Category: Politics

https://www.youtube.com/watch?v=AIUGFUza2ec

MIL-OSI Video: ‘I’ll show you a real leader’ – Platon, the photographer of power, on finding humanity in all of us

Source: World Economic Forum (video statements)

Platon has made over 20 Time magazine covers with his portraits of people like Donald Trump, Bill Clinton, Barack Obama, George Clooney, Silvio Berlusconi, Mohammed Ali, Adele and Sinead O’Connor. But he has also photographed people who are the opposite of famous and powerful – and recently published a book called The Defenders: Heroes of the Global Fight for Human Rights – which contains work done over 15 years around the world telling the stories of refugees and other oppressed people. He tells us what makes a true leader, and how the meaning of a photograph can change over time, and depending on who is looking at it.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
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MIL OSI Video –

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MIL-OSI USA: Congress.gov New, Tip, and Top – April 2025

Source: US Global Legal Monitor

In our last Congress.gov release, we announced improved access to Congressional Research Service (CRS) products on Congress.gov. Building on those improvements, you can now filter your search results for CRS products by topic. You can also now set up a saved search email alert for CRS products and even download an audio file of a CRS product.

In addition, in this release, we are enhancing access to historical Senate Executive Journals in Congress.gov. These journals are now available in a convenient, page-turner environment that allows you to flip through the pages sequentially and jump to a particular page. You can find the complete list of enhancements below.

You can filter search results for CRS Products by topic on Congress.gov.

Enhancements

New – Historical Senate Executive Journals

Historical Senate Executive Journals from the 1st (1789 – 1791) through the 43rd Congress (1873 – 1875) are available to browse and search.
Find links to the Senate Executive Journal in the Congressional Activity section of the Browse page.
Using the search bar, select All Congresses and enter your word or phrase query. Check Senate Executive Journal under the Journals filter on your search results page.
Select a search result from the list to view a text version of the Senate Executive Journal page. Use the View Source Images link to display an image of the original print page.

Enhancement – CRS Products – Search

Filter search results from the CRS Products landing page search form by topic.
Search results sorted by relevancy display active reports before archived reports.

Enhancement – CRS Products – Saved Search Alerts

Include the CRS Products collection in your saved search and set up an alert to receive an email when a new CRS product matches your search query.

Enhancement – CRS Products – ReadSpeaker

Download an audio file to listen to the text of any CRS Product at your convenience.

Congress.gov Tip

There are several different ways to search Congress.gov. How do you know which one is best for your research? Check out “How to Pick a Search Page.”

Most-Viewed Bills

The most-viewed bills for the week of April 13, 2025 are below.

1.	H.R.22 [119th]	SAVE Act
2.	H.R.8281 [118th]	SAVE Act
3.	H.Con.Res.14 [119th]	Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.
4.	H.R.10127 [118th]	Restoring Trade Fairness Act
5.	H.R.1526 [119th]	NORRA of 2025
6.	H.R.1332 [118th]	Thirty-Two Hour Workweek Act
7.	H.R.2315 [119th]	Fairness for High-Skilled Americans Act of 2025
8.	H.R.561 [119th]	Overtime Pay Tax Relief Act of 2025
9.	H.Res.294 [119th]	Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions”; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications”; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
10.	H.R.482 [119th]	No Tax on Tips Act

MIL OSI USA News –

MIL-OSI Security: Assistant Attorney General Gail Slater Delivers Remarks Before Opening Arguments in Google Search Remedies Trial

Source: United States Attorneys General

Thank you, Deputy Attorney General Blanche. I thank both you and Attorney General Bondi for your strong support for DOJ antitrust enforcement.

In a time of political division in our nation, this case against Google brings everyone together. This case was filed during President Trump’s first term and litigated across three administrations. It has unified our nation. Forty-nine states, two territories and the District of Columbia have all joined the Department of Justice in prosecuting Google here. And for good reason.

Each generation has called for the DOJ to challenge a behemoth that crushed competition. In decades past, it was Standard Oil and AT&T. Today’s behemoth is Google. It is a gatekeeper for our commerce and our information. It is so ubiquitous and so powerful that it interacts with millions of Americans, billions of times per day. Fortunately, DOJ’s Antitrust Division exists for cases just like this one.

Today begins the final chapter for this historic litigation. The Court has already decided liability and judge Mehta has made two things clear: one, Google is a monopolist and two, Google broke the law. We are not here to relitigate the case, we are here to ask the Court to fix the harm from Google’s unlawful conduct.

The Google search case matters because nothing less than the future of the internet is at stake here. Are we going to give Americans choices and allow innovation and competition to thrive online? Or will we maintain the status quo that favors Big Tech monopolies? If Google’s conduct is not remedied, it will control much of the internet for the next decade and not just in internet search, but in new technologies like artificial intelligence.

The Trump administration has prioritized policies that support and advance artificial intelligence. But nothing will advance AI faster than an open and competitive marketplace free from gatekeepers and monopolies. For almost two centuries, American technological dynamism has been built on innovation, and innovation is built on competition. This is the American way.

In its defense, Google asks the Court to keep the status quo. It seeks to tell the judge that there is nothing to see here, even though the same judge has already found Google liable. Google wants to keep the fruits of its misconduct intact, as though the DOJ had never taken action and judge Mehta had never written his 277-page opinion.

Worse still, Google has called the DOJ’s proposed remedies “dangerous” and “irresponsible.” Not so. You know what is dangerous? The threat Google presents to our freedom of speech, to our freedom of thought, to free American digital markets. You know what is irresponsible? Leaving Google’s monopoly abuse unaddressed.

In the trial beginning today, our exceptional team at the Antitrust Division will explain why robust remedies are required to restore and unleash competition. The online search market has been frozen in place for decades, and a free market will not be restored overnight. Please remember this important fact as you learn more about the DOJ’s proposed remedies in this case.

Finally, a word of thanks to the men and women of the DOJ Antitrust Division. I am so very proud of the team that brought this case to where it is today and want to thank them for their diligence and service to the country. Thank you for your time and attention.

MIL-OSI Security: Executive Vice President of Insurance Brokerage Pleads Guilty in $133 Million Affordable Care Act Fraud Scheme

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

A Florida executive pleaded guilty today for his role in a scheme to submit fraudulent applications to enroll consumers in Affordable Care Act insurance plans (ACA plans) that were fully subsidized by the government. The purpose of the scheme was to obtain millions of dollars in commission payments from the insurance company that operated the ACA plans. The federal government paid at least $133,900,000 in subsidies for fraudulently enrolled individuals.

According to court documents, Dafud Iza, 54, an executive vice president of an insurance brokerage firm, participated in a scheme to fraudulently enroll ineligible individuals into ACA plans that offered tax credits to eligible enrollees. These tax credits, or “subsidies,” could be paid by the federal government directly to insurance plans as a payment toward the plan’s monthly premium. The scheme involved submitting false and fraudulent applications for individuals whose income did not meet the minimum requirements to be eligible for the subsidies. Iza and his accomplices deceptively marketed subsidized ACA plans to ineligible consumers and falsely inflated consumers’ incomes to obtain the federal subsidies.

In furtherance of the scheme, Iza and his accomplices targeted vulnerable, low-income individuals experiencing homelessness, unemployment, and mental health and substance abuse disorders, and knew that “street marketers” working on their behalf offered bribes to induce those individuals to enroll in subsidized ACA plans. Marketers working for Iza’s accomplices coached consumers on how to respond to application questions to maximize the subsidy amount paid by the federal government and provided addresses and social security numbers that did not match the consumers purportedly applying.

Iza pleaded guilty to one count of major fraud against the United States and faces a maximum penalty of 10 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office; Acting Special Agent in Charge Jesus Barranco of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Miami Regional Office; and Special Agent in Charge Emmanuel Gomez of the IRS Criminal Investigation (IRS-CI) Miami Field Office made the announcement.

The FBI, HHS-OIG, and IRS-CI are investigating the case.

Assistant Chief Jamie de Boer and Trial Attorney D. Keith Clouser of the Criminal Division’s Fraud Section are prosecuting the case.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL-OSI Global: Lawful permanent residents like Mahmoud Khalil have a right to freedom of speech – but does that protect them from deportation?

Source: The Conversation – USA – By Erin Corcoran, Professor of immigration, refguee and asylum law, University of Notre Dame

The detention of noncitizen university students after their Palestinian rights activism raises questions about the limits of free speech. Rob Dobi/Moment/Getty Images

The Trump administration has revoked the visas of more than 1,000 foreign university students since January 2025. Many of the individual cases that have made headlines center on foreign-born university students who participated in Palestinian rights protests.

In early March, the federal government arrested, detained and began deportation proceedings against Mahmoud Khalil, a lawful permanent resident born in Syria to Palestinian parents. Khalil participated in Palestinian rights protests at Columbia University in 2024.

U.S. Secretary of State Marco Rubio wrote in an April 9 memo that allowing Khalil to stay in the country would create a “hostile environment for Jewish students in the United States.”

“The foreign policy of the United States champions core American interests and American citizens and condoning anti-Semitic conduct and disruptive protests in the United States would severely undermine that significant foreign policy objective,” Rubio wrote.

Khalil is not the only noncitizen university student with legal permission to be in the U.S. who has been arrested and faces deportation after being involved in the Palestinian rights movement.

Rümeysa Öztürk, a Turkish-born student at Tufts University, was detained by immigration authorities on March 25 near her Massachusetts home and is currently being held in Louisiana. She co-authored a 2024 op-ed in the campus newspaper calling for Tufts to recognize a genocide in the Gaza Strip.

And Mohsen Mahdawi, a Palestinian man who is a lawful permanent resident and a Columbia University student active in the Palestinian rights protests, was detained and arrested on April 25. This happened when Mahdawi showed up at an Immigration and Customs Enforcement office for a citizenship interview in Vermont.

“If you apply for a student visa to come to the United States and you say you’re coming not just to study, but to participate in movements that vandalize universities, harass students, take over buildings, and cause chaos, we’re not giving you that visa,” Rubio said on March 23, when asked by a journalist about revoking student visas and arresting Öztürk.

These cases raise important questions: Do lawful permanent residents have the right to protected free speech? Or are there limitations – among them, a determination by the U.S. government that permanent residents’ speech or political activity makes them a threat to national security?

Columbia University student Mahmoud Khalil speaks to reporters at Columbia University on June 1, 2024, during a media briefing organized by protesters who were objecting to Israel’s military operations in Gaza.
Selcuk Acar/Anadolu via Getty Images

Noncitizens’ First Amendment rights

Arresting and detaining nonviolent, foreign protesters and the authors of opinion pieces is usually not legally permissible. That’s because these actions are protected by the Constitution’s First Amendment, which guarantees everyone the right to freedom of expression.

The Supreme Court has found that there are some limits to free speech. The government may restrict speech, for example, when someone yells “Fire!” in a crowded theater when there is no actual danger.

The Supreme Court has repeatedly ruled that the right to freedom of speech applies to everyone in the U.S., including noncitizens.

Still, the First Amendment does not apply to noncitizens physically outside the U.S. The Supreme Court, for example, ruled in 1972 that the government may deny visas and bar entry to noncitizens who were seeking admission to the U.S. to engage in constitutionally protected speech.

When noncitizens are living in the U.S., they have the same First Amendment protections as U.S. citizens, the Supreme Court ruled in 1945.

As a scholar of U.S immigration and administrative law, I know that these protections enter a murkier territory when U.S. immigration law collides with the Constitution.

A conflict with immigration law

The Trump administration rests its argument that it can legally detain and deport noncitizens who have participated in Palestinian rights protests – but have not been charged with any crimes – on broad language in the 1952 Immigration and Nationality Act.

This law articulates important immigration rules, like who can enter the country and how someone can become a citizen. It also includes vague language that gives the secretary of state power to deport noncitizens in certain cases.

“An alien whose presence or activities in the United States the Secretary of State has reasonable ground to believe would have potentially serious adverse foreign policy consequences for the United States is deportable,” the law reads.

As foreign-born students Mahdawi, Öztürk and Khalil fight in court for their right to legally stay in the U.S., Rubio and other Trump administration leaders claim that this law gives them the power to determine whether Khalil and other noncitizens are creating “serious adverse foreign policy consequences” for the U.S.

The Department of Homeland Security also wrote on the social platform X on March 9 that “Khalil led activities aligned to Hamas, a designated terrorist organization.”

But the Trump administration has not provided any further specific details about how the views and actions of Khalil and other detained foreign students create serious adverse foreign policy consequences for the U.S. Nor has the government alleged that Khalil and other noncitizen students committed crimes or broke the law.

Khalil’s attorneys have challenged the government’s use of the Immigration and Nationality Act as a basis to deport him in federal court. The lawyers assert that the U.S. government is attempting to deport Khalil for protected speech.

Legal precedent and steps forward

The Supreme Court has ruled that the First Amendment does not protect lawful permanent residents from being deported if their political affiliation violates the laws.

But the court has not yet decided if lawful permanent residents participating in protests or expressing political views are protected against deportation, when the only evident ground for their deportation is political speech.

A federal judge in New Jersey, where Khalil was first briefly detained, has ordered the government not to deport him until all his different court cases are resolved.

On April 11, a different immigration judge in Louisiana – where Khalil is currently detained – ruled that he could be deported for being a national security risk. Khalil’s attorneys are appealing this decision to the Board of Immigration Appeals, which is part of the Department of Justice.

Regardless of the outcome at the district court level, Khalil’s case will be appealed and most likely end up before the Supreme Court.

The Supreme Court will then have to determine the appropriate balance between the executive branch’s authority to deport noncitizens it classifies as posing a threat to the country, and the right to freedom of expression that all people residing in the U.S. have.

If the Supreme Court holds that the federal government can say that someone’s political speech can be a threat to U.S. national security interests, I believe the core of the First Amendment is at risk, for citizens as well as noncitizens.

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

– ref. Lawful permanent residents like Mahmoud Khalil have a right to freedom of speech – but does that protect them from deportation? – https://theconversation.com/lawful-permanent-residents-like-mahmoud-khalil-have-a-right-to-freedom-of-speech-but-does-that-protect-them-from-deportation-254042

MIL-OSI Security: Deputy Attorney General Todd Blanche Delivers Remarks Before Opening Arguments in Google Search Remedies Trial

Source: United States Attorneys General 13

Good morning. Today, the Department of Justice takes an important step forward to protect the American people from the perils of Big Tech. President Trump took the first big step in 2020 when his Justice Department filed an antitrust lawsuit against Google to challenge its dominance over internet search. Today, as the remedies phase of that case begins, President Trump’s Justice Department will finish the job.

Monopolies are incompatible with free markets and freedom more generally. The American dream is about more than cheap goods and services. Our values rest on freedom of speech, freedom of association, freedom to innovate, and freedom to live outside the controlling hand of a monopolist. Power should rest with the people, not with Big Tech. That principle applies to the internet, which today is central to the lives of most Americans.

The court has already concluded that Google is a monopolist. And as a monopolist, Google uses its market power against the American people. It has control of an extraordinary amount of data about ordinary Americans. Google has deplatformed conservative speech and has put its thumb on the scale politically for years. All of this behavior is downstream from Google’s monopoly power over internet search.

This antitrust case addresses that monopoly power. The Department has asked the court to impose remedies that will ensure Google can never again wield such dominance over internet search. The proposed remedies will ensure that the people enjoy vigorous competition and choice online. And we ask the Court to ensure Google cannot prevent its rivals from achieving scale.

This marks an important step in President Trump’s fight to restore power back to the American people. I am proud of the hard work of the men and women of the Antitrust Division over the last five years who have investigated and litigated the case to reach this moment. Now, time to finish the job.

Let me hand over to Gail Slater, our exceptional Assistant Attorney General for Antitrust.

MIL-OSI Security: Miske Enterprise Member Sentenced to Seven Years in Federal Prison for Racketeering Conspiracy and Role in Kidnapping and Murder of Johnathan Fraser

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

HONOLULU – Acting United States Attorney Kenneth M. Sorenson announced that Delia Fabro-Miske, 30, of Honolulu, was sentenced yesterday in federal court by U.S. District Judge Derrick K. Watson to 84 months of imprisonment, followed by 3 years of supervised release for racketeering conspiracy. Fabro-Miske pled guilty on January 12, 2024, in the middle of jury selection, to conspiring to conduct and participate in the conduct of the affairs of a racketeering enterprise, the “Miske Enterprise,” through racketeering activity that included bank fraud, obstruction of justice, and wire fraud.

Fabro-Miske admitted that she and codefendant Michael J. Miske committed bank fraud by submitting fraudulent paperwork in order to obtain leases for two vehicles that were used for one of Miske’s businesses. Fabro-Miske also obstructed a joint investigation into another of Miske’s businesses, Kamaaina Termite and Pest Control (“KTPC”), which was conducted by the Environmental Protection Agency and the Hawaii Department of Agriculture (“HDA”). At Miske’s direction, Fabro-Miske submitted to HDA falsified fumigation logs, which claimed that she was the certified applicator of chemicals on hundreds of jobs. In reality, most of the listed jobs were completed by unlicensed applicators. Fabro-Miske also fraudulently obtained Social Security Administration (“SSA”) survivor benefits at Miske’s direction by having her wages at KTPC decreased below the SSA benefits income threshold. At the same time, Miske paid Fabro-Miske in benefits that were not reported to the SSA or Internal Revenue Service.

Additionally, according to information provided to the Court, in or about 2017, Miske placed Fabro-Miske in charge of his businesses in an attempt to preserve and conceal his assets in anticipation of federal prosecution. In practice, Fabro-Miske carried out Miske’s wishes and acted at his direction. Fabro-Miske assisted in a fraudulent scheme committed through Miske’s businesses, which involved submitting false filings to the Department of Commerce and Consumer Affairs that permitted the businesses to operate under fraudulently obtained and maintained licenses. Miske Enterprise members then falsely represented to customers that Miske’s businesses were properly licensed. Between 2017 and 2020, the businesses generated millions of dollars in income annually. As the head of Miske’s businesses, Fabro-Miske was also responsible for the proper and safe application of pesticides and other chemicals at customers’ homes. Information provided to the Court, however, showed that fumigations were regularly conducted without proper supervision or chemicals. Chief Judge Watson stated that Fabro-Miske’s work at Miske’s businesses “funded any number of crimes that we heard months and months of testimony” about in Miske’s trial, and her assistance “allowed Mr. Miske to run rampant in this community.”

Finally, the Court determined that Fabro-Miske was also responsible for participating in a conspiracy with other Miske Enterprise members to kidnap and murder 21-year-old Johnathan Fraser. According to information provided to the Court, Caleb Miske – Miske’s son and Fabro-Miske’s husband – and Fraser were driving together when the two were involved in a car crash in November 2015. Caleb Miske ultimately passed away from his injuries, and Miske blamed Fraser for his son’s death and enlisted several Miske Enterprise members to assist in his plan to murder Fraser. As part of that plan, Miske directed Fabro-Miske to rekindle her friendship with Fraser and his girlfriend and to lure them into living with her at an apartment paid for by Miske. On July 30, 2016, Fabro-Miske took Fraser’s girlfriend on a “spa day” paid for by Miske, ensuring that Fraser would be isolated when he was kidnapped. Fraser was never seen again after that day. Due to Miske’s death in December 2024, Chief Judge Watson explained that “the person most involved in Mr. Fraser’s demise will not ever be sentenced by this Court.” While Chief Judge Watson found that Fabro-Miske did not “directly and personally kill” Fraser and determined her to be a minimal participant in the kidnapping and murder conspiracy, he noted that there was “no doubt” that her actions led to Fraser’s murder and that the circumstances painted a “strong and clear picture” of a conspiracy to commit kidnapping murder in aid of racketeering.

Fabro-Miske was charged alongside twelve other defendants, all of whom pled guilty except for Miske, who proceeded to trial and was found guilty of racketeering conspiracy, murder, and 11 other felony charges on July 18, 2024. Seven other members and associates of the Miske Enterprise pled guilty to various offenses in related cases.

“Delia Fabro-Miske was an integral member of the Miske Enterprise, which terrorized, exploited, and defrauded our community for decades. She participated in Miske’s bank frauds, social security fraud, falsification of fumigation records, and the concealment of Miske’s illegally obtained assets, and was a vital cog in the plot to murder of Johnathan Fraser. Fabro-Miske’s sentence yesterday demonstrates that those who occupy even the lower rungs of Hawaii’s criminal enterprises will pay a steep price when they face justice in federal court,” said Acting U.S. Attorney Ken Sorenson. “The dismantling of the Miske Enterprise represents one of the most significant law enforcement efforts in the history of Hawaii law enforcement, and it would not have been possible without the tremendous and dedicated work of our partners at the Honolulu Division of the Federal Bureau of Investigation, Internal Revenue Service, Homeland Security Investigations, and Environmental Protection Agency, among many others.”

“Ms. Fabro-Miske was a key member in the Miske Enterprise fraud schemes, actively participating in defrauding the government and taxpayers,” said FBI Honolulu Special Agent in Charge David Porter. “This sentencing reflects years of collaboration between FBI Honolulu and our law enforcement partners. The FBI remains steadfast in its commitment to dismantle violent criminal enterprises, hold their members accountable, and pursue justice for victims.”

“Our investigators follow the money because criminal organizations profit at the expense of public safety,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “Ms. Fabro-Miske’s racketeering conviction is a reminder that, in the end, crime really doesn’t pay.”

“The sentencing of Ms. Fabro-Miske underscores HSI’s commitment to disrupting and dismantling criminal organizations in Hawaii,” said HSI Special Agent in Charge Lucy Cabral-DeArmas. “HSI will continue to hold accountable those who significantly harm our communities by breaking federal laws. By bringing justice to the Miske Enterprise, HSI sends the message that we will not tolerate any violent activity on our islands.”

“By falsifying documents, defendant obstructed EPA and the state’s criminal investigation of a pesticide applicator that illegally applied restricted use pesticides,” said Benjamin Carr, Special Agent in Charge for the Environmental Protection Agency’s Criminal Investigation Division in Hawaii. “Yesterday’s sentencing reflects the seriousness of defendant’s fraudulent conduct and the importance of complying with pesticide reporting requirements so EPA and Hawaii Department of Agriculture can keep our communities safe.”

This prosecution was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligencedriven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

This case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, Homeland Security Investigations, the Criminal Investigation Division of the Environmental Protection Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the Honolulu Police Department, the Drug Enforcement Administration, the Coast Guard Investigative Service, the United States Marshals Service Fugitive Task Force, the Cybercrime Lab of the Department of Justice Criminal Division Computer Crime and Intellectual Property Section, the Hawaii Criminal Justice Data Center, the Honolulu Fire Department, the Hawaii National Guard, 93rd Civil Support Team, the Office of Investigations–Office of the Inspector General for the Social Security Administration, and the Department of Justice Office of the Inspector General.

Assistant U.S. Attorneys Mark Inciong, Michael Nammar, KeAupuni Akina, and Aislinn Affinito prosecuted the case.

MIL-OSI: Check Point Software Emerges as a Leader and Only Outperformer Among 14 Vendors in Enterprise Firewalls, According to Latest GigaOm Radar Report

Source: GlobeNewswire (MIL-OSI)

REDWOOD CITY, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today announced that it has ranked as a Leader and the only Outperformer for its Check Point Quantum Security Solutions in GigaOm’s latest Radar for Enterprise Firewall report. According to GigaOm, Check Point is recognized as a top performer thanks to its consistent rollout of new innovations features, high performance, threat analytics, management automation, ambitious development plan, strong focus on AI and relentless focus on security efficacy.

