Governor Kemp signed into law the most comprehensive lawsuit reform legislation our state has seen in nearly two decades,” said House Speaker Jon Burns. “The House was proud to support these measures that return much-needed balance to our state’s courtrooms and deliver financial relief to Georgia’s citizens and businesses facing skyrocketing insurance premiums—all while ensuring we protect the rights of Georgians with legitimate claims.”

“Getting lawsuit reform across the finish line took all of us coming together to deliver this win for Georgia,” said President Pro Tempore Kennedy. “Georgians deserve a balanced civil justice system, not one that incentivizes frivolous lawsuits, leading to higher insurance premiums that burden small businesses, job creators, healthcare providers, and families. I am grateful to Governor Kemp for his trust in me as the Bill Sponsor and his unwavering leadership to get these meaningful pieces of legislation across the finish line.“

“With today’s signing of these important bills by the Governor we bring balance to Georgias civil justice system,” said House Majority Whip Burchett I’m proud of the work of the General Assembly to protect Georgia’s small businesses and job creators from frivolous lawsuits while ensuring that Georgians that are injured are still able to recover for their claims.”

“Georgians have been footing the bill of a legal system that has gone unchecked for far too long,” said Commissioner John King. “By enacting these reforms, we are giving breathing room to consumers and small businesses in every community across our state, while protecting the rights of those are truly hurt. Our achievements today would not have been possible without the steadfast leadership and hard work of Governor Kemp, Lieutenant Governor Jones, Speaker Burns, and members of the General Assembly. Their tireless commitment to meaningful reform has brought long-overdue accountability to a broken system.”

Below are the specific policy areas addressed by the legislation:

Reevaluates the Standard for Negligent Security Liability (“Premises Liability”): Ensures businesses are only liable for what they directly control. The legislation holds property owners accountable when they fail to keep their property safe for their customers and the public, but protects establishments for simply opening their doors and employing hardworking Georgians in communities and neighborhoods that need them.
Truthful Calculation of Medical Damages in Personal Injury Cases (“Truth-in-Damages”): Ensures Georgians injured by negligent actions are made whole and have their costs covered, while protecting consumers from inflated costs being passed on to them. The legislation permits counsel in a jury trial to submit evidence of the medical bills charged by providers, as well as the evidence of what was actually paid by an insurer to satisfy those charges. Jurors may then determine the reasonable value of the plaintiff’s past medical care with full transparency into the billed and paid value of their treatment.
Eliminates the Ability to Arbitrarily Anchor Pain and Suffering Damages to a Jury (“Anchoring”): The new law stops the use of anchoring tactics when presenting damages for pain and suffering to a jury during the closing arguments of a trial. The bill instructs that closing arguments describing damages must be related to actual evidence of the plaintiff’s pain and suffering, which prevents counsel from using an artificial benchmark–like a professional athlete’s salary, the cost of fighter jets, or the number of miles driven by a truck—to describe what a plaintiff should be owed for their injuries.
- This bill does NOT place a cap on the amount of money a jury may award. In fact, the Governor’s legislation protects the jury’s decision making from irrelevant and improper arguments from counsel – empowering the jury to decide an award amount based on real evidence in the case.
Bifurcated Trials: Permits a party in a case to move for bifurcation of the trial, so that the defendant is found liable before the jury hears evidence detailing the extent of the plaintiff’s damages. This clarifies important procedure in the courtroom and gives both sides of a case the same opportunity to have their arguments heard.
Allows a Jury to Know Whether the Plaintiff Wore Their Seatbelt (“Admissible Seatbelt Evidence”): Removes the current exclusion from the evidence code that prevents the defendant from showing evidence the plaintiff was not wearing his or her seatbelt in an auto accident. Allowing admission of seatbelt evidence at trial may be used by the defense to mitigate damages, particularly where the plaintiff’s failure to use this essential safety feature results in significantly worse injuries for the plaintiff.
Eliminates Double Recovery of Attorney’s Fees: Closes an misused loophole that allowed plaintiff’s counsel to recover their fees twice for the same lawsuit. Courts will remain able to award attorney fees—but only once.
Eliminates Voluntary Dismissal During Trial: Amends the timeline for voluntary dismissals – putting an end to the practice of plaintiffs dismissing a case just to refile or “cherry pick” a more favorable jurisdiction after the defense has already racked up the cost of preparing and beginning the trial.
Motion to Dismiss Timing Changes: Changes the Georgia Civil Practice Act to allow a defendant to file a motion to dismiss in lieu of an answer – cutting down unnecessary discovery expenses while a motion to dismiss is pending.
Reforming and Bringing Transparency to Third Party Litigation Funding:
- First, the legislation bans hostile foreign adversaries from using our judicial system to undermine our vital security and economic interests – protecting Georgia businesses and consumers from foreign actors who may fund litigation to obtain trade secrets or advance their own political interests against the interests of the citizens of this state.
- Second, the legislation protects consumers from predatory lenders that want to take advantage of litigants in vulnerable situations by prohibiting litigation funders from having any input into the litigation strategy or from taking the plaintiff’s whole recovery and making sure plaintiffs are aware of their rights.
- Third, the bill increases transparency for all parties—the courts, opposing litigants, and the plaintiffs themselves.

MIL OSI USA News –

April 22, 2025

MIL-OSI USA: Advancing the Transition to a Cleaner Environment

Source: US State of New York

overnor Kathy Hochul today announced $4.85 million in grants is being awarded to municipalities across the state to support the installation of electric vehicle chargers as part of the State’s Municipal Zero-Emission Vehicle Infrastructure Grants program. The funded projects support New York’s ongoing efforts to advance clean transportation, expand publicly available electric vehicle chargers, and help reduce pollution including greenhouse gas emissions for a cleaner and greener environment.

“My Administration is committed to advancing the transition to a cleaner and healthier future for our environment benefitting all New Yorkers,”  Governor Hochul said.  “Our continued investments in electric vehicle infrastructure encourages more drivers to switch to electric, reducing pollution and emissions across the State and improving the health and well-being of our residents and communities.”

The Municipal Zero-Emission Vehicle (ZEV) Infrastructure Grant program administered by the State Department of Environmental Conservation (DEC) prioritizes clean transportation investments in communities most affected by pollution and climate change. The program includes a variable local match requirement based on the municipality’s median household income (MHI) and whether the ZEV infrastructure is located in a disadvantaged community, based on the  disadvantaged communities criteria  developed by the State’s Climate Justice Working Group. Of the awards announced today, approximately $885,000 were granted to municipalities located in disadvantaged communities in New York State.

New York State Department of Environmental Conservation Acting Commissioner Amanda Lefton said,  “New York continues advancing the state’s transition to clean transportation with investments in municipal electric vehicle chargers to encourage the switch to plug-in hybrids and EVs. DEC’s Municipal ZEV Infrastructure Grant program is expanding New York’s EV charging station network and supporting municipalities statewide taking climate action, investing in electric transportation, and helping realize the clean energy economy of the future.”

New York State Research and Development Authority President and CEO Doreen M. Harris said, “Through clean transportation initiatives such as DEC’s Municipal Zero-Emission Vehicle Infrastructure program, the State is helping counties, cities, towns, and villages install more public charging stations for zero-emission vehicles across New York. Congratulations to these municipalities for their leadership and making it easier for residents and visitors alike to choose cleaner vehicles with the confidence they’ll be able to charge their cars where and when they need to.”

Assemblymember Didi Barrett said, “This funding will help New York’s smaller municipalities, in the Hudson Valley and beyond, be part of the state’s electric vehicle charging infrastructure network build out. The four new Level 2 electric charging ports in the Town of Hyde Park will reduce range anxiety for residents and visitors alike.”

State Senator Pete Harckham said, “Encouraging motorists to drive zero-emissions vehicles is the best way to ramp up our fight statewide against the climate crisis and improve public health. These new state infrastructure grant awards announced by Governor Hochul for EV charging stations show New York is committed to a steady and inclusive transition to a clean energy economy that will benefit residents in many ways. The partnership between the governor and the state legislature in making a transition to clean transportation is a strong one and will continue to make New York an environmental leader.”

