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Category: Transport

  • MIL-OSI Russia: Marat Khusnullin: Almost 7 million sq. m of non-residential real estate commissioned in Q1

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The construction of non-residential real estate, along with housing construction, is an important area of integrated development of populated areas. Modern business centers, industrial enterprises, trade facilities, social infrastructure and logistics complexes form a full-fledged urban environment, provide citizens with services, create jobs and contribute to the growth of the local economy, said Deputy Prime Minister Marat Khusnullin.

    “At the meeting of the State Council Presidium, chaired by the President last week, issues of creating and updating infrastructure for comfortable living were discussed. An important factor in the balanced development of territories is the construction of non-residential real estate. A modern residential area must necessarily include the necessary infrastructure for life: schools and kindergartens, hospitals, shops, and so on. Every year, about 35 million square meters of non-residential buildings are commissioned in Russia. Last year, we saw an absolute record over the past 25 years – 38.4 million square meters of non-residential real estate were commissioned. In the first three months of 2025, we have also seen positive dynamics. The commissioning of non-residential real estate compared to the same period last year increased by 2.5% – to 6.93 million square meters,” said Marat Khusnullin.

    There is also growth in certain types of real estate. Almost 36% more administrative buildings – offices, enterprises, agencies – were put into operation. 23% more commercial properties, such as shopping centers, hotels, trade and consumer services enterprises, were commissioned. 15% more other buildings were put into operation at the beginning of the year: religious, transport, communication facilities.

    “The absolute leader in the commissioning of non-residential real estate today is commercial. In the first three months of 2025, 2.37 million square meters were commissioned – this is 34% of all non-residential. This trend confirms the dynamics of the previous year, when the commercial sector also occupied leading positions. Therefore, commercial properties are the most attractive for investors today,” emphasized First Deputy Minister of Construction and Housing and Public Utilities Alexander Lomakin.

    At the same time, if you pay attention to the number of permits issued for future construction, you can see what prospects await the non-residential real estate sector.

    In the first three months of 2025, the largest number of permits were issued for the construction of industrial buildings – factories, plants, etc. – 1,036 permits for a total area of 4.5 million square meters, which is more than 34% of the area of buildings for all new permits.

    “Today, construction is still focused on commercial buildings. But new industrial facilities are on the way. Judging by the dynamics of project launches, more factories, plants, and defense industry enterprises will be commissioned. This is primarily due to the growth of industry focused on the domestic market,” said Dina Safiullina, head of the Project Directorate of the Ministry of Construction.

    As of 1 April 2025, the area of non-residential buildings with valid building permits was 171.5 million square meters, which is almost 12% more than the data as of 1 April 2024. The largest share – over 51 million square meters, or 33% – is accounted for by industrial buildings.

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

    MIL OSI Russia News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Modernizes American Workforce Programs for the High-Paying Skilled Trade Jobs of the Future

    Source: The White House

    OVERHAULING FEDERAL WORKFORCE TRAINING: Today, President Donald J. Trump signed an Executive Order to modernize American workforce programs to prepare citizens for the high-paying skilled trade jobs of the future.

    • The order directs the Secretaries of Labor, Education, and Commerce to review all federal workforce programs to modernize, integrate, and re-align programs to address critical workforce needs in emerging industries.
    • These Secretaries shall provide President Trump with a streamlined and integrated plan to re-orient federal workforce programs to prepare the American economy for the opportunities presented by reshoring and re-industrialization.
    • This Comprehensive Workforce Strategy will further America’s global economic leadership and domination of key sectors by, among other things, capitalizing on the AI revolution.

    PROVIDING RETURN ON WORKFORCE INVESTMENT: After years of shuffling Americans through an economically unproductive postsecondary system, President Trump will refocus young Americans on career preparation.

    • Decades of failed political leadership have left America with a one-size-fits-all approach to workforce preparedness, which previous Administrations promoted as “college for all.”
    • The Federal Government invests over $700 billion a year in American higher education, but only about half of new college graduates find jobs that require college degrees.
    • Meanwhile, the Federal Government spends $4.1 billion on the Workforce Investment and Opportunity Act and $1.4 billion on Career and Technical Education through the Perkins Act. Neither of these programs are structured to promote apprenticeships or have incentives to meet workforce training needs.
    • The Trump Administration is putting American workers first, unleashing domestic advanced manufacturing to produce the best American-made products and implement world-leading, American-developed technologies.

    BACK TO THE FUTURE OF JOBS: After decades of leadership by so-called “Experts” making wrong predictions on what the future will hold, President Trump will restore focus on sectors and programs that Made the American Economy Great in the first place.

    • In 2024, there was a shortage of 447,00 construction workers and 94,000 durable goods workers. The Bureau of Labor Statistics projects that the annual shortage of skilled tradesman over the next decade will be close to half a million—and grow as the years go by.
    • This understates the problem—and the opportunity. Even the best federal government statisticians cannot predict the future. As the potential of American AI increases, and as America reshores manufacturing and makes Made in America a mark of international envy, America will need more skilled tradesman than we’re prepared to train.
    • President Trump’s Executive Order will meet the needs of the future with a focus on registered apprenticeships. The Administration will submit a plan to support more than 1 million apprenticeships per year.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Mike Levin Reintroduces Legislation to Ban Drilling Off of Southern California

    Source: United States House of Representatives – Representative Mike Levin (CA-49)

    April 22, 2025

    Washington, D.C. – Today, Rep. Mike Levin (CA-49) reintroduced the Southern California Coast and Ocean Protection Act, which would prohibit offshore drilling along the Southern California coast, as a part of a larger initiative to ban offshore drilling in sensitive areas and protect our vibrant coastal communities.

    Rep. Levin’s bill, The Southern California Coast and Ocean Protection Act, would prevent new leasing for the exploration, development, or production of oil or natural gas along the Southern California coast, from San Diego to the northern border of San Luis Obispo County.

    Rep. Levin introduced this bill along with:

    • Rep. Huffman’s (D-CA) West Coast Ocean Protection Act
    • Rep. Pallone’s (D-NJ) Clean Ocean and Safe Tourism (COAST) Anti-Drilling Act
    • Rep. Castor’s (D-FL) Florida Coast Protection Act
    • Rep. Carbajal’s (D-CA) California Clean Coast Act
    • Rep. Panetta’s (D-CA) Central Coast of California Conservation Act of 2025
    • Rep. Magaziner’s (D-RI) New England Coastal Protection Act of 2025
    • Rep. Ross’ (D-NC) Defend our Coast Act

    These bills would prohibit the Secretary of the Interior from issuing any oil and gas lease leases or any other authorizations along the entire coast of California and in other coastal areas across the country. Together, these bills will protect valuable ecosystems and the economic viability of communities concerned about oil spills.

    “I’m joining my colleagues to permanently protect our beautiful coasts and put a stop to offshore drilling in sensitive areas,” said Rep. Mike Levin. “These bills take a vitally important step in protecting our communities from the consequences of offshore drilling, especially as the Trump Administration attempts to unleash drilling on our coastline in San Diego and Orange County. The Administration wants to risk disastrous environmental impacts on our beaches, threatening our coastal economy and way of life to line the pockets of oil executives. I’m proud to join my colleagues in the California Delegation and across the country in taking a stand against offshore drilling nationwide.”

    Rep. Levin has advocated extensively for a ban on offshore drilling. In November 2024, Rep. Levin sent a letter to the Biden Administration that resulted in the withdrawal of future oil and natural gas leasing in sensitive coastal areas across the country, including in Southern California. In January 2025, the Trump Administration once again opened these areas to drilling and has taken measures to expand offshore drilling and roll back environmental regulations
                              

    “The Southern California Coast and Ocean Protection Act will protect our environment, economy, climate, and way of life from the harmful effects of offshore oil and gas development. The 2021 Amplify Energy Oil Spill off Orange County showed the damage that offshore drilling can inflict on coastal ecosystems and marine wildlife and triggered beach and fishery closures that disrupted southern California’s tourism-based economy. The Surfrider Foundation urges members of Congress to support these and other bills to permanently prohibit new offshore drilling in U.S. waters,” said Pete Stauffer, Ocean Protection Manager, Surfrider Foundation.

    “Southern California’s coastal communities depend on thriving oceans and wildlife, and they know all too well the devastating costs of offshore spills, busted pipelines, and oil-covered beaches,” said Joseph Gordon, Oceana Campaign Director. “Oceana commends Congressman Levin for reintroducing this important legislation that would permanently protect the Golden State’s beloved southern coast from the dangers of oil and gas drilling and spilling. This bill is part of a state and national movement to safeguard our multi-billion-dollar coastal economies from dirty and dangerous offshore drilling.” 

    “The Surf Industry Members Association is proud to support the Southern California Coast and Ocean Protection Act. Our coastline is not just a vital economic engine—it’s the heart of our culture and way of life for millions across the region. Prohibiting new offshore oil and gas leasing in Southern California is a critical step to protect our waves, our marine ecosystems, and the communities that depend on them. We urge Congress to pass it to ensure a clean, thriving ocean for generations to come,” said Vipe Desai, Executive Director, Surf Industry Members Association

    “This administration is determined to sell off our oceans to pad Big Oil pockets. Permanently protecting the waters off southern California puts coastal communities and wildlife above polluters and brings us closer to a world where our waters are free from oil spills, endangered whale populations are free from seismic blasting, and ecosystems have a chance to thrive,” said Taryn Kiekow Heimer, Director of Ocean Energy at NRDC (Natural Resources Defense Council).  “Now more than ever, we need leadership from Congress to set us back on track to tackle climate change and protect our ocean from an industry that only cares about its bottom line.”

    This legislation is endorsed by organizations including: Natural Resources Defense Council (NRDC), Earthjustice, Oceana, Sierra Club, Surfrider Foundation, League of Conservation Voters, Futureswell, Ocean Conservancy, Environment America, WILDCOAST, Surf Industry Members Association, Food & Water Watch, Peace Boat US, Defenders of Wildlife, Ocean Defense Initiative, Center for Biological Diversity, The Ocean Project, Business Alliance to Protect the Pacific Coast, Animal Welfare Institute, U.S. Climate Action Network, American Bird Conservancy, Hispanic Access Foundation

    ###

    MIL OSI USA News –

  • MIL-OSI USA: TOMORROW: Governor Newsom joins CAL FIRE to announce an expansion of world’s largest aerial firefighting force

    Source: US State of California Governor

    Apr 23, 2025

    SACRAMENTO – Tomorrow in Sacramento County, Governor Gavin Newsom will join CAL FIRE leaders for a press conference to announce a critical addition to the largest aerial firefighting fleet in the world. 

    WHEN: Thursday, April 24 at approximately 1 p.m.

    LIVESTREAM: Governor’s Twitter page, Governor’s Facebook page, and the Governor’s YouTube page. This event will also be available to TV stations on the LiveU Matrix under “California Governor.”

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    MIL OSI USA News –

  • MIL-OSI Security: Maryland Man Admits to Leading Drug Trafficking Operation in Eastern Panhandle

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

    ELKINS, WEST VIRGINIA – Lenin Erasmo Luna Mota, 52, of Hagerstown, Maryland, has admitted to leading a drug trafficking organization that sold large quantities of fentanyl, heroin, and cocaine in Berkeley County.

    According to court documents and statements made in court, Luna Mota, also known as “Papi,” was one of the leaders of the drug trafficking conspiracy, using his business located in Hagerstown, Maryland, as a central hub for the drug sales.

    Assistant U.S. Attorney Lara Omps-Botteicher is prosecuting the case on behalf of the government.

    The FBI; the U.S. Marshals Service; Homeland Security Investigations; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the Drug Enforcement Administration; the West Virginia Air National Guard; the Eastern Panhandle Drug Task Force, a HIDTA-funded initiative (agencies included are the West Virginia State Police, Berkeley County Sheriff’s Department, Jefferson County Sherriff’s Department, Ranson Police Department, Charles Town Police Department, and Martinsburg City Police Department); West Virginia State Police; U.S. Customs and Border Protection; the Hagerstown Police Department; the National Resources Police Department; FBI-New York Safe Streets Task Force; the New York Police Department; the New Jersey State Police; the Washington County (Maryland) Drug Task Force; the Maryland State Police; the  U.S. Attorney’s Office for the District of Maryland;  and the U.S. Attorney’s Office for the Middle District of Pennsylvania investigated.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    U.S. Magistrate Judge Michael John Aloi presided.

    MIL Security OSI –

  • MIL-OSI USA: High-Ranking Tren de Aragua Member in Custody on Terrorism and International Drug Distribution Charges

    Source: US State of North Dakota

    A five-count superseding indictment has been unsealed today charging a Venezuelan national and alleged high-ranking member of the designated foreign terrorist organization Tren de Aragua (TdA).  

    Jose Enrique Martinez Flores also known as “Chuqui,” 24, is charged in the Southern District of Texas (SDTX) with conspiring to provide and providing material support to a designated foreign terrorist organization as well as conspiracy and distribution of cocaine in Colombia intended for distribution in the United States.

    “TdA is not a street gang – it is a highly structured terrorist organization that put down roots in our country during the prior administration,” said Attorney General Pamela Bondi. “Today’s charges represent an inflection point in how this Department of Justice will prosecute and ultimately dismantle this evil organization, which has destroyed American families and poisoned our communities.”

    “For the past few years, foreign gangs like TdA have more or less been able to enter the country with impunity, coming here to distribute deadly drugs and terrorize American citizens,” said U.S. Attorney Nicholas J. Ganjei for the SDTX. “That ends now. This Department of Justice is committed to uprooting this terrorist gang, dismantling its criminal operations, and either imprisoning its members or removing them from the country. SDTX is proud to lead this fight.”

    “TdA is a direct threat to our national security, to our communities, and to Americans,” said FBI Director Kash Patel. “Together with our law enforcement partners, the FBI continues in our pursuit to eliminate this violent terrorist organization from our streets, and today’s announcement makes it clear that these criminals, especially the leaders of these cartels, have no place in our country.”

    “This joint Drug Enforcement Administration (DEA)-FBI operation — alongside partners in the United States and Colombia — is further evidence that we must continue to focus our efforts on members of TdA who continue to pump poison into our communities,” said DEA Acting Administrator Derek Maltz. “This is another example of DEA’s tenacity to hunt these networks down, wherever they operate, and crush their evil grip on American lives.”

    Colombian authorities arrested Flores in Colombia March 31 pursuant to a provisional arrest warrant the United States had requested. He remains in custody in Colombia pending further proceedings. 

    A federal grand jury in Houston returned the superseding indictment April 8. 

    According to the allegations, Flores is charged with one count of conspiring to provide material support to TdA in the form of personnel (including himself) and services and one count of providing material support to TdA. The indictment also alleges one count of international drug distribution conspiracy based on his involvement in the distribution of five kilograms of cocaine or more, and two substantive counts of international drug distribution.

    The Department of State designated TdA as a foreign terrorist organization and Specially Designated Global Terrorist Feb. 20. 

    According to information presented to the court, Flores is a high-ranking TdA leader in Bogota, Colombia, and is part of the inner circle of senior TdA leadership.

    Flores also allegedly caused the delivery of approximately five kilograms or more of cocaine for international distribution, proceeds that were used to further TdA’s criminal goals. 

    If convicted, he faces a maximum penalty of life in prison and a $10 million fine. 

    The FBI Houston Field Office and DEA conducted the investigation with the assistance of the Houston Police Department, the Harris County Sheriff’s Office, Colombian National Police and the Colombian Attorney General’s Office (Fiscalía General de la Nación). The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of Judicial Attaché in Bogotá, Colombia, provided significant assistance. 

    Assistant U.S. Attorneys Casey N. MacDonald and Anibal J. Alaniz of the SDTX are prosecuting the case along with Deputy Director David C. Smith from the Department of Justice’s Joint Task Force Vulcan (JTFV). 

    JTFV was created in 2019 to eradicate MS-13 and now expanded to target TdA and is comprised of U.S. Attorney’s Offices across the country. Those include SDTX; Southern and Eastern Districts of New York; Northern District of Ohio; Districts of New Jersey, Utah, Massachusetts, Nevada and Alaska; Eastern District of Texas; Southern District of Florida; Eastern District of Virginia; Southern District of California; and the District of Columbia, as well as the Department of Justice’s National Security Division and the Criminal Division. Additionally, the FBI; DEA; U.S. Immigration and Customs Enforcement Homeland Security Investigations; Bureau of Alcohol, Tobacco, Forearms and Explosives; U.S. Marshals Service; and the Federal Bureau of Prisons have been essential law enforcement partners with JTFV.

    This case is also a 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 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 and Project Safe Neighborhood.

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

     

    MIL OSI USA News –

  • MIL-OSI: Northfield Bancorp, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NOTABLE ITEMS FOR THE QUARTER INCLUDE:

    • DILUTED EARNINGS PER SHARE WERE $0.19 FOR THE CURRENT QUARTER COMPARED TO $0.27 FOR THE TRAILING QUARTER, AND $0.15 FOR THE FIRST QUARTER OF 2024.
      • Fourth Quarter 2024 earnings included a gain of $3.4 million, or $0.06 per share, on the sale and consolidation of a branch in December 2024.
    • NET INTEREST MARGIN INCREASED TO 2.38% FOR THE CURRENT QUARTER AS COMPARED TO 2.18% FOR THE TRAILING QUARTER AND 2.03% FOR THE FIRST QUARTER OF 2024, REFLECTING LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
    • DEPOSITS (EXCLUDING BROKERED) INCREASED $133.6 MILLION, OR 13.8% ANNUALIZED, FROM DECEMBER 31, 2024. COST OF DEPOSITS AT MARCH 31, 2025 WAS 1.94% AS COMPARED TO 1.95% AT DECEMBER 31, 2024.
    • LOANS DECLINED BY $30.7 MILLION, OR 3.0% ANNUALIZED, FROM DECEMBER 31, 2024, PRIMARILY DUE TO A DECREASE IN MULTIFAMILY LOANS, PARTIALLY OFFSET BY INCREASES IN HOME EQUITY AND CONSTRUCTION AND LAND LOANS.
    • ASSET QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.48% AT MARCH 31, 2025 AND 0.51% AT DECEMBER 31, 2024.
    • THE COMPANY MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $1.12 BILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $547 MILLION.
    • THE BOARD OF DIRECTORS APPROVED A $10.0 MILLION REPURCHASE PLAN ON APRIL 23, 2025. THE PREVIOUSLY APPROVED $5.0 MILLION PLAN WAS COMPLETED DURING THE CURRENT QUARTER AND THE COMPANY REPURCHASED 440,150 SHARES.
    • CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON MAY 21, 2025, TO STOCKHOLDERS OF RECORD AS OF MAY 7, 2025.

    WOODBRIDGE, N.J., April 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, compared to $11.3 million, or $0.27 per diluted share, for the three months ended December 31, 2024, and $6.2 million, or $0.15 per diluted share, for the three months ended March 31, 2024. The decrease in net income for the three months ended March 31, 2025, compared to the trailing quarter was primarily due to a $3.4 million, or $0.06 per share, gain on sale of property in the trailing quarter. The increase in net income in the current quarter as compared to the first quarter of 2024 was primarily the result of an increase in net interest income, attributable to lower funding costs and higher yields on interest-earning assets, partially offset by an increase in the provision for credit losses on loans.

    Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer stated, “The Northfield team continued to focus on growing our franchise, deploying our strong capital base, and delivering solid financial performance for the quarter.” Mr. Klein commented further, “We remained focused on serving our communities, and the fundamentals of reducing our funding costs and increasing the yield on our interest-earning assets resulting in higher net interest income and net interest margin.” Mr. Klein further stated, “We remain committed to prudently managing our operating expenses, maintaining strong asset quality, and managing our strong capital levels through dividends and stock repurchases.”

    Mr. Klein concluded, “I am pleased to announce that the Board of Directors has declared a cash dividend of $0.13 per common share, payable on May 21, 2025 to stockholders of record on May 7, 2025.”

    Results of Operations

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

    Net income was $7.9 million and $6.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $3.9 million increase in net interest income, a $2.2 million increase in the provision for credit losses on loans, a $359,000 decrease in non-interest income, an $897,000 decrease in non-interest expense, and a $616,000 increase in income tax expense.

