NewzIntel.com

Category: Taxation

  • MIL-OSI Security: Wake Forest Woman Sentenced to Prison for $85K COVID Fraud

    Source: Office of United States Attorneys

    WILMINGTON, N.C. – A Wake Forest woman was sentenced to six months in prison, followed by one year of home confinement, on Tuesday, April 22, 2025, for conspiring to defraud the United States government with respect to Covid-19 Paycheck Protection Program loans.  Sonya Lenise Davis, 57, pled guilty to conspiracy to commit wire fraud on August 7, 2024.

    According to court documents and other information presented in court, Davis and others lied on applications to the Small Business Association for Paycheck Protection Program (PPP) loans. These loans were a form of Covid-19 relief funding to help keep small businesses afloat during the pandemic. Davis did not qualify for these loans, but nevertheless lied, and helped others to lie, to steal money from the program. On her own loan application, Davis falsified information about her company, Sonya’s Braiding, by inflating the number of employees and income. Davis also assisted others to acquire and submit fake documents to bolster wage claims on their own PPP loans using fake IRS forms. In some instances, Davis also assisted conspirators to obtain fake bank statements. As a result, Davis and others illegally obtained more than $85,000 in Covid relief loan money.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina, made the announcement after sentencing by Chief U.S. District Judge Richard E. Myers II. The Internal Revenue Service (IRS) investigated the case and Assistant U.S. Attorney William Gilmore and Special Assistant U.S. Attorney Lisa Labresh prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5:23-CR-00299.

    ###

    MIL Security OSI –

  • MIL-OSI: Aktsiaselts Infortar 2024 audited Annual Report

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2024 and will submit it to the Annual General Meeting for approval.

    Major events

    Maritime transport

    In the summer, Infortar invested €110 million in acquiring Tallink Grupp (Tallink) shares, increasing its shareholding in Tallink to 68.5%.

    The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totalled 777,000.

    Energy

    Infortar’s subsidiary, Elenger Grupp (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

    In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

    Real estate

    Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics centre in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

    Key figures of financial year

    Key figures 12 months 2024 12 months 2023
    Sales revenue. m€ 1 371.775 1 084.626
    Gross profit. m€ 128.628 149.473
    EBITDA. m€ 145.275 143.283
    EBITDA margin (%) 10.6% 13.2%
    Operating profit. EBIT. m€ 77.024 123.628
    Total profit(-loss). m€1,2 193.670 293.830
    EPS (euros)2 9.36 14.62
    Total equity m€ 1 166.221 820.210
    Total liabilities m€3 1 223.287 441.160
    Net debt m€4 1 055.708 354.045
    Investment loans to EBITDA (ratio)5 3.0x 1.7x

    1.The 2024 financial year total profit includes a one-off revaluation of €94 million, mainly arising from the acquisition of Tallink. The 2023 financial year profit includes a one-off revaluation of €159 million, mainly arising from the acquisition of Gaso.

    2. In the Q4 and 12-month annual results reported on 25 February 2025, the consolidated total profit for the financial year was €173.351 million, and earnings per share (EPS) amounted to €8.46. Adjustments have been made in the audited figures, mainly related to the purchase price allocation of Tallink Grupp, resulting in an increase of €20.319 million in the total profit for the annual year and an increase of earnings per share (EPS) by 0.9 euros.

    3–4. The significant increase in liabilities and net debt is due to the consolidation of Tallink’s loans into Infortar’s financial statements in 2024.

    5. Infortar Group’s investment loans / EBITDA ratio. For 2024 Tallink’s 12-month EBITDA (€265.447 million) has been used for comparability purposes

    Revenue

    2024. financial year, the group´s consolidated sales revenue increased by €287.149 million reaching €1 371.775 million (compared to €1 084.626 million in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

    EBITDA and Segment Reporting

    Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was €175.181 million (compared to €214.528 million in the 2023 financial year). In segment reporting 100% Tallink results are presented.

    Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

    Energy Segment: The EBITDA for the energy segment of the 2024 financial year was €77.235 million (compared to €135.999 million in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

    Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was €13.567 million (compared to €12.39 million in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

    Total Profit

    The consolidated total profit for the 2024 financial year was €193.67 million (compared to €293.83 million in the 2023 financial year). One-off significant impacts included the effects related to the acquisition of Tallink in 2024 and Latvian gas distribution company Gaso in 2023. The consolidated operating profit for the 2024 financial year was €77.024 million (compared to €123.628 million in 2023).

    Investments

    Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biomethane plant next to the farm for local biomethane production. Infortar invested €110 million in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

    Infortar subsidiary Elenger signed a €120 million agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

    Financing

    Loan and lease liabilities amounted to €1 223.287 million in 2024 financial year (compared to €441.16 million in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations.

    Proportionally to the growth in assets, Infortar’s net debt increased by €701.663 million, reaching €1 055.708 million (compared to €354,045 million in 2023 financial year). The net debt to EBITDA ratio was 3.4.

    Dividends

    According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per financial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results.

    Consolidated statement of profit or loss and other comprehensive income

    (in thousands of EUR) 12 months 2024 12 months 2023
    Revenue 1 371 775 1 084 626
    Cost of goods (goods and services) sold -1 243 034 -934 811
    Write-down of receivables -113 -342
    Gross profit 128 628 149 473
    Marketing expenses -21 086 -1 620
    General administrative expenses -50 438 -22 085
    Profit (loss) from biological assets -139 0
    Profit (loss) from the change in the fair value of the investment property -949 -4 074
    Profit (loss) from changes in the fair value of fixed assets -8 691  
    Unsettled gain/loss on derivative financial instruments 26 672 1 969
    Other operating revenue 4 682 2 523
    Other operating expenses -1 655 -2 558
    Operating profit 77 024 123 628
    Profit (loss) from investments accounted for by equity method 22 974 39 639
    Financial income and expenses 13 392 0
    Other financial investments -50 -4
    Interest expense -38 274 -22 573
    Interest income 4 979 2 765
    Profit (loss) from changes in exchange rates 100 -173
    Gain from bargain purchase 93 659 159 158
    Total financial income and expenses 73 806 139 173
    Profit before tax 173 804 302 440
    Corporate income tax 19 866 -8 610
    Profit for the financial year 193 670 293 830
    including:    
    Profit attributable to the owners of the parent company 191 253 293 778
    Profit attributable to non-controlling interest 2 417 52
    Other comprehensive income    
    Items that will not be reclassified to profit or loss    
    Revaluation of post-employment benefit obligations -141 -44
    Items that may be subsequently reclassified to the income statement:    
    Revaluation of risk hedging instruments -45 792 -58 189
    Exchange rate differences attributable to foreign subsidiaries 53 -42
    Total of other comprehensive income -45 880 -58 275
    Total income 147 790 235 555
    including:    
    Comprehensive profit attributable to the owners of the parent company 145 514 235 503
    Comprehensive profit attributable to non-controlling interest 2 417 52
    Ordinary earnings per share (in euros per share) 9,36 14,62
    Diluted earnings per share (in euros per share) 9,12 14,15

    Consolidated statement of financial position

    (in thousands of EUR) 31.12.24 31.12.23
    Current assets    
    Cash and cash equivalents 167 579 87 115
    Short-term derivatives 8 333 28 728
    Settled derivative receivables 676 5 958
    Other prepayments and receivables 155 351 162 575
    Prepaid taxes 3 831 925
    Trade and other receivables 38 517 20 185
    Prepayments for inventories 2 498 3 493
    Inventories 215 914 146 884
    Biological assets 941 0
    Total current assets 593 640 455 863
    Non-current assets    
    Investments to associates 16 603 346 014
    Long-term derivative instruments 3 214 1 125
    Long-term loans and other receivables 35 163 9 072
    Investment property 67 931 176 024
    Property, plant and equipment 1 909 458 446 748
    Intangible assets 38 874 14 366
    Right-of-use assets 47 598 11 300
    Biological assets 2 753 0
    Total non-current assets 2 121 594 1 004 649
    TOTAL ASSETS 2 715 234 1 460 512
         
    (in thousands of EUR) 31.12.24 31.12.23
    Current liabilities    
    Loan liabilities 497 162 184 259
    Rental liabilities 9 020 1 766
    Payables to suppliers 87 941 74 751
    Tax obligations 49 354 32 822
    Buyers’ advances 31 126 3 099
    Settled derivatives 8 728 1 463
    Other current liabilities 63 431 10 851
    Short term derivatives 27 704 3 659
    Total current liabilities 774 466 312 670
    Non-current liabilities    
    Long-term provisions 9 946 8 399
    Deferred taxes 2 816 33 233
    Other long-term liabilities 43 209 30 679
    Long-term derivatives 1 471 186
    Loan-liabilities 676 670 246 410
    Rental liabilities 40 435 8 725
    Total non-current liabilities 774 547 327 632
    TOTAL LIABILITIES 1 549 013 640 302
         
    (in thousands of EUR) 31.12.24 31.12.23
    Equity    
    Share capital 2 117 2 105
    Own shares -72 -95
    Share premium 32 484 29 344
    Reserve capital 212 205
    Option reserve 6 223 3 864
    Hedging reserve* -21 674 24 118
    Unrealised exchange rate differences 45 -39
    Post-employment benefit obligation reserve -185 -44
    Retained earnings from previous periods 890 167 759 918
    Total equity attributable to equity holders of the Parent 909 317 819 376
    Minority interests 256 904 834
    Total equity 1 166 221 820 210
         
    TOTAL LIABILITIES AND EQUITY 2 715 234 1 460 512

    Consolidated statement of cash flows

    Cash flows from operating activities    
    (in thousands of EUR) 12 months
    2024    		 12 months
    2023
    Profit for the financial year 193 670 293 830
    Adjustments:    
    Depreciation, amortisation, and impairment of non-current assets 68 251 19 655
    Change in the fair value of the investment property -22 974 -39 639
    Change in the value of derivatives -1 483 54 122
    Other financial income/expenses -112 030 -161 965
    Calculated interest expenses 38 274 22 573
    Profit/loss from non-current assets sold -955 -91
    Income from grants recognised as revenue -643 784
    Corporate income tax expense -19 866 8 610
    Income tax paid -10 551 -267
    Change in receivables and prepayments related to operating activities 52 023 54 540
    Change in inventories -12 831 -61 914
    Change in payables and prepayments relating to operating activities -81 275 -406
    Change in biological assets -322 0
    Total cash flows from operating activities 89 288 189 832
         
    Cash flows from investing activities    
    Purchases of associates 0 -10 314
    Purchases of subsidiaries -111 684 -103 414
    Received dividends 20 862 0
    Given loans 1 918 6 652
    Interest gain 4 953 2 691
    Purchases Investment property -10 352 -18 304
    Purchases of property, plant and equipment -27 835 -18 143
    Proceeds from sale of property 1 561 -252
    Total cash flows used in investing activities -120 577 -141 084
         
    Cash flows used in financing activities 12 months
    2024    		 12 months
    2023
    Proceeds from targeted financing 225 0
    Changes in overdraft 12 863 14 348
    Proceeds from borrowings 358 731 287 606
    Repayments of borrowings -151 790 -312 846
    Repayment of finance lease liabilities -11 300 -2 233
    Interest paid -39 153 -22 224
    Dividends paid -60 997 -15 750
    Gain from share emission 3 174 29 464
    Total cash flows used in financing activities 111 753 -21 635
         
    TOTAL NET CASH FLOW 80 464 27 113
    Cash at the beginning of the year 87 115 60 002
    Cash at the end of the period 167 579 87 115
    Net (decrease)/increase in cash 80 464 27 113

    The 2024 Annual Report of Aktsiaselts Infortar is attached to this notice and will be made available on the website Reports | Infortar.

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    Attachments

    The MIL Network –

  • MIL-OSI USA: Report to the President on Protecting Children from Surgical and Chemical Mutilation Executive Summary

    US Senate News:

    Source: The White House
    Background
    Under President Biden, the Federal government promoted a grotesque social and scientific experiment on American children. During the first three years of his administration alone, more than 7,000 children were administered puberty blockers and cross-sex hormones. Over 4,000 were subjected to sex-trait modification surgical interventions, such as mastectomies. These interventions were marketed to children on the basis of ideologically driven and financially motivated junk-science.
    On January 28, 2025, President Trump signed Executive Order 14187, “Protecting Children from Chemical and Surgical Mutilation.” EO 14187 prohibits Federal departments from funding, sponsoring, assisting, or facilitating the chemical and surgical mutilation of minors and directs them to stop these immoral, unjust, and disproven practices more broadly to the greatest extent possible. The following sections summarize initial steps taken to implement this Order.
    Restoring Scientific Integrity
    Section 3(i) directs agencies to rescind or amend all policies that rely on the “Standards of Care Version 8” developed by the World Professional Association for Transgender Health (WPATH). These standards were not drafted based on scientific evidence, but on political considerations. During the drafting process, then-Assistant Secretary for Health, Admiral Levine, lobbied WPATH to drop its proposed age limits for surgical mutilation. Levine then issued Federal guidance titled “Gender-affirming Care and Young People,” which promoted the chemical sterilization and surgical mutilation of minors.
    After President Trump took office in January, the Department of Health and Human Services (HHS) immediately removed this document, along with other pseudo-scientific information, from its webpages. On February 14, a court order compelled HHS to display this document and other pseudoscientific webpages. HHS followed the court order, but provided a notice that it disavows Levine’s document – and all materials that cite WPATH – in the strongest possible terms.
    Section 3(ii) directs HHS to publish an evidence-based review of the literature on best-practices to promote the health of children who assert gender dysphoria. HHS has coordinated with a team of eight distinguished scholars, and will publish this review by the 90-day deadline.
    Promoting Accurate Information
    Section 3(b) directs HHS to use “all available methods” to increase data quality to improve practices “for improving the health of minors with gender dysphoria.”
    The lead researcher of one notable study, funded by the National Institute for Health (NIH), withheld its results from the public for political reasons. The NIH has taken, and will continue to take, all necessary and proper steps to ensure accountability and transparency for all taxpayer-funded studies.
    HHS is reviewing data tools to ensure that Federal data collection reflects biological reality and provides medically useful information.
    Stopping Taxpayer-Funded Child Experimentation and Mutilation
    Section 4 directs HHS to “immediately take appropriate steps to ensure that [medical] institutions receiving federal research or education grants end the chemical and surgical mutilation of children.”
    HHS has eliminated 215 such grants, saving taxpayers over $477 million. Two examples include: a $1,319,024 grant to the Center for Innovative Public Health research for “#TranscendantHealth – Adapting an LGB+ inclusive teen pregnancy prevention program for transgender boys;” and a $5,955,310 grant to Boston Children’s Hospital for “TransHealthGUIDE: Transforming Health for Gender-Diverse Young Adults Using Intervention to Drive Equity.”
    Ensuring Proper Medical Treatment
    Section 5 directs HHS to take all appropriate actions to end the chemical and surgical mutilation of children. On March 5, the Centers for Medicare & Medicaid Services (CMS) issued a Quality and Safety Special Alert Memo entitled “Protecting Children from Chemical and Surgical Mutilation,” which alerted providers to the dangers of chemical mutilation as well as the lack of medical evidence supporting their use. Among other provisions, the letter stated that:
    it is of utmost importance that all providers follow the highest standards of care and adhere closely to the foundational principles of medicine, especially as it comes to America’s children. This CMS alert to providers on the dangerous chemical and surgical mutilation of children, including interventions that cause sterilization, is informed by a growing body of evidence and protective policies across the world.
    Within days, similar letters were sent by the Substance Abuse and Mental Health Services Administration, the Health Resources and Services Administration, and the Office of the Assistant Secretary for Health.
    This administration is preparing other actions in accordance with Section 5. HHS, through CMS, is also exploring every avenue to increase access to detransition care.
    Pursuant to Section 6, the Department of Defense has required its health services contractors to discontinue child mutilation as a covered benefit. Pursuant to Section 7, the Office of Personnel Management has excluded coverage for the mutilation of the children of the Federal civilian workforce beginning in Plan Year 2026.
    Ensuring Equal Protection and Rule of Law
    Pursuant to Section 8, the Department of Justice (DOJ) has prepared guidance regarding enforcement of 18 U.S.C. § 116, prioritizing protection against female genital mutilation, and will convene State Attorneys General to coordinate enforcement. It has also initiated investigations of multiple entities that have misled the public about the long-term side effects of chemical and surgical mutilation under the Food, Drug, and Cosmetic Act.
    DOJ has drafted and submitted legislation creating a private right of action, with a long statute of limitations, for children whose bodies have been chemically and surgically damaged and their parents, for additional review. DOJ will also establish a “Parental Rights Task Force” to vindicate the rights of parents in states like California, where parental refusal to consent to the mutilation of their children can enable the state to remove children from parental custody, and to further uphold parents’ recognized constitutional rights.  

    MIL OSI USA News –

  • MIL-OSI: Sunrun Installs Solar Projects at Three Affordable Apartment Communities in Southern California, Providing Energy Bill Savings to 800 Renters

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 28, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced three new solar installations at affordable apartment communities in Orange County, California. Collectively, the new rooftop solar projects will provide monthly utility bill savings to approximately 800 low-income residents.

    Sunrun installed the solar systems in partnership with affordable housing providers at Arroyo Vista, Villa Plumosa, and Yorba Linda Palms apartment complexes. In total, the systems will provide 748 kilowatts of electricity, offsetting approximately 80% to 90% of the communities’ energy usage. All three projects are located in California’s 40th Congressional District, which U.S. Rep. Young Kim represents.

    “Rooftop solar energy in affordable housing communities I represent lowers utility bills for hardworking families struggling with rising living costs, creates local jobs here at home, and promotes U.S. energy dominance around the world,” said Rep. Young Kim. “I appreciate Sunrun’s work in our Southern California communities and will keep doing all I can to make life more affordable.”

    To commemorate the three projects, Sunrun executives joined Rep. Kim, other state and county elected officials, and Eden Housing’s CEO for a ribbon cutting event at the recently completed 1,120 solar panel installation at Arroyo Vista apartment complex in Mission Viejo.

    “We are so proud to be cutting energy bills for hundreds of hard-working residents in Southern California,” said Sunrun President and Chief Revenue Officer Paul Dickson. “This project is another example of how Sunrun is making solar energy—and the resulting savings—available to homeowners and renters of all income levels.”

    Through virtual net metering, each of the 156 apartment homes at Arroyo Vista is receiving approximately $60 in monthly energy bill savings.

    “Affordable housing is deeply needed in this part of Southern California and we are grateful to partner with Sunrun to make Arroyo Vista even more affordable for our residents through energy bill savings,” said Linda Mandolini, president and CEO of Eden Housing. “Supporting clean energy while also helping families stretch their hard-earned dollars is a win-win collaboration for our communities.”

    Due to energy inflation and three years of approved utility rate hikes for San Diego Gas & Electric, Arroyo Vista residents will likely save even more over time. Over the next 20 years, Sunrun’s solar installation at Arroyo Vista is projected to collectively save the low-income renters over $3.5 million on their electric bills.

    “When you’re on a fixed income, every penny counts, which is why I was especially happy to see the $60 savings on my power bill each month,” said Arroyo Vista resident Lametrius Freeman. “It feels great to be saving money and helping the environment at the same time. We’re grateful that Eden Housing and Sunrun made it possible.”

    The solar installation at the Villa Plumosa apartment complex, located in Yorba Linda, is also completed and operating, providing 76 affordable apartment homes with nearly $60 in monthly energy bill savings through virtual net metering. The new solar project at nearby Yorba Linda Palms will be operational this summer and will provide the complex’s 44 affordable apartment homes with over $75 in monthly energy savings.

    The projects participated in the state’s Solar On Multifamily Affordable Housing (SOMAH) program and the Low-Income Communities Investment Tax Credit (ITC) program, allowing residents to enjoy the benefits of solar energy at no cost to them. State funding for the three projects comes from polluters who purchase greenhouse gas allowances under the state’s cap-and-trade program.

    “SOMAH projects bring affordable, clean energy to hard working families who need it most, by significantly cutting monthly electricity bills,” said Lawrence Goldenhersh, President of the Center for Sustainable Energy, one of the SOMAH program administrators. “By lowering energy costs, we’re helping parents keep their homes running, care for their children, and protect their family’s health — creating lasting stability and opportunity for communities across California.”

    Sunrun currently serves more than 21,000 households in low-income multifamily properties. The solar projects create economic activity in their respective communities through significant investments at the time of installation, employment, and the ongoing financial benefits provided to renters.

    About Sunrun
    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

    Media Contact
    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    Investor & Analyst Contact
    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/74b9767f-3acc-44a2-841b-7625790af8f4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2de7b9c4-7029-485a-832b-fe1a7d294364

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c9760a53-6f61-4415-bd86-43cd863e6331

    The MIL Network –

  • MIL-OSI: Roper Technologies announces first quarter financial results

    Source: GlobeNewswire (MIL-OSI)

    SARASOTA, Fla., April 28, 2025 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the first quarter ended March 31, 2025.