2024 Municipal ZEV Infrastructure Grant Awards include:

Capital Region

City of Rensselaer – $233,000 for one DCFC pedestal

Finger Lakes

Village of Brockport – $188,825 for 10 Level 2 charging ports and one DCFC pedestal
Village of Dundee – $24,200 for four Level 2 charging ports
Town of Farmington – $225,620 for 24 Level 2 charging ports and one DCFC pedestal
Town of Huron – $43,200 for four Level 2 charging ports
Village of Interlaken – $124,470 for one DCFC pedestal
Village of Le Roy – $20,605 for four Level 2 charging ports
Village of Oakfield – $24,380 for four Level 2 charging ports
County of Ontario – $309,100 for 14 Level 2 charging ports and two DCFC pedestals
Village of Palmyra – $222,250 for two DCFC pedestals
Village of Warsaw – $148,500 for one DCFC pedestal
Village of Waterloo – $238,900 for 12 Level 2 charging ports

Long Island

Town of Huntington – $326,000 for four Level 2 charging ports and six DCFC pedestals
City of Long Beach – $296,080 for four Level 2 charging ports and two DCFC pedestals

Mid-Hudson

Town of Hyde Park – $32,480 for four Level 2 charging ports
Town of Orangetown – $46,352 for four Level 2 charging ports
Town of Putnam Valley – $29,822 for four Level 2 charging ports
Town of Shawangunk – $26,587 for two Level 2 charging ports
Village of South Blooming Grove – $250,000 for three DCFC pedestals

North Country

Town of Colton – $76,318 for four Level 2 charging ports
Village of Constableville – $21,222 for two Level 2 charging ports
Town of Diana – $159,150 for one DCFC pedestal
County of Essex – $55,008 for four Level 2 charging ports
Town of Jay – $206,403 for two Level 2 charging ports and one DCFC pedestal
County of Lewis – $298,728 for two DCFC pedestals
Village of Lowville – $93,312 for 12 Level 2 charging ports
Village of Saranac Lake – $482,164 for 30 Level 2 charging ports

Southern Tier

Town of Danby – $11,400 for two Level 2 charging ports

Western New York

City of Dunkirk – $53,400 for 14 Level 2 charging ports
Village of Springville – $248,000 for one DCFC pedestal
Town of Tonawanda – $285,007 for 16 Level 2 charging ports and one DCFC pedestal
Village of Wilson – $49,648 for two Level 2 charging ports

More information about the DEC Municipal ZEV Infrastructure Grant program, as well as the DEC Municipal ZEV Rebate program, is available on  DEC’s website. For questions about the Municipal ZEV program, email  [email protected]  or call DEC’s Office of Climate Change at 518-402-8448.

New York State’s nearly $3 billion investment in electrifying its transportation sector has supported a range of initiatives aimed to increase access to electric vehicles (EVs) and charging while improving air quality and health outcomes for all New Yorkers. These programs include today’s Municipal ZEV Infrastructure Program grants and many other programs, including EV Make Ready, EVolve NY, Charge Ready NY 2.0, the Drive Clean Rebate, the New York Truck Voucher Incentive Program, the New York School Bus Incentive Program, and the Direct Current Fast Charger program. The State invests in charging infrastructure and EVs to benefit all New Yorkers, and its efforts have been successful at increasing the number of EVs and charging stations across all regions of New York – with, over 280,000 EVs on the road statewide and over 17,000 public chargers- more public chargers than any other state except for California. Additionally, there are more than 4,000 semi-public charging stations at workplaces and multifamily buildings across the state.

New York State’s Climate Agenda
New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

MIL OSI USA News –

April 22, 2025

MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

WHITE PLAINS, N.Y., April 21, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.6 million, or $0.80 per basic share and $0.78 per diluted share, for the three months ended March 31, 2025 compared to net income of $11.4 million, or $0.87 per basic share and $0.86 per diluted share, for the three months ended March 31, 2024.

Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are, once again, pleased to report another quarter of strong earnings due to the excellent performance of our loan portfolio. Despite the challenging economic operating environment thus far in 2025, loan demand is strong with originations and outstanding commitments robust and increasing. As in the past, construction lending in high demand-high absorption areas continues to be our focus.”

Highlights for the three months ended March 31, 2025 are as follows:

Performance metrics continue to be strong at March 31, 2025, with a return on average total assets ratio of 2.12%, a return on average shareholders’ equity ratio of 12.98%, and an efficiency ratio of 41.64%.
Asset quality metrics continued to remain strong with no non-performing loans at either March 31, 2025 or December 31, 2024, and non-performing assets to total assets of 0.26% and 0.25% at March 31, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $5.1 million, or 0.30% of total loans at March 31, 2025 compared to $4.9 million, or 0.27% of total loans at December 31, 2024.
We increased total stockholders’ equity by $8.9 million, or 2.8%, to $327.2 million, or 16.92% of total assets as of March 31, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

Balance Sheet Summary

Total assets decreased $76.2 million, or 3.8%, to $1.9 billion at March 31, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in net loans of $87.3 million and decreases of $1.0 million in accrued interest receivable, partially offset by increases in cash and cash equivalents of $11.2 million and increases of $1.3 million in equity securities.

Cash and cash equivalents increased $11.2 million, or 14.3%, to $89.5 million at March 31, 2025 from $78.3 million at December 31, 2024. The increase in cash and cash equivalents was a result of a decrease of $87.3 million in net loans and an increase of $8.9 million in stockholders’ equity, partially offset by a decrease in deposits of $84.4 million.

Equity securities increased $1.3 million, or 5.9%, to $23.3 million at March 31, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $1.0 million in equity securities during the three months ended March 31, 2025 and market appreciation of $300,000 due to market interest rate volatility during the quarter ended March 31, 2025.

Securities held-to-maturity decreased $129,000, or 0.9%, to $14.5 million at March 31, 2025 from $14.6 million at December 31, 2024 due to $129,000 in maturities and pay-downs of various investment securities.

Loans, net of the allowance for credit losses, decreased $87.3 million, or 4.8%, to $1.7 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The decrease in loans consisted of decreases of $138.9 million in construction loans, $248,000 in non-residential loans, and $36,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $46.4 million in multi-family loans, $4.4 million in commercial and industrial loans, and $1.5 million in consumer loans.

During the quarter ended March 31, 2025, we originated loans totaling $170.1 million consisting primarily of $110.2 million in construction loans, $49.1 million in multi-family loans, $10.1 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $110.2 million in construction loans had 38.4% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

The allowance for credit losses related to loans increased to $5.1 million as of March 31, 2025, from $4.8 million as of December 31, 2024. The increase in the allowance for credit losses related to loans was due to recoveries totaling $352,000 and provision for credit losses totaling $62,000, offset by charge-offs totaling $117,000.

Premises and equipment increased $84,000, or 0.3%, to $24.9 million at March 31, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

Federal Home Loan Bank stock was $397,000, foreclosed real estate was $5.1 million, and property held for investment was $1.4 million at both March 31, 2025 and December 31, 2024.

Bank owned life insurance (“BOLI”) increased $167,000, or 0.6%, to $25.9 million at March 31, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

Accrued interest receivable decreased $1.0 million, or 7.9%, to $12.4 million at March 31, 2025 from $13.5 million at December 31, 2024 due to a decrease in the loan portfolio.

Right of use assets — operating decreased $145,000, or 3.6%, to $3.9 million at March 31, 2025 from $4.0 million at December 31, 2024, primarily due to amortization.

Other assets decreased $328,000, or 2.8%, to $11.3 million at March 31, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.7 million in tax assets and $10,000 in miscellaneous assets, partially offset by increases of $1.1 million in suspense accounts and $263,000 in prepaid expenses.

Total deposits decreased $84.4 million, or 5.1%, to $1.6 billion at March 31, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to decreases in certificates of deposit of $125.1 million, or 12.5%, and non-interest bearing deposits of $9.9 million, or 3.5%, partially offset by increases in NOW/money market accounts of $45.9 million, or 18.8%, and savings account balances of $3.3 million, or 2.4%. The decrease of $125.1 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $76.0 million, or 14.8%, and a decrease in brokered certificates of deposit of $54.8 million, or 12.6%, partially offset by an increase in non-brokered listing services certificates of deposit of $5.7 million, or 17.0%.

The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

Advance payments by borrowers for taxes and insurance increased $680,000, or 42.0%, to $2.3 million at March 31, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

Lease liability – operating decreased $136,000, or 3.3%, to $4.0 million at March 31, 2025 from $4.1 million at December 31, 2024, primarily due to amortization.

Accounts payable and accrued expenses decreased $1.3 million, or 8.7%, to $13.3 million at March 31, 2025 from $14.5 million at December 31, 2024 due primarily to a decrease in accrued expense of $2.8 million, partially offset by increases in dividends payable and other payables of $806,000, suspense accounts for loan closings of $346,000, and deferred compensation of $167,000. The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.8%, to $879,000 at March 31, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $101.4 million, or 18.0%, in off-balance sheet commitments.

Stockholders’ equity increased $8.9 million, or 2.8% to $327.2 million at March 31, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $10.6 million for the quarter ended March 31, 2025, an increase of $302,000 in earned employee stock ownership plan shares coupled with a reduction of $217,000 in unearned employee stock ownership plan shares, and the amortization expense of $478,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $2.7 million and $13,000 in other comprehensive loss.

Results of Operations for the Three Months Ended March 31, 2025 and 2024

Net Interest Income

Net interest income was $24.3 million for the three months ended March 31, 2025, as compared to $25.0 million for the three months ended March 31, 2024. The decrease in net interest income of $722,000, or 2.9%, was primarily due to an increase in interest expense that exceeded an increase in interest income and a decrease in the yield on interest earning assets that exceeded a decrease in the cost of funds for interest bearing liabilities.