“We are extremely proud to deliver outstanding cyber security solutions to organizations and governments worldwide with our AI-driven Infinity platform,” said Eyal Manor, Vice President of Product Management at Check Point Software. “Being acknowledged by GigaOm as a Leader and the sole outperforming provider in the Enterprise Firewall category highlights our strategic progress and commitment to advancing digital protection.”

The GigaOm Radar report analyzed 14 leading enterprise firewall solutions, evaluating their features to pinpoint the top contenders. According to GigaOm analyst Paul Stringfellow, “Check Point is classified as an Outperformer due to its continual delivery of new features and an aggressive roadmap. With a strong focus on AI and on increasingly offloading to its hardware ASICs to improve performance, Check Point is positioned to set a strong example for the market.”

As cyber threats grow faster and more widespread, Check Point’s 2025 Security Report found a 44% increase in cyber-attacks. With this rise, businesses need a flexible, scalable, easy-to-manage, and cost-effective security solution with a strong network. Check Point meets all these needs as GigaOm acknowledged the company for its wide partner network that supports supply and deployment.

Furthermore, Check Point was acknowledged for the following strengths highlighted in GigaOm’s evaluation:

Performance and throughput: New Quantum Force series enhances performance, adding more ports, and reducing power consumption by 50%. Additionally, the Maestro hyperscale solution can support up to 1,000 Gbps, allowing security to scale with organizational growth
Threat analytics: Check Point’s security tools connect to its ThreatCloud AI, which offers automated threat detection and response and 50+ AI features. It powers the Quantum firewall systems and integrates with the XDR platform —to detect, investigate, and respond to threats faster and more effectively
Management automation: Check Point’s unique Infinity Playblocks streamlines threat and risk management by automating response workflows. It includes 70 pre-configured playbooks and supports over 20 third-party integrations, all while leveraging data from its ThreatCloud AI platform to identify new risks and initiate automated actions across its security tools

These features highlight the advantages of Check Point’s hybrid mesh firewall, which was recently recognized as the #1 AI-powered cyber security platform by Miercom.

Learn more about this accolade on our blog and access a free copy of the GigaOm Radar for Enterprise Firewalls here.

Follow Check Point via:
X (Formerly known as Twitter): https://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: https://blog.checkpoint.com
YouTube: https://www.youtube.com/user/CPGlobal
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Platform Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

MIL-OSI: Adams Natural Resources Fund Declares Distribution

Source: GlobeNewswire (MIL-OSI)

BALTIMORE, April 21, 2025 (GLOBE NEWSWIRE) — On April 17, 2025, Adams Natural Resources Fund, Inc. (NYSE: PEO) declared a distribution of $0.52 per share payable May 28, 2025 to shareholders of record on April 28, 2025. The distribution is optionally payable in additional shares of common stock (default) or in cash by specific stockholder election received before 4 p.m. (ET) on May 16, 2025, the valuation date. The issue price for shares will be the Fund’s closing NYSE market price on the valuation date.

The Fund’s estimated sources for the distribution to be paid on May 28, 2025 and for all distributions declared in 2025 to date are as follows:

Payment Date	Distribution per Share	Net Investment Income	Net Realized Short-Term Gains	Net Realized Long-Term Gains	Return of Capital
May 28, 2025	$0.52	$0.15 (29%)	$0.00 (0%)	$0.37 (71%)	$0.00 (0%)
Total YTD 2025	$1.05	$0.32 (30%)	$0.00 (0%)	$0.43 (41%)	$0.30 (29%)

Fund Performance and Distribution Rate Information:

Average Annual Total Return on NAV for the 5-year period ended on March 31, 2025¹	Annualized Current Distribution Rate (expressed as a percentage of NAV as of March 31, 2025)²	Cumulative Total Return on NAV for the fiscal year through March 31, 2025¹	Cumulative Fiscal Year Distribution Rate (expressed as a percentage of NAV as of March 31, 2025)³
29.1%	8.1%	8.8%	4.1%

¹ Total return is calculated assuming a purchase of a Fund share at the beginning of the period and a sale on the last day of the period at reported net asset value per share, excluding any brokerage commissions. Distributions are assumed to be reinvested at the lower of the net asset value per share or the closing NYSE market price on the distribution’s valuation date for those receiving shares for the distribution. For periods greater than one year, returns are presented on an annualized basis.

² The Annualized Current Distribution Rate is the current quarter’s distribution rate per share annualized and expressed as a percentage of the Fund’s NAV per share as of March 31, 2025.

³ The Cumulative Fiscal Year Distribution Rate is the distributions per share declared for the current fiscal year expressed as a percentage of the Fund’s NAV per share as of March 31, 2025.

You should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

About Adams Funds

Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 90 years across many market cycles. The Funds are committed to paying a minimum annual distribution rate of 8% of NAV paid evenly each quarter throughout the year, providing reliability for long-term shareholders. A portion of any distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain, and return of capital. The final determination of the source of all distributions for tax reporting purposes in a calendar year, including the percentage of qualified dividend income, will be made after year-end. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

For further information: adamsfunds.com/about/contact │800.638.2479

MIL-OSI China: China to facilitate increased cross-border financial services in Shanghai

Source: People’s Republic of China – State Council News

BEIJING, April 21 — China will take more steps to further facilitate cross-border financial services in Shanghai by leveraging the municipality’s role as an international financial center, according to a plan jointly issued by the central bank, the Shanghai municipal government and other financial authorities.

The plan outlines 18 key measures including improving cross-border settlement efficiency, strengthening the hedging of foreign exchange risks, and enhancing the insurance sector’s services for export companies.

China will further optimize the management and operation of foreign exchange business, and encourage corporate groups to establish fund pools in Shanghai to achieve efficient onshore management and use of global funds.

The country will also promote financial institutions to enhance their capacity to provide digital services, and support them to improve services for enterprises to expand abroad by leveraging technologies such as blockchain.

Efforts will be made to enhance the functionality and global coverage of the Cross-Border Interbank Payment System and encourage more banks to participate in the system, according to the plan.

The plan underscored the need to develop diversified products and services to hedge against foreign exchange risks, and the promoting of cross-border use of the Chinese currency renminbi.

China will increase insurance support for key export enterprises such as domestic commercial aircraft and new energy vehicle companies, and promote collaboration between insurance companies and reinsurance firms to establish insurance consortiums — thereby enhancing their capacity to cover special risks, according to the plan.

MIL OSI China News –

MIL-Evening Report: Election Diary: Albanese government stays mum over whatever Russia may have said to Indonesia

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The imbroglio over the reported Russian request to Indonesia to base planes in Papua initially tripped Peter Dutton, and now is dogging Anthony Albanese.

After the respected military site Janes said a request had been made, the Australian government quickly obtained an assurance from the Indonesians there would be no Russian planes based there.

Moreover, the government was able to score a hit on Dutton, who had wrongly named Indonesian president Prabowo Subianto as having said there’d been a Russian approach. Later, Dutton admitted he’d stuffed up.

One might have thought the story would have died as the election caravan moved on. But it continued when it became obvious the government would not say, despite repeated questions, whether it knew a request had in fact been made to the Indonesians.

Then Russia’s ambassador to Indonesia, Sergei Tolchenov, leapt into the fray. Tolchenov wrote a letter to The Jakarta Post, responding to an article by Australian academic Matthew Sussex on The Conversation, which was republished in the Post.

His letter dripping with sarcasm, the ambassador wrote:

It is hard to imagine that any ordinary Australians should be concerned about what is happening 1,300 kilometers from their territory, about matters that concern relations between other sovereign states and have nothing to do with Australia. Perhaps it would be better for them to pay attention to the United States’ Typhon medium-range missile system in the Philippines, which will definitely reach the territory of the continent?

It is clear that the leaders of the two main political parties, replacing each other in power and calling it democracy, are now trying to outdo each other, heating up the situation. They stop at nothing, and the time has come to play the so-called ‘Russian card’. This means to show to overseas mentors who is more anti-Russian and Russophobe. In this regard, I would like to remind them of the words of US President Donald Trump, which he pronounced in the White House on Feb. 28, 2025, to the Ukrainian citizen ‘Z’: ‘You have no cards’.“

Meanwhile, Employment Minister Murray Watt strayed off the government’s script of diplomatic silence when he told Sky on Sunday, “There is no proposal from Russia to have a base anywhere in Indonesia in the way that Peter Dutton and his colleagues have been claiming”.

The questioning intensified.

Late Monday, Deputy Prime Minister Richard Marles was back on Sky to impose the official blackout over what the government knew of the alleged discussions between Russia and Indonesia.

“What we know about that, and when we knew about it, is obviously not something I’m going to ventilate in the public domain.

“What matters here is that the Indonesians have made it completely clear to us that they have absolutely no intent of having Russian aircraft operating from their nation,” Marles said.

Another instalment of “What the Russians Asked” may come in Tuesday night’s third leaders debate on Nine.

A possible chance for real reform

We keep getting lectured in this campaign about various significant issues (such as tax reform) that are being pushed under the carpet. But there’s something else that’s being overlooked: whether our institutions are in need of a big overhaul.

With public trust low, accountability vital but often wanting, and our democracy sometimes resembling a car urgently needing a service, there are plenty of reforms that could be considered.

John Daley (formerly of the Grattan Institute and now an independent consultant) and Rachel Krust, in a report released Monday and titled Institutional reform stocktake, propose a rich agenda for change. The stocktake was sponsored by the Susan McKinnon Foundation, a non-partisan body committed to promoting all aspects of better government.

The report identifies short-term priority reforms as well as ones that would take longer to achieve.

Parliamentarians often claim we’d be better governed with four-year terms. But given that would require a referendum, it is effectively out of reach. So the stocktake advocates a next-best option: fixed three year terms, which could be legislated. Four year terms would be a more distant aim.

The advantage of fixed terms is they’d stop the disruption of months of speculation about the timing (that we saw before the current election). The disadvantage to the party in power is the prime minister can’t choose the day best suiting them.

The Albanese government recently brought in caps for political donations and spending, to take effect in the coming term. Daley and Krust advocate these be revisited. The donation and disclosure caps should be lowered, they argue, and an expert commission should consider the caps on spending (which were criticised by some as limiting small and new players).

Other priority recommendations are to beef up civics education, enhance parliamentary committees, put more structure around the appointment and termination of departmental secretaries, and better resource independent members of parliament, particularly if they hold the balance of power.

One reason institutional reform is important is to achieve better policy outcomes, the report says. “Australian governments are getting worse at delivering policy changes that make a big difference to long-term problems.”

While identifying a prospective advantage for policy, the report puts its finger on why such reform faces resistance.

Institutional reforms have often not progressed in Australia because they would not serve the interests of incumbent parties. Many of the suggested changes would leave members of the government more exposed to questioning, challenge or censure, reduce the advantages of established political parties relative to new entrants, reduce the power of party officials relative to rank-and-file members, or reduce employment opportunities after a political career.

The report says if the election produces a hung parliament this “may widen the window for reform”.

“Crossbenchers usually have strong electoral incentives to prosecute institutional reforms, because they are usually both popular and not supported by incumbent parties.”

But the crossbenchers need to be quick. “This window of opportunity may narrow again. The power of independents to push for institutional change is greatest during negotiations immediately following an election.”

Michelle Grattan 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. Election Diary: Albanese government stays mum over whatever Russia may have said to Indonesia – https://theconversation.com/election-diary-albanese-government-stays-mum-over-whatever-russia-may-have-said-to-indonesia-254201

MIL OSI Analysis – EveningReport.nz –

MIL-OSI Global: ‘I am sorry’ — A reflection on Pope Francis’s apology on residential schools

Source: The Conversation – Canada – By Jonathan Hamilton-Diabo, Assistant Professor, Teaching Stream; June Callwood Professor of Social Justice; Special Advisor on Indigenous Initiatives, Victoria University, University of Toronto

Pope Francis reads his statement of apology during a visit with Indigenous peoples at Maskwaci, the former Ermineskin Residential School, July 25, 2022, in Maskwacis, Alberta. (AP Photo/Eric Gay)

With the death of Pope Francis, his apology for residential schools in Canada and its impacts needs to be explored nearly three years after it was delivered.

On July 25, 2022, in Maskwacîs, Alta., Pope Francis apologized on behalf of the Roman Catholic Church for its role in the residential school system:

“I am sorry. I ask forgiveness, in particular, for the ways in which many members of the church and of religious communities co-operated, not least through their indifference, in projects of cultural destruction and forced assimilation promoted by the governments of that time, which culminated in the system of residential schools.”

This formal apology, and other statements the Pope made in Canada, came seven years after the Truth and Reconciliation Commission’s 2015 Final Report. The TRC called for the Pope “to issue an apology to Survivors, their families, and communities for the Roman Catholic Church’s role in the spiritual, cultural, emotional, physical, and sexual abuse of First Nations, Inuit, and Métis children in Catholic-run residential schools.” This was to occur, in Canada, within one year.

It is important to understand circumstances leading to the Pope’s Maskwacîs apology, the reaction at the time and its significance for the relationship between Indigenous Peoples and the Catholic Church.

I previous explored these themes as the Pope arrived in Canada. I questioned whether the apology would contribute to healing or deepen the distrust in the church. As a Mohawk faculty member raised in Catholicism, who teaches in the fields of theology and education, and has family members who attended these schools, I seek to revisit this question nearly three year later.

Seven years after TRC final report

The Pope’s Maskwacîs apology wasn’t the first time a statement was issued by a member of the Catholic Church. The Missionary Oblates of Mary Immaculate (the Oblates) apologized in 1991 “for the part we played in the cultural, ethnic, linguistic and religious imperialism” which “continually threatened the cultural, linguistic, and religious traditions of the Native peoples.”

This was followed by apologies offered by numerous bishops; however, they were inadequate, considering other leaders, such as the Moderator (United Church of Canada) and the Primate (Anglican Church of Canada), delivered the statements on behalf of their denominations respectively in 1986 and 1993, followed by other Protestant denominations.

The importance of who offers an apology cannot be overstated. In 1998, Jane Stewart, the minister of Indian Affairs of Canada, read a Statement of Reconciliation acknowledging the tragedies experienced by students that attended residential school. Indigenous leaders criticized the statement, sensing a lack of ownership or not taking responsibility. It came across as an expression of regret rather than an apology, and was further rejected, as Prime Minister Jean Chrétien didn’t offer it.

In 2008, Prime Minister Stephen Harper issued an apology on behalf of the country. Although met with mixed reviews, the importance of the prime minister providing it cannot be ignored. The same holds true for the Catholic Church.

Length of time to materialize

In July 2022, Pope Francis apologized before thousands of people: survivors, their families, community members and leaders. This was significant, considering the length of time for this to materialize.

Other denominations begin this process much earlier. The pressure on the Catholic Church mounted, particularly given that it was the last mainline church to have its leader apologize and it operated about 60 per cent of the residential schools. To consider how the apology finally arrived, several events need to be understood.

In 2021, reports on potential unmarked burial sites on former residential school grounds in Kamloops, B.C., began to surface. News of these discoveries not only circulated nationally, but globally. Shortly after this, other residential school sites were being investigated for unmarked burial sites.

Reopened wounds, anger

Extensive work had already been done around unmarked burial sites: The TRC’s Final Report dedicated a volume on this issue; in 2007, The Working Group on Missing Children and Unmarked Burials was established, whose members comprised national Indigenous organizations, former students, archivists and the federal government; work at the Mohawk Institute was already in progress. Yet, the nation was stunned. Wounds were reopened for many Indigenous people.

From this pain, a great amount of anger was directed towards the Catholic Church.

Church buildings were vandalized or set on fire. As many were in First Nations territories, this created tensions, since there were still community members that were part of the Christian tradition.

This outcry reignited attention towards residential schools and the Church. The Vatican invited a delegation of survivors to meet the Pope in March 2022. This visit provided an opportunity for delegation members to share their stories, however its location is important to consider. The meeting took place at the Vatican, potentially escalating the power imbalance between the Church and First Nation, Inuit and Métis delegates.

Survivors speak about meaning

Members of the delegation invited the Pope to visit Canada. Martha Grigg, an Inuit Elder and a residential school survivor, spoke about how his visit would be meaningful to former residential school students and their families. Pope Francis offered an apology to the delegates,, committing to travelling to Canada.

Months after the Vatican trip, the Pope came to Canada to deliver a formal apology. Reactions varied from acceptance to outright rejection, while a “wait-and-see” approach was also adopted.

Some expressed how the apology “has helped to open the door for survivors and their families to walk together with the church for a present and future of forgiveness and healing.” Discontent was voiced about certain issues, such as the Doctrine of Discovery, or omitting a commitment to allow access to records.

Without apology, other measures stalled

Some of the impacts of the apology may not be felt instantaneously. It represents hope for a better relationship and a starting point for healing. Without any apology, any measures that the church offered would not gain traction. The lack of a papal apology over many years kept this as the focal point, further damaging the relationship between the Church and many Indigenous people and continuing to erode trust.

Since then, the Catholic Church has undertaken steps to address the harms of the residential schools and contribute to healing process. In 2023, the Vatican released a statement on the Doctrine of Discovery, indicating the Catholic Church was distancing itself from this concept and repudiating it, as it was not part of Church teachings.

The Canadian Conference of Catholic Bishops (CCCB) and the Oblates committed to developing a process for the transparent access to records. Barriers to church records prevented access to documents that could help locate family members who never came home.

The bishops pledged to raise $30 million for the Indigenous Reconciliation Fund to support activities dedicated to healing and reconciliation in 2021. The apology energized the campaign, raising half of the funds ahead of the five-year timeline.

In a July 2024 statement, the CCCB said it has “established structures … to support dialogues and foster greater understanding of Indigenous cultural, linguistic and spiritual traditions and values,” and wishes to deepen academic collaborations to understand of the Doctrine of Discovery.

Healing journey is long, apology was necessary

While small advancements in reconciliation activities stemming from Pope Francis’ apology have occurred, the healing journey is long. Distrust is evident as the Church’s sincerity in this process is questioned; however, the apology presents an opportunity to renew relationships and forge new paths together.

The criticisms of how and when it transpired and even what was said will always remain, however the apology was necessary.

It was necessary for many survivors, who felt recognized. It was necessary for the Church to formally acknowledge its responsibility. It was necessary for Pope Francis to offer the apology directly to Indigenous people.

Jonathan Hamilton-Diabo 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. ‘I am sorry’ — A reflection on Pope Francis’s apology on residential schools – https://theconversation.com/i-am-sorry-a-reflection-on-pope-franciss-apology-on-residential-schools-250607

MIL-OSI Global: Exposure to perceptible temperature rise increases concern about climate change, higher education adds to understanding

Source: The Conversation – USA – By R. Alexander Bentley, Professor of Anthropology, University of Tennessee

Higher education can train students to carefully consider the evidence around them. Adam Crowley/Tetra Images/Getty images

Years ago, after taking an Earth science class, I found myself looking at the world differently. It was the 1990s, and lakes in Wisconsin where I lived at the time were beginning to freeze later in winter and thaw earlier in spring, and flowers seemed to bloom a bit earlier.

That geology class helped me understand the gradual warming that was underway, warming that has accelerated since then.

People are more likely to believe an explanation when they see direct evidence of it. In the U.S., the percentage of people who recognize that global warming is happening is higher in counties that experienced record high temperatures in the previous decade. But understanding what’s happening and why also matters. That’s because people’s existing knowledge shapes how they interpret the evidence they see.

Education level and political affiliation are both known to be strong global predictors of concern about climate change.

But does higher education actually create climate concern? As an anthropologist and a researcher in computational social science, I and my colleague Ben Horne set up a study to try to answer that question.

Education leverages experience into concern

In our study, we used Census Bureau data on the percentage of the population with at least a bachelor’s degree in 3,048 U.S. counties, NOAA data on recent warming by state, and Yale climate opinion survey data. We wanted to find out whether climate concern increases as a product of education and recent warming.

We found that in many southern states − such as Alabama, Mississippi and Texas − the correlation between the percentage of bachelor’s degrees at the county level and climate concern was weak. Higher education levels didn’t seem to make much of a difference in how concerned people were about climate change.

However, in northern states − such as Maine, Vermont and Michigan − the education effect was stronger. We believe this difference is in part because climate change is more perceptible in colder states. A 1-degree temperature rise in Florida may not feel significant, whereas in Maine or Wisconsin, it would be more noticeable as winters became shorter and signs of spring came earlier.

We believe the results suggest that higher education helps people who are exposed to perceptible warming shifts better understand the changes they are experiencing; it’s the pairing of both that makes the difference.

We wondered whether political ideology might be driving the trends we were finding. Southern states also tend to be more politically conservative.

When we controlled for political leanings, however, our analysis found that the education effect appeared to be mostly influenced by whether people had experienced perceptible warming in recent years.

There were two outliers: Despite being cold states that have experienced the effects of climate change, North and South Dakota had low education effects when it came to climate concern. One possible explanation is that fossil fuels are central to their economies, shaping local attitudes toward climate change.

Nationally, our study suggests that higher education leverages people’s experience with climate change to increase their climate concern. It isn’t just having a college education alone, as the different results from warmer and colder parts of the country show. It is experiencing rising temperatures that makes the difference. The more perceptible the warming, the greater the effect.

Young people are growing up with climate change

A generation ago, climate change seemed to be more theoretical prediction than common experience for most people in the U.S.

This may be part of the reason why a sense of urgency has been slow to develop, even though three-quarters of Americans recognize that global warming is happening. Generations that grew up in the mid-20th century, when seasons and climate seemed constant, had little reason to expect change.

Today, as climate change accelerates, people are experiencing increasingly dangerous summer heat waves and extreme weather. Surveys show climate concern has increased in U.S. counties that have recently experienced warmer winters or extreme temperatures, and climate-driven disasters have increased public concern.

Younger generations may see the world differently. For them, climate change has been a reality in their developing years. Given their personal experiences and interest in science, we believe higher education will have a powerful effect.

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

– ref. Exposure to perceptible temperature rise increases concern about climate change, higher education adds to understanding – https://theconversation.com/exposure-to-perceptible-temperature-rise-increases-concern-about-climate-change-higher-education-adds-to-understanding-249420

MIL-OSI Global: Endowments aren’t blank checks – but universities can rely on them more heavily in turbulent times

Source: The Conversation – USA – By Ellen P. Aprill, Senior Scholar in Residence at the UCLA Law School’s Lowell Milken Center For Philanthropy And Nonprofit Law, University of California, Los Angeles

The Trump administration is demanding that at least 60 U.S. colleges and universities change their policies or lose out on billions of dollars in federal funding.

In Harvard University’s case, the government has accused the Ivy league school – so far without providing any specific evidence – of violating some students’ civil rights by allowing other students to engage in what the authorities characterize as antisemitic speech. The government has demanded broad oversight of Harvard’s admissions policies, along with changes in its hiring processes and campus culture.

Harvard stands to lose out on more than US$2.2 billion. It may seem to be better insulated from this pressure than many other schools because it has the nation’s largest educational endowment – a reservoir of stocks, bonds and other financial assets that helps fund its operations, research and scholarships. Harvard’s endowment totaled more than $53 billion in 2024.

As a nonprofit law scholar, who served in the Treasury Department’s Office of Tax Policy in the 1980s, I study and write about both state and federal law as it applies to nonprofit organizations. I believe that the law permits most colleges and universities to increase spending from their endowments in light of the financial pressures so many of them are facing.

Precedents for boosting endowment spending

Not all endowments are alike.

They tend to be composed of an array of smaller funds, some of which are subject to legal restrictions that make it impossible for the schools they support to freely use those assets.

Universities must respect the limits donors put on their gifts, such as tying them to specific scholarships, funding jobs held by certain kinds of professors or supporting the construction or maintenance of a particular building.

It’s up to a university’s governing board to decide how much of the school’s endowment will be spent in a given year.

