NewzIntel.com

Blog

  • MIL-OSI USA: FEMA Urges Georgians to Apply for Assistance Despite Concerns About Homeowners’ Insurance

    Source: US Federal Emergency Management Agency 2

    f you were affected by Tropical Storm Debby (Aug. 4—20, 2024) or Hurricane Helene (Sept. 24—Oct. 30, 2024) and have an active insurance policy, state and FEMA officials urge you to check with both your insurance company and FEMA to help you on your road to recovery. 
    You do not need to have insurance to qualify for FEMA assistance and should not wait to submit your FEMA application. While FEMA assistance can only help with losses not covered by insurance, the assistance may help provide additional coverage for losses caused by Tropical Storm Debby or Hurricane Helene.
    If you do have an active insurance policy, you are urged to apply with FEMA because you may be eligible for disaster assistance for basic home repairs, personal property losses and other disaster-caused expenses that insurance didn’t cover. While you do not have to file an insurance claim before applying for FEMA disaster assistance, you will be required to provide FEMA with documentation regarding your insurance settlement or denial of your claim before being considered for certain types of assistance. Also, if your insurance benefits are delayed, FEMA can provide assistance to meet your immediate needs.
    While some survivors are likely concerned about the impact filing a claim may have on increasing their premiums, people affected by either or both of the storms should talk with their insurance agent to understand their deductible and associated out-of-pocket expenses to determine whether it makes sense to file a claim. 
    In many instances, damage may fall below the policy deductible or otherwise not be covered by the policy. Insurance companies are encouraged to provide documentation necessary for their customers to apply for FEMA assistance for uncovered losses.
    If you feel your insurance settlement is insufficient to cover the damage, you may be able to use the free Disaster Legal Assistance to help appeal your claim with your insurance. Georgia residents can use this service to receive confidential, free legal assistance due to the disasters, who do not have the money to hire adequate legal services. If you are interested in receiving this legal assistance, call the toll-free legal hotline at 866-584-8027 or 404-527-8793.
    If you are in one of the 63 affected counties designated for Individual Assistance, you are eligible to apply for FEMA disaster assistance. You can apply online at DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or by calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages. You can also contact the Georgia Call Center at 678-547-2861 Monday through Saturday for assistance with your application.
    To view an accessible video on how to apply, visit Three Ways to Apply for FEMA Disaster Assistance – YouTube.
    For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia. Follow FEMA Region 4 @FEMARegion4 on X or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Acting Administrator Cameron Hamilton on X @FEMA_Cam.
    ###
    FEMA’s mission is helping people before, during and after disasters.

    MIL OSI USA News –

  • MIL-OSI USA: A Congress.gov Interview with Lindsay Gibmeyer, the US Senate Bill Clerk

    Source: US Global Legal Monitor

    Today’s blog post is a Congress.gov interview with Lindsay Gibmeyer, a bill clerk at the United States Senate. 

    1. Describe your background

    I grew up on the Eastern Shore of Maryland, so close geographically, but in stark contrast to the hustle and bustle of the city. I attended the University of Texas at Dallas and later, missing Maryland’s famous blue crabs, finished my undergraduate studies at the University of Maryland College Park. My first job on the Hill was in the Senate Bill Clerk’s office as an assistant bill clerk. Coming from a background in social science research, I was all about data and had very limited legislative process knowledge. Luckily, I landed in one of the best spots possible to hit the ground running with a front-row seat to the legislative process. I really owe all of my success to my fellow colleagues who are wonderful resources with a wealth of institutional knowledge.

    2. How would you describe your job to other people?

    I have heard this role described as the nervous system of the Senate. We are part of the non-partisan team who have a hand in all legislative material from the Senate and messaging between the houses. Nearly everything travels through our office at one point or another and is processed and made available to the public the next day via the Congressional Record and Congress.gov.

    3. What is your role in the development of Congress.gov?

    Soon after I began my Senate career, the transition from Thomas.gov and LIS was beginning to move forward. There were concerns with representing our data in an accurate manner and combining two sites—one user-friendly public-facing and one more centered around Congressional needs—was not an easy task. The Bill Clerk’s office was asked to provide testing and functionality feedback, from a “power user” point of view, a fancy way of saying we use and depend on Congress.gov a lot!
    My role in the project was to provide feedback specifically from our office’s point of view and help shape how our data is presented to the public. I was really excited about this project because of my previous data management background, and I found it familiar to review how the data was carried via XML files. I was also available to help explain how we process floor actions and data entry. Together with a lot of great collaboration with our Library of Congress and LIS partners, we have the present-day, multi-audience Congress.gov.

    4. What is your favorite feature of Congress.gov?

    I really like one of the newer features of Congress.gov where the Congressional Record links to the legislation. As a daily user, it is nice to quickly access the online record via the All Actions tab and pull up either the floor action or the text of the measure. This is especially useful for staff or the public to find the full text of legislation or amendments the day after submission.

    5. What is the most interesting fact you’ve learned about the legislative process while working for Congress?

    As the Bill Clerk, I think one of the most interesting facts about the legislative process is the many paths a bill can take before it becomes law. Bills can be referred to a committee, or fast-tracked through various paths for quicker floor consideration—which can sometimes take the agreement of all 100 members—not an easy feat! We have recently reached record highs in the number of introduced bills in the Senate at 5400 + and counting and that is not including House bills. A very small percentage of those measures become law. At last count, there were 224 public laws during the 118th Congress.

    6. What’s something most of your co-workers do not know about you?

    Not a well-kept secret—my family is obsessed with Golden Retrievers! Here are our three rescue Goldens (Alexander, Hamilton, and Rosie).

    Lindsay’s rescued golden retrievers: Alexander, Hamilton, and Rosie. Picture courtesy of Lindsay Gibmeyer.

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI Africa: Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act

    Source: The Conversation – Africa – By Zsa-Zsa Temmers Boggenpoel, Academic, Stellenbosch University

    South Africa has a new law to govern the expropriation (or compulsory acquisition) of private property by government for public purposes or in the public interest.

    The passing of the Expropriation Act 13 of 2024 followed a parliamentary process that began in 2020.

    The act repeals the apartheid-era Expropriation Act 63 of 1975, and aims to align expropriation law with the constitution. It sets out the procedures, rules and regulations for expropriation. Besides setting out in quite a detailed fashion how expropriations are to take place, the act also provides an outline regarding how compensation is to be determined.

    In South Africa’s colonial and apartheid past, land distribution was grossly unequal on the basis of race. The country is still suffering the effects of this. So expropriation of property is a potential tool to reduce land inequality. This has become a matter of increasing urgency. South Africans have expressed impatience with the slow pace of land reform.

    Property rights and land reform

    There is much debate in the country about the provisions of the new act. The debate is mostly about the extent to which it affects existing private property rights. Some argue the act is unconstitutional. Others welcome it as a necessary step in the right direction.

    I’m a professor of law with a keen interest in this area of the law, and recently edited a book on land expropriation in South Africa by leading experts. My view is that an expropriation act that is aligned with the constitution should be welcomed, to enable land reform to work effectively.

    Read more: Land reform in South Africa: what the real debate should be about

    Land reform also needs a capable and proactive state that implements the legal framework in such a manner that prioritises expropriation as a mechanism to ensure land reform.

    So far, expropriation has not been used effectively to redistribute land more equitably, as part of land reform.

    I am not convinced that the act, in its current form, is the silver bullet to effect large-scale land reform – at least not the type of radical land reform that South Africa urgently needs.

    Understandably, the act will have a severe impact on property rights. But it still substantially protects landowners affected by expropriation. Only in very limited cases would they not be compensated.

    Protections for land owners

    The act says that property must not be expropriated arbitrarily or for a purpose other than a public purpose or in the public interest.

    Public purpose means by or for the benefit of the public. For example, expropriating property to build roads, schools and hospitals. Public interest is broader and includes the nation’s commitment to land reform.

    “Arbitrary” would usually mean without reason or justification.

    Read more: South Africa has another go at an expropriation law. What it’s all about

    The act further requires that an expropriating authority – an organ of state or person empowered by the act or any other legislation – must first try to reach an agreement with the owner to acquire the property on reasonable terms before considering expropriation.

    This gives some power to a landowner, even though expropriation does not normally require consent. The act also says a specific expropriation must always be authorised by a law.

    No compensation?

    Section 12 of the act deals with compensation for expropriation. It is arguably the most controversial part of the new legislation. Section 12(1) does not appear to be problematic and is largely the same wording as section 25(3) of the constitution. This part of the property clause sets out what must be taken into account when compensation for expropriation is determined.

    Section 12(3) of the act refers to “nil compensation” – when nil rand (monetary) compensation may be paid. There is no explicit reference to nil compensation in the current wording of section 25 of the constitution. It’s a new thing in the Expropriation Act.

    However, courts have toyed with the idea that section 25 of the constitution already provides room for a reduction in compensation.

    The circumstances in which nil compensation could be granted in terms of the new act are in fact very limited. Section 12(3) leaves the discretion to the expropriating authority to determine when it may be just and equitable to pay nil compensation. However, the act lacks guidelines on how such a discretion must be exercised.

    Read more: Land is a heated issue in South Africa – the print media are presenting only one side of the story

    The scope of section 12(3) is also limited in some respects. For one, it is restricted to land. Only where land is expropriated would nil compensation be an option. Therefore, not all forms of property can be expropriated without compensation. The notion of property under section 25(1) of the constitution is generally wide and includes various rights and interests, which are broader than just land. For instance, personal rights, mineral rights and licences are included under the section 25(1) notion of property.

    This wide understanding of property is not applicable to section 12(3), which refers to “land” being expropriated.

    Section 12(3) is also limited to the expropriation of land “in the public interest”. Nil compensation is therefore envisaged only in the context of expropriation of land undertaken in the public interest, and not also for a public purpose.

    Three of the four categories listed in section 12(3), where nil compensation is envisaged, are linked to the way in which the property was being used prior to the expropriation. Land used in a productive manner is therefore not evidently envisaged under section 12(3).

    Nil compensation is not necessarily limited to the instances listed. Still, the amount of compensation must – in all instances – be just and equitable.

    Novel approach

    The act forces South Africans to engage with the idea of nil compensation in a much more direct manner.

    The presence of a clause dedicated to nil compensation provides new clarity on when this could apply.

    It is hard to determine whether this act will pass constitutional muster without seeing how expropriation under it will work in practice. It remains to be seen whether it will have the far-reaching consequences that many fear, or call for.

    – Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act
    – https://theconversation.com/land-seizure-and-south-africas-new-expropriation-bill-scholar-weighs-up-the-new-act-244697

    MIL OSI Africa –

  • MIL-OSI Africa: Driving Africa’s Sports Future: Meet the Partners Powering the Sports Africa Investment Summit (SAIS25)

    Source: Africa Press Organisation – English (2) – Report:

    LAGOS, Nigeria, January 30, 2025/APO Group/ —

    The Sports Africa Investment Summit (SAIS25) is more than an event—it’s a movement to unlock Africa’s potential by investing in sports infrastructure for a sustainable future. This mission wouldn’t be possible without the support of visionary partners committed to driving innovation, policy development, and investment in Africa’s sports industry.

    Meet the Partners

    Afreximbank – A leading financial institution fostering trade and development across Africa, Afreximbank brings its expertise in funding large-scale projects, making it a key player in sports infrastructure financing.

    Bank of Industry (BOI) – As Nigeria’s leading development finance institution, BOI plays a critical role in driving local economic growth. Through strategic financing, BOI is supporting the expansion of Nigeria’s sports sector, creating opportunities for businesses and communities to thrive.

    International Centre for Sport Security (ICSS) – A global leader in sport integrity, ICSS works across continents to promote safety, transparency, and governance in sports. Their partnership with SAIS25 reinforces the need for robust security frameworks that protect investments and ensure the long-term sustainability of Africa’s sports ecosystem.

    UN Global Compact Network Nigeria – Championing responsible business practices, this network is instrumental in promoting sustainability within sports investments, ensuring that SAIS25 initiatives align with global environmental, social, and governance (ESG) standards.

    NESH Foundation – With a focus on Nigerian entrepreneurship, NESH plays a vital role in connecting sports investment with local economic empowerment, creating opportunities for homegrown businesses to thrive.

    Nigerian Economic Summit Group (NESG) – As a Nigerian policy think tank, NESG drives economic transformation by shaping investment-friendly policies across multiple sectors, including sports. Their expertise in fostering collaboration between governments, private sector players, and investors positions them as a key advocate for a sustainable and profitable sports industry across Africa.

    Why This Matters

    The collective efforts of these esteemed partners underscore SAIS25’s mission: to transform Africa’s sports sector through strategic investments, infrastructure development, and policies that foster long-term sustainability.

    As SAIS25 approaches on February 17-18, 2025, in Lagos, we invite investors, policymakers, industry leaders, athletes, sports talent managers, sports merchandisers, fans and enthusiasts to join us in shaping the future of African sports.

    Register now at https://apo-opa.co/4gjbCZg and be part of the conversation.

    MIL OSI Africa –

  • MIL-OSI Global: Why Trump’s meme coin is a cash grab

    Source: The Conversation – USA – By Maximilian Brichta, Doctoral Student of Communication, University of Southern California

    The Trump meme coin has already attracted over a half-million buyers. Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images

    Three days before his presidential inauguration, Donald Trump launched a meme coin, a type of cryptocurrency whose value is buoyed by social media and internet culture, rather than any sort of functionality or intrinsic value.

    The coin – officially called $Trump – briefly ascended into the top 15 cryptocurrencies by market capitalization and attracted over a half-million buyers.

    Referencing the coin in a news conference on Jan. 21, 2025, a reporter asked Trump if he intended to continue selling products that benefited him personally while being president.

    “You made a lot of money [on $Trump], sir,” he told Trump, who seemed oblivious to its meteoric rise in value.

    “How much?” Trump asked.

    “Several billion dollars, it seems like, in the last couple days.”

    Donald Trump is asked about the successful launch of his new meme coin.

    Over the following week, various publications claimed the meme coin had “ballooned [Trump’s] net worth” making him a “crypto billionaire.”

    While it’s true that Trump stands to benefit handsomely from the meme coin and his other crypto ventures, the claims of Trump himself earning billions off it are overblown.

    Funny money or filch?

    Meme coins became popular in 2013 with the launch of Dogecoin, which its creators intended as a joke, spoofing the many other seemingly useless cryptocurrencies that were popping up at the time. It was never supposed to be a popular investment. The creators even attempted to make it as undesirable as possible to ensure it wouldn’t.

    Twelve years later, it remains in the top 10 cryptocurrencies and has inspired thousands of other meme coins to launch.

    In 2025, it’s cheaper and easier than ever to launch and trade these tokens.

    For example, all it takes to create a new coin on the website Pump.fun is a name, ticker symbol, description, image and the equivalent of roughly US$5 worth of cryptocurrency.

    Moonshot, the crypto exchange that Trump’s meme coin website routes interested buyers to, allows users to sign up in as little as 10 minutes. They’re then able to purchase the Trump coin and a slew of other meme coins.

    The vast majority of meme coins launched are dubious. Many are outright scams. For instance, in August 2024 the Instagram account of McDonald’s was hacked to advertise a meme coin named $Grimace in a nod to the fast-food chain’s purple mascot. After artificially inflating the price of the coin, the creators cashed out close to $700,000.

    There are countless other scam coins that fly under the radar using the same dynamic: generate hype, pump the price and dump on investors.

    Looking under the hood

    So how much might Trump and his associates actually benefit from his new meme coin and, more broadly, the “free-for-all” attitude his administration is taking toward the crypto industry?

    I study the gray area between participation and exploitation in crypto markets, and I dug deeper into the Trump meme coin.

    One way to assess whether a meme coin offering is a scam is to look at its “tokenomics” – that is, the predetermined number of units of its supply, how that supply is distributed and how much of it the creator gets to keep. The higher the percentage of the supply allocated to the creators, the more they can sell for profit. As media studies scholar Lana Swartz points out, creator tokens were originally intended for developers to crowdfund their startups. But with meme coins – which typically don’t claim to build anything – they exist to enrich their creators and, potentially, fund continued marketing of the coin.

    Unlike Dogecoin, which took a “fair launch” approach – meaning that its creators didn’t allocate a portion of the initial coins to themselves before allowing others to trade it – the majority of Trump tokens are allocated to its creators on a three-year-long distribution schedule.