    Net interest income for the three months ended March 31, 2025, increased $3.9 million, or 14.0%, to $31.8 million, from $27.9 million for the three months ended March 31, 2024, due to a $2.5 million decrease in interest expense and a $1.4 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the cost of interest-bearing liabilities which decreased by 15 basis points to 2.74% for the three months ended March 31, 2025, from 2.89% for the three months ended March 31, 2024, driven by a 20 basis point decrease in the cost of borrowed funds to 3.67% from 3.87%, partially offset by a two basis point increase in the cost of interest-bearing deposits to 2.51% from 2.49%, due to a higher concentration of certificates of deposit. The decrease in the average balance of interest-bearing liabilities was primarily due to a $413.6 million, or 37.3% decrease in the average balance of borrowed funds, partially offset by a $307.8 million, or 9.9%, increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to a 23 basis point increase in the yield on interest-earning assets, specifically higher yields on mortgage-backed securities, partially offset by a $104.0 million, or 1.9%, decrease in the average balance of interest earning assets. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of other securities of $273.9 million, the average balance of loans of $167.4 million and the average balance of interest-earning deposits in financial institutions of $143.9 million, partially offset by an increase in the average balance of mortgage-backed securities of $483.9 million.

    Net interest margin increased by 35 basis points to 2.38% for the three months ended March 31, 2025, from 2.03% for the three months ended March 31, 2024. The increase in net interest margin was primarily due to higher yields on mortgage-backed securities, coupled with a decrease in the cost of borrowed funds. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $223,000 for the three months ended March 31, 2025, as compared to $426,000 for the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025, included loan prepayment income of $245,000 as compared to $351,000 for the three months ended March 31, 2024.

    The provision for credit losses on loans increased by $2.2 million to $2.6 million for the three months ended March 31, 2025, compared to $415,000 for the three months ended March 31, 2024, primarily due to higher net charge-offs, changes in model assumptions, including a reduction in prepayment speeds and an increase in loss given defaults in the multifamily loans related to risk rating downgrades of certain loans in the portfolio. Net charge-offs were $2.8 million for the three months ended March 31, 2025, primarily due to $2.4 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $911,000 for the three months ended March 31, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $25.5 million at March 31, 2025.

    Non-interest income decreased by $359,000, or 10.6%, to $3.0 million for the three months ended March 31, 2025, compared to $3.4 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease of $998,000 in gains on sales of trading securities, partially offset by an increase in income on bank-owned life insurance of $675,000, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields. Losses on trading securities in the three months ended March 31, 2025, were $299,000, as compared to gains of $699,000 in the three months ended March 31, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation.  Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of, changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

    Non-interest expense decreased $897,000, or 4.0%, to $21.4 million for the three months ended March 31, 2025, compared to $22.3 million for the three months ended March 31, 2024. The decrease was primarily due to a $990,000 decrease in employee compensation and benefits, primarily attributable to a decrease in deferred compensation expense, which is described above, and had no effect on net income. Additionally, there was a $268,000 decrease in advertising expense. Partially offsetting the decreases were increases of $263,000 in professional fees related to outsourced audit services and recruitment fees and $164,000 in other expense.

    The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2025, compared to $2.3 million for the three months ended March 31, 2024. The effective tax rate for both the three months ended March 31, 2025, and March 31, 2024, was 27.0%. The effective tax rate for three months ending March 31, 2025, and March 31, 2024, were negatively impacted by increased tax expense of $79,000 and $18,000, respectively, as a result of vesting of stock awards.

    Comparison of Operating Results for the Three Months Ended March 31, 2025 and December 31, 2024

    Net income was $7.9 million and $11.3 million for the quarters ended March 31, 2025, and December 31, 2024, respectively. Significant variances from the prior quarter are as follows: a $2.1 million increase in net interest income, a $640,000 increase in the provision for credit losses on loans, a $4.0 million decrease in non-interest income, a $613,000 increase in non-interest expense, and a $246,000 increase in income tax expense.

    Net interest income for the quarter ended March 31, 2025, increased by $2.1 million, or 7.1%, primarily due to a $1.7 million decrease in interest expense and a $370,000 increase in interest income. The decrease in interest expense was primarily due to an 11 basis point decrease in the cost of interest-bearing liabilities to 2.74% for the quarter ended March 31, 2025, from 2.85% for the quarter ended December 31, 2024, and a $7.0 million, or 0.2%, decrease in the average balance of interest-bearing liabilities attributable to an $80.4 million decrease in the average balance of borrowed funds, partially offset by a $73.3 million increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to an 11 basis point increase in the yield on interest-earning assets and a $206,000 increase in the average balance of interest-earning assets primarily due to an increase in the average balance of mortgage-backed securities of $182.4 million, partially offset by decreases in the average balance of interest-earning deposits in financial institutions of $85.2 million, the average balance of other securities of $59.4 million, and the average balance of loans of $37.5 million.

    Net interest margin increased by 20 basis points to 2.38% for the quarter ended March 31, 2025, from 2.18% for the quarter ended December 31, 2024, primarily due to higher yields on loans and mortgage-backed securities coupled with a decrease in the cost of funds. Net interest income for the quarter ended March 31, 2025, included loan prepayment income of $245,000 as compared to $215,000 for the quarter ended December 31, 2024. The Company accreted interest income related to PCD loans of $223,000 for the quarter ended March 31, 2025, as compared to $568,000 for the quarter ended December 31, 2024.

    The provision for credit losses on loans increased by $640,000 to $2.6 million for the quarter ended March 31, 2025, from $1.9 million for the quarter ended December 31, 2024. The increase in the provision for the current quarter was primarily due to an increase in reserves in the commercial and industrial and in multifamily loans related to risk rating downgrades of certain loans in the portfolio, and higher net charge-offs. Net charge-offs were $2.8 million for the quarter ended March 31, 2025, as compared to net charge-offs of $2.0 million for the quarter ended December 31, 2024.

    Non-interest income decreased by $4.0 million, or 56.9%, to $3.0 million for the quarter ended March 31, 2025, from $7.0 million for the quarter ended December 31, 2024. The decrease was primarily due to a $3.4 million gain on sale of property in the quarter ended December 31, 2024. Additionally, there was a $367,000 decrease in gains on sales of trading securities, net, and a $561,000 decrease in other income, primarily due to lower swap fee income. For the quarter ended March 31, 2025, losses on trading securities, net, were $299,000, compared to gains of $68,000 for the quarter ended December 31, 2024. Partially offsetting the decreases was a $362,000 increase in income on bank owned life insurance, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields.

    Non-interest expense increased by $613,000, or 2.9%, to $21.4 million for the quarter ended March 31, 2025, from $20.8 million for the quarter ended December 31, 2024. The increase was primarily due to increases of $280,000 in occupancy expense, related to higher repairs and maintenance costs, $201,000 in data processing costs due to an increase in core system expenses, $310,000 in professional fees primarily due to an increase in outsourced audit services and recruitment fees, and a $158,000 increase in credit loss expense/(benefit) for off-balance sheet exposure. The increase in credit loss/(benefit) for off-balance sheet exposure was due to a provision of $103,000 recorded during the quarter ended March 31, 2025, as compared to a benefit of $55,000 recorded during the quarter ended December 31, 2024. Partially offsetting the decreases was a $283,000 decrease in other expense.

    The Company recorded income tax expense of $2.9 million for the quarter ended March 31, 2025, compared to $2.7 million for the quarter ended December 31, 2024. The effective tax rate for the quarter ended March 31, 2025 was 27.0%, compared to 19.2% for the quarter ended December 31, 2024. The effective tax rate for the quarter ending December 31, 2024, was positively impacted by the revaluation of certain state deferred tax assets.

    Financial Condition

    Total assets increased by $43.6 million, or 0.8%, to $5.71 billion at March 31, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $145.7 million, or 13.2%, partially offset by decreases in cash and cash equivalents of $66.1 million, or 39.4%, loans receivable of $30.7 million, or 0.8% and other assets of $4.5 million, or 9.6%.

    Cash and cash equivalents decreased by $66.1 million, or 39.4%, to $101.7 million at March 31, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

    Loans held-for-investment, net, decreased by $30.7 million, or 0.8%, to $3.99 billion at March 31, 2025 from $4.02 billion at December 31, 2024, primarily due to decreases in multifamily real estate loans, partially offset by increases in home equity and lines of credit and construction and land loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $29.6 million, or 1.1%, to $2.57 billion at March 31, 2025 from $2.60 billion at December 31, 2024, commercial real estate loans decreased $7.2 million, or 0.8%, to $882.6 million at March 31, 2025 from $889.8 million at December 31, 2024, one-to-four family residential loans decreased $3.4 million, or 2.3%, to $146.8 million at March 31, 2025 from $150.2 million at December 31, 2024, and commercial and industrial loans decreased $1.3 million, or 0.8%, to $162.1 million at March 31, 2025 from $163.4 million at December 31, 2024, and other loans decreased $754,000, or 34.8%, to $1.4 million at March 31, 2025 from $2.2 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $7.3 million, or 4.2%, to $181.4 million at March 31, 2025 from $174.1 million at December 31, 2024, and construction and land loans of $4.4 million, or 12.2%, to $40.3 million at March 31, 2025 from $35.9 million at December 31, 2024.

    As of March 31, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 424%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

    Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At March 31, 2025, office-related loans represented $182.4 million, or 4.6% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 59%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.0% in New York, 48.5% in New Jersey and 1.5% in Pennsylvania. At March 31, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.5 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At March 31, 2025, multifamily loans that have some form of rent stabilization or rent control totaled approximately $435.8 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 51%. At March 31, 2025, our largest rent-regulated loan had a principal balance of $16.7 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

    PCD loans totaled $9.0 million and $9.2 million at March 31, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $223,000 attributable to PCD loans for three months ended March 31, 2025, compared to $426,000 for three months ended March 31, 2024. PCD loans had an allowance for credit losses of approximately $2.7 million at March 31, 2025.

    Loan balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Real estate loans:      
    Multifamily $ 2,567,913   $ 2,597,484
    Commercial mortgage   882,600     889,801
    One-to-four family residential mortgage   146,791     150,217
    Home equity and lines of credit   181,354     174,062
    Construction and land   40,284     35,897
    Total real estate loans   3,818,942     3,847,461
    Commercial and industrial loans   162,133     163,425
    Other loans   1,411     2,165
    Total commercial and industrial and other loans   163,544     165,590
    Loans held-for-investment, net (excluding PCD)   3,982,486     4,013,051
    PCD loans   9,043     9,173
    Total loans held-for-investment, net $ 3,991,529   $ 4,022,224
     

    The Company’s available-for-sale debt securities portfolio increased by $145.7 million, or 13.2%, to $1.25 billion at March 31, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At March 31, 2025, $1.21 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $33.4 million in corporate bonds, substantially all of which were investment grade, $683,000 in municipal bonds and $608,000 in U.S. Government agency securities at March 31, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $16.7 million and $307,000, respectively, at March 31, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

    Equity securities were $10.9 million at March 31, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a decrease in money market mutual funds.

    Total liabilities increased $37.2 million, or 0.7%, to $5.00 billion at March 31, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $42.8 million, partially offset by a decrease in total deposits of $6.5 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

    Deposits decreased $6.5 million, or 0.2%, to $4.13 billion at March 31, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $140.1 million, or 53.2%, as the Company placed less reliance on brokered deposits which were used as a lower-cost alternative to borrowings in the trailing quarter. Deposits, excluding brokered deposits, increased $133.6 million, or 3.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $97.1 million in transaction accounts and $41.6 million in time deposits, partially offset by decreases of $4.5 million in savings accounts, and $579,000 in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

    Estimated gross uninsured deposits at March 31, 2025 were $1.95 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.01 billion, leaving estimated uninsured deposits of approximately $934.7 million, or 22.6%, of total deposits. At December 31, 2024, estimated uninsured deposits totaled $896.5 million, or 21.7% of total deposits.

    Deposit account balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Transaction:      
    Non-interest bearing checking $ 722,994   $ 706,976
    Negotiable orders of withdrawal and interest-bearing checking   1,367,219     1,286,154
    Total transaction   2,090,213     1,993,130
    Savings and money market:      
    Savings   899,674     904,163
    Money market   271,566     272,145
    Total savings   1,171,240     1,176,308
    Certificates of deposit:      
    $250,000 and under   602,959     580,940
    Over $250,000   144,255     124,681
    Brokered deposits   123,289     263,418
    Total certificates of deposit   870,503     969,039
    Total deposits $ 4,131,956   $ 4,138,477
     

    Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
           
    Business customers $ 891,545   $ 885,769
    Municipal (governmental) customers $ 929,611   $ 859,319
               

    Borrowed funds increased to $770.7 million at March 31, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $67.0 million increase in borrowings under an overnight line of credit, partially offset by a decrease of $24.2 million in other borrowings due to maturities. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

    The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at March 31, 2025 (dollars in thousands):

    Year   Amount   Weighted Average Rate
    2025   $160,684   3.89%
    2026   148,000   4.36%
    2027   173,000   3.19%
    2028   154,288   3.96%
        $635,972   3.83%
     

    Total stockholders’ equity increased by $6.5 million to $711.1 million at March 31, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $7.9 million for the three months ended March 31, 2025, an $8.1 million increase in accumulated other comprehensive income, associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $900,000 increase in equity award activity, partially offset by $5.0 million in stock repurchases and $5.4 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program. During the three months ended March 31, 2025, the Company repurchased 440,150 of its common stock outstanding at an average price of $11.36 for a total of $5.0 million pursuant to approved stock repurchase plan. As of March 31, 2025, the Company has no outstanding repurchase program.

    The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of March 31, 2025 was 24.3%.

    The Company had the following primary sources of liquidity at March 31, 2025 (dollars in thousands):

    Cash and cash equivalents(1)   $ 89,139
    Corporate bonds(2)   $ 19,323
    Multifamily loans(2)   $ 547,043
    Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)(2)   $ 1,102,759
         

    (1) Excludes $12.5 million of cash at Northfield Bank.
    (2) Represents estimated remaining borrowing potential.

    The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At March 31, 2025, the Company and the Bank’s estimated CBLR ratios were 12.08% and 12.62%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

    Asset Quality

    The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Non-accrual loans:      
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 2,565     $ 2,609  
    Commercial mortgage   4,565       4,578  
    Home equity and lines of credit   1,267       1,270  
    Commercial and industrial   4,972       5,807  
    Total non-accrual loans   13,369       14,264  
    Loans delinquent 90 days or more and still accruing:      
    Held-for-investment      
    Real estate loans:      
    Multifamily   —       164  
    One-to-four family residential   878       882  
    Home equity and lines of credit   140       140  
    Total loans held-for-investment delinquent 90 days or more and still accruing   1,018       1,186  
    Non-performing loans held-for-sale      
    Commercial mortgage   4,397       4,397  
    Commercial and industrial   500       500  
    Total non-performing loans held-for-sale   4,897       4,897  
    Total non-performing loans   19,284       20,347  
    Total non-performing assets $ 19,284     $ 20,347  
    Non-performing loans to total loans   0.48 %     0.51 %
    Non-performing assets to total assets   0.34 %     0.36 %
    Accruing loans 30 to 89 days delinquent $ 6,845     $ 9,336  
     

    Accruing Loans 30 to 89 Days Delinquent

    Loans 30 to 89 days delinquent and on accrual status totaled $6.8 million and $9.3 million at March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 1,296   $ 2,831
    Commercial mortgage   147     78
    One-to-four family residential   2,584     2,407
    Home equity and lines of credit   1,141     1,472
    Commercial and industrial loans   1,674     2,545
    Other loans   3     3
    Total delinquent accruing loans held-for-investment $ 6,845   $ 9,336
     

    The decrease in delinquent multifamily loans was primarily due to one relationship totaling $2.1 million that became current during the quarter ended March 31, 2025. The decrease in delinquent commercial and industrial loans was primarily due to five unsecured small business loans that were charged off totaling $797,000. Management continues to monitor the unsecured small business commercial and industrial loan portfolio which represents the majority of the commercial and industrial delinquencies in the table above.

    PCD Loans (Held-for-Investment)

    The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at March 31, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At March 31, 2025, 2.1% of PCD loans were past due 30 to 89 days, and 25.2% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2024.

    Our multifamily loan portfolio at March 31, 2025 totaled $2.57 billion, or 64% of our total loan portfolio, of which $435.8 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

    % Rent Regulated   Balance   % Portfolio Total NY Multifamily Portfolio   Average Balance   Largest Loan   LTV*   Debt Service Coverage Ratio (DSCR)*   30-89 Days Delinquent   Non-Accrual   Special Mention   Substandard
    0   $ 279,630   39.1 %   $ 1,175   $ 16,441   50.6 %   1.48x   $ 580   $ 499   $ —   $ 1,800
    >0-10     4,696   0.6       1,565     2,107   50.9     1.33     —     —     —     —
    >10-20     18,397   2.6       1,415     2,834   48.7     1.40     —     —     —     —
    >20-30     19,268   2.7       2,141     5,449   53.2     1.65     —     —     —     —
    >30-40     14,958   2.1       1,247     3,037   47.8     1.59     —     —     —     —
    >40-50     21,558   3.0       1,268     2,710   46.9     1.77     —     —     —     —
    >50-60     9,298   1.3       1,550     2,313   39.4     1.80     —     —     —     —
    >60-70     20,765   2.9       2,966     11,181   53.4     1.51     —     —     —     —
    >70-80     22,158   3.1       2,462     4,874   47.5     1.43     —     —     —     —
    >80-90     20,516   2.9       1,140     3,124   46.1     1.64     —     —     1,124     —
    >90-100     284,164   39.7       1,733     16,698   51.6     1.60     665     2,067     3,630     4,389
    Total   $ 715,408   100.0 %   $ 1,442   $ 16,698   50.6 %   1.55x   $ 1,245   $ 2,566   $ 4,754   $ 6,189
     

    The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

    County   Balance   LTV*   DSCR*
    Bronx   $ 116,944   51.2 %   1.60x
    Kings     184,545   50.5 %   1.57
    Nassau     2,155   35.8 %   1.88
    New York     48,838   46.3 %   1.61
    Queens     37,633   44.3 %   1.69
    Richmond     32,258   60.1 %   1.41
    Westchester     13,405   58.7 %   1.78
    Total   $ 435,778   50.6 %   1.59x
                 

    * Weighted Average

    None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 27 loans with an aggregate principal balance of $46.0 million will re-price.