    First quarter 2025 highlights

    • Revenue increased 12% to $1.88 billion; acquisition contribution was +8% and organic revenue was +5%
    • GAAP net earnings decreased 13% to $331 million; adjusted net earnings increased 9% to $517 million
    • Adjusted EBITDA increased 9% to $740 million
    • Operating cash flow decreased 1% to $529 million; trailing-twelve-months adjusted operating cash flow increased 12% to $2.39 billion
    • GAAP DEPS decreased 14% to $3.06; adjusted DEPS increased 8% to $4.78

    “Roper had a strong start to 2025 and our enterprise continues to execute at a high level,” said Neil Hunn, Roper’s President and CEO. “Our total revenue growth of 12% was driven by an 8% acquisition contribution and 5% organic growth. Importantly, our trailing-twelve-months free cash flow grew 12% with a 31% free cash flow margin. Last week, we completed the acquisition of CentralReach, a leading provider of cloud-native software enabling the workflow and administration of Applied Behavior Analysis therapy. CentralReach is a terrific business that not only meets each of our historical acquisition criteria but also meets our higher growth and higher return expectations.”

    “Despite an uncertain macroeconomic backdrop, we are increasing our full year outlook. This is underpinned by resilient demand for our mission critical solutions and our expanding recurring revenue base. Additionally, we are well positioned to continue executing our disciplined and process-driven capital deployment strategy, fueled by our significant M&A firepower and a large pipeline of attractive acquisition opportunities. Roper’s durable cash flow compounding model has historically performed well through economic and market cycles, and we expect our resilience will again be demonstrated in the current environment,” concluded Mr. Hunn.

    Increasing 2025 guidance

    Roper now expects full year 2025 adjusted DEPS of $19.80 – $20.05, compared to previous guidance of $19.75 – $20.00. The Company increased its full year total revenue growth outlook to ~12%, compared to a previous outlook of 10%+, and continues to expect organic revenue growth of +6 – 7%.

    For the second quarter of 2025, the Company expects adjusted DEPS of $4.80 – $4.84.

    Roper’s guidance includes the impact of the previously announced acquisition of CentralReach, which closed on April 23, 2025. The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.

    Conference call to be held at 8:00 AM (ET) today

    A conference call to discuss these results has been scheduled for 8:00 AM ET on Monday, April 28, 2025. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 07867. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 07867#.

    Use of non-GAAP financial information

    The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

    Minority interest

    Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investments (gain) loss, net.” Roper makes non-GAAP adjustments for the impacts associated with this investment.

    Table 1: Revenue and adjusted EBITDA reconciliation ($M)
      Q1 2024   Q1 2025   V %
    GAAP revenue $ 1,681     $ 1,883     12 %
               
    Components of revenue growth          
    Organic         5 %
    Acquisitions         8 %
    Foreign exchange         — %
    Revenue growth         12 %
               
    Adjusted EBITDA reconciliation          
    GAAP net earnings $ 382     $ 331      
    Taxes   102       87      
    Interest expense   53       63      
    Depreciation   9       9      
    Amortization   185       204      
    EBITDA $ 731     $ 694     (5)%
               
    Transaction-related expenses for completed
    acquisitions    		   2       1      
    Financial impacts associated with the minority
    investments in Indicor & Certinia    		   (57 )     44   A  
    Adjusted EBITDA $ 676     $ 740     9 %
    Adjusted EBITDA margin   40.2 %     39.3 %   (90 bps)
                       
    Table 2: Adjusted net earnings reconciliation ($M)
      Q1 2024   Q1 2025   V %
    GAAP net earnings $ 382     $ 331   (13)%
    Transaction-related expenses for completed
    acquisitions    		   1       1    
    Financial impacts associated with the minority
    investments in Indicor & Certinia    		   (48 )     32 A  
    Amortization of acquisition-related intangible
    assets    		   141       154 B  
    Adjusted net earnings C $ 476     $ 517   9 %
               
    Table 3: Adjusted DEPS reconciliation
      Q1 2024   Q1 2025   V %
    GAAP DEPS $ 3.54     $ 3.06   (14)%
    Transaction-related expenses for completed
    acquisitions    		   0.01       0.01    
    Financial impacts associated with the minority
    investments in Indicor & Certinia    		   (0.45 )     0.29 A  
    Amortization of acquisition-related intangible
    assets    		   1.31       1.42 B  
    Adjusted DEPSC $ 4.41     $ 4.78   8 %
               
    Table 4: Adjusted cash flow reconciliation ($M)
    (from continuing operations)    		    
      Q1 2024   Q1 2025   V %     TTM 2024   TTM 2025   V %
    Operating cash flow $ 531     $ 529     (1)%     $ 2,104     $ 2,390     14 %
    Taxes paid in period
    related to divestiture    		   —       —             32       —      
    Adjusted operating cash
    flow    		 $ 531     $ 529     (1)%     $ 2,136     $ 2,390     12 %
    Capital expenditures   (9 )     (10 )           (68 )     (66 )    
    Capitalized software
    expenditures    		   (10 )     (12 )           (40 )     (48 )    
    Adjusted free cash flow $ 513     $ 507     (1)%     $ 2,029     $ 2,276     12 %
                             
    Table 5: Forecasted adjusted DEPS reconciliation
      Q2 2025   FY 2025
      Low end   High end   Low end   High end
    GAAP DEPS D $ 3.33   $ 3.37   $ 13.72   $ 13.97
    YTD transaction-related expenses for
    completed acquisitions    		   —     —     0.01     0.01
    YTD financial impacts associated with the
    minority investment in Indicor A    		   —     —     0.29     0.29
    Amortization of acquisition-related
    intangible assets B    		   1.47     1.47     5.78     5.78
    Adjusted DEPS C $ 4.80   $ 4.84   $ 19.80   $ 20.05
                   

    Footnotes:

    A. Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.
                         
        Q1 2025A     Q2 2025E   FY 2025E     YTD 2025A
      Pretax $ 44     TBD   TBD     $ 44
      After-tax $ 32     TBD   TBD     $ 32
      Per share $ 0.29     TBD   TBD     $ 0.29
                         
    B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data).
                         
        Q1 2025A     Q2 2025E   FY 2025E      
      Pretax $ 194     $ 202   $ 795      
      After-tax $ 154     $ 160   $ 628      
      Per share $ 1.42     $ 1.47   $ 5.78      
                         
    C. All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments.
                         
    D. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods.
       

    Note: Numbers may not foot due to rounding.

    About Roper Technologies

    Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

    Contact information:
    Investor Relations
    941-556-2601
    investor-relations@ropertech.com

    The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

    # # #

    Roper Technologies, Inc.      
    Condensed Consolidated Balance Sheets (unaudited)    
    (Amounts in millions)      
           
      March 31, 2025   December 31, 2024
    ASSETS:      
           
    Cash and cash equivalents $ 372.8     $ 188.2  
    Accounts receivable, net   813.3       885.1  
    Inventories, net   125.5       120.8  
    Income taxes receivable   20.3       25.6  
    Unbilled receivables   135.7       127.3  
    Prepaid expenses and other current assets   237.0       195.7  
    Total current assets   1,704.6       1,542.7  
           
    Property, plant and equipment, net   150.0       149.7  
    Goodwill   19,408.2       19,312.9  
    Other intangible assets, net   8,916.9       9,059.6  
    Deferred taxes   54.7       54.1  
    Equity investment   728.2       772.3  
    Other assets   456.2       443.4  
    Total assets $ 31,418.8     $ 31,334.7  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
           
    Accounts payable $ 152.8     $ 148.1  
    Accrued compensation   179.1       289.0  
    Deferred revenue   1,667.9       1,737.4  
    Other accrued liabilities   544.5       546.2  
    Income taxes payable   144.3       68.4  
    Current portion of long-term debt, net   999.4       1,043.1  
    Total current liabilities   3,688.0       3,832.2  
           
    Long-term debt, net of current portion   6,457.0       6,579.9  
    Deferred taxes   1,611.6       1,630.6  
    Other liabilities   438.6       424.4  
    Total liabilities   12,195.2       12,467.1  
           
    Common stock   1.1       1.1  
    Additional paid-in capital   3,108.7       3,014.6  
    Retained earnings   16,276.9       16,034.9  
    Accumulated other comprehensive loss   (146.8 )     (166.5 )
    Treasury stock   (16.3 )     (16.5 )
    Total stockholders’ equity   19,223.6       18,867.6  
    Total liabilities and stockholders’ equity $ 31,418.8     $ 31,334.7  
           
    Roper Technologies, Inc.      
    Condensed Consolidated Statements of Earnings (unaudited)      
    (Amounts in millions, except per share data)      
           
      Three months ended
    March 31,
        2025     2024  
    Net revenues $ 1,882.8   $ 1,680.7  
    Cost of sales   589.1     499.7  
    Gross profit   1,293.7     1,181.0  
           
    Selling, general and administrative expenses   767.9     699.7  
    Income from operations   525.8     481.3  
           
    Interest expense, net   62.9     53.2  
    Equity investments (gain) loss, net   44.4     (57.0 )
    Other expense, net   0.5     1.2  
           
    Earnings before income taxes   418.0     483.9  
           
    Income taxes   86.9     101.9  
           
    Net earnings $ 331.1   $ 382.0  
           
    Net earnings per share:      
    Basic $ 3.08   $ 3.57  
    Diluted $ 3.06   $ 3.54  
           
    Weighted average common shares outstanding:      
    Basic   107.4     107.0  
    Diluted   108.2     107.9  
                 
    Roper Technologies, Inc.              
    Selected Segment Financial Data (unaudited)              
    (Amounts in millions; percentages of net revenues)              
                   
      Three months ended March 31,
       2025     2024 
      Amount   %   Amount   %
    Net revenues:              
    Application Software $ 1,068.2       $ 895.2    
    Network Software   375.9         370.8    
    Technology Enabled Products   438.7         414.7    
    Total $ 1,882.8       $ 1,680.7    
                   
                   
    Gross profit:              
    Application Software $ 720.8   67.5 %   $ 625.7   69.9 %
    Network Software   315.6   84.0 %     316.3   85.3 %
    Technology Enabled Products   257.3   58.7 %     239.0   57.6 %
    Total $ 1,293.7   68.7 %   $ 1,181.0   70.3 %
                   
                   
    Operating profit*:              
    Application Software $ 276.8   25.9 %   $ 239.6   26.8 %
    Network Software   166.7   44.3 %     167.0   45.0 %
    Technology Enabled Products   153.6   35.0 %     136.2   32.8 %
    Total $ 597.1   31.7 %   $ 542.8   32.3 %
                   
                   
    * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $71.3 and $61.5 for the three months ended March 31, 2025 and 2024, respectively.
     
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Amounts in millions)
      Three months ended
    March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net earnings $ 331.1     $ 382.0  
    Adjustments to reconcile net earnings to cash flows from operating
    activities:    		      
    Depreciation and amortization of property, plant and equipment   9.1       9.2  
    Amortization of intangible assets   204.0       185.0  
    Amortization of deferred financing costs   2.8       2.2  
    Non-cash stock compensation   38.8       33.6  
    Equity investments (gain) loss, net   44.4       (57.0 )
    Income tax provision   86.9       101.9  
    Changes in operating assets and liabilities, net of acquired businesses:      
    Accounts receivable   74.4       79.4  
    Unbilled receivables   (7.6 )     (12.2 )
    Inventories   (4.1 )     (7.9 )
    Prepaid expenses and other current assets   (41.3 )     (26.8 )
    Accounts payable   2.9       0.3  
    Other accrued liabilities   (107.4 )     (69.3 )
    Deferred revenue   (70.6 )     (70.5 )
    Cash income taxes paid   (29.1 )     (19.0 )
    Other, net   (5.6 )     0.6  
    Cash provided by operating activities   528.7       531.5  
           
    Cash flows used in investing activities:      
    Acquisitions of businesses, net of cash acquired   (124.9 )     (1,858.7 )
    Capital expenditures   (9.5 )     (9.3 )
    Capitalized software expenditures   (12.4 )     (9.6 )
    Other   —       (1.0 )
    Cash used in investing activities   (146.8 )     (1,878.6 )
           
    Cash flows from (used in) financing activities:      
    Borrowings (payments) under revolving line of credit, net   (125.0 )     1,390.0  
    Cash dividends to stockholders   (88.6 )     (80.5 )
    Proceeds from stock-based compensation, net   42.7       21.7  
    Treasury stock sales   7.2       5.8  
    Other, net   (44.1 )     (0.1 )
    Cash provided by (used in) financing activities   (207.8 )     1,336.9  
           
    Effect of exchange rate changes on cash   10.5       (5.7 )
           
    Net increase (decrease) in cash and cash equivalents   184.6       (15.9 )
           
    Cash and cash equivalents, beginning of period   188.2       214.3  
           
    Cash and cash equivalents, end of period $ 372.8     $ 198.4  
           

    The MIL Network –

  • MIL-OSI: CW Petroleum Corp (OTCQB: CWPE) Reports Revenues for Year-End 2024, Q1-2025, No Effects from Tariffs

    Source: GlobeNewswire (MIL-OSI)

    Katy, Texas, April 28, 2025 (GLOBE NEWSWIRE) — CW Petroleum Corp (OTCQB: CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announces to its investors and future investors audited financial results for Year-End 2024, and unaudited financial results for Q1-2025. The Company currently purchases all renewable and hydrocarbon motor fuels within the USA.

    Year-End 2024

    Key Financial Highlights for Twelve Months Ended December 31, 2024, Compared to Prior Year Period:

    • 2024 Revenues of $8.00 Million vs 2023 Revenues of $9.31 Million
    • 2024 EBITDA of $150,236 vs 2023 EBITDA of $754,440
    • 2024 Net Income (loss) of $(47,478) vs 2023 Net Income of $449,293

    Report: SEC Form 1-K (Period Ending 12/31/2024)

    Q1-2025

    Key Financial Highlights for Three Months Ended March 31, 2025, Compared to Prior Year Period:

    • 2025 Revenues of $1.59 Million vs 2024 Revenues of $1.94 Million
    • 2025 EBITDA of $40,970 vs 2024 EBITDA of $32,905
    • 2025 Net Income(loss) of $(4,183) vs 2024 Net Income of $(23,713)

    Additional accurate information about the Company can be found on the OTC Markets website at the following links and on the EDGAR filing website provided by the Securities and Exchange Commission:

    CWPE Overview
    CWPE Security Detail
    CWPE Financials
    CWPE News
    CWPE Disclosures

    SEC Filings

    For additional information, visit our website at cwpetroleumcorp.com, email: investor@cwpetroleumcorp.com , or call 281-817-8099

    About CW Petroleum Corp

    CW Petroleum Corp, a Texas corporation, began operations in 2011. CW Petroleum Corp, a Wyoming corporation, was incorporated in April 2018 and has acquired the Texas corporation as a wholly-owned subsidiary. CW Petroleum Corp supplies and distributes Biodiesel, Biodiesel Blends, Renewable Gasoline, and a 92 Octane Reformulated No Ethanol Gasoline to distributors, convenience stores, marinas, and end-users. The EPA licenses the Company to create its proprietary gasoline blends. CW Petroleum Corp is licensed to distribute Diesel Fuel & Gasoline by the States of Texas, Louisiana, Oklahoma, California, Colorado, New Jersey, Maryland, Pennsylvania, and Arizona.

    Forward-Looking Statements

    Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the oil and gas markets, energy markets, and other markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, estimate, or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.

    No Offer or Solicitation

    This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    The MIL Network –

  • MIL-OSI: NANO Nuclear Announces Full Dismissal of Nevada Lawsuit

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that on Thursday, April 24, 2025, a Las Vegas judge granted in full two motions to dismiss brought by NANO Nuclear Energy Inc. and its officers and directors in a putative shareholder derivative action entitled Latza v. Walker, et al., Case No. A-24-900423-B, Clark County, Nevada District Court.

    “We are extremely pleased that this case has been so promptly adjudicated and dismissed in its entirety,” said Jay Yu, Founder and Chairman of NANO Nuclear. “This ruling will allow us to devote more of our time and attention to NANO Nuclear’s primary mission of becoming the leading commercially focused advanced nuclear energy technology company in America. We thank our legal team at Ellenoff Grossman & Schole for their insight and hard work in achieving this result.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release and such presentation contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements may include those related to the anticipated future benefits to NANO Nuclear of the case dismissal described herein, which ruling remains subject to appeal. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, and (vi) litigation risks and similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    The MIL Network –

  • MIL-OSI Europe: Written question – Aviation safety and reporting systems – E-001567/2025

    Source: European Parliament

    Question for written answer  E-001567/2025
    to the Commission
    Rule 144
    Fabio De Masi (NI)

    In its response to the question for written answer E-000314/2024[1], the Commission stated that unidentified aerial phenomena (UAP) events could be reported under the category ‘unknown airborne objects’. However, such a category does not exist within ECCAIRS 2, the aviation safety reporting system governed by Regulation (EU) No 376/2014, and existing classifications do not adequately capture the nature of UAP incidents.

    Will the Commission commit to reviewing and updating EU aviation reporting systems, including ECCAIRS 2, to introduce a dedicated and standardised reporting category for UAP incidents, in order to ensure consistency, data integrity and the highest standards of flight safety across the EU Member States?

    Submitted: 17.4.2025

    • [1] https://www.europarl.europa.eu/doceo/document/E-9-2024-000314-ASW_EN.html.
    Last updated: 28 April 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – The future of EU anti-avoidance tax rules, including simplification – Subcommittee on Tax Matters

    Source: European Parliament

    On 15 May 2025, from 10:00 to 11:15, the FISC Subcommittee will host a public hearing on “The future of EU anti-avoidance tax rules, including simplification”.

    This public hearing will take stock of the EU’s progress in tackling corporate tax evasion and avoidance, with a particular focus on the EU anti-avoidance framework–particularly the Anti-Tax Avoidance Directives (ATAD I & II). It will explore how the current framework can be modernised to better reflect today’s economic realities, technological developments, and the administrative needs of Member States, including updates on key legislative initiatives such as the Unshell proposal.

    At the same time, the hearing will highlight the need to simplify and harmonise EU anti-avoidance rules to reduce complexity, enhance legal certainty, and ease compliance for both businesses and tax administrations, ultimately contributing to a fairer and more efficient internal market.

    MIL OSI Europe News –

  • MIL-OSI Europe: Hearings – The future of EU anti-avoidance tax rules, including simplification – 15-05-2025 – Subcommittee on Tax Matters

    Source: European Parliament

    On 15 May 2025, from 10:00 to 11:15, the FISC Subcommittee will host a public hearing on “The future of EU anti-avoidance tax rules, including simplification”.

    This public hearing will take stock of the EU’s progress in tackling corporate tax evasion and avoidance, with a particular focus on the EU anti-avoidance framework–particularly the Anti-Tax Avoidance Directives (ATAD I & II). It will explore how the current framework can be modernised to better reflect today’s economic realities, technological developments, and the administrative needs of Member States, including updates on key legislative initiatives such as the Unshell proposal.

    At the same time, the hearing will highlight the need to simplify and harmonise EU anti-avoidance rules to reduce complexity, enhance legal certainty, and ease compliance for both businesses and tax administrations, ultimately contributing to a fairer and more efficient internal market.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Yes vote on £2 overnight visitor charge in Liverpool

    Source: City of Liverpool

    A ballot on the proposal to alter Liverpool’s Accommodation BID Levy to a £2 per night charge per occupied bedroom/apartment has now concluded with the result that the proposal is approved.

    As such the charge will come into effect from 1st June 2025 on hotels or serviced accommodation which are subject to the levy (those businesses with a rateable value of £45,000 or above).

    The change was supported by 26 votes to 18 against on a 53% turnout.

    Liverpool City Council has now published notice of the ballot result which can be accessed at –https://liverpool.gov.uk/council/consultation-and-engagement/consultation-results/results-of-the-accommodation-bid-alteration-ballot-on-the-introduction-of-a-visitor-charge-in-liverpool/

    Councillor Harry Doyle, Liverpool City Council’s Cabinet member for Culture and Visitor Economy, said: “The “Yes” vote for an extension of the BID to create a visitor charge is a great vote of confidence in the growth of our successful visitor economy. I want to thank all the businesses that participated in the ballot. 

    “Their positive support delivers a huge boost to Liverpool’s tourism sector and our major events programme, supporting jobs and investment to benefit local people, and showing how Liverpool continues to offer a warm welcome to visitors from around the world.

    “This a positive step and lays solid foundations in our endeavour to formalise the establishment of a sustainable Tourism Tax, akin to what is being looked at in Glasgow and has already been introduced in other major European cities, which would be used to further strengthen our tourism offer.”