    In fact, 80% of the coin supply will be distributed to the coin’s creators over the course of three years. In other words, the tokenomics of the Trump meme coin are set up so that its creators can slowly sell off their large supply without drastically manipulating its price. Rather than quickly pulling the rug from under investors’ feet, they can do it slowly.

    None of this is hidden information – the tokenomics of the Trump meme coin are featured prominently on the coin’s website.

    Notably, none of the people behind the coin will begin receiving portions of the supply until March 2025. The amount of profit they can reap will be based on future prices. At the time of this writing, the Trump meme coin was down roughly 60% from its peak.

    Who are these creators anyway? The various layers of limited liability companies behind the project, listed in fine print on the $Trump meme website, obscure which individuals stand to benefit.

    Presuming Trump is one of these creators, the president technically doesn’t have an allotment of the supply to cash out – not until March, at least.

    So, no, Trump didn’t make billions from the coin. But he still stands to potentially vacuum up millions of dollars from unwitting investors. Judging by the spike in crypto exchange downloads over the weekend of the Trump coin’s launch, it attracted many new, and likely novice, speculators. Coins like this, which can significantly devalue in a matter of hours, can be distressing introductions to the world of investing.

    This isn’t the first time Trump has tried to make a killing on crypto, either. He’s already brought in millions off the sales of five nonfungible token launches – which are essentially digital trading cards – since 2022.

    Have fun!

    The final words in Trump’s meme coin announcement on his social media platform Truth Social sum up his administration’s attitude toward the crypto industry over the next four years: “Have fun!”

    On Jan. 23, Trump signed an executive order containing a slew of decrees aimed at making the U.S. the “crypto capital of the world.”

    He has tapped venture capitalist David Sacks to chair the group tasked with reworking the prohibitive regulations around the crypto industry. Sacks has invested in crypto-focused companies and has bragged about his personal crypto investments on his podcast.

    In a recent Fox Business interview, Sacks was asked if he thought Trump’s meme coin was a conflict of interest. He said no, suggesting that the coins should be thought of as “collectibles” akin to “a baseball card or a stamp.”

    David Sacks, Donald Trump’s crypto czar, sees little issue with Trump’s crypto investments.

    Notably, the $Trump website also refers to the tokens as “cards” and “memes,” rather than coins. This could be an attempt to skirt legal trouble: It frames them as tokens of mere amusement rather than serious investment vehicles with expectations of profit.

    Nonetheless, several members of Congress have already called for a probe into the Trump meme coin.

    No matter how you define $Trump, one thing remains clear: The structure of the coin is set up to siphon money out of retail investors for at least the next three years. Sure, ordinary speculators can still profit off it, so long as its value remains propped up. That’s basically a gamble.

    With Trump starting to accumulate a stockpile of various cryptocurrencies through his other venture, World Liberty Financial, he could also benefit immensely from a looser regulatory environment.

    Fun indeed.

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

    – ref. Why Trump’s meme coin is a cash grab – https://theconversation.com/why-trumps-meme-coin-is-a-cash-grab-248215

    MIL OSI – Global Reports –

  • MIL-OSI Global: ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay

    Source: The Conversation – USA – By Alexandra Moore, Professor of Human Rights in Literary and Cultural Studies, Binghamton University, State University of New York

    Sailing ships are a common feature of Moath al-Alwi’s art. Moath al-Alwi, 2016, CC BY-SA

    When Moath al-Alwi left Guantánamo Bay for resettlement in Oman, accompanying him on his journey was a cache of artwork he created during more than two decades of detention.

    Al-Alwi was detainee number “028” – an indication that he was one of the first to arrive at the U.S. military prison off Cuba after it opened in January 2002. His departure from the detention center on Jan. 6, 2025, along with 10 fellow inmates, was part of an effort to reduce the prison’s population before the end of President Joe Biden’s term.

    For al-Alwi, it meant freedom not only for himself, but also for his artwork. While not all detainees shared his passion, creating art was not an uncommon pursuit inside Guantánamo – indeed it has been a feature, formally and informally, of the detention center since its opening more than 20 years ago.

    As editors of the recently published book “The Guantánamo Artwork and Testimony of Moath al-Alwi: Deaf Walls Speak,” we found that art-making in Guantánamo was more than self-expression; it became a testament to detainees’ emotions and experiences and influenced relationships inside the detention center. Examining the art offers unique ways of understanding conditions inside the facility.

    Art from tea bags and toilet paper

    Detained without charge or trial for 23 years, al-Alwi was first cleared for release in December 2021. Due to unstable conditions in his home country of Yemen, however, his transfer was subject to finding another country for resettlement. Scheduled for release in early October 2023, he and 10 other Yemeni detainees were further delayed when the Biden administration canceled the flight due to concerns over the political climate after the Oct. 7 attacks in Israel.

    Sabri Mohammad Ibrahim Al Qurashi depicted Lady Liberty with a cage at her base.
    Sabri Mohammad Ibrahim Al Qurashi, CC BY-SA

    During his detention, al-Alwi suffered abuse and ill treatment, including forced feedings. Making art was a way for him, and others, to survive and assert their humanity, he said. Along with fellow former detainees Sabri al-Qurashi, Ahmed Rabbani, Muhammad Ansi and Khalid Qasim, among others, al-Alwi became an accomplished artist while being held. His work was featured in several art shows and in a New York Times opinion documentary short

    During the detention center’s early years, these men used whatever materials were at hand to create artwork – the edge of a tea bag to write on toilet paper, an apple stem to imprint floral and geometric patterns and poems onto Styrofoam cups, which the authorities would destroy after each meal.

    In 2010, the Obama administration began offering art classes at Guantánamo in an attempt to show the world they were treating prisoners humanely and helping them occupy their time.

    However, those attending were given only rudimentary supplies. And they were subjected to invasive body searches to and from class and initially shackled to the floor, with one hand chained to the table, throughout each session. Furthermore, the subject matter for their art was restricted – detainees were forbidden from representing certain aspects of their detention, and all artwork was subject to approval and risked being destroyed.

    Despite this, many detainees participated in the classes for camaraderie and the opportunity to engage in some form of creative expression.

    A window to freedom

    Making art served many purposes. Mansoor Adayfi, a former Guantánamo Bay detainee and author of “Don’t Forget Us Here: Lost and Found at Guantanamo,” wrote in his contribution to the book on al-Alwi that initially, “we painted what we missed: the beautiful blue sky, the sea, stars. We painted our fear, hope and dreams.”

    Those who have been transferred from Guantánamo describe the art as a way to express their appreciation for culture, the natural world and their families while imprisoned by a regime that consistently characterized them as violent and inhuman.

    The Statue of Liberty became a frequent motif Guantánamo artists deployed to communicate the betrayal of U.S. laws and ideals. Often, Lady Liberty was depicted in distress – drowning, shackled or hooded. For Sabri al-Qurashi, the symbol of freedom under duress represented his own condition when he painted it. “I am in prison, not free, and without any rights,” he told us.

    Sabri Mohammad Ibrahim Al Qurashi painting of the Statue of Liberty.
    Sabri Mohammad Ibrahim Al Qurashi, 2012, CC BY-SA

    Other times, the artwork responded directly to the men’s day-to-day conditions of confinement.

    One of al-Alwi’s early pieces was a model of a three-dimensional window. Approximately 40 x 55 inches, the window was filled in with images carefully torn from nature and travel magazines, and layered to create depth, so that it appeared to look out on an island with a house with palm and coconut trees made from twisted pieces of rope and soap.

    Al-Alwi was initially allowed to keep it in his windowless cell, and fellow detainees and guards would visit to “look out” the window.

    But, as far as we know, it was eventually lost or destroyed in a prison raid.

    Art as representation and respite

    In another example of how artwork can be an expression of what former detainees call their “brotherhood,” Khalid Qasim, who was imprisoned at the age of 23 and held for more than two decades before being transferred alongside al-Alwi, mixed coffee grounds and coarse sand to create a series of nine textured, evocative paintings to memorialize each of the nine men who died while held at Guantánamo.

    Especially in periods when camp rules allowed detainees to create artwork in their cells, the artists’ use of prison detritus and found objects made the artwork more than simply a depiction of what the men lacked, desired or imagined. Artwork helped create an alternative forum for the men’s experiences, especially for those artists who, along with the vast majority of Guantánamo’s 779 detainees, never faced charge or trial.

    The pieces served as symbols and metaphors of the detainees’ experiences. For example, al-Alwi describes his 2015 large model ship, The Ark, as fighting against the waves of an imagined, threatening sea. In creating it, he wrote, “I felt I was rescuing myself.”

    Moath al-Alwi used found items to create his model ships.
    Moath al-Alwi, 2017, CC BY-SA

    Constructed out of the materials of his imprisonment, the work also points to the conditions of his daily life in Guantánamo. Made from the strands of mops, unraveled prayer cap and T-shirt threads, bottle caps, bits of sponges and cardboard from meal packaging, al-Alwi’s ships – he went on to create at least seven – reveal both his artistic ingenuity and his circumstances.

    Guantánamo artists talk about the artwork as being imprisoned like them and subjected to the same restrictions and seemingly arbitrary processes of approval or disappearance.

    The transfer to Oman of al-Alwi and his artwork releases both from those processes. It also creates an opportunity to inform the public about what Guantánamo meant to those who were held there, and to the 15 men who remain.

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

    – ref. ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay – https://theconversation.com/we-painted-our-fear-hope-and-dreams-examining-the-art-and-artists-of-guantanamo-bay-246964

    MIL OSI – Global Reports –

  • MIL-OSI Global: A federal policy expert weighs in on Trump’s efforts to stifle gender-affirming care for Americans under 19

    Source: The Conversation – USA – By Elana Redfield, Federal Policy Director at the Williams Institute, University of California, Los Angeles

    President Donald Trump signs an executive order in the Oval Office of the White House on Jan. 23, 2025. AP Photo/Ben Curtis

    Amid a flurry of executive orders affecting transgender Americans, the Trump administration ordered restrictions on gender-affirming care for minors. Calling it “a stain on our Nation’s history,” the Jan. 28, 2025, order seeks to “end” this form of treatment for Americans under 19 years old.

    The Conversation U.S. interviewed Elana Redfield, federal policy director at the Williams Institute, an independent research center at the UCLA School of Law dedicated to studying sexual orientation and gender identity law. She describes the aims of the executive order, how much weight it carries, and how it should be understood in the broader context of legal battles over access to gender-affirming care.

    What’s the scope of the executive order?

    Twenty-six states have already restricted gender-affirming care for minors or banned it outright. So the order seeks to extend restrictions to the rest of the country using the weight of the executive branch.

    However, it’s not a national ban on gender-affirming care for minors. Instead, it’s directing federal agencies to regulate and restrict this form of care.

    That being said, federal agencies have a tremendous impact on American life. Trans kids rely on publicly funded health insurance programs such as Medicaid and TRICARE, which is administered to the children of active duty service members via the Department of Defense. And a big part of the executive order is directing the federal agencies that administer these programs to review their own policies to ensure that they are not supporting gender-affirming care for minors.

    So what we’re really seeing is the federal government trying to erect barriers to kids accessing this care.

    Does the executive branch have the authority to unilaterally ban federal funding of certain medical treatments?

    The answer is a little mixed. A president might be able to suspend or put a temporary pause on funding a particular type of treatment or service. But the actual parameters of a program – and how agencies should implement them – are determined by Congress and, to some extent, by the courts.

    Ultimately, the president can only take actions in ways that are designated by the Constitution, or through some specific power that Congress has granted to the executive branch. I don’t see that authority granted for a lot of what’s contained in this executive order. But many of these directives will probably be litigated in court, where the president will likely argue that he has the power to direct agencies to do all they can to put a halt to gender-affirming care for minors.

    Do private health insurers fall outside the scope of this executive order?

    On the surface, yes. But it’s easy to see how directives from the executive branch can touch broader components of the country’s health care system, including private hospitals and private health insurance.

    For example, Section 1557 of the Affordable Care Act is a nondiscrimination provision. It says there can be no sex discrimination when it comes to approving health care treatments. This has been interpreted to mean that health insurance plans receiving federal funding cannot deny a policyholder gender-affirming care. However, this interpretation has been blocked by a federal court.

    The question of whether this definition of sex discrimination encompasses gender identity is currently playing out in the courts. For example, there’s a pending U.S. Supreme Court decision regarding a Tennessee law banning gender-affirming care for minors. Should the Supreme Court determine that Tennessee is able to ban gender-affirming care for minors, it’s possible to see how this could impact private health insurance coverage for gender-affirming care.

    Transgender rights supporters and opponents rally outside of the U.S. Supreme Court as the high court hears arguments in a case about Tennessee’s law banning gender-affirming care for minors on Dec. 4, 2024.
    Kevin Dietsch/Getty Images

    What else stood out to you from the executive order?

    The executive order directs the Department of Justice to discourage doctors and hospitals from administering gender-affirming care to minors, characterizing it as genital mutilation, which is a heinous-sounding offense. Even though this is an inaccurate comparison, it could have a chilling effect even in states where this form of care is legal.

    The order also contains a provision that asks Congress to extend the statute of limitations for gender-affirming care, so that someone who received gender-affirming care as a minor and decides they’re not happy with it decades later can sue their doctor. Some states have already extended the statute of limitations to 30 years for gender-affirming care.

    Again, this could have a chilling effect in states where the care is legal. What doctor or hospital would want to expose themselves to this risk?

    Of course, these two elements constitute directives from the executive branch, but we don’t know how they’ll be enforced. They do reveal, however, some of the ways in which the administration plans to direct its efforts.

    Before Roe v. Wade was overturned, federal funding of elective abortion had been restricted for decades under the Hyde Amendment. You can’t receive coverage for an abortion under a Medicaid plan, for example. Do you see this executive order as Trump trying to simply enact – via fiat, of course – his own version of the Hyde Amendment, but instead applied to gender-affirming care for minors?

    I think there’s a key difference between the two. The Hyde Amendment, which has been repeatedly reenacted by Congress, prohibits federal funding of abortion care, but it doesn’t prohibit states from allowing or permitting abortion. It’s always operated as a sort of compromise: It says providers can’t use federal funding for an abortion, but they can use their own funding to administer abortions – and oh, by the way, they can still receive federal funding for other health services.

    This executive order, on the other hand, takes a much more uncompromising position: It tells agency heads to stop directing any and all federal funds to institutions that research or provide gender-affirming care.

    Again, it’s important to remember that executive orders aren’t established policy. They’re simply directing agencies to craft certain policies and encouraging lawmakers to enact legislation.

    So far, much of the legislation restricting gender-affirming care – whether it’s at the state level or in the executive branch – has centered on minors, or individuals under 19. Are there any threats to gender-affirming care for adults?

    Only one state, Florida, has enacted a law that specifically regulates gender-affirming care for adults. That law basically sets some compliance standards and restricts who can prescribe the care. Florida also banned the use of state funds for gender-affirming care for everyone, adults and children. So that means, for example, those who are incarcerated in state prisons can’t receive gender-affirming care.

    Florida isn’t the only state that has enacted a state funding ban. Depending on your insurance, this could mean you’re forced to pay out of pocket for your procedures and treatment, which can be prohibitively expensive.

    What are you going to be watching for in the coming weeks?

    I’m sure someone’s going to sue to challenge the order. The problem, though, is that an executive order is an expression of policy ideas. You need something to actually happen before lawyers and activists can react to it. So I’ll be tracking federal agencies to see how they specifically try to enact some of these directives.

    Is there anything else you’d like to add?

    This executive order contains language that characterizes the science around gender-affirming care as junk science. It’s repeatedly described as chemical and surgical mutilation, or as maiming and sterilizing kids. There’s talk of rapid-onset gender dysphoria, which has been discredited.

    So it rejects the idea that gender-affirming care has health benefits, even though there’s robust, extensive evidence supporting access to gender-affirming care. Self-reporting by transgender individuals is overwhelmingly positive: 98% of trans people who had hormone therapy said it made their lives better, according to the 2022 U.S. Transgender Survey.

    There are also rigorous standards of practice, including for how you support and treat minors, that are intended to prevent overprescription or overutilization of services.

    In other words, there are already barriers in place and checks and balances for minors if they want to access gender-affirming care.

    Elana Redfield works at an organization that has received private, state or federal research grants.