    About Northfield Bank

    Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.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 Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, fluctuations in real estate values and both residential and commercial real estate market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, competition among depository and other financial institutions, including with respect to fees and interest rates, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments  and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

    Company Contact:
    William R. Jacobs
    Chief Financial Officer
    Tel: (732) 499-7200 ext. 2519

    (Tables follow)

    NORTHFIELD BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
    (Dollars in thousands, except per share amounts) (unaudited)
     
      At or For the Three Months Ended
      March 31,   December 31
      2025   2024   2024
    Selected Financial Ratios:          
    Performance Ratios (1)          
    Return on assets (ratio of net income to average total assets) 0.56 %   0.43 %   0.79 %
    Return on equity (ratio of net income to average equity) 4.52     3.59     6.40  
    Average equity to average total assets 12.43     12.04     12.28  
    Interest rate spread 1.76     1.39     1.54  
    Net interest margin 2.38     2.03     2.18  
    Efficiency ratio (2) 61.57     71.43     56.75  
    Non-interest expense to average total assets 1.53     1.55     1.46  
    Non-interest expense to average total interest-earning assets 1.61     1.63     1.53  
    Average interest-earning assets to average interest-bearing liabilities 129.42     128.66     129.20  
    Asset Quality Ratios:          
    Non-performing assets to total assets 0.34     0.29     0.36  
    Non-performing loans (3) to total loans (4) 0.48     0.41     0.51  
    Allowance for credit losses to non-performing loans (5) 242.73     214.83     227.72  
    Allowance for credit losses to total loans held-for-investment, net (6) 0.87     0.89     0.87  
     

    (1) Annualized where appropriate.
    (2) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
    (4) Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
    (5) Excludes loans held-for-sale.
    (6) Includes originated loans held-for-investment, PCD loans, and acquired loans.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      March 31, 2025   December 31, 2024
    ASSETS:      
    Cash and due from banks $ 12,523     $ 13,043  
    Interest-bearing deposits in other financial institutions   89,139       154,701  
    Total cash and cash equivalents   101,662       167,744  
    Trading securities   13,003       13,884  
    Debt securities available-for-sale, at estimated fair value   1,246,473       1,100,817  
    Debt securities held-to-maturity, at amortized cost   8,883       9,303  
    Equity securities   10,855       14,261  
    Loans held-for-sale   4,897       4,897  
    Loans held-for-investment, net   3,991,529       4,022,224  
    Allowance for credit losses   (34,921 )     (35,183 )
    Net loans held-for-investment   3,956,608       3,987,041  
    Accrued interest receivable   19,648       19,078  
    Bank-owned life insurance   177,398       175,759  
    Federal Home Loan Bank of New York stock, at cost   38,350       35,894  
    Operating lease right-of-use assets   27,345       27,771  
    Premises and equipment, net   21,431       21,985  
    Goodwill   41,012       41,012  
    Other assets   42,435       46,932  
    Total assets $ 5,710,000     $ 5,666,378  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    LIABILITIES:      
    Deposits $ 4,131,956     $ 4,138,477  
    Federal Home Loan Bank advances and other borrowings   709,159       666,402  
    Subordinated debentures, net of issuance costs   61,498       61,442  
    Lease liabilities   31,630       32,209  
    Advance payments by borrowers for taxes and insurance   29,270       24,057  
    Accrued expenses and other liabilities   35,338       39,095  
    Total liabilities   4,998,851       4,961,682  
           
    STOCKHOLDERS’ EQUITY:      
    Total stockholders’ equity   711,149       704,696  
    Total liabilities and stockholders’ equity $ 5,710,000     $ 5,666,378  
           
    Total shares outstanding   42,676,274       42,903,598  
    Tangible book value per share(1) $ 15.70     $ 15.46  
     

    (1) Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $57 and $69 at March 31, 2025 and December 31, 2024, respectively, and are included in other assets.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      For the Three Months Ended
      March 31,   December 31,
        2025       2024     2024  
    Interest income:          
    Loans $ 45,283     $ 46,047   $ 45,902  
    Mortgage-backed securities   12,009       4,398     9,160  
    Other securities   797       3,841     1,428  
    Federal Home Loan Bank of New York dividends   862       970     885  
    Deposits in other financial institutions   1,141       3,392     2,347  
    Total interest income   60,092       58,648     59,722  
    Interest expense:          
    Deposits   21,191       19,273     22,031  
    Borrowings   6,291       10,663     7,169  
    Subordinated debt   819       828     837  
    Total interest expense   28,301       30,764     30,037  
    Net interest income   31,791       27,884     29,685  
    Provision for credit losses   2,582       415     1,942  
    Net interest income after provision for credit losses   29,209       27,469     27,743  
    Non-interest income:          
    Fees and service charges for customer services   1,620       1,615     1,634  
    Income on bank-owned life insurance   1,639       964     1,277  
    (Losses)/gains on trading securities, net   (299 )     699     68  
    Gain on sale of property   —       —     3,402  
    Other   62       103     623  
    Total non-interest income   3,022       3,381     7,004  
    Non-interest expense:          
    Compensation and employee benefits   11,775       12,765     11,761  
    Occupancy   3,533       3,553     3,253  
    Furniture and equipment   414       484     436  
    Data processing   2,122       2,147     1,921  
    Professional fees   1,072       809     762  
    Advertising   250       518     287  
    Federal Deposit Insurance Corporation insurance   617       588     625  
    Credit loss expense/(benefit) for off-balance sheet exposures   103       83     (55 )
    Other   1,549       1,385     1,832  
    Total non-interest expense   21,435       22,332     20,822  
    Income before income tax expense   10,796       8,518     13,925  
    Income tax expense   2,920       2,304     2,674  
    Net income $ 7,876     $ 6,214   $ 11,251  
    Net income per common share:          
    Basic $ 0.19     $ 0.15   $ 0.28  
    Diluted $ 0.19     $ 0.15   $ 0.27  
    Basic average shares outstanding   40,864,529       42,367,243     40,889,355  
    Diluted average shares outstanding   40,922,829       42,408,953     41,029,275  
     
    NORTHFIELD BANCORP, INC.
    ANALYSIS OF NET INTEREST INCOME
    (Dollars in thousands) (unaudited)
     
      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)
    Interest-earning assets:                                  
    Loans(2) $ 4,007,266   $ 45,283   4.58 %   $ 4,044,787   $ 45,902   4.51 %   $ 4,174,668   $ 46,047   4.44 %
    Mortgage-backed securities(3)   1,132,715     12,009   4.30       950,309     9,160   3.83       648,811     4,398   2.73  
    Other securities(3)   118,082     797   2.74       177,462     1,428   3.20       391,980     3,841   3.94  
    Federal Home Loan Bank of New York stock   36,929     862   9.47       37,065     885   9.50       39,599     970   9.85  
    Interest-earning deposits in financial institutions   118,983     1,141   3.89       204,146     2,347   4.57       262,884     3,392   5.19  
    Total interest-earning assets   5,413,975     60,092   4.50       5,413,769     59,722   4.39       5,517,942     58,648   4.27  
    Non-interest-earning assets   277,586             277,067             266,428        
    Total assets $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW, and money market accounts $ 2,502,664   $ 12,148   1.97 %   $ 2,424,370   $ 11,997   1.97 %   $ 2,464,297   $ 12,331   2.01 %
    Certificates of deposit   923,713     9,043   3.97       928,658     10,034   4.30       654,328     6,942   4.27  
    Total interest-bearing deposits   3,426,377     21,191   2.51       3,353,028     22,031   2.61       3,118,625     19,273   2.49  
    Borrowed funds   695,281     6,291   3.67       775,722     7,169   3.68       1,108,880     10,663   3.87  
    Subordinated debt   61,461     819   5.40       61,406     837   5.42       61,239     828   5.44  
    Total interest-bearing liabilities   4,183,119     28,301   2.74       4,190,156     30,037   2.85       4,288,744     30,764   2.89  
    Non-interest bearing deposits   706,217             703,886             699,640        
    Accrued expenses and other liabilities   94,819             97,918             99,594        
    Total liabilities   4,984,155             4,991,960             5,087,978        
    Stockholders’ equity   707,406             698,876             696,392        
    Total liabilities and stockholders’ equity $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Net interest income     $ 31,791           $ 29,685           $ 27,884    
    Net interest rate spread(4)         1.76 %           1.54 %           1.39 %
    Net interest-earning assets(5) $ 1,230,856           $ 1,223,613           $ 1,229,198        
    Net interest margin(6)         2.38 %           2.18 %           2.03 %
    Average interest-earning assets to interest-bearing liabilities         129.42 %           129.20 %           128.66 %
     

    (1) Average yields and rates are annualized.
    (2) Includes non-accruing loans.
    (3) Securities available-for-sale and other securities are reported at amortized cost.
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6) Net interest margin represents net interest income divided by average total interest-earning assets.

    The MIL Network –

  • MIL-Evening Report: A golden era for personalized medicine is approaching, but are we ready?

    Source: The Conversation (Au and NZ) – By Nazia Pathan, PhD, Postdoctoral Researcher, Population Health Research Institute, McMaster University

    Biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale (Piqsels/Siyya)

    If there’s a disease that seems to run in your family, if you’ve had a negative reaction to a drug or wondered why a standard treatment didn’t work on you, the answers may lie in your genes.

    The unique sequence of DNA that acts as a blueprint for building and maintaining your body often plays a major role in shaping your predisposition to diseases and reactions to drugs.

    Genes in the DNA make proteins, which can act as biomarkers or influence other types of biomarkers. Biomarkers are molecules in the body that help measure health conditions, such as those detected in blood or urine tests.

    Blood glucose, for example, is a biomarker for diabetes, cholesterol levels can be biomarkers for heart diseases and albumin is a protein used to assess kidney and liver functions.

    Tailoring treatments

    By understanding a patient’s unique genetic profile, biomarker readings and lifestyle information, doctors could tailor the most effective and safest treatments for that individual.

    Genetics offer the opportunity for individualized health care that can improve patient outcomes, save lives and alleviate strain on the health-care system.

    This is the promise of personalized medicine, which is already making a difference in areas such as cardiovascular diseases, cancer, mental health and rare diseases.

    The question is, are we prepared to seize this golden opportunity in Canada?

    Genetic testing and data

    Canadians are not averse to genetic testing. By 2018, a survey by Abacus Data showed around 11 per cent of Canadian adults had used direct-to-consumer genetic testing and analysis kits, and 60 per cent were open to ordering a test.

    This level of interest highlights a general acceptance of and readiness for genetic advancements in health care, which is encouraging, since we need much more reliable, population-level genetic information to make the most of this opportunity.

    Current genetic data is either scattered across relatively small, fragmented groups, which is severely limiting from a broader research perspective, or held by private companies. These companies have varying regulatory standards, raising concerns about privacy and data security, especially if a company is financially unstable or ceases to exist. This recently occurred when genetic testing company 23andMe filed for bankruptcy.



    Read more:
    With 23andMe filing for bankruptcy, what happens to consumers’ genetic data?

    The better model is publicly managed biobanks, which prioritize broad societal health over profit and offer stronger data protection through robust regulation of access, storage and usage. Strict oversight ensures the protection of individual privacy while promoting transparency.

    The potential of biobanks

    In this age of big data, biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale.

    This is possible because of technological advancements that allow large-scale genetic and biomarker testing, the adoption of cloud-based servers, and improvements in statistical modelling, machine learning and artificial intelligence.

    Establishing a biobank begins with collecting small amounts (five to 10 millilitres) of blood, saliva or tissue from consenting participants in the presence of health experts.

    Biobanks use next-generation sequencers to perform the genetic sequences at high speed, while the latest proteomics platforms enable measurement of thousands different biomarkers from a very small amount of blood. The resulting genetic and biomarker profiles are curated and made accessible through platforms like a national library.

    Countries such as the United Kingdom and the United States are paving the way with national efforts such as the UK Biobank and the All of Us Research Program.

    The British Biobank houses genetic and health data from more than 500,000 participants. Similarly, the U.S. program aims to enrol more than one million participants.

    Genomics in Canada

    As a genetic epidemiologist, I have had the opportunity to identify several potential genetic targets by using these treasure troves of information.

    The problem is that we don’t yet have a ready way of knowing if the results are directly applicable to the Canadian population.

    This is about to change. Genome Canada has launched the Canadian Precision Health Initiative to sequence the genomes of at least 100,000 Canadians.

    Biobanks enable scientists to study the relationships between genes, health and disease on an unprecedented scale.
    (Pixabay/Shameersrk)

    A Pan-Canadian Genome Library (PCGL) is also in the works to harmonize genetic data produced across Canada. It aims to capture, store and provide access to Canadian genomic data in a secure and ethical manner. Although this work is in the developmental phase, and the target population size remains unclear, these efforts are significant.

    These visions are closer to becoming a reality with the recent announcement of a $200 million investment in the Canadian Precision Health initiative. This is in addition to the more than $1 billion previously invested in health genomics research projects.

    These funds will support Canada’s Genomic centres, the PCGL, and enhance the translation of genomics into real-world applications, boosting the development of personalized medicine and advanced diagnostics to treat diseases.

    A potential model for the world

    Canada, with its uniquely diverse population, has a rare opportunity to lead the way in equitable, multi-ethnic genetic research that would address current biases that predominantly focus on individuals with European ancestry.

    This would ensure that everyone in Canada, including Indigenous communities, can benefit from this health-care revolution in an equitable, ethical and safe manner that balances privacy with the opportunities for groundbreaking research.

    With public trust and robust oversight, and making population-level data internationally accessible, Canada’s biobank initiative could become a model for the world in the golden era of personalized medicine.

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

    – ref. A golden era for personalized medicine is approaching, but are we ready? – https://theconversation.com/a-golden-era-for-personalized-medicine-is-approaching-but-are-we-ready-250336

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Promotes Excellence and Innovation at HBCUs

    US Senate News:

    Source: The White House
    ADVANCING HBCU EXCELLENCE: Today, President Donald J. Trump signed an Executive Order to promote excellence and innovation at Historically Black Colleges and Universities (HBCUs).
    The Order establishes a White House Initiative on HBCUs, housed in the Executive Office of the President, to enhance HBCUs’ capacity to deliver high-quality education to a growing number of students.
    The Initiative will prioritize private-sector partnerships, institutional development, and workforce preparation in high-growth industries like technology, healthcare, manufacturing, and finance.
    The Initiative will enhance HBCUs’ capabilities by supporting implementation of the HBCU PARTNERS Act, fostering research and program excellence, improving affordability and retention, and building pipelines for students to attend HBCUs.
    The Initiative will work to address barriers to HBCUs receiving certain Federal and state grant dollars and to improve their competitiveness for R&D funding.
    The Initiative will convene an annual White House Summit on HBCUs to foster collaboration and address key priorities for HBCU success.

    The Order establishes the President’s Board of Advisors on HBCUs within the Department of Education, comprising leaders from philanthropy, education, business, finance, entrepreneurship, innovation, private foundations, and current HBCU presidents.
    EMPOWERING HBCUs FOR AMERICA’S FUTURE: President Trump supports our Nation’s incredible HBCUs and their critical contributions to opportunity, innovation, and the economic strength of the United States.
    HBCUs areessential to fostering opportunity, economic mobility, and national competitiveness, serving as engines of success for American students.
    HBCUs have made extraordinary contributions to the general welfare and prosperity of the United States while producing many leaders in business, government, academia, and the military.
    Nearly 300,000 individuals annually pursue their dreams at HBCUs throughout the United States.
    These institutions generate $16.5 billion in annual economic impact and support over 136,000 jobs, strengthening communities and the Nation. 
    BUILDING ON A LEGACY OF SUPPORT: President Trump is committed to elevating HBCUs as beacons of educational excellence and economic opportunity, building on transformative actions from his first term.  
    President Trump relocated the Federal HBCU Initiative to the White House to ensure direct oversight and prioritization, and will once again locate it there.
    President Trump signed the FUTURE Act into law, securing $255 million in permanent annual funding for HBCUs and increasing funding for Federal Pell Grants.
    President Trump authorized more than $100 million for scholarships, research, and centers of excellence at HBCU land-grant institutions.
    President Trump provided $322 million in hurricane-related relief to four HBCUs in 2018 so they could fully focus on educating their students.
     President Trump ensured that faith-based HBCUs received equal access to Federal support.

    MIL OSI USA News –

  • MIL-OSI USA: State’s Outdoor Recreation and Conservation Leaders Announce Launch of Colorado’s Outdoors Strategy

    Source: US State of Colorado

    Collaborative vision for conservation, outdoor recreation, and climate resilience ensures an enduring future for generations to come

    COLORADO SPRINGS – Colorado Governor Jared Polis and coordinating partners from several state conservation, outdoor recreation, and climate resilience departments and programs, announced today the launch of Colorado’s Outdoors Strategy, a statewide vision and framework for action that ensures a future where Colorado’s outdoors, people, community character, and ways of life endure for generations to come. The Strategy was unveiled at the Partners in the Outdoors Conference in Colorado Springs. Coordinating partners involved in the Strategy development and rollout included Colorado Parks and Wildlife, Great Outdoors Colorado (GOCO), Colorado Department of Natural Resources, the Colorado Outdoor Recreation Industry Office, and the Governor’s Office of Climate Preparedness & Disaster Recovery.

    Colorado’s Outdoors Strategy, one of the first of its kind in the United States, is the state’s conservation, outdoor recreation, and climate resilience strategy. It advances coordination, tools, and funding to align, prioritize, and implement strategic actions on the landscape for conservation, outdoor recreation, and climate resilience.  

    “Coloradans and our visitors love our great outdoors, and the outdoors are essential to what makes our state special,” said Governor Polis. “The health of our wildlife, biodiversity, people, communities, agriculture, and economies depends on thriving natural environments and amazing outdoor recreation experiences that our state provides. But our wild areas face significant and urgent pressures from growing populations, human disturbance, climate change, wildfires, and drought – and we are at an important crossroads. Our Strategy provides structure and important tools to help communities effectively and successfully plan and implement for the future.”

    Outdoor spaces are vital to residents, with 96% engaging in outdoor activities at least annually and 90 million visitors exploring the state in 2022. With more than 960 wildlife species and a population expected to grow from 5.5 million to 8.5 million by 2050, the Strategy supports Colorado’s efforts to celebrate and balance both conservation and recreation.  Colorado’s Outdoors Strategy has three goals:

    1. Climate-Resilient Conservation and Restoration: Conservation and restoration of lands and waters help wildlife and biodiversity thrive; habitats are resilient and connected; communities benefit from healthy ecosystems and agricultural lands.
    2. Exceptional and Sustainable Outdoor Recreation: A diversity of high-quality outdoor experiences are accessible, equitable, and inclusive; management and stewardship enhance benefits for and minimize impacts to people, landscapes, and communities.
    3. Coordinated Planning and Funding: Planning and implementation are interdisciplinary; supported by robust funding and capacity; inclusive of diverse perspectives and communities; and drive meaningful action for the outdoors.

    “The Strategy supports all who love the outdoors in working together to achieve climate-resilient conservation and restoration coupled with exceptional and sustainable outdoor recreation,” said Jeff Davis, Director, Colorado Parks and Wildlife. “Everyone can use the Strategy’s vision and goals as ‘North Stars’ to champion Colorado’s outdoors and coordinate efforts to achieve key outcomes for the state. The success of Colorado’s Outdoors Strategy hinges on partnerships to work together toward common goals and solutions.”  

    The Strategy comes to life through 9 objectives and 33 coordinating partner actions, along with a Resource Hub, offering free online data, mapping tools, and other resources to support conservation, outdoor recreation, and climate resilience planning. Available to public and private partners, the hub streamlines collaboration and enhances planning efforts for the outdoors. It currently provides:  

    • An interactive data dashboard with state and county scale information, data, and links for conservation, outdoor recreation, and climate resilience.  
    • An interactive plan library that is searchable for federal, regional, state, and county scale conservation, outdoor recreation, and climate resilience plans in Colorado.
    • Planning resources and guidance for conservation, outdoor recreation, and climate resilience.  
    • A statewide Guidance Framework for Tribal Collaboration in Conservation, Outdoor Recreation, and Climate Resilience.  
    • An interactive Equity, Diversity, and Inclusion Resource and Action Guide that is searchable by topic area.  
    • Colorado’s Conservation Data Explorer (CODEX) and StoryMap with conservation, outdoor recreation, and climate resilience mapping tools.  

    Coordinating partners worked to develop the Strategy and Resource Hub over the past year. Other key partners contributed to the effort including state, federal, and local governments; Tribal Nations; private and agricultural land/water rights owners and managers; local communities; Colorado Regional Partnerships Initiative; Colorado Outdoor Partnership; and diverse private and public sector partners in conservation, restoration, outdoor recreation, stewardship, climate resilience, and equity, diversity, and inclusion.  

    “Colorado’s Outdoors Strategy is a bold, collaborative vision for the future of our state’s great outdoors. With leadership from the Department of Natural Resources, Great Outdoors Colorado, Colorado Parks and Wildlife, the Outdoor Recreation Office, and the Governor’s office, we’ve developed an innovative framework that will guide how we protect and steward Colorado’s landscapes — making them more climate-resilient, while also ensuring exceptional recreational opportunities are accessible to all. Our outdoors are more than just playgrounds — they are the heart of our Colorado way of life. But they’re under pressure — from population growth, increasing visitation, climate change, wildfires, and drought. To help tackle these challenges, we’ve spent the last few years listening — to communities, to experts, to everyday Coloradans — and crafting a strategy that reflects our shared commitment to protecting what makes this state so special. We’re proud of the work that’s been done, and even more excited about what comes next,” said Dan Gibbs, Executive Director, Colorado Department of Natural Resources.

    “As Colorado’s significant outdoor industry continues to grow, the Colorado Outdoor Strategy offers a vital roadmap for balancing economic opportunity with environmental stewardship and conservation. It empowers communities, businesses, and land managers to work together in building a future where our landscapes are resilient, recreation is sustainable, and access is equitable. This strategy reflects our shared belief that the outdoors are central to Colorado’s identity, economy, and way of life—and that we all have a role in protecting them,” said Conor Hall, Director, Colorado Outdoor Recreation Industry Office.

    “Colorado’s Outdoors Strategy boosts Colorado’s technical chops, partner collaboration and funding menu to answer the question; how do we ensure our wild places, wildlife and wild opportunities thrive even while accounting for a changing climate and growing state. The Office of Climate Preparedness is proud to see this multi-year effort launch, advancing Colorado’s preparedness for a climate impacted future, building a state of the art technical foundation, on which state, local and federal partnerships can work together to realize a flourishing future for Colorado’s outdoors,” said Jonathan Asher, Director, Governor’s Office of Climate Preparedness & Disaster Recovery.

    “Colorado’s outdoor champions are showing their strength. The strategy is a testament to the power of partnership. United by a shared vision and leveraging the best available research, data, and resources, we are equipped to make decisions that will protect Colorado’s landscapes, foster vibrant communities, and improve Coloradans’ quality of life for years to come,” said GOCO’s Executive Director Jackie Miller. “We’ve accomplished so much already, and we’re just getting started.”  