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Building a robust ecosystem for Green and Sustainable Finance in India – Valedictory address delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India – April 17, 2025 – at Credit Summit 2025 organised by the Bharat Climate Forum at New Delhi

    Source: Reserve Bank of India

    Distinguished guests, participants, ladies and gentlemen, Good afternoon

    At the outset, let me thank the organisers for inviting me and giving me an opportunity to deliver the valedictory address and share some of my thoughts on a subject which continues to engage national as well as global attention. I believe there would have been fruitful deliberations on the topics of green and sustainable finance and the role of financial institutions, opportunities and challenges, aligning of regulatory and policy worlds, facilitating global financing, and integration of climate change aspects in credit risks of the financial institutions. Each of these topics require detailed deliberations and collectively they form the building blocks for creation of a robust ecosystem for green and sustainable finance for the economy and financial system at large.

    2. The critical enablers to attract green and sustainable investments that need to be put in place for financial ecosystem has been and continues to be a subject of deliberations at various fora be it G20 Sustainable Finance Working Group, the international standard setting bodies such as the Basel Committee on Banking Supervision, the International Sustainability Standards Board as well as the Financial Stability Board, and the Network for Greening the Financial System. These enablers range from adoption of a national green/ climate finance taxonomy, globally aligned disclosure standards for climate related financial risks, and robust assurance and verification process. Green and sustainable finance being a niche area, requires us to be mindful of greenwashing risks. Moreover, there are certain inherent risks and conditions that need to be met from the risk-reward perspective in green and sustainable lending/ investment decisions. Let me delve a bit into these aspects and try to build a narrative on how we can collectively build and develop a robust ecosystem for green and sustainable finance in India.

    The Green and Sustainable Finance Taxonomy

    3. When we talk of green and sustainable finance, the primary consideration is understanding as to what defines it. A national level taxonomy is crucial as it serves as the first building block that aligns the entire ecosystem, be it the government, regulators, other policy makers, financial institutions and borrowers/investors. This is under development in India. You are aware that an announcement to this effect was made by the Hon’ble Finance Minister in the Budget Speech for 2024-25. Meanwhile, we at Reserve Bank of India have till this juncture used the Sovereign Green Bonds (SGrB) framework for mapping of the green and sustainable sectors. This was also used when we issued a Framework on acceptance of Green Deposits in April 2023, which aligns with the SGrB framework towards identification of the green sectors. Thus, as a robust ecosystem enabler, the first building block would be a national level taxonomy for identification of the sectors and alignment of various regulatory dispensations along this taxonomy.

    Consistent and harmonised Regulatory approach

    4. The second building block would be a consistent and harmonised regulatory approach towards assessment of climate change risks and fostering of related financing. The climate change risks, and the related issues are sector agnostic, with significant inter-dependencies. To ensure that the net zero target announced by the Hon’ble PM at COP26 in 2021 is achieved by 2070, it would require players in the economy and financial system to fine-tune their respective actions/ measures, so that as a country, we can achieve this target. It would also require a consistent and harmonised approach among the concerned regulators and authorities.

    Assurance and Verification Function

    5. The next building block would be the development of robust assurance and verification functions. Assessment of climate related financial risks, green and sustainable finance are context specific, with need for a clear and objective demonstration of end use of funds. Transparency and related checks and balances that provide assurance on end use of the funds related to green and sustainable finance is extremely important. Given the technical expertise needed for assurance on climate related aspects, as well as adherence to benchmark assurance standards, there is a need to ensure credibility of this assurance and verification process. This would mean defining the requirement of consistent standards detailing expertise and skills that any assurer or verifier must possess to provide these services. A consistent approach across the financial system on the processes would provide confidence to the investors, which would then operate as a key enabler for increased flow of credit to the relevant sectors while addressing concerns around risks of greenwashing.

    Transparency and Disclosures

    6. The fourth aspect is the need for transparency in climate related disclosures. This is essential for financial institutions to assess and manage climate related financial risks, ensure transparency, and support long-term financial stability. It also underscores the need for coherence among various sectors on disclosure aspects. To give an example, if a financial institution is to make any lending or investment decision or assess its portfolio risks, or is mandated to make climate related financial disclosures, then it must depend on the borrowers to provide the requisite information. This means not just putting in place an enabling mechanism for both the lender and the borrower but also having consistency across the financial system for seamless flow of data and information. The Reserve Bank of India had published a draft “Disclosure framework on Climate-related Financial Risks”, in February 2024 for public consultation. The draft guidelines require Regulated Entities to make qualitative and quantitative disclosures with respect to climate related financial risks based on four broad areas, viz., (i) governance (ii) strategy (iii) risk management and (iv) metrics and targets. We have received comprehensive feedback on the framework basis which the guidelines are being finalised.

    Complexities of climate change modelling and data considerations

    7. Another area where consistency and harmonisation are required is compilation of data. For purpose of climate related financial risk, assessment and related facets of green and sustainable finance, be it transition or adaptation finance, data is very crucial. One of the limitations for climate risk assessment at this juncture is the need for technical expertise coupled with unique data requirements. Climate related data, understanding nuances of the climate patterns and the impact on account of climate change, is a highly technical and skilled job. Climate scientists across the world use super computers to study climate and weather patterns and its related aspects. It involves complex modelling and is resource intensive. If we depend on a financial sector expert, who uses financial modelling for assessing quantitative estimates and then arrive at the financial sector impact, this expertise alone may not suffice. The two skill sets needed for climate scenario analysis and climate finance risks are completely different in that as climate scientists are not experts in financial modelling and financial modellers have limited expertise in area of climate science. This makes the job of assessment of impact of climate change risks on financial sector more difficult and would therefore require collaboration amongst the two.

    8. Given the impact of climate change risks, viz., physical and transition risks and the impact it has on the value of real assets and financial instruments, understanding these risks is crucial for lenders or investors from a risk-reward perspective. Thus, for uniform and consistent assessment of risks across the financial system, the aspect of disclosure and data becomes crucial. This will remove the misalignment of information between borrowers and lenders/ investors and not only allow a fair assessment of climate change risks but also foster green and sustainable finance.

    9. As a part of this endeavour, Reserve Bank had in the monetary policy statement of October 2024, announced the formation of Reserve Bank – Climate Risk Information System (RB-CRIS). It is envisaged to bridge data gaps and provide standardised datasets to the Regulated Entities (REs) on three aspects – Physical Risk Data, Transition Risk Data, and Carbon Emission Factor Database. The physical risk data part would focus on providing pan-India hazard and vulnerability data. As regards the transition risk, the plan is to arrive at India specific transition scenarios and use them to provide sectoral benchmark transition pathways. Finally, recognising the need to standardise the emission calculation across the sectors, a consistent approach towards carbon emission methodology and the uniform database is also being proposed. Under RB-CRIS, the RBI intends to bring all the stakeholders together and bring coherence and bridge the existing data gaps.

    Climate change and credit risks

    10. Climate change risks impact the financial institutions, financial system and real economy through the traditional risk categories and one risk factor that prominently stands out is credit risk. Climate change would lead to additional operational costs for the borrowers with an increased possibility of loss of their assets, leading to increased probability of default by the borrowers. The real economy is also impacted through various means such as direct property losses, crop losses, loss of employment and livelihood losses. Another facet of credit risk in climate change emanates from the need to promote green and sustainable financing. The fact that the net-zero technologies driving the transition to decarbonisation, are at various developmental and evolving stages, itself signifies a significant increase in credit risks. Thus, there is a dichotomy wherein on one hand there is a need for incentivising green and sustainable finance and on the other there is an increase in inherent risks from encouraging such financing. So, the key issue is how to manage this dichotomy? While the prudential aspect, i.e., the risk management consideration, is the prime concern for any regulator, the flow of credit is generally market determined albeit mandated at times through specific directed lending policies. Therefore, a delicate balancing act needs to be performed by the regulators to avoid any imbalance from the broader financial stability perspective.

    Challenges to Green and Sustainable Finance and Global Financing

    11. Challenges to green and sustainable finance are many. However, they can be broadly categorised in two specific buckets – one is the structural issues while the other relates to the quantum of financing available. From the structural perspective, the main challenges would be, high-upfront capex requirements given the specific nature of required project loans/ investments; perceived high inherent risks given the evolving nature of climate related technologies; asset liability mismatches which is ubiquitous to any lending/ investing activity, more so in case of project loans given the longer maturity, commencement and gestation timelines; and knowledge and information gaps, given the technical nature of assessment of climate change risks and appraisal of climate related technologies.

    12. As to the quantum of financing available, there are various pull and push factors at work, in the context of global capital mobilisation. The global capital stock of lending/ investments flows also follows a risk-reward perspective. The pull factors are the specific domestic enablers which may drive investor appetite. This would be a function of robustness of the financial ecosystem, liquidity, and depth of the financial markets, transparency and disclosure standards, rigour of verification and assurance mechanism, development and dissemination of risk assessment models for climate-related risks, data and capacity gaps, long-term strategy on transition plans, and availability of pool of bankable projects. The push factors would be the global commitment of funds for climate related funding. The recent geo-political developments could possibly lead to the weakening of these push factors. This is a developing story and there is a need to closely monitor the wider implications. Given the huge requirement for funding of the green transition, the availability of global funds remains critical.

    13. The inherent risks in the green and sustainable finance, skews the risk-reward considerations leading to increased cost of credit. This leads to demand by private sector investors/ lenders for appropriate derisking mechanisms through grants/ guarantees/ philanthropic capital/ financial incentives, etc. Mobilising such capital on scale, would be a challenge. A related issue is the availability of bankable projects. Though, bankable projects invariably find credit, there are funding challenges with partially bankable and non-bankable projects. As you all may be aware, there are two aspects of climate change finance we need to consider, one is mitigation and other is adaptation. Mitigation is used for transition purpose and adaptation for resilience purpose. Financing in case of mitigation can be associated with cash flows, but it becomes difficult for adaptation and resilience, as the associated cash-flows are difficult to assess leading to sub optimal capital flows towards sustainable investments in resilient infrastructure and adaptation.

    Augmenting green and sustainable finance

    14. Given these limitations, there is a need for concerted efforts to overcome these challenges and augment green and sustainable finance. This would require a multi-pronged approach. Blended finance, which combines concessional public funding with private sector investment can be one of the main conduits of the credit flow by de-risking climate related projects. India is a diverse country, with varying needs of climate mitigation and resilience, meaning, a coastal area would require a differentiated approach as compared to the regions near the Himalayas. We would need practical implementable solutions, curated to specific issues. Tools like guarantees, sustainability-linked loans, and climate-resilient bonds could be explored to further enhance private sector involvement.

    15. The problem of climate change needs scalable solutions, and it cannot come by entirely relying on public funds. There is thus a need to develop a market wherein the risk-reward perspective itself takes care of the scale of requirements. Even within adaptation space, there are pockets which can be associated with cash flows. Climate change risks and financing needs to be viewed also as an opportunity. Innovative solutions which not only mitigate financial risks associated with climate change but also incentivise private investors to participate in climate projects need to be explored.

    16. Developmental Financial Institutions (DFIs) would have to play a major role in channelising the flow of credit for green and sustainable finance. There is a need for more collaboration between DFIs, Multilateral Development Banks (MDBs), National Development Banks (NDBs) and Vertical Climate and Environmental Funds (VCEFs). Given the current geo-political developments, with the world moving to a multi-polar world, there is a need for certain reforms within the MDBs as well greater representation from/ credit to the global south.

    17. Technology and innovation would play a major role in mitigation of climate change risks while creating a robust ecosystem for green and sustainable finance in the country. This requires developing a platform that would bring together the REs and technology solution providers, to facilitate an orderly development of required technological solutions to mitigate climate related risks and overcome the current limitations and foster sustainability linked credit flow. The Reserve Bank has on April 09, 2025, included sustainable finance and climate risk mitigation as a topic under the Theme Neutral “On Tap” application facility under the Regulatory Sandbox which could help develop and test innovative solutions.

    The Way Forward

    18. One term which often finds mention in global context has been “inter-operability”. While as a concept, inter-operability seems ideal in a just and equal world, in these times in a world with stark inequalities, mandating inter-operability with similar level of commitments, may not be the ideal way and there is a need for a differentiated approach. The Emerging Markets and Developing Economies (EMDEs) have started this journey to achieve seamless integration and inter-operability. However, there is yet some distance to be covered. Though, historical examples from high-income countries demonstrate the potential to decouple economic growth from emissions, for EMDEs this would require strong international co-operation, significant investments, and effective policies. Further, any transition from carbon intensive economy to a greener economy is not a smooth ride and there are going to be disruptions be it restructuring, reallocation of resources and financial flows as also displacement of workers and have a bearing on land use. Thus, as we traverse this journey there is a need for delicate balance to ensure that socio-economic implications are carefully considered and addressed.

    19. Going forward, we would also need to arm our respective organizations with skilled manpower and technical expertise to spearhead the transformation in addressing the challenges of climate change. With this end in view, Reserve Bank has been conducting extensive capacity building programmes for the REs. The focus has been on bringing international experts to share their experience on green and sustainable financing, stress testing and scenario analysis, credit risk assessment, transition planning, physical risk assessment, and global best practices for governance, strategy and risk management.

    Conclusion

    20. India occupies a unique position in the global climate context. As one of the world’s fastest-growing economies, it faces the dual challenge of fostering and sustaining economic development while addressing climate change. On the one hand, it is highly vulnerable to climate risks while on the other hand, it has the potential to lead the global green transition. While we have made a fair start, there are several challenges that remain to be addressed. The risk management architecture in REs for climate related financial risks is still evolving and further concerted efforts are required. Further, a comprehensive assessment on the extent of losses that may be caused due to climate change risks in the future requires more granular approach. There is a need to build technical expertise and competencies for comprehensive assessment and mitigation of climate change risks. There is also a need for a more harmonised and coherent regulatory approaches across various sectors so that the sectoral dependencies may be addressed in an efficient manner. While the need for the world to transition to a greener tomorrow is given, there are several challenges on the way, and they need to be addressed in a holistic manner. We also need a collaborative and sensitive approach to address the various issues given the impact on the economies and the societies at large. I am confident seminars such as these give an opportunity to further the work to achieve these objectives.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: HK, Bahrain tax pact in effect

    Source: Hong Kong Information Services

    Hong Kong’s Comprehensive Avoidance of Double Taxation Agreement (CDTA) with Bahrain signed in March 2024 has come into force and will be applicable to Hong Kong tax for any year of assessment beginning April 1, 2026.

    Under the agreement, companies and residents of both places will not have to pay tax twice on a single source of income.

    The agreement will also allow them to have certainty on tax liabilities and save tax when they engage in cross-border business activities, thereby helping to promote bilateral trade and investment.

    Hong Kong has signed CDTAs with 51 tax jurisdictions so far.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Hoyer Joins Over 175 Members of Congress to Demand Trump Administration Preserve and Expand Free Tax Filing Program

    Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

    WASHINGTON, DC – In response to recent reporting that the Trump administration plans to end the Direct File program, Congressman Steny H. Hoyer (D-Md.) and U.S. Senator Elizabeth Warren (D-Mass.) led over 175 Congressional Democrats in a letter to Treasury Secretary Scott Bessent and Acting IRS Commissioner Michael Faulkender, slamming the administration’s reported decision and demanding instead that officials preserve and expand Direct File. 

    Direct File is a free, easy-to-use tax filing program that has already delivered significant benefits to taxpayers. In 2024, during the program’s pilot phase, Direct File saved the average user $160 in tax return fees and hours of effort preparing their return. Users overwhelmingly love the program: 98 percent of Direct File taxpayers in 2025 were “satisfied” or “very satisfied” with their experience, a world-class figure. Yet, new reporting indicates that the Trump Administration “plans to eliminate the IRS’ Direct File program.”

    “The Trump Administration’s dismantling of a program that makes tax filing easier and free for millions of Americans is shameful. Taxpayers have spoken loudly and clearly: Direct File works well for them, and more Americans want access to it,” wrote the lawmakers. 

    Even before reports that the Trump Administration planned to end Direct File, the Trump Administration had already sabotaged the program during its time in office. This filing season, the Trump Administration fired the team at the Treasury Department that had been running awareness campaigns about Direct File, scaled back communications promoting the program, and did little to partner with local groups and media outlets to promote the program. In February, Elon Musk, the head of the Department of Government Efficiency (DOGE), tweeted that the team that helped build Direct File, “has been deleted.” While Direct File remained operational after Musk’s tweet, “Direct File usage immediately fell by roughly one quarter.”

    The lawmakers demanded that Secretary Bessent and Acting IRS Commissioner Faulkender provide a written commitment to preserve and expand Direct File for the 2026 tax season and beyond by May 5, 2025. 

    You can read the full letter to Secretary Bessent and Commissioner Michael Faulkender here or below:

    Dear Secretary Bessent and Acting Commissioner Faulkender:

    We write in response to public reporting indicating that the Trump Administration plans to end the Internal Revenue Service’s (IRS) Direct File program. Ending this free, easy-to-use, and popular program would be an insult to American taxpayers, eliminating an important alternative to commercial options provided by the tax prep industry. We write to seek your written commitment that you will preserve and expand Direct File for next year’s tax filing season and beyond.

    In the first two years of its existence, Direct File has already delivered significant benefits to taxpayers across the country. In 2024, during the program’s pilot phase, Direct File saved the average user $160 in return fees and hours of effort preparing their return. Ninety percent of users rated their experience with the program positively. A year later, Direct File has improved in important ways. For this year’s tax filing season, Direct File was accessible in 25 states and used pre-populated taxpayer data to make the filing process smoother. Users delivered rave reviews: 98 percent of Direct File taxpayers in 2025 were “satisfied” or “very satisfied” with their experience, a world-class figure.

    However, the tax prep industry has fought Direct File at every turn, even before its inception. It’s no secret why: a free, easy-to-use tax filing program requires the industry to compete for taxpayer business and is a direct threat to the industry’s bottom line. Accordingly, these companies have spent millions on lobbying in the hopes of ending Direct File, encouraging Republican Members of Congress to ask the Trump Administration to kill the program.

    New reporting indicates that the Trump Administration “plans to eliminate the IRS’ Direct File program.” But even before this reporting, the Trump Administration had been sabotaging Direct File’s success since taking office. For example:

    • The Trump Administration fired the team at the Department of the Treasury that had been running awareness campaigns about Direct File
    • The Trump Administration dramatically scaled back communications efforts at the IRS and Treasury to promote Direct File. In contrast to the Biden Administration’s efforts last year, the Trump Administration issued almost no public statements promoting the program and did little to partner with local organizations and media outlets to promote Direct File.
    • Elon Musk, the head of the Department of Government Efficiency (DOGE), tweeted that 18F, a group that helped agencies build digital services like Direct File, had been “deleted.” In response to the tweet, public reporting, with little pushback from the Trump Administration, suggested that Direct File had been ended as well. While Direct File remained operational after Musk’s tweet, “Direct File usage immediately fell by roughly one quarter.”

    According to partners and state governments, uncertainty about Direct File’s future and the future of the IRS itself created by DOGE’s attacks on the IRS and public reports of DOGE’s improper access to taxpayer data may also have hampered the program’s success.

    The Trump Administration’s dismantling of a program that makes tax filing easier and free for millions of Americans is shameful. Taxpayers have spoken loudly and clearly: Direct File works well for them, and more Americans want access to it. On behalf of those taxpayers, we seek your written commitment by May 5, 2025 that you will preserve and expand Direct File for the 2026 tax season and beyond.

    Thank you for your attention to this important matter.

    The following Senators also signed the letter: Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawai’i), Timothy Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Lisa Blunt Rochester (D-Del.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawai’i), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elisa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.). 