    – ref. A federal policy expert weighs in on Trump’s efforts to stifle gender-affirming care for Americans under 19 – https://theconversation.com/a-federal-policy-expert-weighs-in-on-trumps-efforts-to-stifle-gender-affirming-care-for-americans-under-19-248646

    MIL OSI – Global Reports –

  • MIL-OSI Global: How satellites and AI help fight wildfires today

    Source: The Conversation – USA – By John W. Daily, Research Professor in Thermo Fluid Sciences, University of Colorado Boulder

    The wind and terrain can quickly change how a fire, like this one near Los Angeles in January 2025, behaves. AP Photo/Marcio Jose Sanchez

    As wind-driven wildfires spread through the Los Angeles area in January 2025, fire-spotting technology and computer models were helping firefighters understand the rapidly changing environment they were facing.

    That technology has evolved over the years, yet some techniques are very similar to those used over 100 years ago.

    I have spent several decades studying combustion, including wildfire behavior and the technology used to track fires and predict where wildfires might turn. Here’s a quick tour of the key technologies used today.

    Spotting fires faster

    First, the fire must be discovered.

    Often wildfires are reported by people seeing smoke. That hasn’t changed, but other ways fires are spotted have evolved.

    In the early part of the 20th century, the newly established U.S. Forest Service built fire lookout towers around the country. The towers were topped by cabins with windows on all four walls and provided living space for the fire lookouts. The system was motivated by the Great Fire of 1910 that burned 3 million acres in Washington, Idaho and Montana and killed 87 people.

    Before satellites, fire crews watched for smoke from fire towers across the national forests.
    K. D. Swan, U.S. Forest Service

    Today, cameras watch over many high-risk areas. California has more than 1,100 cameras watching for signs of smoke. Artificial intelligence systems continuously analyze the images to provide data for firefighters to quickly respond. AI is a way to train a computer program to recognize repetitive patterns: smoke plumes in the case of fire.

    NOAA satellites paired with AI data analysis also generate alerts but over a wider area. They can detect heat signatures, map fire perimeters and burned areas, and track smoke and pollutants to assess air quality and health risks.

    Forecasting fire behavior

    Once a fire is spotted, one immediate task for firefighting teams is to estimate how the fire is going to behave so they can deploy their limited firefighting resources most effectively.

    Fire managers have seen many fires and have a sense of the risks their regions face. Today, they also have computer simulations that combine data about the terrain, the materials burning and the weather to help predict how a fire is likely to spread.

    Fuel models

    Fuel models are based on the ecosystem involved, using fire history and laboratory testing. In Southern California, for example, much of the wildland fuel is chaparral, a type of shrubland with dense, rocky soil and highly flammable plants in a Mediterranean climate. Chaparral is one of the fastest-burning fuel types, and fires can spread quickly in that terrain.

    For human-made structures, things are a bit more complex. The materials a house is made of – if it has wood siding, for example – and the environment around it, such as how close it is to trees or wooden fences, play an important role in how likely it is to burn and how it burns.

    How scientists study fire behavior in a lab.

    Weather and terrain

    Terrain is also important because it influences local winds and because fire tends to run faster uphill than down. Terrain data is well known thanks to satellite imagery and can easily be incorporated into computer codes.

    Weather plays another critical role in fire behavior. Fires need oxygen to burn, and the windier it is, the more oxygen is available to the fire. High winds also tend to generate embers from burning vegetation that can be blown up to 5 miles in the highest winds, starting spot fires that can quickly spread.

    Today, large computer simulations can forecast the weather. There are global models that cover the entire Earth and local models that cover smaller areas but with better resolution that provides greater detail.

    Both provide real-time data on the weather for creating fire behavior simulations.

    Modeling how flames spread

    Flame-spread models can then estimate the likely movement of a fire.

    Scientists build these models by studying past fires and conducting laboratory experiments, combined with mathematical models that incorporate the physics of fire. With local terrain, fuel and real-time weather information, these simulations can help fire managers predict a fire’s likely behavior.

    Examples of how computer modeling can forecast a fire’s spread. American Physical Society.

    Advanced modeling can account for fuel details such as ground-level plant growth and tree canopies, including amount of cover, tree height and tree density. These models can estimate when a fire will reach the tree canopy and how that will affect the fire’s spread.

    Forecasting helps, but wind can change fast

    All these tools are made available to firefighters in computer applications and can help fire crews as they respond to wildfires.

    However, wind can rapidly change speed or direction, and new fires can start in unexpected places, meaning fire managers know they have to be prepared for many possible outcomes – not just the likely outcomes they see on their computer screens.

    Ultimately, during a fire, firefighting strategy is based on human judgment informed by experience, as well as science and technology.

    John W. Daily receives funding from the Department of Defense for wildland fire research. He is affiliated with the Combustion Institute and the American Institute of Aeronautics and Astronautics. He is a Fellow of both organizations.

    – ref. How satellites and AI help fight wildfires today – https://theconversation.com/how-satellites-and-ai-help-fight-wildfires-today-248420

    MIL OSI – Global Reports –

  • MIL-OSI Global: Stricter abortion laws may cause increased infant deaths − 2 maternal and child health researchers explain the data

    Source: The Conversation – USA – By Almut Winterstein, Distinguished Professor of Pharmaceutical Outcomes & Policy, University of Florida

    Many babies born with severe birth defects die within the first few days or weeks of life. shironosov/iStock via Getty Images Plus

    Infant mortality in the U.S. has increased by 7% since the 2022 Dobbs v. Jackson U.S. Supreme Court decision overturned the constitutional right to abortion, according to an October 2024 study.

    Those findings followed another study that reported a 12.7% rise in infant mortality in Texas after the implementation of Senate Bill 8, which bans abortions after a fetal heartbeat is detected. Except for medical emergencies, the law effectively makes abortions illegal in the state after about five to six weeks’ gestation.

    Both studies noted larger increases in deaths among infants born with birth defects. This suggests women are delivering more babies with severe congenital malformations who have no hope of survival beyond a few hours, days or, at most, a few weeks.

    But even before this new research substantiated such a link, clinicians who specialize in care for high-risk pregnancies warned about the potential consequences of the new abortion laws.

    We are researchers focused on maternal and child health who evaluate the safety of medications during pregnancy. We identify medications that might raise the risk for birth defects or pregnancy loss.

    We also evaluate the effectiveness of policies and initiatives aimed at improving pregnancy outcomes, including whether stricter abortion laws could result in more infant deaths.

    Birth defects: A leading cause of infant mortality

    Birth defects affect 3% of pregnancies in the U.S.

    They can be caused by exposures to certain medications, infections, maternal diseases or genetics. For many, causes are unknown.

    While birth defects can develop at any time during pregnancy, most occur during the first three months of pregnancy, a critical time for organ development. More than 5% of pregnancies are exposed to about 200 medications with the potential to cause birth defects.

    After its new abortion law went into effect, Texas saw an increase in infant mortality that was seven times higher than the rest of the U.S.

    Many birth defects are treatable; orofacial clefts and some heart defects, for example, can be corrected with surgery. Some cause lifelong disability and some are fatal, resulting in babies who are stillborn or die shortly after birth. Birth defects are a leading cause of infant mortality, accounting for about 20% of deaths in the first year of life.

    Among anomalies considered lethal, not all result in pregnancy loss or immediate death at delivery. For example, more than half of infants with trisomy 18, a chromosomal abnormality that causes severe heart defects or breathing problems, die within the first week of life. Only 13% survive until their first birthday.

    Anencephaly, a birth defect that affects the development of the skull and brain, results in either stillbirth or death within the first weeks of life. But there is one case report of an infant who survived to her second birthday.

    More than 80% of women will choose to terminate a pregnancy with anencephaly when detected before 24 weeks’ gestation, according to data from before the Dobbs decision. Given the profound effects on parents’ lives, this choice is very personal. But in many states, these women may no longer have a choice. Because of abortion laws with limited or no exceptions, women who carry a fetus with a fatal condition have no legal option other than to carry their pregnancy to term.

    Legal landscape of abortion laws

    As of January 2025, 16 states have total abortion bans in effect or restrictions that do not permit abortions after six weeks. In nine of these states, lethal birth defects are not considered an exception.

    But even in states with those exceptions, the legal wording used to craft the legislation is often confusing to health care providers. Statutory language does not always use medical terms and may assume a certainty about pregnancy outcomes that does not exist. For example, even anencephaly does not meet the commonly used statutory definition of “no viability outside the uterus.”

    Such uncertainty adds to hesitation – and fear – on the part of doctors and nurses who may face steep penalties, including criminal charges and prison time, should they provide an abortion that is later deemed illegal in a court of law.

    Prenatal care too late

    In 2023, prenatal care began after the first trimester for about 24% of pregnancies in the U.S.

    In our February 2024 study of a national sample of nearly 640,000 privately insured pregnant women, the median time to prenatal care was eight weeks. In other words, for more than half of women living in a state with a six-week abortion ban, obstetric assessments would likely commence too late to consider an abortion if a birth defect were detected.

    More than 6,000 women in our study were exposed to medications that can cause birth defects within the first six weeks of pregnancy. These include medications used to treat common yeast or urinary tract infections, drugs used for migraine or weight loss, and blood pressure medications, to name a few. Nearly all of those women – 96% – had no prenatal care prior to taking the medication, and many may not have been aware they were pregnant. For more than 80% of these pregnancies, prenatal care started after six weeks, too late to prevent exposure to unsafe medications or to screen for potential birth defects and to consider pregnancy termination in states with stricter abortion bans.

    Importantly, prenatal identification methods of birth defects range from screening maternal blood for chromosome abnormalities, which is done at 10 weeks’ gestation, to a second-trimester ultrasound to look for fetal structural defects, to procedures such as chorionic villus sampling or amniocentesis to evaluate for genetic conditions. These are all performed after six weeks of pregnancy.

    Even if screening might still fall within abortion cutoffs, the probability to detect adverse outcomes in utero varies substantially.

    For example, valproic acid is a medication that treats epilepsy, migraine and some mental health disorders. About 1% to 2% of women taking valproic acid become pregnant each year. Valproic acid causes birth defects that can be detected in utero such as oral clefts or spina bifida. But it also increases the risk for autism and adverse cognitive defects, which may be diagnosed years after delivery.

    Currently, there is no law addressing instances when an adverse outcome is probable but cannot be confirmed before delivery. Hence, stricter abortion laws are expected to not only increase inevitable infant deaths but also births of infants with severe disability.

    Almut Winterstein receives funding from NIH, FDA, CDC, AHRQ, The Bill and Melinda Gates Foundation, the state of Florida, and Merck, Sharp and Dohme. She has received consulting honoraria from Novo Nordisk, Bayer, Syneos, Ipsen and Lykos. She has chaired the FDA Drug Safety and Risk Management Advisory Committee and now serves as consultant for similar FDA committees.

    Dr. Rasmussen receives funding from NIH, FDA, and CDC. She also serves on scientific advisory committees for several pregnancy registries, including registries for Harmony Biosciences, Axsome Pharmaceuticals, Biohaven Pharmaceuticals (recently acquired by Pfizer), Myovant Sciences, and Novo Nordisk.

    – ref. Stricter abortion laws may cause increased infant deaths − 2 maternal and child health researchers explain the data – https://theconversation.com/stricter-abortion-laws-may-cause-increased-infant-deaths-2-maternal-and-child-health-researchers-explain-the-data-243881

    MIL OSI – Global Reports –

  • MIL-OSI Global: Gen Z seeks safety above all else as the generation grows up amid constant crisis and existential threat

    Source: The Conversation – USA – By Yalda T. Uhls, Founder and Executive Director of the Center for Scholars & Storytellers and Assistant Adjunct Professor in Psychology, University of California, Los Angeles

    Asked to rate the importance of 14 personal goals, Gen Z reported ‘to be safe’ as the top goal. Darya Komarova/Getty Images

    After many years of partisan politics, increasingly divisive language, finger-pointing and inflammatory speech have contributed to an environment of fear and uncertainty, affecting not just political dynamics but also the priorities and perceptions of young people.

    As a developmental psychologist who studies the intersection of media and adolescent mental health, and as a mother of two Gen Z kids, I have seen firsthand how external societal factors can profoundly shape young people’s emotional well-being.

    This was brought into sharp relief through the results of a recent survey my colleagues and I conducted with 1,644 young people across the U.S., ages 10 to 24. The study was not designed as a political poll but rather as a window into what truly matters to adolescents. We asked participants to rate the importance of 14 personal goals. These included classic teenage desires such as “being popular,” “having fun” and “being kind.”

    None of these ranked as the top priority. Instead, the No. 1 answer was “to be safe.”

    It lurks everywhere: Gen Z’s perception of danger is further shaped by events like the recent fires devastating Los Angeles.
    Agustin Paullier/AFP via Getty Images

    What was once taken for granted

    The findings are both illuminating and heartbreaking. As a teenager, I did countless unsafe things. My peers and I didn’t dwell on harm; we chased fun and freedom.

    Whereas previous generations may have taken safety for granted, today’s youth are growing up in an era of compounded crises — school shootings, a worsening climate crisis, financial uncertainty and the lingering trauma of a global pandemic. Even though our research did not pinpoint the specific causes of adolescent fears, the constant exposure to crises, amplified by social media, likely plays a significant role in fostering a pervasive sense of worry.

    Despite data showing that many aspects of life are safer now than in previous generations, young people just don’t feel it. Their perception of danger is further shaped by events like the recent fires that devastated Los Angeles, reinforcing a belief that danger, possibly caused by global crises like climate change, lurks everywhere.

    This shift in perspective has profound implications for the future of this generation and those to come.

    Especially vulnerable time

    Adolescence, like early childhood, is a pivotal period for brain development. Young people are particularly sensitive to their surroundings as their brains evaluate the environment to prepare them for independence.

    This developmental stage – when the capacity to regulate emotions and critically assess information is still maturing – makes them especially vulnerable to enduring impacts.

    Studies show that adolescents are more likely to overestimate risks and struggle to put threats in context. This makes them particularly vulnerable to fear-driven messaging prevalent in both traditional and social media, which is further amplified by political rhetoric and blame-shifting. This vulnerability has implications for their mental health, as prolonged exposure to fear and uncertainty has been linked to increased rates of anxiety, depression and even physical health issues.

    So when the media that Gen Z consumes are dominated by fear – be it through headlines, social media posts, political rhetoric or even storylines in movies and TV – it could shape their worldview in ways that may reverberate for generations to come.

    Enduring generational impact

    Historical events have long been shown to shape the worldview of entire generations.

    For instance, the Great Depression primarily impacted the daily lives of the Silent Generation, those born between 1928 and 1945. Moreover, its long-term effects on financial attitudes and security concerns echoed into the Baby Boomer generation, influencing how those born between 1946 and 1964 approached money, stability and risk throughout their lives.

    Similarly, today’s adolescents, growing up amid a series of compounded global crises, will likely carry the imprint of this period of heightened fear and uncertainty well into adulthood. This formative experience could shape their mental health, decision-making and even their collective identity and values for decades to come.

    In addition, feelings of insecurity and instability can make people more responsive to fear-based messaging, which could potentially influence their political and social choices. In an era marked by the rise of authoritarian governments, this susceptibility could have far-reaching implications because fear often drives individuals to prioritize immediate safety over moral or ideological ideals.

    As such, these dynamics may profoundly shape how this generation engages with the world, the causes they champion and the leaders they choose to follow.

    Room for optimism?

    Interestingly, “being kind” was rated No. 2 in our survey, irrespective of other demographics. While safety dominates their priorities, adolescents still value qualities that foster connection and community.

    This finding indicates a duality in their aspirations: While they feel a pervasive sense of danger, they also recognize the importance of interpersonal relationships and emotional well-being.

    Our findings are a call to look at the broader societal context shaping adolescent development. For instance, the rise in school-based safety drills, while intended to provide a sense of preparedness, may unintentionally reinforce feelings of insecurity. Similarly, the apocalyptic narrative around climate change may create a sense of powerlessness that could further compound their fears and leave them wanting to bury their heads in the sand.

    Understanding how these perceptions are formed and their implications for mental health, decision-making and behavior is essential for parents, storytellers, policymakers and researchers.

    I believe we must also consider how societal systems contribute to the pervasive sense of uncertainty and fear among youth. Further research can help untangle the complex relationship between external stressors, media consumption and youth well-being, shedding light on how to best support adolescents during this formative stage of life.