Total interest and dividend income increased $86,000, or 0.2%, to $38.2 million for the three months ended March 31, 2025 from $38.1 million for the three months ended March 31, 2024. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $159.9 million, or 9.2%, to $1.9 billion for the three months ended March 31, 2025 from $1.7 billion for the three months ended March 31, 2024, partially offset by a decrease in the yield on interest earning assets by 72 basis points from 8.77% for the three months ended March 31, 2024 to 8.05% for the three months ended March 31, 2025.

Interest expense increased $808,000, or 6.2%, to $13.9 million for the three months ended March 31, 2025 from $13.1 million for the three months ended March 31, 2024. The increase in interest expense was due to an increase in average interest bearing liabilities of $149.7 million, or 12.2%, to $1.4 billion for the three months ended March 31, 2025 from $1.2 billion for the three months ended March 31, 2024, partially offset by a decrease in the cost of interest bearing liabilities by 24 basis points from 4.29% for the three months ended March 31, 2024 to 4.05% for the three months ended March 31, 2025.

Our net interest margin decreased 64 basis points, or 11.1%, to 5.11% for the three months ended March 31, 2025 compared to 5.75% for the three months ended March 31, 2024. The decrease in the net interest margin was due to a decrease in the yield on interest-earning assets that exceeded a decrease in the cost of funds on interest-bearing liabilities.

Credit Loss Expense

The Company recorded a credit loss expense of $237,000 for the three months ended March 31, 2025 compared to a credit loss expense reduction of $165,000 for the three months ended March 31, 2024. The credit loss expense of $237,000 for the three months ended March 31, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

The credit loss expense for loans of $62,000 for the three months ended March 31, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the three months ended March 31, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

The credit loss expense reduction of $165,000 for the three months ended March 31, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for held-to-maturity investment securities of $3,000, and a credit loss expense reduction for off-balance sheet commitments of $17,000. The credit loss expense reduction for loans of $145,000 for the three months ended March 31, 2024 was primarily attributed to favorable trend in the economy.

With respect to the allowance for credit losses for loans, we charged-off $117,000 during the three months ended March 31, 2025 as compared to charge-offs of $21,000 during the three months ended March 31, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

We recorded recoveries of $352,000 during the three months ended March 31, 2025 compared to no recoveries during the three months ended March 31, 2024. The recoveries of $352,000 during the three months ended March 31, 2025 comprised of recoveries of $350,000 regarding a previously charged-off non-residential mortgage loan and $2,000 from a previously charged-off unpaid overdraft on a demand deposit account.

Non-Interest Income

Non-interest income for the three months ended March 31, 2025 was $1.2 million compared to non-interest income of $554,000 for the three months ended March 31, 2024. The increase of $681,000, or 122.9%, in total non-interest income was primarily due to increases of $382,000 in unrealized gain/(loss) on equity securities, $278,000 in other loan fees and service charges, $11,000 in miscellaneous other non-interest income, and $10,000 in BOLI income.

The increase in unrealized gain/(loss) on equity securities was due to an unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 compared to an unrealized loss of $82,000 on equity securities during the three months ended March 31, 2024. The unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 was due to market interest rate volatility during the three months ended March 31, 2025.

The increase of $278,000 in other loan fees and service charges was due to an increase of $245,000 in other loan fees and loan servicing fees, an increase of $31,000 in ATM/debit card/ACH fees, and an increase of $2,000 in deposit account fees.

The increase in BOLI income of $10,000 was due to an increase in the yield on BOLI assets.

Non-Interest Expense

Non-interest expense increased $938,000, or 9.7%, to $10.6 million for the three months ended March 31, 2025 from $9.7 million for the three months ended March 31, 2024. The increase resulted primarily from increases of $582,000 in salaries and employee benefits, $221,000 in other operating expense, $98,000 in outside data processing expense, $40,000 in occupancy expense, $19,000 in real estate owned expense, and $14,000 in advertising expense, partially offset by a decrease of $36,000 in equipment expense.

Income Taxes

We recorded income tax expense of $4.1 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, we had approximately $204,000 in tax exempt income, compared to approximately $195,000 in tax exempt income for the three months ended March 31, 2024. Our effective income tax rates were 27.8% for the three months ended March 31, 2025 compared to 29.0% for the three months ended March 31, 2024.

Asset Quality

Non-performing assets were $5.1 million at March 31, 2025 and December 31, 2024, respectively. These non-performing assets consisted of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

Our ratio of non-performing assets to total assets remained low at 0.26% at March 31, 2025 as compared to 0.25% at December 31, 2024.

The Company’s allowance for credit losses related to loans was $5.1 million, or 0.30% of total loans as of March 31, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at March 31, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

In addition, at March 31, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

Capital

The Company’s total stockholders’ equity to assets ratio was 16.92% as of March 31, 2025. At March 31, 2025, the Company had the ability to borrow $941.3 million from the Federal Reserve Bank of New York, $15.5 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of March 31, 2025, the Bank had a tier 1 leverage capital ratio of 15.09% and a total risk-based capital ratio of 15.10%.

The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of March 31, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

About NorthEast Community Bancorp

NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

Forward Looking Statement

This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

CONTACT:		Kenneth A. Martinek
		Chairman and Chief Executive Officer

PHONE:		(914) 684-2500


NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

	March 31,			December 31,
	2025			2024
	(In thousands, except share
	and per share amounts)
ASSETS
Cash and amounts due from depository institutions	$	11,524		$	13,700
Interest-bearing deposits		77,934			64,559
Total cash and cash equivalents		89,458			78,259
Certificates of deposit		100			100
Equity securities		23,294			21,994
Securities held-to-maturity ( net of allowance for credit losses of $126 and $126, respectively )		14,487			14,616
Loans receivable		1,725,664			1,812,647
Deferred loan fees, net		(63	)		(49	)
Allowance for credit losses		(5,127	)		(4,830	)
Net loans		1,720,474			1,807,768
Premises and equipment, net		24,889			24,805
Investments in restricted stock, at cost		397			397
Bank owned life insurance		25,905			25,738
Accrued interest receivable		12,432			13,481
Real estate owned		5,120			5,120
Property held for investment		1,361			1,370
Right of Use Assets – Operating		3,856			4,001
Right of Use Assets – Financing		346			347
Other assets		11,257			11,585
Total assets	$	1,933,376		$	2,009,581
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	278,694		$	287,135
Interest bearing		1,307,321			1,383,240
Total deposits		1,586,015			1,670,375
Advance payments by borrowers for taxes and insurance		2,298			1,618
Lease Liability – Operating		3,972			4,108
Lease Liability – Financing		619			609
Accounts payable and accrued expenses		13,262			14,530
Total liabilities		1,606,166			1,691,240

Stockholders’ equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	$	—		$	—
Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively		140			140
Additional paid-in capital		110,871			110,091
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(5,870	)		(6,088	)
Retained earnings		221,858			213,974
Accumulated other comprehensive gain		211			224
Total stockholders’ equity		327,210			318,341
Total liabilities and stockholders’ equity	$	1,933,376		$	2,009,581


NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Quarter Ended March 31,
	2025		2024
	(In thousands, except per share amounts)
INTEREST INCOME:
Loans	$	36,882	$	36,703
Interest-earning deposits		1,081		1,200
Securities		244		218
Total Interest Income		38,207		38,121
INTEREST EXPENSE:
Deposits		13,933		12,394
Borrowings		–		731
Financing lease		10		10
Total Interest Expense		13,943		13,135
Net Interest Income		24,264		24,986
Provision for (reversal of) credit loss		237		(165	)
Net Interest Income after Provision for (Reversal of) Credit Loss		24,027		25,151
NON-INTEREST INCOME:
Other loan fees and service charges		740		462
Earnings on bank owned life insurance		167		157
Unrealized gain (loss) on equity securities		300		(82	)
Other		28		17
Total Non-Interest Income		1,235		554
NON-INTEREST EXPENSES:
Salaries and employee benefits		5,933		5,351
Occupancy expense		747		707
Equipment		217		253
Outside data processing		735		637
Advertising		102		88
Real estate owned expense		30		11
Other		2,855		2,634
Total Non-Interest Expenses		10,619		9,681
INCOME BEFORE PROVISION FOR INCOME TAXES		14,643		16,024
PROVISION FOR INCOME TAXES		4,076		4,650
NET INCOME	$	10,567	$	11,374


NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited)