    “The Nature Conservancy in Colorado is proud to have offered our science, insights, and expertise to help develop Colorado’s Outdoors Strategy. We are excited to be part of this historic milestone for conservation, outdoor recreation, and climate resilience, and we believe it will have far-reaching and meaningful impacts to benefit our lands, waters, recreation, and economy. Efforts like Colorado’s Outdoors Strategy show that we can work together to find solutions that benefit people and nature,” said Carlos Fernández, Colorado State Director, The Nature Conservancy.

    “The Strategy’s Guidance Framework for Tribal Collaboration offers a much-needed approach to ensuring that Tribes are actively involved in decision-making processes, and we appreciate the opportunity to contribute our expertise and traditional knowledge to help shape the direction of this work. By supporting this framework, our focus is to enhance Tribal participation in land and water management decisions, protect sacred lands, and preserve ecosystems that are vital to the health and well-being of our communities,” said Chairman Melvin J. Baker of the Southern Ute Indian Tribe.

    “To plan for recreation and conservation as separate pursuits would be like planting two halves of a tree on opposite sides of the forest — they will grow at the same time, but they will never form the same canopy. The health of the land requires harmony, not division. The Colorado Outdoor Strategy offers a way to manage the needs of wildlife and the wanderings of people in concert,” said Patt Dorsey, West Region Director of Conservation Operations, National Wild Turkey Federation.

    “Colorado’s Outdoors Strategy is a voluntary collaborative partnership for agriculture, conservation and recreation possibilities, whilst safeguarding Agriculture integrity and productivity,” said Tony Hass, Las Animas County Commissioner and Manager, Walking Y Ranch.

    “I am immensely grateful to have been chosen as a member of the Colorado Outdoors Strategy Steering Committee. The Strategy has the potential of memorializing a comprehensive approach to the symbiotic relationship between recreation and conservation that exists in Colorado and fairly makes this state a mecca for high quality experiences,” said Janelle Kukuk, Former State Trails Member, snowmobile at-large.

    “Colorado’s Outdoors Strategy represents years of hard work by countless communities, organizations and individuals, but more importantly it represents a collective commitment to look forward in a proactive and inclusive manner to avoid the mistakes of our past. Our ability to address the challenges of climate change, wildlife habitat loss and fragmentation, and fostering equitable and inclusive outdoor recreation opportunities requires collaboration from all stakeholders and Colorado’s Outdoors Strategy provides the framework for our local Regional Partnership Initiatives to envision what they want their communities to invest in for the future, a future that all Coloradans now have a stake in because of the Strategy,” said Luke Shafer, West Slope Director, Conservation Colorado.

    “Envision is excited to see Colorado’s Outdoors Strategy launch. Since 2016, Envision has been listening to residents and visitors and taking action with community and agency partners to sustain the healthy forests, waters, wildlife, working agricultural landscapes and exceptional outdoor recreation that make Chaffee County and Colorado such a special place to live and to visit. The Strategy offers a statewide framework to connect and empower grassroots efforts and organizations like ours to do more to protect the Colorado we love together,” said Cindy Williams, Chair, Envision Chaffee County.

    “Strategic approaches have been the cornerstone for much of the success around land conservation and outdoor recreation state-wide. Colorado’s Outdoors Strategy represents a cohesive and forward thinking approach to how we continue to balance the conservation of key landscapes that characterize the beauty and sustainability of our state while at the same time providing for meaningful outdoor experiences,” said Daylan Figgs, Director, Larimer County Natural Resources.

    “Colorado’s Outdoors Strategy cohesively aligns with Larimer County’s vision for the future by outlining a pathway to conserve its vibrant natural resources and valuable outdoor experiences. It is clear the challenges we face as a state are not unique to any one of us alone. The Strategy guides our future as partners in solving issues collectively, strengthening our resiliency as we face the future,” said Jody Shadduck-McNally, Larimer County Commissioner.

    “COS is a transformative path to a future where Colorado’s nature, people, and ways of life endure and thrive. The Colorado Natural Heritage Program is proud to have been a partner on the project team, helping to build a legacy of planning tools to inform decision-making in climate-resilient conservation, exceptional and sustainable outdoor recreation, and coordinated planning and funding. We are thrilled to host the map layers from COS on Colorado’s Conservation Data Explorer (CODEX), a collaborative space where all Coloradans can explore these tools and use them to drive sustainable investment in Colorado’s future. CNHP will use COS tools across our program, including our five-year Statewide Natural Heritage Survey, in which we are leveling up Colorado’s conservation data in the service of the COS, the Regional Partnership Initiative, and all of Colorado’s communities,” said David Anderson, Director and Chief Scientist, Colorado Natural Heritage Program, Colorado State University.

    “The love of the outdoors brings Coloradoans together. The COS is a voluntary partnership and tool that will help communities and regions celebrate and enhance access to Colorado’s innate natural beauty,” said Kelly Flenniken, Executive Director, Colorado Counties, Inc.

    “I am thrilled to see the release of Colorado’s Outdoors Strategy after years working with stakeholders from around the state to address community needs and find a balance between conservation and outdoor recreation. BLM depends on partnerships with the state and local communities to meet the needs of the over 10 million visitors each year to BLM public lands, which generate over $1.5 billion in economic impact each year. This new strategy continues Colorado’s leadership in fostering collaboration between hunters, anglers, boaters, climbers, equestrians, mountain bikers, OHVers, and so many more partners, to steward our incredible public lands,” said Doug Vilsack, Colorado State Director, Bureau of Land Management.

    “Colorado has thousands of miles of incredible rivers that hundreds of thousands of residents and visitors flock to every year. American Whitewater is very excited about the direction and guidance Colorado’s Outdoors Strategy will provide. This effort is sure to protect our incredible recreational resources and vital ecosystems for many future generations,” said Hattie Johnson, Southern Rockies Restoration Director, American Whitewater.

    “COS provides navigational guidance and robust tools to integrate wildlife conservation needs and outdoor recreation desires,” said Suzanne O’Neill, Colorado Wildlife Federation.

    “Colorado’s Outdoors Strategy was born to help Coloradans enjoy robust wildlife populations, awe-inspiring landscapes, fulfilling recreational opportunities, and strong economies. But this future is only possible through informed planning followed by strategic action that avoids, minimizes, and mitigates adverse impacts to important habitats. Colorado’s Outdoors Strategy helps pave the way for community-developed, interdisciplinary plans that simultaneously conserve our wildlife and wild places and support sustainable recreation for all people,” Liz Rose, Colorado Program Manager, Theodore Roosevelt Conservation Partnership.

    “We at the Pikes Peak Outdoor Recreation Alliance are excited to see the launch of Colorado’s Outdoors Strategy for so many reasons. Among them, in our own partnerships, we’ve been able to utilize the data collection and resources that will now be available to us across the state. We leveraged the Strategy’s statewide conservation summary data and worked with local expertise to build a Pikes Peak Region conservation summary, which will inform planning and decision making moving forward. The Strategy’s north star goals support exceptional recreation and exceptional conservation of our natural resources. Our regional partnership’s advancement of a new land management partnership on Pikes Peak – America’s Mountain will support the Strategy, and we look forward to seeing it develop,” said Becky Leinweber, Executive Director, PPORA leading Outdoor Pikes Peak Initiative.

    Moving forward, Colorado Parks and Wildlife will steward Colorado’s Outdoors Strategy by coordinating collaborative leadership and implementation with GOCO, the Department of Natural Resources, Outdoor Recreation Industry Office, and the Governor’s Office, along with other agencies and partners.

    For more information, or to access Colorado’s Outdoors Strategy Resource Hub, visit the website.

    ###
     

    MIL OSI USA News –

  • MIL-OSI USA: Illuminating NYS Landmarks for Work Zone Awareness Week

    Source: US State of New York

    overnor Kathy Hochul today announced 13 State landmarks will be illuminated orange for “Go Orange Day” and to commemorate National Work Zone Awareness Week.

    “Safety for all New Yorkers is my top priority, especially those who have dedicated their careers to ensuring that our roadways are well maintained and safe for motorists,” said Governor Hochul. “This year, I encourage all New Yorkers to do their part by reducing speed, eliminating distractions and staying vigilant in work zones so that our hard-working and dedicated roadside workers are safe.”

    On Monday, Governor Hochul highlighted April 21-25, 2025 as National Work Zone Awareness Week. Throughout the week, the New York State Thruway Authority and State Department of Transportation will be hosting awareness events, lighting digital highway signs with safety messages and sharing important safety reminders on social media platforms. This continues the Governor’s commitment to traffic safety, from launching the public awareness campaign, “Slow Down, Move Over” and signing a bill to expand the “Move Over” law in 2023.

    Governor Hochul has proposed making the Automated Work Zone Speed Enforcement pilot program permanent and increasing penalties for repeat violators in her Fiscal Year 2026 Executive Budget, in addition to expanding the program to include Metropolitan Transportation Authority (MTA) Bridges and Tunnels and New York State Bridge Authority properties. Additionally, the Governor has proposed enhancing penalties for assaults against transportation workers, extending protections similar to those provided to many MTA and retail workers. These actions will improve safety for both highway workers and drivers.

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “The lighting of state landmarks as part of ‘Go Orange Day’ is a fitting tribute to the highway workers across New York who work every day in dangerous conditions to make our roads and bridges safe for all New Yorkers. I thank Governor Hochul for her ongoing commitment to protect our state highway workers by supporting the work zone speed camera program and encouraging all motorists to exercise extreme caution in work zones across New York State.”

    New York State Thruway Authority Executive Director Frank G. Hoare said, “We express our gratitude to Governor Hochul for emphasizing and raising awareness about work zone safety. The Governor’s leadership and commitment to expanding New York’s Move Over Law, proposing to make the Automated Work Zone Speed Enforcement program permanent, and increasing penalties for repeat offenders are crucial measures in safeguarding our hardworking individuals and ensuring they return home safely each day.”

    State Senator Lea Webb said, “As a champion of the ‘Move Over’ law which promotes driver and transportation safety, I’m proud that New York is standing up for our roadside workers. Seeing our state landmarks glow orange tonight is a powerful reminder of the men and women who risk their lives every day to keep our roads safe and accessible. It’s more than just a show of light – it’s a beacon of respect, appreciation and a call to action.”

    State Senator Jeremy Cooney said, “As chair of the NYS Senate Transportation Committee, ensuring the safety of New York’s roadside workers is a top priority. By slowing down and practicing extra caution in work zones, we can do our part to ensure our dedicated roadside workers return home safely each night. I’m proud to support Governor Hochul’s ‘Move Over Law’ to make our roads safer for both motorists and workers.”

    Assemblymember Bill Magnarelli said, “Work Zone safety continues to be a priority for me as Chair of the Transportation Committee. In 2021, I was proud to sponsor and get passed into law legislation creating a pilot program for the use of speed cameras in work zones. Our workers deserve a safe working environment and to safely go home to their families at the end of their shifts.”

    Landmarks to be lit include:

    • 1WTC
    • Governor Mario M. Cuomo Bridge
    • Kosciuszko Bridge
    • The H. Carl McCall SUNY Building
    • Alfred E. Smith State Office Building
    • Empire State Plaza
    • State Fairgrounds – Main Gate & Expo Center
    • Niagara Falls
    • The “Franklin D. Roosevelt” Mid-Hudson Bridge
    • Albany International Airport Gateway
    • MTA LIRR – East End Gateway at Penn Station
    • Fairport Lift Bridge over the Erie Canal
    • Moynihan Train Hall

    MIL OSI USA News –

  • MIL-OSI Security: Armed Drug Dealer Receives 10 Years in Federal Prison

    Source: Office of United States Attorneys

    NEW BERN, N.C. – Eric Harris, 38, of Wilmington, was sentenced today to 10 years in prison for distribution of a quantity of methamphetamine and fentanyl, possession with intent to distribute 50 grams or more of a mixture and substance containing a detectable amount of methamphetamine, and possession of a firearm in furtherance of drug trafficking.  Harris pled guilty to the charges on January 16, 2025. 

    According to court documents and other information presented in court, law enforcement received information that Harris had traveled to Charlotte, North Carolina to purchase methamphetamine that he planned to sell in Wilmington.  Between August 20 and September 9, 2024, the New Hanover County Sheriff’s Office made controlled purchases from Harris of more than 3 ounces of methamphetamine and 10 grams of fentanyl at the Campus Edge Apartments in Wilmington.  On September 9, 2024, the New Hanover County Sheriff’s Office arrested Harris following the last controlled purchase and then searched Harris’ Campus Edge apartment.  Law enforcement found an additional two ounces of methamphetamine, nineteen grams of fentanyl, and a loaded firearm in the apartment.

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

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by U.S. District Judge Louise W. Flanagan. The Bureau of Alcohol, Tobacco and Firearms and the New Hanover County Sheriff’s Office investigated the case and Assistant U.S. Attorney Timothy Severo  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. 7:24-cr-00092.

    ###

    MIL Security OSI –

  • MIL-OSI Security: High-Ranking Tren de Aragua Member in Custody on Terrorism and International Drug Distribution Charges

    Source: Office of United States Attorneys

    A five-count superseding indictment has been unsealed today charging a Venezuelan national and alleged high-ranking member of the designated foreign terrorist organization Tren de Aragua (TdA).  

    Jose Enrique Martinez Flores also known as “Chuqui,” 24, is charged in the Southern District of Texas (SDTX) with conspiring to provide and providing material support to a designated foreign terrorist organization as well as conspiracy and distribution of cocaine in Colombia intended for distribution in the United States.

    “TdA is not a street gang – it is a highly structured terrorist organization that put down roots in our country during the prior administration,” said Attorney General Pamela Bondi. “Today’s charges represent an inflection point in how this Department of Justice will prosecute and ultimately dismantle this evil organization, which has destroyed American families and poisoned our communities.”

    “For the past few years, foreign gangs like TdA have more or less been able to enter the country with impunity, coming here to distribute deadly drugs and terrorize American citizens,” said U.S. Attorney Nicholas J. Ganjei for the SDTX. “That ends now. This Department of Justice is committed to uprooting this terrorist gang, dismantling its criminal operations, and either imprisoning its members or removing them from the country. SDTX is proud to lead this fight.”

    “TdA is a direct threat to our national security, to our communities, and to Americans,” said FBI Director Kash Patel. “Together with our law enforcement partners, the FBI continues in our pursuit to eliminate this violent terrorist organization from our streets, and today’s announcement makes it clear that these criminals, especially the leaders of these cartels, have no place in our country.”

    “This joint Drug Enforcement Administration (DEA)-FBI operation — alongside partners in the United States and Colombia — is further evidence that we must continue to focus our efforts on members of TdA who continue to pump poison into our communities,” said DEA Acting Administrator Derek Maltz. “This is another example of DEA’s tenacity to hunt these networks down, wherever they operate, and crush their evil grip on American lives.”

    Colombian authorities arrested Flores in Colombia March 31 pursuant to a provisional arrest warrant the United States had requested. He remains in custody in Colombia pending further proceedings. 

    A federal grand jury in Houston returned the superseding indictment April 8. 

    According to the allegations, Flores is charged with one count of conspiring to provide material support to TdA in the form of personnel (including himself) and services and one count of providing material support to TdA. The indictment also alleges one count of international drug distribution conspiracy based on his involvement in the distribution of five kilograms of cocaine or more, and two substantive counts of international drug distribution.

    The Department of State designated TdA as a foreign terrorist organization and Specially Designated Global Terrorist Feb. 20. 

    According to information presented to the court, Flores is a high-ranking TdA leader in Bogota, Colombia, and is part of the inner circle of senior TdA leadership.

    Flores also allegedly caused the delivery of approximately five kilograms or more of cocaine for international distribution, proceeds that were used to further TdA’s criminal goals. 

    If convicted, he faces a maximum penalty of life in prison and a $10 million fine. 

    The FBI Houston Field Office and DEA conducted the investigation with the assistance of the Houston Police Department, the Harris County Sheriff’s Office, Colombian National Police and the Colombian Attorney General’s Office (Fiscalía General de la Nación). The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of Judicial Attaché in Bogotá, Colombia, provided significant assistance. 

    Assistant U.S. Attorneys Casey N. MacDonald and Anibal J. Alaniz of the SDTX are prosecuting the case along with Deputy Director David C. Smith from the Department of Justice’s Joint Task Force Vulcan (JTFV). 

    JTFV was created in 2019 to eradicate MS-13 and now expanded to target TdA and is comprised of U.S. Attorney’s Offices across the country. Those include SDTX; Southern and Eastern Districts of New York; Northern District of Ohio; Districts of New Jersey, Utah, Massachusetts, Nevada and Alaska; Eastern District of Texas; Southern District of Florida; Eastern District of Virginia; Southern District of California; and the District of Columbia, as well as the Department of Justice’s National Security Division and the Criminal Division. Additionally, the FBI; DEA; U.S. Immigration and Customs Enforcement Homeland Security Investigations; Bureau of Alcohol, Tobacco, Forearms and Explosives; U.S. Marshals Service; and the Federal Bureau of Prisons have been essential law enforcement partners with JTFV.

    This case is also a 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 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 and Project Safe Neighborhood.

    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 Security: Pontiac Man Pleads Guilty in $4M Identity Theft and Unemployment Fraud Case

    Source: Office of United States Attorneys

    DETROIT – A Pontiac man has pleaded guilty to committing aggravated identity theft and wire fraud as part of large-scale, multi-state Unemployment Insurance benefit fraud scheme in which he and co-conspirators fraudulently obtained debit cards loaded with more than $4 million in Pandemic Unemployment Assistance funds, Acting United States Attorney Julie A. Beck announced today.

    Joining in the announcement were Megan Howell, Acting Special Agent-in-Charge, Chicago Region, U.S. Department of Labor, Office of Inspector General, Special Agent-in-Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division, Charles Miller, Special Agent-in-Charge, Internal Revenue Service – Criminal Investigations, Douglas Zloto, Special Agent-in-Charge, U.S. Secret Service, Sean McStravick, Acting Inspector-in-Charge, U.S. Postal Service, Office of Inspector General, and Director Jason Palmer, State of Michigan Unemployment Insurance Agency.

    Terrance Calhoun, Jr., 36, of Pontiac, Michigan, pleaded guilty to committing aggravated identity theft, wire fraud, conspiracy to commit wire fraud, and to possessing 15 or more unauthorized access devices, all in relation to acts of unemployment insurance fraud.

    According to his plea agreement, Calhoun Jr., and others, used stolen personal identification and filed hundreds of false unemployment claims with state unemployment insurance agencies in Michigan, Arizona, and Maryland over a six-month period in the names of other individuals without their knowledge or consent. Those false claims resulted in hundreds of debit cards loaded with over $4 million in unemployment insurance funds being mailed to addresses controlled by Calhoun Jr. and his co-conspirators. Roughly $1.6 million dollars in purchases and cash withdrawals were then successfully made from the cards.

    As described within a prior complaint, when agents executed search warrants at the principal mailing addresses used for the fraudulent unemployment insurance benefit claims, including the residence of Calhoun Jr., agents seized numerous documents containing the personal identification information of other individuals, multiple debit cards in the names of numerous other individuals, and firearms.

    Calhoun now faces a possible sentence of up to 20-years’ imprisonment for each of the wire fraud counts to which he has pleaded guilty, a possible sentence of up to 10-years’ imprisonment for possessing 15 or more unauthorized access devices, and a mandatorily consecutive 2-year sentence for the aggravated identity theft charge to which he has pleaded guilty.

    Sentencing is set for August 27, 2025 before United States District Court Judge Judith E. Levy.

    “Taxpayer money diverted into the pockets of criminals means less money going to Michiganders who actually need help getting through difficult financial times and who follow the rules when seeking assistance,” said Acting US Attorney Beck.  “These charges reflect our office’s ongoing commitment to the community by investigating such schemes and bringing those who commit these crimes to justice.”

    “Terrance Calhoun Jr and his co-conspirators engaged in a scheme to defraud state workforce agencies in Michigan, Arizona, and Maryland by filing hundreds of fraudulent unemployment insurance (UI) claims.  As a result, Calhoun enriched himself by stealing taxpayer resources intended for unemployed American workers.  We will continue to work with our law enforcement partners to protect the integrity of the UI program from those who seek to exploit it,” said Megan Howell, Acting Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    “Individuals who commit identity theft and unemployment insurance fraud of this magnitude deserve to be punished to the fullest extent of the law,” said Charles Miller, Special Agent in Charge, Detroit Field Office, IRS Criminal Investigation (IRS-CI).  “Terrance Calhoun, Jr. and Jermaine Arnett demonstrated a blatant disregard of the integrity of the multiple states’ unemployment insurance systems and caused immeasurable hardship to innocent victims. IRS-CI remains committed to the pursuit of identity theft and financial fraud, and together with our partners at the U.S. Attorney’s Office, we will hold those who engage in similar crimes accountable.”