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

    – ref. Gen Z seeks safety above all else as the generation grows up amid constant crisis and existential threat – https://theconversation.com/gen-z-seeks-safety-above-all-else-as-the-generation-grows-up-amid-constant-crisis-and-existential-threat-245455

    MIL OSI – Global Reports –

  • MIL-OSI Global: Biden targeted the online right-wing terrorism threat − now it’s up to Trump

    Source: The Conversation – USA – By Jason M. Blazakis, Professor of Practice and Director of Center on Terrorism, Extremism and Counterterrorism, Middlebury

    U.S. officials say the right-wing terrorism threat is significant. Farion_O/iStock via Getty Images

    In the waning days of the Biden administration, the U.S. Department of State took its first major step against terrorism groups primarily focused on what is called “accelerationism” – the effort to inspire independent followers to engage in violence in ways that broadly destabilize society. The U.S. government has long targeted actively violent terrorist organizations such as al-Qaida – the group behind the 9/11 attacks – and the Islamic State group, which carried out beheadings of innocent civilians in Iraq and Syria.

    Then-FBI Director Christopher Wray repeatedly warned Congress about the threat to national security from far-right accelerationist groups. In a move to respond to those warnings, the Biden administration labeled the online-only “Terrorgram Collective” and three of its leaders as specially designated global terrorists, which means their financial assets are frozen and anyone who tries to support them can be arrested.

    The Terrorgram Collective aims to destroy the current global economic and political structure and spark a war between white people and people of other racial and ethnic backgrounds. To accomplish that, it maintains an online forum on the Telegram social media platform. The forum’s posts, from leaders and followers alike, are characterized by people spouting violent rhetoric and incitement to violence against minorities, Jewish people and governments.

    Widespread radicalization

    The State Department’s action also specifically targets two U.S. citizens: Dallas Humber of California and Matthew Allison of Idaho, who allegedly played leading roles in the Terrorgram Collective and are facing federal charges for soliciting the murder of government officials.

    As my colleagues at Middlebury’s Center on Terrorism, Extremism and Counterterrorism wrote in a 2022 report, Terrorgram’s danger is primarily in its ability to spread far-right propaganda to radicalize almost anyone active on Telegram or elsewhere online.

    The State Department has not attributed specific attacks to the Terrorgram Collective but rather warns of its influence and potential to inspire attacks by people who encounter the ideas it spreads. For instance, Terrorgram material was reportedly used as the basis for writings by a 17-year-old high school student who killed two fellow students and injured a third in a Jan. 22, 2025, school shooting in Nashville, Tennessee.

    The Telegram app icon on a smartphone screen.
    Nikolas Kokovlis/NurPhoto via Getty Images

    Little targeting of fascist groups

    The Terrorgram action came seven months after the Biden administration’s labeling of a Scandinavia-based far-right extremist group, the Nordic Resistance Movement, as terrorists as well.

    These were two of just three times fascist extremist groups anywhere in the world were labeled terrorists by the U.S. government. Early in his first term, President Donald Trump’s State Department did label one far-right group as a specially designated global terrorist organization: the Russian Imperial Movement, based in Russia.

    But as the former head of the State Department office that sanctions terrorists, I know that neither Trump nor Biden marshaled the full force of the nation’s anti-terrorism efforts against these groups.

    There’s a hierarchy in the U.S. government’s labels for these organizations. That hierarchy reflects the degree of danger an organization poses as well as the strength of the U.S. response to it.

    The highest-level designation and the most significant sanctions the U.S. government can impose come from placing a group on the State Department’s list of foreign terrorist organizations. That list includes groups such as al-Qaida and the Islamic State group – also called ISIS or ISIL – which are subject to asset freezes and extended prison sentences and are barred from entering the U.S.

    The second-tier list covers what are called specially designated global terrorists, which carries similar, but less severe, restrictions.

    It’s easier to prove someone did something to support a group on the foreign terrorist organization list than to prove support for a group on the specially designated list. And jail time for foreign terrorist organization backers is typically longer.

    All three right-wing groups are on the specially designated list, though the Trump administration could upgrade them to the top-level list, as Trump has asked the State Department to do with the Houthi militants in Yemen.

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

    – ref. Biden targeted the online right-wing terrorism threat − now it’s up to Trump – https://theconversation.com/biden-targeted-the-online-right-wing-terrorism-threat-now-its-up-to-trump-247977

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Marat Khusnullin: Almost 1 million road signs and more than 13 thousand traffic lights were installed in six years under the national project “Safe High-Quality Roads”

    Translartion. Region: Russians Fedetion –

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

    Overpass near the Bykovo railway station, Moscow region

    January 30, 2025

    Section of the Ulyanovsk – Dimitrovgrad – Samara highway, Samara region

    January 30, 2025

    Previous news Next news

    Overpass near the Bykovo railway station, Moscow region

    Improving traffic safety is one of the key objectives of the national project “Safe High-Quality Roads”, which ended in 2024. To achieve this, the regions equipped pedestrian crossings, installed traffic lights and road signs, and carried out work to form a culture of behavior on the roadway, said Deputy Prime Minister Marat Khusnullin.

    “In recent years, the country has seen an increase in traffic intensity on the roads: the volume of freight transportation is increasing, the mobility of citizens is improving. In this regard, the key task for us remains not only to bring the roads into a regulatory condition, but also to ensure the safety of all road users. Over the six years of implementing the national project “Safe High-Quality Roads”, which has completed its work, over 13 thousand traffic lights, 963 thousand road signs, 4.9 million linear meters of barriers and 1.4 million linear meters of pedestrian fences have been installed in the regions. In addition, over 3.1 million linear meters of lighting have been installed, 103.7 million linear meters of road markings have been applied. We will continue to work in this direction within the framework of the new national project “Infrastructure for Life”, – said Marat Khusnullin.

    An integrated approach to road repair is one of the features of the national project.

    “Implementation of measures to ensure road safety is a major joint effort of road workers and the State Traffic Safety Inspectorate: work plans are drawn up to minimize accident sites, and traffic management projects are developed. In 2024 alone, thanks to the national project, specialists installed more than 136 thousand road signs, 893 traffic lights, 701 thousand linear meters of barriers and 168 thousand linear meters of pedestrian fences, placed more than 1.1 thousand pedestrian crossings and over 1.2 thousand stopping points. They equipped 761 thousand linear meters of sidewalks, 335 thousand linear meters of lighting and 1082 speed bumps. They also applied over 10 thousand linear meters of markings. In addition, 4688 linear meters of rumble strips appeared at the national project sites,” said Transport Minister Roman Starovoit.

    When planning road works, special attention is paid to improving child safety.

    “In 2024 alone, 920 sections of routes to educational and children’s leisure facilities were brought up to standard. Their total length is 3.1 thousand km. These are streets in populated areas, as well as sections of regional and inter-municipal roads where school buses run. But educational work is no less important for reducing road traffic injuries: it is necessary to develop safe behavior skills on the roads from childhood. In particular, with the support of the national project, the All-Russian online Olympiad “Safe Roads” was held since 2020. In the past 2024, almost 5.5 million children took part in it. And over five years, 20.8 million participants tested and consolidated their knowledge of traffic rules,” said Igor Kostyuchenko, Deputy Head of the Federal Road Agency.

    In 2024, 24.1 km of sidewalks and 23.6 km of outdoor lighting lines were installed along regional highways within the boundaries of populated areas in the Samara Region. The longest of them, 7.74 km long, were built in the village of Zhiguli in the Stavropol Region during the major repairs of the Ural-Zhiguli-Pionerlager road.

    In the Moscow Region, from 2019 to 2024, thanks to the national project, 720 km of sidewalks and 415 km of outdoor lighting lines were built, more than 1.2 thousand traffic lights were installed and modernized, over 550 thousand linear meters of fences of various types, 2.5 thousand speed bumps were installed, 600 new pedestrian crossings were organized, and another 5.3 thousand existing ones were equipped with lighting and projection.

    In the Kostroma Region, during the entire period of the national project implementation, more than 65 thousand linear meters of barrier fencing, over 13 thousand signal posts, about 16 thousand signs and six traffic lights were installed at regional road facilities alone. For safe movement at night, more than 65 thousand linear meters of artificial lighting lines were installed on the highways. Thanks to the national project, the problem of lighting of all settlements located on the Ostrovskoye-Zavolzhsk, Kostroma-Susanino-Buy, Kostroma-Nerekhta highways was solved.

    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 Asia-Pac: FEHD arrests unlicensed hawkers for selling cable car ticket redemption vouchers

    Source: Hong Kong Government special administrative region

         In response to the illegal hawking without licence of cable car tickets in Tung Chung, the Food and Environmental Hygiene Department (FEHD) and the Lantau North Division of the Hong Kong Police Force conducted a joint operation against illegal hawking without licence at Mei Tung Street, Tung Chung today (January 30). During the operation, the police officers disguised as customers to gather evidence at the stalls located at the mentioned address. It was discovered that a man and a woman were selling Ngong Ping 360 cable car tickets. FEHD officers promptly intervened, arresting and charging the above-mentioned persons for illegal hawking without licence and causing obstruction in public place.

         The arrested persons were a 49-year-old man and a 21-year-old woman (both holding Hong Kong identity cards). During the operation, FEHD officers seized items such as cable car ticket redemption vouchers, price tags, metal folding tables and Octopus Mobile POS (point of sale).

         The FEHD reminds that according to the Public Health and Municipal Services Ordinance (Cap. 132), no one is allowed to trade on the streets unless he holds a valid hawker licence issued by the Department. Offenders will be prosecuted and, upon conviction, a maximum penalty of $10,000 fine and six months’ imprisonment will be imposed, and the commodities and equipment involved will be seized and confiscated. In addition, if the illegal hawking activities also cause obstruction to the public place, the offender will also be charged under the Summary Offenses Ordinance (Cap. 228). Upon conviction, a maximum penalty of $25,000 or three months’ imprisonment will be imposed.

         The FEHD will continue the discussions with relevant organisations and departments to address the issue at its source and curb the illegal hawking without licence of cable car tickets.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Gross Domestic Product, 4th Quarter and Year 2024 (Advance Estimate)

    Source: US Bureau of Economic Analysis

    Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024 (October, November, and December), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.

    The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below.

    Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports. Imports turned down.

    The price index for gross domestic purchases increased 2.2 percent in the fourth quarter, compared with an increase of 1.9 percent in the third quarter. The personal consumption expenditures (PCE) price index increased 2.3 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 2.5 percent, compared with an increase of 2.2 percent.

    Real GDP and Related Measures
    (Percent change from preceding quarter)
    Real GDP 2.3
    Current-dollar GDP 4.5
    Gross domestic purchases price index 2.2
    PCE price index 2.3
    PCE price index excluding food and energy 2.5

    GDP for 2024

    Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), compared with an increase of 2.9 percent in 2023. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.

    The price index for gross domestic purchases increased 2.3 percent in 2024, compared with an increase of 3.3 percent in 2023. The PCE price index increased 2.5 percent, compared with an increase of 3.8 percent. Excluding food and energy prices, the PCE price index increased 2.8 percent, compared with an increase of 4.1 percent.

    Next release: February 27, 2025, at 8:30 a.m. EST
    Gross Domestic Product, 4th Quarter and Year 2024 (Second Estimate)

    For definitions, statistical conventions, updates to GDP, and more, visit “Additional Information.”

    Technical Notes

    Sources of change for real GDP

    Real GDP increased at an annual rate of 2.3 percent (0.6 percent at a quarterly rate1), primarily reflecting increases in both consumer and government spending. Imports, which are a subtraction in the calculation of GDP, decreased.

    • The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributor to the increase was health care. Within goods, the leading contributors to the increase were recreational goods and vehicles as well as motor vehicles and parts.
      • Within health care, hospital and nursing home services (notably hospital services) and outpatient services increased, based primarily on Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) employment, earnings, and hours data.
      • The increase in recreational goods and vehicles was led by information processing equipment, based on Census Bureau Monthly Retail Trade Survey data.
      • The increase in motor vehicles and parts was led by new light trucks, based primarily on unit sales data from Wards Intelligence.
    • The increase in government spending reflected increases in state and local as well as federal government spending.
      • Within state and local government spending, the increase was led by compensation of employees, based primarily on employment data from the BLS CES.
      • Within federal government spending, the increase was led by defense consumption expenditures, based primarily on Monthly Treasury Statement data.

    More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table.

    Impact of Hurricane Milton on fourth-quarter 2024 estimates

    Hurricane Milton made landfall as a Category 3 hurricane just south of Tampa Bay, Florida, on October 9, 2024, bringing damage from high winds, including significant tornado activity, and extensive inland flooding. 

    This disaster disrupted usual consumer and business activities and prompted emergency services and remediation activities. The responses to this disaster are included, but not separately identified, in the source data that BEA uses to prepare the estimates of GDP; consequently, it is not possible to estimate the overall impact of Hurricane Milton on fourth-quarter GDP. The destruction of fixed assets, such as residential and nonresidential structures, does not directly affect GDP or personal income. BEA estimates of disaster losses are presented in NIPA table 5.1, “Saving and Investment.” BEA’s preliminary estimates show that Hurricane Milton resulted in losses of $27.0 billion in privately owned fixed assets ($108.0 billion at an annual rate) and $3.0 billion in state and local government-owned fixed assets ($12.0 billion at an annual rate).

    For additional information, refer to “How are the measures of production and income in the national accounts affected by a disaster?” and “How are the fixed assets accounts (FAAs) and consumption of fixed capital (CFC) impacted by disasters?”

    1. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ Why does BEA publish percent changes in quarterly series at annual rates?. 

    MIL OSI USA News –

  • MIL-OSI USA: Coal Transportation Rates to the Electric Power Sector

    Source: US Energy Information Administration

    This recent update of the Coal Transportation Rates to the Electric Power Sector web page incorporates final data for 2023 from Form EIA-923, Power Plant Operations Report, and updates the tables with data in nominal and real 2023 dollars. The data tables are based on primary data that we collect from plant owners and operators on Form EIA-923 and on supplement data and analysis of coal transportation costs that we released in June 2011 and November 2012.

    The initial report on coal transportation rates covered 2001 through 2008, applied only to railroad shipments, and was based exclusively on waybill sample data obtained from the U.S. Surface Transportation Board (STB). The supplemental report provided an additional year of waybill sample data and incorporated data that we collected on Form EIA-923 for shipments by railroad, waterway, and truck for 2008 through 2010. The third set of tables on coal transportation rates were based on Form EIA-923 data for 2008 through 2012. The rates for 2008 and 2010 were slightly different from the rates we previously published due to minor changes in methodology. Transportation rates for 2011 and 2012 had not been previously published. The current release provides final rates for the years 2008 through 2023. We can no longer update waybill data due to STB’s modified interpretation of its data confidentiality obligation.

    As in previous iterations of Form EIA-923 data, the rates are based on primary mode of transportation. Because some shipments include a primary and secondary mode of transportation, these rates do not necessarily reflect the rates associated with only one transportation mode. In addition, the rates do not reflect shipments made to cogenerators and other end users of electricity, and they are based only on shipments made to plants in the electric power sector. We define the electric power sector as consisting of electric utilities and regulated and unregulated independent power producers.

    We calculate nominal rates by subtracting the commodity cost of the delivered coal from the total delivered cost, as reported by owners and operators of power plants with a combined nameplate capacity of 50 megawatts or greater. Because the commodity cost and delivered cost data are reported in terms of energy content (that is, million British thermal units), the costs are converted to dollars per ton using the average energy content of each shipment reported on the form. The representative transportation cost for each coal mine state, destination state, and transportation mode is a weighted average. Lastly, we convert the values to constant 2023 dollars by using the Implicit Price Deflators for Gross Domestic Product, as published by the U.S. Bureau of Economic Analysis in Table 1.1.9 of the National Income and Products Accounts tables.

    We make several assumptions when calculating the transportation costs. Most notably, we apply an internal methodology to identify and exclude costs that we believe to be outliers. In addition, we use only records that have reported values for commodity cost and delivered cost (in other words, we do not use imputed values).

    We assign coal shipments to basins based on counties as set out below.