As Harvard’s financial report for its 2024 fiscal year puts it: “There is a common misconception that endowments, including Harvard’s, can easily be accessed like checking accounts.” That is definitely not the case.

Nonetheless, some college and university boards did allow increased endowment spending at the height of the COVID-19 pandemic and the Great Recession, which lasted from late 2007 until mid-2009.

During that downturn and the financial crisis that precipitated it, the value of endowments, along with most financial assets, plummeted.

About 80% of Harvard’s 14,000 separate endowment funds are reserved for “specific programs, departments or purposes.” But others are less restricted, Harvard has stated in the financial reports it makes available to the public.

While it’s always important to proceed with care when spending money reserved for use on a rainy day or to ensure the long-term existence of a revered institution, most colleges and universities are freer to dip into their endowments than they may realize when conditions get stormy.

Leeway in an important law

In all states except Pennsylvania, U.S. endowments are subject to a 2006 model law known as the Uniform Prudent Management of Institutional Funds Act.

Under this law, managing and investing an endowment requires the university to consider its charitable purposes and financial needs, while respecting the intentions of the donors who provided its assets. These are state laws, not federal statutes. In most states, a university may spend as much of an endowment fund as it deems “prudent.”

Exercising that prudence requires the consideration of several factors.

They include the purposes of the institution as a whole and the particular endowment fund, prevailing economic conditions, and what other financial resources the institution can tap. However, in almost one-third of states, including California and New York, annually spending more than 7% of an endowment’s fair market value, measured by a three-year average, is presumed to be imprudent.

But that isn’t a legal maximum because the model law’s drafters noted that “circumstances in a particular year” could easily void that presumption. Based on my study of nonprofit law, including the laws that apply to higher education, I’m confident that this caveat could easily apply to the Trump administration’s education-related spending cuts in 2025, just as it did during the pandemic and the Great Recession.

What’s more, endowment spending rate by universities in 2024 was 4.8%. As a result, many universities, including those in states with a 7% cap on prudent spending, will likely be able to increase their use of endowment funds to maintain their budgets at prior levels.

In addition, living donors can release any restriction they placed on the funds they gave universities that are still held in their endowments. Even when those funds are from donors who have died, a university can ask a court to release restrictions that have become impractical or wasteful.

The Uniform Prudent Management of Institutional Funds Act also permits institutions to lift restrictions on all endowment funds that are more than 20 years old and relatively small. This amount varies from state to state and typically ranges between $25,000 and $100,000

Archon Fung, a John F. Kennedy School of Government professor, addresses students, faculty and other members of the Harvard University community on April 17, 2025.
AP Photo/Charles Krupa

A bias toward accumulating

In addition to Harvard, other examples of the largest higher education endowments include Yale with $41 billion, Princeton with $34 billion and Columbia, which has some $15 billion. All three are among the 60 schools the Education Department is investigating for allegedly failing to “protect Jewish students on campus.”

Why do the boards of even these universities tend to hesitate to dip deeply into their endowments when their revenue declines?

One explanation is that because endowments can enhance a university’s prestige, its leaders and endowment donors have a bias toward accumulating rather than spending. Another is that board members have an obligation to protect their institutions’ long-term viability. Boards also bear a responsibility to preserve funds for a future rainy day, no matter how severe the current turbulence may be, how large the endowment has become or how successful the school’s current fundraising efforts are.

That may explain why Harvard is reportedly in talks with investment banks about issuing $750 million in bonds that will allow the school to meet its spending needs without dipping so deeply into its endowment.

More attacks could be on the way

At the same time, the Trump administration’s trade, fiscal and other policies may continue to roil financial markets, reducing the value of university endowments, for months or years to come.

The federal government is reportedly looking into whether it can revoke Harvard’s tax-exempt status, a drastic move that would have no comparable precedents.

In mid-April 2025, Harvard began to push back on the Trump administration’s demands, saying that they violate the free speech rights protected by the Constitution’s First Amendment and “invade university freedoms long recognized by the Supreme Court.” Harvard’s donors have responded to the resistance of the school’s leaders with a flurry of new gifts.

In my view, it’s reasonable for colleges and universities to consider stepping up their endowment spending due to the Trump administration’s actions that could interfere with higher education revenue. Increasing endowment payouts now could ease, although not fully solve, the mounting crises that colleges and universities of all kinds now face.

The John F. Kennedy School of Government, commonly referred to as Harvard Kennedy School, is a member of The Conversation U.S.

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

– ref. Endowments aren’t blank checks – but universities can rely on them more heavily in turbulent times – https://theconversation.com/endowments-arent-blank-checks-but-universities-can-rely-on-them-more-heavily-in-turbulent-times-254909

MIL-OSI Global: Federal laws don’t ban rollbacks of environmental protection, but they don’t make it easy

Source: The Conversation – USA – By Stan Meiburg, Executive Director, Sabin Center for Environment and Sustainability, Wake Forest University

EPA Administrator Lee Zeldin has announced plans to review or reverse dozens of environmental protection regulations. Kayla Bartkowski/Getty Images

President Donald Trump and Environmental Protection Agency Administrator Lee Zeldin have announced their intent to reconsider dozens of current regulations in an effort to loosen standards originally imposed to protect the environment and public health. But it’s not as simple as Trump and Zeldin just saying so.

A few of the changes, such as reconstituting the membership of EPA’s Science Advisory Board and Clean Air Act Scientific Advisory Committee or using enforcement discretion to avoid targeting favored industries, are administrative measures that can be changed with the stroke of a pen.

But many, including carbon emissions standards for power plants and motor vehicles, wastewater limits for refineries and chemical plants, or air pollution standards, can only be revised in accordance with the Administrative Procedure Act, a federal law first passed in 1946.

That process includes public notice of the proposed changes, an opportunity for the public to comment on those proposals, and a review of those comments by the responsible federal agency.

There’s a big book that contains rules about how to change the rules.
designer491/iStock / Getty Images Plus

There are some explicit restrictions that prevent loosening of existing environmental standards for clean air and water. In general, though, if the administration has evidence to support its claims that the protections should be reduced and the administration follows the process required by law, it is possible to loosen the restrictions. But as a former longtime senior leader at EPA and student of environmental policy, I know that process is not easy – and it’s not meant to be.

As examples of how the process of changing the rules and standards works, let’s look at the provisions of the Clean Air Act and the Clean Water Act. Similar provisions exist in the nation’s wide range of environmental protection laws, including the Safe Drinking Water Act; the Toxic Substances Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Resource Conservation and Recovery Act, and others.

EPA Administrator Lee Zeldin announces plans to review several environmental regulations on March 12, 2025.

Keeping the air clean

The Clean Air Act sets uniform national standards for air quality, and it created the rules by which states create plans to meet those standards.

One section of the law, Part C of Title I of the act, is titled “Prevention of Significant Deterioration of Air Quality.” Its provisions are meant to prevent states that meet the national standards from allowing air quality to get worse in the future.

Its basic effect is to require that new sources of pollution, or existing ones that make significant equipment changes, use the best available technology that meets or exceeds the minimum federal standards for pollution control. Additional protections apply to sensitive areas like national parks.

For areas that did not yet meet the standards, a set of amendments passed in 1990 included one that prevented air quality from getting worse. That provision, known as the “anti-backsliding rule,” says that no state whose air did not meet the standards before Nov. 15, 1990, can change its plan “unless the modification insures equivalent or greater emission reductions.” And once a state’s air quality improves to meet the standards, the state must follow maintenance plans to make sure the air quality doesn’t get worse.

Protecting the water

Under the Clean Water Act, states set water quality standards to protect drinking water and water for recreation, as well as to protect wildlife.

The Environmental Protection Agency has interpreted key sections of the law to require that states ensure that whatever companies discharge into the water from factories or other operations don’t degrade downstream water quality – even if the existing conditions are better than the minimum standards. Known as “anti-degradation provisions,” these rules mean water that is currently far cleaner than the standards require can’t legally be made more dirty, even if only a little bit.

The Clean Water Act also contains anti-backsliding provisions that prevent new discharge permits from allowing more pollution than previous permits did.

Air pollution is regulated by the federal government.
AP Photo/J. David Ake

Rollbacks are possible

Many federal standards can be weakened, so long as the EPA follows the Administrative Procedure Act’s process.

Since the 1970 passage of the Clean Air Act, the national air quality standards have not been weakened. Technology standards for air and water pollution controls have tightened over time because of advances that improved performance while reducing costs.

To change the rules under the Clean Air Act, the EPA must first provide evidence that the existing rules are no longer appropriate. Without that evidence, any changes may be overturned by the courts as not founded in facts – in legal terms, “arbitrary and capricious.” The first Trump administration’s efforts to change the rules failed in many court cases on this basis.

This review process is also required of the EPA’s intended effort to revoke the so-called “endangerment finding,” which establishes the agency’s authority to regulate greenhouse gases under the Clean Air Act. If successful, that revocation would undo the legal grounds for carbon dioxide and methane pollution standards for motor vehicles, electric utilities, oil and gas production, and large industrial sources.

Such an effort will certainly end up in court. The endangerment finding began with a 2007 Supreme Court ruling that required the EPA to assess whether greenhouse gas emissions endanger human health and welfare. In 2009, the agency found that they did. In 2012, the D.C. Circuit Court of Appeals upheld that finding, and the Supreme Court declined to reconsider the case.

Algae floats on Lake Erie. Algae blooms can be caused by water pollution.
AP Photo/Paul Sancya

Other ways to reduce environmental protections

The Trump administration’s stated plans for amending water pollution rules illustrate that rolling back protections can also mean undoing efforts to strengthen restrictions, if those efforts did not get finalized before 2025.

For instance, in June 2024, the Biden administration’s EPA notified the public that it intended to tighten restrictions on manufacturing plants’ discharges of per- and polyfluoroalkyl substances, also known as PFAS, into surface water or public sewage-treatment systems. Those are a large category of human-made chemicals, used to make products resistant to water, stains and heat, which can be harmful to human health at some levels. These chemicals don’t break down easily and therefore are often called “forever chemicals.”

But the changes were never finalized, and on the second day of Trump’s second term, the new administration announced that the proposal had been withdrawn.

Rollbacks can also mean extending compliance deadlines for current standards. For example, the EPA has announced that it will review discharge rules for power plants. Even if the rules themselves don’t change, giving power plants more time to comply with the rules can increase pollution.

Public protests across the nation have objected to the Trump administration’s efforts to weaken environmental protections.
Brett Phelps/The Boston Globe via Getty Images

No change until new versions are finalized

In general, U.S. environmental laws do not prevent the EPA from weakening protection standards. But merely announcing the agency’s intention to do something doesn’t make it so.

In a recent executive order, Trump claimed he could take an action without public notice and comment “because I am ordering the repeal.” But federal law specifies that the process of change requires explicit descriptions of scientific and technical reasons and evidence that justify any proposed actions, and a notice-and-comment process that involves the public.

In the meantime, the existing standards remain in place, enforceable by citizen lawsuits even if the federal government decides not to enforce them. Agencies require technical and legal expertise to craft rules that can survive inevitable challenges in the courts. Many of those experts have been fired or laid off by the Trump administration, making the job of changing regulations more difficult.

Stan Meiburg is a volunteer with the Environmental Protection Network, a non-partisan 501(c)(3) nonprofit organization. He is also a 39 year alumnus of the U.S. Environmental Protection Agency. He is a professional colleague with Sid Shapiro, whose Conversation article is cited in this piece.

– ref. Federal laws don’t ban rollbacks of environmental protection, but they don’t make it easy – https://theconversation.com/federal-laws-dont-ban-rollbacks-of-environmental-protection-but-they-dont-make-it-easy-253515

MIL-OSI United Nations: Secretary-General’s statement – on the passing of His Holiness Pope Francis

Source: United Nations secretary general

I join the world in mourning the passing of His Holiness Pope Francis, a messenger of hope, humility and humanity.

Pope Francis was a transcendent voice for peace, human dignity and social justice. He leaves behind a legacy of faith, service and compassion for all — especially those left on the margins of life or trapped by the horrors of conflict.

Pope Francis was a man of faith for all faiths — working with people of all beliefs and backgrounds to light a path forward.

Through the years, the United Nations was greatly inspired by his commitment to the goals and ideals of our organization — a message I conveyed in my meetings with him as Secretary-General.

In his historic 2015 visit to United Nations headquarters, he spoke of the organization’s ideal of a “united human family.”

Pope Francis also understood that protecting our common home is, at heart, a deeply moral mission and responsibility that belongs to every person. His Papal Encyclical — Laudato Si — was a major contribution to the global mobilization that resulted in the landmark Paris Agreement on climate change.

Pope Francis once said: “The future of humankind isn’t exclusively in the hands of politicians, of great leaders, of big companies…[it] is, most of all, in the hands of those people who recognize the other as a ‘you’ and themselves as part of an ‘us.’”

Our divided and discordant world will be a much better place if we follow his example of unity and mutual understanding in our own actions.

I offer my deepest condolences to Catholics and all those around the world inspired by the extraordinary life and example of Pope Francis.

MIL OSI United Nations News –

MIL-OSI USA News: Week 13 Wins: President Trump’s Relentless Pursuit of Prosperity, Opportunity

Source: The White House

Another week of successes for the American people is in the books as President Donald J. Trump continues to deliver on his promises.

Here is a non-comprehensive list of wins in week 13:

Americans continued to see early results of President Trump’s commitment to American manufacturing and job growth.
- Abbott Laboratories announced it will spend $500 million on its Illinois and Texas facilities.
- NVIDIA announced it will manufacture its AI supercomputers entirely in the U.S. as part of its pledge to produce $500 billion of AI infrastructure in the U.S. over the next four years.
- Honda Motor Co. announced plans to shift production of the Civic from Japan to the U.S. amid plans to boost its U.S. production by up to 30% in the next several years.
- Ellwood Group – a small manufacturer of forged steel, nickel and aluminum products – announced a sales increase of 35% quarter-over-quarter following President Trump’s steel tariffs.
President Trump continued to secure our border and rid our communities of illegal immigrant criminals.
- U.S. Border Patrol recorded the fewest illegal crossings at the southwest border on record in March – down 94% lower over last March.Violent terrorist gang members and criminal illegal immigrants continued to be deported to El Salvador.
- In just the past several days, ICE arrested a host of depraved criminal illegal immigrants, including a convicted rapist in Brooklyn, a convicted murder in Los Angeles, and a convicted arsonist in Virginia.
President Trump continued to pursue peace through strength around the world.
- The Trump administration secured the release of an America missionary held in Tunisia for 13 months.
- The Trump Administration directed additional successful airstrikes against Houthi terrorists.
President Trump signed an order aimed at stopping illegal immigrants and other ineligible individuals from obtaining benefits under the Social Security Act and enhancing investigations into fraud.
President Trump took executive action to expand on the historic efforts of his first term to lower prescription drug prices — delivering lower prices for Medicare, providing massive discounts on lifesaving medications, like insulin, for low-income and uninsured Americans, and helping states save millions on prescription drug costs.
President Trump opened the Pacific Remote Islands Marine National Monument to commercial fishing, undoing a nonsensical Biden-era ban and boosting the economy of American Samoa and other Pacific islands.
President Trump signed an executive order to restore American seafood competitiveness by reducing regulatory burdens, combating unfair foreign trade practices, and enhancing domestic seafood production and exports.
President Trump took additional action to ensure government remains accountable to the taxpayers who fund it.
- President Trump signed a memorandum to ensure government is leveraging modern technology to effectively and efficiently conduct environmental reviews and evaluate permits.
- President Trump signed an executive order to enforce existing law requiring the federal government to utilize the competitive marketplace and the innovations of private enterprise to provide better, more-cost-effective services to taxpayers.
- President Trump rescinded two longstanding presidential actions that unnecessarily restricted where federal agencies could site their facilities.
- President Trump signed an executive order to dramatically simplify and streamline the federal procurement process.
President Trump signed an executive order launching an investigation into the national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products.
The Department of Justice announced a civil lawsuit against the Maine Department of Education over their consistent and willful refusal to protect women and girls in sports and other private spaces.
The Department of the Treasury continued its crackdown on Chinese facilitation of Iranian oil exports, sanctioning various Chinese companies purchasing from, and providing vessels for, Iran’s shadow fleet.
The Department of the Interior announced the emergency withdrawal and transfer of jurisdiction of nearly 110,000 acres of federal land along the southern border to support operations in border security.
The Trump Administration’s joint task force on Title IX launched an investigation into the University of Maryland over allowing a male athlete to compete in women’s fencing and use women’s-only intimate facilities, and launched an investigation into the University of Maryland and Wagner college for penalizing a female athlete for refusing to compete against a male.
Director of National Intelligence Tulsi Gabbard released records on the government’s investigation into the assassination of Senator Robert F. Kennedy.
The Department of State canceled 139 grants worth $214 million, including wasteful programs like “Building the Migrant Domestic Worker-Led Movement” in Lebanon or “Get the Trolls Out!” in the United Kingdom.
The Department of State scrapped its Global Engagement Center, which was at the center of U.S. government-sponsored censorship and media manipulation.
The Department of Health and Human Services launched new studies on the link between environmental toxins and autism.
Institutions across the country continued to dissolve their divisive “diversity, equity, and inclusion” programming in response to President Trump’s executive order.
- James Madison University ended its DEI programming.
- Ball State University announced it will end its DEI programming.
- Rochester Community School District in Michigan eliminated its DEI director position.

MIL OSI USA News –

MIL-OSI: Aemetis India Plant Receives $31 million of Biodiesel Orders from OMCs for Delivery in Next Three Months

Source: GlobeNewswire (MIL-OSI)

CUPERTINO, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a diversified global renewable natural gas and biofuels company, announced the Company’s subsidiary in India, Universal Biofuels, received multiple orders for an aggregate of $31 million for the delivery during May, June and July of more than 33,000 kiloliters of biodiesel to the three government-owned Oil Marketing Companies (OMCs).

Additional OMC orders are expected throughout the year in order to continue shipments to fuel blending terminals on an ongoing basis to support the India government goal of increasing from a 1% to 5% biodiesel blend.

”Universal Biofuels and other biodiesel producers look forward to continuous support from the government of India to ensure that climate issues are addressed, while ensuring a healthy biodiesel industry,” stated Sanjeev Duggal, CEO of Universal Biofuels.

“We are pleased with the progress being made in India in support of the 5% biodiesel blending target of more than 1.2 billion gallons per year,” stated Eric McAfee, Chairman and CEO of Aemetis.  “The OMCs did not take deliveries during this past winter and instead decided to issue new orders for biodiesel with deliveries from May to July. Our Universal Biofuels subsidiary has successfully completed deliveries under contracts with the OMCs for the past several years, highlighting our track record for producing and timely delivering high quality renewable fuels at our India plant.”

Recently, India achieved a 20% ethanol blend into gasoline and the government stated a new 30% blend target for ethanol, enabling further growth in ethanol production and expanding revenues for farmers while reducing the importation of petroleum gasoline into India.

Universal Biofuels significantly expanded the production capacity of the Kakinada biodiesel plant to 80 million gallons per year during a recent plant upgrade and maintenance cycle, including expansion of its proprietary process that produces biodiesel from waste and byproducts that Universal utilizes to produce biofuels that are lower carbon intensity at a significantly reduced cost.

Aemetis’ Universal Biofuels subsidiary is one of the largest biodiesel producers in India, having been in operation for more than 17 years. Universal Biofuels increased annual biodiesel capacity from 50 million gallons to 80 million gallons last year, with further biodiesel expansion to other locations and diversification into biogas production planned for 2025. To support further growth, Universal Biofuels is preparing for an IPO in India which is expected to be completed in late 2025, subject to continued favorable stock market conditions.

Universal Biofuels completed $112 million of biodiesel and glycerine shipments in the twelve months ended September 2024, including deliveries to the three government-owned oil marketing companies under a cost-plus contract. Shipments of biodiesel to OMC’s are expected to begin in early May under the next round of biodiesel contracts.

About Aemetis

Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.

Safe Harbor Statement

This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results; statements related to the development, engineering, financing, construction and operation of the Aemetis biodiesel and other biofuel facilities; our ability to promote, develop, finance, and construct facilities to produce biodiesel, renewable fuels, and biochemicals; and statements about future market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

Company Investor Relations
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com

External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com

MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

Net income for the first quarter of 2025 was $10.6 million, compared to $10.7 million in the prior quarter and $7.9 million in the first quarter of 2024. Net income for the first quarter of 2025 represents a return on average assets of 1.74% and a return on average tangible common equity of 18.74%
Diluted earnings per share for the first quarter of 2025 was $1.80, compared to $1.82 in the prior quarter and $1.36 in the first quarter of 2024
Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million or 2.7% from December 31, 2024, which included a reduction in brokered deposits of $96.9 million. Total deposits increased 15.1% year over year. Core deposits were $2.05 billion as of March 31, 2025, an increase of $154.6 million or 8.2% from December 31, 2024. Core deposits increased 27.5% year over year
Total cost of deposits was 2.22% for the first quarter of 2025, a decrease from 2.36% in the prior quarter and 2.61% in the first quarter of 2024. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024. Total cost of funding sources was 2.29% for the first quarter of 2025, a decrease from 2.45% in the prior quarter and 2.70% in the first quarter of 2024
Loans held-for-investment (“HFI”) totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% from December 31, 2024. Loans HFI increased 9.0% year over year
Net interest margin was 4.61% for the first quarter of 2025, compared to 4.67% in the prior quarter and 4.31% in the first quarter of 2024
Provision for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand for the prior quarter and $0.2 million for the first quarter of 2024. The allowance for loan losses was 1.27% of loans HFI as of March 31, 2025 compared to 1.31% at December 31, 2024
As of March 31, 2025, criticized and classified loans totaled $40.8 million, or 1.96% of total loans, up from $24.7 million, or 1.18% of total loans, in the prior quarter
Tangible book value per share was $40.29 as of March 31, 2025, an increase of $1.89 since December 31, 2024 primarily as a result of strong earnings. Tangible book value per share increased 4.9% quarter-over-quarter and 20.1% year over year.

LA JOLLA, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first fiscal quarter ended March 31, 2025. The Company reported net income of $10.6 million, or $1.80 per diluted share, for the first quarter of 2025, compared to $10.7 million, or $1.82 per diluted share, in the prior quarter, and $7.9 million, or $1.36 per diluted share, in the first quarter of 2024.

Rick Sowers, President and CEO of the Company and the Bank stated, “We continue to be pleased by the Company and the Team’s performance. Strong growth in core deposits over the past year continues and we remain focused on building strong Relationships with our Clients. Loan demand was soft in Q1, as Clients and financial markets digest the current economy and prospects for future growth and stability. We remain optimistic that markets will settle, and demand will return. In the meantime, we are focused on providing the Distinctively Different Service our Clients and Prospects are seeking, getting more efficient and effective in our business through technology, continuous process improvement and building a strong Team throughout the Bank.”

Sowers added, “The Bank was recognized throughout the last year for superior financial performance and industry leading service metrics. These recognitions highlight CalPrivate Bank’s dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value:

#1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets
#1 SBA 504 Community Bank Lender in the United States
#10 Best U.S. Bank by Bank Director’s RankingBanking^®
Client Net Promoter Score of 81 (World Class)
Bauer 5 Star Rating
2025 Best 50 OTCQX

“As Los Angeles continues to tackle the enormous task of cleaning up after the devastating fires, CalPrivate Bank remains committed to being a partner to our Clients and the Communities we serve.”