    “The FBI in Michigan, alongside our law enforcement partners, remains steadfast in protecting the community and investigating individuals who violate federal law,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “Today’s guilty plea by Terrance Calhoun, whose involvement in a multi-state fraud scheme, is a clear reminder that bad actors will be stopped, and we will ensure integrity will prevail.”

    The case was jointly investigated by agents from the Department of Labor Office of the Inspector General, the Internal Revenue Service – Criminal Investigations Division, the Federal Bureau of Investigation, the Bureau of Immigration and Customs Enforcement, the United States Secret Service, the United States Postal Service Office of the Inspector General, and the State of Michigan -Unemployment Insurance Agency. The case is being prosecuted by Assistant United States Attorneys Carl D. Gilmer-Hill and Jessica A. Nathan.

    MIL Security OSI –

  • MIL-OSI Security: FBI Joint Terrorism Task Force Turns 45 – Dallas Division Reflects on Past Success, Continues Vigilance

    Source: Office of United States Attorneys

    DALLAS – This week, Special Agent in Charge (SAC) R. Joseph Rothrock is joining FBI offices around the country in marking the 45th anniversary of the FBI’s first Joint Terrorism Task Force (JTTF). Formed in New York in 1980, the first JTTF became a model for law enforcement cooperation across the nation.

    JTTFs can be found at each of the FBI’s 55 field offices and many resident agencies—around 280 locations in all. The Dallas Field Office organized the North Texas JTTF in 1995 and it is comprised of dozens of investigative personnel from more than 20 agencies across the Division’s territory.

    JTTFs gather trained investigators, intelligence analysts, linguists, and tactical experts from federal, state, local, territorial, tribal law enforcement and intelligence agencies. Task force members share intelligence and investigative leads and respond to threats and incidents.

    “We know from each potential crisis or thwarted attack that we cannot do this job alone,” said SAC Rothrock. “Each member of the North Texas JTTF brings unique skills and specialized resources from their agency to enhance our collective investigative capabilities. We are proud to work side-by-side with our partners in the fight against terrorism, and will continue to vigorously defend the Dallas Division’s territory.”

    The FBI’s JTTF model dates to 1979, when the New York Police Department and the FBI’s New York Field Office created a joint task force to tackle violent bank robberies. They imitated the model in 1980, when terrorist bombings, bomb threats, and other violence plagued the city, and announced the formation of the first JTTF in April 1980.

    “The JTTF has proven to be a world class model of what can be accomplished when law enforcement resources from federal, state, and local agencies converge to combat terrorism and disrupt the plans of evil actors throughout the United States,” said Eastern District of Texas Acting U.S. Attorney Abe McGlothin, Jr. “The JTTF has been called upon to investigate some of the most horrific acts of violence imaginable and we should all be thankful for the work the JTTF does daily to keep communities across the United States safe.”

    After the 9/11 attacks, FBI leadership directed all FBI field offices to establish a JTTF. In addition, the FBI established its National Joint Terrorism Task Force to support the local task forces in June of 2002. The NJTTF, at FBI Headquarters, enhances communication, coordination, and cooperation from partner agencies.

    “This Office depends on the critical work of the JTTF in keeping Americans safe,” said Acting U. S. Attorney Chad E. Meacham. “We applaud the JTTF’s decades of significant efforts in partnership with the USAO-NDTX.”

    Nationally, JTTFs have disrupted dozens of plots in the past four decades. Notable investigations in Dallas’ territory include:

    •    Hosam Maher Husein Smadi: Sentenced to 24 years in prison for his attempted bombing of a downtown Dallas skyscraper in September 2009. According to documents filed, Smadi knowingly took possession of a truck that contained a weapon of mass destruction, and while the bomb was inert when Smadi took possession of it, it was a readily-convertible weapon of mass destruction.

    •    Khalid Ali-M Aldawsari: Sentenced to life in prison for the attempted use of a weapon of mass destruction in connection with his 2011 purchase of chemicals and equipment necessary to make an improvised explosive device (IED) and his research of potential U.S. targets, including persons and infrastructure.

    •    Omer Kuzu: Pleaded guilty in 2020 to conspiring to provide material support to terrorism. In March 2019, Kuzu was captured by the Syrian Democratic Forces, alongside 1,500 suspected ISIS fighters.  He was handed over to FBI custody, returned to American soil, and charged with conspiring to provide material support to ISIS.  

    Report suspicious activity to 1-800-CALL-FBI (225-5324). You can also submit a tip online at tips.fbi.gov tips.fbi.gov.
     

    MIL Security OSI –

  • MIL-OSI: Ninepoint Partners Announces Estimated April 2025 Cash Distributions for Ninepoint Cash Management Fund – ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the estimated April 2025 cash distribution for the ETF Series of Ninepoint Cash Management Fund (the “Fund”). Ninepoint Partners expects to issue a press release on or about April 29, 2025, which will provide the final distribution rate. The record date for the cash distribution is April 30, 2025, payable on May 7, 2025.

    All estimates in this document are based on the accounting data as of April 22, 2025. Due to subscriptions and/or redemptions and/or other factors, the final April 2025 distribution may differ from these estimates and the difference could be material. The information included in this letter is for reference purposes only. Please reconcile all information against your official client statements. This is not intended to be a statement for official tax reporting purposes or any form of tax advice.

    The actual taxable amounts of distributions for 2025, including the tax characteristics of the distributions, will be reported to CDS Clearing and Depository Services Inc. in early 2026. Securityholders can contact their brokerage firm for this information.

    The per-unit estimated April 2025 distribution is detailed below:

    Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP
    Ninepoint Cash Management Fund NSAV $0.11828 $0.00000 65443X105
             

    About Ninepoint Partners

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

    The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

  • MIL-OSI: Picton Mahoney Asset Management Announces Risk Rating Changes to Certain Picton Mahoney Fortified Alternative Funds

    Source: GlobeNewswire (MIL-OSI)

    Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

    TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Picton Mahoney Asset Management (“Picton Mahoney”), the manager of the Picton Mahoney Fortified Market Neutral Alternative Fund (TSX: PFMN) and the Picton Mahoney Fortified Inflation Opportunities Alternative Fund (collectively, the “Funds”), announced that effective today, the risk ratings of the Fund have changed as follows:

    Fund New Risk Rating Previous Risk Rating
    Picton Mahoney Fortified Market Neutral Alternative Fund Low Low-to-Medium
    Picton Mahoney Fortified Inflation Opportunities Alternative Fund Medium High

    There are no changes to the investment objectives, strategies or management of the Funds associated with the new risk ratings.

    The risk rating changes are based on the risk classification methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds. Picton Mahoney reviews the risk rating for each of the funds it manages at least on an annual basis, as well as when a fund undergoes a material change. These changes are the result of an annual review and are not the result of any changes to the investment objectives, strategies or management of the funds.

    To learn more about Picton Mahoney’s full suite of funds, visit www.pictonmahoney.com.

    About Picton Mahoney
    Picton Mahoney Asset Management specializes in differentiated investment solutions and rules-based volatility management. Picton Mahoney helps its clients fortify their portfolios based on experience honed over the years through different market cycles and investing environments.

    Founded in 2004 and 100% employee-owned, Picton Mahoney is a portfolio management boutique entrusted with over $13.6 billion (as at March 31, 2025) in assets under management. Pioneers of Authentic Hedge® investment principles and practices in Canada, the firm offers a full suite of investment solutions, including mutual and alternative funds, to institutional and retail investors across the country.

    Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Alternative mutual funds can only be purchased through a registered dealer and are available only in those jurisdictions where they may be lawfully offered for sale.

    For further information:
    Leisha Roche, Chief Marketing Officer, Picton Mahoney Asset Management
    Tel: (416) 955-4108
    Email: service@pictonmahoney.com
    Website: www.pictonmahoney.com

    The MIL Network –

  • MIL-OSI: Beneficient Reminds Stockholders to Vote on Proxy Proposals Ahead of the Company’s Annual Meeting on April 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, April 23, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben,” or the “Company”), a technology-enabled platform providing exit opportunities, primary capital solutions, and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, reminds stockholders to vote on proxy proposals before the upcoming Annual Meeting of Stockholders at 9:00 a.m. Central Time on April 30, 2025.

    Stockholders who have not yet voted are encouraged to do so by 11:59 p.m. Central Time on April 29, 2025. Votes can be cast online at https://www.cstproxyvote.com, by telephone at 1 (866) 894-0536, or by mailing a completed proxy card to the Corporate Secretary at Beneficient, 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.

    The Annual Meeting will be held virtually at https://www.cstproxy.com/beneficient/2025.

    The Company continues to solicit proxies for the proposals outlined in its proxy statement. Proxies already submitted will be counted at the meeting unless revoked. Stockholders who have already voted do not need to take further action unless they wish to change their vote.

    PLEASE VOTE. YOUR VOTE COUNTS TOWARDS THE QUORUM REQUIREMENT TO HOLD THE ANNUAL MEETING. THE COMPANY CANNOT HOLD THE ANNUAL MEETING IF THE QUORUM REQUIREMENT IS NOT MET.

    The Board of Directors recommends that stockholders vote in favor of all proposals, believing they are in the best interests of the Company and its stockholders.

    About Beneficient

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. 

    Additional Information and where to find it

    The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com. 

    Contact

    investors@beneficient.com

    The MIL Network –

  • MIL-OSI USA: Wittman, Warner, Kaine Call for Stronger Oversight of Nursing Homes Following Troubling Reports in Colonial Heights

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    Published: April 23 2025

    WASHINGTON, D.C. – Today, Congressman Rob Wittman (VA-01), Senator Mark Warner (D-VA), and Senator Tim Kaine (D-VA) called on the Centers for Medicare and Medicaid Services (CMS) to conduct enhanced oversight of nursing homes and implement stronger safeguards to protect seniors in the wake of alarming reports of alleged abuse, neglect, and falsified records coming out of Colonial Heights Rehabilitation and Nursing Center. 
    “These reports are simply heartbreaking; it is critical that our seniors receive the quality care they’ve earned and deserve,” the letter states. “We share the same goal of quality care for all seniors, and it is critical that we conduct rigorous review of the reports at Colonial Heights Rehabilitation and Nursing Center. … We look forward to working with CMS to improve Medicare for all Americans to ensure accountability and transparency in all Medicare expenditures.”
    Their letter references a December 2024 report from the U.S. Department of Health and Human Services Office of Inspector General (HHS OIG), which found that half of the sampled Skilled Nursing Facilities (SNFs) failed to properly adjust related-party costs in their Medicare reporting—resulting in over $1.7 million in overstated costs.
    Read the full letter here and below.

    MIL OSI USA News –

  • MIL-OSI USA: PITTSBURGH – Shapiro Administration Highlights $2.4 Million Youth Workforce Investment During Roundtable with Boys & Girls Club of Western PA

    Source: US State of Pennsylvania

    April 24, 2025 – McKeesport, PA

    ADVISORY – PITTSBURGH – Shapiro Administration Highlights $2.4 Million Youth Workforce Investment During Roundtable with Boys & Girls Club of Western PA

    Department of Labor & Industry Secretary Nancy A. Walker will highlight the Shapiro Administration’s $2.4 million investment in the Schools-to-Work Program to expand career pathways for high school students across the Commonwealth during a visit to the Boys & Girls Club of Western Pennsylvania’s Teen Center in McKeesport for a roundtable discussion with students, legislators, employers, and community partners.

    One of the programs launching with a $250,000 investment is Cybersecure Pittsburgh, a new Schools-to-Work initiative led by Partner4Work. In partnership with Boys & Girls Club, Urban Pathways Charter School, and Phase 4 Learning Center, this pre-apprenticeship program will help high school juniors and seniors explore tech careers through classroom instruction, hands-on learning, and industry-recognized credentials.

    WHEN:
    Thursday, April 24, at 4:00 PM

    WHERE:
    The Club Teen Center, McKeesport is located at 1305 Fifth Ave, McKeesport PA 15132

    RSVP:
     Media interested in attending should RSVP to dlipress@pa.gov with the names and phone numbers for each member of their team.

    MIL OSI USA News –

  • MIL-OSI USA: Two UConn School of Nursing Students Attend a ‘Once in a Lifetime’ Conference Visiting State Senators and Representatives on Capitol Hill

    Source: US State of Connecticut

    DNP student Ryan Davis, CRNA, MSN and Sean Flaherty ’25 (NURS), have a passion for advocating, on a federal basis, for nurses and the profession itself.

    Accompanied by the School of Nursing’s Dean Victoria Vaughan Dickson, Ph.D., RN, FAHA, FHFSA, FAAN, these two students were able to take that passion to the Capitol where they attended the American Association of Colleges of Nursing annual Student Policy Summit.

    Established in 1969, the AACN currently represents over 875 schools of nursing in universities nationwide, UConn being one of them.

    The conference was held on March 30-31 in Washington, DC, open to baccalaureate and graduate nursing students. Only two students from each AACN member institution can attend and permission from the dean is acquired.

    “Nurses play a crucial role in health policy advocacy, influencing healthcare legislation and shaping the future of healthcare,” said Dean Victoria Vaughan Dickson, PhD, RN, FAHA, FHFSA, FAAN. “The Student Policy Summit provides student nurses with the unique opportunity to experience how nurses can effectively advocate for changes that benefit patients, their communities, and the broader healthcare system.”

    Ryan Davis, CRNA, MSN, posing at the American Association of Colleges of Nursing annual Student Policy Summit on March 30, 2025, in Washington DC. (Contributed Photo)

    Davis, a certified registered nurse anesthetist (CRNA) was nominated by her advisor Joy Elwell, DNP, FNP-BC, CNE, FAAN, FAANP, based on her DNP project which deals with recognizing CRNAs as advanced practice registered nurses (APRN) in her home state of New York, which is the only state in the nation that does not recognize them as such.

    The conference was an invaluable experience for Davis. She was able to witness a panelist who, like her, is a CRNA. Seeing him advocate on a federal level inspired and motivated her to continue doing the same.

    “Having these people in bigger platforms and on the federal level, just advocating for our profession is really nice to see,” Davis said.

    Like Davis, Flaherty has always had an interest in the legislative side of nursing, and after being nominated to go to the conference by the dean, he couldn’t say no.

    “I looked at this and I thought what a great opportunity, to go to Washington DC and do something completely different than what we traditionally are doing in this four-year program, which is nursing completely at the bedside,” he said.

    Sharing similar remarks to Davis, Flaherty said the conference was very insightful and showed him a side to the nursing profession that he is not used to seeing.

    It was humbling to see “how complex the field of nursing is and how many different alleys you can go down and still be extremely successful and influential,” Flaherty said.

    “It sounds so simple,” he added, but it was really “learning about the government.”

    Beyond the Bedside

    A key takeaway for both Davis and Flaherty was how nursing can go beyond the bedside.

    “Hearing some of the speakers and the panels, how they advocate and what they advocate for is just so inspiring for me to want to take it beyond my practice of doing nurse anesthesia and take it more politics and health policy,” said Davis.

    The importance of advocacy and being exposed to multiple nursing avenues was a crucial part in the students’ experience at the conference.

    “To be involved in the other side of nursing, this legislative making process with all of the rules and regulations, the laws and the practices of what we [as nurses] practice by was really neat to kind of open my eyes to that side of nursing,” Flaherty said.

    Using Your Voice

    The conference taught Davis a lot – how to speak to legislators, write letters, and follow up – but what she really learned, was how to use her voice.

    “What I got from it in terms of applying it to my DNP project and even as a UConn student is to not be afraid to use my voice when it comes to advocating for something that I believe in or something that my profession needs, such as being APRNs,” she said.

    They had the opportunity to visit with Connecticut Senators and Representatives “to discuss the importance of support for nursing, nursing research, and nursing education,” said Dickson.

    Specifically, they discussed the importance of the PRECEPT Nurses Act and the Title VIII Nursing Workforce Development Programs.

    The PRECEPT Nurses Act is a bill that provides a tax credit for nurses “who serve at least 200 hours as a clinical preceptor to nursing students, advanced practice nursing students, or newly hired licensed nurses in a Health Professional Shortage Area,” according to the AACN website.

    The Title VIII Nursing Workforce Development Programs address nursing workforce demand including education, retention, practice, and recruitment.

    Flaherty also advocated for university funding. As an out-of-state student from upstate NY, he knows how crucial financial aid is in supporting the nursing workforce.

    There’s plenty of people who want to be in the workforce and continue their education in the nursing field, but they can’t afford the education of a state school, said Flaherty. “If you’re going to talk about how we have this nursing shortage, the quick solution would be to get more nurses,” he said. “And how do we do that? It’s funding students to be able to have that education because the number one barrier is going to be the cost.”

    MIL OSI USA News –

  • MIL-OSI Security: Randolph County Man Sentenced for Methamphetamine Trafficking

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – William Durnal, 60, of Elkins, West Virginia, was sentenced today to 100 months in federal prison for methamphetamine possession and distribution.

    According to court documents and statements made in court, Durnal was part of a drug trafficking organization that was distributing large amounts of methamphetamine, fentanyl, and cocaine in Morgantown, West Virginia. A search of his home recovered hundreds of grams of methamphetamine. Durnal has a criminal history that includes theft, forgery, burglary, battery, and passing counterfeit money.

    Durnal will serve three years of supervised release following his prison sentence.

    Assistant U.S. Attorney Zelda Wesley and Stephen Warner prosecuted the case on behalf of the government.

    Investigative agencies include the Mon Metro Drug Task Force and the Mountain Region Task Force, both HIDTA-funded initiatives.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI –

  • MIL-OSI: CVB Financial Corp. Reports Earnings for the First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025

    • Net Earnings of $51.1 million, or $0.36 per share
    • Return on Average Assets of 1.37%
    • Return on Average Tangible Common Equity of 14.51%
    • Net Interest Margin of 3.31%

    ONTARIO, CA, April 23, 2025 (GLOBE NEWSWIRE) — CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2025.

    CVB Financial Corp. reported net income of $51.1 million for the quarter ended March 31, 2025, compared with $50.9 million for the fourth quarter of 2024 and $48.6 million for the first quarter of 2024. Diluted earnings per share were $0.36 for the first quarter, compared to $0.36 for the prior quarter and $0.35 for the same period last year.

    For the first quarter of 2025, annualized return on average equity (“ROAE”) was 9.31%, annualized return on average tangible common equity (“ROATCE”) was 14.51%, and an annualized return on average assets (“ROAA”) was 1.37%.

    David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 192 consecutive quarters, or 48 years, of profitability, and our 142 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.”

    Highlights for the First Quarter of 2025

    • Pretax income was $69.5 million, up $1.5 million or 2%, from the prior quarter
    • Efficiency ratio of 46.7%
    • Net gain of $2.2 million on sale of $19.3 million of OREO assets
    • Net interest margin of 3.31%, increased by 13 basis points compared to the fourth quarter of 2024
    • Cost of funds decreased to 1.04% from 1.13% in the fourth quarter of 2024
    • Noninterest bearing deposits grew by $147 million from the end of 2024
    • Dairy and Livestock loans decreased by $168 million or 44% from the end of 2024
    • Net Recoveries of $130,000 and $2 million recapture of credit losses
    • TCE Ratio of 10.0% & CET1 Ratio of 16.5%

    INCOME STATEMENT HIGHLIGHTS

      Three Months Ended  
      March 31, 2025
    		   December 31, 2024
    		   March 31, 2024
    		  
      (Dollars in thousands, except per share amounts)  
    Net interest income $ 110,444     $ 110,418     $ 112,461    
    Recapure of (provision for) credit losses   2,000       3,000       –    
    Noninterest income   16,229       13,103       14,113    
    Noninterest expense   (59,144 )     (58,480 )     (59,771 )  
    Income taxes   (18,425 )     (17,183 )     (18,204 )  
    Net earnings $ 51,104     $ 50,858     $ 48,599    
    Earnings per common share:            
    Basic $ 0.37     $ 0.36     $ 0.35    
    Diluted $ 0.36     $ 0.36     $ 0.35    
                 
    NIM   3.31 %     3.18 %     3.10 %  
    ROAA   1.37 %     1.30 %     1.21 %  
    ROAE   9.31 %     9.14 %     9.31 %  
    ROATCE   14.51 %     14.31 %     15.13 %  
    Efficiency ratio   46.69 %     47.34 %     47.22 %  
                 

    Net Interest Income
    Net interest income was $110.4 million for the first quarter of 2025, essentially equal to the fourth quarter of 2024, and a $2.02 million, or 1.79%, decrease from the first quarter of 2024. Compared to the prior quarter, net interest income in the first quarter of 2025 was impacted by a 13-basis point increase in net interest margin that was offset by a $405.6 million decline in earning assets.