    Basin State County
    Northern Appalachia Maryland  
    Ohio  
    Pennsylvania  
    West Virginia (northern)  
    Central Appalachia Kentucky (eastern)  
    Virginia  
    West Virginia (southern)  
    Tennessee Anderson, Campbell, Claiborne, Cumberland, Fentress, Morgan, Overton, Pickett, Putnam, Roane, and Scott
    Southern Appalachia Alabama  
    Tennessee Bledsoe, Coffee, Franklin, Grundy, Hamilton, Marion, Rhea, Sequatchie, Van Buren, Warren, and White
    Illinois Basin Illinois  
    Indiana  
    Kentucky (western)  
    Powder River Basin Montana Big Horn, Custer, Powder River, Rosebud, and Treasure 
    Wyoming Campbell, Converse, Crook, Johnson, Natrona, Niobrara, Sheridan, and Weston
    Uinta Basin Colorado Delta, Garfield, Gunnison, Mesa, Moffat, Pitkin, Rio Blanco, and Routt
    Utah Carbon, Duchesne, Emery, Grand, Sanpete, Sevier, Uintah, Utah, and Wasatch

    Our data include shipments to blank counties that originated in 13 states (generally because the plant purchases coal from a blender that uses coal purchased from multiple mines). In such cases, we assign the shipments to a coal basin based on the origin state and, when appropriate, other factors. We assign shipments originating in Alabama to southern Appalachia because it is the only coal basin in the state. Similarly, we assign shipments originating in Maryland, Ohio, and Pennsylvania to northern Appalachia, and we assign all shipments originating in Illinois and Indiana to the Illinois Basin. Although Tennessee overlaps both central Appalachia and southern Appalachia, coal has not been produced in southern Appalachia since 1990, so we assign all shipments to central Appalachia. In addition, we assign all shipments originating in Utah to the Uinta Basin even though, in theory, a small number of the shipments originated in coal mines that are not technically part of the basin.

    For coal with a missing county that originated in Kentucky, we assign all shipments with an average sulfur content greater than 2.4% to the Illinois Basin and the others to central Appalachia. For coal with a missing county that originated in West Virginia, we assign all shipments with an average sulfur content greater than 1.6% to northern Appalachia and the others to central Appalachia. For coal with a missing county that originated in Wyoming, we only assigned shipments with an average energy content less than or equal greater 17.9 million British thermal units per ton to the Powder River Basin.

    Because cost data collected on Form EIA-923 are confidential, we had to ensure that we suitably aggregated rates to prevent any individual rates from being observed or inferred. To meet this requirement, we withheld rates where the number of plants within a particular aggregation of rates was less than three.

    Contacts:

    David Fritsch
    Phone: 202-287-6538
    Email: David Fritsch

    Jonathan Church
    Phone: 202-586-7693
    Email: Jonathan Church

    MIL OSI USA News –

  • MIL-OSI: Siebert.SPS Expands Leadership Team with Key Industry Experts to Serve Companies of All Sizes

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Jan. 30, 2025 (GLOBE NEWSWIRE) — Siebert Stock Plan Services (Siebert.SPS), a division of Siebert Financial Corp. (NASDAQ: SIEB), today announced that Daniel Coyle and Hunter Sattich have joined its leadership team. With decades of combined expertise in finance and equity compensation, their arrival bolsters Siebert.SPS’s ability to provide customized, high-touch solutions for businesses of all sizes, especially those often underserved by larger, consolidated providers.

    “Dan and Hunter bring unparalleled expertise and a hands-on approach that perfectly align with Siebert.SPS’s mission to offer tailored equity compensation solutions,” said Eric Tassell, President and Head of Stock Plan Services at Siebert, highlighting the significance of these hires. “Our unique positioning enables us to support companies of all sizes, from emerging firms to established enterprises, with a level of personalization and innovation that larger providers can’t match.”

    Hunter Sattich, a Certified Equity Professional (CEP) with more than 30 years of industry experience, has built a reputation for streamlining equity plan processes, optimizing workflows, and driving superior client outcomes. His expertise lies in helping companies navigate complex stock plan challenges while delivering seamless participant experiences.

    “I’ve seen firsthand how many businesses are overlooked by large providers,” said Sattich. “Siebert.SPS’s commitment to addressing these gaps and delivering impactful solutions is what excites me most about this opportunity.”

    Daniel Coyle, with more than 20 years of experience in finance and compensation, specializes in crafting tailored strategies that address the unique needs of public companies. Known for his consultative approach, Dan excels at aligning operational efficiencies with strategic goals, ensuring that clients receive equity solutions that drive measurable success.

    “Siebert.SPS offers a refreshing approach to equity compensation—one that prioritizes flexibility and client-focused results,” said Coyle. “I’m thrilled to be part of a team redefining how companies, big and small, manage their stock plans.”

    John J Gebbia Senior, CEO of Siebert Financial, emphasized the strategic importance of these additions:
    “Dan and Hunter are invaluable additions to our team,” said John J. Gebbia, Sr., CEO of Siebert Financial. “Their expertise and client-first mentality will help us expand Siebert.SPS’s reach and redefine what’s possible in equity compensation. This is a pivotal step in our ongoing mission to deliver best-in-class solutions to companies of all sizes.”

    About Siebert.SPS
    Siebert Stock Plan Services (Siebert). SPS partners with publicly traded companies to deliver tailored equity compensation solutions. Focusing on technology-driven platforms and exceptional customer service, Siebert.SPS supports businesses in streamlining their stock plan administration, ensuring compliance, and maximizing participant engagement.

    About Siebert Financial Corp.
    Siebert is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

    Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, and StockCross Digital Solutions, Ltd, and Gebbia Entertainment LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media productions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

    Cautionary Note Regarding Forward-Looking Statements
    The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by, or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

    These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of the management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

    Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws.

    Media Contact:
    Deborah Kostroun, Zito Partners
    deborah@zitopartners.com
    +1 (201) 403-8185

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fe733b9-5a10-411c-a0da-a8b372e1b53d

    The MIL Network –

  • MIL-OSI: Kearny Financial Corp. Announces Second Quarter Fiscal 2025 Results and Declaration of Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FAIRFIELD, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2024 of $6.6 million, compared to $6.1 million for the quarter ended September 30, 2024.

    Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024. This compares to earnings per basic and diluted share of $0.10 for the quarter ended September 30, 2024.

    The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025, to stockholders of record as of February 12, 2025.

    Craig L. Montanaro, President and Chief Executive Officer, commented, “As anticipated, this quarter reflected the early stages of growth in net interest income and expansion of net interest margin. We are pleased to report growth in deposits of 3.7% from September 30, 2024, reflecting robust performance from our branch network, digital channels and commercial lending relationships. This growth allowed us to shrink the balance of outstanding borrowings while reducing our cost of funds by nine basis points quarter-over-quarter.”

    Mr. Montanaro continued, “Although market expectations for fed funds rate cuts have moderated, the continuation of positive deposit trends coupled with the reinvestment of low-coupon cash flows from our loan and securities portfolio should serve as earnings tailwinds in the coming quarters.”

    Balance Sheet

    • Total assets were $7.73 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024.
    • Investment securities totaled $1.15 billion at December 31, 2024, a decrease of $57.5 million, or 4.8%, from September 30, 2024.
    • Loans receivable totaled $5.79 billion at December 31, 2024, an increase of $7.5 million, or 0.1%, from September 30, 2024.
    • Deposits were $5.67 billion at December 31, 2024, an increase of $200.5 million, or 3.7%, from September 30, 2024. This increase was primarily driven by increases in interest and non-interest bearing demand deposits of $142.1 million, and an increase of $60.6 million in consumer savings deposits.
    • Borrowings were $1.26 billion at December 31, 2024, a decrease of $220.9 million, or 14.9%, from September 30, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) and other borrowings.
    • At December 31, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.32 billion, an increase of $256.0 million from September 30, 2024, representing 30.0% of total assets.

    Earnings

    Net Interest Income and Net Interest Margin

    • Net interest margin expanded two basis points from the quarter ended September 30, 2024 to 1.82% for the quarter ended December 31, 2024. The increase for the quarter was driven by the replacement of borrowings with relatively lower cost deposits and broad based decreases in deposit rates, partially offset by higher costs and average balances of brokered certificates of deposit (“CDs”), along with reduced average balances and yields on interest-earning assets.
    • For the quarter ended December 31, 2024, net interest income increased $166,000 to $32.6 million from $32.4 million for the quarter ended September 30, 2024. Included in net interest income for the quarters ended December 31, 2024 and September 30, 2024, respectively, was purchase accounting accretion of $685,000 and $649,000, and loan prepayment penalty income of $288,000 and $52,000.

    Non-Interest Income

    • Non-interest income increased $247,000 to $4.9 million for the quarter ended December 31, 2024, from $4.6 million for the quarter ended September 30, 2024. This increase was primarily driven by a $104,000 larger gain on the sale of loans held-for-sale compared to the prior comparative period and a $102,000 increase in electronic banking fees and charges.

    Non-Interest Expense

    • For the quarter ended December 31, 2024, non-interest expense decreased $225,000, or 0.8%, to $29.6 million from $29.8 million for the quarter ended September 30, 2024. This decrease was primarily driven by a decrease in other expense, partially offset by an increase in salary and benefits expense.
    • Salary and benefits expense increased $81,000 primarily driven by the absence of a non-recurring decrease in stock-based compensation recorded in the prior comparative period, partially offset by a decrease in payroll taxes.
    • Other expense decreased $280,000 primarily driven by a reversal of $116,000 for credit losses related to off balance sheet commitments compared to a provision for credit losses on off balance sheet commitments of $274,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

    Income Taxes

    • Income tax expense totaled $1.3 million for the quarter ended December 31, 2024 compared to $1.1 million for the quarter ended September 30, 2024, resulting in an effective tax rate of 16.0% and 15.1%, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter.

    Asset Quality

    • The balance of non-performing assets decreased $2.2 million to $37.7 million, or 0.49% of total assets, at December 31, 2024, from $39.9 million, or 0.51% of total assets, at September 30, 2024, respectively.
    • Net charge-offs totaled $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024, compared to $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024. The net charge-offs recorded for the quarter ended December 31, 2024 had previously been individually reserved for within the allowance for credit losses (“ACL”).
    • For the quarter ended December 31, 2024, the Company recorded a provision for credit losses of $107,000, compared to $108,000 for the quarter ended September 30, 2024. The provision for credit loss expense for the quarter ended December 31, 2024 was primarily driven by loan growth.
    • The ACL was $44.5 million, or 0.77% of total loans, at December 31, 2024, a decrease of $466,000 from $44.9 million, or 0.78% of total loans, at September 30, 2024. The decrease in the ACL from September 30, 2024 was largely attributable to a reduction in reserves for individually evaluated loans, resulting from the charge-offs noted above.

    Capital

    • For the quarter ended December 31, 2024, book value per share decreased $0.11, or 0.9%, to $11.53 while tangible book value per share decreased $0.10, or 1.0%, to $9.75. These decreases were driven by a $7.4 million larger accumulated other comprehensive loss due primarily to a decrease in the fair value of the Company’s available for sale securities, partially offset by an increase in the fair value of the Company’s derivatives portfolio.
    • At December 31, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $89.8 million, partially offset by after-tax unrealized gains on derivatives of $17.4 million. After-tax net unrecognized losses on securities held to maturity of $11.3 million were not reflected in total stockholders’ equity.
    • At December 31, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.27% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

    This earnings release should be read in conjunction with Kearny Financial Corp.’s Q2 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

    Category: Earnings

    For further information contact:
    Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
    Sean Byrnes, Executive Vice President and Chief Financial Officer
    Kearny Financial Corp.
    (973) 244-4500

    Linked-Quarter Comparative Financial Analysis
             
    Kearny Financial Corp.
    Consolidated Balance Sheets
    (Unaudited)
             
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 December 31,
    2024    		 September 30,
    2024    		 Variance
    or Change    		 Variance
    or Change Pct.
    Assets        
    Cash and cash equivalents $ 141,554   $ 155,574   $ (14,020 ) -9.0 %
    Securities available for sale   1,018,279     1,070,811     (52,532 ) -4.9 %
    Securities held to maturity   127,266     132,256     (4,990 ) -3.8 %
    Loans held-for-sale   5,695     8,866     (3,171 ) -35.8 %
    Loans receivable   5,791,758     5,784,246     7,512   0.1 %
    Less: allowance for credit losses on loans   (44,457 )   (44,923 )   (466 ) -1.0 %
    Net loans receivable   5,747,301     5,739,323     7,978   0.1 %
    Premises and equipment   45,127     45,189     (62 ) -0.1 %
    Federal Home Loan Bank stock   64,443     57,706     6,737   11.7 %
    Accrued interest receivable   27,772     29,467     (1,695 ) -5.8 %
    Goodwill   113,525     113,525     —   — %
    Core deposit intangible   1,679     1,805     (126 ) -7.0 %
    Bank owned life insurance   301,339     300,186     1,153   0.4 %
    Deferred income taxes, net   53,325     50,131     3,194   6.4 %
    Other assets   84,080     67,540     16,540   24.5 %
    Total assets $ 7,731,385   $ 7,772,379   $ (40,994 ) -0.5 %
             
    Liabilities        
    Deposits:        
    Non-interest-bearing $ 601,510   $ 592,099   $ 9,411   1.6 %
    Interest-bearing   5,069,550     4,878,413     191,137   3.9 %
    Total deposits   5,671,060     5,470,512     200,548   3.7 %
    Borrowings   1,258,949     1,479,888     (220,939 ) -14.9 %
    Advance payments by borrowers for taxes   17,986     17,824     162   0.9 %
    Other liabilities   38,537     52,618     (14,081 ) -26.8 %
    Total liabilities   6,986,532     7,020,842     (34,310 ) -0.5 %
             
    Stockholders’ Equity        
    Common stock   646     646     —   — %
    Paid-in capital   494,092     493,523     569   0.1 %
    Retained earnings   342,155     342,522     (367 ) -0.1 %
    Unearned ESOP shares   (19,943 )   (20,430 )   487   2.4 %
    Accumulated other comprehensive loss   (72,097 )   (64,724 )   (7,373 ) -11.4 %
    Total stockholders’ equity   744,853     751,537     (6,684 ) -0.9 %
    Total liabilities and stockholders’ equity $ 7,731,385   $ 7,772,379   $ (40,994 ) -0.5 %
             
    Consolidated capital ratios        
    Equity to assets   9.63 %   9.67 %   -0.04 %  
    Tangible equity to tangible assets (1)   8.27 %   8.31 %   -0.04 %  
             
    Share data        
    Outstanding shares   64,580     64,580     —   — %
    Book value per share $ 11.53   $ 11.64   $ (0.11 ) -0.9 %
    Tangible book value per share (2) $ 9.75   $ 9.85   $ (0.10 ) -1.0 %

    _________________________

    (1)   Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2)   Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.