“As our economy transitions based on priorities of the new administration in Washington DC, and global economic uncertainties increase, management and the board are diligently assessing and acting upon potential future risks and market opportunities. The Bank continues to produce top tier financial results by seeking improved productivity through technology investments, streamlined systems and processes, and hiring top bankers in existing and potential new markets and market segments. We continue to prioritize unparalleled Client service and creative Solutions for our loyal and growing client base. We continue to support a broad range of non-profit organizations in the communities we serve, both through team member volunteering activities and financial resources. Our Team takes great pride in doing well for shareholders by doing good for clients and community,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

STATEMENT OF INCOME

Net Interest Income

Net interest income for the first quarter of 2025 totaled $27.7 million, an increase of $0.3 million or 1.2% from the prior quarter and an increase of $5.0 million or 21.8% from the first quarter of 2024. The increase from the prior quarter was due to a $0.5 million decrease in interest expense, resulting from a 22 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

Net Interest Margin

Net interest margin for the first quarter of 2025 was 4.61%, compared to 4.67% for the prior quarter and 4.31% in the first quarter of 2024. The 6 basis point decrease in net interest margin from the prior quarter was primarily due to lower yields on interest-earning assets and a decrease in prepayment-penalty fees. The yield on interest-earning assets was 6.70% for the first quarter of 2025 compared to 6.89% for the prior quarter, and the cost of interest-bearing liabilities was 3.14% for the first quarter of 2025 compared to 3.36% in the prior quarter. The cost of total deposits was 2.22% for the first quarter of 2025 compared to 2.36% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.99% in the first quarter of 2025 compared to 2.07% in the prior quarter. The spot rate for total deposits was 2.11% as of March 31, 2025, compared to 2.29% at December 31, 2024.

Provision for Credit Losses

Provision expense for credit losses for the first quarter of 2025 was $0.3 million, compared to $17 thousand in the prior quarter and $0.2 million in the first quarter of 2024. The provision expense for loans HFI for the first quarter of 2025 was $0.5 million, primarily reflecting heightened macroeconomic uncertainty incorporated into our forecasts. This was offset by a $0.2 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

Noninterest Income

Noninterest income was $1.6 million for the first quarter of 2025, compared to $1.9 million in the prior quarter and $1.4 million in the first quarter of 2024. SBA loan sales for the first quarter of 2025 were $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand, compared with $14.9 million with a 11.45% average trade premium resulting in a net gain on sale of $932 thousand in the prior quarter.

Noninterest Expense

Noninterest expense was $14.1 million for the first quarter of 2025, compared to $14.2 million in the prior quarter and $12.8 million in the first quarter of 2024. The efficiency ratio was 47.90% for the first quarter of 2025 compared to 48.34% in the prior quarter and 52.84% in the first quarter of 2024. The slight decrease in the efficiency ratio from the prior quarter was due to the decrease in noninterest expense.

The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

Provision for Income Tax Expense

Provision for income tax expense was $4.4 million for the first quarter of 2025, compared to $4.5 million for the prior quarter. The effective tax rate for the first quarter of 2025 was 29.5%, compared to 29.6% in the prior quarter and 29.5% in the first quarter of 2024.

STATEMENT OF FINANCIAL CONDITION

As of March 31, 2025, total assets were $2.48 billion, an increase of $58.9 million since December 31, 2024. The increase in assets from the prior quarter was primarily due to higher cash and due from banks and investment securities, partially offset by lower loans receivable. Our total cash and due from banks increased to $218.5 million as of March 31, 2025, an increase of $54.6 million or 33.3% since December 31, 2024, primarily due to strong growth in core deposits along with lower loan demand. Investment securities available-for-sale (“AFS”) were $156.3 million as of March 31, 2025, an increase of $11.1 million or 7.6% since December 31, 2024, primarily as a result of new securities purchased. As of March 31, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $10.1 million (pre-tax) compared to a loss of $12.1 million (pre-tax) as of December 31, 2024. The average duration of the Bank’s AFS portfolio is 3.8 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of March 31, 2025, a decrease of $6.5 million or 0.3% since December 31, 2024, reflecting lower loan production as borrowers deferred new financings amid economic and interest-rate uncertainty as well as wildfire-related disruptions in Southern California.

Total deposits were $2.19 billion as of March 31, 2025, an increase of $57.7 million since December 31, 2024. During the quarter, core deposits increased by $154.6 million, which was driven by a $108.9 million increase in interest-bearing core deposits (including balances in the Intrafi ICS and CDARS programs) and a $45.7 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.2% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $96.9 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.1% of total deposits as of March 31, 2025.

As of March 31, 2025, total available liquidity was $2.1 billion or 192.8% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $366 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

Asset Quality and Allowance for Credit Losses (“ACL”)

As of March 31, 2025, the allowance for loan losses was $26.4 million or 1.27% of loans HFI, compared to $27.3 million or 1.31% of loans HFI as of December 31, 2024. The decrease in the coverage ratio from December 31, 2024 is due primarily to a $1.1 million partial charge-off of a nonaccrual loan that previously had a specific reserve of $2.0 million. The Company continues to have strong credit metrics and its nonperforming assets are 0.63% of total assets as of March 31, 2025 compared to 0.47% as of December 31, 2024. The reserve for unfunded commitments was $1.3 million as of March 31, 2025, compared to $1.5 million as of December 31, 2024. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

At March 31, 2025 and December 31, 2024, there were no doubtful credits and classified assets were $27.8 million and $14.9 million, respectively. Total classified assets consisted of 20 loans as of March 31, 2025, which included 17 loans totaling $24.7 million secured by real estate with a weighted average LTV of 52.7%, of which 11 loans totaling $16.4 million had SBA guarantees. The remaining three loans were $3.1 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (net of a $1.1 million partial charge off).

The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

Capital Ratios ⁽²⁾

The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

	March 31, 2025⁽²⁾	December 31, 2024
CalPrivate Bank
Tier I leverage ratio	10.35%	10.39%
Tier I risk-based capital ratio	11.75%	11.29%
Total risk-based capital ratio	13.00%	12.54%

(2) March 31, 2025 capital ratios are preliminary and subject to change.

About Private Bancorp of America, Inc. (OTCQX: PBAM)

PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, and Beverly Hills, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, cross border banking, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10^th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

CalPrivate Bank’s website is www.calprivate.bank.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including adjusted income before provision for income taxes, adjusted net income, adjusted diluted earnings per share (“Adjusted EPS”), efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

Investor Relations Contacts

Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894

Cory Stewart
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(206) 293-3669

Safe Harbor Paragraph

This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in thousands)

	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Assets
Cash and due from banks	$	34,720		$	16,528		$	13,136
Interest-bearing deposits in other financial institutions		16,155			10,419			34,790
Interest-bearing deposits at Federal Reserve Bank		167,606			136,929			93,575
Total cash and due from banks		218,481			163,876			141,501
Interest-bearing time deposits with other institutions		4,213			4,189			4,032
Investment debt securities available for sale		156,346			145,238			114,067
Loans held for sale		2,066			3,008			383
Loans, net of deferred fees and costs and unaccreted discounts		2,078,653			2,085,149			1,906,992
Allowance for loan losses		(26,437	)		(27,267	)		(24,693	)
Loans held-for-investment, net of allowance		2,052,216			2,057,882			1,882,299
Federal Home Loan Bank stock, at cost		9,586			9,586			8,915
Operating lease right of use assets		6,383			6,819			2,765
Premises and equipment, net		2,432			2,335			1,804
Servicing assets, net		1,993			2,087			2,203
Accrued interest receivable		8,148			7,993			7,931
Other assets		21,009			20,998			21,877
Total assets	$	2,482,873		$	2,424,011		$	2,187,777

Liabilities and Shareholders’ Equity
Liabilities
Noninterest bearing	$	599,095		$	553,405		$	516,294
Interest bearing		1,593,014			1,581,054			1,388,381
Total deposits		2,192,109			2,134,459			1,904,675
FHLB borrowings		16,000			28,000			53,000
Other borrowings		17,970			17,969			17,963
Accrued interest payable and other liabilities		21,559			20,049			18,107
Total liabilities		2,247,638			2,200,477			1,993,745

Shareholders’ equity
Common stock		76,156			75,377			74,105
Additional paid-in capital		3,712			4,393			4,108
Retained earnings		162,462			152,252			124,464
Accumulated other comprehensive (loss) income, net		(7,095	)		(8,488	)		(8,645	)
Total shareholders’ equity		235,235			223,534			194,032
Total liabilities and shareholders’ equity	$	2,482,873		$	2,424,011		$	2,187,777

PRIVATE BANCORP OF AMERICA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share amounts)

	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
Interest Income
Loans	$	36,565	$	37,259	$	33,006
Investment securities		1,505		1,510		979
Deposits in other financial institutions		2,198		1,661		1,799
Total interest income		40,268		40,430		35,784

Interest Expense
Deposits		11,899		12,297		12,130
Borrowings		637		726		886
Total interest expense		12,536		13,023		13,016

Net interest income		27,732		27,407		22,768
Provision for credit losses		299		17		233
Net interest income after provision for credit losses		27,433		27,390		22,535

Noninterest income:
Service charges on deposit accounts		557		558		388
Net gain on sale of loans		469		932		681
Other noninterest income		587		456		357
Total noninterest income		1,613		1,946		1,426

Noninterest expense:
Compensation and employee benefits		9,748		9,539		8,861
Occupancy and equipment		844		847		770
Data processing		1,326		1,195		1,058
Professional services		508		573		488
Other expenses		1,629		2,036		1,606
Total noninterest expense		14,055		14,190		12,783
Income before provision for income taxes		14,991		15,146		11,178
Provision for income taxes		4,429		4,488		3,294
Net income	$	10,562	$	10,658	$	7,884
Net income available to common shareholders	$	10,482	$	10,573	$	7,832

Earnings per share
Basic earnings per share	$	1.83	$	1.85	$	1.38
Diluted earnings per share	$	1.80	$	1.82	$	1.36

Average shares outstanding		5,734,688		5,716,291		5,679,843
Diluted average shares outstanding		5,826,229		5,813,197		5,754,937

PRIVATE BANCORP OF AMERICA, INC. Consolidated average balance sheet, interest, yield and rates (Unaudited) (Dollars in thousands)

	For the three months ended
	Mar 31, 2025							Dec 31, 2024							Mar 31, 2024
	Average Balance		Interest		Average Yield/Rate			Average Balance		Interest		Average Yield/Rate			Average Balance		Interest		Average Yield/Rate
Interest-Earnings Assets
Deposits in other financial institutions	$	202,907	$	2,198		4.39	%	$	143,053	$	1,661		4.62	%	$	135,511	$	1,799		5.34	%
Investment securities		157,747		1,505		3.82	%		155,768		1,510		3.88	%		119,690		979		3.27	%
Loans, including LHFS		2,078,588		36,565		7.13	%		2,036,178		37,259		7.28	%		1,868,308		33,006		7.11	%
Total interest-earning assets		2,439,242		40,268		6.70	%		2,334,999		40,430		6.89	%		2,123,509		35,784		6.78	%
Noninterest-earning assets		28,536							24,951							25,469
Total Assets	$	2,467,778						$	2,359,950						$	2,148,978

Interest-Bearing Liabilities
Interest bearing DDA, excluding brokered		244,301		970		1.61	%		178,811		634		1.41	%		109,838		441		1.61	%
Savings & MMA, excluding brokered		955,259		6,830		2.90	%		904,191		6,991		3.08	%		765,770		6,421		3.37	%
Time deposits, excluding brokered		196,375		1,956		4.04	%		191,794		2,004		4.16	%		155,703		1,583		4.09	%
Total deposits, excluding brokered		1,395,935		9,756		2.83	%		1,274,796		9,629		3.00	%		1,031,311		8,445		3.29	%
Total brokered deposits		183,059		2,143		4.75	%		218,792		2,668		4.85	%		287,885		3,685		5.15	%
Total Interest-Bearing Deposits		1,578,994		11,899		3.06	%		1,493,588		12,297		3.28	%		1,319,196		12,130		3.70	%

FHLB advances		24,122		272		4.57	%		29,446		343		4.63	%		49,935		614		4.95	%
Other borrowings		17,981		365		8.23	%		17,967		383		8.48	%		17,962		272		6.09	%
Total Interest-Bearing Liabilities		1,621,097		12,536		3.14	%		1,541,001		13,023		3.36	%		1,387,093		13,016		3.77	%

Noninterest-bearing deposits		594,408							577,462							553,541
Total Funding Sources		2,215,505		12,536		2.29	%		2,118,463		13,023		2.45	%		1,940,634		13,016		2.70	%

Noninterest-bearing liabilities		21,542							21,524							18,018
Shareholders’ equity		230,731							219,963							190,326

Total Liabilities and Shareholders’ Equity	$	2,467,778						$	2,359,950						$	2,148,978

Net interest income/spread			$	27,732		4.41	%			$	27,407		4.44	%			$	22,768		4.08	%
Net interest margin						4.61	%						4.67	%						4.31	%

PRIVATE BANCORP OF AMERICA, INC. Condensed Balance Sheets (Unaudited) (Dollars in thousands, except per share amounts)

	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Assets
Cash and due from banks	$	218,481		$	163,876		$	207,174		$	158,377		$	141,501
Interest-bearing time deposits with other institutions		4,213			4,189			4,124			4,097			4,032
Investment securities		156,346			145,238			141,100			121,725			114,067
Loans held for sale		2,066			3,008			2,040			–			383
Total loans held-for-investment		2,078,653			2,085,149			2,012,457			1,979,720			1,906,992
Allowance for loan losses		(26,437	)		(27,267	)		(26,594	)		(26,591	)		(24,693	)
Loans held-for-investment, net of allowance		2,052,216			2,057,882			1,985,863			1,953,129			1,882,299
Operating lease right of use assets		6,383			6,819			4,344			4,719			2,765
Premises and equipment, net		2,432			2,335			2,345			2,207			1,804
Other assets and interest receivable		40,736			40,664			39,383			41,430			40,926
Total assets	$	2,482,873		$	2,424,011		$	2,386,373		$	2,285,684		$	2,187,777

Liabilities and Shareholders’ Equity
Liabilities
Noninterest Bearing	$	599,095		$	553,405		$	584,292		$	557,055		$	516,294
Interest Bearing		1,593,014			1,581,054			1,522,839			1,444,671			1,388,381
Total Deposits		2,192,109			2,134,459			2,107,131			2,001,726			1,904,675
Borrowings		33,970			45,969			45,967			65,965			70,963
Accrued interest payable and other liabilities		21,559			20,049			19,062			16,551			18,107
Total liabilities		2,247,638			2,200,477			2,172,160			2,084,242			1,993,745
Shareholders’ equity
Common stock		76,156			75,377			74,688			74,636			74,105
Additional paid-in capital		3,712			4,393			4,271			3,717			4,108
Retained earnings		162,462			152,252			141,623			132,179			124,464
Accumulated other comprehensive (loss) income		(7,095	)		(8,488	)		(6,369	)		(9,090	)		(8,645	)
Total shareholders’ equity		235,235			223,534			214,213			201,442			194,032
Total liabilities and shareholders’ equity	$	2,482,873		$	2,424,011		$	2,386,373		$	2,285,684		$	2,187,777

Book value per common share	$	40.63		$	38.76		$	37.21		$	35.03		$	33.94
Tangible book value per common share⁽¹⁾	$	40.29		$	38.40		$	36.87		$	34.65		$	33.55
Shares outstanding		5,789,306			5,766,810			5,756,207			5,751,143			5,717,519

(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.


PRIVATE BANCORP OF AMERICA, INC. Condensed Statements of Income (Unaudited) (Dollars in thousands, except per share amounts)

	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Interest income	$	40,268	$	40,430	$	40,018	$	38,662	$	35,784
Interest expense		12,536		13,023		14,311		13,992		13,016
Net interest income		27,732		27,407		25,707		24,670		22,768
Provision for credit losses		299		17		304		2,136		233
Net interest income after provision for credit losses		27,433		27,390		25,403		22,534		22,535

Service charges on deposit accounts		557		558		504		430		388
Net gain on sale of loans		469		932		587		661		681
Other noninterest income		587		456		343		447		357
Total noninterest income		1,613		1,946		1,434		1,538		1,426

Compensation and employee benefits		9,748		9,539		9,422		8,836		8,861
Occupancy and equipment		844		847		818		822		770
Data processing		1,326		1,195		1,238		1,183		1,058
Professional services		508		573		252		424		488
Other expenses		1,629		2,036		1,695		1,697		1,606
Total noninterest expense		14,055		14,190		13,425		12,962		12,783

Income before provision for income taxes		14,991		15,146		13,412		11,110		11,178
Income taxes		4,429		4,488		3,959		3,283		3,294
Net income	$	10,562	$	10,658	$	9,453	$	7,827	$	7,884
Net income available to common shareholders	$	10,482	$	10,573	$	9,373	$	7,761	$	7,832

Earnings per share
Basic earnings per share	$	1.83	$	1.85	$	1.64	$	1.36	$	1.38
Diluted earnings per share	$	1.80	$	1.82	$	1.63	$	1.35	$	1.36

Average shares outstanding		5,734,688		5,716,291		5,707,723		5,702,938		5,679,843
Diluted average shares outstanding		5,826,229		5,813,197		5,767,401		5,762,616		5,754,937

	Performance Ratios
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
ROAA		1.74	%		1.80	%		1.62	%		1.40	%		1.48	%
ROAE		18.56	%		19.28	%		18.00	%		15.81	%		16.66	%
ROATCE⁽¹⁾		18.74	%		19.46	%		18.18	%		15.99	%		16.86	%
Net interest margin		4.61	%		4.67	%		4.44	%		4.48	%		4.31	%
Net interest spread		4.41	%		4.44	%		4.20	%		4.24	%		4.08	%
Efficiency ratio⁽¹⁾		47.90	%		48.34	%		49.46	%		49.46	%		52.84	%
Noninterest expense / average assets		2.31	%		2.39	%		2.29	%		2.32	%		2.39	%

(1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)

	Selected Quarterly Average Balances
	(Dollars in thousands)
	For the three months ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Total assets	$	2,467,778	$	2,359,950	$	2,328,399	$	2,241,860	$	2,148,978
Earning assets	$	2,439,242	$	2,334,999	$	2,303,537	$	2,216,185	$	2,123,509
Total loans, including loans held for sale	$	2,078,588	$	2,036,178	$	1,989,748	$	1,939,746	$	1,868,308
Total deposits	$	2,173,402	$	2,071,050	$	2,047,197	$	1,961,099	$	1,872,737
Total shareholders’ equity	$	230,731	$	219,963	$	208,889	$	199,088	$	190,326

	Loan Balances by Type
	(Dollars in thousands)
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Commercial Real Estate (CRE):
Investor owned	$	577,512	$	572,659	$	560,481	$	566,314	$	573,587
Owner occupied		228,232		223,442		221,364		216,876		216,123
Multifamily		163,218		162,330		175,387		177,390		175,629
Secured by single family		200,650		198,579		190,738		181,744		157,092
Land and construction		70,293		62,638		68,186		58,109		35,975
SBA secured by real estate		402,524		401,990		395,646		388,271		385,416
Total CRE		1,642,429		1,621,638		1,611,802		1,588,704		1,543,822
Commercial business:
Commercial and industrial		417,258		441,182		383,874		378,161		352,417
SBA non-real estate secured		17,004		20,205		15,101		10,758		8,657
Total commercial business		434,262		461,387		398,975		388,919		361,074
Consumer		1,962		2,124		1,680		2,097		2,096
Total loans held for investment	$	2,078,653	$	2,085,149	$	2,012,457	$	1,979,720	$	1,906,992

	Deposits by Type
	(Dollars in thousands)
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Noninterest-bearing DDA	$	599,095	$	553,405	$	584,292	$	557,055	$	516,294
Interest-bearing DDA, excluding brokered		257,720		251,594		182,268		156,253		117,129
Savings & MMA, excluding brokered		981,491		887,740		920,219		861,508		812,841
Time deposits, excluding brokered		210,845		201,851		186,583		168,664		160,605
Total deposits, excluding brokered		2,049,151		1,894,590		1,873,362		1,743,480		1,606,869
Total brokered deposits		142,958		239,869		233,769		258,246		297,806
Total deposits	$	2,192,109	$	2,134,459	$	2,107,131	$	2,001,726	$	1,904,675

PRIVATE BANCORP OF AMERICA, INC. (Unaudited)

	Rollforward of Allowance for Credit Losses
	(Dollars in thousands)
	For the three months ended
	Mar 31, 2025			Dec 31, 2024		Sep 30, 2024		Jun 30, 2024			Mar 31, 2024
Allowance for loan losses:
Beginning balance	$	27,267		$	26,594	$	26,591	$	24,693		$	24,476
Provision for loan losses		460			673		3		1,994			251
Net (charge-offs) recoveries		(1,290	)		–		–		(96	)		(34	)
Ending balance		26,437			27,267		26,594		26,591			24,693
Reserve for unfunded commitments		1,348			1,509		2,165		1,865			1,723
Total allowance for credit losses	$	27,785		$	28,776	$	28,759	$	28,456		$	26,416

	Asset Quality
	(Dollars in thousands)
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Total loans held-for-investment	$	2,078,653		$	2,085,149		$	2,012,457		$	1,979,720		$	1,906,992
Allowance for loan losses	$	(26,437	)	$	(27,267	)	$	(26,594	)	$	(26,591	)	$	(24,693	)
30-89 day past due loans	$	2,399		$	1,952		$	–		$	–		$	–
90+ day past due loans	$	13,223		$	11,512		$	11,512		$	2,500		$	3,530
Nonaccrual loans	$	15,565		$	11,512		$	11,512		$	2,500		$	4,656
NPAs / Assets		0.63	%		0.47	%		0.48	%		0.11	%		0.21	%
NPLs / Total loans held-for-investment & OREO		0.75	%		0.55	%		0.57	%		0.13	%		0.24	%
Net quarterly charge-offs (recoveries)	$	1,290		$	–		$	–		$	96		$	34
Net charge-offs (recoveries) /avg loans (annualized)		0.25	%		0.00	%		0.00	%		0.02	%		0.01	%
Allowance for loan losses to loans HFI		1.27	%		1.31	%		1.32	%		1.34	%		1.29	%
Allowance for loan losses to nonaccrual loans		169.85	%		236.86	%		231.01	%		1,063.64	%		530.35	%

PRIVATE BANCORP OF AMERICA, INC.
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	GAAP to Non-GAAP Reconciliation
	(Dollars in thousands)

	For the three months ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Efficiency Ratio
Noninterest expense	$	14,055		$	14,190		$	13,425		$	12,962		$	12,783
Net interest income		27,732			27,407			25,707			24,670			22,768
Noninterest income		1,613			1,946			1,434			1,538			1,426
Total net interest income and noninterest income		29,345			29,353			27,141			26,208			24,194
Efficiency ratio (non-GAAP)		47.90	%		48.34	%		49.46	%		49.46	%		52.84	%

Pretax pre-provision net revenue
Net interest income	$	27,732		$	27,407		$	25,707		$	24,670		$	22,768
Noninterest income		1,613			1,946			1,434			1,538			1,426
Total net interest income and noninterest income		29,345			29,353			27,141			26,208			24,194
Less: Noninterest expense		14,055			14,190			13,425			12,962			12,783
Pretax pre-provision net revenue (non-GAAP)	$	15,290		$	15,163		$	13,716		$	13,246		$	11,411

Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity
Net income	$	10,562		$	10,658		$	9,453		$	7,827		$	7,884
Average assets		2,467,778			2,359,950			2,328,399			2,241,860			2,148,978
Average shareholders’ equity		230,731			219,963			208,889			199,088			190,326
Less: Average intangible assets		2,098			2,028			2,051			2,163			2,208
Average tangible common equity (non-GAAP)		228,633			217,935			206,838			196,925			188,118

Return on average assets		1.74	%		1.80	%		1.62	%		1.40	%		1.48	%
Return on average equity		18.56	%		19.28	%		18.00	%		15.81	%		16.66	%
Return on average tangible common equity (non-GAAP)		18.74	%		19.46	%		18.18	%		15.99	%		16.86	%

Tangible book value per share
Total equity		235,235			223,534			214,213			201,442			194,032
Less: Total intangible assets		1,993			2,087			2,006			2,164			2,203
Total tangible equity		233,242			221,447			212,207			199,278			191,829
Shares outstanding		5,789,306			5,766,810			5,756,207			5,751,143			5,717,519
Tangible book value per share (non-GAAP)	$	40.29		$	38.40		$	36.87		$	34.65		$	33.55

MIL-OSI: Snail Games Subsidiary Interactive Films LLC Signs MOU with Mega Matrix Inc. (NYSE American: MPU) for Joint Short-Drama Development

Source: GlobeNewswire (MIL-OSI)

CULVER CITY, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, announced that its wholly owned subsidiary, Interactive Films LLC (“Interactive Films”), has signed a Memorandum of Understanding (MOU) with Mega Matrix Inc. (NYSE American: MPU). Under this MOU, both parties will leverage their respective strengths to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas, further enhancing their presence in the entertainment industry.