    The decline in net interest income of $2 million compared to the first quarter of 2024 was the net result of a $1.09 billion decline in earning assets partially offset by a 21-basis point increase in net interest margin. The decrease in earning assets was primarily due to the deleveraging strategy deployed in the second half of 2024, which resulted in the Company’s borrowings declining by $1.48 billion.

    Net Interest Margin
    Our tax equivalent net interest margin was 3.31% for the first quarter of 2025, compared to 3.18% for the fourth quarter of 2024 and 3.10% for the first quarter of 2024. The 13 basis points increase in our net interest margin compared to the fourth quarter of 2024, was the combined result of a four-basis point increase in our interest-earning assets and a nine-basis point decrease in our cost of funds, including a seven-basis point decrease in cost of deposits. The four-basis point increase in our interest-earning asset yield was primarily due to a seven-basis point increase in loan yields and a five-basis points increase in investment securities yields. We experienced an increase in yields on investments in the first quarter of 2025, as a result of the sale of lower-yielding available-for-sale (“AFS”) securities and the purchase of higher-yielding AFS securities during the fourth quarter of 2024. However, this increase in investment yields was partially offset by a decrease during the first quarter of 2025 in the positive carry on our fair value hedging instruments that pay a fixed interest rate while receiving daily SOFR.

    Net interest margin for the first quarter of 2025 increased by 21-basis points compared to the first quarter of 2024, primarily as a result of 27-basis point decrease in cost of funds from 1.31% for the first quarter of 2024 to 1.04% for the first quarter of 2025. The decrease in cost of funds was primarily due to a $1.48 billion decline in borrowings, which had an average cost of 4.76% in the first quarter of 2024. For the first quarter of 2025, the Company had average borrowings of $513 million at a cost of 4.61% and average deposits and customer repos of $12.19 billion at a cost of .87%, which compares to the first quarter of 2024 in which borrowings averaged $2 billion at a cost of 4.76% and average deposits and customer repos of $11.95 billion at a cost of .73%. The decrease in cost of funds was offset by lower interest earning asset yields that declined by 6 basis points from 4.34% in the first quarter of 2024 to 4.28% in the first quarter of 2025. The lower earning asset yields included lower loan yields, which declined from 5.30% for the first quarter of 2024 to 5.22% for the first quarter of 2025.

    Earning Assets and Deposits
    On average, earning assets decreased by $405.6 million compared to the fourth quarter of 2024 and declined by $1.09 billion when compared to the first quarter of 2024. The decline in earning assets from the fourth quarter of 2024 was primarily a $323 million decrease in funds held at the Federal Reserve, as well as a $55 million average decline in outstanding loans. Compared to the first quarter of 2024, the average balance of outstanding loans was $357 million lower, investment securities decreased by $449.0 million and the average amount of funds held at the Federal Reserve decreased by $272.0 million. Noninterest-bearing deposits declined on average by $109.7 million, or 1.54%, from the fourth quarter of 2024 and interest-bearing deposits and customer repurchase agreements declined on average by $270.9 million. Compared to the first quarter of 2024, total deposits and customer repurchase agreements increased on average by $243.9 million, or 2.04%, including an increase of $420.2 million in interest-bearing deposits and customer repurchase agreements. On average, noninterest-bearing deposits were 59.01% of total deposits during the most recent quarter, compared to 58.74% for the fourth quarter of 2024 and 61.72% for the first quarter of 2024.

        Three Months Ended  
    SELECTED FINANCIAL HIGHLIGHTS March 31, 2025   December 31, 2024   March 31, 2024  
        (Dollars in thousands)  
    Yield on average investment securities (TE)   2.63%       2.58%       2.64%    
    Yield on average loans   5.22%       5.15%       5.30%    
    Yield on average earning assets (TE)   4.28%       4.24%       4.34%    
    Cost of deposits   0.86%       0.93%       0.74%    
    Cost of funds   1.04%       1.13%       1.31%    
    Net interest margin (TE)   3.31%       3.18%       3.10%    
                               
    Average Earning Asset Mix Avg   % of Total   Avg   % of Total   Avg   % of Total
      Total investment securities $ 4,908,718   36.21 %   $ 4,936,514   35.36 %   $ 5,357,708   36.59 %  
      Interest-earning deposits with other institutions   162,389   1.20 %     485,103   3.47 %     444,101   3.03 %  
      Loans   8,467,465   62.46 %     8,522,587   61.04 %     8,824,579   60.26 %  
      Total interest-earning assets   13,556,584         13,962,216         14,644,400      
                               


    Provision for Credit Losses
    There was a $2.0 million recapture of provision for credit losses in the first quarter of 2025, compared to a $3.0 million recapture of provision for credit losses in the fourth quarter of 2024 and no provision in the first quarter of 2024. Net recoveries for the first quarter of 2025 were $130,000 compared to net recoveries of $180,000 in the prior quarter. Allowance for credit losses represented 0.94% of gross loans at March 31, 2025 and December 31, 2024.

    Noninterest Income
    Noninterest income was $16.2 million for the first quarter of 2025, compared with $13.1 million for the fourth quarter of 2024 and $14.1 million for the first quarter of 2024. During the first quarter of 2025, the Bank sold four OREO properties resulting in a gain of $2.2 million. Income from Bank Owned Life Insurance (“BOLI”) increased in the first quarter of 2025 by $445,000 from the fourth quarter of 2024 and decreased by $762,000 compared to the first quarter of 2024. Compared to the fourth quarter of 2024 and the first quarter of 2024, income from various equity investments increased by $750,000 and $450,000, respectively.

    Noninterest Expense
    Noninterest expense for the first quarter of 2025 was $59.1 million, compared to $58.5 million for the fourth quarter of 2024 and $59.8 million for the first quarter of 2024. The $664,000 quarter-over-quarter increase includes a $500,000 provision for unfunded loan commitments in the first quarter of 2025, compared to no provision or recapture of provision in the first and fourth quarter of 2024. Salaries and employee benefit costs increased $479,000, as the first quarter of each calendar year reflects higher payroll taxes than the fourth quarter of the prior year. Offsetting those quarter-over-quarter increases was a decline in legal expenses of $326,000.

    The year-over-year decrease in noninterest expense of $627,000 was impacted by the higher level of assessment expense in the first quarter of 2024, in which we had an additional accrual of $2.3 million associated with the 2023 FDIC special assessment. The decline in assessment expense was offset by increases in software expenses of $696,000 and occupancy expenses of $433,000, as well as the $500,000 recapture of provision for unfunded loan commitments in the first quarter of 2025. As a percentage of average assets, noninterest expense was 1.58% for the first quarter of 2025, compared to 1.49% for the fourth quarter of 2024 and 1.48% for the first quarter of 2024. The efficiency ratio for the first quarter of 2025 was 46.69%, compared to 47.34% for the fourth quarter of 2024 and 47.22% for the first quarter of 2024.

    Income Taxes
    Our effective tax rate for the quarter ended March 31, 2025 was 26.50%, compared with 25.25% for the fourth quarter of 2024, and 27.25% for the same period of 2024. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.

    BALANCE SHEET HIGHLIGHTS

    Assets
    The Company reported total assets of $15.26 billion at March 31, 2025. This represented an increase of $102.9 million, or 0.68%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $290.3 million increase in interest-earning balances due from the Federal Reserve, offset by a $27.6 million decrease in investment securities, and a $170.9 million decrease in net loans.

    Total assets at March 31, 2025 decreased by $1.2 billion, or 7.36%, from total assets of $16.47 billion at March 31, 2024. The decrease in assets was primarily due to a decrease of $476.5 million in interest-earning balances due from the Federal Reserve, a decrease of $397.5 million in investment securities and a $402.5 million decrease in net loans.

    Investment Securities
    Total investment securities were $4.89 billion at March 31, 2025, a decrease of $27.6 million, or 0.56% from December 31, 2024, and a decrease of $397.5 million, or 7.51%, from $5.29 billion at March 31, 2024.  

    At March 31, 2025, investment securities held-to-maturity (“HTM”) totaled $2.36 billion, a decrease of $20.5 million, or 0.86% from December 31, 2024, and a decrease of $95.4 million, or 3.89%, from March 31, 2024.

    At March 31, 2025, investment securities available-for-sale (“AFS”) totaled $2.54 billion, inclusive of a pre-tax net unrealized loss of $338.4 million. AFS securities decreased by $7.0 million, or 0.28% from December 31, 2024 and decreased by $302.0 million, or 10.65%, from $2.84 billion at March 31, 2024. The pre-tax unrealized loss decreased by $58.9 million from December 31, 2024 and decreased by $97.2 million from March 31, 2024.

    Loans
    Total loans and leases, at amortized cost, of $8.36 billion at March 31, 2025 decreased by $172.8 million, or 2.02%, from December 31, 2024. The quarter-over quarter decrease in loans included decreases of $16.8 million in commercial real estate loans and $167.8 million in dairy & livestock loans, partially offset by an increase of $17.1 million in commercial and industrial loans.

    Total loans and leases, at amortized cost, decreased by $407.1 million, or 4.64%, from March 31, 2024. The $407.1 million decrease included decreases of $229.9 million in commercial real estate loans, $43.1 million in construction loans, $20.8 million in commercial and industrial loans, $99.1 million in dairy & livestock and agribusiness loans, $6.8 million in municipal lease financings, and $7.0 million in SFR mortgage loans.

    Asset Quality
    During the first quarter of 2025, we experienced credit charge-offs of $40,000 and total recoveries of $170,000, resulting in net recoveries of $130,000. The allowance for credit losses (“ACL”) totaled $78.3 million at March 31, 2025, compared to $80.1 million at December 31, 2024 and $82.8 million at March 31, 2024. At March 31, 2025, ACL as a percentage of total loans and leases outstanding was 0.94%. This compares to 0.94% and 0.94% at December 31, 2024 and March 31, 2024, respectively.

    Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.

    Nonperforming Assets and Delinquency Trends March 31, 2025
    		   December 31, 2024
    		   March 31, 2024
    Nonperforming loans   (Dollars in thousands)
    Commercial real estate   $ 24,379     $ 25,866     $ 10,661  
    SBA     1,024       1,529       54  
    Commercial and industrial     173       340       2,727  
    Dairy & livestock and agribusiness     60       60       60  
    SFR mortgage     –       –       308  
    Consumer and other loans     –       –       –  
    Total   $ 25,636     $ 27,795     $ 13,810  
    % of Total loans     0.31 %     0.33 %     0.16 %
    OREO            
    Commercial real estate   $ 495     $ 18,656     $ –  
    Commercial and industrial     –       –       647  
    SFR mortgage     –       647       –  
    Total   $ 495     $ 19,303     $ 647  
                 
    Total nonperforming assets   $ 26,131     $ 47,098     $ 14,457  
    % of Nonperforming assets to total assets     0.17 %     0.31 %     0.09 %
                 
    Past due 30-89 days (accruing)            
    Commercial real estate   $ –     $ –     $ 19,781  
    SBA     718       88       408  
    Commercial and industrial     –       399       6  
    Dairy & livestock and agribusiness     –       –       –  
    SFR mortgage     –       –       –  
    Consumer and other loans     –       –       –  
    Total   $ 718     $ 487     $ 20,195  
    % of Total loans     0.01 %     0.01 %     0.23 %
    Total nonperforming, OREO, and past due   $ 26,849     $ 47,585     $ 34,652  
                 
    Classified Loans   $ 94,169     $ 89,549     $ 103,080  
     

    The $21.0 million decrease in nonperforming assets from December 31, 2024 was primarily due to the sale of $19.3 million of OREO at a net gain of $2.2 million during the first quarter of 2025. Classified loans are loans that are graded “substandard” or worse. Classified loans increased $4.6 million quarter-over-quarter, primarily due to increases of $6.5 million in classified dairy and livestock loans.

    Deposits & Customer Repurchase Agreements
    Deposits of $12.0 billion and customer repurchase agreements of $276.2 million totaled $12.27 billion at March 31, 2025. This represented a net increase of $55.8 million compared to December 31, 2024. Total deposits and customer repurchase agreements increased $95.4 million, or .78% when compared to $12.17 billion at March 31, 2024.

    Noninterest-bearing deposits were $7.18 billion at March 31, 2025, an increase of $147.2 million, or 2.09%, when compared to $7.04 billion at December 31, 2024. Noninterest-bearing deposits increased by $71.5 million, or 1.00% when compared to $7.11 billion at March 31, 2024. At March 31, 2025, noninterest-bearing deposits were 59.92% of total deposits, compared to 58.90% at December 31, 2024 and 59.80% at
    March 31, 2024.

    Borrowings
    As of March 31, 2025, total borrowings consisted of $500 million of FHLB advances. The FHLB advances include maturities of $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Total borrowings decreased by $1.5 billion from March 31, 2024. The $2.0 billion of borrowings at March 31, 2024 consisted of one-year advances from the Federal Reserve’s Bank Term Funding Program, at an average cost of approximately 4.75%, all of which were redeemed before the end of 2024.

    Capital
    The Company’s total equity was $2.23 billion at March 31, 2025. This represented an overall increase of $42.1 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $51.1 million in net earnings and a $34.8 million increase in other comprehensive income that were partially offset by $27.9 million in cash dividends. During the first quarter of 2025, we repurchased, under our stock repurchase plan, 782,063 shares of common stock, at an average repurchase price of $19.55, totaling $15.3 million.   Our tangible book value per share at March 31, 2025 was $10.45.

    Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.

            CVB Financial Corp. Consolidated  
    Capital Ratios   Minimum Required Plus Capital Conservation Buffer   March 31, 2025   December 31, 2024   March 31, 2024  
                       
    Tier 1 leverage capital ratio   4.0%   11.8%   11.5%   10.5%  
    Common equity Tier 1 capital ratio   7.0%   16.5%   16.2%   14.9%  
    Tier 1 risk-based capital ratio   8.5%   16.5%   16.2%   14.9%  
    Total risk-based capital ratio   10.5%   17.3%   17.1%   15.8%  
                       
    Tangible common equity ratio       10.0%   9.8%   8.3%  
                       

    CitizensTrust
    As of March 31, 2025 CitizensTrust had approximately $4.7 billion in assets under management and administration, including $3.38 billion in assets under management. Revenues were $3.4 million for the first quarter of 2025, compared to $3.5 million in the fourth quarter of 2024 and $3.2 million for the first quarter of 2024. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

    Corporate Overview
    CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

    Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

    Conference Call

    Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, April 24, 2025, to discuss the Company’s first quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI643a97d119af4b899539fee84f093408

    The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.

    Safe Harbor
    Certain statements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,” “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of economic developments, the impact of monetary, fiscal and trade policies, and the impact of acquisitions we have made or may make. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors, in addition to those set forth below, could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.

    General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct business; the effects of, and changes in, immigration, trade, tariff, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target and key personnel into our operations; the timely development of competitive products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the transition away from USD LIBOR and uncertainties regarding potential alternative reference rates, including SOFR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill on our balance sheet; changes in customer spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state in employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; and our ability to manage the risks involved in the foregoing.

    Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s 2024 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

    The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies.

    Contact:
    David A. Brager
    President and Chief Executive Officer
    (909) 980-4030

    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
                 
                 
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Assets            
    Cash and due from banks   $ 187,981     $ 153,875     $ 131,955  
    Interest-earning balances due from Federal Reserve     341,108       50,823       817,634  
    Total cash and cash equivalents     529,089       204,698       949,589  
    Interest-earning balances due from depository institutions     3,451       480       12,632  
    Investment securities available-for-sale     2,535,066       2,542,115       2,837,100  
    Investment securities held-to-maturity     2,359,141       2,379,668       2,454,586  
    Total investment securities     4,894,207       4,921,783       5,291,686  
    Investment in stock of Federal Home Loan Bank (FHLB)     18,012       18,012       18,012  
    Loans and lease finance receivables     8,363,632       8,536,432       8,770,713  
    Allowance for credit losses     (78,252 )     (80,122 )     (82,817 )
    Net loans and lease finance receivables     8,285,380       8,456,310       8,687,896  
    Premises and equipment, net     26,772       27,543       43,448  
    Bank owned life insurance (BOLI)     318,301       316,248       310,744  
    Intangibles     8,812       9,967       13,853  
    Goodwill     765,822       765,822       765,822  
    Other assets     406,745       432,792       374,464  
    Total assets   $ 15,256,591     $ 15,153,655     $ 16,468,146  
    Liabilities and Stockholders’ Equity            
    Liabilities:            
    Deposits:            
    Noninterest-bearing   $ 7,184,267     $ 7,037,096     $ 7,112,789  
    Investment checking     533,220       551,305       545,066  
    Savings and money market     3,710,612       3,786,387       3,561,512  
    Time deposits     561,822       573,593       675,554  
    Total deposits     11,989,921       11,948,381       11,894,921  
    Customer repurchase agreements     276,163       261,887       275,720  
    Other borrowings     500,000       500,000       1,995,000  
    Other liabilities     262,088       257,071       215,680  
    Total liabilities     13,028,172       12,967,339       14,381,321  
    Stockholders’ Equity            
    Stockholders’ equity     2,505,719       2,498,380       2,422,110  
    Accumulated other comprehensive loss, net of tax     (277,300 )     (312,064 )     (335,285 )
    Total stockholders’ equity     2,228,419       2,186,316       2,086,825  
    Total liabilities and stockholders’ equity   $ 15,256,591     $ 15,153,655     $ 16,468,146  
                 
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
                 
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Assets            
    Cash and due from banks   $ 154,328     $ 152,966     $ 162,049  
    Interest-earning balances due from Federal Reserve     161,432       484,038       433,421  
    Total cash and cash equivalents     315,760       637,004       595,470  
    Interest-earning balances due from depository institutions     957       1,065       10,680  
    Investment securities available-for-sale     2,539,211       2,542,649       2,900,097  
    Investment securities held-to-maturity     2,369,507       2,393,865       2,457,611  
    Total investment securities     4,908,718       4,936,514       5,357,708  
    Investment in stock of FHLB     18,012       18,012       18,012  
    Loans and lease finance receivables     8,467,465       8,522,587       8,824,579  
    Allowance for credit losses     (80,113 )     (82,960 )     (85,751 )
    Net loans and lease finance receivables     8,387,352       8,439,627       8,738,828  
    Premises and equipment, net     27,408       29,959       44,380  
    Bank owned life insurance (BOLI)     316,643       316,938       309,609  
    Intangibles     9,518       10,650       14,585  
    Goodwill     765,822       765,822       765,822  
    Other assets     419,116       406,898       350,319  
    Total assets   $ 15,169,306     $ 15,562,489     $ 16,205,413  
    Liabilities and Stockholders’ Equity            
    Liabilities:            
    Deposits:            
    Noninterest-bearing   $ 7,006,357     $ 7,116,050     $ 7,182,718  
    Interest-bearing     4,866,318       4,998,424       4,454,135  
    Total deposits     11,872,675       12,114,474       11,636,853  
    Customer repurchase agreements     317,322       456,145       309,272  
    Other borrowings     513,078       500,000       1,991,978  
    Other liabilities     239,283       278,314       168,442  
    Total liabilities     12,942,358       13,348,933       14,106,545  
    Stockholders’ Equity            
    Stockholders’ equity     2,523,923       2,507,060       2,432,075  
    Accumulated other comprehensive loss, net of tax     (296,975 )     (293,504 )     (333,207 )
    Total stockholders’ equity     2,226,948       2,213,556       2,098,868  
    Total liabilities and stockholders’ equity   $ 15,169,306     $ 15,562,489     $ 16,205,413  
                 