    The following Representatives signed the letter as well: Alma Adams (D-N.C.), Gabo Amo (D-R.I.), Yassamin Ansari (D-Ariz.), Jake Auchincloss (D-Mass.), Becca Balint (D-Vt.), Nanette Diaz Barragán (D-Calif.), Joyce Beatty (D-Ohio), Wesley Bell (D-Mo.), Donald Beyer (D-Va.), Sanford D. Bishop, Jr. (D-Ga.), Suzanne Bonamici (D-Ore.), Brendan Boyle (D-Pa.), Julia Brownley (D-Calif.), Nikki Budzinski (D-Ill.), Salud Carbajal (D-Calif.), Andre Carson (D-Ind.), Troy Carter (D-La.), Greg Casar (D-Texas), Sean Casten (D-Ill.), Kathy Castor (D-Fla.), Joaquin Castro (D-Texas), Sheila Cherfilus-McCormick (D-Fla.), Judy Chu (D-Calif.), Gilbert Cisneros (D-Calif.), Yvette Clark (D-N.Y.), Steven Cohen (D-Tenn.), Bonnie Watson Coleman (D-N.J.),, Herbert Conaway (D-N.J.), Gerald Connolly (D-Va.), Alexandria Ocasio-Cortez (D-N.Y.), Jim Costa (D-Calif.), Jasmine Crockett (D-Texas), Jason Crow (D-Colo.), Danny Davis (D-Ill.), Madeleine Dean (D-Pa.), Diana DeGette (D-Colo.), April McClain Delaney (D-Md.), Rosa DeLauro (D-Conn.), Suzan K. DelBene (D-Wash.), Chris Deluzio (D-Pa.), Mark DeSaulnier (D-Calif.), Maxine Dexter (D-Ore.), Lloyd Doggett (D-Texas), Sarah Elfreth (D-Md.), Veronica Escobar (D-Texas), Adriano Espaillat (D-N.Y.), Dwight Evans (D-Pa.), Teresa Leger Fernández (D-N.M.), Cleo Fields (D-La.), Bill Foster (D-Ill.), Valerie P. Foushee (D-N.C.), Laura Friedman (D-Calif.), John Garamendi (D-Calif.), Jesús G. “Chuy” García (D-Ill.), Sylvia R. Garcia (D-Texas), Robert Garcia (D-Calif.), Al Green (D-Texas), Dan Goldman (D-N.Y.), Jimmy Gomez (D-Calif.), Maggie Goodlander (D-N.H.), Steven Horsford (D-Nev.), Chrissy Houlahan (D-Md.), Steny H. Hoyer (D-Md.), Val Hoyle (D-Ore.), Jared Huffman (D-Calif.), Glenn Ivey (D-Md.), Jonathan L. Jackson (D-Ill.), Sara Jacobs (D-Calif.), Pramila Jayapal (D-Wash.), Henry C. “Hank” Johnson, Jr. (D-Ga.), Julie Johnson (D-Texas), Marcy Kaptur (D-Ohio), William R. Keating (D-Mass.), Robin L. Kelly (D-Ill.), Ro Khanna (D-Calif.), Greg Landsman (D-Ohio), Rick Larsen (D-Wash.), George Latimer (D-N.Y.), Summer L. Lee (D-Pa.), Stephen F. Lynch (D-Mass.), Seth Magaziner (D-R.I.), Jennifer L. McClellan (D-Va.), Betty McCollum (D-Minn.), James P. McGovern (D-Mass.), LaMonica McIver (D-N.J.), Robert J. Menendez (D-N.J.), Grace Meng (D-N.Y.), Dave Min (D-Calif.), Kelly Morrison (D-Minn.), Jared Moskowitz (D-Fla.), Seth Moulton (D-Mass.), Kevin Mullin (D-Calif.), Jerrold Nadler (D-N.Y.), Eleanor Holmes Norton (D-D.C.), Johnny Olszewski, Jr. (D-Md.), Ilhan Omar (D-Minn.), Frank Pallone, Jr. (D-N.J.), Chris Pappas (D-N.H.), Brittany Pettersen (D-Colo.), Chellie Pingree (D-Maine), Mark Pocan (D-Wisc.), Ayanna Pressley (D-Mass.), Mike Quigley (D-Ill.), Delia C. Ramirez (D-Ill.), Jamie Raskin (D-Md.), Kristen McDonald Rivet (D-Mich.), Raul Ruiz, M.D. (D-Calif.), Andrea Salinas (D-Ore.), Linda T. Sánchez (D-Calif.), Mary Gay Scanlon (D-Pa.), Jan Schakowsky (D-Ill.), Bradley Scott Schneider (D-Ohio), Debbie Wasserman Schultz (D-Fla.), Robert C. “Bobby” Scott (D-Va.), Terri A. Sewell (D-Ala.), Lateefah Simon (D-Calif.), Brad Sherman (D-Calif.), Mikie Sherrill (D-N.I.), Adam Smith (D-Wash.), Darren Soto (D-Fla.), Melanie Stansbury (D-N.M.), Greg Stanton (D-Ariz.), Suhas Subramanyam (D-Va.), Eric Swalwell (D-Calif.), Emilia Strong Sykes (D-Ohio), Mark Takano (D-Calif.), Shri Thanedar (D-Mich.), Dina Titus (D-Nev.), Bennie G. Thompson (D-Miss.), Rashida Tlaib (D-Mich.), Jill Tokuda (D-Hawaii), Paul Tonko (D-N.Y.), Ritchie Torres (D-N.Y.), Lori Trahan (D-Mass.), Derek T. Tran (D-Calif.), Nikema Williams (D-Ga.), Frederica S. Wilson (D-Fla.), Juan Vargas (D-Calif.), Marc A. Veasey (D-Texas), Nydia M. Velázquez (D-N.Y.), Eugene Simon Vindman (D-Va.), and George Whitesides (D-Calif.). 

    The following groups endorsed the letter: Americans for Tax Fairness, Public Citizen, Economic Security Project Action, MoveOn, United for Respect, P Street, 20/20 Vision, Young Invincibles, Patriotic Millionaires, Groundwork Action, Unitarian Universalists for Social Justice, Meals4Families, Beyond Careers, Grow Brooklyn, National Consumer Law Center, Color of Change, End Child Poverty California, Consumer Action, United Ways of the Pacific Northwest, Northwest Progressive Institute, NETWORK Lobby for Catholic Social Justice, Shriver Center on Poverty Law, Accountable.US, United for a Fair Economy, Responsible Wealth, National Association of Social Workers, National Women’s Law Center Action Fund, Golden State Opportunity, OnTrack Financial Education & Counseling, North Carolina Council of Churches. 

    MIL OSI USA News –

  • MIL-Evening Report: Peter Dutton declares Welcome to Country ceremonies are ‘overdone’ in heated final leaders’ debate

    Source: The Conversation (Au and NZ) – By Andy Marks, Vice-President, Public Affairs and Partnerships, Western Sydney University

    Prime Minister Anthony Albanese and Opposition Leader Peter Dutton have had their fourth and final leaders’ debate of the campaign. The skirmish, hosted by 7News in Sydney, was moderated by 7’s Political Editor Mark Riley.

    Cost of living and housing affordability featured in the clash, with both leaders acknowledging the price pain being felt by many Australians. Immigration, US President Donald Trump, energy policy and welcome to country ceremonies were also thrashed out in a number of lively exchanges.

    How did each leader perform? Have they done enough to convince undecided voters before polling day? Three experts give their analysis

    Andy Marks, Western Sydney University

    This is the election, Seven’s opening voiceover proclaimed, “that will decide the future of Welcome to Country ceremonies.”

    Puzzled voters no doubt welcomed the promise of clarification. So Riley cut to the chase. Some people, he said, are “uncomfortable” with the ceremonies.

    Dutton agreed:

    I think a lot of Australians think it is overdone and cheapens the significance of what it was meant to do.“

    Albanese said it was up to event organisers to decide whether to have a ceremony. On the lost Voice referendum? He “accepts the outcome”.

    No fight. Just consensus from both leaders January 26 should remain as Australia Day.

    Lack of spark was never going to stop Seven. A dramatic soundtrack rumbled away behind the leaders’ statements added an Oscars vibe, with each rushing their answers before being played off.

    It worked. Halfway in, a fire was lit. “It’s hard to believe anything you say”, Dutton said to his opponent. “You’ve made promises you haven’t delivered. People are getting smashed.”

    Albanese shot back. “Peter can attack me. But I won’t let him attack the wages of working people.”

    Hostilities abated as Riley asked Albanese if he had Trump’s mobile number. “Do you have [UK Prime Minister] Keir Starmer’s?” Dutton added.

    Nuclear power reheated the debate. “I am proud”, Dutton said of the Coalition’s energy plans. But he would not commit to visiting any of the proposed sites in the final days of the campaign.

    Suddenly it became a science lesson. Dutton asked “how will solar work at night?” When you turn on a tap, Albanese responded, water still comes out even when it isn’t raining.

    A highlight? Dutton almost quoted Taylor Swift. “The prime minister promises a band-aid on a bullet wound” he quipped on cost of living.

    Blair Williams, Monash University

    “This is the debate for every Australian”, the Channel 7 voiceover said at the start of the debate. However, to reference Sex and the City’s Carrie Bradshaw, I couldn’t help but wonder if this debate would truly include everyone.

    We saw the usual quibbles between Albanese and Dutton over various crises, such as housing and the cost of living. Albanese argued he would help through initiatives such as cheaper medicines and childcare.

    However, he put his foot down on scrapping negative gearing as it’s a measure that “will not build supply”.

    Dutton’s response made it clear he was not planning to include “everyone” in this debate, as he quickly blamed immigrants for the housing crisis in Australia.

    Riley posed a question to both leaders about Welcome to Country, saying booing during an ANZAC event sparked an “important discussion […] there are people in Australia who are uncomfortable being welcomed to Country”.

    Riley asked both leaders if the ceremonies are “overdone”.

    Dutton argued they do have a place but he wants “everyone to be equal” as “we are all equal”. Dutton said he wanted the country to be “one”. This overlooks how structural disadvantages, such as racism and sexism, result in inequality.

    Albanese took a more Keating-esque perspective, citing ANZAC Day in New Zealand and the central place of Maori language in their events, emphasising the importance of First Nations people and multiculturalism in Australia.

    The debate ended without any discussion of violence against women. So far this year, 24 women have been killed as a result of gendered violence, with three in just the past week. Yet both parties have barely mentioned it during the campaign or the debates.

    Women’s issues were also barely raised. While Albanese mentioned cheaper childcare, Dutton failed to reference any issues that might specifically impact women. He has done little in this campaign and during this debate to win them over.

    Instead, both leaders wasted time arguing over the Coalition’s plan to produce nuclear energy in 2035.

    “Is this helping you decide?” Channel 7 asked viewers. For many women – and other – around the country, it merely showed two white men in suits and ties yelling over each other. This could explain why a third of Australians will preference a minor party or independent at the ballot box. Perhaps these are the voters who have felt left out.

    Michelle Cull, Western Sydney University

    While the debate started off friendly, it became quite heated very quickly. Dutton found it difficult to finish his talking points on time but had no problem interrupting Albanese. Cost of living was central to the debate.

    There wasn’t much the leaders could agree on – no surprises there. Although both concurred there should be no change to the date for Australia Day.

    When asked about Welcome to Country ceremonies, Dutton mentioned them happening at the “start of every meeting at work” and they were “divisive”. Perhaps there was some confusion here with Acknowledgement of Country.

    Dutton focused on short-term cost-of-living relief and his fuel excise cuts. He blamed Albanese for high inflation, high interest rates and housing affordability issues. The prime minister was quick to remind him not everything was “hunky dory” when Labor took office.

    Albanese did well to promote many of the Labor policies targeted at reducing cost of living through lower HECS-HELP, free TAFE and cheaper childcare. He was the only leader to include what his party was doing for renters and those in social housing, as well as first home buyers. Albanese also responded to Dutton’s short-term cost-of-living relief with Labor’s more permanent help through wage increases and tax cuts.

    Dutton was clever enough to throw Labor’s proposed superannuation changes into the debate by referring to the plan to tax unrealised capital gains on superannuation balances greater than A$3 million. But this didn’t seem to make it much further in the debate, as it did not relate to the question being asked.

    We’ll now have to wait until Saturday to see if the leaders really managed to sway any undecided voters.

    Michelle Cull is an FCPA member of CPA Australia, member of the Financial Advice Association Australia and President Elect of the Academy of Financial Services in the United States. Michelle is an academic member of UniSuper’s Consultative Committee. Michelle co-founded the Western Sydney University Tax Clinic which has received funding from the Australian Taxation Office as part of the National Tax Clinic Program. Michelle has previously volunteered as Chair of the Macarthur Advisory Council for the Salvation Army Australia.

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

    – ref. Peter Dutton declares Welcome to Country ceremonies are ‘overdone’ in heated final leaders’ debate – https://theconversation.com/peter-dutton-declares-welcome-to-country-ceremonies-are-overdone-in-heated-final-leaders-debate-255102

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses participants during 15th tranche of Rozgar Mela held simultaneously at 47 locations nationwide through Video Conferencing

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses participants during 15th tranche of Rozgar Mela held simultaneously at 47 locations nationwide through Video Conferencing

    Over 51,000 appointment letters distributed to newly-inducted youth in various government departments and organisations

    Posted On: 26 APR 2025 8:50PM by PIB Delhi

    The 15th edition of the Rozgar Mela, a flagship initiative dedicated to enhancing employment opportunities across India, was held on April 26th, 2025.

    Addressing the event via videoconferencing, Prime Minister Shri Narendra Modi distributed over 51,000 appointment letters to newly-inducted youth in various government departments and organisations.

    Addressing the gathering, the Prime Minister emphasized that the youth are undeniably the bedrock of a nation’s progress and prestige. He remarked that wherever young people actively engage in the process of nation-building, those countries not only accelerate along the path of development but also carve out a distinct and respected identity on the global stage. Highlighting the government’s unwavering commitment to empowering the youth, he spoke of various mission-driven initiatives such as Skill India, Make in India, and Digital India, which aim to create abundant employment and self-employment opportunities.

    He bestowed upon the newly appointed recruits a guiding mantra — “Nagarik Parmo Dharma” — urging them to adopt it as a lifelong principle. Concluding his address, the Prime Minister extended his heartfelt congratulations to all the selected candidates and their families.

    Union Minister for Railways Shri Ashwini Vaishnav and Minister of State, Dr. Jitendra Kumar handed over appointment letters to 25 candidates. Total 185 candidates received appointment letters today including 31 women. So far, the Rozgar Mela initiative has facilitated the onboarding of more than ten lakh of young professionals into public service, acting as a catalyst for transforming aspirations into meaningful careers.

    The newly-appointed individuals will assume different roles ranging from administrative and technical positions to field-level operational duties, reflecting a broad spectrum of government functions. These appointments are expected to significantly enhance the delivery of public services, improve governance outcomes, and bring fresh energy and innovation to the government workforce. Aimed at not just job creation, but also at creating opportunities for professional growth, Rozgar Mela aligns with the vision of Viksit Bharat@2047 — a future-ready India built on the pillars of employment, empowerment, and efficiency.

    Held simultaneously at 47 locations nationwide, this edition of the Rozgar Mela facilitated large-scale recruitments across multiple Ministries and Departments of the Central Government. All of these 47 locations across the country were connected with the Mela during the Prime Minister’s address through Video Conferencing mode.

    The Rozgar mela in Delhi, hosted by CBIC was held at the National Media Centre, Delhi. The dignitaries that attended the occasion included Chief Guest, Shri Ashwini Vaishnaw, Union minister of Railways, Information & Broadcasting and Electronics and Information & Technology, Guest of Honour Dr. Jitendra Kumar, Minister of State (Independent charge), Ms. Rachna Shah, Secretary, DoPT, Shri Sanjay Kumar Aggarwal, Chairman, CBIC, among others.

    A total of 185 appointment letters were distributed to the new appointees at this location placing them in key sectors, including the Ministry of Home Affairs, Department of Revenue, Department of Higher Education, Ministry of Health and Family Welfare, and Ministry of External Affairs, among others—strengthening the administrative machinery while empowering the next generation of public servants.

    Shri Ashwini Vaishnaw expressed his joy in handing over appointment letters to the newly recruited youth. In his address, the Minister underscored the government’s steadfast commitment to building robust infrastructure and fostering opportunities that enable young citizens to become self-reliant and future-ready. He urged the new recruits to embrace the guiding principle of “Rashtra Pratham, Sadaiva Pratham” — placing the nation first, always — as a compass throughout their careers dedicated to public service and nation-building.

    In his welcome address, Dr. Jitendra Kumar highlighted the remarkable inclusivity reflected in the 15th tranche of the Rozgar Mela, under which more than 51000 appointment letters are being distributed. He noted that approximately 28% of the new recruits are women, around 26.4% belong to the Other Backward Classes (OBC), about 13.9% are from the Scheduled Castes (SC), and 7.8% represent the Scheduled Tribes (ST). These figures, he emphasized, are a testament to the government’s continued commitment to ensuring diversity, equity, and equal opportunity in its recruitment processes.

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    NB/KMN

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Regional Power Conference with North Eastern States

    Source: Government of India

    Regional Power Conference with North Eastern States

    Government establishments including Government colonies, should be prioritised for pre-paid smart metering : Shri Manohar Lal

    Posted On: 26 APR 2025 4:14PM by PIB Delhi

    The Regional Conference of the Power Sector was held on 26th April in Gangtok in presence of Shri Prem Singh Tamang, Hon’ble Chief Minister, Sikkim and Shri Manohar Lal, Hon’ble Union Minister of Power and Housing & Urban Affairs.

    The meeting was also attended by Shri Ratan Lal Nath ( Minister of Power, Tripura), Shri. A T Mondal ( Minister of Power, Meghalaya), Shri. F. Rodingliana ( Minister of Power, Mizoram), Shri.  Jikke Tako, MLA cum Advisor Power (Arunachal Pradesh), and Shri. Sanjeet Kharel ( MLA cum Advisor, Sikkim). The meeting saw the participation of the Union Power Secretary, Secretaries, (Power/ Energy) of participating States, CMDs of Central and State Power Utilities, and senior officers from the Ministry of Power.

     

    Hon’ble Union Minister Shri Manohar Lal in his address underlined the importance of a future-ready, modern, and financially viable power sector to fuel the country’s growth on its journey towards becoming a developed nation.

    He emphasized the importance of power in achieving the goal of Viksit Bharat. He further remarked that the regional conference would help in identifying specific challenges and solutions in respect of power sector of the North Eastern States.

     He mentioned that despite the minor gap of 0.1% in meeting current power requirements, efforts must continue to meet future demands. Since 2014, power generation has increased significantly, and various modes of generation, including thermal, hydro, atomic, and renewable energy, must be advanced. Addressing environmental concerns and moving towards non-fossil power is essential for achieving the Target of Net Zero Emissions.

    He mentioned that through Government schemes like RDSS and PM-JANMAN, difficulties in the distribution sector are being addressed, and left-out households are being electrified. The Minister highlighted that the distribution sector faces challenges due to poor tariff structures, suboptimal billing and collection, and delayed payments of Government department dues and subsidies. It is essential to reduce the AT&C losses and the gap between Average Cost of Supply and Average Revenue Realised, to ensure that the distribution sector becomes viable. To achieve that, it is essential that the tariffs are cost-reflective.

     He also emphasised upon the execution of works under RDSS, including Smart Metering Works, would go a long way in improving the operational losses of the utilities. He also emphasised that the Government establishments including Government colonies, should be prioritised for pre-paid smart metering.

    He mentioned that States should work towards ensuring energy security and given the Hydro-Power potential, including Pumped-Storage, in the North Eastern region, the States should make efforts to effectively utilize that potential.

    Secretary (Power), Government of India (GoI) highlighted the need for capital infusion to meet growing power demands and drive future reforms and modernization. It was mentioned that, given the long gestation period for power projects, it is crucial to tie up for necessary power requirement as per the resource adequacy plan for upto FY2030 at the earliest. Further, it is also imperative to make necessary arrangements for intra-state transmission capacities as per the resource adequacy plan through various available financing models viz. Tariff Based Competitive Bidding (TBCB), Regulated Tariff Mechanism (RTM), budgetary support or monetization of existing assets. The Secretary also impressed upon the planning to be done by the States for meeting summer power demand through necessary tie ups.

    Hon’ble Chief Minister, Sikkim in his address welcomed the guests and highlighted the key steps taken by the State towards improving the quality and reliability of power supply across the State. He also highlighted the proposed plan of the State for further improving the power sector. He also requested for interventions from GoI on various issues concerning the State.

     The participating States thanked the Hon’ble Union Minister for the importance given to the North Eastern Region and also requested for continuous support of GoI for further strengthening the power infrastructure in the region.

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    SK

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Shaheen Blasts Trump Administration’s Attacks on Head Start, Demands RFK Jr. Immediately Release Funding and Reverse Firings

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) joined 41 of her colleagues in sending a letter to Secretary Robert F. Kennedy Jr. calling out the Trump administration’s direct attacks on Head Start and demanding the U.S. Department of Health and Human Services (HHS) immediately release Head Start funding and reverse the mass firing of Head Start staff and gutting of the offices that help ensure high-quality services are available for thousands of children and families across the country. The letter to RFK Jr. follows Shaheen’s visit to Community Action Partnership Hillsborough and Rockingham Counties’ (CAPHR) Opportunity Center in Manchester where she highlighted the importance of Head Start to Granite State working families.

    The Senators wrote, in part: “We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year. It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.”

    They continued: “Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. Head Start programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.”

    They concluded: “We believe it is obvious that eliminating Head Start would be detrimental to hundreds of thousands of children and families. Similarly, we believe it is obvious that delaying funding like we have seen over the last two months, forcing Head Start programs to close, and leaving families to scramble to find quality, affordable alternatives puts the education and well-being of some of the most vulnerable young children in America at risk. In our view, that is unacceptable. Therefore, we urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country.”

    The full text of the letter can be found here.