	Quarter Ended March 31,
	2025			2024
	(In thousands, except per share amounts)
Per share data:
Earnings per share – basic	$	0.80		$	0.87
Earnings per share – diluted		0.78			0.86
Weighted average shares outstanding – basic		13,192			13,118
Weighted average shares outstanding – diluted		13,560			13,191
Performance ratios/data:
Return on average total assets		2.12	%		2.50	%
Return on average shareholders’ equity		12.98	%		15.88	%
Net interest income	$	24,264		$	24,986
Net interest margin		5.11	%		5.75	%
Efficiency ratio		41.64	%		37.91	%
Net charge-off ratio		(0.05	)%		0.00	%

Loan portfolio composition:		March 31, 2025			December 31, 2024
One-to-four family	$	3,436		$	3,472
Multi-family		253,018			206,606
Mixed-use		26,572			26,571
Total residential real estate		283,026			236,649
Non-residential real estate		29,198			29,446
Construction		1,287,225			1,426,167
Commercial and industrial		123,113			118,736
Consumer		3,102			1,649
Gross loans		1,725,664			1,812,647
Deferred loan fees, net		(63	)		(49	)
Total loans	$	1,725,601		$	1,812,598
Asset quality data:
Loans past due over 90 days and still accruing	$	–		$	–
Non-accrual loans		–			–
OREO property		5,120			5,120
Total non-performing assets	$	5,120		$	5,120

Allowance for credit losses to total loans		0.30	%		0.27	%
Allowance for credit losses to non-performing loans		0.00	%		0.00	%
Non-performing loans to total loans		0.00	%		0.00	%
Non-performing assets to total assets		0.26	%		0.25	%

Bank’s Regulatory Capital ratios:
Total capital to risk-weighted assets		15.10	%		13.92	%
Common equity tier 1 capital to risk-weighted assets		14.79	%		13.65	%
Tier 1 capital to risk-weighted assets		14.79	%		13.65	%
Tier 1 leverage ratio		15.09	%		14.44	%


NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Quarter Ended March 31, 2025								Quarter Ended March 31, 2024
	Average Balance			Interest and dividend		Average Yield			Average Balance			Interest and dividend		Average Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,767,849		$	36,882		8.35	%	$	1,612,343		$	36,703		9.11	%
Securities		36,751			235		2.56	%		33,848			197		2.33	%
Federal Home Loan Bank stock		397			9		9.07	%		842			21		9.98	%
Other interest-earning assets		93,476			1,081		4.63	%		91,552			1,200		5.24	%
Total interest-earning assets		1,898,473			38,207		8.05	%		1,738,585			38,121		8.77	%
Allowance for credit losses		(4,827	)							(5,091	)
Non-interest-earning assets		96,493								88,859
Total assets	$	1,990,139							$	1,822,353

Interest-bearing demand deposit	$	274,630		$	2,445		3.56	%	$	171,483		$	1,817		4.24	%
Savings and club accounts		138,903			730		2.10	%		182,771			1,202		2.63	%
Certificates of deposit		962,084			10,758		4.47	%		810,586			9,375		4.63	%
Total interest-bearing deposits		1,375,617			13,933		4.05	%		1,164,840			12,394		4.26	%
Borrowed money		–			10		0.00	%		61,092			741		4.85	%
Total interest-bearing liabilities		1,375,617			13,943		4.05	%		1,225,932			13,135		4.29	%
Non-interest-bearing demand deposit		270,874								291,909
Other non-interest-bearing liabilities		18,086								18,090
Total liabilities		1,664,577								1,535,931
Equity		325,562								286,422
Total liabilities and equity	$	1,990,139							$	1,822,353

Net interest income / interest spread				$	24,264		4.00	%				$	24,986		4.48	%
Net interest rate margin							5.11	%							5.75	%
Net interest earning assets	$	522,856							$	512,653
Average interest-earning assets
to interest-bearing liabilities		138.01	%							141.82	%

The MIL Network –

April 22, 2025

MIL-OSI Economics: Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

Source: GlobalData

Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

Posted in Power

The global nuclear power sector has witnessed steady growth in recent years, driven by the need for low-carbon baseload power, energy security, and a renewed interest in decarbonizing industrial sectors. New capacity additions, advancements in reactor technology with small modular reactors (SMRs) emerging as a transformative solution, and supportive policies have contributed to increased generation and reinforced the role of nuclear power in the energy transition. Against this backdrop, nuclear capacity is forecast to grow from 395GW in 2024 to 494GW by 2035, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Nuclear Power Market, Update 2025 – Market Size, Segmentation, Major Trends, and Key Country Analysis to 2035,” reveals that nuclear electricity generation will rise from 2,616 TWh to 3,410 TWh over 2024-35, reflecting a CAGR of 2%. While nuclear power accounted for around 9% of global electricity generation, countries with aging reactors have pursued lifetime extensions, while others have aggressively expanded their nuclear fleets, especially in Asia.

The US remains the world’s largest producer of nuclear power, with 97GW of installed capacity generating 787.6 TWh in 2024. France, which relies on nuclear for over 60% of its electricity, follows with 61.4GW and 333.3 TWh of annual generation. China, with the youngest and fastest-growing nuclear fleet, has expanded its capacity to 56GW, producing 386.1 TWh, surpassing France in total nuclear electricity generation.

Mohammed Ziauddin, Power Analyst at GlobalData, comments “The growing focus on energy security due to geopolitical tensions, increasing demand for low-carbon dispatchable power, government support through regulations and incentives such as grants, loan guarantees, production and investment tax credits (PTCs and ITCs), and market-based mechanisms like Contracts for Difference (CfDs), advancements in SMRs and next-gen technologies, and a surge in electricity demand from data centers are the major reasons behind the increasing adoption of nuclear energy worldwide.”

Unlike traditional large-scale nuclear reactors, SMRs offer compact designs, flexible deployment, and advanced safety features that make them well-suited for remote regions, smaller grids, and industrial applications. With capacities typically under 300MW, SMRs can be factory-fabricated, transported, and assembled on-site, significantly reducing construction time and costs.

The global SMR pipeline is expanding rapidly, with over 100 reactors at various stages of development. Although only a few SMRs are currently operational, primarily in Russia and China, the next decade is expected to bring a significant increase in new capacity, with more than 10,000MW anticipated by 2035. Countries such as the US, Canada, the UK, China, and Russia are leading the charge with diverse deployment strategies, marking SMRs as a key pillar in the global transition toward secure, low-carbon energy systems.

Zia concludes: “With growing concerns over climate change and energy security, nuclear power has re-emerged as a crucial pillar in the global energy transition. Governments across the world are implementing ambitious net-zero targets and investing in clean, dispatchable energy sources to decarbonize their economies. Nuclear energy, with its ability to provide reliable baseload power and reduce dependency on fossil fuels, is playing a vital role in this transition.

“As countries ramp up their focus on SMRs, lifetime extensions, and advanced nuclear technologies, the nuclear power market is poised for long-term growth, driven by the dual goals of energy resilience and climate neutrality.”

MIL OSI Economics –

April 22, 2025

MIL-OSI Security: Defendant Convicted of Five Armed Robberies and Attempted Robberies in Brooklyn, Staten Island, and New Jersey

Source: Office of United States Attorneys

A federal jury today convicted Tony Clanton, also known as “Tone,” on all counts of a superseding indictment charging him with Hobbs Act robbery conspiracy, two counts of Hobbs Act robbery, attempted Hobbs Act robbery, and use of firearms during crimes of violence. The charges arose from a string of robberies and attempted robberies committed at gunpoint by the defendant and co-conspirators. The verdict followed a six-day trial before United States District Judge Kiyo A. Matsumoto. When sentenced, Clanton faces a mandatory minimum term of 25 years in prison and up to life in prison.

John J. Durham, United States Attorney for the Eastern District of New York; Terence G. Reilly, Acting Special Agent in Charge, Federal Bureau of Investigation, Newark Field Office (FBI); and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the verdict.

“Over a six-month period, Clanton directed a cruel and violent spree in New York City and New Jersey that left terrorized robbery victims in his wake, including two children who watched as their parents were shot at or menaced with guns,” stated United States Attorney Durham. “Thanks to exceptional investigative work by the FBI and the NYPD, the defendant was identified, apprehended, and rightly convicted today by jurors who were presented with a mountain of evidence that demonstrated his crime wave and overwhelmingly proved his guilt.”

Mr. Durham also thanked the Edison, New Jersey Police Department for their valuable assistance on the case.

“Tony Clanton is a serial violent criminal who has gone to great lengths to terrorize his victims in the pursuit of monetary gain. The FBI won’t rest until violent organized criminals are taken off the street so victims and others in the community may sleep soundly, and know justice has been served,” stated FBI Newark Acting Special Agent in Charge Reilly. “The FBI’s Safe Streets Task Forces spearhead countless cases similar to this one. But with each case, there are victims. All our efforts are for them.”