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest income:            
    Loans and leases, including fees   $ 109,071     $ 110,277     $ 116,349  
    Investment securities:            
    Investment securities available-for-sale     18,734       18,041       21,446  
    Investment securities held-to-maturity     13,021       13,020       13,402  
    Total investment income     31,755       31,061       34,848  
    Dividends from FHLB stock     379       380       419  
    Interest-earning deposits with other institutions     1,797       5,881       6,073  
    Total interest income     143,002       147,599       157,689  
    Interest expense:            
    Deposits     25,322       28,317       21,366  
    Borrowings and customer repurchase agreements     6,800       8,291       23,862  
    Other     436       573       –  
    Total interest expense     32,558       37,181       45,228  
    Net interest income before (recapture of) provision for credit losses     110,444       110,418       112,461  
    (Recapture of) provision for credit losses     (2,000 )     (3,000 )     –  
    Net interest income after (recapture of) provision for credit losses     112,444       113,418       112,461  
    Noninterest income:            
    Service charges on deposit accounts     4,908       5,097       5,036  
    Trust and investment services     3,411       3,512       3,224  
    Loss on sale of AFS investment securities     –       (16,735 )     –  
    Gain on OREO, net     2,183       –       –  
    Gain on sale leaseback transactions     –       16,794       –  
    Other     5,727       4,435       5,853  
    Total noninterest income     16,229       13,103       14,113  
    Noninterest expense:           .
    Salaries and employee benefits     36,477       35,998       36,401  
    Occupancy and equipment     5,998       5,866       5,565  
    Professional services     2,081       2,646       2,255  
    Computer software expense     4,221       3,921       3,525  
    Marketing and promotion     1,988       1,757       1,630  
    Amortization of intangible assets     1,155       1,163       1,438  
    Provision for unfunded loan commitments     500       –       –  
    Other     6,724       7,129       8,957  
    Total noninterest expense     59,144       58,480       59,771  
    Earnings before income taxes     69,529       68,041       66,803  
    Income taxes     18,425       17,183       18,204  
    Net earnings   $ 51,104     $ 50,858     $ 48,599  
                 
    Basic earnings per common share   $ 0.37     $ 0.36     $ 0.35  
    Diluted earnings per common share   $ 0.36     $ 0.36     $ 0.35  
    Cash dividends declared per common share   $ 0.20     $ 0.20     $ 0.20  
                 
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest income – tax equivalent (TE)   $ 143,525     $ 148,128     $ 158,228  
    Interest expense     32,558       37,181       45,228  
    Net interest income – (TE)   $ 110,967     $ 110,947     $ 113,000  
                 
    Return on average assets, annualized     1.37 %     1.30 %     1.21 %
    Return on average equity, annualized     9.31 %     9.14 %     9.31 %
    Efficiency ratio [1]     46.69 %     47.34 %     47.22 %
    Noninterest expense to average assets, annualized     1.58 %     1.49 %     1.48 %
    Yield on average loans     5.22 %     5.15 %     5.30 %
    Yield on average earning assets (TE)     4.28 %     4.24 %     4.34 %
    Cost of deposits     0.86 %     0.93 %     0.74 %
    Cost of deposits and customer repurchase agreements     0.87 %     0.97 %     0.73 %
    Cost of funds     1.04 %     1.13 %     1.31 %
    Net interest margin (TE)     3.31 %     3.18 %     3.10 %
    [1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
                 
    Tangible Common Equity Ratio (TCE) [2]            
    CVB Financial Corp. Consolidated     10.04 %     9.81 %     8.33 %
    Citizens Business Bank     9.92 %     9.64 %     8.23 %
    [2] (Capital – [GW+Intangibles])/(Total Assets – [GW+Intangibles])
                 
    Weighted average shares outstanding            
    Basic     138,973,996       138,661,665       138,428,596  
    Diluted     139,294,401       139,102,524       138,603,324  
    Dividends declared   $ 27,853     $ 27,978     $ 27,886  
    Dividend payout ratio [3]     54.50 %     55.01 %     57.38 %
    [3] Dividends declared on common stock divided by net earnings.
                 
    Number of shares outstanding – (end of period)     139,089,612       139,689,686       139,641,884  
    Book value per share   $ 16.02     $ 15.65     $ 14.94  
    Tangible book value per share   $ 10.45     $ 10.10     $ 9.36  
                 
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
           
    Nonperforming assets:            
    Nonaccrual loans   $ 25,636     $ 27,795     $ 13,810  
    Other real estate owned (OREO), net     495       19,303       647  
    Total nonperforming assets   $ 26,131     $ 47,098     $ 14,457  
    Modified loans/performing troubled debt restructured loans (TDR) [4]   $ 11,949     $ 6,467     $ 10,765  
                 
    [4] Effective January 1, 2023, performing and nonperforming TDRs are reflected as Loan Modifications to borrowers experiencing financial difficulty.
                 
    Percentage of nonperforming assets to total loans outstanding and OREO     0.31 %     0.55 %     0.16 %
    Percentage of nonperforming assets to total assets     0.17 %     0.31 %     0.09 %
    Allowance for credit losses to nonperforming assets     299.46 %     170.12 %     572.85 %
                 
        Three Months Ended
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Allowance for credit losses:            
    Beginning balance   $ 80,122     $ 82,942     $ 86,842  
    Total charge-offs     (40 )     (64 )     (4,267 )
    Total recoveries on loans previously charged-off     170       244       242  
    Net recoveries (charge-offs)     130       180       (4,025 )
    (Recapture of) provision for credit losses     (2,000 )     (3,000 )     –  
    Allowance for credit losses at end of period   $ 78,252     $ 80,122     $ 82,817  
                 
    Net recoveries (charge-offs) to average loans     0.002 %     0.002 %     -0.046 %
                             
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in millions)
                                   
    Allowance for Credit Losses by Loan Type                          
                                   
        March 31, 2025   December 31, 2024   March 31, 2024
        Allowance
    For Credit
    Losses    		   Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		   Allowance
    For Credit
    Losses    		   Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		   Allowance
    For Credit
    Losses    		   Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type
                                   
    Commercial real estate   $ 65.3       1.01 %   $ 66.2       1.02 %   $ 69.4       1.03 %
    Construction     0.2       1.52 %     0.3       1.94 %     1.3       2.20 %
    SBA     2.6       0.96 %     2.6       0.96 %     2.5       0.94 %
    Commercial and industrial     6.1       0.65 %     6.1       0.66 %     5.1       0.53 %
    Dairy & livestock and agribusiness     2.8       1.12 %     3.6       0.86 %     3.3       0.92 %
    Municipal lease finance receivables     0.2       0.32 %     0.2       0.31 %     0.2       0.27 %
    SFR mortgage     0.5       0.16 %     0.5       0.16 %     0.5       0.17 %
    Consumer and other loans     0.6       0.94 %     0.6       1.04 %     0.5       0.97 %
                                   
    Total   $ 78.3       0.94 %   $ 80.1       0.94 %   $ 82.8       0.94 %
                                   
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                             
    Quarterly Common Stock Price
                             
          2025       2024       2023  
    Quarter End   High   Low   High   Low   High   Low
    March 31,   $ 21.71     $ 18.22     $ 20.45     $ 15.95     $ 25.98     $ 16.34  
    June 30,   $ –     $ –     $ 17.91     $ 15.71     $ 16.89     $ 10.66  
    September 30,   $ –     $ –     $ 20.29     $ 16.08     $ 19.66     $ 12.89  
    December 31,   $ –     $ –     $ 24.58     $ 17.20     $ 21.77     $ 14.62  
                             
    Quarterly Consolidated Statements of Earnings
                             
            Q1   Q4   Q3   Q2   Q1
              2025       2024       2024       2024       2024  
    Interest income                        
    Loans and leases, including fees       $ 109,071     $ 110,277     $ 114,929     $ 114,200     $ 116,349  
    Investment securities and other         33,931       37,322       50,823       44,872       41,340  
    Total interest income         143,002       147,599       165,752       159,072       157,689  
    Interest expense                        
    Deposits         25,322       28,317       29,821       25,979       21,366  
    Borrowings and customer repurchase agreements     6,800       8,291       22,312       22,244       23,862  
    Other         436       573       –       –       –  
    Total interest expense         32,558       37,181       52,133       48,223       45,228  
    Net interest income before (recapture of)                    
    provision for credit losses         110,444       110,418       113,619       110,849       112,461  
    (Recapture of) provision for credit losses     (2,000 )     (3,000 )     –       –       –  
    Net interest income after (recapture of)                    
    provision for credit losses         112,444       113,418       113,619       110,849       112,461  
                             
    Noninterest income         16,229       13,103       12,834       14,424       14,113  
    Noninterest expense         59,144       58,480       58,835       56,497       59,771  
    Earnings before income taxes         69,529       68,041       67,618       68,776       66,803  
    Income taxes         18,425       17,183       16,394       18,741       18,204  
    Net earnings       $ 51,104     $ 50,858     $ 51,224     $ 50,035     $ 48,599  
                             
    Effective tax rate         26.50 %     25.25 %     24.25 %     27.25 %     27.25 %
                             
    Basic earnings per common share       $ 0.37     $ 0.36     $ 0.37     $ 0.36     $ 0.35  
    Diluted earnings per common share     $ 0.36     $ 0.36     $ 0.37     $ 0.36     $ 0.35  
                             
    Cash dividends declared per common share   $ 0.20     $ 0.20     $ 0.20     $ 0.20     $ 0.20  
                             
    Cash dividends declared       $ 27,853     $ 27,978     $ 27,977     $ 28,018     $ 27,886  
                             
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
                         
    Loan Portfolio by Type
        March 31,   December 31,   September 30,
    		   June 30,   March 31,
          2025       2024       2024       2024       2024  
                         
    Commercial real estate   $ 6,490,604     $ 6,507,452     $ 6,618,637     $ 6,664,925     $ 6,720,538  
    Construction     15,706       16,082       14,755       52,227       58,806  
    SBA     271,844       273,013       272,001       267,938       268,320  
    SBA – PPP     179       774       1,255       1,757       2,249  
    Commercial and industrial     942,301       925,178       936,489       956,184       963,120  
    Dairy & livestock and agribusiness     252,532       419,904       342,445       350,562       351,624  
    Municipal lease finance receivables     65,203       66,114       67,585       70,889       72,032  
    SFR mortgage     269,493       269,172       267,181       267,593       276,475  
    Consumer and other loans     55,770       58,743       52,217       49,771       57,549  
    Gross loans, at amortized cost     8,363,632       8,536,432       8,572,565       8,681,846       8,770,713  
    Allowance for credit losses     (78,252 )     (80,122 )     (82,942 )     (82,786 )     (82,817 )
    Net loans   $ 8,285,380     $ 8,456,310     $ 8,489,623     $ 8,599,060     $ 8,687,896  
                         
                         
                         
    Deposit Composition by Type and Customer Repurchase Agreements
                         
        March 31,   December 31,   September 30,
    		   June 30,   March 31,
          2025       2024       2024       2024       2024  
                         
    Noninterest-bearing   $ 7,184,267     $ 7,037,096     $ 7,136,824     $ 7,090,095     $ 7,112,789  
    Investment checking     533,220       551,305       504,028       515,930       545,066  
    Savings and money market     3,710,612       3,786,387       3,745,707       3,409,320       3,561,512  
    Time deposits     561,822       573,593       685,930       774,980       675,554  
    Total deposits     11,989,921       11,948,381       12,072,489       11,790,325       11,894,921  
                         
    Customer repurchase agreements     276,163       261,887       394,515       268,826       275,720  
    Total deposits and customer repurchase agreements   $ 12,266,084     $ 12,210,268     $ 12,467,004     $ 12,059,151     $ 12,170,641  
                         
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
                         
    Nonperforming Assets and Delinquency Trends
        March 31,   December 31,   September 30,
    		   June 30,   March 31,
          2025       2024       2024       2024       2024  
    Nonperforming loans:                    
    Commercial real estate   $ 24,379     $ 25,866     $ 18,794     $ 21,908     $ 10,661  
    Construction     –       –       –       –       –  
    SBA     1,024       1,529       151       337       54  
    Commercial and industrial     173       340       2,825       2,712       2,727  
    Dairy & livestock and agribusiness     60       60       143       –       60  
    SFR mortgage     –       –       –       –       308  
    Consumer and other loans     –       –       –       –       –  
    Total   $ 25,636     $ 27,795     $ 21,913     $ 24,957     $ 13,810  
    % of Total loans     0.31 %     0.33 %     0.26 %     0.29 %     0.16 %
                         
    Past due 30-89 days (accruing):                    
    Commercial real estate   $ –     $ –     $ 30,701     $ 43     $ 19,781  
    Construction     –       –       –       –       –  
    SBA     718       88       –       –       408  
    Commercial and industrial     –       399       64       103       6  
    Dairy & livestock and agribusiness     –       –       –       –       –  
    SFR mortgage     –       –       –       –       –  
    Consumer and other loans     –       –       –       –       –  
    Total   $ 718     $ 487     $ 30,765     $ 146     $ 20,195  
    % of Total loans     0.01 %     0.01 %     0.36 %     0.00 %     0.23 %
                         
    OREO:                    
    Commercial real estate   $ 495     $ 18,656     $ –     $ –     $ –  
    SBA     –       –       –       –       –  
    Commercial and industrial     –       –       –       –       –  
    SFR mortgage     –       647       647       647       647  
    Total   $ 495     $ 19,303     $ 647     $ 647     $ 647  
    Total nonperforming, past due, and OREO   $ 26,849     $ 47,585     $ 53,325     $ 25,750     $ 34,652  
    % of Total loans     0.32 %     0.56 %     0.62 %     0.30 %     0.40 %
     
    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
                     
    Regulatory Capital Ratios
                     
                     
                     
            CVB Financial Corp. Consolidated
    Capital Ratios   Minimum Required Plus
    Capital Conservation Buffer    		   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
                     
    Tier 1 leverage capital ratio     4.0 %     11.8 %     11.5 %     10.5 %
    Common equity Tier 1 capital ratio     7.0 %     16.5 %     16.2 %     14.9 %
    Tier 1 risk-based capital ratio     8.5 %     16.5 %     16.2 %     14.9 %
    Total risk-based capital ratio     10.5 %     17.3 %     17.1 %     15.8 %
                     
    Tangible common equity ratio         10.0 %     9.8 %     8.3 %
                     
    Tangible Book Value Reconciliations (Non-GAAP)
                           
    The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of tangible book value to the Company stockholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024 and March 31, 2024.
     
     
        March 31,
    2025    		       December 31,
    2024    		       March 31,
    2024    		  
        (Dollars in thousands, except per share amounts)
                           
    Stockholders’ equity $ 2,228,419     $ 2,186,316     $ 2,086,825  
    Less: Goodwill   (765,822 )     (765,822 )     (765,822 )
    Less: Intangible assets   (8,812 )     (9,967 )     (13,853 )
    Tangible book value $ 1,453,785     $ 1,410,527     $ 1,307,150  
    Common shares issued and outstanding   139,089,612       139,689,686       139,641,884  
    Tangible book value per share $ 10.45     $ 10.10     $ 9.36  
     
    Return on Average Tangible Common Equity Reconciliations (Non-GAAP)
     
    The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company’s average stockholders’ equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.
                             
                             
        Three Months Ended
          March 31,       December 31,       March 31,    
          2025       2024       2024    
        (Dollars in thousands)    
                               
    Net Income   $ 51,104     $ 50,858     $ 48,599    
    Add: Amortization of intangible assets     1,155       1,163       1,438    
    Less: Tax effect of amortization of intangible assets (1)     (341 )     (344 )     (425 )  
    Tangible net income   $ 51,918     $ 51,677     $ 49,612    
                               
    Average stockholders’ equity   $ 2,226,948     $ 2,213,556     $ 2,098,868    
    Less: Average goodwill     (765,822 )     (765,822 )     (765,822 )  
    Less: Average intangible assets     (9,518 )     (10,650 )     (14,585 )  
    Average tangible common equity   $ 1,451,608     $ 1,437,084     $ 1,318,461    
                               
    Return on average equity, annualized (2)     9.31 %     9.14 %     9.31 %  
    Return on average tangible common equity, annualized (2)     14.51 %     14.31 %     15.13 %  
                               
                               
    (1) Tax effected at respective statutory rates.                          
    (2) Annualized where applicable.                          

    The MIL Network –

  • MIL-OSI Economics: How AI can support sustainable energy

    Source: Microsoft

    Headline: How AI can support sustainable energy

    The global energy landscape is constantly evolving with one thing remaining constant: the demand for energy, regardless of the type, continues to increase. There are 8.2 billion people in the world today who all need access to affordable, sustainable, and secure energy. Global energy demand is projected to grow between 11% and 18% by 2050,1 and meeting this growing demand will require innovation from every part of the energy sector value chain.  

    As we witnessed in many leadership dialogues at CERAWeek 2025, AI adoption is taking place at an accelerated speed in the energy sector. The role of AI in meeting rising energy demand is multifaceted and transformative. AI can optimize operations, reduce  energy consumption, enhance grid capacity and reliability, and support renewable energy integration. It can also address energy security and sustainability efforts, such as carbon capture and storage, and methane management and mitigation. AI’s potential in the energy sector is robust. Critically, all these innovations are underpinned by the industry’s collective goal to mitigate environmental impact and continue to move towards a more sustainable future, while meeting the growing demand for energy.   

    Microsoft is committed to helping to drive progress in the energy industry through technological innovation—working to empower the energy workforce, optimize operational efficiency and safety, advance net zero commitments, and grow sustainable, AI-powered businesses.  

    Microsoft for energy and resources

    CERAWeek 2025 takeaways 

    In March 2025, we attended CERAWeek 2025, one of the most influential energy gatherings of the year, which provides a platform for over 8,000 attendees to connect, share and discuss insights, and explore where the industry is headed.  

    This year, a few key takeaways from the event were: 

    • AI is changing the game across industries, and energy is no exception.
      Jason Zander, Executive Vice President for Strategic Missions and Technologies at Microsoft, spoke in the session “Will AI Revolutionize the Energy Sector?” and discussed the ways in which AI is transforming the energy sector with innovative solutions that boost energy efficiency, optimize production, and integrate renewable resources. One of the recent breakthroughs that Jason highlighted is Microsoft’s Majorana 1, the world’s first Quantum Processing Unit (QPU) powered by a Topological Core, designed to scale to a million qubits on a single chip. This advancement has practical applications to help solve some of the most difficult global challenges. It brings the potential to revolutionize the energy industry with possibilities such as developing self-healing materials, enhancing safety, creating catalysts to break down plastics, and significantly advancing sustainability through more recyclable and reusable materials. 
    • Powerful collaboration with industry-leading, strategic partners is key to growth and innovation.
      Several of our partners; Accenture, Cognite, Honeywell, Kongsberg Digital, Schneider Electric, and SLB showcased their industry-leading, real-world solutions in the Microsoft booth. These innovative AI-powered solutions illustrate the immense opportunity to transform the energy industry and empower the energy workforce with modern technology.

      One standout demo was Schneider Electric’s new One Digital Grid Platform, an AI-powered system that helps improve the reliability and efficiency of power grids. Using Microsoft Azure, this platform allows different software solutions to work together, helping utilities modernize their grids and provide cleaner, more affordable energy at a lower overall cost. Schneider Electric is leveraging Microsoft solutions to improve grid reliability, and is collaborating with Itron to do so. Solutions like these, built with strategic partners, address the need for a modern, digital grid to provide energy to all who need it.   

    Transform and optimize resilient energy systems with AI 

    AI’s potential in the energy industry is transformative, with the capability to optimize operations, strengthen security, and advance decarbonization. To provide the energy that the world will require, the energy industry needs intelligent solutions that address these needs with faster insights and increased productivity.  

    The impact of AI solutions is directly correlated to the amount of data companies have at their disposal. For energy companies that may have a fractured data estate spanning diverse environments and proprietary data formats, establishing a unified data foundation is a difficult task. This is why Microsoft is committed to equipping industry leaders with powerful, enterprise platforms like the Microsoft Cloud to accelerate this transformation. And with Microsoft Fabric, data, AI, security, and applications are integrated to enable real-time data processing and AI-powered insights so that companies can make informed decisions more quickly. Microsoft Azure Data Manager for Energy is also an important piece of this energy data journey, and critical to carbon storage and planning. Most powerfully, it can create a repository for all of an organization’s data in a single location. Furthermore, by adopting our adaptive cloud approach and unifying siloed teams, distributed sites, and sprawling systems into a single operation, organizations can increase security, improve data modeling, and leverage cloud-native and AI technologies across hybrid, multicloud, edge, and Internet of Things (IoT) environments. 

    From there, custom reports and insights can be generated with Microsoft 365 Copilot. These cutting-edge solutions are designed to help energy companies harness the full potential of their data with AI—enabling seamless integration, real-time insights, and predictive analytics to help drive efficiency and innovation across the sector.  