    Senator Shaheen has been a leader in advocating for more affordable and accessible child care. This week, she also visited the YMCA of Greater Nashua’s Merrimack Branch to discuss New Hampshire’s child care crisis and provider shortage. Shaheen recently introduced the Child and Dependent Care Tax Credit Enhancement Act that would permanently expand the Child and Dependent Care Tax Credit (CDCTC). In March, Shaheen introduced the Child Care Availability and Affordability Act and the Child Care Workforce Act—bipartisan, bicameral legislation that together form a bold proposal to make child care more affordable and accessible by strengthening existing tax credits to lower child care costs and increase the supply of child care providers. The bill includes language from Shaheen’s Right Start Child Care and Education Act legislation. She also joined the introduction of the Building Child Care for a Better Future Act, which would increase federal investments in child care. She has also joined in the introduction of the bipartisan Child Care Workforce and Facilities Act to address the national shortage of affordable, quality child care, especially in rural communities.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Shaheen Discusses Impact of Tariffs on Businesses and Supply Chains at NH Ball Bearings, Visits New LaValley Family Community Center Made Possible by Funds She Helped Secure

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Newport, NH) – U.S. Senator Jeanne Shaheen (D-NH), a top member of the U.S. Senate Armed Services Committee, on Wednesday visited New Hampshire Ball Bearings (NHBB) – a Granite State manufacturer of parts that are integral to global aerospace and defense machinery – to discuss how the administration’s tariffs raise costs for businesses like theirs and exhaust supply chains they rely on. Later, Shaheen visited the newly opened LaValley Family Community Center in Newport to tour the state-of-the-art facility that was constructed using Congressionally Directed Spending funds the Senator helped secure. Photos from the events can be found here. 

    In Peterborough, Shaheen toured the New Hampshire Ball Bearings (NHBB) factory with NHBB President Dan Lemieux and members of the leadership team. Afterwards, the Senator heard from NHBB about how the expansion of U.S. tariffs increases costs for their business and further exacerbates existing shortages of aerospace raw materials.  

    “NH Ball Bearings supports local jobs, contributes to our national defense and strengthens America’s military readiness – and still, they’re facing higher costs and uncertainty due to the administration’s reckless trade war and harmful tariffs,” said Senator Shaheen. “With the increasing globalization of supply chains, President Trump’s unnecessary trade war with many of America’s allies weaken an already strained defense supply chain and forces our small businesses to pay. I intend to take what I heard back to Washington to make clear the administration must reverse course.” 

    In a letter to U.S. Secretary of Defense Pete Hegseth last week, Shaheen raised concerns about how the President’s trade war harms defense supply chains and ultimately weakens America’s military readiness. The Senator expressed how tariffs on imports from virtually every country in the world will increase prices for the Department of Defense’s defense acquisitions – harming its purchasing power and further raising costs on small businesses. 

    Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Earlier this month, Shaheen took to the Senate floor to highlight the devastating impacts that President Trump’s tariffs and trade war will have on American families and the economy. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act which would limit the president’s ability to leverage sweeping tariffs that increase costs for American consumers and families. Her effort to pass this bill by unanimous consent was blocked by Senate Republicans. In recent months, Shaheen has traveled across the Granite State to visit businesses including Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple and American Calan Inc. to hear directly from Granite Staters impacted by the administration’s tariffs.     

    Shaheen then visited the LaValley Family Community Center in Newport, which opened its doors last month and serves as a hub for youth programs, recreational sports, health and wellness activities and community events. Shaheen helped secure $4,785,000 in Congressionally Directed Spending in Fiscal Year 2023 that was crucial to the community center’s construction. 

    “I was incredibly pleased to see firsthand how the vibrant new center fosters a sense of community and boosts quality of life for the entire Newport region,” said Shaheen. “I’m proud to have worked with local leaders and advocates to secure critical funding to bring the LaValley Family Community Center to life – and I look forward to seeing how the center will help Newport thrive for years to come.” 

    MIL OSI USA News –

  • MIL-OSI Africa: SARS ready to accommodate 0.5% VAT increase withdrawal

    Source: South Africa News Agency

    Friday, April 25, 2025

    The South African Revenue Service (SARS) has assured the public that it will ensure it will make adjustments to accommodate the withdrawal of the 0.5% increase in the Value-Added Tax (VAT).

    On Thursday, the Minister of Finance, Enoch Godongwana, indicated that he would withdraw the increase after introducing the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates Bill) to Parliament.

    “As the administrator of all national government tax measures, SARS will ensure that the necessary adjustments are made to accommodate this change.

    “[The] Commissioner acknowledges that vendors and consumers have invested in preparing for an increase in VAT during a period of uncertainty from Parliament’s deliberations and public comments,” the revenue service said.

    SARS indicated that the following measures would apply to VAT vendors from May 1:

    • VAT vendors who have not implemented the change in rate must stop all development in this regard.
    • Vendors are expected to charge VAT at the rate of 15% and not 15.5% for the relevant goods and services as per the VAT Act.  Vendors may use limited time to adjust their systems accordingly. and report and pay the VAT.
    • Should a vendor not be able to revert to the 15% rate, due to complex system changes that may be needed, such supplies and purchases must be reported and accounted for at the 15.5% rate until such time that they are able to make the necessary system adjustments, which should be completed by no later than 15 May 2025.
    • VAT transactions which were charged at 15.5% must be reported in filed 12 (for output tax) and field 18 (for input tax) of the VAT return.
    • Adjustments in the form of refunds of the 0.5% rate to customers and from suppliers must equally be reported in fields 12 and 18 respectively.
    • The VAT return declarations made will be taken into consideration when verifications and/or audits on the affected VAT tax periods are conducted.
    • The VAT returns that are to be submitted will continue to calculate the VAT auto      calculation using the 15% rate from tax periods or months commencing 1 May 2025.
    • Vendors who have already implemented both the rate changes and the Zero-Rating are encouraged to reverse those changes before 1 May 2025.

    “[SARS] Commissioner Edward Kieswetter said that he understands the complexity and the confusion that has resulted from this process. SARS will do its best to provide further clarity to create certainty of obligation for all vendors,” the revenue service said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI USA: News 04/22/2025 Blackburn, Colleagues Introduce Bipartisan Legislation to Make Adoption Tax Credit Refundable

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.), Kevin Cramer (R-N.D.), Amy Klobuchar (D-Minn.), and Ben Ray Luján (D-N.M.) released the following statements after introducing the Adoption Tax Credit Refundability Act to restore the refundable portion of the Adoption Tax Credit, which allows adoptive families to deduct up to $16,810 in qualified expenses By allowing the tax credit to be refundable, families will be able to access the full amount as a refund, even if the credit exceeds a family’s tax burden. The credit was previously refundable in 2010 and 2011.
    “Offering permanent homes to adoptive children strengthens families and is a blessing,” said Senator Blackburn. “The Adoption Tax Credit Refundability Act would reduce the financial burden of adoption and make adoption more accessible.”
    Adoption is a true joy for families, but it is not without significant financial cost,” said Senator Cramer. “Our bill will make the credit refundable to help all adoptive families access the full amount of the adoption tax credit, regardless of their tax burden. Support for adoptive families is essential to ensure more children find the stable, loving home they deserve.”
    “Minnesotans have a long and proud tradition of adoption to welcome children into safe and loving homes,” said Senator Klobuchar. “Our bipartisan legislation will allow more families to access the full adoption tax credit, helping ensure a smooth and successful transition for children and families. As co-chair of the Congressional Coalition on Adoption, I’ll keep working to improve the adoption process and help every child find the permanent home they deserve.”
    “For families across the country, adoption is a blessing that provides children with a loving, stable home,” said Senator Luján. “Families should not face steep financial costs for opening their arms and offering a permanent home to adoptive children. That is why I’m proud to join my colleagues in introducing the Adoption Tax Credit Refundability Act to lower the financial cost of adoption and help more children find loving homes.”

    CO-SPONSORS
    Senate co-sponsors include U.S. Senators Tim Scott (R-S.C.), Mark Warner (D-Va.), James Lankford (R-Okla.), Elizabeth Warren (D-Mass.), Josh Hawley (R-Mo.), Jeff Merkley (D-Ore.), Chris Van Hollen (D-Md.), Angus King (I-Maine), Tim Kaine (D-Va.), Tammy Duckworth (D-Ill.), Jacky Rosen (D-Nev.), John Fetterman (D-Pa.), and Mark Kelly (D-Ariz.). 
    The legislation was introduced in the U.S. House of Representatives by Representatives Danny K. Davis (D-Ill.), Blake Moore (R-Utah), Gwen Moore (D-Wis.), Randy Feenstra (R-Iowa), Sydney Kamlager-Dove (D-Calif.), Don Bacon (R-Nev.), Don Beyer (D-Va.), and Robert Aderholt (R-Ala.).
    This legislation is endorsed by the Adoption Tax Credit Working Group Executive Committee and 100 national, state, and local groups.
    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Ciscomani Hosts Second Annual Veteran Servant Leader Award Ceremony

    Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

    “Their continued contributions to our community embody what it means to be a servant leader and make southern Arizona, and our nation, stronger.”

    TUCSON, AZ – U.S. Congressman Juan Ciscomani on Thursday hosted the second annual Veteran Servant Leader Award Ceremony, honoring 31 local veterans who served in the Army, Marine Corps, Navy, and Air Force. 

    This award recognizes veterans from Cochise, Graham, Greenlee, Pinal, and Pima Counties for their continued service to our communities after they leave the Armed Forces. Each winner will receive a Veteran Servant Leader Award certificate and a challenge coin from the Congressman. Those who served in Vietnam will receive a special pin in addition to the other awards. You can watch opening remarks here. 

    “Our veterans embody the highest ideals of courage and patriotism,” said Ciscomani. “I had the pleasure of hosting the second annual Veteran Servant Leader Award Ceremony to recognize their remarkable leadership, dedication, and service, even after their time in uniform. It is one of my highest honors to be able to recognize their efforts in front of their families and loved ones. Their continued contributions to our community embody what it means to be a servant leader and make southern Arizona, and our nation, stronger.” 

    Ciscomani represents nearly 80,000 veterans and serves on the House Veterans’ Affairs Committee. Through casework, Ciscomani and his team have returned $3.65 million to veterans, including $1.25 million since January. This is money that was owed to veteran-constituents but was stuck in the bureaucracy of a federal agency, such as the Department of Veterans Affairs, the IRS, Social Security, and more. 

    In the 119th Congress, he introduced 3 pieces of veterans-focused legislation, with one of these bills already passing the House of Representatives unanimously. 
    • The Prioritizing Veterans’ Survivor Act (H.R. 1228) would move the Office of Survivors Assistance (OSA) back within the Office of the VA Secretary to ensure that families of fallen veterans are able to receive the benefits and support they deserve. 
      • This bill passed the House of Representatives unanimously on April 9, 2025.  
    • The Coordinating Care for Senior Veterans and Wounded Warriors Act (H.R. 668) would improve healthcare coordination and management for veterans over the age of 65 who qualify for benefits from both the VA and Medicare. 
    • The Veterans Education and Technical Skills (VETS) Opportunity Act (H.R. 1458) would expand veterans’ access to educational opportunities for high-demand skilled trade and vocational programs, whether they are in-person or partially online. 

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    MIL OSI USA News –

  • MIL-OSI: AGF Investments Announces Revised Final Distribution for AGF Systematic Global Multi-Sector Bond ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 25, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) (TSX:AGF.B) today announced a revised final distribution amount for AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB) (the “ETF”).

    This is an update from the distribution previously announced on April 17, 2025.

    Unitholders of record on April 25, 2025 will receive notional distributions payable in respect of the ETF on April 25, 2025.

    The final distributions will not be paid in cash but will be reinvested in the form of a notional distribution and reported as taxable. A notional distribution is when the units from a reinvested distribution are immediately consolidated with the units held prior to the distribution. The number of units held after the distribution is therefore identical to the number of units held before the distribution. The unitholder’s adjusted cost base for the ETF may increase.

    Details regarding the revised final “per unit” distribution amount is as follows:

    ETF
    		 Ticker Exchange Revised Final
    Distribution Per Unit
    ($)
    AGF Systematic
    Global Multi-Sector
    Bond ETF    		 QGB Cboe Canada Inc. $2.336902

    Further information about the AGF ETFs can be found at AGF.com.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $52 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Disclaimer

    ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers. Commissions, management fees and expenses all may be associated with investing in ETFs. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There is no guarantee that ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. Before investing you should read the prospectus or relevant ETF Facts and carefully consider, among other things, each ETF’s investment objectives, risks, charges and expenses. A copy of the prospectus and ETF Facts is available on AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com

    The MIL Network –

  • MIL-OSI USA: Cornyn Op-Ed: I’ve Worked Hand-In-Glove With Pres. Trump to Accomplish His Agenda During His First 100 Days

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    AUSTIN – Ahead of President Trump’s 100th day in office next week, U.S. Senator John Cornyn (R-TX) authored the following op-ed in the Houston Chronicle highlighting Congress and President Trump’s accomplishments during his second term so far, including swiftly confirming his Cabinet and passing a budget that unlocks the process to extend the Trump tax cuts for Texans and all Americans.
    I’ve worked hand-in-glove with President Trump to accomplish his agenda during his first 100 days
    Senator Cornyn
    Houston Chronicle
    April 24, 2025
    https://www.houstonchronicle.com/opinion/outlook/article/john-cornyn-donald-trump-first-100-days-20287545.php
    On Nov. 5, Americans went to the polls to elect President Donald Trump for a second term by a decisive margin. The message was clear: Americans were ready to turn the page on the last four years of failed policies under Democratic leadership.
    The question then became: could the new Republican majority hit the ground running, deliver on his ambitious agenda, and put the Senate back to work? As we near the end of President Trump’s first 100 days, the answer is a resounding yes. 
    The first step in delivering on this mandate was giving President Trump his team by confirming his Cabinet. The Senate provides an important role in giving advice and consent to the President’s nominees for important positions across the executive branch. So this was the first major hurdle to clear, and an opportunity to deliver the president an early win.
    President Trump selected many eminently qualified nominees for his Cabinet, including several Texans: John Ratcliffe, Scott Turner, and Brooke Rollins. I was proud to help shepherd all three of these impressive Texans through their respective committee hearings.
    While Republicans had secured a clear majority of 53 seats in the Senate, getting 50 members on the same page is never an easy task. Maneuvering in united government is sometimes even harder than in divided government. But on top of this inherent difficulty, Democrats insisted on pulling out all of the stops. They tried everything from exaggerated smear campaigns to all-night grandstanding. Some even demanded that their colleagues, “blow [the Senate] up.”
    Despite the doubts of our critics, Senate Republicans set a new standard for speed. I was proud to vote for every single one of the President’s Cabinet picks, and in just 10 weeks, the Republican-led Senate completed our first task at the fastest pace in a generation. By the end of February, the Senate had confirmed 13 of the President’s nominees, whereas only six were confirmed at that point during Biden’s presidency.
    Senate Republicans’ effectiveness is particularly impressive in comparison to last year’s Senate under failed Democrat leadership. In 2024, the Senate spent only 112 days in session. There were nine Mondays on regular in-session weeks when the Senate flat-out wasn’t working. Compared to the average Texan working five days per week and 260 days annually, this was nothing but a sheer insult to the taxpayer. The inevitable result of Chuck Schumer’s skeleton of a schedule was failure. He failed to pass government funding on-time, failed to renew a farm bill, and only barely passed the annual defense authorization bill that ensures our troops get paid. 
    Senate Republicans have dramatically improved upon this lackluster performance. We have stayed in session and voting for the longest continuous period in 15 years to complete critical pieces of the America First agenda. After we confirmed the president’s Cabinet, we passed a budget that will unlock the process to extend the Trump tax cuts, which will prevent an average $3,000 tax increase on Texas families.
    I’m not new to working hand-in-glove with President Trump to accomplish his goals. During President Trump’s first term, I served as majority whip, or as I like to call it, “chief vote counter.” In this role, I was responsible for ensuring he had the votes to confirm his Cabinet, Supreme Court nominees like Justices Brett Kavanaugh and Neil Gorsuch, and a record number among recent presidents of judicial nominees to district and appeals courts across the nation. We partnered on key pieces of landmark legislation like the Trump Tax Cuts, the first comprehensive tax reform legislation in years, which contributed to the fastest wage growth in close to a decade and the lowest unemployment rate in nearly half a century.
    Suffice it to say, elected Republicans are delivering on the mandate we received from the American people in an historic way, and I’m excited to be a part of what’s to come. I’ve voted for every single nominee in both his first term and his second thus far. I’ve helped the president deliver historic wins for Texans and Americans around the country.
    We’ve accomplished so much in his first 100 days, and together, we’re just getting started.

    MIL OSI USA News –

  • MIL-OSI: Park National Corporation reports financial results for first quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, Ohio, April 25, 2025 (GLOBE NEWSWIRE) — Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the first quarter of 2025. Park’s board of directors declared a quarterly cash dividend of $1.07 per common share, payable on June 10, 2025, to common shareholders of record as of May 16, 2025.

    “Our first quarter performance reflects our commitment to providing consistent financial support and a measure of predictability in dynamic market conditions,” said Park Chairman and CEO David Trautman. “In a world buffeted by extremes, our greatest opportunity to serve more is through continuing to build authentic relationships and showing up as a steady, reliable partner.”

    Park’s net income for the first quarter of 2025 was $42.2 million, a 19.8 percent increase from $35.2 million for the first quarter of 2024. First quarter 2025 net income per diluted common share was $2.60, compared to $2.17 for the first quarter of 2024. Park’s total loans increased 0.9 percent (3.5 percent annualized) during the first quarter of 2025. Park’s reported period end deposits increased 0.7 percent (2.9 percent annualized) during the first quarter of 2025, with an increase of 2.3 percent (9.5 percent annualized), including deposits that Park moved off balance sheet as of March 31, 2025. The combination of solid loan growth and steady deposits continue to contribute to Park’s success in 2025.

    “Our bankers’ ability to serve others well is reflected in our first quarter results,” said Park President Matthew Miller. “We’re deeply grateful for the trust our communities, customers and neighbors place in us every day. We look forward to growing these and new relationships, consistently delivering on our promises and expanding our impact.”

    Headquartered in Newark, Ohio, Park National Corporation has $9.9 billion in total assets (as of March 31, 2025). Park’s banking operations are conducted through its subsidiary, The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company), Park Investments, Inc. and SE Property Holdings, LLC.

    Complete financial tables are listed below.

    Category: Earnings

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

    Risks and uncertainties that could cause actual results to differ include, without limitation: (1) the ability to execute our business plan successfully and manage strategic initiatives; (2) the impact of current and future economic and financial market conditions, including unemployment rates, inflation, interest rates, supply-demand imbalances, and geopolitical matters; (3) factors impacting the performance of our loan portfolio, including real estate values, financial health of borrowers, and loan concentrations; (4) the effects of monetary and fiscal policies, including interest rates, money supply, and inflation; (5) changes in federal, state, or local tax laws; (6) the impact of changes in governmental policy and regulatory requirements on our operations; (7) changes in consumer spending, borrowing, and saving habits; (8) changes in the performance and creditworthiness of customers, suppliers, and counterparties; (9) increased credit risk and higher credit losses due to loan concentrations; (10) volatility in mortgage banking income due to interest rates and demand; (11) adequacy of our internal controls and risk management programs; (12) competitive pressures among financial services organizations; (13) uncertainty regarding changes in banking regulations and other regulatory requirements; (14) our ability to meet heightened supervisory requirements and expectations; (15) the impact of changes in accounting policies and practices on our financial condition; (16) the reliability and accuracy of assumptions and estimates used in applying critical accounting estimates; (17) the potential for higher future credit losses due to changes in economic assumptions; (18) the ability to anticipate and respond to technological changes and our reliance on third-party vendors; (19) operational issues related to and capital spending necessitated by the implementation of information technology systems on which we are highly dependent; (20) the ability to secure confidential information and deliver products and services through computer systems and telecommunications networks; (21) the impact of security breaches or failures in operational systems; (22) the impact of geopolitical instability and trade policies on our operations including the imposition of tariffs and retaliatory tariffs; (23) the impact of changes in credit ratings of government debt and financial stability of sovereign governments; (24) the effect of stock market price fluctuations on our asset and wealth management businesses; (25) litigation and regulatory compliance exposure; (26) availability of earnings and excess capital for dividend declarations; (27) the impact of fraud, scams, and schemes on our business; (28) the impact of natural disasters, pandemics, and other emergencies on our operations; (29) potential deterioration of the economy due to financial, political, or other shocks; (30) impact of healthcare laws and potential changes on our costs and operations; (31) the ability to grow deposits and maintain adequate deposit levels, including by mitigating the effect of unexpected deposit outflows on our financial condition; and (32) other risk factors related to the banking industry.

    Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

    PARK NATIONAL CORPORATION  
    Financial Highlights  
    As of or for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024              
                     
        2025       2024       2024       Percent change vs.  
    (in thousands, except common share and per common share data and ratios) 1st QTR 4th QTR 1st QTR   4Q ’24   1Q ’24  
    INCOME STATEMENT:                
    Net interest income $ 104,377     $ 103,445     $ 95,623       0.9   % 9.2   %
    Provision for credit losses   756       3,935       2,180       (80.8 ) % (65.3 ) %
    Other income   25,746       31,064       26,200       (17.1 ) % (1.7 ) %
    Other expense   78,164       83,241       77,228       (6.1 ) % 1.2   %
    Income before income taxes $ 51,203     $ 47,333     $ 42,415       8.2   % 20.7   %
    Income taxes   9,046       8,703       7,211       3.9   % 25.4   %
    Net income $ 42,157     $ 38,630     $ 35,204       9.1   % 19.8   %
                     
    MARKET DATA:                
    Earnings per common share – basic (a) $ 2.61     $ 2.39     $ 2.18       9.2   % 19.7   %
    Earnings per common share – diluted (a)   2.60       2.37       2.17       9.7   % 19.8   %
    Quarterly cash dividend declared per common share   1.07       1.06       1.06       0.9   % 0.9   %
    Special cash dividend declared per common share   —       0.50       —       N.M.   N.M.  
    Book value per common share at period end   79.00       76.98       71.95       2.6   % 9.8   %
    Market price per common share at period end   151.40       171.43       135.85       (11.7 ) % 11.4   %
    Market capitalization at period end   2,451,370       2,770,134       2,199,556       (11.5 ) % 11.4   %
                     
    Weighted average common shares – basic (b)   16,159,342       16,156,827       16,116,842       —   % 0.3   %
    Weighted average common shares – diluted (b)   16,238,701       16,283,701       16,191,065       (0.3 ) % 0.3   %
    Common shares outstanding at period end   16,191,347       16,158,982       16,149,523       0.2   % 0.3   %
                     
    PERFORMANCE RATIOS: (annualized)                
    Return on average assets (a)(b)   1.70   %   1.54   %   1.44   %   10.4   % 18.1   %
    Return on average shareholders’ equity (a)(b)   13.46   %   12.32   %   12.23   %   9.3   % 10.1   %
    Yield on loans   6.26   %   6.21   %   5.99   %   0.8   % 4.5   %
    Yield on investment securities   3.25   %   3.46   %   3.90   %   (6.1 ) % (16.7 ) %
    Yield on money market instruments   4.46   %   4.75   %   5.48   %   (6.1 ) % (18.6 ) %
    Yield on interest earning assets   5.85   %   5.82   %   5.66   %   0.5   % 3.4   %
    Cost of interest bearing deposits   1.76   %   1.90   %   1.94   %   (7.4 ) % (9.3 ) %
    Cost of borrowings   3.94   %   3.86   %   4.25   %   2.1   % (7.3 ) %
    Cost of paying interest bearing liabilities   1.86   %   1.99   %   2.08   %   (6.5 ) % (10.6 ) %
    Net interest margin (g)   4.62   %   4.51   %   4.28   %   2.4   % 7.9   %
    Efficiency ratio (g)   59.79   %   61.60   %   63.07   %   (2.9 ) % (5.2 ) %
                     
    OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:                
    Tangible book value per common share (d) $ 68.94     $ 66.89     $ 61.80       3.1   % 11.6   %
    Average interest earning assets   9,210,385       9,176,540       9,048,204       0.4   % 1.8   %
    Pre-tax, pre-provision net income (j)   51,959       51,268       44,595       1.3   % 16.5   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
       
    PARK NATIONAL CORPORATION  
    Financial Highlights (continued)  
    As of or for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024  
                     
              Percent change vs.  
    (in thousands, except ratios) March 31, 2025 December 31, 2024 March 31, 2024   4Q ’24   1Q ’24  
    BALANCE SHEET:                
    Investment securities $ 1,042,163     $ 1,100,861     $ 1,339,747       (5.3 ) % (22.2 ) %
    Loans   7,883,735       7,817,128       7,525,005       0.9   % 4.8   %
    Allowance for credit losses   88,130       87,966       85,084       0.2   % 3.6   %
    Goodwill and other intangible assets   162,758       163,032       163,927       (0.2 ) % (0.7 ) %
    Other real estate owned (OREO)   119       938       1,674       (87.3 ) % (92.9 ) %
    Total assets   9,886,612       9,805,350       9,881,077       0.8   % 0.1   %
    Total deposits   8,201,695       8,143,526       8,306,032       0.7   % (1.3 ) %
    Borrowings   270,757       280,083       295,130       (3.3 ) % (8.3 ) %
    Total shareholders’ equity   1,279,042       1,243,848       1,161,979       2.8   % 10.1   %
    Tangible equity (d)   1,116,284       1,080,816       998,052       3.3   % 11.8   %
    Total nonperforming loans   63,148       69,932       71,759       (9.7 ) % (12.0 ) %
    Total nonperforming assets   63,267       70,870       73,433       (10.7 ) % (13.8 ) %
                     
    ASSET QUALITY RATIOS:                
    Loans as a % of period end total assets   79.74   %   79.72   %   76.16   %   —   % 4.7   %
    Total nonperforming loans as a % of period end loans   0.80   %   0.89   %   0.95   %   (10.1 ) % (15.8 ) %
    Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets   0.80   %   0.91   %   0.98   %   (12.1 ) % (18.4 ) %
    Allowance for credit losses as a % of period end loans   1.12   %   1.13   %   1.13   %   (0.9 ) % (0.9 ) %
    Net loan charge-offs $ 592     $ 3,206     $ 841       (81.5 ) % (29.6 ) %
    Annualized net loan charge-offs as a % of average loans (b)   0.03   %   0.16   %   0.05   %   (81.3 ) % (40.0 ) %
                     
    CAPITAL & LIQUIDITY:                
    Total shareholders’ equity / Period end total assets   12.94   %   12.69   %   11.76   %   2.0   % 10.0   %
    Tangible equity (d) / Tangible assets (f)   11.48   %   11.21   %   10.27   %   2.4   % 11.8   %
    Average shareholders’ equity / Average assets (b)   12.64   %   12.47   %   11.74   %   1.4   % 7.7   %
    Average shareholders’ equity / Average loans (b)   16.22   %   16.08   %   15.48   %   0.9   % 4.8   %
    Average loans / Average deposits (b)   93.56   %   93.00   %   91.11   %   0.6   % 2.7   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
       
    PARK NATIONAL CORPORATION
    Consolidated Statements of Income
               
        Three Months Ended  
        March 31  
    (in thousands, except share and per share data)   2025   2024  
               
    Interest income:          
    Interest and fees on loans   $ 120,648   $ 111,211  
    Interest on debt securities:          
    Taxable     7,130     11,899  
    Tax-exempt     1,269     1,410  
    Other interest income     3,153     2,120  
    Total interest income     132,200     126,640  
               
    Interest expense:          
    Interest on deposits:          
    Demand and savings deposits     18,436     19,855  
    Time deposits     6,770     7,338  
    Interest on borrowings     2,617     3,824  
    Total interest expense     27,823     31,017  
               
    Net interest income     104,377     95,623  
               
    Provision for credit losses     756     2,180  
               
    Net interest income after provision for credit losses     103,621     93,443  
               
    Other income     25,746     26,200  
               
    Other expense     78,164     77,228  
               
    Income before income taxes     51,203     42,415  
               
    Income taxes     9,046     7,211  
               
    Net income   $ 42,157   $ 35,204  
               
    Per common share:          
    Net income – basic   $ 2.61   $ 2.18  
    Net income – diluted   $ 2.60   $ 2.17  
               
    Weighted average common shares – basic     16,159,342     16,116,842  
    Weighted average common shares – diluted     16,238,701     16,191,065  
               
    Cash dividends declared:          
      Quarterly dividend   $ 1.07   $ 1.06  
     
    PARK NATIONAL CORPORATION
    Consolidated Balance Sheets
         
    (in thousands, except share data) March 31, 2025 December 31, 2024
         
    Assets    
         
    Cash and due from banks $ 154,536   $ 122,363  
    Money market instruments   83,078     38,203  
    Investment securities   1,042,163     1,100,861  
    Loans   7,883,735     7,817,128  
    Allowance for credit losses   (88,130 )   (87,966 )
    Loans, net   7,795,605     7,729,162  
    Bank premises and equipment, net   66,327     69,522  
    Goodwill and other intangible assets   162,758     163,032  
    Other real estate owned   119     938  
    Other assets   582,026     581,269  
    Total assets $ 9,886,612   $ 9,805,350  
         
    Liabilities and Shareholders’ Equity    
         
    Deposits:    
    Noninterest bearing $ 2,637,577   $ 2,612,708  
    Interest bearing   5,564,118     5,530,818  
    Total deposits   8,201,695     8,143,526  
    Borrowings   270,757     280,083  
    Other liabilities   135,118     137,893  
    Total liabilities $ 8,607,570   $ 8,561,502  
         
         
    Shareholders’ Equity:    
    Preferred shares (200,000 shares authorized; no shares outstanding at March 31, 2025 and December 31, 2024) $ —   $ —  
    Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at March 31, 2025 and December 31, 2024)   459,529     463,706  
    Accumulated other comprehensive loss, net of taxes   (34,659 )   (46,175 )
    Retained earnings   1,002,110     977,599  
    Treasury shares (1,431,757 shares at March 31, 2025 and 1,464,122 shares at December 31, 2024)   (147,938 )   (151,282 )
    Total shareholders’ equity $ 1,279,042   $ 1,243,848  
    Total liabilities and shareholders’ equity $ 9,886,612   $ 9,805,350  
     
    PARK NATIONAL CORPORATION
    Consolidated Average Balance Sheets
           
      Three Months Ended  
      March 31  
    (in thousands)   2025     2024    
           
    Assets      
           
    Cash and due from banks $ 127,229   $ 143,714    
    Money market instruments   287,016     155,511    
    Investment securities   1,069,620     1,368,527    
    Loans   7,833,234     7,482,650    
    Allowance for credit losses   (88,825 )   (84,067 )  
    Loans, net   7,744,409     7,398,583    
    Bank premises and equipment, net   68,992     74,919    
    Goodwill and other intangible assets   162,938     164,137    
    Other real estate owned   918     1,088    
    Other assets   584,485     556,899    
    Total assets $ 10,045,607   $ 9,863,378    
           
           
    Liabilities and Shareholders’ Equity      
           
    Deposits:      
    Noninterest bearing $ 2,578,838   $ 2,569,030    
    Interest bearing   5,793,915     5,644,088    
    Total deposits   8,372,753     8,213,118    
    Borrowings   269,254     361,703    
    Other liabilities   133,341     130,373    
    Total liabilities $ 8,775,348   $ 8,705,194    
           
    Shareholders’ Equity:      
    Preferred shares $ —   $ —    
    Common shares   464,046     463,518    
    Accumulated other comprehensive loss, net of taxes   (39,942 )   (67,343 )  
    Retained earnings   997,399     917,645    
    Treasury shares   (151,244 )   (155,636 )  
    Total shareholders’ equity $ 1,270,259   $ 1,158,184    
    Total liabilities and shareholders’ equity $ 10,045,607   $ 9,863,378    
     
    PARK NATIONAL CORPORATION
    Consolidated Statements of Income – Linked Quarters
               
      2025 2024 2024 2024 2024
    (in thousands, except per share data) 1st QTR 4th QTR 3rd QTR 2nd QTR 1st QTR
               
    Interest income:          
    Interest and fees on loans $ 120,648   $ 120,870   $ 120,203   $ 115,318   $ 111,211  
    Interest on debt securities:          
    Taxable   7,130     8,641     10,228     10,950     11,899  
    Tax-exempt   1,269     1,351     1,381     1,382     1,410  
    Other interest income   3,153     2,751     1,996     1,254     2,120  
    Total interest income   132,200     133,613     133,808     128,904     126,640  
               
    Interest expense:          
    Interest on deposits:          
    Demand and savings deposits   18,436     19,802     22,762     20,370     19,855  
    Time deposits   6,770     7,658     7,073     7,525     7,338  
    Interest on borrowings   2,617     2,708     2,859     3,172     3,824  
    Total interest expense   27,823     30,168     32,694     31,067     31,017  
               
    Net interest income   104,377     103,445     101,114     97,837     95,623  
               
    Provision for credit losses   756     3,935     5,315     3,113     2,180  
               
    Net interest income after provision for credit losses   103,621     99,510     95,799     94,724     93,443  
               
    Other income   25,746     31,064     36,530     28,794     26,200  
               
    Other expense   78,164     83,241     85,681     75,189     77,228  
               
    Income before income taxes   51,203     47,333     46,648     48,329     42,415  
               
    Income taxes   9,046     8,703     8,431     8,960     7,211  
               
    Net income $ 42,157   $ 38,630   $ 38,217   $ 39,369   $ 35,204  
               
    Per common share:          
    Net income – basic $ 2.61   $ 2.39   $ 2.37   $ 2.44   $ 2.18  
    Net income – diluted $ 2.60   $ 2.37   $ 2.35   $ 2.42   $ 2.17  
     
    PARK NATIONAL CORPORATION
    Detail of other income and other expense – Linked Quarters
               
        2025     2024     2024     2024     2024  
    (in thousands) 1st QTR 4th QTR 3rd QTR 2nd QTR 1st QTR
               
    Other income:          
    Income from fiduciary activities $ 10,994   $ 11,122   $ 10,615   $ 10,728   $ 10,024  
    Service charges on deposit accounts   2,407     2,319     2,362     2,214     2,106  
    Other service income   2,936     3,277     3,036     2,906     2,524  
    Debit card fee income   6,089     6,511     6,539     6,580     6,243  
    Bank owned life insurance income   1,512     1,519     2,057     1,565     2,629  
    ATM fees   335     415     471     458     496  
    Pension settlement gain   —     365     5,783     —     —  
    (Loss) gain on the sale of OREO, net   (229 )   (74 )   2     (7 )   121  
    Loss on sale of debt securities, net   —     (128 )   —     —     (398 )
    (Loss) gain on equity securities, net   (862 )   1,852     1,557     358     (687 )
    Other components of net periodic benefit income   2,344     2,651     2,204     2,204     2,204  
    Miscellaneous   220     1,235     1,904     1,788     938  
    Total other income $ 25,746   $ 31,064   $ 36,530   $ 28,794   $ 26,200  
               
    Other expense:          
    Salaries $ 36,216   $ 37,254   $ 38,370   $ 35,954   $ 35,733  
    Employee benefits   10,516     10,129     10,162     9,873     11,560  
    Occupancy expense   3,519     2,929     3,731     2,975     3,181  
    Furniture and equipment expense   2,301     2,375     2,571     2,454     2,583  
    Data processing fees   10,529     10,450     11,764     9,542     8,808  
    Professional fees and services   7,307     10,465     7,842     6,022     6,817  
    Marketing   1,528     1,949     1,464     1,164     1,741  
    Insurance   1,686     1,600     1,640     1,777     1,718  
    Communication   1,202     1,104     955     1,002     1,036  
    State tax expense   1,186     1,145     1,116     1,129     1,110  
    Amortization of intangible assets   274     288     287     320     320  
    Foundation contributions   —     —     2,000     —     —  
    Miscellaneous   1,900     3,553     3,779     2,977     2,621  
    Total other expense $ 78,164   $ 83,241   $ 85,681   $ 75,189   $ 77,228  
               
    PARK NATIONAL CORPORATION
    Asset Quality Information
                   
          Year ended December 31,
    (in thousands, except ratios)   March 31, 2025   2024     2023     2022     2021     2020  
                   
    Allowance for credit losses:              
    Allowance for credit losses, beginning of period   $ 87,966   $ 83,745   $ 85,379   $ 83,197   $ 85,675   $ 56,679  
    Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021       —     383     —     6,090     —  
    Charge-offs     3,605     18,334     10,863     9,133     5,093     10,304  
    Recoveries     3,013     8,012     5,942     6,758     8,441     27,246  
    Net charge-offs (recoveries)     592     10,322     4,921     2,375     (3,348 )   (16,942 )
    Provision for (recovery of) credit losses     756     14,543     2,904     4,557     (11,916 )   12,054  
    Allowance for credit losses, end of period   $ 88,130   $ 87,966   $ 83,745   $ 85,379   $ 83,197   $ 85,675  
                   
    General reserve trends:              
    Allowance for credit losses, end of period   $ 88,130   $ 87,966   $ 83,745   $ 85,379   $ 83,197   $ 85,675  
    Allowance on accruing purchased credit deteriorated (“PCD”) loans (purchased credit impaired (“PCI”) loans for years 2020 and prior)     —     —     —     —     —     167  
    Allowance on purchased loans excluded from collectively evaluated loans (for years 2020 and prior)   N.A. N.A. N.A. N.A. N.A.   678  
    Specific reserves on individually evaluated loans – accrual     —     —     —     —     42     44  
    Specific reserves on individually evaluated loans – nonaccrual     1,044     1,299     4,983     3,566     1,574     5,390  
    General reserves on collectively evaluated loans   $ 87,086   $ 86,667   $ 78,762   $ 81,813   $ 81,581   $ 79,396  
                   
    Total loans   $ 7,883,735   $ 7,817,128   $ 7,476,221   $ 7,141,891   $ 6,871,122   $ 7,177,785  
    Accruing PCD loans (PCI loans for years 2020 and prior)     2,139     2,174     2,835     4,653     7,149     11,153  
    Purchased loans excluded from collectively evaluated loans (for years 2020 and prior)   N.A. N.A. N.A. N.A. N.A.   360,056  
    Individually evaluated loans – accrual (k)     13,935     15,290     —     11,477     17,517     8,756  
    Individually evaluated loans – nonaccrual     47,718     53,149     45,215     66,864     56,985     99,651  
    Collectively evaluated loans   $ 7,819,943   $ 7,746,515   $ 7,428,171   $ 7,058,897   $ 6,789,471   $ 6,698,169  
                   
    Asset Quality Ratios:              
    Net charge-offs (recoveries) as a % of average loans     0.03 %   0.14 %   0.07 %   0.03 %   (0.05) %   (0.24) %
    Allowance for credit losses as a % of period end loans     1.12 %   1.13 %   1.12 %   1.20 %   1.21 %   1.19 %
    General reserve as a % of collectively evaluated loans     1.11 %   1.12 %   1.06 %   1.16 %   1.20 %   1.19 %
                   
    Nonperforming assets:              
    Nonaccrual loans   $ 61,929   $ 68,178   $ 60,259   $ 79,696   $ 72,722   $ 117,368  
    Accruing troubled debt restructurings (for years 2022 and prior) (k)   N.A. N.A. N.A.   20,134     28,323     20,788  
    Loans past due 90 days or more     1,219     1,754     859     1,281     1,607     1,458  
    Total nonperforming loans   $ 63,148   $ 69,932   $ 61,118   $ 101,111   $ 102,652   $ 139,614  
    Other real estate owned     119     938     983     1,354     775     1,431  
    Other nonperforming assets     —     —     —     —     2,750     3,164  
    Total nonperforming assets   $ 63,267   $ 70,870   $ 62,101   $ 102,465   $ 106,177   $ 144,209  
    Percentage of nonaccrual loans to period end loans     0.79 %   0.87 %   0.81 %   1.12 %   1.06 %   1.64 %
    Percentage of nonperforming loans to period end loans     0.80 %   0.89 %   0.82 %   1.42 %   1.49 %   1.95 %
    Percentage of nonperforming assets to period end loans     0.80 %   0.91 %   0.83 %   1.43 %   1.55 %   2.01 %
    Percentage of nonperforming assets to period end total assets     0.64 %   0.72 %   0.63 %   1.04 %   1.11 %   1.55 %
                   
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
     
    PARK NATIONAL CORPORATION
    Asset Quality Information (continued)
                   
          Year ended December 31,
    (in thousands, except ratios)   March 31, 2025 2024 2023 2022 2021 2020
                   
    New nonaccrual loan information:              
    Nonaccrual loans, beginning of period   $ 68,178 $ 60,259 $ 79,696 $ 72,722 $ 117,368 $ 90,080
    New nonaccrual loans     14,767   65,535   48,280   64,918   38,478   103,386
    Resolved nonaccrual loans     21,016   57,616   67,717   57,944   83,124   76,098
    Nonaccrual loans, end of period   $ 61,929 $ 68,178 $ 60,259 $ 79,696 $ 72,722 $ 117,368
                   
    Individually evaluated nonaccrual commercial loan portfolio information (period end):
    Unpaid principal balance   $ 51,134 $ 58,158 $ 47,564 $ 68,639 $ 57,609 $ 100,306
    Prior charge-offs     3,416   5,009   2,349   1,775   624   655
    Remaining principal balance     47,718   53,149   45,215   66,864   56,985   99,651
    Specific reserves     1,044   1,299   4,983   3,566   1,574   5,390
    Book value, after specific reserves   $ 46,674 $ 51,850 $ 40,232 $ 63,298 $ 55,411 $ 94,261
                   