“Tony Clanton terrorized communities throughout New York City — holding victims at gunpoint in front of their children, firing recklessly, even impersonating a federal agent,” said NYPD Commissioner Jessica S. Tisch. “Thanks to the outstanding work of NYPD investigators, in partnership with the FBI and the U.S. Attorney’s Office, he’s now been brought to justice. This conviction ends a violent spree that had no place in our city. And we will continue working with our partners to make sure criminals like this are held accountable.”

As proven at trial, Clanton orchestrated a series of violent robberies at gunpoint in the Eastern District of New York and in New Jersey between January 2023 and July 2023. After he was indicted, Clanton removed his ankle monitor and fled the district two weeks before a previously scheduled trial date and went on the run for five weeks. While he was a fugitive, Clanton fled from two police officers who pulled him over, presented fake identification documents, and searched on the Internet for how to fake his own death.

January 20, 2023 Home Invasion in Staten Island

Clanton orchestrated an attempted robbery in which a co-conspirator, wearing a white hazmat suit, gloves, and standing in the vestibule of an apartment building with a can of paint, accosted Victim-1, who was entering the vestibule with his 10-year-old son. The co-conspirator pointed a silver revolver at Victim-1 and said, “Don’t make this a homicide,” struck Victim-1 in the head with the gun, and fired a shot. Clanton, who was also armed with a gun, grabbed Victim-1’s keys and tried unsuccessfully to open Victim-1’s apartment door. Clanton and his co-conspirator then fled in a U-Haul van.

June 3, 2023 Robbery of a Smoke Shop in Staten Island

Clanton orchestrated the robbery of an employee (Victim-2) of a smoke shop in Annadale, Staten Island as he was closing the store for the night. As his co-conspirators brandished firearms and robbed the smoke shop, Clanton monitored a police scanner radio and maintained cell phone contact with his accomplices to warn them that the police were on the way. They restrained Victim-2 with zip ties and pressed a gun to the back of his head. The robbers took approximately $4,000 in cash, packages of cigarettes, and a quantity of marijuana.

June 24, 2023 Attempted Robbery of a Car Buyer in Staten Island

Clanton orchestrated a robbery in which he pretended he was selling his Mercedes-Benz automobile to a prospective buyer (Victim-3). While Clanton waited in the area, two of Clanton’s co-conspirators tried to rob Victim-3. With Victim-3’s teenage son watching from the doorway, one of the co-conspirators attempted to rob Victim-3 at gunpoint. Victim-3 fled into his home and slammed the door shut before the co-conspirator could barge inside. That co-conspirator then fled the scene with Clanton as the get-away driver.

June 27, 2023 Attempted Robbery of the Owners of a Jewelry Store in New Jersey

Clanton and a co-conspirator attempted to rob the husband (Victim-4) and wife (Victim-5) owners of an Edison, New Jersey jewelry store outside their home. Clanton identified Victim-4 and Victim-5 as potential targets and conducted surveillance on them for over a week before the attempted robbery. During the attempted robbery, Clanton and his co-conspirator were wearing jackets with the letters “FBI,” badges that said “FBI,” and hats identifying themselves as law enforcement agents that Clanton had previously ordered from Amazon. When the victims pulled into their driveway, Clanton and his co-conspirator ordered them out of the car at gunpoint. Realizing Clanton and his co-conspirator were not FBI agents, the victims sped away and escaped unharmed.

July 12, 2023 Robbery of the Owner of an Ice Cream Store in Brooklyn

Clanton and a co-conspirator waited outside a TD Bank in Brooklyn for the victim (Victim-6) to leave with a bag of cash. They followed Victim-6 to his home where the co-conspirator took a bag containing over $6,000 at gunpoint.

The government’s case is being handled by the Office’s Organized Crime and Gangs Section. Assistant United States Attorneys Andrew M. Roddin and Matthew Skurnik are in charge of the prosecution with the assistance of Paralegal Specialist Timothy Migliaro.

The Defendant:

TONY CLANTON (also known as “Tone”)
Age: 51
Staten Island, New York

E.D.N.Y. Docket No. 23-CR-328 (S-1) (KAM)

MIL Security OSI –

April 22, 2025

MIL-OSI United Nations: [UNDRR-CCFLA-MCR2030] Investing in Urban Climate Resilience: From Project Preparation to Implementation

Source: UNISDR Disaster Risk Reduction

Time: 09:00 London | 17:00 Incheon
Date: 22 May 2025 (Thursday)
Event Language: English

Description

Cities face many critical challenges in accessing financial resources for adaptation and resilience projects, including for disaster response and preparedness. Among these are challenges with the capacity of cities to develop investible adaptation and resilience projects and implement technical solutions to climate hazards.

This one-hour webinar aims to provide attendees with an understanding of the landscape of urban climate finance, introduce the project preparation process, and share examples of successful implementation of adaptation and resilience actions in global cities. The session will also showcase tools available by the Cities Climate Finance Leadership Alliance (CCFLA) and its members that city and subnational governments can use to enhance their project preparation capacity and develop investible projects to enhance their resilience to climate hazards and disasters.

Hosted by the United Nations Office for Disaster Risk Reduction Global Education and Training Institute (UNDRR GETI), the webinar is open to local government officials and relevant stakeholders, especially those responsible for disaster and climate actions and seeking next steps towards accessing finance for implementation.

Guest Speakers:

Kristiina Yang, Manager, CCFLA
Alastair Mayes, Program Associate, CCFLA

Organizers:

Cities Climate Finance Leadership Alliance (CCFLA)
United Nations Office for Disaster Risk Reduction, Global Education and Training Institute (UNDRR GETI)
Making Cities Resilient 2030 (MCR2030)

About the organizers

Cities Climate Finance Leadership Alliance (CCFLA)

CCFLA is the main multi-level and multi-stakeholder coalition aimed at closing the investment gap for urban subnational climate projects and infrastructure worldwide, launched at the United Nations Secretary General’s Climate Summit in September 2014 and renewed at the United Nations Secretary General’s Climate Summit in September 2019. CCFLA provides a platform to convene and exchange knowledge among all relevant actors dedicated to urban development, climate action, and/or financing.

CCFLA’s 80+ members include public and private finance institutions, national governments, international organizations, NGOs, research groups, UN organizations, and city and regional networks that represent most of the world’s largest cities. CCFLA works across several key thematic areas including tracking urban climate finance, project preparation, urban adaptation and resilience finance, private sector mobilization, and public sector and enabling environments.
The CCFLA Secretariat is hosted by Climate Policy Initiative (CPI).

For more information: https://citiesclimatefinance.org

UNDRR Global Education and Training Institute (UNDRR GETI)

UNDRR GETI was established in 2010 to develop a new cadre of professionals in disaster risk reduction and climate change adaptation to build disaster resilient societies. GETI has a global mandate to provide capacity building support to mainstream disaster risk reduction and climate change adaptation into sustainable development; convene and support inter-city learning to strengthen resilience (Making Cities Resilient); and to provide capacity building and best practice sharing support to national training institutions working on resilience issues. Based in Incheon, the Republic of Korea, UNDRR GETI is also the global secretariat of the Making Cities Resilient 2030 (MCR2030).

For more information: https://www.undrr.org/about-undrr-where-we-work/incheon

Making Cities Resilient 2030 (MCR2030)

The Making Cities Resilient 2030 (MCR2030) is a unique cross-stakeholder initiative for improving local resilience through advocacy, sharing knowledge and experiences, establishing mutually reinforcing city-to-city learning networks, injecting technical expertise, connecting multiple layers of government and building partnerships. Through delivering a clear 3-stage roadmap to urban resilience, providing tools, access to knowledge, monitoring and reporting tools. MCR2030 will support cities on their journey to reduce risk and build resilience. MCR2030 aims to ensure cities become inclusive, safe, resilient and sustainable by 2030, contributing directly to the achievement of Sustainable Development Goal 11 (SDG11) “Make cities and human settlements inclusive, safe, resilient and sustainable”, and other global frameworks including the Sendai Framework for Disaster Risk Reduction, the Paris Agreement and the New Urban Agenda.

For more information: https://mcr2030.undrr.org

MIL OSI United Nations News –

April 22, 2025

MIL-OSI Asia-Pac: Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

Source: Government of India

Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

Sarbananda Sonowal inaugurate renovated Fire Memorial at Victoria Docks along with two other heritage buildings in Colaba; Boost to Green Port Initiatives with Shore to Ship Electric Supply along with ‘Sagar Upavan’ Garden

Sarbananda Sonowal attends MoU signing Ceremony for Three Agreements on Strategic Development of Vadhavan Port, aimed at Port Infra Development and Cargo Handling Facilities

Sarbananda Sonowal attends MoU signing ceremony for infra projects development worth ₹5700 crores at Vadhavan Port

Posted On: 21 APR 2025 6:43PM by PIB Delhi

The Union Minister of Ports, Shipping and Waterways (MoSPW), Shri Sarbananda Sonowal flagged off Cruise Operations from the Mumbai International Cruise Terminal (MICT), India’s largest cruise terminal, in Mumbai today. The Union Minister also inaugurated renovated Fire Memorial at Victoria Docks as well as renovated two heritage buildings — Fort House Ballard Estate and Evelyn House at Colaba. Sonowal also inaugurated Sagar Upvan garden along with Shore to Ship Electric Supply under Green Port Initiative.