    One vast opportunity for the energy sector when it comes to using AI is its power to help decarbonize the energy value chain. It’s clear that decarbonization is a critical step towards achieving a sustainable and net-zero future—involving reducing carbon emissions across all stages of energy production, distribution, and consumption. By integrating renewable energy sources and improving energy efficiency through adopting innovative technologies like AI, the energy sector has the potential to significantly lower its carbon footprint more quickly than was possible without the efficiency gains from AI. The recent International Energy Agency report, “Energy and AI” shares several potential examples of cost and energy savings in power plant operations and end-use sectors, such as manufacturing and transportation. For example, AI in transportation can enhance vehicle operation and management, potentially cutting energy consumption—and therefore emissions—up to 20%.2 

    AI’s potential in enhancing security is immense, offering both vast implications and opportunities. Using AI to enhance security is already making a difference for companies, with a recent study of Copilot users showing that using Microsoft Security Copilot reduced mean time to resolution by 30%.3 Harnessing the power of AI to bolster security in the energy industry, we recently introduced six new Microsoft Security Copilot agents. These agents represent the power of AI to respond to an increasingly high volume of security threats that energy organizations face today. They are designed to autonomously manage high-volume security tasks, helping to provide robust protection for critical energy infrastructure. By leveraging advanced threat intelligence and machine learning, these agents can swiftly detect, investigate, and respond to security incidents, helping to mitigate risks associated with cyberattacks.  

    Demonstrating the power of collaboration in AI innovation, new partner-developed agents will also be available in Security Copilot. These solutions offer industry-specific solutions, such as the ability to understand sector-specific compliance needs. This approach enhances operational efficiency and will help to strengthen the overall security posture for energy companies that adopt agents, allowing IT and operations teams to focus on their core operations while maintaining a resilient defense against ever-evolving threats.  

    Our customers like Chevron are also already seeing the impact of AI in their operations, integrating real-time data from IoT devices, optimizing equipment and bandwidth costs, and accelerating decision-making with AI at the edge. 

    Collaborating with Chevron on facilities of the future with Azure IoT Operations  

    With its Facilities and Operations of the Future initiative, Chevron is reimagining the monitoring of its physical operations to support remote and autonomous operations through enhanced capabilities and real-time access to data. This includes ongoing efforts to use technology to unlock access to connected data across a vast network of IoT devices—ultimately for greater speed to decisions. Chevron worked closely with Microsoft to deploy Azure IoT Operations, enabled by Azure Arc. This edge-to-cloud data plane facilitates data capture from various devices like Wi-Fi cameras, thermal cameras, sensors, robots, and drones at the edge before sending it to the cloud.  Chevron chose Azure for its flexible infrastructure to control data and scale globally, unifying sites and systems into one AI-assisted control pane. Using AI at the edge, where sensors are located at the equipment, helps optimize equipment and bandwidth costs and accelerates speed to insights.  

    Learn more about energy and resources solutions with Microsoft  

    As we look to the future, AI is becoming an increasingly important force in the energy industry—enabling companies to achieve greater safety and efficiency, help secure their operations, and increase sustainability. Key to this growth and innovation is powerful collaboration with our strategic partners and secure, resilient solutions that meet the industry’s robust needs. Microsoft remains dedicated to supporting this journey, providing the tools and technologies needed to thrive in an ever-evolving energy landscape. 

    Microsoft for energy and resources

    Drive innovation to achieve net zero

    1Global Energy Perspective 2024, McKinsey, September 2024. 

    2Energy and AI, AI for energy optimization and innovation.  

    3Agentic AI and Microsoft Security Copilot: Revolutionizing cybersecurity, March 2025.

    MIL OSI Economics –

  • MIL-OSI Global: A golden era for personalized medicine is approaching, but are we ready?

    Source: The Conversation – Canada – By Nazia Pathan, PhD, Postdoctoral Researcher, Population Health Research Institute, McMaster University

    Biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale (Piqsels/Siyya)

    If there’s a disease that seems to run in your family, if you’ve had a negative reaction to a drug or wondered why a standard treatment didn’t work on you, the answers may lie in your genes.

    The unique sequence of DNA that acts as a blueprint for building and maintaining your body often plays a major role in shaping your predisposition to diseases and reactions to drugs.

    Genes in the DNA make proteins, which can act as biomarkers or influence other types of biomarkers. Biomarkers are molecules in the body that help measure health conditions, such as those detected in blood or urine tests.

    Blood glucose, for example, is a biomarker for diabetes, cholesterol levels can be biomarkers for heart diseases and albumin is a protein used to assess kidney and liver functions.

    Tailoring treatments

    By understanding a patient’s unique genetic profile, biomarker readings and lifestyle information, doctors could tailor the most effective and safest treatments for that individual.

    Genetics offer the opportunity for individualized health care that can improve patient outcomes, save lives and alleviate strain on the health-care system.

    This is the promise of personalized medicine, which is already making a difference in areas such as cardiovascular diseases, cancer, mental health and rare diseases.

    The question is, are we prepared to seize this golden opportunity in Canada?

    Genetic testing and data

    Canadians are not averse to genetic testing. By 2018, a survey by Abacus Data showed around 11 per cent of Canadian adults had used direct-to-consumer genetic testing and analysis kits, and 60 per cent were open to ordering a test.

    This level of interest highlights a general acceptance of and readiness for genetic advancements in health care, which is encouraging, since we need much more reliable, population-level genetic information to make the most of this opportunity.

    Current genetic data is either scattered across relatively small, fragmented groups, which is severely limiting from a broader research perspective, or held by private companies. These companies have varying regulatory standards, raising concerns about privacy and data security, especially if a company is financially unstable or ceases to exist. This recently occurred when genetic testing company 23andMe filed for bankruptcy.



    Read more:
    With 23andMe filing for bankruptcy, what happens to consumers’ genetic data?

    The better model is publicly managed biobanks, which prioritize broad societal health over profit and offer stronger data protection through robust regulation of access, storage and usage. Strict oversight ensures the protection of individual privacy while promoting transparency.

    The potential of biobanks

    In this age of big data, biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale.

    This is possible because of technological advancements that allow large-scale genetic and biomarker testing, the adoption of cloud-based servers, and improvements in statistical modelling, machine learning and artificial intelligence.

    Establishing a biobank begins with collecting small amounts (five to 10 millilitres) of blood, saliva or tissue from consenting participants in the presence of health experts.

    Biobanks use next-generation sequencers to perform the genetic sequences at high speed, while the latest proteomics platforms enable measurement of thousands different biomarkers from a very small amount of blood. The resulting genetic and biomarker profiles are curated and made accessible through platforms like a national library.

    Countries such as the United Kingdom and the United States are paving the way with national efforts such as the UK Biobank and the All of Us Research Program.

    The British Biobank houses genetic and health data from more than 500,000 participants. Similarly, the U.S. program aims to enrol more than one million participants.

    Genomics in Canada

    As a genetic epidemiologist, I have had the opportunity to identify several potential genetic targets by using these treasure troves of information.

    The problem is that we don’t yet have a ready way of knowing if the results are directly applicable to the Canadian population.

    This is about to change. Genome Canada has launched the Canadian Precision Health Initiative to sequence the genomes of at least 100,000 Canadians.

    Biobanks enable scientists to study the relationships between genes, health and disease on an unprecedented scale.
    (Pixabay/Shameersrk)

    A Pan-Canadian Genome Library (PCGL) is also in the works to harmonize genetic data produced across Canada. It aims to capture, store and provide access to Canadian genomic data in a secure and ethical manner. Although this work is in the developmental phase, and the target population size remains unclear, these efforts are significant.

    These visions are closer to becoming a reality with the recent announcement of a $200 million investment in the Canadian Precision Health initiative. This is in addition to the more than $1 billion previously invested in health genomics research projects.

    These funds will support Canada’s Genomic centres, the PCGL, and enhance the translation of genomics into real-world applications, boosting the development of personalized medicine and advanced diagnostics to treat diseases.

    A potential model for the world

    Canada, with its uniquely diverse population, has a rare opportunity to lead the way in equitable, multi-ethnic genetic research that would address current biases that predominantly focus on individuals with European ancestry.

    This would ensure that everyone in Canada, including Indigenous communities, can benefit from this health-care revolution in an equitable, ethical and safe manner that balances privacy with the opportunities for groundbreaking research.

    With public trust and robust oversight, and making population-level data internationally accessible, Canada’s biobank initiative could become a model for the world in the golden era of personalized medicine.

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

    – ref. A golden era for personalized medicine is approaching, but are we ready? – https://theconversation.com/a-golden-era-for-personalized-medicine-is-approaching-but-are-we-ready-250336

    MIL OSI – Global Reports –

  • MIL-OSI USA: TRUMP EFFECT: A Running List of New U.S. Investment in President Trump’s Second Term

    US Senate News:

    Source: The White House
    Since President Donald J. Trump took office, his unwavering commitment to revitalizing American industry has spurred trillions of dollars of investments in U.S. manufacturing, production, and innovation — and the list only continues to grow.
    Here is a non-comprehensive running list of new U.S.-based investments in President Trump’s second term:
    Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
    Apple announced a $500 billion investment in U.S. manufacturing and training.
    NVIDIA, a global chipmaking giant, announced it will invest $500 billion in U.S.-based AI infrastructure over the next four years amid its pledge to manufacture AI supercomputers entirely in the U.S. for the first time.
    Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
    Johnson & Johnson announced a $55 billion investment over the next four years in manufacturing, research and development, and technology.
    Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in U.S.-based manufacturing and research and development, which is expected to create more than 1,000 full-time jobs and more than 12,000 jobs including construction.
    Eli Lilly and Company announced a $27 billion investment to more than double its domestic manufacturing capacity.
    United Arab Emirates-based ADQ and U.S.-based Energy Capital Partners announced a $25 billion investment in U.S. data centers and energy infrastructure.
    Novartis, a Swiss drugmaker, announced a $23 billion investment to build or expand ten manufacturing facilities across the U.S., which will create 4,000 new jobs.
    Hyundai announced a $21 billion U.S.-based investment — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs.
    Hyundai also secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker.

    United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
    France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
    Merck announced it will invest $8 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility.
    Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
    Stellantis announced a $5 billion investment in its U.S. manufacturing network, including re-opening its Belvidere, Illinois, manufacturing plant.
    Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
    NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
    ArcelorMittal, a steel manufacturer, announced a $1.2 billion investment to build an advanced manufacturing facility in Alabama.
    Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs.
    GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
    Corning, Inc., a solar component producer, announced a $900 million investment to build a manufacturing plant in Michigan.
    Schneider Electric announced it will invest $700 million over the next four years in U.S. energy infrastructure.
    GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
    Abbott Laboratories announced a $500 million investment in its Illinois and Texas facilities.
    AIP Management, a European infrastructure investor, announced a $500 million investment to solar developer Silicon Ranch.
    London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
    Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
    Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
    Clasen Quality Chocolate announced a $230 million investment to build a new production facility in Virginia, which will create 250 new jobs.
    Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new high-paying jobs.
    Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
    TS Conductor announced a $134 million investment to build an advanced conductor manufacturing facility in South Carolina, which will create nearly 500 new jobs.
    Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
    Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
    Charms, LLC, a subsidiary of candymaker Tootsie Roll Industries, announced a $97.7 million investment to expand its production plant and distribution center in Tennessee.
    Toyota Motor Corporation announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the 2,000 workers at the factory.
    AeroVironment, a defense contractor, announced a $42.3 million investment to build a new manufacturing facility in Utah.
    Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
    India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
    Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
    Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
    Guardian Bikes announced a $19 million investment to build the first U.S.-based large-scale bicycle frame manufacturing operation in Indiana.
    Amsterdam-based AMG Critical Minerals announced a $15 million investment to build a chrome manufacturing facility in Pennsylvania.
    NOVONIX Limited, an Australia-based battery technology company, announced a $4.6 million investment to build a synthetic graphite manufacturing facility in Tennessee.
    LGM Pharma announced a $6 million investment to expand its manufacturing facility in Rosenberg, Texas.
    ViDARR Inc., a defense optical equipment manufacturer, announced a $2.69 million investment to open a new facility in Virginia.
    That doesn’t even include the U.S. investments pledged by foreign countries:
    United Arab Emirates announced a $1.4 trillion investment in the U.S. over the next decade.
    Saudi Arabia announced it intends to invest $600 billion in the U.S. over the next four years.
    Japan announced a $1 trillion investment in the U.S.
    Taiwan announced a pledge to boost its U.S.-based investment.
    Last updated on April 23, 2025

    MIL OSI USA News –

  • MIL-OSI USA: President Trump’s Vision Fuels Major U.S. Production Boom

    US Senate News:

    Source: The White House
    President Donald J. Trump’s unrelenting commitment to revitalizing American manufacturing is continuing to deliver results, with another wave of companies announcing transformative investments in their U.S.-based operations — driving job creation and economic growth nationwide.
    In just the past few days:
    Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in its U.S.-based manufacturing and R&D, which is expected to create more than 1,000 new full-time jobs and more than 12,000 jobs including construction.
    Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
    NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
    Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs.
    Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new high-paying jobs.
    Toyota Motor Corporation, a Japanese automaker, announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the factory’s 2,000 workers.
    Hyundai Motor Group, a South Korean automaker, secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker, for the automaker’s planned steel plant in Louisiana.
    Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
    Click here for more new investments secured in President Trump’s second term.

    MIL OSI USA News –

  • MIL-OSI Canada: Tribunal Initiates Inquiry— Certain carbon or alloy steel wire from China, Chinese Taipei, India, Italy, Malaysia, Portugal, Spain, Thailand, Türkiye and Vietnam

    Source: Government of Canada News (2)

    Ottawa, Ontario, April 23, 2025—The Canadian International Trade Tribunal today initiated a preliminary injury inquiry into a complaint by Sivaco Wire Group 2004 L.P, of Marieville, Quebec and ArcelorMittal Long Products Canada G.P., of Contrecoeur, Quebec, that they have suffered injury as a result of the dumping of certain carbon or alloy steel wire originating in or exported from the People’s Republic of China, the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, the Republic of India, the Italian Republic, the Federation of Malaysia, the Portuguese Republic, the Kingdom of Spain, the Kingdom of Thailand, the Republic of Türkiye, and the Socialist Republic of Vietnam. The Tribunal’s inquiry is conducted pursuant to the Special Import Measures Act (SIMA) as a result of the initiation of a dumping investigation by the Canada Border Services Agency (CBSA).

    On June 19, 2025, the Tribunal will determine whether there is a reasonable indication that the alleged dumping has caused injury or retardation, or is threatening to cause injury, as these words are defined in SIMA. If so, the CBSA will continue its investigation and, by July 21, 2025, will make a preliminary determination. If this preliminary determination indicates that there has been dumping, the CBSA will then continue its investigation and, concurrently, the Tribunal will initiate a final injury inquiry.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    Any interested person, association or government that wishes to participate in the Tribunal’s inquiry may do so by filing a Form I – Notice of Participation.

    MIL OSI Canada News –

  • MIL-OSI Canada: Turning forestry waste into industrial fuel

    Countries around the world are looking for alternative fuel sources for industries like transportation, heavy manufacturing and power generation. As the largest energy producer in Canada, Alberta has the resources, business-friendly environment and expertise needed to become a world leader in developing hydrogen – a clean energy carrier that produces no emissions.

    Alberta’s government is investing $3 million through Emissions Reduction Alberta to help Calgary-based Hydrogen Naturally turn forestry waste like woodchips, sawdust, plants and other organic material into hydrogen. This new technology will capture the carbon that would normally be released into the air during this process and store it underground.

    “Hydrogen offers major potential for Alberta to leverage our vast natural resources, skilled workforce and existing energy infrastructure. Alberta is the largest hydrogen producer in Canada, and we’re just getting started. Investing in this promising, emissions-free, economically friendly fuel source is diversifying Alberta’s economy, creating jobs and positioning Alberta as a world leader.”

    Dale Nally, Minister of Service Alberta and Red Tape Reduction

    “We have the energy and the innovation to help power the world in the most environmentally responsible way. That’s why we are investing in technology and innovation to help create jobs, fuel our economy and keep attracting investments into our province.”  

    Rebecca Schulz, Minister of Environment and Protected Areas

    Hydrogen Naturally will use provincial funding for a feasibility study that will provide the regulatory, engineering and environmental information needed to build its first hydrogen production unit in Alberta.

    “This funding accelerates the scale-up of breakthrough technologies, paving the way for a low-carbon future in Alberta. Companies like Hydrogen Naturally showcase how innovation and strategic investment can deliver tangible emissions reductions while fueling economic growth.” 

    Justin Riemer, chief executive officer, Emissions Reduction Alberta

    “The Government of Alberta, through Emissions Reduction Alberta, will play a pivotal role in advancing our negative-emission hydrogen facility, which uses innovative gasification technology to utilize forest harvest residuals and firekill. Together, Hydrogen Naturally and Alberta can leverage our extensive carbon capture and sequestration capabilities to become global leaders in low-emission energy and sustainable forest management.”

    Brett Jackson, president, Hydrogen Naturally

    Alberta is becoming the destination of choice for investors and innovators in the hydrogen sector, with a growing number of promising opportunities presented by hydrogen production and technologies across the province.

    Quick facts

    • Hydrogen Naturally was incorporated in Alberta in 2022 and is headquartered in Calgary.
    • The company has plans for hydrogen production hubs across Canada and the United States.
    • The worldwide hydrogen market is estimated to be worth more than $2.5 trillion per year by 2050.
    • Alberta’s pipeline infrastructure, carbon capture technology, expertise in energy exports, and proximity to key markets give the province an advantage in hydrogen production and use.
    • Compared to other emissions-free alternatives, hydrogen is ideal for moving heavy freight in Alberta’s cold climate and shows promise for its ability to store and transport renewable energy.
    • To date, Alberta’s government has invested $43 million into 13 hydrogen technologies through Emissions Reduction Alberta, with a collective total value of more than $250 million.
    • This funding is through the industry-funded Technology Innovation and Emissions Reduction (TIER) program.

    Related information

    • Emissions Reduction Alberta
    • Hydrogen Naturally
    • Hydrogen Roadmap
    • Natural Gas Vision and Strategy

    MIL OSI Canada News –

  • MIL-OSI USA: Oregon State Treasury Completes Total Of $1.48 Billion In Bond Sales Despite Historic Market Instability

    Source: US State of Oregon

    ast week, the Oregon State Treasury successfully completed two major bond sales through its Buy Oregon Bonds Program, providing nearly $1.5 billion for statewide projects and programs, including affordable housing, educational facility improvements, pollution control, and agricultural grant programs.

    “Oregon bonds continue to attract strong investor demand, offering a solid investment opportunity even amid ongoing volatility in national financial markets driven by federal policy shifts and tariff-related challenges,” said Oregon State Treasurer Elizabeth Steiner, MD. “The strong performance and investor response to these offerings demonstrates Oregon’s fiscal resilience and Treasury’s thoughtful stewardship of the state’s debt.”

    Amid historic market instability not seen since the COVID-19 pandemic, Treasury’s Debt Management team worked closely with financial partners to monitor conditions and time the sales for optimal results. This diligent work, combined with the state’s strong credit ratings, contributed to the oversubscription of both sales and secured low-cost financing, saving Oregon millions of dollars.

    The first sale, a $925 million General Obligation Bond issuance, featured 3rd-party verified Sustainability Bonds and lower denomination offerings to broaden investor participation. Proceeds from this sale will fund approximately 20 projects and programs across 12 state agencies, including affordable housing, pollution control, and capital improvements to the State Capitol, K-12 schools, public universities, and other state facilities.

    The sale’s Sustainability Bonds component, totaling $301 million, will support Oregon’s Permanent Supportive Housing and Local Innovation and Fast Track Housing Programs. Kestrel, an approved verifier accredited by the Climate Bonds Initiative, awarded the accreditation following an independent external review, in which they determined the projects and associated Series B Bonds would address housing needs in Oregon, meet green building requirements, and advance Oregon’s goal of reducing statewide energy consumption and greenhouse gas emissions.

    Later in the week, Treasury took advantage of another favorable market window to issue $555 million in Lottery Revenue Bonds. These proceeds will support approximately 34 projects and programs from nine (9) state agencies. Fund projects include city and community college capital improvements, such as the construction of a new ballpark for the Hillsboro Hops minor league baseball team and renovations to the Center for Native Arts And Cultures, as well as seismic improvements to transportation infrastructure and statewide programs like the agricultural irrigation modernization grants program.

    The sale also included a $250 million refunding of existing state debt component to reduce debt service costs and increase capacity for future infrastructure investments. The refunding is projected to yield approximately $11.2 million in present value savings.

    “The proceeds from these bond sales will support vital projects that improve the quality of life for Oregonians, invest in our schools, expand affordable housing, and strengthen our state’s infrastructure,” said Treasurer Steiner. “These investments reflect Oregon’s commitment to developing resilient communities and promoting the well-being of Oregonians.”

    For more information about the Buy Oregon Bonds Program and upcoming bond offerings visit: www.BuyOregonBonds.com

    MIL OSI USA News –