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
     
    PARK NATIONAL CORPORATION  
    Financial Reconciliations        
    NON-GAAP RECONCILIATIONS        
      THREE MONTHS ENDED  
    (in thousands, except share and per share data) March 31, 2025 December 31, 2024 March 31, 2024  
    Net interest income $ 104,377   $ 103,445   $ 95,623    
    less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions   175     250     352    
    less interest income on former Vision Bank relationships   1,019     38     2    
    Net interest income – adjusted $ 103,183   $ 103,157   $ 95,269    
             
    Provision for credit losses $ 756   $ 3,935   $ 2,180    
    less recoveries on former Vision Bank relationships   (1,097 )   —     (953 )  
    Provision for credit losses – adjusted $ 1,853   $ 3,935   $ 3,133    
             
    Other income $ 25,746   $ 31,064   $ 26,200    
    less loss on sale of debt securities, net   —     (128 )   (398 )  
    less pension settlement gain   —     365     —    
    less impact of strategic initiatives   (914 )   117     (155 )  
    less Vision related (loss) gain on the sale of OREO, net   (229 )   —     121    
    less other service income related to former Vision Bank relationships   3     299     7    
    Other income – adjusted $ 26,886   $ 30,411   $ 26,625    
             
    Other expense $ 78,164   $ 83,241   $ 77,228    
    less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions   274     288     320    
    less building demolition costs   —     44     65    
    less direct expenses related to collection of payments on former Vision Bank loan relationships   276     215     —    
    Other expense – adjusted $ 77,614   $ 82,694   $ 76,843    
             
    Tax effect of adjustments to net income identified above (i) $ (126 ) $ (83 ) $ (104 )  
             
    Net income – reported $ 42,157   $ 38,630   $ 35,204    
    Net income – adjusted (h) $ 41,682   $ 38,319   $ 34,811    
             
    Diluted earnings per common share $ 2.60   $ 2.37   $ 2.17    
    Diluted earnings per common share, adjusted (h) $ 2.57   $ 2.35   $ 2.15    
             
    Annualized return on average assets (a)(b)   1.70 %   1.54 %   1.44 %  
    Annualized return on average assets, adjusted (a)(b)(h)   1.68 %   1.52 %   1.42 %  
             
    Annualized return on average tangible assets (a)(b)(e)   1.73 %   1.56 %   1.46 %  
    Annualized return on average tangible assets, adjusted (a)(b)(e)(h)   1.71 %   1.55 %   1.44 %  
             
    Annualized return on average shareholders’ equity (a)(b)   13.46 %   12.32 %   12.23 %  
    Annualized return on average shareholders’ equity, adjusted (a)(b)(h)   13.31 %   12.22 %   12.09 %  
             
    Annualized return on average tangible equity (a)(b)(c)   15.44 %   14.17 %   14.24 %  
    Annualized return on average tangible equity, adjusted (a)(b)(c)(h)   15.27 %   14.06 %   14.08 %  
             
    Efficiency ratio (g)   59.79 %   61.60 %   63.07 %  
    Efficiency ratio, adjusted (g)(h)   59.39 %   61.63 %   62.72 %  
             
    Annualized net interest margin (g)   4.62 %   4.51 %   4.28 %  
    Annualized net interest margin, adjusted (g)(h)   4.57 %   4.50 %   4.26 %  
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
     
    PARK NATIONAL CORPORATION  
    Financial Reconciliations (continued)        
             
    (a) Reported measure uses net income
    (b) Averages are for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, as appropriate
    (c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period.
             
    RECONCILIATION OF AVERAGE SHAREHOLDERS’ EQUITY TO AVERAGE TANGIBLE EQUITY:  
      THREE MONTHS ENDED  
      March 31, 2025 December 31, 2024 March 31, 2024  
    AVERAGE SHAREHOLDERS’ EQUITY $ 1,270,259 $ 1,247,680 $ 1,158,184  
    Less: Average goodwill and other intangible assets   162,938   163,221   164,137  
    AVERAGE TANGIBLE EQUITY $ 1,107,321 $ 1,084,459 $ 994,047  
             
    (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at the end of the period.
             
    RECONCILIATION OF TOTAL SHAREHOLDERS’ EQUITY TO TANGIBLE EQUITY:
      March 31, 2025 December 31, 2024 March 31, 2024  
    TOTAL SHAREHOLDERS’ EQUITY $ 1,279,042 $ 1,243,848 $ 1,161,979  
    Less: Goodwill and other intangible assets   162,758   163,032   163,927  
    TANGIBLE EQUITY $ 1,116,284 $ 1,080,816 $ 998,052  
             
    (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.
             
    RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS  
      THREE MONTHS ENDED  
      March 31, 2025 December 31, 2024 March 31, 2024  
    AVERAGE ASSETS $ 10,045,607 $ 10,008,328 $ 9,863,378  
    Less: Average goodwill and other intangible assets   162,938   163,221   164,137  
    AVERAGE TANGIBLE ASSETS $ 9,882,669 $ 9,845,107 $ 9,699,241  
             
    (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.
             
    RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
      March 31, 2025 December 31, 2024 March 31, 2024  
    TOTAL ASSETS $ 9,886,612 $ 9,805,350 $ 9,881,077  
    Less: Goodwill and other intangible assets   162,758   163,032   163,927  
    TANGIBLE ASSETS $ 9,723,854 $ 9,642,318 $ 9,717,150  
             
    (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.
             
    RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
      THREE MONTHS ENDED  
      March 31, 2025 December 31, 2024 March 31, 2024  
    Interest income $ 132,200 $ 133,613 $ 126,640  
    Fully taxable equivalent adjustment   607   617   616  
    Fully taxable equivalent interest income $ 132,807 $ 134,230 $ 127,256  
    Interest expense   27,823   30,168   31,017  
    Fully taxable equivalent net interest income $ 104,984 $ 104,062 $ 96,239  
             
    (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
    (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
    (j) Pre-tax, pre-provision (“PTPP”) net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.
     
    RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
      THREE MONTHS ENDED
      March 31, 2025 December 31, 2024 March 31, 2024
    Net income $ 42,157 $ 38,630 $ 35,204  
    Plus: Income taxes   9,046   8,703   7,211  
    Plus: Provision for credit losses   756   3,935   2,180  
    Pre-tax, pre-provision net income $ 51,959 $ 51,268 $ 44,595  
             
    (k) Effective January 1, 2023, Park adopted Accounting Standards Update (“ASU”) 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings (“TDRs”). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans (“NPLs”) and total nonperforming assets (“NPAs”) each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, accruing individually evaluated loans decreased by $11.5 million effective January 1, 2023.
     

    The MIL Network –

  • MIL-OSI USA: Congressman Dan Goldman, Councilmember Zhuang, Food Assistance Orgs, Community Leaders, Highlight Rising Grocery Prices and Cost of Living Resulting from Trump’s Chaos

    Source: US Congressman Dan Goldman (NY-10)

    Trump’s Tariffs, Planned SNAP and Medicaid Cuts are Exacerbating City’s Affordability Crisis 

     

    Trump Administration Has Cut Essential Housing, Food, and Child Care Programs for Thousands of NYC Families 

     

    Egg Prices Have Risen 60.4% Since Last Year 

     

    See Pictures and Video from Press Conference Here 

     

     

    New York, NY – Congressman Dan Goldman (NY-10) today joined, NYC Council member Susan Zhuang, and community organizations – including the Chinese-American Planning Council, Parent Child Relationship Association, Homecrest Community Services, UA3, and the Center for Family Life in Sunset Park – as well as impacted constituents to highlight how Trump and the GOP are harming working New York families by driving up grocery prices and the overall cost of living. 

    Since beginning his second term in January, Donald Trump and New York Republicans have made grocery prices skyrocket with reckless tariffs and bad economic policy. Egg prices have risen over 60% since last March, while the average price of groceries has increased by 2.4% since 2024. His administration terminated a $1 billion emergency food assistance grant that New York City organizations depended on to feed New Yorkers in need, and his cuts to the emergency rental assistance program as well as child care programs like Head Start have impacted thousands of New Yorkers’ ability to afford the already high cost of living. To compound the issue, the GOP’s budget proposal would cut SNAP and Medicaid significantly, which over 5 million New Yorkers rely on for nutrition and health care. 

    “Donald Trump and the GOP’s reckless, self-serving agenda is breaking his campaign promises by making it harder than ever for working New Yorkers to put food on the table and provide for their families,” Congressman Dan Goldman said. “Grocery prices are soaring, and families are struggling across the country, all so that Trump and Congressional Republicans can hand out tax breaks to billionaires. After running on a platform to lower costs, Trump has completely abandoned working Americans with reckless and pointless tariffs that have skyrocketed everyday costs while pushing forward with massive cuts to government programs that help New Yorkers get by.  It is long past time that New York’s Republican members of Congress choose their constituents over Trump’s billionaire buddies.” 

    Councilmember Susan Zhuang said, “For years the cost of groceries, utilities, property taxes, and more has increased. Within the last few months, we’re watching those rates sky-rocket. I dedicate my time to make our community affordable because right now it’s difficult to put food on the table. We must pay attention to these rising costs and fight against it at the federal, state, and local levels.” 

    Wai Yee Chan, President & CEO of Homecrest Community Services, said, “As the cost of living continues to rise, our community is feeling the pressure. While tariffs aim to protect local industries and ensure fair trade, they can also contribute to higher prices for everyday goods. When businesses face increased import costs, those expenses are often passed on to consumers. Nearly half of our members shared this week that they are struggling to afford basic necessities like food and rent. At Homecrest Community Services, we are deeply concerned about the growing financial strain on working families. We will continue to keep a close eye on the situation and work with partners at all levels to find fair solutions—ones that help our economy grow without putting too much pressure on everyday New Yorkers.” 

    Nicole Huang, Executive Director of Parent Child Relationship Association, said, “Rising costs are not just numbers — they are daily struggles, especially for our most vulnerable communities.” 

    Congressman Goldman has made supporting working families a centerpiece of his time in office.  

    In February 2025, Congressman Goldman joined Congresswoman DeLauro in introducing the ‘American Family Act,’ which would codify the expired, COVID-19-era expanded monthly Child Tax Credit. Passed temporarily in the Congressional Democrats’ American Rescue Plan, the expanded Child Tax Credit reached more than 61 million children and lifted nearly 4 million out of poverty in 2021 alone. 
    In August 2024, Congressman Goldman cosponsored the ‘SNAP Theft Protection Act,’ which aims to update the Supplemental Nutrition Assistance Program (SNAP) to allow states to use existing SNAP funding to refund stolen benefits to victims of SNAP-related scams.   
    In July 2024, Congressman Goldman held a Summer Nutrition Town Hall to discuss food insecurity, share information about New York State’s Summer EBT program and its rollout, and provide resources to residents who would like to apply. 

    ### 

    MIL OSI USA News –

  • MIL-OSI Security: Ten Defendants Plead Guilty to Drug Trafficking and Money Laundering Charges in Connection with Transnational Criminal Operation

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

    PITTSBURGH, Pa. – Ten individuals from Arizona, Ohio, Washington, and Mexico—including a member of the Foreign Terrorist Organization (FTO) Cártel de Sinaloa and one person illegally residing in the United States—pleaded guilty in federal court this week to charges of violating federal narcotics and money laundering laws in relation to an international drug trafficking organization (DTO), Acting United States Attorney Troy Rivetti announced today. The defendants were among 35 individuals charged through a Second Superseding Indictment unsealed in January 2024 for their participation in a domestic and international narcotics and money laundering conspiracy involving substantial quantities of fentanyl, methamphetamine, and cocaine (read the Second Superseding Indictment news release here).

    Pleading guilty this week before United States District Judge J. Nicholas Ranjan were:

    Plea Date

    Defendant

    Age

    Residence

    April 21

    		 Humberto Arredondo-Soto

    25

    		 Culiacan, Mexico

     

    		 Jaime Ledesma

    27

    		 Phoenix, Arizona

     

    		 Stephanie Ortiz

    26

    		 Avondale, Arizona

     

    		  

     

    		  

    April 22

    		 Samuel Aguirre

    23

    		 Phoenix, Arizona

     

    		 Jesus Lopez

    24

    		 Phoenix, Arizona

     

    		 Diego Monarrez

    23

    		 Phoenix, Arizona

     

    		 Adrian Lopez Rivera

    24

    		 Phoenix, Arizona

     

    		  

     

    		  

    April 23

    		 Donnell Collins

    29

    		 Cleveland, Ohio

     

    		 Luis Fentanes

    24

    		 Phoenix, Arizona

     

    		 Mohamed Kariye

    36

    		 Kent, Washington

    In connection with the guilty pleas, the Court was advised that, on various dates from in and around August 2021 to in and around June 2023, in the Western District of Pennsylvania and elsewhere, the defendants conspired to possess with intent to distribute and distribute large quantities of cocaine, fentanyl, and/or methamphetamine. Specifically, Arredondo-Soto, Ledesma (who was residing in Phoenix illegally), Ortiz, Aguirre, Lopez, Rivera, and Monarrez each conspired to distribute 400 grams or more of fentanyl and 500 grams or more of methamphetamine, with all except Monarrez also having conspired to distribute five kilograms or more of cocaine. Similarly, from in and around August 2021 to in and around March 2023, Collins and Fentanes conspired to distribute 400 grams or more of fentanyl and 500 grams or more of cocaine, with Collins also having possessed with intent to distribute 500 grams or more of cocaine on March 2, 2023, while Kariye conspired to distribute 40 grams or more of fentanyl. The defendants were intercepted on a federal wiretap obtaining quantities of the drugs that they distributed to others. Further, from in and around April 2022 to in and around March 2023, Aguirre conspired to commit money laundering, packaging drug proceeds and delivering large amounts of U.S. currency to couriers to smuggle into Mexico to pay for re-supplies of drugs.

    Arredondo-Soto, a Mexican national with ties to the Sinaloa Cartel, was the source of supply for the DTO and was responsible for trafficking millions of fentanyl pills and hundreds of pounds of methamphetamine that the DTO distributed. Numerous military-grade firearms were trafficked into Mexico for Arredondo-Soto as payment from members of the DTO for the drugs. In coordination with Homeland Security Investigations, Arredondo-Soto was arrested in Mexico in November 2023 by Mexican law enforcement authorities and extradited to the United States in February 2024.

    Judge Ranjan scheduled sentencings for November 3-5, 2025. The law provides for a maximum total sentence of not less than 10 years and up to life in prison, a fine of up to $10 million, or both, or, for Kariye, not less than five years and up to 40 years in prison, a fine of up to $5 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense(s) and the prior criminal history, if any, of each defendant.

    With this week’s 10 guilty pleas, 19 of the 35 defendants charged in the Second Superseding Indictment have now pleaded guilty in the case, with six defendants having been sentenced thus far. Included among those sentencings is Mark Camacho, 26, of Phoenix, Arizona, who Judge Ranjan sentenced this week to 57 months in prison for his role in the conspiracy.

    Assistant United States Attorneys Arnold P. Bernard Jr. and Tonya S. Goodman are prosecuting this case on behalf of the government.

    The Federal Bureau of Investigation’s Laurel Highlands Resident Agency and Homeland Security Investigations conducted the investigation that led to the prosecution of the defendants. Additional agencies participating in this investigation include the Internal Revenue Service – Criminal Investigation, United States Postal Inspection Service, and other local law enforcement agencies.

    The Justice Department’s Office of International Affairs worked with law enforcement partners in Mexico to secure the arrest and extradition from Mexico of Arredondo-Soto.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to achieve the total elimination of cartels and transnational criminal organizations, combat illegal immigration, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: Windham Man Sentenced to 36 Months in Federal Prison for Scheme to Defraud the United Way of Massachusetts Bay and Merrimack Valley

    Source: Office of United States Attorneys

    CONCORD – A Windham man was sentenced today in federal court in connection with his ownership of an international technology (IT) company that contracted with the United Way of Massachusetts Bay and Merrimack Valley (United Way) while being employed by United Way, Acting U.S. Attorney Jay McCormack announces.

    Imran Alrai, age 51, was sentenced by U.S. District Court Judge Joseph N. Laplante to 36 months in federal prison and 1 year of supervised release. Alrai was also ordered to pay restitution in the amount of $2.3 million. In October 2024, Alrai was convicted by a federal jury of 12 counts of wire fraud and 6 counts of money laundering.

    “For six years, the defendant carried out a calculated and sophisticated scheme to steal millions from a non-profit dedicated to uplifting our most vulnerable communities,” said Acting U.S. Attorney Jay McCormack. “He exploited the organization’s trust, fabricating companies, employees, and invoices– all to line his own pockets at the expense of those the non-profit was meant to serve.”

    “The usual reward of nonprofit work is personal fulfillment, not financial enrichment,” said James Crowley, Acting Special Agent in Charge of the FBI’s Boston Division. “Imran Alrai, however, treated the United Way of Massachusetts and Merrimack Valley like his very own ATM, stealing millions of dollars and shortchanging their efforts and the community in the process. To anyone else engaged in a scheme like this, know that the FBI will work to shut you down and ensure you are held accountable for your actions.”

    “Alrai’s ploy to enrich himself with millions of dollars stolen from an organization focused on improving the lives of those in need ended today. He used his technical expertise to craft an elaborate fraud scheme that went undetected for years, allowing him to siphon millions to fulfill his own greed,” said Homeland Security Investigations New England Special Agent in Charge Michael J. Krol. “After today’s sentence, he’s finally facing the consequences of his crimes— a long term in federal prison.”

    Between 2012 and June 2018, Alrai, an IT professional at the United Way, obtained approximately $6.7 million in payments for IT services supposedly provided to United Way by an independent outside contractor, DigitalNet Technology Solutions, Inc. Alrai misrepresented material facts about DigitalNet and fraudulently concealed that he owned and controlled DigitalNet. Through DigitalNet, Alrai overcharged United Way for the services he provided.  In early 2013, Alrai rigged the bidding process for a major contract to provide managed IT services at the United Way so that DigitalNet was chosen. Alrai then gave fake references and false information about DigitalNet to United Way.

    For the next five years, while serving as United Way’s Vice President for IT Services, Alrai steered additional IT work to DigitalNet, so that his company soon became United Way’s second largest outside vendor, receiving more than $1 million annually. Alrai concealed his connection with DigitalNet from his colleagues. He routinely sent emails with attached invoices from a fictitious person to himself at United Way.

    After the fraud came to light, in June 2018, officials at the United Way confronted Alrai and terminated him. Federal agents executed search and seizure warrants and seized incriminating documents and data from Alrai’s home office in Windham, as well as approximately $2.2 million in fraud proceeds in bank and investment accounts.

    Homeland Security Investigations and the Federal Bureau of Investigation led the investigation. The Internal Revenue Service provided valuable assistance. Assistant U.S. Attorneys Charles L. Rombeau and John J. Kennedy prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Federal Grand Jury in Louisville Indicts 7 Foreign Nationals For Money Laundering and Firearms Offenses

    Source: Office of United States Attorneys

    Louisville, KY – A federal grand jury in Louisville, Kentucky, returned a multi-count indictment on April 16, 2025, charging seven foreign nationals with money laundering related offenses and possession of a firearm by a prohibited person.   

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Karen Wingerd, Special Agent in Charge, Cincinnati Field Office, IRS Criminal Investigation, Special Agent in Charge Rana Saoud of Homeland Security Investigations (HSI) Nashville, Special Agent in Charge John Nokes of the ATF Louisville Field Division, Special Agent in Charge Jim Scott of the DEA Louisville Field Division, Acting Special Agent in Charge Quincy R. Barnett of the FBI Louisville Field Office, and Chief Paul Humphrey of the Louisville Metro Police Department made the announcement.

    According to the indictment, Jose Malagon Castro, 49, a citizen of Mexico, operated three grocery stores in the Western District of Kentucky and offered, among other things, international money transmission services at each location. Yeimi Hernandez Barahona, 34, Kenia Hernandez Barahona, 35, Kelin Hernandez Barahona, 31, all citizens of Honduras, and Suri Rosmeri Hernandez Del Cid, 27, a citizen of Guatemala, were employed by Castro and conducted wire transfers as part of the money transmission service. Vanessa Avila Galaviz, 28, and Jose Martin Romero, 32, both citizens of Mexico, along with other individuals, were narcotics traffickers, who directed monetary wire transfers conducted at Castro’s stores to send drug proceeds to Mexico.

    The indictment alleges that between at least January 2020 and continuing until at least December 2024, all the named defendants engaged in a conspiracy to knowingly conduct, and attempt to conduct, millions of dollars’ worth of financial transactions affecting interstate and foreign commerce, knowing that the transactions were designed in whole or in part to conceal and disguise the nature, location, source, ownership, and control of the drug proceeds and to avoid federal and state reporting requirements for the transmission of those proceeds.