The MICT, developed as per Cruise Bharat Mission, was developed as per latest global standards and is expected to take a pioneering role in developing cruise tourism in India. Spread over a built up area of more than 4,15,000 Square Feet, the MICT is developed at Ballard Pier. MICT is India’s largest world class cruise terminal. Equipped with 72 Check in and Immigration counters spreading over an area of 2,07,000 Square Feet on the first two floors (G+1) while the other two floors (2 + 3) are developed as Commercial Floors. The newly inaugurated MICT is designed to handle 1 million passengers every year with an approximate 10,000 passengers per day. It can also handle 5 ships simultaneously, with 11 meters draft and upto 300 meters length. At the parking space, more than 300 vehicles can be parked simultaneously.

Speaking on the commencement of Cruise Service from MICT, the Union Minister said, “The maritime history of Mumbai is rich and an integral part of our civilisation. As a coastal hub, it has served the nation handsomely with its bustling coastal business. It is only logical that we work towards realising Prime Minister Shri Narendra Modi ji’s vision of ‘Bharat becoming a global cruise hub through its state-of-the-art infrastructure.’ Today, Mumbai, with its longstanding repute as a major maritime hub in the world, commenced Cruise Operations from the Mumbai International Cruise Terminal, providing passengers modern amenities for a better and safer experience. This adds to our existing such top class international terminals at Visakhapatnam and Chennai. In order to celebrate the heroic contribution of Mumbai Port Fire Services personnel, the newly renovated Fire Memorial at Victoria Docks celebrates their distinctive service to the nation.”

MICT has been designed with a wavy ceiling reflecting the maritime identity with functional and minimalist architecture. MICT blends modern design with Mumbai’s maritime spirit—featuring fluid architecture, rose gold accents, and a sweeping ceiling. From heritage-inspired entry to sleek interiors with wave seating, selfie points, and maritime plaques, it offers a serene yet vibrant gateway to India’s emerging global cruise hub. MICT will provide enhanced passenger experience and position Mumbai as one of major hub for cruise tourism hub. The total investment in the MICT project has been ₹556 crores.

Elaborating on the vision of Cruise Bharat Mission, the Union Minister Shri Sarbananda Sonowal said, “PM Narendra Modi ji’s call for port-led prosperity has redefined our maritime ambitions. we also give momentum to the ‘Cruise Bharat Mission’—our resolve to make Bharat one of the top cruise destinations in the world. The mission embraces three pillars—Ocean and Harbour Cruises, River and Inland Cruises, and Island and Lighthouse Cruises. With a comprehensive strategy that combines digital ease, circuit integration, environmental sustainability, and global partnerships, This is India’s cruise awakening—bold, inclusive, and future-ready. Under the visionary leadership of hon’ble Prime Minister Shri Narendra Modi ji, India’s maritime sector has witnessed an astonishing transformation. it is the story of an India that believes in its potential and invests in its people.”

The renovated Fire Memorial at Victoria Docks, which was inaugurated by the Minister, is a solemn tribute to the Mumbai Port Fire Services personnel for their distinctive service to the nation. The fire memorial is renovated with “Golden Tears” theme as the tragic event which rained golden bricks were blown in the surrounding area of Port. To promote heritage and tourism, façade lighting was inaugurated at two iconic heritage buildings of MbPA – Port House at Ballard Estate and Evelyn House at Colaba — adding to the aesthetic and historical appeal of the city’s legacy.

In a boost to Green Port Initiative, the Shore to Ship Electric Supply at MbPA will help Tug boats and Coast Guard vessels, reduce emissions, bring in operational efficiency and reduce noise pollution. MbPA’s commitment to environmental sustainability and modernisation of port infrastructure, providing shore-based electric power will significantly enhance energy efficiency and operational cleanliness.

The rejuvenated Sagar Upvan Garden at Colaba was also inaugurated today. With support from Tata Trusts, the MbPA undertook extensive repair and enhancement works, including the restoration of the compound wall, construction of facilities for gardeners, along with a 25000 KLD Sewage Treatment Plant. Rich with more than 500 varieties of plants, it has scenic views of the Arabian Sea as well as Sassoon Docks. It has lush green lawns, sea-facing benches, and pathways ideal for jogging and walking along with a living laboratory for botany students and nature enthusiasts.

Union Minister Shri Sonowal also attended MoU signing ceremony for development of Infrastructure projects with investment worth of more than ₹5700 crores at Vadhavan Port, today. The agreements were signed for development of a terminal for handling container, bulk, and liquid cargo with investment of ₹4200 crores, development of a dedicated terminal for handling bulk and liquid cargo with an investment of ₹1,000 crores and development of a liquid cargo jetty and a tank farm with a capacity of 3,00,000 CBM for handling liquefied chemicals and related products with an investment of ₹500 crores.

Speaking at the MoU signing ceremony, Shri Sarbananda Sonowal said, “Our dynamic leader, Prime Minister Narendra Modi ji has given us a vision of transforming Vadhavan Port to become one of the Top 10 Global ports. As Vadhavan Port project is likely to power up India’s current capacity by more than three times, this is all weather, green field deep draft major port is going to act as a game changer for not only India’s maritime sector, but also enable regional trade. As India is poised to become a Viksit Bharat by 2047, this port is likely to act as a major growth multiplier. In this regard, the MoUs signed today adds towards creation of infrastructure and capacity of the Vadhavan port and helps us take another step towards realising the vision of PM, Shri Narendra Modi ji.”

The inauguration of fuel dispensing infrastructure — including two HSD units, one gasoline unit, and a fast electric vehicle (EV) charger — further bolsters the port’s push towards sustainable mobility within the operational area. The event also included the formal handover of key land assets. A charge certificate of the plot at Malet Bunder was handed over to JNPA for its corporate building. Another plot at Reay Road was transferred to the Hare Krishna Mission for social and community activities. Additionally, the E Shed at Mumbai Port was handed over to M/s Ruchi India Logistics to strengthen port-led logistics operations.

Speaking on the occasion, the Union Minister of State, MoPSW, Shri Shantanu Thakur said, “The launch of the new cruise service in Mumbai, restoration of Mumbai’s maritime heritage buildings, and green port initiatives mark a transformative step forward in realising Prime Minister Shri Narendra Modi ji’s vision of a sustainable, vibrant, and tourism-driven maritime economy that honours our past while embracing a cleaner, greener future. These efforts boost coastal tourism and urban renewal. They also reinforce India’s maritime leadership globally.”

The Cruise Bharat Mission has set ambitious yet achievable goals like Development of 10 international sea cruise terminals, creation of 100 river cruise terminals, Launch of 5 marinas along our coast, Seamless integration of more than 5000 km of waterways, Aiming for 1 million sea cruise passengers and 1.5 million river cruise passengers by 2029, creation of over 400 thousand direct and indirect jobs across the cruise value chain. Since 2014, the government under the leadership of PM Shri Narendra Modi, has led to a transformation of the maritime sector. The cargo handled at the major port cargo surged from 556 MMT in 2014 to 854 MMT in 2024-25 while costal cargo grew by 119%. The inland water cargo rose from 6.89 MMT to 133 MMT—a leap of over 1800%. The cruise passengers increased from 85,000 in 2014 to 4.71 lakh today, a phenomenal growth of 454%.

Union Minister Shri Sarbananda Sonowal, who graced the occasion as the Chief Guest, was joined by Shri Shantanu Thakur, Union Minister of State, MoSPW as the Guest of Honour along with Susil Kumar Singh (IRSME), Chairman, Mumbai Port Authority (MbPA); Adesh Titarmare, IAS, Deputy Chairman, MbPA; Unmesh Sharad Wagh, IRS, Chairman, Jawaharlal Nehru Port Authority (JNPA) and Dhruv Kotak, Managing Director, J.M. Baxi among other dignitaries and senior officials of the MoPSW and MbPA.

***

GDH/HR

(Release ID: 2123251) Visitor Counter : 43

MIL OSI Asia Pacific News –

April 22, 2025

MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda chairs breakaway session, “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during Civil Services Day Celebrations in New Delhi

Source: Government of India

Union Health Minister Shri JP Nadda chairs breakaway session, “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during Civil Services Day Celebrations in New Delhi

Two pillars of Ayushman Bharat – AAM and AB PMJAY are a result of a very well-thought process which started in 2015 and culminated with the adoption of the National Health Policy in 2017: Shri JP Nadda

“National Health Policy 2017 is the first such policy covering all aspects of healthcare holistically”

Highlights need for enhancing capacity of health administrators to ensure timely and effective decision making, enhancing capacity of ASHA and community health workers, strengthening hub-and-spoke model of digital health intervention and monitoring and assessment of health impacts

Ayushman Bharat encompass the philosophy of Universal Health Care and also builds the pathway to achieve UHC: Dr VK Paul

“Thanks to AB PMJAY, hospitalization rates in India has increased by 40% and out-of-pocket expenditure has decreased from 64% in 2013-14 to 39.4% in 2021-22”

Posted On: 21 APR 2025 6:42PM by PIB Delhi

Union Health and Family Welfare Minister Shri Jagat Prakash Nadda chaired a breakaway session titled “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during the Cvil Services Day celebrations, here today. Dr V K Paul, Member (Health), NITI Aayog was also present.