Mr. Hai Shi, Chairman and Co-CEO of Snail Games, commented, “Today’s announcement represents a strategic step forward in advancing Interactive Films’ short-drama business line and expanding our growing portfolio of original short dramas alongside MPU. According to WiseGuyReports¹, the global mini program short drama market is expected to grow at a strong 20.81% CAGR to $25.68 billion by 2032. North America particularly is a key market for short-form content driven by the rapid adoption of streaming services and the growing presence of major industry players. This accelerated momentum and rising global appetite for short dramas presents a compelling opportunity for us to further diversify our content portfolio, deepen production capabilities, and capitalize on our unique strengths in artificial intelligence and immersive storytelling. With a shared vision, both parties look forward to leveraging its respective platforms and proprietary apps to deliver a slate of innovative short films to audiences worldwide.”

Mr. Yucheng Hu, CEO of MPU, also commented, “This partnership marks an important step for MPU as we expand our content portfolio and strengthen our presence in the global short-drama industry. Short dramas are seeing increasing popularity, with audience demand for binge-worthy, serialized content on the rise. With Snail Games’ expertise in artificial intelligence (AI) and immersive storytelling, combined with MPU’s established production and distribution capabilities, we believe this collaboration has the potential to deliver compelling content that resonates with global audiences.”

Under the MOU, Interactive Films and MPU will collaborate on the creative direction and script development of short dramas, jointly overseeing production progress and budgeting. The content will be distributed globally through both companies’ platforms. Leveraging its experienced in-house team and extensive expertise in short-drama production, MPU will oversee outsourced production and post-production of the short drama to ensure high-quality content. Additionally, Snail Games’ expertise in AI and interactive technologies, honed through game development, may be integrated into personalized recommendations and interactive storytelling, delivering a next-generation immersive viewing experience for audiences.

Over the next 12 months (unless the MOU is earlier terminated upon 60 days’ written notice to the other party), Interactive Films and MPU have committed to co-developing at least 10 short dramas. By utilizing their well-established international distribution channels in gaming and micro-drama markets, the Company believes these productions will quickly reach audiences across North America, Southeast Asia, and other global regions, further amplifying both companies’ influence in the global entertainment sector.

This strategic partnership marks a further expansion of Snail Games’ short drama business and represents a significant milestone in MPU’s expansion within the entertainment industry. Through this collaboration, both companies can combine their strengths in content creation and technology, while leveraging MPU’s global distribution network to accelerate the global rollout of the short dramas. This collaboration is expected to accelerate Interactive Films’ business and short film portfolios while providing audiences with a diverse selection of high-quality short dramas.

¹https://www.wiseguyreports.com/reports/mini-program-short-drama-market

About Mega Matrix Inc.
Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

About Snail Games
Snail Games (Nasdaq: SNAL), is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For more information, please visit: https://snail.com/

Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the respective strengths of Snail and MPU to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas; however, the MOU is not fully binding on either party and may be terminated upon 60 days’ written notice to the other party. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Contacts:

Investors:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com

Press:
press@snailgamesusa.com

MIL-OSI Economics: MSCI and Moody’s to Launch Independent Risk Assessments for Private Credit Investments

Source: Moody’s

Headline: MSCI and Moody’s to Launch Independent Risk Assessments for Private Credit Investments

Solution to Promote Transparency and Strengthen Investors’ Private Credit Asset Allocation Strategies

NEW YORK–(BUSINESS WIRE)– MSCI Inc. (NYSE:MSCI) and Moody’s Corporation (NYSE:MCO) will jointly create a first-of-its-kind solution to provide independent risk assessments for private credit investments at scale.

As the private credit market continues to evolve and grow, the need for consistent standards and better tools has become essential for investors to assess, compare and communicate the risk of their investments.

MSCI offers a unique and comprehensive universe of high-quality private capital data, sourced from original documents provided by managers, including data on more than 2,800 private credit funds and 14,000+ individual underlying companies. As part of this joint offering, Moody’s will extend its flagship EDF-X models into MSCI’s private credit solutions. EDF-X delivers risk insights using best-in-class credit models and early warning signals to help investors assess the financial strength of public and private companies globally.

The combination of Moody’s flagship EDF-X credit risk modeling solutions with MSCI’s universe of private credit investment data will produce proprietary third-party risk assessments for private credit investments available at the underlying company and facility level using transparent metrics.

“As the private credit market evolves, investors are looking for trusted independent assessments to help benchmark credit risk and inform investments and monitor portfolios,” said Rob Fauber, President and CEO of Moody’s. “Our partnership with MSCI will play a critical role in providing these insights, helping market participants make informed decisions.”

“The rapid growth of private credit continues to transform the global investment landscape while highlighting the need for increased transparency, consistent standards and independent risk assessment,” said Henry A. Fernandez, Chairman and CEO of MSCI. “We are proud to partner with Moody’s to deliver innovative solutions that can help drive greater clarity and confidence.”

The solution will be distinct from the services provided by Moody’s Ratings, the credit rating agency, to the issuers in the private credit market.

About Moody’s Corporation

In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.

About MSCI

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data, and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: the impact of general economic conditions (including significant government debt and deficit levels, and inflation and related monetary policy actions by governments in response to inflation) on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the global impacts of the Russia – Ukraine military conflict and the military conflict in Israel and the surrounding areas on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company’s own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 – 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2024, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause MSCI’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.

Other factors that could materially affect MSCI’s actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2025 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this press release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250421530056/en/

For Moody’s Investor Relations:
Shivani Kak
Moody’s Corporation
+1 212-553-0298
Shivani.Kak@moodys.com

For Moody’s Communications:
Joe Mielenhausen
Moody’s Corporation
+1 212-553-1461
Joe.Mielenhausen@moodys.com

For MSCI Investor Relations:
Jeremy Ulan
MSCI
+1 646 778 4184
jeremy.ulan@msci.com

Jisoo Suh
MSCI
+1 212 804 1598
jisoo.suh@msci.com

For MSCI Communications:
pr@msci.com
Melanie Blanco
MSCI
+1 646-220-4157
melanie.blanco@msci.com

Source: MSCI Inc.

MIL OSI Economics –

MIL-OSI USA: U.S. Reps. Garcia, Frost, Ansari, and Dexter Arrive in El Salvador to Pressure Trump Administration To Abide By Supreme Court Order And Facilitate Return of Wrongly Deported Maryland Man, Kilmar Abrego Garcia

Source: United States House of Representatives – Congressman Robert Garcia California (42nd District)

San Salvador, El Salvador – Today, U.S. Representatives Robert Garcia, Maxwell Frost, Yassamin Ansari, and Maxine Dexter arrived in El Salvador to pressure the Trump Administration to abide by a Supreme Court order to facilitate the return of Kilmar Abrego Garcia, a Maryland man with protected legal status who was unlawfully deported by the Trump Administration. Mr. Abrego Garcia is currently detained in El Salvador despite having no criminal conviction in the United States, a direct violation of due process protected by the Constitution.

The Congressional members are in El Salvador to bring attention to President Trump’s illegal defiance of the binding and unanimous Supreme Court decision in Noem v. Abrego Garcia that demands the Administration facilitate Abrego Garcia’s return and due process in the United States. This visit comes after the Trump Administration admitted that Mr. Abrego Garcia’s detention was an “error” but refused to abide by a federal judge and the Supreme Court’s orders to facilitate Mr. Abrego Garcia’s return home. Members will also advocate for other detainees who are being held without due process.

This trip is not being financed by taxpayer dollars and comes after Chairman James Comer refused to approve Garcia and Frost’s request for an official CODEL.

“While Donald Trump continues to defy the Supreme Court, Kilmar Abrego Garcia is being held illegally in El Salvador after being wrongfully deported,” said Congressman Robert Garcia. “That is why we’re here– to remind the American people that kidnapping immigrants and deporting them without due process is not how we do things in America. We are demanding the Trump Administration abide by the Supreme Court decision and give Kilmar and the other migrants mistakenly sent to El Salvador due process in the United States.”

“Donald Trump and his Administration are running a government-funded kidnapping program– illegally arresting, jailing, and deporting innocent people with zero due process. Kilmar Abrego Garcia is Trump’s latest victim,” said Congressman Maxwell Frost. “As Members of Congress it is our responsibility to hold the President and Administration accountable for defying the constitution of the United States. Donald Trump and ICE are not above the law. Today it’s Kilmar, but tomorrow it could be anyone else. We cannot and will not let Donald Trump get away with this.”

“My parents fled an authoritarian regime in Iran where people were ‘disappeared’ – I refuse to sit back and watch it happen here, too. Kilmar Abrego Garcia’s illegal abduction and President Trump’s complete disregard of due process and a unanimous Supreme Court ruling are deeply disturbing. We should all be appalled by this treatment by the United States government,” said Congresswoman Yassamin Ansari. “I’m in El Salvador to advocate for the Trump Administration to facilitate his safe return home, and make sure Trump’s attack on our Constitution and due process stops now. Trump has already threatened to illegally deport ‘home-growns’ and American citizens. If this can happen to Mr. Abrego Garcia, it can happen to any of us. This is a constitutional crisis. ”

“What happened to Kilmar Abrego Garcia is not just one family’s nightmare—it is a constitutional crisis that should outrage every single one of us,” said Congresswoman Maxine Dexter. “We will not rest while due process is discarded, and our constitutional rights are ignored. We will be loud in demanding that the Trump Administration abide by the Supreme Court’s decision and uphold the rule of law. Because if this can happen to Mr. Abrego Garcia, it can happen to anyone.”

###

MIL OSI USA News –

https://pib.gov.in/PressReleasePage.aspx?PRID=2086701#:~:text=the%20government%20of,truly%20digital%20nation

MIL-OSI Asia-Pac: BharatNet

Source: Government of India

BharatNet

Extending Internet Access, Expanding Rural Progress

Posted On: 21 APR 2025 2:48PM by PIB Delhi

Q: What is the BharatNet project?

A: BharatNet is an ambitious project of the Government of India aimed at providing broadband connectivity to all Gram Panchayats (GPs) in the country. It is one of the biggest rural telecom projects in the world.

Q: What is the objective of the BharatNet project?

A: The primary objective is to provide unrestricted access to broadband connectivity to all the telecom service providers. This enables access providers like mobile operators, Internet Service Providers (ISPs), Cable TV operators, and content providers to launch various services such as e-health, e-education, and e-governance in rural and remote India. It aims to empower rural India, foster inclusive growth, and bridge the gap between urban and rural communities.

Q: How many Gram Panchayats (GPs) are targeted under BharatNet?

A: The project initially aimed to connect approximately 2.5 lakh Gram Panchayats across the country.

Q: What are the different phases of the BharatNet project?

A: The Telecom Commission approved the implementation of the project in three phases on 30.04.2016:

- Phase I: Focused on laying optical fibre cables to connect 1 lakh Gram Panchayats by utilising existing infrastructure. This phase was completed in December 2017
- Phase II(ongoing): Expanded coverage to an additional 1.5 lakh Gram Panchayats using optical fibre, radio, and satellite technologies. This phase incorporated collaborative efforts with state governments and private entities.
- Phase III(ongoing): Aims at future-proofing the network by integrating 5G technologies, increasing bandwidth capacity, and ensuring robust last-mile connectivity. This phase is ongoing. The Amended BharatNet Program (ABP) approved in August 2023 can be considered part of this evolution.
Q: What is the Amended BharatNet Program (ABP)?

A: Approved in August 2023, the ABP is a design improvement aiming for Optical Fibre (OF) connectivity to 2.64 lakh GPs in ring topology (a network design where connected devices form a circular data channel) and OF connectivity to the remaining non-GP villages on demand. It includes features like IP-MPLS (Internet Protocol Multi-Protocol Label Switching) network with routers at Blocks and GPs, operation and maintenance for 10 years, power backup, and Remote Fibre Monitoring System (RFMS). The cost allocated is Rs. 1,39,579 crores.

Q: What other initiatives support digital empowerment in rural India?

A: Several other initiatives complement BharatNet, including:

- Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA): To ensure digital literacy in rural households, with over 6.39 crore individuals trained by March 31, 2024.
- National Broadband Mission (NBM): Launched to fast-track the expansion of digital communications infrastructure. National Broadband Mission 2.0 was launched on January 17, 2025. Key initiatives under NBM include the Centralized Right of Way (RoW) Portal GatiShakti Sanchar.
Q: How is BharatNet being funded?

A: BharatNet is primarily funded through the Digital Bharat Nidhi (DBN), which is a fund that replaced the Universal Service Obligation Fund (USOF). The total funding for BharatNet (Phase-I and Phase-II) approved by the Cabinet is Rs 42,068 crores (exclusive of GST, Octroi, and local taxes). As of 31.12.2023, a total of Rs. 39,825 crores have been disbursed under the BharatNet Project since its inception.

Q: Who is executing the BharatNet project?

A: The project is being executed by a Special Purpose Vehicle (SPV) namely Bharat Broadband Network Limited (BBNL), which was incorporated on 25.02.2012 under the Indian Companies Act 1956. Under the Amended BharatNet Program, BSNL is appointed as the single Project Management Agency (PMA) for Operation & Maintenance of the entire network.

Q: What is the current status of BharatNet implementation?

A:

- As of 19^th March 2025, 2,18,347GPs have been made service ready under the BharatNet project in the country.
- As of March 25, 2025, the Optical Fiber Cable (OFC) length has increased to 42.13 lakh route km.
- As of 13.01.2025, 6,92,676 Km of OFC (Optical Fiber Cable) has been laid.
- 12,21,014 Fibre-To-The-Home (FTTH) connections are commissioned
- 1,04,574 Wi-Fi hotspots are installed.
Q: How is the BharatNet network utilised?

A: The network is utilised through leasing bandwidth and dark fibre, Wi-Fi to access broadband or internet services in public places, and Fibre to the Home (FTTH). Last Mile Connectivity (LMC) is provided through Wi-Fi in public places or other suitable broadband technologies, including FTTH at Government institutions such as schools, hospitals, post offices, etc.

Q: What are the benefits and impact of the BharatNet project?

A: BharatNet has had a transformative impact on rural India, contributing to socioeconomic development in multiple ways:

- Digital Inclusion: Connecting remote villages to high-speed internet, enabling access to e-governance, online education, and telemedicine.
- Economic Opportunities: Enabling participation in digital commerce, access to financial services, and entrepreneurial opportunities.
- Education and Healthcare: Facilitating digital classrooms and telehealth services.
- Empowering Local Governance: Enabling Gram Panchayats to implement e-governance projects.
Q: What is the role of CSC e-Governance Services India Limited in BharatNet?

A: CSC (Common Services Centre) e-Governance Services India Limited (CSC-SPV) was assigned to provide the last mile connectivity in GPs through Wi-Fi Access Points and FTTH connections. As of September 2024, 1,04,574 Wi-Fi Access Points and 11,41 ,825 FTTH connections have been installed in the GPs. CSC-SPV also undertook a pilot project for laying overhead optical fiber from GPs.

Q: What is the collaboration between DBN and NABARD?

A: Digital Bharat Nidhi (DBN) and the National Bank for Agriculture and Rural Development (NABARD) have signed an MoU to drive rural development by providing access to digital services, digital governance, and promoting a digital economy through high-speed broadband connectivity under the BharatNet program. Key areas of collaboration include reference data sharing, digital content sharing, digital services integration, awareness and capacity building, promoting a digital economy, and inclusion of ICT infrastructure.

Q: How does BharatNet relate to mobile connectivity in rural areas?

A: Alongside BharatNet, the government is also focusing on expanding mobile connectivity in rural areas. As of December 2024, around 6,25,853 villages are covered with mobile connectivity, including 6,18,968 villages having 4G mobile coverage. The median mobile broadband speed has increased significantly. These efforts are complementary to BharatNet in bridging the digital divide.

REFERENCES

https://x.com/PIB_India/status/1905232713227067857

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2115831

https://usof.gov.in/en/ongoing-schemes

https://bbnl.nic.in/

https://it.tn.gov.in/en/TACTV/BharatNet

https://www.data.gov.in/keywords/BharatNet

https://usof.gov.in/en/bharatnet-project

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2086701

https://sansad.in/getFile/loksabhaquestions/annex/1714/AU2874.pdf?source=pqals

https://pib.gov.in/PressReleasePage.aspx?PRID=2117923#:~:text=Government%20of%20India%20Takes%20Measures,and%20Meaningful%20Connectivity%20for%20all.

https://pib.gov.in/PressReleseDetailm.aspx?PRID=2077908&reg=3&lang=1

https://sansad.in/getFile/annex/267/AU2155_28gbez.pdf?source=pqars

KIndly find the pdf file

*****

Santosh Kumar | Sarla Meena | Chaitanya Mishra

(Release ID: 2123137) Visitor Counter : 193

Click here to download PDF

MIL-OSI Asia-Pac: Cruise Tourism in India: A Voyage of New Possibilities

Source: Government of India

Cruise Tourism in India: A Voyage of New Possibilities

Sailing the waters and rediscovering Bharat

Posted On: 21 APR 2025 4:26PM by PIB Delhi

Introduction

Cruise tourism is a nature-driven travel experience that unlocks a country’s rivers, seas, and canals for themed journeys across all budgets. It offers safe and comfortable access to even remote destinations, promoting inclusivity and ease of travel. By tapping into natural waterways, it boosts both national and international connectivity while driving local economies through job creation in hospitality, entertainment, culture, and beyond.

India has significant capabilities in cruise tourism for coastal & river sector. This is due to the presence of:

12 Major and 200 Minor Ports along the 7500 km long coastline across the west and east
Network of more than 20000 kilometres long navigable 110 waterways connecting around 400 rivers.
There are multiple states, union territories and 1300 islands in India which are along the coastline or along the banks of states and interstate rivers or national waterways.

Steps Taken By The Indian Government to Boost Cruise Tourism

Cruise Bharat Mission

The ‘Cruise Bharat Mission’ was launched on September 30, 2024, from the Mumbai port. Aimed at the boosting the tremendous potential of cruise tourism in the country, the programme aims to propel country’s cruise tourism industry by doubling cruise passenger traffic within five years; i.e. by 2029.

In FY 2023- 24, the number of cruise passengers was 4.71 lakhs.

CBM provides for a framework for inter-ministerial approach for crafting interventions along policy, regulatory, and other aspects governing cruise sector and enable responsible involvement of all regulatory agencies, such as Customs, Immigration, CISF, State Tourism Departments, State Maritime Agencies, District Administrations, and local police.

Cruise Bharat Mission will also result in over 1.5 million river cruise passengers over more than 5,000 Kms of Operational Waterways in India.

The initiative aims to excel India’s vision to become a global hub for cruise tourism and promote the country as the leading global cruise destination. The Cruise India Mission will be implemented in three phases, beginning from 1 October 2024 up to 31 March 2029.

Maritime India Vision 2030: The Government of India’s vision is to make India a significant player in the global cruise market, both for ocean and river cruises. Indian cruise market has the potential to grow by 8X over the next decade, driven by rising demand and disposable incomes.

In order to promote India as the global destination for cruise tourism under MIV 2030, interventions have been identified across three key areas:

Oceanic and Coastal Cruise
Island and Infrastructure Development
River and Inland Cruise

Additional steps taken to boost cruise tourism:

Cruise vessels receive berthing priority over cargo ships.
A rationalized tariff structure with standard port charges and nominal passenger tax has been introduced, offering 10–30% volume-based discounts.
Ousting charges have been removed to attract more cruise traffic.
Cabotage (the right to operate sea, air, or other transport services within a particular territory) laws waived for foreign cruise ships, allowing them to carry Indian nationals between domestic ports.
E-visa and visa-on-arrival facilities have been extended.
Conditional IGST exemption granted to foreign vessels converting to coastal routes, with reconversion required within six months.
A uniform SOP has been implemented for all stakeholders involved in cruise operations.
A single e-Landing Card is now valid across all ports on a cruise itinerary.

River Cruise Tourism:

River Cruise Tourism is an emerging segment in the leisure industry with a scope for high growth. Several National Waterways constituting major rivers flow through various states and districts, rich in flora & fauna and cultural heritage. Suitable locations at various National Waterways have been identified and are being explored for development of river cruise tourism in India.

Initiatives taken by IWAI towards developing river tourism are:

Developing the navigational channel on waterways along with navigational aids and carrying out dredging (process of removing sediments), if necessary, in some NWs.
Construction of vessel berthing, facilities at multiple points along the waterways for ease of movement of tourists.
Developing an ecosystem for river cruise tourism along with promotion of heritage sites and tourist attractions along the waterways.

The development of river cruise would augment existing revenue generation, employment generation, etc from tourism industry. There are few suitable terminals along rivers which promote cruise tourism. These include cruises plying along a broad stretch of the river Ganga, Brahmaputra and houseboats floating in the backwaters of Alappuzha in Kerala.

Besides National Waterways, IWAI has jointly cooperated with the Government of Bangladesh to develop river tourism on the IBP route. This will allow Indian cruise vessels to travel through Bangladesh while exploring heritage sites. It is expected that river cruise tourism industry in India would witness exponential growth once required infrastructure is in place.

In January 2023, Hon’ble Prime Minister launched the MV Ganga Vilas, the world’s longest river cruise, highlighting the country’s thriving river cruise tourism. This luxurious 3,200-kilometer journey from Varanasi to Dibrugarh traversed 27 river systems across five Indian states and Bangladesh. The remarkable expedition garnered global attention and secured a spot in the prestigious ‘Limca Book of Records.’