    The indictment further alleges between August 6, 2024, and August 30, 2024, all the named defendants, aided and abetted by each other and others, knowingly conducted financial transactions affecting interstate and foreign commerce, which involved approximately $62,042 in proceeds from the sale and distribution of controlled substances knowing that the transactions were designed in whole and in part to conceal and disguise the nature, location, source, ownership, and control of the proceeds of the drug trafficking and to avoid Federal and State reporting requirements for the transmission of those proceeds.

    The indictment further alleges that on April 23, 2024, Jose Malagon Castro, Kenia Hernandez Barahona, and Suri Rosmeri Hernandez Del Cid, aided and abetted by each other and others, knowingly conducted financial transactions, with undercover law enforcement agents acting as alleged narcotics traffickers, to conceal or disguise the nature, location, source, ownership, and control of property represented to be the proceeds of drug trafficking, and to promote the carrying on of the alleged drug trafficking, and to avoid a transaction reporting requirement under state and federal law.

    The indictment further alleges that, Jose Malagon Castro, possessed firearms on December 4, 2024, in Jefferson County, Kentucky, knowing he was an alien illegally and unlawfully in the United States. On that date he illegally possessed the following firearms: an Aguirre y Aranzabal (AYA), model 4/53, 12-gauge shotgun; a Marlin Firearms Company, model 336W, 30-30 rifle; a Henry Repeating Rifle Company, model H004GE Golden Eagle, .22lr rifle; a Maverick Arms, model 88, 12-gauge shotgun; a Colt, model King Cobra, .357 magnum revolver; a Smith & Wesson, model CSX, 9mm pistol; and ammunition.

    On April 24, 2025, defendants Jose Malagon Castro, Yeimi Hernandez Barahona, Kelin Hernandez Barahona, Suri Rosmeri Hernandez Del Cid, and Jose Martin Romero each made an initial court appearance before a U.S. Magistrate Judge in the United States District Court for the Western District of Kentucky. Defendants Kenia Hernandez Barahona and Vanessa Avila Galaviz remain fugitives with outstanding warrants for their arrest.

    If convicted, Jose Malagon Castro faces a maximum sentence of 475 years in prison and Yeimi Hernandez Barahona, Kenia Hernandez Barahona, Kelin Hernandez Barahona, Suri Rosmeri Hernandez Del Cid, Vanessa Avila Galaviz, and Jose Martin Romero each face a maximum sentence of 460 years in prison. The United States is seeking forfeiture of $516,800.00 in United States Currency seized from Jose Malagon Castro. A federal district court judge will determine any sentence after considering the sentencing guidelines and other statutory factors.

    There is no parole in the federal system.

    This case is being investigated by the IRS, ATF, DEA, HSI, FBI, and LMPD.

    Assistant U.S. Attorneys Mac Shannon and Joseph Ansari are prosecuting this case.

    This investigation is a part of the IRS-CI’s Cincinnati Field Office’s Third Party Money Laundering (3PML) Project. This project focuses on Complicit Money Service Businesses (MSB) working for Mexican Drug Trafficking Organizations. The purpose of this project is to develop high-impact 3PML cases for IRS-CI and other agencies across the United States, by utilizing data analytics.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

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

    ###

    MIL Security OSI –

  • MIL-OSI: First Central Savings Bank Reports First Quarter 2025 Results Highlighted by Net Income of $1.8 million ($0.17 EPS), Net Interest Margin Expansion by 25 basis points on a linked quarter basis and Strong Non-Interest Income

    Source: GlobeNewswire (MIL-OSI)

    Performance Highlights

    • Net Income: Net income for the quarter ended March 31, 2025, was $1.8 million, or $0.17 per share, compared to $1.2 million, or $0.12 per share, recorded in the prior year quarter ended March 31, 2024.
    • Cash Net Income: Cash net income for the quarter ended March 31, 2025, was $2.1 million, or $0.19 per share, compared to $1.6 million or $0.15 per share, recorded in the comparable 2024 quarter.
    • Net Interest Margin and Spread: The Bank’s net interest margin increased by 25 basis points to 3.13% during the quarter ended March 31, 2025, from 2.88% in the linked quarter ended December 31, 2024. The Bank’s net interest spread increased to 2.19% during the quarter ended March 31, 2025, from 1.93% in the linked quarter ended December 31, 2024.
    • Non-Interest Income Growth: Due to an increase in loan sale volume and loan sale premiums received for the quarter ended March 31, 2025, non-interest income increased by $352 thousand or 21.2% from the prior year quarter.
    • Net Interest Income: Net interest income for the quarter ended March 31, 2025, was $7.3 million an increase of $782 thousand, or 12.0%, from the quarter ended March 31, 2024 and $383 thousand, or 5.5%, from the quarter ended December 31, 2024.
    • Financial Performance Metrics: Return on average assets and average stockholders’ equity were 0.75% and 8.21%, respectively, for the quarter ended March 31, 2025, compared to 0.51% and 5.89% in the comparable 2024 quarter end.
    • Regulatory Capital: The Bank’s Tier 1 leverage ratio was 9.62% and the Total Risk based capital ratio was 14.65% at March 31, 2025, each above the regulatory minimum for a well-capitalized institution.
    • Strong and Stable Liquidity: The Uninsured deposits base remains stable at 20.2% of total deposits. The Bank has significant available funding capacity to provide 208% coverage of our uninsured deposits.

    GLEN COVE, N.Y., April 25, 2025 (GLOBE NEWSWIRE) — Joseph Pistilli, Chairman of the Board, of First Central Savings Bank (“FCSB”, “the Bank”) today reported continued performance achievements for the quarter ended March 31, 2025.

    Cash and GAAP Basis Earnings

    The Bank’s cash earnings were $2.1 million, or $0.19 per share, for the quarter ended March 31, 2025, which represents a decrease of $142 thousand, or 6.4%, on a linked quarter basis and an increase of $492 thousand, or 31.1%, from the prior year quarter ended March 31, 2024.

    On a GAAP basis, net income for the quarter ended March 31, 2025, was $1.8 million, or $0.17 per share, compared with net income of $2.0 million, or $0.19, from the prior linked quarter basis and net income of $1.2 million, or $0.12 per share, for the quarter ended March 31, 2024.

    Joseph Pistilli, Chairman of the Board noted, “In the first quarter of 2025, First Central continued to build shareholder value by generating strong earnings, primarily due to gains on non-conforming residential loan sales and margin expansion. In addition, we increased our book value from $7.95 per share at March 31, 2024, to $8.44 at March 31, 2025, an increase of $0.49 or 6.2%. We are cautiously optimistic about the credit quality of our loan portfolio, as it relates to the commercial loan sector, specifically to office space and multi-family as our exposure to this type of lending is limited. I am extremely proud of the management team and the Board of Directors that we have assembled at the Bank and the expertise they have in managing net interest income and asset quality during the current market conditions.”

    Paul Hagan, President and Chief Operating Officer, reflected on the Bank’s results, “During the quarter ended March 31, 2025, the Bank expanded its net interest income and margin as a result of interest expense reductions. The cost of funds declined by 23 basis points during the first quarter of 2025. The pace of future deposit cost reductions will depend upon additional rate cuts from the Federal Reserve as well as competitor deposit pricing and their increased liquidity needs. We expect overall profitability to improve in the calendar year 2025 due to net interest margin expansion, growth in our loan portfolio, and increased loan sale income, however, we are very aware of potential credit quality deterioration, particularly in commercial and industrial loans that are present within our industry. Management will continue to effectively manage non-interest expenses to improve profitability and provide for any potential credit quality issues.”

    Balance Sheet

    On a year-over-year basis, total assets grew by $21.3 million, or 2.2%, driven by the Bank’s loan originations offset by non-conforming loan sales of $228.9 million during the period. Total assets for the quarter ended March 31, 2025, increased by $18.7 million to $983.6 million as the Bank continued to originate commercial and non-conforming loans while continuing to actively sell a portion of the non-conforming loans to the secondary market. The Bank sold $60.1 million of non-conforming loans during the quarter. As of March 31, 2025, the Bank has been able to generate a non-conforming loan pipeline of $118.1 million with a weighted average interest rate of 7.11%.

    Total deposits were $850.6 million as of March 31, 2025, an increase of $21.6 million, or 2.6%, from December 31, 2024. The Bank has been successful in growing non-interest-bearing deposits from our retail branches and through non-conforming loan originations. Year over year, non-interest-bearing deposits increased by $35.2 million or 32.4% to $144.0 million as of March 31, 2025, representing 16.9% of the total deposit base. With the growth of the retail deposit base, the Bank was able to reduce its brokered deposit holdings by $13.2 million, or 34.6%, and reduce borrowings by $5.0 million, or 16.7%, to $25.0 million when compared to December 31, 2024.

    The Bank’s overall average cost of funds was 3.28% for the quarter ended March 31, 2025, a decrease of 23 basis points from 3.51% from the prior linked quarter. Three overnight rate cuts by the Federal Reserve totaling 100 bps in the fourth quarter of 2024 contributed to the Bank’s ability to lower deposit costs. Management continues to be pro-active in securing lower rate certificates of deposit in the current interest rate environment to better position the interest-rate-risk profile of the Bank in anticipation of further interest rate reductions in 2025. Management believes this strategy will better protect and enhance future earnings as interest rates continue to decline, and our deposits reprice downward in the future.

    Loan Portfolio and Asset Quality

    For the twelve-month period ended March 31, 2025, the Bank’s loan portfolio grew by $47.2 million, or 5.6%, with the growth concentrated primarily in non-conforming residential loans. Management continues to employ a strategy of concentrating its loan growth in these products, which provides the Bank with traditionally safe credit quality at acceptable credit spreads, greater liquidity and an enhanced interest-rate-risk profile. Over the past twelve months, originations of the non-conforming product amounted to $323.2 million. At March 31, 2025, the entire non-conforming loan portfolio amounted to $486.8 million, with an average loan balance of $551.9 thousand and a weighted average loan-to-value ratio of 62.9%.

    As a result of the Bank’s robust non-conforming loan generation capabilities, the Bank had been able to generate additional income by strategically originating and selling its non-conforming loans to other financial institutions at premiums. The Bank expects that it will continue to originate, in the near term, for its own portfolio and, in the long term, for others, which will result in a continued increase in interest income while also realizing gains on sales of loans. For the three months ended March 31, 2025, the Bank earned $1.8 million in premiums on loans sold, net of FASB 91 fees and costs.

    The Bank’s asset quality ratios remain adequate. At March 31, 2025, the loan portfolio had non-performing loans of $15.9 million, or 1.84%, of total loans and 1.62% of total assets. The total allowance for credit losses at March 31, 2025, was $9.1 million, or 1.05%, of total loans held for investment. The higher level of non-performing loans is primarily due to one legacy commercial real estate loan in the amount of $7.1 million that went non-accrual during the quarter ended December 31, 2024. Management of the Bank has worked diligently to exit this borrowing relationship in April 2025 and expects to charge off approximately $1.1 million of the loan balance next quarter.

    About First Central Savings Bank

    With assets of $983.6 million at March 31, 2025, First Central Savings Bank is a locally owned and operated community savings bank, focusing on highly personalized and efficient services and products responsive to local needs. Management and the Board of Directors are comprised of a select group of successful local businessmen who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, First Central offers a full range of modern financial services. First Central employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, ADC and bridge loans, residential loans, middle market business loans and lines of credit. First Central also offers customers 24-hour ATM service with no fees attached, free checking with interest, mobile banking, the most advanced technologies in internet banking for our consumer and business customers, safe deposit boxes and much more. The Bank continues to roll out mobile banking software products as well as our “Zelle” money transfer product to our customers. First Central Savings Bank maintains its corporate office in Glen Cove, New York with an additional six branches throughout Queens New York, one branch in Nassau County, New York, and one branch in Suffolk County, New York.

    First Central Savings Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call 516-399-6010 or visit the Bank’s state-of-the-art website at www.myfcsb.com. 

    Forward-Looking Statements

    This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of First Central Savings Bank. Any or all of the forward-looking statements in this release and in any other public statements made by First Central Savings Bank may turn out to be incorrect. They can be affected by inaccurate assumptions First Central Savings Bank might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. First Central Savings Bank does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

      First Central Savings Bank            
      Statements of Condition – (unaudited)            
      (dollars in thousands)            
          3/31/2025   12/31/2024   3/31/2024
                   
      Assets            
      Cash and cash equivalents   $ 35,928     $ 49,156     $ 50,589  
      Certificates of deposit     3,000       2,000       2,000  
      Investments available-for-sale     30,085       29,802       41,791  
      Investments held-to-maturity     1,000       1,000       1,000  
                   
      Loans held-for-sale     17,187       14,892       4,343  
      Loans receivable     866,999       838,183       832,644  
      Less: allowance for credit losses     (9,144 )     (8,787 )     (8,538 )
      Loans, net     857,855       829,396       824,106  
                   
      Other assets     38,558       38,684       38,508  
                                Total assets   $ 983,613     $ 964,930     $ 962,337  
                   
                   
      Liabilities and stockholders’ equity            
      Deposits   $ 850,632     $ 829,003     $ 845,142  
      FHLB advances and other borrowings     25,000       30,000       14,500  
      Other liabilities     18,125       18,568       18,009  
                                Total liabilities     893,757       877,571       877,651  
                   
                   
      Total stockholders’ equity     89,856       87,359       84,686  
               Total liabilities and stockholders’ equity   $ 983,613     $ 964,930     $ 962,337  
                   
      First Central Savings Bank      
      Statements of Income – (unaudited)      
      (dollars in thousands, except per share data)      
             
        Quarter Ended
    		   Quarter Ended
        3/31/2025   3/31/2024
             
      Total Interest income $ 14,279     $ 14,185  
      Total interest expense   6,970       7,658  
                             Net interest income   7,309       6,527  
      Provision for credit losses   93       190  
          Net interest income after provision for credit losses   7,216       6,337  
             
      Net gain on loans sold   1,790       1,421  
      Other non-interest income   223       240  
               Total non-interest income   2,013       1,661  
             
      Compensation and benefits   4,022       3,747  
      Occupancy and equipment   968       906  
      Data processing   482       444  
      Federal insurance premium   183       165  
      Professional fees   335       329  
      Other   992       869  
               Total non-interest expense   6,982       6,460  
             
               Income before income taxes   2,247       1,538  
      Income tax expense   459       310  
                             Net income $ 1,788     $ 1,228  
             
      Basic earnings per share-GAAP basis $ 0.17     $ 0.12  
      Diluted earnings per share-GAAP basis $ 0.17     $ 0.12  
             
      Supplementary information:      
      Net income $ 1,788     $ 1,228  
             
      Add back non-cash items      
      Provision for credit losses   93       190  
      Depreciation expense   266       253  
      Tax on add back of non-cash items   (73 )     (89 )
                             Cash net income $ 2,074     $ 1,582  
             
      Basic earnings per share-GAAP basis $ 0.19     $ 0.15  
      Diluted earnings per share-GAAP basis $ 0.19     $ 0.15  
             
      First Central Savings Bank              
      Statements of Income – (unaudited)              
      (dollars in thousands, except per share data)              
        Quarter Ended Quarter Ended Quarter Ended Quarter Ended
        3/31/2025   12/31/2024   9/30/2024   6/30/2024
                     
      Total Interest income $ 14,279     $ 14,599     $ 14,972     $ 14,854  
      Total interest expense   6,970       7,673       8,210       8,064  
                             Net interest income   7,309       6,926       6,762       6,790  
      Provision for credit losses   93       1       950       117  
          Net interest income after provision for credit losses   7,216       6,925       5,812       6,673  
                     
      Net gain on loans sold   1,790       2,649       1,536       843  
      Net gains on sale of securities   –       –       142       –  
      Other non-interest income   223       247       210       337  
               Total non-interest income   2,013       2,896       1,888       1,180  
                     
      Compensation and benefits   4,022       4,355       3,663       3,596  
      Occupancy and equipment   968       912       936       918  
      Data processing   482       454       448       452  
      Federal insurance premium   183       161       174       166  
      Professional fees   335       291       360       368  
      Other   992       1,116       975       907  
               Total non-interest expense   6,982       7,289       6,556       6,407  
                     
               Income before income taxes   2,247       2,532       1,144       1,446  
      Income tax expense   459       524       225       290  
                             Net income $ 1,788     $ 2,008     $ 919     $ 1,156  
                     
      Basic earnings per share-GAAP basis $ 0.17     $ 0.19     $ 0.09     $ 0.11  
      Diluted earnings per share-GAAP basis $ 0.17     $ 0.19     $ 0.09     $ 0.11  
                     
      Supplementary information:              
      Net income $ 1,788     $ 2,008     $ 919     $ 1,156  
                     
      Add back non-cash items              
      Provision for credit losses   93       1       950       117  
      Depreciation expense   266       261       260       257  
      Tax on add back of non-cash items   (73 )     (54 )     (238 )     (75 )
                             Cash net income $ 2,074     $ 2,216     $ 1,891     $ 1,455  
                     
      Basic earnings per share-GAAP basis $ 0.19     $ 0.21     $ 0.18     $ 0.14  
      Diluted earnings per share-GAAP basis $ 0.19     $ 0.21     $ 0.18     $ 0.14  
                     
    First Central Savings Bank              
    Selected Financial Data – (unaudited)              
    (dollars in thousands, except per share data)            
      Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended
      3/31/2025   12/31/2024   9/30/2024   3/31/2024
                   
    Asset quality:              
        Allowance for credit losses $ 9,144     $ 8,787     $ 8,895     $ 8,538  
        Allowance for credit losses to total loans (1)   1.05 %     1.05 %     1.11 %     1.03 %
                   
        Non-performing loans $ 15,940     $ 11,649     $ 4,850     $ 4,917  
        Net (recovery) charge-off dollars   (92 )     (41 )     776       (2 )
        Non-performing loans/total loans (1)   1.84 %     1.39 %     0.61 %     0.59 %
        Non-performing loans/total assets   1.62 %     1.21 %     0.49 %     0.51 %
        Allowance for credit losses/non-performing loans   57.37 %     75.43 %     183.40 %     173.64 %
                   
    Capital: (dollars in thousands)              
        Tier 1 capital $ 93,664     $ 91,913     $ 91,502     $ 89,427  
        Tier 1 leverage ratio   9.62 %     9.36 %     9.26 %     9.23 %
        Common equity tier 1 capital ratio   13.40 %     13.42 %     13.20 %     13.32 %
        Tier 1 risk based capital ratio   13.40 %     13.42 %     13.20 %     13.32 %
        Total risk based capital ratio   14.65 %     14.67 %     14.45 %     14.57 %
                   
    Equity data              
        Common shares outstanding   10,648,345       10,648,345       10,648,345       10,648,345  
        Stockholders’ equity $ 89,856     $ 87,359     $ 87,852     $ 84,686  
        Book value per common share   8.44       8.20       8.25       7.95  
        Tangible common equity   89,856       87,359       87,852       84,686  
        Tangible book value per common share   8.44       8.20       8.25       7.95  
                   
    (1) Calculation excludes loans held-for-sale            
                   
    First Central Savings Bank              
    Selected Financial Data – (unaudited)              
    (dollars in thousands)              
      Quarter Ended Quarter Ended Quarter Ended Quarter Ended
      3/31/2025   12/31/2024   9/30/2024   3/31/2024
                   
    Other: (in thousands)              
        Average interest-earning assets $ 946,854     $ 956,169     $ 961,624     $ 941,314  
        Average interest-bearing liabilities   720,391       736,731       759,152       754,689  
        Average deposits and borrowings   861,096       868,871       877,100       860,638  
                   
    Profitability:              
        Return on average assets   0.75 %     0.82 %     0.37 % (3 )   0.51 %
        Return on average equity   8.21 %     9.08 %     4.22 % (3 )   5.89 %
        Yield on average interest earning assets   6.12 %     6.07 %     6.19 %     6.06 %
        Cost of average interest bearing liabilities   3.92 %     4.14 %     4.30 %     4.08 %
        Cost of funds   3.28 %     3.51 %     3.72 %     3.58 %
        Net interest rate spread (1)   2.19 %     1.93 %     1.89 %     1.98 %
        Net interest margin (2)   3.13 %     2.88 %     2.80 %     2.79 %
        Non-interest expense to average assets   2.92 %     2.97 %     2.65 %     2.70 %
        Efficiency ratio   74.80 %     74.21 %     77.05 %     78.90 %
                   
    (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities
    (2) Net interest margin represents net interest income divided by average interest earning assets        
    (3) ROA and ROE excluding a $776 thousand charge-off of a C&I loan as of September 30, 2024 would have been 0.61% and 6.95%
                   

    The MIL Network –