Addressing the gathering, Shri JP Nadda stated that providing affordable and quality healthcare to every poor person in the country is a priority of the central government and the two pillars of Ayushman Bharat initiative – Ayushman Arogya Mandir and AB PMJAY (Pradhan Mantri Jan Arogya Yojana) are a result of a very well-thought process. “The consultations started in 2015, zonal conferences were held in 2016 and in 2016, the National Health Policy was laid out which is first such policy covering all aspects of healthcare holistically”, he stated.

Shri Nadda highlighted that the government’s expenditure on healthcare has increased from 29% in 2014 to 48% today leading to decline in out-of-pocket expenditure of people. He stated that screening of communicable and non-communicable diseases in Ayushman Arogya Mandir and expanding the package of services being provided there has helped in providing preventive and promotive healthcare and addressing the growing concern of lifestyle diseases. “Health facilities are being encouraged to undertake self-assessment under the Indian Public Health Standards 2022 and National Quality Assurance Standards (NQAS)”, he stated.

The Union Health Minister also highlighted the need for enhancing capacity of health administrators to ensure timely and effective decision making, working on the program implementation plans, enhancing the capacity of ASHA workers and community health workers, strengthening and institutionalizing the hub-and-spoke model of digital health intervention and monitoring and assessment of health impacts.

Union Health Minister stated that the narrative that there is less funding for the health sector will soon end. He stated that while the Central Govt is providing it’s share of funding, there is lack of absorption in the states.

Shri Nadda urged the young officers to have an impact survey done of the benefits that have accrued from the programmes of the Health Ministry at the ground level.

He concluded his address by stating that while there has been a tremendous progress in healthcare in the last 10 years, the government is committed towards providing affordable, accessible, equitable and quality healthcare for all.

Speaking on the occasion, Dr V K Paul stated that the underlying motivation behind today’s paradigm for health is achieving the goal of Universal Health Coverage (UHC), i.e., to ensure that every citizen has access to quality healthcare without financial hardship. He stated that health coverage today not only entails curative treatment but also promotive, preventive, palliative, rehabilitative and therapeutic. “The two pillars of Ayushman Bharat initiative – Ayushman Arogya Mandir and AB PMJAY encompass the philosophy of UHC and also builds the pathway to achieve UHC.”

Dr Paul stated that “as many as 90% of essential interventions for UHC can be delivered through primary healthcare systems” and “an estimated 75% of projected health gains under the SDGs can be achieved through primary healthcare system”. He highlighted that countries with strong primary healthcare have higher life expectancy, better health outcomes, lower medication use and overall lower medical costs. “Because of this, the National Health Policy attaches prime importance to this and commits two-third of financial resources to primary healthcare system.”

Dr Paul highlighted that thanks to AB PMJAY, hospitalization rates in India has increased by 40%. “The out-of-pocket expenditure has decreased from 64% in 2013-14 to 39.4% in 2021-22”, he stated. He stated that these figures highlight that the two pillars of Ayushman Bharat are serving their purpose. He concluded his address by urging the different ministries and departments of the Union Government to work in coordination for achieving health goals.

Smt. Punya Salila Srivastava said that India’s dream of Viksit Bharat cannot be attained without achieving ‘Swasthya Bharat’. She stated that healthcare sector has seen a significant uplift in the last decade with the launch of initiatives like Ayushman Bharat. She stated, “Ayushman Bharat is based on providing continuum of care from providing comprehensive primary healthcare through Ayushman Arogya Mandir with referral and research linkages for follow-up to secondary and tertiary healthcare. AB PMJAY falls under the second pillar. To enable the referral linkages, there is the Ayushman Bharat Digital Mission (ABDM) which falls under the third pillar and the PM ABHIM (Pradhan Mantri Ayushman Bharat Health Infrastructure Mission) comes under the last pillar to address infrastructure gaps.”

The Union Health Secretary gave an overview of the health system strengthening approach under the National Health Mission which operates under three broad pillars: Reproductive, Maternal, Newborn, Child, Adolescent Health and Nutrition; Communicable Diseases and Non-Communicable Diseases.

She highlighted India’s success in decline of Maternal Mortality Ratio (MMR) which is more than double that of the global decline. “Similarly, India’s decline in Infant Mortality Rate (IMR) and Under 5 Mortality Rate (U5MR) is also much higher than the global decline”, she stated. She also highlighted that 31 states have achieved replacement level of fertility as per NFHS-5. Smt. Srivastava informed that these successes are the result of developing very comprehensive primary healthcare system by strengthening our primary healthcare centres and sub-centres and developing them as Ayushman Arogya Mandirs.

Smt. Gayatri A. Rathore, Principal Secretary of Medical & Health and Family Welfare, Govt. of Rajasthan; Smt. L S Changsan, Addl. Secretary, Union Health Ministry; Smt. Aradhana Patnaik, Addl. Secretary and Mission Director (NHM), Union Health Ministry; Shri Saurabh Jain, Joint Secretary, Union Health Ministry and senior officers of the Union Government were present on the occasion.

*****

MV

HFW/HFM Civil Services Day Address/21 April 2025/2

(Release ID: 2123250) Visitor Counter : 39

MIL OSI Asia Pacific News –

April 22, 2025

MIL-OSI Asia-Pac: Two-day International Conclave organized by the International Buddhist Confederation (IBC) in collaboration with the Ministry of Culture in Arunachal Pradesh

Source: Government of India

Two-day International Conclave organized by the International Buddhist Confederation (IBC) in collaboration with the Ministry of Culture in Arunachal Pradesh

Namsai rich in Buddhist Heritage: ideal Centre for a Buddhist Circuit in North- East: Shri Chowna Mein, Deputy Chief Minister

Over 300 participants including heads of Sanghas, Bhikkus, Bhikkhunis, Academicians and Representatives from Bhutan, Myanmar, Cambodia participated in the Seminar

Posted On: 21 APR 2025 5:18PM by PIB Delhi

Rooted in centuries old Buddhist culture and traditions, Namsai, a district in the extreme end of Arunachal Pradesh is a unique example of how an ancient way of life is still being practised here even today, explained Mr Chowna Mein, the Deputy Chief Minister of Arunachal Pradesh at the international Conclave on Buddha Dhamma and the Culture of North- East India.

Making a strong case for initiating a Buddhist tourism circuit in the state, he said “our culture is deeply rooted in socio-religious festivals, we recently concluded the Songpa Water Festival, a Buddhist festival celebrated by the Khamti community in Arunachal Pradesh, specifically in Namsai and other areas like Changlang and Itanagar, where visitors from overseas were invited to participate. It was a grand success. He added that there were several important ancient pilgrimage sites associated with Buddhism in the state too.

In fact, his tribe the Tai Khamtis were the first, according to him, to wage the first war of independence against the British in 1839. He mentioned that “We defeated the British in the Anglo- Khamti war, and as a result of this subsequently, the British burnt down our villages and scatter our tribe in several areas of North East.”

According to Mr Mein, they have preserved the Pali language through their Khamti script. In fact, there are just two ancient scripts in the State: theirs (the Lic Tai) and the Bhoti. Even the Ramayan and Mahabharat are written in the Khamti script (Lic Tai).

The Deputy Chief Minister also explained the enormous “good work” the Mahabodhi Society was undertaking in the region and he was hoping the region would get a skill development centre for empowerment of the youth of the region.

He was speaking at the 2-day International Conclave organized by the International Buddhist Confederation (IBC) in collaboration with the Ministry of Culture and supported by the government of Arunachal Pradesh and the Mahabodhi Society of Namsai. There were over 300 participants including heads of Sanghas, Bhikkus and Bhikkhunis, eminent members of the society, political representatives, professors, academicians from the Northeast and other regions _attending the event. Representatives from Bhutan, Myanmar, Cambodia participated in the seminar sessions, while the Consul General of Bhutan in Guwahati Mr Jigme Thinly Namgyal, addressed the congregation in the inaugural session.

Emphasizing the “our dharma is our culture; which is our way of life,”Mr Zingnu Namchoom, MLA Namsai explained that even in our weddings the Buddha’s teachings are given on how to lead our married life in society. Buddhism is in our blood stream, he noted. The dhamma address was presented by Most Ven. Aggadhamma Bhaddanta, Chief Abbot of the Pariyatti Sasana Buddha Vihara, Namsai.