           
    Kearny Financial Corp.
    Consolidated Statements of Income
    (Unaudited)
           
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 Three Months Ended Variance
    or Change    		 Variance
    or Change Pct.
    December 31,
    2024    		 September 30,
    2024
    Interest income        
    Loans $ 65,408   $ 66,331   $ (923 ) -1.4 %
    Taxable investment securities   13,803     14,384     (581 ) -4.0 %
    Tax-exempt investment securities   59     71     (12 ) -16.9 %
    Other interest-earning assets   2,215     2,466     (251 ) -10.2 %
    Total interest income   81,485     83,252     (1,767 ) -2.1 %
             
    Interest expense        
    Deposits   36,721     35,018     1,703   4.9 %
    Borrowings   12,152     15,788     (3,636 ) -23.0 %
    Total interest expense   48,873     50,806     (1,933 ) -3.8 %
    Net interest income   32,612     32,446     166   0.5 %
    Provision for credit losses   107     108     (1 ) -0.9 %
    Net interest income after provision for credit losses   32,505     32,338     167   0.5 %
             
    Non-interest income        
    Fees and service charges   627     635     (8 ) -1.3 %
    Gain on sale of loans   304     200     104   52.0 %
    Income from bank owned life insurance   2,619     2,567     52   2.0 %
    Electronic banking fees and charges   493     391     102   26.1 %
    Other income   830     833     (3 ) -0.4 %
    Total non-interest income   4,873     4,626     247   5.3 %
             
    Non-interest expense        
    Salaries and employee benefits   17,579     17,498     81   0.5 %
    Net occupancy expense of premises   2,831     2,798     33   1.2 %
    Equipment and systems   3,892     3,860     32   0.8 %
    Advertising and marketing   311     342     (31 ) -9.1 %
    Federal deposit insurance premium   1,503     1,563     (60 ) -3.8 %
    Directors’ compensation   361     361     —   — %
    Other expense   3,084     3,364     (280 ) -8.3 %
    Total non-interest expense   29,561     29,786     (225 ) -0.8 %
    Income before income taxes   7,817     7,178     639   8.9 %
    Income taxes   1,251     1,086     165   15.2 %
    Net income $ 6,566   $ 6,092   $ 474   7.8 %
             
    Net income per common share (EPS)        
    Basic $ 0.11   $ 0.10   $ 0.01    
    Diluted $ 0.10   $ 0.10   $ —    
             
    Dividends declared        
    Cash dividends declared per common share $ 0.11   $ 0.11   $ —    
    Cash dividends declared $ 6,933   $ 6,896   $ 37    
    Dividend payout ratio   105.6 %   113.2 %   -7.6 %  
             
    Weighted average number of common shares outstanding        
    Basic   62,443     62,389     54    
    Diluted   62,576     62,420     156    
                         
           
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
           
    (Dollars in Thousands) Three Months Ended Variance
    or Change    		 Variance
    or Change Pct.
    December 31,
    2024    		 September 30,
    2024
    Assets        
    Interest-earning assets:        
    Loans receivable, including loans held for sale $ 5,762,053   $ 5,761,593   $ 460   — %
    Taxable investment securities   1,285,800     1,314,945     (29,145 ) -2.2 %
    Tax-exempt investment securities   9,711     12,244     (2,533 ) -20.7 %
    Other interest-earning assets   116,354     131,981     (15,627 ) -11.8 %
    Total interest-earning assets   7,173,918     7,220,763     (46,845 ) -0.6 %
    Non-interest-earning assets   459,982     467,670     (7,688 ) -1.6 %
    Total assets $ 7,633,900   $ 7,688,433   $ (54,533 ) -0.7 %
             
    Liabilities and Stockholders’ Equity        
    Interest-bearing liabilities:        
    Deposits:        
    Interest-bearing demand $ 2,314,378   $ 2,282,608   $ 31,770   1.4 %
    Savings   711,801     668,240     43,561   6.5 %
    Certificates of deposit (retail)   1,211,985     1,203,770     8,215   0.7 %
    Certificates of deposit (brokered and listing service)   735,736     551,819     183,917   33.3 %
    Total interest-bearing deposits   4,973,900     4,706,437     267,463   5.7 %
    Borrowings:        
    Federal Home Loan Bank advances   1,085,455     1,325,583     (240,128 ) -18.1 %
    Other borrowings   156,522     237,011     (80,489 ) -34.0 %
    Total borrowings   1,241,977     1,562,594     (320,617 ) -20.5 %
    Total interest-bearing liabilities   6,215,877     6,269,031     (53,154 ) -0.8 %
    Non-interest-bearing liabilities:        
    Non-interest-bearing deposits   604,915     599,095     5,820   1.0 %
    Other non-interest-bearing liabilities   65,258     69,629     (4,371 ) -6.3 %
    Total non-interest-bearing liabilities   670,173     668,724     1,449   0.2 %
    Total liabilities   6,886,050     6,937,755     (51,705 ) -0.7 %
    Stockholders’ equity   747,850     750,678     (2,828 ) -0.4 %
    Total liabilities and stockholders’ equity $ 7,633,900   $ 7,688,433   $ (54,533 ) -0.7 %
             
    Average interest-earning assets to average interest-bearing liabilities   115.41 %   115.18 %   0.23 % 0.2 %
                           
         
    Kearny Financial Corp.
    Performance Ratio Highlights
    (Unaudited)
         
      Three Months Ended Variance
    or Change
      December 31,
    2024    		 September 30,
    2024
    Average yield on interest-earning assets:      
    Loans receivable, including loans held for sale 4.54 % 4.61 % -0.07 %
    Taxable investment securities 4.29 % 4.38 % -0.09 %
    Tax-exempt investment securities (1) 2.42 % 2.32 % 0.10 %
    Other interest-earning assets 7.62 % 7.47 % 0.15 %
    Total interest-earning assets 4.54 % 4.61 % -0.07 %
           
    Average cost of interest-bearing liabilities:      
    Deposits:      
    Interest-bearing demand 2.96 % 3.13 % -0.17 %
    Savings 1.29 % 1.05 % 0.24 %
    Certificates of deposit (retail) 4.06 % 4.12 % -0.06 %
    Certificates of deposit (brokered and listing service) 2.71 % 2.18 % 0.53 %
    Total interest-bearing deposits 2.95 % 2.98 % -0.03 %
    Borrowings:      
    Federal Home Loan Bank advances 3.78 % 3.82 % -0.04 %
    Other borrowings 4.88 % 5.28 % -0.40 %
    Total borrowings 3.91 % 4.04 % -0.13 %
    Total interest-bearing liabilities 3.15 % 3.24 % -0.09 %
           
    Interest rate spread (2) 1.39 % 1.37 % 0.02 %
    Net interest margin (3) 1.82 % 1.80 % 0.02 %
           
    Non-interest income to average assets (annualized) 0.26 % 0.24 % 0.02 %
    Non-interest expense to average assets (annualized) 1.55 % 1.55 % — %
           
    Efficiency ratio (4) 78.86 % 80.35 % -1.49 %
           
    Return on average assets (annualized) 0.34 % 0.32 % 0.02 %
    Return on average equity (annualized) 3.51 % 3.25 % 0.26 %
    Return on average tangible equity (annualized) (5) 4.21 % 3.89 % 0.32 %

    _________________________

    (1)   The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2)   Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3)   Net interest income divided by average interest-earning assets.
    (4)   Non-interest expense divided by the sum of net interest income and non-interest income.
    (5)   Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

    Five-Quarter Financial Trend Analysis
               
    Kearny Financial Corp.
    Consolidated Balance Sheets
               
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
      (Unaudited) (Unaudited)   (Unaudited) (Unaudited)
    Assets          
    Cash and cash equivalents $ 141,554   $ 155,574   $ 63,864   $ 71,027   $ 73,860  
    Securities available for sale   1,018,279     1,070,811     1,072,833     1,098,655     1,144,175  
    Securities held to maturity   127,266     132,256     135,742     139,643     141,959  
    Loans held-for-sale   5,695     8,866     6,036     4,117     14,030  
    Loans receivable   5,791,758     5,784,246     5,732,787     5,758,336     5,745,629  
    Less: allowance for credit losses on loans   (44,457 )   (44,923 )   (44,939 )   (44,930 )   (44,867 )
    Net loans receivable   5,747,301     5,739,323     5,687,848     5,713,406     5,700,762  
    Premises and equipment   45,127     45,189     44,940     45,053     45,928  
    Federal Home Loan Bank stock   64,443     57,706     80,300     81,347     83,372  
    Accrued interest receivable   27,772     29,467     29,521     31,065     30,258  
    Goodwill   113,525     113,525     113,525     210,895     210,895  
    Core deposit intangible   1,679     1,805     1,931     2,057     2,189  
    Bank owned life insurance   301,339     300,186     297,874     296,493     256,064  
    Deferred income taxes, net   53,325     50,131     50,339     47,225     46,116  
    Other real estate owned   —     —     —     —     11,982  
    Other assets   84,080     67,540     98,708     100,989     136,242  
    Total assets $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972   $ 7,897,832  
               
    Liabilities          
    Deposits:          
    Non-interest-bearing $ 601,510   $ 592,099   $ 598,366   $ 586,089   $ 584,130  
    Interest-bearing   5,069,550     4,878,413     4,559,757     4,622,961     4,735,500  
    Total deposits   5,671,060     5,470,512     5,158,123     5,209,050     5,319,630  
    Borrowings   1,258,949     1,479,888     1,709,789     1,722,178     1,667,055  
    Advance payments by borrowers for taxes   17,986     17,824     17,409     17,387     16,742  
    Other liabilities   38,537     52,618     44,569     44,279     46,427  
    Total liabilities   6,986,532     7,020,842     6,929,890     6,992,894     7,049,854  
               
    Stockholders’ Equity          
    Common stock   646     646     644     644     645  
    Paid-in capital   494,092     493,523     493,680     493,187     493,297  
    Retained earnings   342,155     342,522     343,326     440,308     439,755  
    Unearned ESOP shares   (19,943 )   (20,430 )   (20,916 )   (21,402 )   (21,889 )
    Accumulated other comprehensive loss   (72,097 )   (64,724 )   (63,163 )   (63,659 )   (63,830 )
    Total stockholders’ equity   744,853     751,537     753,571     849,078     847,978  
    Total liabilities and stockholders’ equity $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972   $ 7,897,832  
               
    Consolidated capital ratios          
    Equity to assets   9.63 %   9.67 %   9.81 %   10.83 %   10.74 %
    Tangible equity to tangible assets (1)   8.27 %   8.31 %   8.43 %   8.34 %   8.26 %
               
    Share data          
    Outstanding shares   64,580     64,580     64,434     64,437     64,445  
    Book value per share $ 11.53   $ 11.64   $ 11.70   $ 13.18   $ 13.16  
    Tangible book value per share (2) $ 9.75   $ 9.85   $ 9.90   $ 9.87   $ 9.85  

    _________________________

    (1)   Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2)   Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.

               
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
               
    (Dollars in Thousands) December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    Loan portfolio composition:          
    Commercial loans:          
    Multi-family mortgage $ 2,722,623   $ 2,646,187   $ 2,645,851   $ 2,645,195   $ 2,651,274  
    Nonresidential mortgage   950,194     950,771     948,075     965,539     947,287  
    Commercial business   135,740     145,984     142,747     147,326     144,134  
    Construction   176,704     227,327     209,237     229,457     221,933  
    Total commercial loans   3,985,261     3,970,269     3,945,910     3,987,517     3,964,628  
    One- to four-family residential mortgage   1,765,160     1,768,230     1,756,051     1,741,644     1,746,065  
    Consumer loans:          
    Home equity loans   47,101     44,741     44,104     42,731     43,517  
    Other consumer   2,778     2,965     2,685     3,198     2,728  
    Total consumer loans   49,879     47,706     46,789     45,929     46,245  
    Total loans, excluding yield adjustments   5,800,300     5,786,205     5,748,750     5,775,090     5,756,938  
    Unaccreted yield adjustments   (8,542 )   (1,959 )   (15,963 )   (16,754 )   (11,309 )
    Loans receivable, net of yield adjustments   5,791,758     5,784,246     5,732,787     5,758,336     5,745,629  
    Less: allowance for credit losses on loans   (44,457 )   (44,923 )   (44,939 )   (44,930 )   (44,867 )
    Net loans receivable $ 5,747,301   $ 5,739,323   $ 5,687,848   $ 5,713,406   $ 5,700,762  
               
    Asset quality:          
    Nonperforming assets:          
    Accruing loans – 90 days and over past due $ —   $ —   $ —   $ —   $ —  
    Nonaccrual loans   37,697     39,854     39,882     39,546     28,089  
    Total nonperforming loans   37,697     39,854     39,882     39,546     28,089  
    Nonaccrual loans held-for-sale   —     —     —     —     9,700  
    Other real estate owned   —     —     —     —     11,982  
    Total nonperforming assets $ 37,697   $ 39,854   $ 39,882   $ 39,546   $ 49,771  
               
    Nonperforming loans (% total loans)   0.65 %   0.69 %   0.70 %   0.69 %   0.49 %
    Nonperforming assets (% total assets)   0.49 %   0.51 %   0.52 %   0.50 %   0.63 %
               
    Classified loans $ 132,216   $ 119,534   $ 118,700   $ 115,772   $ 94,676  
               
    Allowance for credit losses on loans (ACL):          
    ACL to total loans   0.77 %   0.78 %   0.78 %   0.78 %   0.78 %
    ACL to nonperforming loans   117.93 %   112.72 %   112.68 %   113.61 %   159.73 %
    Net charge-offs $ 573   $ 124   $ 3,518   $ 286   $ 4,110  
    Average net charge-off rate (annualized)   0.04 %   0.01 %   0.25 %   0.02 %   0.29 %
                                   
               
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
               
    (Dollars in Thousands) December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    Funding composition:          
    Deposits:          
    Non-interest-bearing deposits $ 601,510   $ 592,099   $ 598,367   $ 586,089   $ 584,130  
    Interest-bearing demand   2,380,408     2,247,685     2,308,915     2,349,032     2,347,262  
    Savings   742,266     681,709     643,481     630,456     646,182  
    Certificates of deposit (retail)   1,194,865     1,215,746     1,199,127     1,235,261     1,283,676  
    Certificates of deposit (brokered and listing service)   752,011     733,273     408,234     408,212     458,380  
    Interest-bearing deposits   5,069,550     4,878,413     4,559,757     4,622,961     4,735,500  
    Total deposits   5,671,060     5,470,512     5,158,124     5,209,050     5,319,630  
               
    Borrowings:          
    Federal Home Loan Bank advances   1,028,949     1,209,888     1,534,789     1,457,178     1,432,055  
    Overnight borrowings   230,000     270,000     175,000     265,000     235,000  
    Total borrowings   1,258,949     1,479,888     1,709,789     1,722,178     1,667,055  
               
      Total funding $ 6,930,009   $ 6,950,400   $ 6,867,913   $ 6,931,228   $ 6,986,685  
               
    Loans as a % of deposits   101.4 %   105.1 %   110.4 %   109.8 %   107.4 %
    Deposits as a % of total funding   81.8 %   78.7 %   75.1 %   75.2 %   76.1 %
    Borrowings as a % of total funding   18.2 %   21.3 %   24.9 %   24.8 %   23.9 %
               
    Uninsured deposits:          
    Uninsured deposits (reported) (1) $ 1,935,607   $ 1,799,726   $ 1,772,623   $ 1,760,740   $ 1,813,122  
    Uninsured deposits (adjusted) (2) $ 797,721   $ 773,375   $ 764,447   $ 718,026   $ 694,510  

    _________________________

    (1)   Uninsured deposits of Kearny Bank.
    (2)   Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.

       
    Kearny Financial Corp.
    Consolidated Statements of Income (Loss)
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    Interest income          
    Loans $ 65,408   $ 66,331   $ 65,819   $ 64,035   $ 63,384  
    Taxable investment securities   13,803     14,384     14,802     15,490     16,756  
    Tax-exempt investment securities   59     71     80     85     84  
    Other interest-earning assets   2,215     2,466     2,289     2,475     2,401  
    Total interest income   81,485     83,252     82,990     82,085     82,625  
               
    Interest expense          
    Deposits   36,721     35,018     32,187     32,320     30,340  
    Borrowings   12,152     15,788     17,527     15,446     16,446  
    Total interest expense   48,873     50,806     49,714     47,766     46,786  
    Net interest income   32,612     32,446     33,276     34,319     35,839  
    Provision for credit losses   107     108     3,527     349     2,105  
    Net interest income after provision for credit losses   32,505     32,338     29,749     33,970     33,734  
               
    Non-interest income          
    Fees and service charges   627     635     580     657     624  
    Loss on sale and call of securities   —     —     —     —     (18,135 )
    Gain (loss) on sale of loans   304     200     111     (712 )   104  
    Loss on sale of other real estate owned   —     —     —     —     (974 )
    Income from bank owned life insurance   2,619     2,567     3,209     3,039     1,162  
    Electronic banking fees and charges   493     391     1,130     464     396  
    Other income   830     833     776     755     811  
    Total non-interest income   4,873     4,626     5,806     4,203     (16,012 )
               
    Non-interest expense          
    Salaries and employee benefits   17,579     17,498     17,266     16,911     17,282  
    Net occupancy expense of premises   2,831     2,798     2,738     2,863     2,674  
    Equipment and systems   3,892     3,860     3,785     3,823     3,814  
    Advertising and marketing   311     342     480     387     301  
    Federal deposit insurance premium   1,503     1,563     1,532     1,429     1,495  
    Directors’ compensation   361     361     360     360     393  
    Goodwill impairment   —     —     97,370     —     —  
    Other expense   3,084     3,364     3,020     3,286     3,808  
    Total non-interest expense   29,561     29,786     126,551     29,059     29,767  
    Income (loss) before income taxes   7,817     7,178     (90,996 )   9,114     (12,045 )
    Income taxes   1,251     1,086     (917 )   1,717     1,782  
    Net income (loss) $ 6,566   $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 )
               
    Net income (loss) per common share (EPS)          
    Basic $ 0.11   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
    Diluted $ 0.10   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
               