Recent Developments

IWAI, Delhi Govt MoU to boost Cruise Tourism on River Yamuna: In March 2025, the Inland Waterways Authority of India (IWAI) and the Ministry of Ports, Shipping and Waterways (MoPSW) signed an MoU with various Delhi government agencies to develop a four-kilometre stretch of the Yamuna (NW-110) between Sonia Vihar and Jagatpur into a hub for eco-friendly cruise tourism. The project will deploy electric-solar hybrid boats equipped with bio-toilets and safety features, and install two HDPE jetties to support smooth operations—promoting sustainable, short-distance navigation and recreational tourism in Delhi.
IWAI’s MoU with J&K to boost river cruise tourism: In March 2025, The Inland Waterways Authority of India (IWAI) signed a Memorandum of Understanding (MoU) with the Government of Jammu and Kashmir to promote river cruise tourism across three designated National Waterways in the region. Among India’s 111 national waterways, Jammu and Kashmir is home to three- River Chenab (NW-26), River Jhelum (NW-49), and River Ravi (NW-84). Marking a major push for inland tourism, IWAI has committed approximately ₹100 crore to develop cruise tourism infrastructure and experiences across these routes.
IWAI with Govt. of Gujarat and Madhya Pradesh : IWAI entered into a tripartite agreement with the Governments of Gujarat and Madhya Pradesh to start cruise operations from Kukshi to Sardar Sarovar Dam on 19th April 2024.
Conferences: Stakeholder conference was organized in Kolkata and Kochi in March-April 2024 and in Delhi on 3rd May 2024 for promoting river cruise tourism
Significant investment in River Cruise Tourism: The First Inland Waterways Development Council meeting held on the vessel “Ganges Queen” in Kolkata. The meet, with an objective to enable inland waterways as channels of economic growth and commerce in the country committed an investment Rs. 45,000 crore for development of river cruise tourism. Of this, an estimated Rs. 35,000 crore have been earmarked for cruise vessels and another Rs. 10,000 crore for development of cruise terminal infrastructure at the end of Amrit Kaal- by 2047.
The ‘River Cruise Tourism Roadmap, 2047’ was launched at the inaugural session of IWDC (Inland Waterways Development Council (IWDC) meeting. This Roadmap focuses on four vital pillars, including Infrastructure, Integration, Accessibility, and Policy for promoting river cruise tourism. As a part of the roadmap, over 30 possible routes and tourist circuits along inland waterways have been identified for further development.

Conclusion

India’s cruise tourism is charting a promising course, tapping into its vast and diverse network of rivers, coastlines and ports to offer unique travel experiences that blend leisure with cultural discovery. With major initiatives like the Cruise Bharat Mission and Maritime India Vision 2030, the government is laying a robust foundation to position India as a global cruise destination. From the tranquil backwaters of Kerala to the majestic Ganga and the pristine stretches of the Yamuna and Brahmaputra, cruise tourism is not only unlocking new economic potential but also enabling inclusive growth by creating jobs and boosting local economies. As infrastructure develops and awareness grows, cruise tourism is set to become a defining pillar of India’s travel and tourism landscape, inviting the world to rediscover India.

References:

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Santosh Kumar/ Sarla Meena/ Kritika Rane

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MIL-OSI Asia-Pac: From Regional Roots to National Spotlight

Source: Government of India

From Regional Roots to National Spotlight

WAM! to Crown India’s Best Creators at WAVES 2025

Posted On: 21 APR 2025 4:08PM by PIB Delhi

After months of regional contests and thousands of entries, finalists from 11 cities across India have been selected to take part in the WAVES Anime & Manga Contest (WAM!) national finale. The prestigious event will take place at WAVES 2025, India’s first-of-its-kind media and entertainment summit, from May 1–4 at the Jio World Convention Centre, Mumbai.

WAM! is organized by the Media & Entertainment Association of India (MEAI) and supported by the Ministry of Information & Broadcasting, Government of India as part of WAVES (World Audio Visual Entertainment Summit). WAVES is India’s biggest platform for the AVGC-XR sector-Animation, Visual Effects, Gaming, Comics, and Extended Reality. At the center of WAVES is the Create in India Challenges (CIC). Season 1 of CIC has made history with around 1 lakh registrations, including 1,100 international participants. After a detailed selection process, 750+ finalists have been chosen from 32 unique challenges.

Among the standout segments under CIC is WAM!. Over the last decade, anime and manga have grown rapidly in India. What started as a niche interest is now a major cultural wave. India has around 180 million anime fans, making it the second-largest anime market after China. The growth is not just in fans, but also in numbers. In 2023, the Indian anime market was worth $1,642.5 million. It is expected to reach $5,036 million by 2032.

WAM! tapped into this growing creative energy by offering structured opportunities for Indian creators to develop and pitch original IPs (Intellectual Property). It fills a gap in India’s media industry by promoting original, culturally-rooted IPs. With the rise of global anime and growing digital literacy, WAM! gives students and professionals a platform to showcase ideas. It provides a clear path to develop pitch-ready IPs, access to industry mentorship and support from the government.

To bring this vision to life, the competition was held across multiple verticals: Manga (Student & Professional), Anime (Student & Professional), Webtoon (Student & Professional), Voice Acting, and Cosplay. The participants—carefully chosen across student and professional categories. WAM! followed a ground-up approach with contests held across 11 cities: Guwahati, Kolkata, Bhubaneswar, Varanasi, Delhi, Mumbai, Nagpur, Ahmedabad, Hyderabad, Chennai, and Bengaluru. The winners from each city were selected by a distinguished jury comprising industry experts from animation, comics, media and entertainment sectors. Their expertise ensured the selection of high-potential talent representing a diversity of voices and storytelling traditions. The regional rounds highlighted India’s rich linguistic and artistic diversity, proving that creative talent knows no boundaries.

Building on this strong foundation, the national finale is not just about celebration-it’s a launchpad. Designed to help participants become industry-ready professionals, it will feature live pitching sessions, networking with production studios, and showcase opportunities with international media giants.

The shortlisted creators now head to Mumbai for the WAM! National Finale at WAVES 2025, where they will present their work to an international jury and live audience. The finale promises high-stakes excitement, with winners receiving:

All-expense-paid trip to Anime Japan 2026 in Tokyo
Anime dubbing in Hindi, English, and Japanese by Gulmohar Media
Webtoon publishing by Toonsutra

WAM! is more than a competition, it is a cultural movement aiming to address a key gap in India’s media landscape: the lack of globally scalable, original content rooted in Indian stories. As WAVES 2025 approaches, the excitement builds. It’s a celebration of talent, originality and the transformative power of storytelling.

References

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Santosh Kumar/ Sarla Meena/ Kamna Lakaria

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MIL-OSI Asia-Pac: Soldiers must excel in combat skills while being proficient in mental stability & spirituality to tackle complex challenges: Raksha Mantri

Source: Government of India

Soldiers must excel in combat skills while being proficient in mental stability & spirituality to tackle complex challenges: Raksha Mantri

MoD inks MoU for better mental health of ECHS beneficiaries

Posted On: 21 APR 2025 3:16PM by PIB Delhi

“To deal with challenges emanating from today’s constantly-evolving nature of warfare, our soldiers must excel in the skills of combat while being equally proficient in mental stability and spiritual empowerment,” said Raksha Mantri Shri Rajnath Singh while addressing an event organised at the Brahma Kumaris Headquarters in Mount Abu, Rajasthan on April 21, 2025. He emphasised that, now-a-days, wars are being fought on cyber, space, information & psychological fronts and there is a need for the soldiers to become mentally strong as the nation can be protected with not just weapons, but also with strong personality, enlightened consciousness and awareness.

Shri Rajnath Singh pointed out that while physical strength is fundamental for a soldier, mental strength is equally vital. He stated that soldiers protect the nation while serving in difficult conditions, and these challenges are overcome through an energy born out of a strong inner-self. He added that prolonged stress, uncertainty and working in difficult conditions could affect the mental health, which calls for strengthening the inner self. The Brahma Kumaris’ campaign to bolster the mental health of soldiers is a commendable step in that direction, he said.

Raksha Mantri added that this initiative will further strengthen the minds of the soldiers in view of the present global geopolitical scenario. “The theme of the campaign ‘Self-Empowerment – Through Inner Awakening’ is extremely interesting and relevant in today’s times. Self transformation through meditation, yoga, positive thinking and self-dialogue will provide mental, emotional & spiritual strength to our brave soldiers. Self transformation is the seed, national transformation is its fruit. In an atmosphere of global uncertainty, India can spread the message that protection of inner-self and borders is possible together,” he said.

Shri Rajnath Singh described spirituality and yoga, which are ingrained in India’s culture, as the biggest means to enhance mental well-being and deal with stress, anxiety and emotional turmoil. He said, an alert and strong security personnel becomes a lighthouse for the nation, which can face any storm with determination. He acknowledged the Security Service Wing of the Brahma Kumaris organisation for bolstering the security forces through residential, field & online programmes, special campaigns and force specific projects.

As part of the event, an MoU was signed between the Department of Ex-Servicemen Welfare, Ministry of Defence and Headquarters SSW, Rajyoga Education and Research Foundation of Brahma Kumaris in the presence of Shri Rajnath Singh. The aim is to guide Ex-Servicemen Contributory Health Scheme (ECHS) beneficiaries towards achieving better mental health and reducing dependency of medicines.

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VK/SR/Savvy

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MIL-Evening Report: How the next pope will be elected – what goes on at the conclave

Source: The Conversation (Au and NZ) – By Mathew Schmalz, Professor of Religious Studies, College of the Holy Cross

Cardinals attend Mass at St. Peter’s Basilica, before they enter the conclave to decide who the next pope will be, on March 12, 2013, in Vatican City. Photo by Franco Origlia/Getty Image

With the death of Pope Francis, attention now turns to the selection of his successor. The next pope will be chosen in what is called a “conclave,” a Latin word meaning “a room that can be locked up,” or, more simply, “a closed room.”

Members of the College of Cardinals will cast their votes behind the closed and locked doors of the Vatican’s Sistine Chapel, famous for its ceiling frescoes painted by Michelangelo. Distinguished by their scarlet robes, cardinals are chosen by each pope to elect future popes. A cardinal must be under the age of 80 to be eligible to vote in the conclave. Of the 252 members of the College of Cardinals, 138 are currently eligible to elect the new pope.

As a scholar of global Catholicism, I am especially interested in how this will be the most diverse conclave in the history of the Catholic Church.

For many centuries, the College of Cardinals was dominated by Europeans – Italians, in particular. In fact, the first time a non-European cardinal actually cast a ballot in a conclave was only in the 20th century, when Baltimore’s archbishop, James Gibbons, voted in the 1903 papal election. Now, the College of Cardinals has members from over 90 countries, with Francis having appointed nearly 80% of them.

Holding a conclave to elect a pope is a tradition that goes back centuries. The practice was established in 1274 under Pope Gregory X in reaction to the chaos surrounding his own election, which lasted nearly three years. The tradition is old, but the results can be surprising, as when Francis himself was elected in 2013 as the first non-European pope in almost 1,300 years and the first Jesuit pope ever.

The conclave begins

Before the conclave, the College of Cardinals will meet in what are called “general congregations” to discuss issues facing the church. These general congregations will also be an opportunity for new cardinals and those from distant geographical locations to get to know their fellow cardinals.

This can be a time for politicking. In times past, the politicking was rumored to include bribes for votes, as was alleged in the election of Alexander VI, a Borgia pope, in 1492. Nowadays, it is considered to be bad form – and bad luck – for a cardinal to lobby for himself as a candidate. Buying votes by giving money or favors to cardinals is called “simony” and is against church law.

Two to three weeks after the papal funeral, the conclave will begin. The cardinals will first make a procession to the Sistine Chapel, where electronic jamming devices will have been set up to prevent eavesdropping and Wi-Fi and cellphone use. As they file into the chapel, the cardinals will sing, in Latin, the hymn “Come Holy Spirit.” They will then vow on a book of the Gospels to keep the conclave proceedings secret.

After these rituals, the Master of Papal Liturgical Celebrations will say out loud, in Latin, “Extra Omnes,” which means “Everyone Out.” The doors of the Sistine Chapter will then be locked, and the conclave will begin.

Francis pledging to uphold the vow of secrecy.

The voting process

The cardinals electing the pope will be seated in order of rank.

Usually, the dean of the College of Cardinals is seated in the first position. But the current dean – Cardinal Giovanni Battista Re – is over the eligible voting age and will not participate in the conclave. Instead, this papal election will be led by the Vatican’s secretary of state, Cardinal Pietro Parolin.

When the cardinals have assembled, nine will be chosen at random to run the election, with three of them being “scrutinizers” who will examine the ballots and read them aloud.

A ballot card used at the 2013 papal conclave.
Tktru via Wikimedia Commons, CC BY-NC-SA

After writing down the name of their chosen candidate, the cardinals will bring their ballots to the front of the chapel and place them on a plate that is set on top of an urn in front of the scrutinizers. Using the plate to drop their ballot into the urn, they will say, “I call as my witness Christ the Lord who will be my judge, that my vote is given to the one who before God I think should be elected.”

A new pope is elected by a two-thirds majority. If this majority is not reached during the first ballot, the ballots will be burned in a stove. Black smoke rising through the Sistine Chapel’s chimney will signal to the outside world that the election is still ongoing, a tradition that began with the election of Benedict XV in 1914. Chemical additives are used to make sure the smoke is black because during the election of John Paul II, there was confusion over the smoke’s color.

Following the first day – and on the days thereafter – there will be up to four ballots a day if a two-thirds majority is not reached. Both Benedict XVI and Francis were elected after relatively few ballots: four in the case of Benedict; five with Francis. According to rules set by Benedict, if a new pope is not chosen after 13 days, there will be a day of prayer and reflection. Then the election will be between the top two candidates, one of whom must receive a two-thirds majority.

This new rule, some commentators have suggested, could lead to a longer, or even deadlocked, conclave because a compromise candidate is less likely to emerge.

The Room of Tears

Conclaves are usually short, such as the three-ballot election that chose Pope Pius XII in 1939. On a few occasions, deliberations have been quite long – the longest being the 1740 papal conclave, which elected Benedict XIV and lasted 181 days.

But regardless of the time frame, a new pope will be chosen. Once a candidate receives enough votes, he is asked, “Do you accept your canonical election as Supreme Pontiff?” By saying “Accepto,” or “I accept,” he becomes the new leader of the Catholic Church. This time, the ballots will be burned to create white smoke that will tell the world that the conclave has ended and that a new pope has been chosen.

Immediately after being elected, the new pope decides on his name, as Jorge Maria Bergoglio did when he was the first pope to choose the name Francis. The choice of a name – especially one of an immediate predecessor – often indicates the direction of the new pope’s pontificate. In Francis’ case, his name honored St. Francis of Assisi, a 13th century mystic known for his simplicity and love for nature.

The so-called Room of Tears.

The new pope is then led to the “Room of Tears.” In this chamber, off the Sistine Chapel, he will have moments to reflect on the burdens of his position, which have often brought new popes to tears. He will put on a white cassock and other signs of his office. His election will be announced from the balcony of St. Peter’s Basilica.

When Francis was announced as pope.

From the balcony, the new pope will greet the crowd below and deliver his first blessing to the world. A new pontificate will have begun.

Mathew Schmalz is Roman Catholic and a political independent.

– ref. How the next pope will be elected – what goes on at the conclave – https://theconversation.com/how-the-next-pope-will-be-elected-what-goes-on-at-the-conclave-164363

MIL OSI Analysis – EveningReport.nz –

MIL-OSI: Capital City Bank Group, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TALLAHASSEE, Fla., April 21, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024.

QUARTER HIGHLIGHTS (1^stQuarter 2025 versus 4^thQuarter 2024)

Income Statement

Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter
- Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points)
Improved credit quality metrics – net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025
Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees
Noninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter

Balance Sheet

Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)
Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances
Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0%

“I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the first quarter of 2025 totaled $41.6 million, compared to $41.2 million for the fourth quarter of 2024, and $38.4 million for the first quarter of 2024. Compared to both prior periods, the increase was driven by higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower average loan balances and interest rates. Two less calendar days also contributed to the decline in loan interest compared to the fourth quarter of 2024. Higher overnight funds interest also contributed to the increase over the first quarter of 2024 reflective of a higher level of average earning assets.

Our net interest margin for the first quarter of 2025 was 4.22%, an increase of five basis points over the fourth quarter of 2024 and an increase of 21 basis points over the first quarter of 2024. For the month of March 2025, our net interest margin was 4.22%. The increase in net interest margin over the fourth quarter of 2024 reflected a higher yield in the investment portfolio driven by new purchases during the quarter and a lower cost of deposits, partially offset by a lower overnight funds rate. The increase over the first quarter of 2024 reflected favorable investment repricing, a lower cost of deposits, and a higher overnight funds rate, partially offset by lower average loan balances for both prior periods. For the first quarter of 2025, our cost of funds was 84 basis points, a decrease of four basis points from the fourth quarter of 2024 and the first quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 82 basis points, 86 basis points, and 85 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.8 million for the first quarter of 2025 compared to $0.7 million for the fourth quarter of 2024 and $0.9 million for the first quarter of 2024. For the first quarter of 2025, we recorded a provision expense of $1.1 million for loans held for investment (“HFI”) and a provision benefit of $0.3 million for unfunded loan commitments, which was comparable to the fourth quarter of 2024. We discuss the various factors that impacted our provision expense in detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the first quarter of 2025 totaled $19.9 million compared to $18.8 million for the fourth quarter of 2024 and $18.1 million for the first quarter of 2024. The $1.1 million, or 6.1%, increase over the fourth quarter of 2024 was primarily due to a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees, partially offset by a $0.1 million decrease in deposits fees. The increase in mortgage revenues was driven by an increase in rate locks and a higher gain on sale margin. The increase in wealth management fees was attributable to a $0.5 million increase in insurance commission revenue. Compared to the first quarter of 2024, the $1.8 million, or 10.0%, increase was driven by a $1.1 million increase in wealth management fees and a $0.9 million increase in mortgage banking revenues, partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected higher retail brokerage fees of $0.6 million, insurance commission revenue of $0.3 million, and trust fees of $0.2 million. The increase in mortgage revenues was driven by an increase in loan fundings and a higher gain on sale margin.

Noninterest expense for the first quarter of 2025 totaled $38.7 million compared to $41.8 million for the fourth quarter of 2024 and $40.2 million for the first quarter of 2024. The $3.1 million, or 7.4%, decrease from the fourth quarter of 2024, reflected a $3.1 million decrease in other expense, a $0.1 million decrease in occupancy expense, and a $0.1 million increase in compensation expense. The decrease in other expense was driven by a $3.5 million decrease in other real estate expense which reflected higher gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million increase in charitable contribution expense. The slight decrease in occupancy expense was due to lower maintenance/repairs for buildings and furniture/fixtures. The slight net decrease in compensation expense reflected a $0.2 million increase in salary expense offset by a $0.1 million decrease in associate benefit expense.

Income Taxes

We realized income tax expense of $5.1 million (effective rate of 23.3%) for the first quarter of 2025 compared to $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 and $3.5 million (effective rate of 23.0%) for the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease in our effective tax rate was primarily due to a discrete item in the first quarter of 2025 related to an excess tax benefit for stock compensation. Absent discrete items, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $3.994 billion for the first quarter of 2025, an increase of $72.0 million, or 1.8%, over the fourth quarter of 2024, and an increase of $144.3 million, or 3.7%, over the first quarter of 2024. The increase over both prior periods was driven by higher deposit balances (see below – Deposits). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $67.1 million increase in investment securities and a $22.7 million increase in overnight funds sold partially offset by a $11.5 million decrease in loans HFI and a $6.3 million decrease in loans held for sale (“HFS”). Compared to the first quarter of 2024, the change in the earning asset mix reflected a $180.5 million increase in overnight funds and a $29.1 million increase in investment securities that was partially offset by a $62.7 million decrease in loans HFI and a $2.6 million decrease in HFS.

Average loans HFI decreased $11.5 million, or 0.4%, from the fourth quarter of 2024 and decreased $62.7 million, or 2.3%, from the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease was primarily attributable to declines in construction loans of $8.6 million, commercial loans of $5.7 million, and consumer loans of $2.1 million, partially offset by a $6.6 million increase in home equity loans. Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $58.8 million, commercial loans of $32.9 million, and commercial real estate mortgage loans of $23.1 million, partially offset by increases in residential real estate loans of $28.9 million, construction loans of $11.5 million, and home equity loans of $10.4 million.

Loans HFI at March 31, 2025 increased $9.2 million, or 0.3%, over December 31, 2024 and decreased $70.4 million, or 2.6%, from March 31, 2024. Compared to December 31, 2024, the increase was primarily attributable to increases in commercial real estate mortgage loans of $27.8 million and residential real estate loans of $12.1 million, consumer loans (primarily indirect auto) of $6.7 million, and home equity loans of $5.9 million, partially offset by decreases in construction loans of $27.7 million, commercial loans of $4.8 million, and other loans of $10.8 million. Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $48.0 million, commercial loans of $33.9 million, commercial real estate mortgage loans of $16.7 million, and construction loans of $10.4 million, partially offset by increases in residential real estate loans of $27.8 million and home equity loans of $11.4 million.

Allowance for Credit Losses

At March 31, 2025, the allowance for credit losses for loans HFI totaled $29.7 million compared to $29.3 million at December 31, 2024 and $29.3 million at March 31, 2024. Activity within the allowance is provided on Page 9. The increase in the allowance over December 31, 2024 reflected higher loan balances and higher loan loss rates, partially offset by a lower level of net loan charge-offs. The increase in the allowance over March 31, 2024 was primarily due to higher loss rates. Net loan charge-offs were nine basis points of average loans for the first quarter of 2025 versus 25 basis points for the fourth quarter of 2024 and 22 basis points for the first quarter of 2024. At March 31, 2025, the allowance represented 1.12% of loans HFI compared to 1.10% at December 31, 2024, and 1.07% at March 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $4.4 million at March 31, 2025 compared to $6.7 million at December 31, 2024 and $6.8 million at March 31, 2024. At March 31, 2025, nonperforming assets as a percent of total assets was 0.10%, compared to 0.15% at December 31, 2024 and 0.16% at March 31, 2024. Nonaccrual loans totaled $4.3 million at March 31, 2025, a $2.0 million decrease from December 31, 2024 and a $2.5 million decrease from March 31, 2024. Further, classified loans totaled $19.2 million at March 31, 2025, a $0.7 million decrease from December 31, 2024 and a $3.1 million decrease from March 31, 2024.

Deposits

Average total deposits were $3.665 billion for the first quarter of 2025, an increase of $65.1 million, or 1.8%, over the fourth quarter of 2024 and an increase of $89.0 million, or 2.5%, over the first quarter of 2024. Compared to the fourth quarter of 2024, the increase was primarily attributable to higher NOW account balances largely due to the seasonal increase in our public fund balances. The increase over the first quarter of 2024 reflected growth in NOW, money market and certificate of deposit account balances which was mainly due to a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.

At March 31, 2025, total deposits were $3.784 billion, an increase of $111.9 million, or 3.0%, over December 31, 2024, and an increase of $129.1 million, or 3.5%, over March 31, 2024. The increase over December 31, 2024 was due to higher balances in all deposit categories. The increase over March 31, 2024 was primarily due to higher NOW account balances, largely due to the seasonal increase in public funds and increases in money market and certificates of deposit, partially offset by lower savings account balances. Total public funds balances were $648.0 million at March 31, 2025, $660.9 million at December 31, 2024, and $615.0 million at March 31, 2024.

Liquidity

The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $320.9 million in the first quarter of 2025 compared to $298.3 million in the fourth quarter of 2024 and $140.5 million in the first quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits (primarily seasonal public funds) and lower average loans.

At March 31, 2025, we had the ability to generate approximately $1.540 billion (excludes overnight funds position of $446 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At March 31, 2025, the weighted-average maturity and duration of our portfolio were 2.64 years and 2.10 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.4 million.

Capital

Shareowners’ equity was $512.6 million at March 31, 2025 compared to $495.3 million at December 31, 2024 and $448.3 million at March 31, 2024. For the first three months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $16.9 million, a net $3.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $2.4 million, and stock compensation accretion of $0.4 million. The net favorable change in accumulated other comprehensive loss reflected a $4.1 million decrease in the investment securities loss that was partially offset by a $0.5 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by a common stock dividend of $4.1 million ($0.24 per share) and net adjustments totaling $1.9 million related to transactions under our stock compensation plans.