The Secretary General of IBC Shartse Khensur Jangchup Choeden Rinpoche welcomed the guest and the Director General of IBC Mr Abhijit Halder, explained the details of the event and presented the concluding remarks. The sessions will include discussions on the following topics: Historical relevance of Buddha Dhamma in the North-East of India, Art, Culture & Heritage of Buddhist Communities and a special Session on the Cultural Impact on Buddhists in the region.

Special prayers and chanting will be held tomorrow at the Golden Pagoda for the victims of the recent earthquake in Myanmar and Thailand. This will be followed by a session on Vipassana.

****

Sunil Kumar Tiwari

pibculture[at]gmail[dot]com

(Release ID: 2123208) Visitor Counter : 98

MIL OSI Asia Pacific News –

April 22, 2025

MIL-OSI Asia-Pac: India’s DBT: Boosting Welfare Efficiency

Source: Government of India

India’s DBT: Boosting Welfare Efficiency

Report Reveals ₹3.48 Lakh Crore in Savings and 16-Fold Increase in Beneficiaries

Posted On: 21 APR 2025 5:01PM by PIB Delhi

Introduction

India’s Direct Benefit Transfer (DBT) system has helped the country save an estimated ₹3.48 lakh crore till 2024 by plugging leakages in welfare delivery, according to a new quantitative assessment by the BlueKraft Digital Foundation. The report also finds that subsidy allocations have been halved from 16 percent to 9 percent of total government expenditure since the implementation of DBT, reflecting a major improvement in the efficiency of public spending.

The assessment evaluates data from 2009 to 2024 to examine the impact of DBT on budgetary efficiency, subsidy rationalisation, and social outcomes. It shows how the shift from paper-based disbursals to direct digital transfers has ensured that public funds reach the people they are meant for. One of the key features of DBT is the use of the JAM trinity, which stands for Jan Dhan bank accounts, Aadhaar unique ID numbers and mobile phones. This framework has enabled targeted and transparent transfers on a massive scale.

To capture the full extent of its impact, the report introduces a Welfare Efficiency Index. This index combines fiscal outcomes such as savings and reduced subsidies with social indicators like the number of beneficiaries reached, offering a clear picture of how well the system is working. The index has risen nearly threefold from 0.32 in 2014 to 0.91 in 2023, reflecting a sharp increase in both effectiveness and inclusion.

At a time when governments across the world are rethinking how to strengthen social protection, the DBT model presents valuable lessons in aligning financial prudence with equitable governance.

Key Findings

Budgetary Allocation Trends

The data on subsidy allocations reveals a significant shift post-DBT implementation, highlighting improvements in fiscal efficiency despite a surge in beneficiary coverage.

Pre-DBT Era (2009–2013): Subsidies averaged 16% of total expenditure, amounting to ₹2.1 lakh crore annually, with considerable leakages in the system.
Post-DBT Era (2014–2024): Subsidy expenditure decreased to 9% of total expenditure in 2023-24, while beneficiary coverage surged 16-fold from 11 crore to 176 crore.
COVID-19 Outlier: A temporary spike in subsidies occurred during the 2020–21 fiscal year due to emergency fiscal measures. However, efficiency rebounded following the pandemic, further validating the system’s long-term effectiveness.

Subsidy Allocation Trends (2009-2024)

The reduction in subsidy burden, despite a significant increase in coverage, underscores DBT’s role in optimising fiscal allocations. By eliminating ghost beneficiaries and middlemen, the system redirected funds to genuine recipients without proportional increases in the budget.

Sectoral Analysis

A detailed breakdown of sector-specific impacts shows how DBT has particularly benefited high-leakage programmes.

Food Subsidies (PDS): ₹1.85 lakh crore saved, accounting for 53% of total DBT savings. This was largely due to Aadhaar-linked ration card authentication.
MGNREGS: 98% of wages were transferred timely, saving ₹42,534 crore through DBT-driven accountability.
PM-KISAN: ₹22,106 crore saved by deleting 2.1 crore ineligible beneficiaries from the scheme.
Fertilizer Subsidies: Sales of 158 lakh MT of fertiliser were reduced, saving ₹18,699.8 crore through targeted disbursement.

Sectoral Impact Analysis

These sector-specific savings highlight DBT’s disproportionate impact on high-leakage programs, such as food subsidies and wage schemes like MGNREGS. The system’s role in biometric authentication and direct transfers has been crucial in improving efficiency and curbing misuse.

Correlation and Causality Findings

The correlation analysis further underscores the effectiveness of DBT in improving welfare delivery.

Strong Positive Correlation (0.71): There is a strong positive correlation between beneficiary coverage and DBT savings, signifying that as coverage expanded, savings increased.
v Negative Correlation (-0.74): There is a significant negative correlation between subsidy expenditure as a percentage of total expenditure and welfare efficiency, highlighting the reduction in waste and leakages facilitated by DBT.

Heat-map showing correlation between key variables

The heat-map analysis quantifies the relationship between budget allocations, DBT savings, and welfare efficiency. As DBT savings increased, subsidy allocations decreased, demonstrating that DBT improved targeting while reducing leakages. This enabled the government to expand welfare programs, reaching more beneficiaries without increasing fiscal outlays. The inverse relationship between subsidy expenditure and efficiency challenges critiques of “declining welfare spending” and affirms DBT’s role as a powerful tool for fiscal optimisation.

Welfare Efficiency Index (WEI)

As part of the methodology for assessing the impact of the Direct Benefit Transfer (DBT) system, the Welfare Efficiency Index (WEI) was developed as a composite metric to measure efficiency gains across various dimensions. The WEI comprises three weighted components:

DBT Savings (50% weight): This component captures the direct reduction in leakage, normalised against the maximum observed savings of ₹3.48 lakh crore.

Subsidy Reduction (30% weight): Measures the decline in subsidy expenditure as a percentage of the total national budget.

Beneficiary Growth (20% weight): Assesses the expansion in the number of beneficiaries, adjusted for population growth.

The rise in the WEI from 0.32 in 2014 to 0.91 in 2023 quantifies systemic improvements, emphasising that efficiency gains stem from multi-dimensional factors—not merely budget cuts. This index provides a replicable model for global policymakers to evaluate welfare reforms.

The WEI surged, driven by:

DBT Savings (50% weight): ₹3.48 lakh crore cumulative leakage reduction.
Subsidy Reduction (30% weight): A decline from 16% to 9% of total expenditure.
Beneficiary Growth (20% weight): A 16-fold expansion in coverage.

Conclusion

The Direct Benefit Transfer (DBT) system has proven to be a transformative tool for India’s welfare delivery, significantly enhancing the efficiency of public spending and expanding the reach of social benefits. Over the past decade, DBT has not only reduced fiscal leakages by ₹3.48 lakh crore but also ensured that subsidies are better targeted, with a marked decline in subsidy allocations as a percentage of total expenditure. The rise in the Welfare Efficiency Index (WEI) underscores the success of DBT in optimizing fiscal resources while broadening coverage for millions of beneficiaries. The sectoral savings, particularly in high-leakage programs like food subsidies, MGNREGS, and PM-KISAN, illustrate how the system’s integration of Aadhaar and mobile-based transfers has addressed inefficiencies and curbed misuse.

As per the report by the BlueKraft Digital Foundation, this data-driven assessment demonstrates that fiscal prudence and inclusivity can go hand-in-hand, offering valuable insights for policymakers worldwide looking to refine their own social protection models. As governments grapple with balancing fiscal constraints and social equity, India’s experience with DBT presents a compelling case for the efficacy of direct transfers in fostering both economic and social development. The lessons learned from this success story can guide global efforts to make welfare systems more efficient, transparent, and inclusive.

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Santosh Kumar/ Sheetal Angral/ Saurabh Kalia

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MIL OSI Asia Pacific News –

April 22, 2025

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Two-day International Conclave organized by the International Buddhist Confederation (IBC) in collaboration with the Ministry of Culture in Arunachal PradeshNamsai rich in Buddhist Heritage: ideal Centre for a Buddhist Circuit in North- East: Shri Chowna Mein, Deputy Chief Minister

India’s DBT: Boosting Welfare EfficiencyReport Reveals ₹3.48 Lakh Crore in Savings and 16-Fold Increase in Beneficiaries

Two-day International Conclave organized by the International Buddhist Confederation (IBC) in collaboration with the Ministry of Culture in Arunachal Pradesh

Namsai rich in Buddhist Heritage: ideal Centre for a Buddhist Circuit in North- East: Shri Chowna Mein, Deputy Chief Minister

India’s DBT: Boosting Welfare Efficiency

Report Reveals ₹3.48 Lakh Crore in Savings and 16-Fold Increase in Beneficiaries