    Dividends declared          
    Cash dividends declared per common share $ 0.11   $ 0.11   $ 0.11   $ 0.11   $ 0.11  
    Cash dividends declared $ 6,933   $ 6,896   $ 6,903   $ 6,844   $ 6,882  
    Dividend payout ratio   105.6 %   113.2 %   -7.7 %   92.5 %   -49.8 %
               
    Weighted average number of common shares outstanding          
    Basic   62,443     62,389     62,254     62,205     62,299  
    Diluted   62,576     62,420     62,254     62,211     62,299  
                                   
       
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
       
      Three Months Ended
    (Dollars in Thousands) December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    Assets          
    Interest-earning assets:          
    Loans receivable, including loans held-for-sale $ 5,762,053   $ 5,761,593   $ 5,743,008   $ 5,752,477   $ 5,726,321  
    Taxable investment securities   1,285,800     1,314,945     1,343,541     1,382,064     1,509,165  
    Tax-exempt investment securities   9,711     12,244     13,737     14,614     15,025  
    Other interest-earning assets   116,354     131,981     128,257     125,155     139,740  
    Total interest-earning assets   7,173,918     7,220,763     7,228,543     7,274,310     7,390,251  
    Non-interest-earning assets   459,982     467,670     466,537     577,411     554,335  
    Total assets $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586  
               
    Liabilities and Stockholders’ Equity          
    Interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand $ 2,314,378   $ 2,282,608   $ 2,310,521   $ 2,378,831   $ 2,301,169  
    Savings   711,801     668,240     631,622     635,226     664,926  
    Certificates of deposit (retail)   1,211,985     1,203,770     1,208,101     1,257,362     1,292,837  
    Certificates of deposit (brokered and listing service)   735,736     551,819     405,697     448,151     531,479  
    Total interest-bearing deposits   4,973,900     4,706,437     4,555,941     4,719,570     4,790,411  
    Borrowings:          
    Federal Home Loan Bank advances   1,085,455     1,325,583     1,507,192     1,428,801     1,513,497  
    Other borrowings   156,522     237,011     228,461     210,989     142,283  
    Total borrowings   1,241,977     1,562,594     1,735,653     1,639,790     1,655,780  
    Total interest-bearing liabilities   6,215,877     6,269,031     6,291,594     6,359,360     6,446,191  
    Non-interest-bearing liabilities:          
    Non-interest-bearing deposits   604,915     599,095     589,438     581,870     597,294  
    Other non-interest-bearing liabilities   65,258     69,629     62,978     65,709     62,387  
    Total non-interest-bearing liabilities   670,173     668,724     652,416     647,579     659,681  
    Total liabilities   6,886,050     6,937,755     6,944,010     7,006,939     7,105,872  
    Stockholders’ equity   747,850     750,678     751,070     844,782     838,714  
    Total liabilities and stockholders’ equity $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586  
               
    Average interest-earning assets to average interest-bearing liabilities   115.41 %   115.18 %   114.89 %   114.39 %   114.65 %
                                   
       
    Kearny Financial Corp.
    Performance Ratio Highlights
       
      Three Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    Average yield on interest-earning assets:          
    Loans receivable, including loans held-for-sale 4.54 % 4.61 % 4.58 % 4.45 % 4.43 %
    Taxable investment securities 4.29 % 4.38 % 4.41 % 4.48 % 4.44 %
    Tax-exempt investment securities (1) 2.42 % 2.32 % 2.32 % 2.32 % 2.25 %
    Other interest-earning assets 7.62 % 7.47 % 7.14 % 7.91 % 6.87 %
    Total interest-earning assets 4.54 % 4.61 % 4.59 % 4.51 % 4.47 %
               
    Average cost of interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand 2.96 % 3.13 % 3.06 % 3.08 % 2.91 %
    Savings 1.29 % 1.05 % 0.63 % 0.46 % 0.44 %
    Certificates of deposit (retail) 4.06 % 4.12 % 3.95 % 3.52 % 3.06 %
    Certificates of deposit (brokered and listing service) 2.71 % 2.18 % 1.59 % 1.97 % 2.24 %
    Total interest-bearing deposits 2.95 % 2.98 % 2.83 % 2.74 % 2.53 %
    Borrowings:          
    Federal Home Loan Bank advances 3.78 % 3.82 % 3.86 % 3.55 % 3.82 %
    Other borrowings 4.88 % 5.28 % 5.24 % 5.22 % 5.65 %
    Total borrowings 3.91 % 4.04 % 4.04 % 3.77 % 3.97 %
    Total interest-bearing liabilities 3.15 % 3.24 % 3.16 % 3.00 % 2.90 %
               
    Interest rate spread (2) 1.39 % 1.37 % 1.43 % 1.51 % 1.57 %
    Net interest margin (3) 1.82 % 1.80 % 1.84 % 1.89 % 1.94 %
               
    Non-interest income to average assets (annualized) 0.26 % 0.24 % 0.30 % 0.21 % -0.81 %
    Non-interest expense to average assets (annualized) 1.55 % 1.55 % 6.58 % 1.48 % 1.50 %
               
    Efficiency ratio (4) 78.86 % 80.35 % 323.81 % 75.43 % 150.13 %
               
    Return on average assets (annualized) 0.34 % 0.32 % -4.68 % 0.38 % -0.70 %
    Return on average equity (annualized) 3.51 % 3.25 % -47.97 % 3.50 % -6.59 %
    Return on average tangible equity (annualized) (5) 4.21 % 3.89 % 3.33 % 4.68 % -8.84 %

    _________________________

    (1)   The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2)   Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3)   Net interest income divided by average interest-earning assets.
    (4)   Non-interest expense divided by the sum of net interest income and non-interest income.
    (5)   Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

    The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.

       
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    Adjusted net income:          
    Net income (loss) (GAAP) $ 6,566   $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 )
    Non-recurring transactions – net of tax:          
    Net effect of sale and call of securities   —     —     —     —     12,876  
    Net effect of bank-owned life insurance restructure   —     —     392     —     6,286  
    Goodwill impairment   —     —     95,283     —     —  
    Adjusted net income $ 6,566   $ 6,092   $ 5,596   $ 7,397   $ 5,335  
               
    Calculation of pre-tax, pre-provision net revenue:          
    Net income (loss) (GAAP) $ 6,566   $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 )
    Adjustments to net income (GAAP):          
    Provision for income taxes   1,251     1,086     (917 )   1,717     1,782  
    Provision for credit losses   107     108     3,527     349     2,105  
    Pre-tax, pre-provision net revenue (non-GAAP) $ 7,924   $ 7,286   $ (87,469 ) $ 9,463   $ (9,940 )
               
    Adjusted earnings per share:          
    Weighted average common shares – basic   62,443     62,389     62,254     62,205     62,299  
    Weighted average common shares – diluted   62,576     62,420     62,330     62,211     62,367  
               
    Earnings per share – basic (GAAP) $ 0.11   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
    Earnings per share – diluted (GAAP) $ 0.10   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
               
    Adjusted earnings per share – basic (non-GAAP) $ 0.11   $ 0.10   $ 0.09   $ 0.12   $ 0.09  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.10   $ 0.10   $ 0.09   $ 0.12   $ 0.09  
               
    Pre-tax, pre-provision net revenue per share:          
    Pre-tax, pre-provision net revenue per share – basic (non-GAAP) $ 0.13   $ 0.12   $ (1.41 ) $ 0.15   $ (0.16 )
    Pre-tax, pre-provision net revenue per share – diluted (non-GAAP) $ 0.13   $ 0.12   $ (1.41 ) $ 0.15   $ (0.16 )
               
    Adjusted return on average assets:          
    Total average assets $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586  
               
    Return on average assets (GAAP)   0.34 %   0.32 %   -4.68 %   0.38 %   -0.70 %
    Adjusted return on average assets (non-GAAP)   0.34 %   0.32 %   0.29 %   0.38 %   0.27 %
               
    Adjusted return on average equity:          
    Total average equity $ 747,850   $ 750,678   $ 751,070   $ 844,782   $ 838,714  
               
    Return on average equity (GAAP)   3.51 %   3.25 %   -47.97 %   3.50 %   -6.59 %
    Adjusted return on average equity (non-GAAP)   3.51 %   3.25 %   2.98 %   3.50 %   2.54 %
                                   
       
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    Adjusted return on average tangible equity:          
    Total average equity $ 747,850   $ 750,678   $ 751,070   $ 844,782   $ 838,714  
    Less: average goodwill   (113,525 )   (113,525 )   (113,525 )   (210,895 )   (210,895 )
    Less: average other intangible assets   (1,761 )   (1,886 )   (2,006 )   (2,138 )   (2,277 )
    Total average tangible equity $ 632,564   $ 635,267   $ 635,539   $ 631,749   $ 625,542  
               
    Return on average tangible equity (non-GAAP)   4.21 %   3.89 %   3.33 %   4.68 %   -8.84 %
    Adjusted return on average tangible equity (non-GAAP)   4.21 %   3.89 %   3.58 %   4.68 %   3.41 %
               
    Adjusted non-interest expense ratio:          
    Non-interest expense (GAAP) $ 29,561   $ 29,786   $ 126,551   $ 29,059   $ 29,767  
    Non-recurring transactions:          
    Goodwill impairment   —     —     (97,370 )   —     —  
    Non-interest expense (non-GAAP) $ 29,561   $ 29,786   $ 29,181   $ 29,059   $ 29,767  
               
    Non-interest expense ratio (GAAP)   1.55 %   1.55 %   6.58 %   1.48 %   1.50 %
    Adjusted non-interest expense ratio (non-GAAP)   1.55 %   1.55 %   1.52 %   1.48 %   1.50 %
               
    Adjusted efficiency ratio:          
    Non-interest expense (non-GAAP) $ 29,561   $ 29,786   $ 29,181   $ 29,059   $ 29,767  
               
    Net interest income (GAAP) $ 32,612   $ 32,446   $ 33,276   $ 34,319   $ 35,839  
    Total non-interest income (GAAP)   4,873     4,626     5,806     4,203     (16,012 )
    Non-recurring transactions:          
    Net effect of sale and call of securities   —     —     —     —     18,135  
    Net effect of bank-owned life insurance restructure   —     —     392     —     573  
    Total revenue (non-GAAP) $ 37,485   $ 37,072   $ 39,474   $ 38,522   $ 38,535  
               
    Efficiency ratio (GAAP)   78.86 %   80.35 %   323.81 %   75.43 %   150.13 %
    Adjusted efficiency ratio (non-GAAP)   78.86 %   80.35 %   73.92 %   75.43 %   77.25 %
                                   

    The MIL Network –

  • MIL-OSI: Red River Bancshares, Inc. Reports Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ALEXANDRIA, La., Jan. 30, 2025 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the fourth quarter of 2024.

    Net income for the fourth quarter of 2024 was $9.3 million, or $1.37 per diluted common share (“EPS”), an increase of $552,000, or 6.3%, compared to $8.8 million, or $1.27 EPS, for the third quarter of 2024, and an increase of $1.0 million, or 12.2%, compared to $8.3 million, or $1.16 EPS, for the fourth quarter of 2023. For the fourth quarter of 2024, the quarterly return on assets was 1.18%, and the quarterly return on equity was 11.46%.

    Net income for the year ended December 31, 2024, was $34.2 million, or $4.95 EPS, a decrease of $644,000, or 1.8%, compared to $34.9 million, or $4.86 EPS, for the year ended December 31, 2023. For the year ended December 31, 2024, the return on assets was 1.11%, and the return on equity was 11.02%.

    Fourth Quarter 2024 Performance and Operational Highlights

    In the fourth quarter of 2024, the Company had an improved net interest margin, which resulted in higher net interest income and earnings, along with slightly higher loans and deposits. A significant stock repurchase transaction was completed, and a stock repurchase program for 2025 was renewed. During the fourth quarter, the target range of the federal funds rate was reduced by 50 basis points (“bps”).

    • Net income for the fourth quarter of 2024 was $9.3 million compared to $8.8 million for the prior quarter. Net income for the fourth quarter benefited from an improved net interest margin fully tax equivalent (“FTE”) and higher net interest income.
    • Net interest income and net interest margin FTE increased for the fourth quarter of 2024 compared to the prior quarter. Net interest income for the fourth quarter of 2024 was $23.7 million compared to $22.5 million for the prior quarter. Net interest margin FTE for the fourth quarter of 2024 was 3.09% compared to 2.98% for the prior quarter. These improvements were due to higher loan balances, combined with higher securities yields and lower deposit rates.
    • As of December 31, 2024, assets were $3.15 billion, which was $47.8 million, or 1.5%, higher than September 30, 2024. The increase was mainly due to a $58.0 million increase in deposits.
    • Deposits totaled $2.81 billion as of December 31, 2024, an increase of $58.0 million, or 2.1%, compared to $2.75 billion as of September 30, 2024. This increase was mainly due to the seasonal inflow of funds from public entity customers.
    • As of December 31, 2024, loans held for investment (“HFI”) were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which we expect to fund over time.
    • As of December 31, 2024, total securities were $684.9 million, which was $12.8 million, or 1.8%, lower than September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities available-for-sale (“AFS”). New securities purchased were offset by securities maturities and principal repayments.
    • As of December 31, 2024, liquid assets, which are cash and cash equivalents, were $269.0 million, and the liquid assets to assets ratio was 8.54%. We do not have any borrowings, brokered deposits, or internet-sourced deposits.
    • In the fourth quarter of 2024, the provision for credit losses totaled $300,000. This included $200,000 for loans and $100,000 for unfunded loan commitments.
    • As of December 31, 2024, nonperforming assets (“NPA(s)”) were $3.3 million, or 0.10% of assets, and the allowance for credit losses (“ACL”) was $21.7 million, or 1.05% of loans HFI.
    • We paid a quarterly cash dividend of $0.09 per common share in the fourth quarter of 2024.
    • The 2024 stock repurchase program authorized us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2024 through December 31, 2024. Under this plan, in the fourth quarter of 2024, we repurchased 632 shares on the open market at an aggregate cost of $33,000. The 2024 stock repurchase program expired on December 31, 2024, with $1.1 million of remaining availability. On December 19, 2024, our Board of Directors approved the renewal of our stock repurchase program for 2025. The 2025 stock repurchase program authorizes us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2025 through December 31, 2025.
    • On November 5, 2024, we entered into a privately negotiated stock repurchase agreement for the repurchase of 50,000 shares of our common stock at a purchase price of $2.5 million. This repurchase was supplemental to our 2024 stock repurchase program.
    • In 2024, we repurchased 327,085 shares of our common stock. For the year ended December 31, 2024, these repurchases benefited earnings per share by $0.14.
    • As of December 31, 2024, capital levels were strong, with a stockholders’ equity to assets ratio of 10.15%, a leverage ratio of 11.86%, and a total risk-based capital ratio of 18.28%.
    • In the fourth quarter of 2024, we continued implementing our organic expansion plan. We purchased property in Lafayette, Louisiana and plan to build a new banking center at that location, which would be our second banking center in the Acadiana market.
    • The American Banker publication included Red River Bank in its “2024 Best Banks To Work For” ranking.

    Blake Chatelain, President and Chief Executive Officer, stated, “We are pleased to finish out 2024 with a strong fourth quarter, which included steady net interest margin improvement, higher net income, solid loan activity, and good liquidity.

    “In the fourth quarter, the Federal Reserve lowered short-term interest rates; however, longer term rates remained fairly consistent. Due to diligent balance sheet management, our net interest margin FTE increased by 11 bps and net interest income increased by 5.5% in the fourth quarter. New loan activity was very good in the fourth quarter; however, the loan portfolio was impacted by higher than normal paydowns on loans. For the second quarter in a row, we closed on a significant amount of construction loan commitments, which we expect to fund over time. Our balance sheet is well positioned for the forecasted interest rate environment and a normal shaped yield curve. This should enable us to continue improving the net interest margin slightly in the first half of 2025.

    “In the fourth quarter of 2024, we completed a third, significant private stock repurchase transaction. In 2024, we repurchased 4.6% of outstanding shares, which positively impacted earnings per share, while also maintaining strong capital levels and ratios.

    “The fourth quarter of 2024 wrapped up a good year for our Company and our communities. Our Company is well positioned for the future, with robust capital and liquidity levels combined with a great team of community bankers. We look forward to 2025 as we continue to grow and build value for our shareholders.”