At March 31, 2025, our total risk-based capital ratio was 19.20% compared to 18.64% at December 31, 2024 and 16.84% at March 31, 2024. Our common equity tier 1 capital ratio was 16.08%, 15.54%, and 13.82%, respectively, on these dates. Our leverage ratio was 11.17%, 11.05%, and 10.45%, respectively, on these dates. At March 31, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.61% at March 31, 2025 compared to 9.51% and 8.53% at December 31, 2024 and March 31, 2024, respectively. If our unrealized held-to-maturity securities losses of $12.1 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.33%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

For Information Contact:

Jep Larkin
Executive Vice President and Chief Financial Officer
850.402. 8450

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Shareowners’ Equity (GAAP)		$	512,575	$	495,317	$	476,499	$	460,999	$	448,314
Less: Goodwill and Other Intangibles (GAAP)			92,733		92,773		92,813		92,853		92,893
Tangible Shareowners’ Equity (non-GAAP)	A		419,842		402,544		383,686		368,146		355,421
Total Assets (GAAP)			4,461,233		4,324,932		4,225,316		4,225,695		4,259,922
Less: Goodwill and Other Intangibles (GAAP)			92,733		92,773		92,813		92,853		92,893
Tangible Assets (non-GAAP)	B	$	4,368,500	$	4,232,159	$	4,132,503	$	4,132,842	$	4,167,029
Tangible Common Equity Ratio (non-GAAP)	A/B		9.61%		9.51%		9.28%		8.91%		8.53%
Actual Diluted Shares Outstanding (GAAP)	C		17,072,330		17,018,122		16,980,686		16,970,228		16,947,204
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	24.59	$	23.65	$	22.60	$	21.69	$	20.97

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
*Unaudited*

		Three Months Ended
(Dollars in thousands, except per share data)		Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	16,858	$	13,090	$	12,557	$
Diluted Net Income Per Share	$	0.99	$	0.77	$	0.74	$
PERFORMANCE
Return on Average Assets (annualized)		1.58	%	1.22	%	1.21	%
Return on Average Equity (annualized)		13.32		10.60		11.07
Net Interest Margin		4.22		4.17		4.01
Noninterest Income as % of Operating Revenue		32.39		31.34		32.06
Efficiency Ratio		62.93	%	69.74	%	71.06	%
CAPITAL ADEQUACY
Tier 1 Capital		18.01	%	17.46	%	15.67	%
Total Capital		19.20		18.64		16.84
Leverage		11.17		11.05		10.45
Common Equity Tier 1		16.08		15.54		13.82
Tangible Common Equity ⁽¹⁾		9.61		9.51		8.53
Equity to Assets		11.49	%	11.45	%	10.52	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		692.10	%	464.14	%	431.46	%
Allowance as a % of Loans HFI		1.12		1.10		1.07
Net Charge-Offs as % of Average Loans HFI		0.09		0.25		0.22
Nonperforming Assets as % of Loans HFI and OREO		0.17		0.25		0.25
Nonperforming Assets as % of Total Assets		0.10	%	0.15	%	0.16	%
STOCK PERFORMANCE
High	$	38.27	$	40.86	$	31.34	$
Low		33.00		33.00		26.59
Close	$	35.96	$	36.65	$	27.70	$
Average Daily Trading Volume		24,486		27,484		31,023

⁽¹⁾ Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
*Unaudited*

	2025				2024
(Dollars in thousands)	First Quarter				Fourth Quarter			Third Quarter			Second Quarter			First Quarter
ASSETS
Cash and Due From Banks	$	78,521		$	70,543		$	83,431		$	75,304		$	73,642
Funds Sold and Interest Bearing Deposits		446,042			321,311			261,779			272,675			231,047
Total Cash and Cash Equivalents		524,563			391,854			345,210			347,979			304,689

Investment Securities Available for Sale		461,224			403,345			336,187			310,941			327,338
Investment Securities Held to Maturity		517,176			567,155			561,480			582,984			603,386
Other Equity Securities		2,315			2,399			6,976			2,537			3,445
Total Investment Securities		980,715			972,899			904,643			896,462			934,169

Loans Held for Sale (“HFS”):		21,441			28,672			31,251			24,022			24,705

Loans Held for Investment (“HFI”):
Commercial, Financial, & Agricultural		184,393			189,208			194,625			204,990			218,298
Real Estate – Construction		192,282			219,994			218,899			200,754			202,692
Real Estate – Commercial		806,942			779,095			819,955			823,122			823,690
Real Estate – Residential		1,040,594			1,028,498			1,023,485			1,012,541			1,012,791
Real Estate – Home Equity		225,987			220,064			210,988			211,126			214,617
Consumer		206,191			199,479			213,305			234,212			254,168
Other Loans		3,227			14,006			461			2,286			3,789
Overdrafts		1,154			1,206			1,378			1,192			1,127
Total Loans Held for Investment		2,660,770			2,651,550			2,683,096			2,690,223			2,731,172
Allowance for Credit Losses		(29,734	)		(29,251	)		(29,836	)		(29,219	)		(29,329	)
Loans Held for Investment, Net		2,631,036			2,622,299			2,653,260			2,661,004			2,701,843

Premises and Equipment, Net		80,043			81,952			81,876			81,414			81,452
Goodwill and Other Intangibles		92,733			92,773			92,813			92,853			92,893
Other Real Estate Owned		132			367			650			650			1
Other Assets		130,570			134,116			115,613			121,311			120,170
Total Other Assets		303,478			309,208			290,952			296,228			294,516
Total Assets	$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695		$	4,259,922
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,363,739		$	1,306,254		$	1,330,715		$	1,343,606		$	1,361,939
NOW Accounts		1,292,654			1,285,281			1,174,585			1,177,180			1,212,452
Money Market Accounts		445,999			404,396			401,272			413,594			398,308
Savings Accounts		511,265			506,766			507,604			514,560			530,782
Certificates of Deposit		170,233			169,280			164,901			159,624			151,320
Total Deposits		3,783,890			3,671,977			3,579,077			3,608,564			3,654,801

Repurchase Agreements		22,799			26,240			29,339			22,463			23,477
Other Short-Term Borrowings		14,401			2,064			7,929			3,307			8,409
Subordinated Notes Payable		52,887			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		794			794			794			1,009			265
Other Liabilities		73,887			75,653			71,974			69,987			65,181
Total Liabilities		3,948,658			3,829,615			3,742,000			3,758,217			3,805,020

Temporary Equity		–			–			6,817			6,479			6,588
SHAREOWNERS’ EQUITY
Common Stock		171			170			169			169			169
Additional Paid-In Capital		38,576			37,684			36,070			35,547			34,861
Retained Earnings		476,715			463,949			454,342			445,959			435,364
Accumulated Other Comprehensive Loss, Net of Tax		(2,887	)		(6,486	)		(14,082	)		(20,676	)		(22,080	)
Total Shareowners’ Equity		512,575			495,317			476,499			460,999			448,314
Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695		$	4,259,922
OTHER BALANCE SHEET DATA
Earning Assets	$	4,108,969		$	3,974,431		$	3,880,769		$	3,883,382		$	3,921,093
Interest Bearing Liabilities		2,511,032			2,447,708			2,339,311			2,344,624			2,377,900
Book Value Per Diluted Share	$	30.02		$	29.11		$	28.06		$	27.17		$	26.45
Tangible Book Value Per Diluted Share⁽¹⁾		24.59			23.65			22.60			21.69			20.97
Actual Basic Shares Outstanding		17,055			16,975			16,944			16,942			16,929
Actual Diluted Shares Outstanding		17,072			17,018			16,981			16,970			16,947

⁽¹⁾ Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
*Unaudited*

		2025		2024
(Dollars in thousands, except per share data)		First Quarter		Fourth Quarter			Third Quarter		Second Quarter		First Quarter
INTEREST INCOME
Loans, including Fees	$	40,478	$	41,453		$	41,659	$	41,138	$	40,683
Investment Securities		5,808		4,694			4,155		4,004		4,244
Federal Funds Sold and Interest Bearing Deposits		3,496		3,596			3,514		3,624		1,893
Total Interest Income		49,782		49,743			49,328		48,766		46,820
INTEREST EXPENSE
Deposits		7,383		7,766			8,223		8,579		7,594
Repurchase Agreements		164		199			221		217		201
Other Short-Term Borrowings		117		83			52		68		39
Subordinated Notes Payable		560		581			610		630		628
Other Long-Term Borrowings		11		11			11		3		3
Total Interest Expense		8,235		8,640			9,117		9,497		8,465
Net Interest Income		41,547		41,103			40,211		39,269		38,355
Provision for Credit Losses		768		701			1,206		1,204		920
Net Interest Income after Provision for Credit Losses		40,779		40,402			39,005		38,065		37,435
NONINTEREST INCOME
Deposit Fees		5,061		5,207			5,512		5,377		5,250
Bank Card Fees		3,514		3,697			3,624		3,766		3,620
Wealth Management Fees		5,763		5,222			4,770		4,439		4,682
Mortgage Banking Revenues		3,820		3,118			3,966		4,381		2,878
Other		1,749		1,516			1,641		1,643		1,667
Total Noninterest Income		19,907		18,760			19,513		19,606		18,097
NONINTEREST EXPENSE
Compensation		26,248		26,108			25,800		24,406		24,407
Occupancy, Net		6,793		6,893			7,098		6,997		6,994
Other		5,660		8,781			10,023		9,038		8,770
Total Noninterest Expense		38,701		41,782			42,921		40,441		40,171
OPERATING PROFIT		21,985		17,380			15,597		17,230		15,361
Income Tax Expense		5,127		4,219			2,980		3,189		3,536
Net Income		16,858		13,161			12,617		14,041		11,825
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		–		(71	)		501		109		732
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	16,858	$	13,090		$	13,118	$	14,150	$	12,557
PER COMMON SHARE
Basic Net Income	$	0.99	$	0.77		$	0.77	$	0.84	$	0.74
Diluted Net Income		0.99		0.77			0.77		0.83		0.74
Cash Dividend	$	0.24	$	0.23		$	0.23	$	0.21	$	0.21
AVERAGE SHARES
Basic		17,027		16,946			16,943		16,931		16,951
Diluted		17,044		16,990			16,979		16,960		16,969

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES (“ACL”)
AND CREDIT QUALITY
*Unaudited*

		2025			2024
(Dollars in thousands, except per share data)		First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
ACL – HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,251		$	29,836		$	29,219		$	29,329		$	29,941
Transfer from Other (Assets) Liabilities		–			–			–			–			(50	)
Provision for Credit Losses		1,083			1,085			1,879			1,129			932
Net Charge-Offs (Recoveries)		600			1,670			1,262			1,239			1,494
Balance at End of Period	$	29,734		$	29,251		$	29,836		$	29,219		$	29,329
As a % of Loans HFI		1.12	%		1.10	%		1.11	%		1.09	%		1.07	%
As a % of Nonperforming Loans		692.10	%		464.14	%		452.64	%		529.79	%		431.46	%
ACL – UNFUNDED COMMITMENTS
Balance at Beginning of Period		2,155		$	2,522		$	3,139		$	3,121		$	3,191
Provision for Credit Losses		(323	)		(367	)		(617	)		18			(70	)
Balance at End of Period⁽¹⁾		1,832			2,155			2,522			3,139			3,121
ACL – DEBT SECURITIES
Provision for Credit Losses	$	8		$	(17	)	$	(56	)	$	57		$	58
CHARGE-OFFS
Commercial, Financial and Agricultural	$	168		$	499		$	331		$	400		$	282
Real Estate – Construction		–			47			–			–			–
Real Estate – Commercial		–			–			3			–			–
Real Estate – Residential		8			44			–			–			17
Real Estate – Home Equity		–			33			23			–			76
Consumer		865			1,307			1,315			1,061			1,550
Overdrafts		570			574			611			571			638
Total Charge-Offs	$	1,611		$	2,504		$	2,283		$	2,032		$	2,563
RECOVERIES
Commercial, Financial and Agricultural	$	75		$	103		$	176		$	59		$	41
Real Estate – Construction		–			3			–			–			–
Real Estate – Commercial		3			33			5			19			204
Real Estate – Residential		119			28			88			23			37
Real Estate – Home Equity		9			17			59			37			24
Consumer		481			352			405			313			410
Overdrafts		324			298			288			342			353
Total Recoveries	$	1,011		$	834		$	1,021		$	793		$	1,069
NET CHARGE-OFFS (RECOVERIES)	$	600		$	1,670		$	1,262		$	1,239		$	1,494
Net Charge-Offs as a % of Average Loans HFI⁽²⁾		0.09	%		0.25	%		0.19	%		0.18	%		0.22	%
CREDIT QUALITY
Nonaccruing Loans	$	4,296		$	6,302		$	6,592		$	5,515		$	6,798
Other Real Estate Owned		132			367			650			650			1
Total Nonperforming Assets (“NPAs”)	$	4,428		$	6,669		$	7,242		$	6,165		$	6,799

Past Due Loans 30-89 Days	$	3,735		$	4,311		$	9,388		$	5,672		$	5,392
Classified Loans		19,194			19,896			25,501			25,566			22,305

Nonperforming Loans as a % of Loans HFI		0.16	%		0.24	%		0.25	%		0.21	%		0.25	%
NPAs as a % of Loans HFI and Other Real Estate		0.17	%		0.25	%		0.27	%		0.23	%		0.25	%
NPAs as a % of Total Assets		0.10	%		0.15	%		0.17	%		0.15	%		0.16	%

⁽¹⁾Recorded in other liabilities
⁽²⁾Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
*Unaudited*

		First Quarter 2025							Fourth Quarter 2024							Third Quarter 2024							Second Quarter 2024							First Quarter 2024
(Dollars in thousands)		Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate
ASSETS:
Loans Held for Sale	$	24,726		$	490	8.04	%	$	31,047		$	976	7.89	%	$	24,570		$	720	7.49	%	$	26,281			517	5.26	%	$	27,314		$	563	5.99	%
Loans Held for Investment⁽¹⁾		2,665,910			40,029	6.09			2,677,396			40,521	6.07			2,693,533			40,985	6.09			2,726,748			40,683	6.03			2,728,629			40,196	5.95

Investment Securities
Taxable Investment Securities		981,485			5,802	2.38			914,353			4,688	2.04			907,610			4,148	1.82			918,989			3,998	1.74			952,328			4,238	1.78
Tax-Exempt Investment Securities⁽¹⁾		845			9	4.32			849			9	4.31			846			10	4.33			843			9	4.36			856			10	4.34

Total Investment Securities		982,330			5,811	2.38			915,202			4,697	2.04			908,456			4,158	1.82			919,832			4,007	1.74			953,184			4,248	1.78

Federal Funds Sold and Interest Bearing Deposits		320,948			3,496	4.42			298,255			3,596	4.80			256,855			3,514	5.44			262,419			3,624	5.56			140,488			1,893	5.42

Total Earning Assets		3,993,914		$	49,826	5.06	%		3,921,900		$	49,790	5.05	%		3,883,414		$	49,377	5.06	%		3,935,280		$	48,831	4.99	%		3,849,615		$	46,900	4.90	%

Cash and Due From Banks		73,467							73,992							70,994							74,803							75,763
Allowance for Credit Losses		(30,008	)						(30,107	)						(29,905	)						(29,564	)						(30,030	)
Other Assets		297,660							293,884							291,359							291,669							295,275

Total Assets	$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,190,623

LIABILITIES:
Noninterest Bearing Deposits	$	1,317,425						$	1,323,556						$	1,332,305						$	1,346,546						$	1,344,188
NOW Accounts		1,249,955		$	3,854	1.25	%		1,182,073		$	3,826	1.29	%		1,145,544		$	4,087	1.42	%		1,207,643		$	4,425	1.47	%		1,201,032		$	4,497	1.51	%
Money Market Accounts		420,059			2,187	2.11			422,615			2,526	2.38			418,625			2,694	2.56			407,387			2,752	2.72			353,591			1,985	2.26
Savings Accounts		507,676			176	0.14			504,859			179	0.14			512,098			180	0.14			519,374			176	0.14			539,374			188	0.14
Time Deposits		170,367			1,166	2.78			167,321			1,235	2.94			163,462			1,262	3.07			160,078			1,226	3.08			138,328			924	2.69
Total Interest Bearing Deposits		2,348,057			7,383	1.28			2,276,868			7,766	1.36			2,239,729			8,223	1.46			2,294,482			8,579	1.50			2,232,325			7,594	1.37
Total Deposits		3,665,482			7,383	0.82			3,600,424			7,766	0.86			3,572,034			8,223	0.92			3,641,028			8,579	0.95			3,576,513			7,594	0.85
Repurchase Agreements		29,821			164	2.23			28,018			199	2.82			27,126			221	3.24			26,999			217	3.24			25,725			201	3.14
Other Short-Term Borrowings		7,437			117	6.39			6,510			83	5.06			2,673			52	7.63			6,592			68	4.16			3,758			39	4.16
Subordinated Notes Payable		52,887			560	4.23			52,887			581	4.30			52,887			610	4.52			52,887			630	4.71			52,887			628	4.70
Other Long-Term Borrowings		794			11	5.68			794			11	5.57			795			11	5.55			258			3	4.31			281			3	4.80
Total Interest Bearing Liabilities		2,438,996		$	8,235	1.37	%		2,365,077		$	8,640	1.45	%		2,323,210		$	9,117	1.56	%		2,381,218		$	9,497	1.60	%		2,314,976		$	8,465	1.47	%

Other Liabilities		65,211							73,130							73,767							72,634							68,295

Total Liabilities		3,821,632							3,761,763							3,729,282							3,800,398							3,727,459
Temporary Equity		–							6,763							6,443							6,493							7,150

SHAREOWNERS’ EQUITY:		513,401							491,143							480,137							465,297							456,014

Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,190,623

Interest Rate Spread				$	41,591	3.69	%				$	41,150	3.59	%				$	40,260	3.49	%				$	39,334	3.38	%				$	38,435	3.43	%

Interest Income and Rate Earned⁽¹⁾					49,826	5.06						49,790	5.05						49,377	5.06						48,831	4.99						46,900	4.90
Interest Expense and Rate Paid⁽²⁾					8,235	0.84						8,640	0.88						9,117	0.93						9,497	0.97						8,465	0.88

Net Interest Margin				$	41,591	4.22	%				$	41,150	4.17	%				$	40,260	4.12	%				$	39,334	4.02	%				$	38,435	4.01	%

⁽¹⁾Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
⁽²⁾Rate calculated based on average earning assets.

MIL-OSI: HBT Financial, Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter Highlights

Net income of $19.1 million, or $0.60 per diluted share; return on average assets (“ROAA”) of 1.54%; return on average stockholders’ equity (“ROAE”) of 13.95%; and return on average tangible common equity (“ROATCE”)⁽¹⁾ of 16.20%
Adjusted net income⁽¹⁾ of $19.3 million; or $0.61 per diluted share; adjusted ROAA⁽¹⁾ of 1.55%; adjusted ROAE⁽¹⁾ of 14.08%; and adjusted ROATCE⁽¹⁾ of 16.36%
Asset quality remained exceptional with nonperforming assets to total assets of 0.11% and net charge-offs to average loans of 0.05%, on an annualized basis
Net interest margin increased 16 basis points to 4.12% and net interest margin (tax-equivalent basis)⁽¹⁾increased 15 basis point to 4.16%

BLOOMINGTON, Ill., April 21, 2025 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025. This compares to net income of $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024, and net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024.

J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2025 with strong first quarter results. Despite the economic outlook recently becoming more uncertain, leading to interest rate volatility and stock market declines, we still believe that 2025 will be a solid year for HBT. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic environments.

We continued to report solid profitability with adjusted net income⁽¹⁾ of $19.3 million, or $0.61 per diluted share, an adjusted ROAA⁽¹⁾ of 1.55% and an adjusted ROATCE⁽¹⁾ of 16.36%. Our net interest margin on a tax-equivalent basis⁽¹⁾ increased by 15 basis points, with 5 basis points of that increase related to higher nonaccrual interest recoveries and loan fees, as average loan balances were higher, loans and securities continued to reprice higher, and deposits repriced lower. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates, resulted in a $0.63 increase in our tangible book value per share⁽¹⁾ to $15.43. Tangible book value per share increased by 4.3% for the quarter and 17.0% over the last year.

Our balance sheet remains strong with all capital ratios increasing during the quarter and asset quality improving with nonperforming assets to total assets declining to only 0.11%. Loans at quarter-end were down only slightly while average loans for the quarter were up 2.2%. Deposits were up 1.5% at quarter-end and average deposits for the quarter were up 1.1%. Deposit growth was aided by moving most of our repurchase agreements into interest-bearing demand deposits. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise and markets stabilize.”
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Adjusted Net Income

In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. This compares to adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2025 was $48.7 million, an increase of 2.8% from $47.4 million for the fourth quarter of 2024. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on loans and debt securities. Additionally, a $0.6 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income.

Relative to the first quarter of 2024, net interest income increased 4.3% from $46.7 million. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities. Also contributing was a $0.7 million increase in nonaccrual interest recoveries and loan fees.

Net interest margin for the first quarter of 2025 was 4.12%, compared to 3.96% for the fourth quarter of 2024, and net interest margin (tax-equivalent basis)⁽¹⁾ for the first quarter of 2025 was 4.16%, compared to 4.01% for the fourth quarter of 2024. The increase was primarily attributable to higher yields on interest-earning assets, which increased 9 basis points to 5.34%, and lower funding costs, which decreased 7 basis points to 1.32%. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 5 basis points of the increase in net interest margin.

Relative to the first quarter of 2024, net interest margin increased 18 basis points from 3.94% and net interest margin (tax-equivalent basis)⁽¹⁾ increased 17 basis points from 3.99%. These increases were primarily attributable to higher yields on interest-earning assets, a decrease in funding costs, and an increase in nonaccrual interest recoveries and loan fees. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 6 basis points of the increase in net interest margin.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

Noninterest Income

Noninterest income for the first quarter of 2025 was $9.3 million, a 20.0% decrease from $11.6 million for the fourth quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results compared to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results. Further contributing to the decrease was a $0.3 million decrease in wealth management fees, primarily driven by a seasonal decrease in farm management income, a $0.3 million decrease in income on bank owned life insurance, primarily due to the absence of a $0.2 million gain on life insurance proceeds included in the fourth quarter 2024 results, and a $0.2 million decrease in card income. Partially offsetting these decreases was the absence of a $0.3 million realized loss on sale of debt securities included in the fourth quarter 2024 results.

Relative to the first quarter of 2024, noninterest income increased 65.4% from $5.6 million. The increase was primarily attributable to the absence of $3.4 million in realized losses on the sale of debt securities included in the first quarter 2024 results.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $31.9 million, a 3.3% increase from $30.9 million for the fourth quarter of 2024. The increase was primarily attributable to a $1.3 million increase in salaries expense, primarily driven by seasonal variations in vacation accruals and annual merit increases which took effect in early March, and a $0.6 million increase in employee benefits expense, primarily attributable to higher medical benefit costs. Partially offsetting these increases were a $0.3 million decrease in other noninterest expense and a $0.3 million decrease in data processing expense.

Relative to the first quarter of 2024, noninterest expense increased 2.1% from $31.3 million. The increase was primarily attributable to a $0.5 million increase in employee benefits expense, primarily driven by increased medical benefit costs, and a $0.4 million increase in salaries expense. Partially offsetting these increases was a $0.2 million decrease in data processing expense.

Income Taxes

During the first quarter of 2025 our effective tax rate decreased to 25.2% when compared to 26.0% during the fourth quarter of 2024. This decrease was primarily related to a $0.2 million tax benefit from stock-based compensation that vested during the quarter. Additionally, during the second quarter of 2025, we expect to recognize an additional $0.3 million of tax expense related to the reversal of a stranded tax effect included in accumulated other comprehensive income in connection with the maturity of a derivative designated as a cash flow hedge.

Loan Portfolio

Total loans outstanding, before allowance for credit losses, were $3.46 billion at March 31, 2025, compared with $3.47 billion at December 31, 2024, and $3.35 billion at March 31, 2024. Total loans as of March 31, 2025 were nearly unchanged when compared to December 31, 2024 with a $23.2 million increase in grain elevator lines of credit in the commercial and industrial segment, due to seasonally higher line utilization, partially offset by a $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024, as noted in the previous quarter’s earnings release. Larger payoffs in the one-to-four family residential, multi-family, and commercial real estate – non-owner occupied segments were partially offset by draws on existing loans in the construction and development segment and new originations in the municipal, consumer, and other segment. Additionally, average loan balances increased $73.4 million, or 2.2%, from the fourth quarter of 2024 to the first quarter of 2025.

Deposits

Total deposits were $4.38 billion at March 31, 2025, compared with $4.32 billion at December 31, 2024, and $4.36 billion at March 31, 2024. The $66.3 million increase from December 31, 2024 was primarily attributable to higher balances maintained in existing retail accounts. Additionally, the vast majority of repurchase agreement account balances at December 31, 2024 were transitioned to reciprocal interest-bearing demand deposit accounts during the first quarter of 2025.

Asset Quality

Nonperforming assets totaled $5.6 million, or 0.11% of total assets, at March 31, 2025, compared with $8.0 million, or 0.16% of total assets, at December 31, 2024, and $9.9 million, or 0.20% of total assets, at March 31, 2024. Additionally, of the $5.1 million of nonperforming loans held as of March 31, 2025, $1.4 million is either wholly or partially guaranteed by the U.S. government. The $2.5 million decrease in nonperforming assets from December 31, 2024 was primarily attributable to the pay-off of a $1.6 million nonaccrual commercial real estate – non-owner occupied credit.

The Company recorded a provision for credit losses of $0.6 million for the first quarter of 2025. The provision for credit losses primarily reflects a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.3 million decrease in specific reserves.

The Company had net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, and net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024.

The Company’s allowance for credit losses was 1.22% of total loans and 825% of nonperforming loans at March 31, 2025, compared with 1.21% of total loans and 549% of nonperforming loans at December 31, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.2 million as of March 31, 2025, compared with $3.1 million as of December 31, 2024.

Capital

As of March 31, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

	March 31, 2025		For Capital Adequacy Purposes With Capital Conservation Buffer

Total capital to risk-weighted assets	16.85	%	10.50	%
Tier 1 capital to risk-weighted assets	14.77		8.50
Common equity tier 1 capital ratio	13.48		7.00
Tier 1 leverage ratio	11.64		4.00

The ratio of tangible common equity to tangible assets⁽¹⁾ increased to 9.73% as of March 31, 2025, from 9.42% as of December 31, 2024, and tangible book value per share⁽¹⁾ increased by $0.63 to $15.43 as of March 31, 2025, when compared to December 31, 2024.

During the first quarter of 2025, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of March 31, 2025, the Company had $15.0 million remaining under the stock repurchase program.
____________________________________
(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

About HBT Financial, Inc.

HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of March 31, 2025, HBT Financial had total assets of $5.1 billion, total loans of $3.5 billion, and total deposits of $4.4 billion.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (x) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xx) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

CONTACT:
Peter Chapman
HBTIR@hbtbank.com
(309) 664-4556


HBT Financial, Inc. Unaudited Consolidated Financial Summary

	As of or for the Three Months Ended
(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Interest and dividend income	$	63,138		$	62,798		$	61,961
Interest expense		14,430			15,397			15,273
Net interest income		48,708			47,401			46,688
Provision for credit losses		576			725			527
Net interest income after provision for credit losses		48,132			46,676			46,161
Noninterest income		9,306			11,630			5,626
Noninterest expense		31,935			30,908			31,268
Income before income tax expense		25,503			27,398			20,519
Income tax expense		6,428			7,126			5,261
Net income	$	19,075		$	20,272		$	15,258

Earnings per share – diluted	$	0.60		$	0.64		$	0.48

Adjusted net income ⁽¹⁾	$	19,253		$	19,546		$	18,073
Adjusted earnings per share – diluted ⁽¹⁾		0.61			0.62			0.57

Book value per share	$	17.86		$	17.26		$	15.71
Tangible book value per share ⁽¹⁾		15.43			14.80			13.19

Shares of common stock outstanding		31,631,431			31,559,366			31,612,888
Weighted average shares of common stock outstanding, including all dilutive potential shares		31,711,671			31,702,864			31,803,187

SUMMARY RATIOS
Net interest margin *		4.12	%		3.96	%		3.94	%
Net interest margin (tax-equivalent basis) * ⁽¹⁾⁽²⁾		4.16			4.01			3.99

Efficiency ratio		53.85	%		51.16	%		58.41	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾⁽²⁾		53.35			50.68			57.78

Loan to deposit ratio		78.95	%		80.27	%		76.73	%

Return on average assets *		1.54	%		1.61	%		1.23	%
Return on average stockholders’ equity *		13.95			14.89			12.42
Return on average tangible common equity * ⁽¹⁾		16.20			17.40			14.83

Adjusted return on average assets * ⁽¹⁾		1.55	%		1.56	%		1.45	%
Adjusted return on average stockholders’ equity * ⁽¹⁾		14.08			14.36			14.72
Adjusted return on average tangible common equity * ⁽¹⁾		16.36			16.77			17.57

CAPITAL
Total capital to risk-weighted assets		16.85	%		16.51	%		15.79	%
Tier 1 capital to risk-weighted assets		14.77			14.50			13.77
Common equity tier 1 capital ratio		13.48			13.21			12.44
Tier 1 leverage ratio		11.64			11.51			10.65
Total stockholders’ equity to total assets		11.10			10.82			9.85
Tangible common equity to tangible assets ⁽¹⁾		9.73			9.42			8.40

ASSET QUALITY
Net charge-offs (recoveries) to average loans *		0.05	%		0.08	%		(0.02)	%
Allowance for credit losses to loans, before allowance for credit losses		1.22			1.21			1.22
Nonperforming loans to loans, before allowance for credit losses		0.15			0.22			0.29
Nonperforming assets to total assets		0.11			0.16			0.20

____________________________________

* Annualized measure.

(1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.


HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Statements of Income

	Three Months Ended
(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable	$	53,369		$	52,587		$	51,926
Federally tax exempt		1,168			1,199			1,094
Debt securities:
Taxable		6,936			6,829			6,204
Federally tax exempt		469			482			597
Interest-bearing deposits in bank		1,065			1,520			1,952
Other interest and dividend income		131			181			188
Total interest and dividend income		63,138			62,798			61,961
INTEREST EXPENSE
Deposits		12,939			13,672			13,593
Securities sold under agreements to repurchase		22			179			152
Borrowings		109			115			125
Subordinated notes		470			470			470
Junior subordinated debentures issued to capital trusts		890			961			933
Total interest expense		14,430			15,397			15,273
Net interest income		48,708			47,401			46,688
PROVISION FOR CREDIT LOSSES		576			725			527
Net interest income after provision for credit losses		48,132			46,676			46,161
NONINTEREST INCOME
Card income		2,548			2,797			2,616
Wealth management fees		2,841			3,138			2,547
Service charges on deposit accounts		1,944			2,080			1,869
Mortgage servicing		990			1,158			1,055
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Gains on sale of mortgage loans		252			409			298
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Unrealized gains (losses) on equity securities		8			(83	)		(16	)
Gains (losses) on foreclosed assets		13			7			87
Gains (losses) on other assets		54			2			(635	)
Income on bank owned life insurance		164			415			164
Other noninterest income		800			691			943
Total noninterest income		9,306			11,630			5,626
NONINTEREST EXPENSE
Salaries		17,053			15,784			16,657
Employee benefits		3,285			2,649			2,805
Occupancy of bank premises		2,625			2,773			2,582
Furniture and equipment		445			460			550
Data processing		2,717			2,998			2,925
Marketing and customer relations		1,144			948			996
Amortization of intangible assets		695			709			710
FDIC insurance		562			557			560
Loan collection and servicing		383			653			452
Foreclosed assets		5			31			49
Other noninterest expense		3,021			3,346			2,982
Total noninterest expense		31,935			30,908			31,268
INCOME BEFORE INCOME TAX EXPENSE		25,503			27,398			20,519
INCOME TAX EXPENSE		6,428			7,126			5,261
NET INCOME	$	19,075		$	20,272		$	15,258

EARNINGS PER SHARE – BASIC	$	0.60		$	0.64		$	0.48
EARNINGS PER SHARE – DILUTED	$	0.60		$	0.64		$	0.48
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING		31,584,989			31,559,366			31,662,954


HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Balance Sheets

(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS
Cash and due from banks	$	25,005		$	29,552		$	19,989
Interest-bearing deposits with banks		186,586			108,140			240,223
Cash and cash equivalents		211,591			137,692			260,212

Interest-bearing time deposits with banks		—			—			515
Debt securities available-for-sale, at fair value		706,135			698,049			669,020
Debt securities held-to-maturity		490,398			499,858			517,472
Equity securities with readily determinable fair value		3,323			3,315			3,324
Equity securities with no readily determinable fair value		2,629			2,629			2,622
Restricted stock, at cost		5,086			5,086			5,155
Loans held for sale		2,721			1,586			3,479

Loans, before allowance for credit losses		3,461,778			3,466,146			3,345,962
Allowance for credit losses		(42,111	)		(42,044	)		(40,815	)
Loans, net of allowance for credit losses		3,419,667			3,424,102			3,305,147

Bank owned life insurance		24,153			23,989			24,069
Bank premises and equipment, net		67,272			66,758			64,755
Bank premises held for sale		190			317			317
Foreclosed assets		460			367			277
Goodwill		59,820			59,820			59,820
Intangible assets, net		17,148			17,843			19,972
Mortgage servicing rights, at fair value		18,519			18,827			19,081
Investments in unconsolidated subsidiaries		1,614			1,614			1,614
Accrued interest receivable		22,735			24,770			23,117
Other assets		38,731			46,280			60,542
Total assets	$	5,092,192		$	5,032,902		$	5,040,510

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing	$	1,065,874		$	1,046,405		$	1,047,074
Interest-bearing		3,318,716			3,271,849			3,313,500
Total deposits		4,384,590			4,318,254			4,360,574

Securities sold under agreements to repurchase		2,698			28,969			31,864
Federal Home Loan Bank advances		7,209			13,231			12,725
Subordinated notes		39,573			39,553			39,494
Junior subordinated debentures issued to capital trusts		52,864			52,849			52,804
Other liabilities		40,201			35,441			46,368
Total liabilities		4,527,135			4,488,297			4,543,829

Stockholders’ Equity
Common stock		329			328			328
Surplus		297,024			297,297			296,054
Retained earnings		329,169			316,764			278,353
Accumulated other comprehensive income (loss)		(38,446	)		(46,765	)		(56,048	)
Treasury stock at cost		(23,019	)		(23,019	)		(22,006	)
Total stockholders’ equity		565,057			544,605			496,681
Total liabilities and stockholders’ equity	$	5,092,192		$	5,032,902		$	5,040,510
SHARES OF COMMON STOCK OUTSTANDING		31,631,431			31,559,366			31,612,888


HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

LOANS
Commercial and industrial	$	441,261	$	428,389	$	402,206
Commercial real estate – owner occupied		321,990		322,316		294,967
Commercial real estate – non-owner occupied		891,022		899,565		890,251
Construction and land development		376,046		374,657		345,991
Multi-family		424,096		431,524		421,573
One-to-four family residential		455,376		463,968		485,948
Agricultural and farmland		292,240		293,375		287,205
Municipal, consumer, and other		259,747		252,352		217,821
Total loans	$	3,461,778	$	3,466,146	$	3,345,962

(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024

DEPOSITS
Noninterest-bearing deposits	$	1,065,874	$	1,046,405	$	1,047,074
Interest-bearing deposits:
Interest-bearing demand		1,143,677		1,099,061		1,139,172
Money market		812,146		820,825		802,685
Savings		575,558		566,533		602,739
Time		787,335		785,430		713,142
Brokered		—		—		55,762
Total interest-bearing deposits		3,318,716		3,271,849		3,313,500
Total deposits	$	4,384,590	$	4,318,254	$	4,360,574


HBT Financial, Inc. Unaudited Consolidated Financial Summary

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
(dollars in thousands)	Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *		Average Balance			Interest		Yield/Cost *

ASSETS
Loans	$	3,460,906		$	54,537	6.39	%	$	3,387,541		$	53,786	6.32	%	$	3,371,219		$	53,020	6.33	%
Debt securities		1,204,424			7,405	2.49			1,208,404			7,311	2.41			1,213,947			6,801	2.25
Deposits with banks		120,014			1,065	3.60			149,691			1,520	4.04			167,297			1,952	4.69
Other		12,677			131	4.19			12,698			181	5.68			12,986			188	5.82
Total interest-earning assets		4,798,021		$	63,138	5.34	%		4,758,334		$	62,798	5.25	%		4,765,449		$	61,961	5.23	%
Allowance for credit losses		(42,061	)						(40,942	)						(40,238	)
Noninterest-earning assets		276,853							277,074							278,253
Total assets	$	5,032,813						$	4,994,466						$	5,003,464

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand	$	1,120,608		$	1,453	0.53	%	$	1,088,082		$	1,351	0.49	%	$	1,127,684		$	1,311	0.47	%
Money market		807,728			4,397	2.21			787,768			4,444	2.24			812,684			4,797	2.37
Savings		569,494			370	0.26			562,833			389	0.27			611,224			443	0.29
Time		784,099			6,719	3.48			796,494			7,439	3.72			664,498			5,925	3.59
Brokered		—			—	—			3,261			49	5.96			82,150			1,117	5.47
Total interest-bearing deposits		3,281,929			12,939	1.60			3,238,438			13,672	1.68			3,298,240			13,593	1.66
Securities sold under agreements to repurchase		8,754			22	1.02			31,624			179	2.26			32,456			152	1.89
Borrowings		12,890			109	3.41			13,370			115	3.42			13,003			125	3.87
Subordinated notes		39,563			470	4.82			39,543			470	4.73			39,484			470	4.78
Junior subordinated debentures issued to capital trusts		52,856			890	6.83			52,841			961	7.23			52,796			933	7.11
Total interest-bearing liabilities		3,395,992		$	14,430	1.72	%		3,375,816		$	15,397	1.81	%		3,435,979		$	15,273	1.79	%
Noninterest-bearing deposits		1,045,733							1,041,471							1,036,402
Noninterest-bearing liabilities		36,373							35,644							37,107
Total liabilities		4,478,098							4,452,931							4,509,488
Stockholders’ Equity		554,715							541,535							493,976
Total liabilities and stockholders’ equity	$	5,032,813						$	4,994,466						$	5,003,464

Net interest income/Net interest margin ⁽¹⁾				$	48,708	4.12	%				$	47,401	3.96	%				$	46,688	3.94	%
Tax-equivalent adjustment ⁽²⁾					545	0.04						562	0.05						575	0.05
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) ^{(2) (3)}				$	49,253	4.16	%				$	47,963	4.01	%				$	47,263	3.99	%
Net interest rate spread ⁽⁴⁾						3.62	%						3.44	%						3.44	%
Net interest-earning assets ⁽⁵⁾	$	1,402,029						$	1,382,518						$	1,329,470
Ratio of interest-earning assets to interest-bearing liabilities		1.41							1.41							1.39
Cost of total deposits						1.21	%						1.27	%						1.26	%
Cost of funds						1.32							1.39							1.37

____________________________________

* Annualized measure.

(1)   Net interest margin represents net interest income divided by average total interest-earning assets.
(2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
(3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
(4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.


HBT Financial, Inc. Unaudited Consolidated Financial Summary

(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

NONPERFORMING ASSETS
Nonaccrual	$	5,102		$	7,652		$	9,657
Past due 90 days or more, still accruing		4			4			—
Total nonperforming loans		5,106			7,656			9,657
Foreclosed assets		460			367			277
Total nonperforming assets	$	5,566		$	8,023		$	9,934

Nonperforming loans that are wholly or partially guaranteed by the U.S. Government	$	1,350		$	1,573		$	2,676

Allowance for credit losses	$	42,111		$	42,044		$	40,815
Loans, before allowance for credit losses		3,461,778			3,466,146			3,345,962

CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses		1.22	%		1.21	%		1.22	%
Allowance for credit losses to nonaccrual loans		825.38			549.45			422.65
Allowance for credit losses to nonperforming loans		824.74			549.16			422.65
Nonaccrual loans to loans, before allowance for credit losses		0.15			0.22			0.29
Nonperforming loans to loans, before allowance for credit losses		0.15			0.22			0.29
Nonperforming assets to total assets		0.11			0.16			0.20
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets		0.16			0.23			0.30

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	42,044		$	40,966		$	40,048
Provision for credit losses		496			1,771			560
Charge-offs		(665	)		(1,086	)		(227	)
Recoveries		236			393			434
Ending balance	$	42,111		$	42,044		$	40,815

Net charge-offs (recoveries)	$	429		$	693		$	(207	)
Average loans		3,460,906			3,387,541			3,371,219

Net charge-offs (recoveries) to average loans *		0.05	%		0.08	%		(0.02)	%

____________________________________

* Annualized measure.

	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024			March 31, 2024

PROVISION FOR CREDIT LOSSES
Loans	$	496	$	1,771		$	560
Unfunded lending-related commitments		80		(1,046	)		(33	)
Total provision for credit losses	$	576	$	725		$	527

Reconciliation of Non-GAAP Financial Measures –
Adjusted Net Income and Adjusted Return on Average Assets

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net income	$	19,075		$	20,272		$	15,258
Less: adjustments
Gains (losses) on closed branch premises		59			—			(635	)
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Total adjustments		(249	)		1,016			(3,937	)
Tax effect of adjustments ⁽¹⁾		71			(290	)		1,122
Total adjustments after tax effect		(178	)		726			(2,815	)
Adjusted net income	$	19,253		$	19,546		$	18,073

Average assets	$	5,032,813		$	4,994,466		$	5,003,464

Return on average assets *		1.54	%		1.61	%		1.23	%
Adjusted return on average assets *		1.55			1.56			1.45

____________________________________

* Annualized measure.

(1) Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –
Adjusted Earnings Per Share — Basic and Diluted

	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2025		December 31, 2024		March 31, 2024

Numerator:
Net income	$	19,075	$	20,272	$	15,258

Adjusted net income	$	19,253	$	19,546	$	18,073

Denominator:
Weighted average common shares outstanding		31,584,989		31,559,366		31,662,954
Dilutive effect of outstanding restricted stock units		126,682		143,498		140,233
Weighted average common shares outstanding, including all dilutive potential shares		31,711,671		31,702,864		31,803,187

Earnings per share – basic	$	0.60	$	0.64	$	0.48
Earnings per share – diluted	$	0.60	$	0.64	$	0.48

Adjusted earnings per share – basic	$	0.61	$	0.62	$	0.57
Adjusted earnings per share – diluted	$	0.61	$	0.62	$	0.57

Reconciliation of Non-GAAP Financial Measures –
Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net interest income	$	48,708		$	47,401		$	46,688
Noninterest income		9,306			11,630			5,626
Noninterest expense		(31,935	)		(30,908	)		(31,268	)
Pre-provision net revenue		26,079			28,123			21,046
Less: adjustments
Gains (losses) on closed branch premises		59			—			(635	)
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Total adjustments		(249	)		1,016			(3,937	)
Adjusted pre-provision net revenue	$	26,328		$	27,107		$	24,983

Pre-provision net revenue	$	26,079		$	28,123		$	21,046
Less: net charge-offs (recoveries)		429			693			(207	)
Pre-provision net revenue less net charge-offs	$	25,650		$	27,430		$	21,253

Adjusted pre-provision net revenue	$	26,328		$	27,107		$	24,983
Less: net charge-offs (recoveries)		429			693			(207	)
Adjusted pre-provision net revenue less net charge-offs	$	25,899		$	26,414		$	25,190

Reconciliation of Non-GAAP Financial Measures –
Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Net interest income (tax-equivalent basis)
Net interest income	$	48,708		$	47,401		$	46,688
Tax-equivalent adjustment ⁽¹⁾		545			562			575
Net interest income (tax-equivalent basis) ⁽¹⁾	$	49,253		$	47,963		$	47,263

Net interest margin (tax-equivalent basis)
Net interest margin *		4.12	%		3.96	%		3.94	%
Tax-equivalent adjustment * ⁽¹⁾		0.04			0.05			0.05
Net interest margin (tax-equivalent basis) * ⁽¹⁾		4.16	%		4.01	%		3.99	%

Average interest-earning assets	$	4,798,021		$	4,758,334		$	4,765,449

____________________________________

* Annualized measure.

(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –
Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Total noninterest expense	$	31,935		$	30,908		$	31,268
Less: amortization of intangible assets		695			709			710
Noninterest expense excluding amortization of intangible assets	$	31,240		$	30,199		$	30,558

Net interest income	$	48,708		$	47,401		$	46,688
Total noninterest income		9,306			11,630			5,626
Operating revenue		58,014			59,031			52,314
Tax-equivalent adjustment ⁽¹⁾		545			562			575
Operating revenue (tax-equivalent basis) ⁽¹⁾		58,559			59,593			52,889
Less: adjustments to noninterest income
Gains (losses) on closed branch premises		59			—			(635	)
Realized gains (losses) on sales of securities		—			(315	)		(3,382	)
Mortgage servicing rights fair value adjustment		(308	)		1,331			80
Total adjustments to noninterest income		(249	)		1,016			(3,937	)
Adjusted operating revenue (tax-equivalent basis) ⁽¹⁾	$	58,808		$	58,577		$	56,826

Efficiency ratio		53.85	%		51.16	%		58.41	%
Efficiency ratio (tax-equivalent basis) ⁽¹⁾		53.35			50.68			57.78
Adjusted efficiency ratio (tax-equivalent basis) ⁽¹⁾		53.12			51.55			53.77

____________________________________
(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

Reconciliation of Non-GAAP Financial Measures –
Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share

(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024

Tangible Common Equity
Total stockholders’ equity	$	565,057		$	544,605		$	496,681
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		17,148			17,843			19,972
Tangible common equity	$	488,089		$	466,942		$	416,889

Tangible Assets
Total assets	$	5,092,192		$	5,032,902		$	5,040,510
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		17,148			17,843			19,972
Tangible assets	$	5,015,224		$	4,955,239		$	4,960,718

Total stockholders’ equity to total assets		11.10	%		10.82	%		9.85	%
Tangible common equity to tangible assets		9.73			9.42			8.40

Shares of common stock outstanding		31,631,431			31,559,366			31,612,888

Book value per share	$	17.86		$	17.26		$	15.71
Tangible book value per share		15.43			14.80			13.19

Reconciliation of Non-GAAP Financial Measures –
Return on Average Tangible Common Equity,
Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Average Tangible Common Equity
Total stockholders’ equity	$	554,715		$	541,535		$	493,976
Less: Goodwill		59,820			59,820			59,820
Less: Intangible assets, net		17,480			18,170			20,334
Average tangible common equity	$	477,415		$	463,545		$	413,822

Net income	$	19,075		$	20,272		$	15,258
Adjusted net income		19,253			19,546			18,073

Return on average stockholders’ equity *		13.95	%		14.89	%		12.42	%
Return on average tangible common equity *		16.20			17.40			14.83

Adjusted return on average stockholders’ equity *		14.08	%		14.36	%		14.72	%
Adjusted return on average tangible common equity *		16.36			16.77			17.57

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* Annualized measure.