    Net Interest Income and Net Interest Margin FTE

    Net interest income and net interest margin FTE increased in the fourth quarter of 2024 compared to the prior quarter. These measures were both impacted by improved yields on securities, as well as lower deposit rates. After keeping the federal funds rate consistent since the third quarter of 2023, the Federal Open Market Committee (“FOMC”) decreased the federal funds rate by 50 bps in September of 2024, and by an additional 50 bps during the fourth quarter of 2024.

    Net interest income for the fourth quarter of 2024 was $23.7 million, which was $1.2 million, or 5.5%, higher than the third quarter of 2024, due to a $729,000 increase in interest and dividend income, combined with a $501,000 decrease in interest expense. The increase in interest and dividend income was due to higher interest income on loans and securities. Loan income increased $376,000 primarily due to higher average loan balances during the fourth quarter. Securities income increased $289,000 due to reinvesting lower yielding securities cash flows into higher yielding securities. The decrease in interest expense was primarily due to lower rates on interest-bearing transaction deposits and time deposits.

    The net interest margin FTE increased 11 bps to 3.09% for the fourth quarter of 2024, compared to 2.98% for the prior quarter. This increase was due to improved yields on securities, combined with lower deposit costs. The yield on securities increased 13 bps due to reinvesting lower yielding securities cash flows into higher yielding securities. The yield on loans increased 2 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The average rate on new and renewed loans was 7.25% for the fourth quarter of 2024 and 7.89% for the prior quarter. The cost of deposits decreased 10 bps to 1.71% for the fourth quarter of 2024, compared to 1.81% for the previous quarter, due to our lowering of selected deposit rates. As a result of this change, there was a 17 bp decrease in the rate on interest-bearing transaction deposits and a 9 bp decrease on time deposits during the fourth quarter.

    The FOMC lowered the federal funds rate by 50 bps in the fourth quarter of 2024, reducing the target federal funds range to 4.25%-4.50%. The market’s expectation is that the FOMC may lower the target range of the federal funds rate by at least 25 bps in 2025. In 2025, we anticipate receiving approximately $101.0 million in securities cash flows with an average yield of 3.01%, and we project approximately $194.0 million of fixed rate loans will mature with an average yield of 6.04%. We expect to redeploy these balances into higher yielding assets. Additionally, in 2025, we expect $541.9 million of time deposits to mature with an average rate of 4.10%, which we anticipate repricing into lower cost deposits. As of December 31, 2024, floating rate loans were 16.0% of loans HFI, and floating rate transaction deposits were 8.1% of interest-bearing transaction deposits. Depending on balance sheet activity and the movement in interest rates, we expect the net interest income and net interest margin FTE to improve slightly during the first half of 2025.

    Provision for Credit Losses

    The provision for credit losses for the third and fourth quarters of 2024 was $300,000, which included $200,000 for loans and $100,000 for unfunded loan commitments for each quarter. The provision in the third and fourth quarters was due to potential economic challenges resulting from the recent inflationary environment, changing monetary policy, and loan growth. In the second half of 2024, we had an increase in unfunded loan commitments. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

    Noninterest Income

    Noninterest income totaled $5.0 million for the fourth quarter of 2024, a decrease of $424,000, or 7.8%, compared to $5.4 million for the previous quarter. The decrease was mainly due to a loss on equity securities and lower loan and deposit income.

    Equity securities are an investment in a Community Reinvestment Act (“CRA”) mutual fund consisting primarily of bonds. The gain or loss on equity securities is a fair value adjustment primarily driven by changes in the interest rate environment. Due to the fluctuations in market rates between quarters, equity securities had a loss of $91,000 in the fourth quarter of 2024, compared to a gain of $107,000 for the previous quarter.

    Loan and deposit income totaled $463,000 for the fourth quarter of 2024, a decrease of $125,000, or 21.3%, compared to $588,000 for the previous quarter. The third quarter of 2024 benefited from the receipt of a $151,000 nonrecurring loan related fee.

    Operating Expenses

    Operating expenses totaled $16.8 million for the fourth quarter of 2024, which was fairly consistent with the previous quarter. Higher occupancy and equipment expenses were offset by lower other taxes.

    Occupancy and equipment expenses totaled $1.7 million for the fourth quarter of 2024, which was $55,000, or 3.3% higher than the previous quarter. In the fourth quarter of 2024, there was $35,000 of nonrecurring expenses related to a new administrative office in the New Orleans market.

    Other taxes totaled $547,000 for the fourth quarter of 2024, a decrease of $75,000, or 12.1%, compared to $622,000 for the previous quarter. In the fourth quarter of 2024, the State of Louisiana bank stock tax expense was lower due to a $68,000 adjustment with receipt of the year-end bank stock tax invoices.

    Asset Overview

    As of December 31, 2024, assets were $3.15 billion, compared to assets of $3.10 billion as of September 30, 2024, an increase of $47.8 million, or 1.5%. In the fourth quarter, assets were mainly impacted by a $58.0 million, or 2.1%, increase in deposits. In the fourth quarter of 2024, liquid assets increased $36.3 million, or 15.6%, to $269.0 million and averaged $256.2 million for the fourth quarter. As of December 31, 2024, we had sufficient liquid assets available and $1.62 billion accessible from other liquidity sources. The liquid assets to assets ratio was 8.54% as of December 31, 2024. Total securities decreased $12.8 million, or 1.8%, to $684.9 million in the fourth quarter and were 21.7% of assets as of December 31, 2024. During the fourth quarter, loans HFI increased $19.0 million, or 0.9%, to $2.08 billion. The loans HFI to deposits ratio was 73.97% as of December 31, 2024, compared to 74.84% as of September 30, 2024.

    Securities

    Total securities as of December 31, 2024, were $684.9 million, a decrease of $12.8 million, or 1.8%, from September 30, 2024. Securities decreased mainly due to having a larger net unrealized loss on securities AFS. New securities purchased were offset by securities maturities and principal repayments.

    The estimated fair value of securities AFS totaled $550.1 million, net of $63.2 million of unrealized loss, as of December 31, 2024, compared to $560.6 million, net of $49.5 million of unrealized loss, as of September 30, 2024. As of December 31, 2024, the amortized cost of securities held-to-maturity (“HTM”) totaled $131.8 million compared to $134.1 million as of September 30, 2024. As of December 31, 2024, securities HTM had an unrealized loss of $22.8 million compared to $17.3 million as of September 30, 2024.

    As of December 31, 2024, equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled $2.9 million compared to $3.0 million as of September 30, 2024.

    Loans

    Loans HFI as of December 31, 2024, were $2.08 billion, slightly higher than $2.06 billion as of September 30, 2024. In the third and fourth quarters of 2024, we closed on a high level of loan commitments, which, depending on customer activity, we expect to fund over time. Unfunded loan commitments that originated in the fourth quarter of 2024 totaled $106.2 million.

    Loans HFI by Category
      December 31, 2024   September 30, 2024   Change from
    September 30, 2024 to
    December 31, 2024
    (dollars in thousands) Amount   Percent   Amount   Percent   $ Change   % Change
    Real estate:                      
    Commercial real estate $ 884,641   42.6 %   $ 875,590   42.6 %   $ 9,051     1.0 %
    One-to-four family residential   614,551   29.6 %     616,467   30.0 %     (1,916 )   (0.3 %)
    Construction and development   155,229   7.5 %     141,525   6.9 %     13,704     9.7 %
    Commercial and industrial   327,086   15.8 %     327,069   15.9 %     17     — %
    Tax-exempt   64,930   3.1 %     66,436   3.2 %     (1,506 )   (2.3 %)
    Consumer   28,576   1.4 %     28,961   1.4 %     (385 )   (1.3 %)
    Total loans HFI $ 2,075,013   100.0 %   $ 2,056,048   100.0 %   $ 18,965     0.9 %
                                         

    Commercial real estate (“CRE”) loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $56.4 million, or 2.7% of loans HFI, as of December 31, 2024, and are primarily centered in low-rise suburban areas. The average CRE loan size was $953,000 as of December 31, 2024.

    Health care loans are our largest industry concentration and are made up of a diversified portfolio of health care providers. As of December 31, 2024, total health care loans were 8.1% of loans HFI. Within the health care sector, loans to nursing and residential care facilities were 4.4% of loans HFI, and loans to physician and dental practices were 3.4% of loans HFI. The average health care loan size was $372,000 as of December 31, 2024.

    Asset Quality and Allowance for Credit Losses

    NPAs totaled $3.3 million as of December 31, 2024, an increase of $166,000, or 5.3%, from September 30, 2024, primarily due to an increase in past due loans, partially offset by payoffs and charge-offs of nonaccrual loans. The ratio of NPAs to assets was 0.10% as of December 31, 2024 and September 30, 2024.

    As of December 31, 2024, the ACL was $21.7 million. The ratio of ACL to loans HFI was 1.05% as of December 31, 2024 and 1.06% as of September 30, 2024. The net charge-offs to average loans ratio was 0.01% for the fourth quarter of 2024 and 0.00% for the third quarter of 2024.

    Deposits

    As of December 31, 2024, deposits were $2.81 billion, an increase of $58.0 million, or 2.1%, compared to September 30, 2024. Average deposits for the fourth quarter of 2024 were $2.78 billion, an increase of $53.5 million, or 2.0%, from the prior quarter. The following tables provide details on our deposit portfolio:

    Deposits by Account Type
      December 31, 2024   September 30, 2024   Change from
    September 30, 2024 to
    December 31, 2024
    (dollars in thousands) Balance   % of Total   Balance   % of Total   $ Change   % Change
    Noninterest-bearing demand deposits $ 866,496   30.9 %   $ 882,394   32.1 %   $ (15,898 )   (1.8 %)
    Interest-bearing deposits:                      
    Interest-bearing demand deposits   154,720   5.5 %     163,787   6.0 %     (9,067 )   (5.5 %)
    NOW accounts   467,118   16.7 %     379,566   13.8 %     87,552     23.1 %
    Money market accounts   556,769   19.8 %     551,229   20.0 %     5,540     1.0 %
    Savings accounts   169,894   6.1 %     166,723   6.1 %     3,171     1.9 %
    Time deposits less than or equal to $250,000   403,096   14.3 %     411,361   15.0 %     (8,265 )   (2.0 %)
    Time deposits greater than $250,000   187,013   6.7 %     192,065   7.0 %     (5,052 )   (2.6 %)
    Total interest-bearing deposits   1,938,610   69.1 %     1,864,731   67.9 %     73,879     4.0 %
    Total deposits $ 2,805,106   100.0 %   $ 2,747,125   100.0 %   $ 57,981     2.1 %
                                         
    Deposits by Customer Type
      December 31, 2024   September 30, 2024   Change from
    September 30, 2024 to
    December 31, 2024
    (dollars in thousands) Balance   % of Total   Balance   % of Total   $ Change   % Change
    Consumer $ 1,362,740   48.6 %   $ 1,348,281   49.1 %   $ 14,459     1.1 %
    Commercial   1,178,488   42.0 %     1,191,625   43.4 %     (13,137 )   (1.1 %)
    Public   263,878   9.4 %     207,219   7.5 %     56,659     27.3 %
    Total deposits $ 2,805,106   100.0 %   $ 2,747,125   100.0 %   $ 57,981     2.1 %
                                         

    The increase in deposits in the fourth quarter of 2024 was mainly due to the seasonal inflow of funds from public entity customers, partially offset by a decrease in commercial customer deposit balances related to normal business activity.

    The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of December 31, 2024, the average deposit account size was approximately $28,000.

    As of December 31, 2024, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $879.8 million, or 31.4% of total deposits. This amount was estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of December 31, 2024, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $667.6 million, or 23.8% of total deposits. Our cash and cash equivalents of $269.0 million, combined with our available borrowing capacity of $1.62 billion, equaled 214.6% of our estimated uninsured deposits and 282.8% of our estimated uninsured deposits, excluding collateralized public entity deposits.

    Stockholders’ Equity

    Total stockholders’ equity as of December 31, 2024, was $319.7 million compared to $324.3 million as of September 30, 2024. The $4.6 million, or 1.4%, decrease in stockholders’ equity during the fourth quarter of 2024 was attributable to a $10.6 million, net of tax, market adjustment to accumulated other comprehensive loss related to securities, the repurchase of 50,632 shares of common stock for $2.7 million, and $610,000 in cash dividends related to a $0.09 per share cash dividend that we paid on December 19, 2024. The common stock repurchase of $2.7 million includes $213,000 of stock repurchase excise tax related to our 2023 and 2024 stock repurchases, which tax regulations require to be recorded as a reduction to shareholders’ equity. These decreases in stockholders’ equity were partially offset by $9.3 million of net income and $95,000 of stock compensation.

    Non-GAAP Disclosure

    Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

    Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.

    A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables.

    About Red River Bancshares, Inc.

    Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

    Forward-Looking Statements

    Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business, interest rates, and markets, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.

    Contact:
    Isabel V. Carriere, CPA, CGMA
    Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
    318-561-4023
    icarriere@redriverbank.net 

    FINANCIAL HIGHLIGHTS (UNAUDITED)
     
        As of and for the
    Three Months Ended    		   As of and for the
    Years Ended
    (dollars in thousands, except per share data)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net Income   $ 9,306     $ 8,754     $ 8,292     $ 34,235     $ 34,879  
                         
    Per Common Share Data:                    
    Earnings per share, basic   $ 1.37     $ 1.28     $ 1.16     $ 4.96     $ 4.87  
    Earnings per share, diluted   $ 1.37     $ 1.27     $ 1.16     $ 4.95     $ 4.86  
    Book value per share   $ 47.18     $ 47.51     $ 42.85     $ 47.18     $ 42.85  
    Tangible book value per share (1)   $ 46.95     $ 47.28     $ 42.63     $ 46.95     $ 42.63  
    Realized book value per share (1)   $ 56.07     $ 54.78     $ 51.38     $ 56.07     $ 51.38  
    Cash dividends per share   $ 0.09     $ 0.09     $ 0.08     $ 0.36     $ 0.32  
    Shares outstanding     6,777,238       6,826,120       7,091,637       6,777,238       7,091,637  
    Weighted average shares outstanding, basic     6,797,469       6,851,223       7,128,988       6,898,286       7,164,314  
    Weighted average shares outstanding, diluted     6,816,299       6,867,474       7,145,870       6,918,060       7,181,728  
                         
    Summary Performance Ratios:                    
    Return on average assets     1.18 %     1.13 %     1.08 %     1.11 %     1.15 %
    Return on average equity     11.46 %     11.11 %     11.63 %     11.02 %     12.44 %
    Net interest margin     3.04 %     2.93 %     2.78 %     2.91 %     2.87 %
    Net interest margin FTE     3.09 %     2.98 %     2.82 %     2.96 %     2.91 %
    Efficiency ratio     58.71 %     60.09 %     60.51 %     60.29 %     59.39 %
    Loans HFI to deposits ratio     73.97 %     74.84 %     71.13 %     73.97 %     71.13 %
    Noninterest-bearing deposits to deposits ratio     30.89 %     32.12 %     32.71 %     30.89 %     32.71 %
    Noninterest income to average assets     0.63 %     0.70 %     0.67 %     0.66 %     0.70 %
    Operating expense to average assets     2.14 %     2.17 %     2.08 %     2.14 %     2.11 %
                         
    Summary Credit Quality Ratios:                    
    NPAs to assets     0.10 %     0.10 %     0.08 %     0.10 %     0.08 %
    Nonperforming loans to loans HFI     0.16 %     0.15 %     0.13 %     0.16 %     0.13 %
    ACL to loans HFI     1.05 %     1.06 %     1.07 %     1.05 %     1.07 %
    Net charge-offs to average loans     0.01 %     0.00 %     0.01 %     0.03 %     0.02 %
                         
    Capital Ratios:                    
    Stockholders’ equity to assets     10.15 %     10.46 %     9.71 %     10.15 %     9.71 %
    Tangible common equity to tangible assets(1)     10.11 %     10.41 %     9.67 %     10.11 %     9.67 %
    Total risk-based capital to risk-weighted assets     18.28 %     18.07 %     18.28 %     18.28 %     18.28 %
    Tier 1 risk-based capital to risk-weighted assets     17.12 %     17.05 %     17.24 %     17.12 %     17.24 %
    Common equity Tier 1 capital to risk-weighted assets     17.12 %     17.05 %     17.24 %     17.12 %     17.24 %
    Tier 1 risk-based capital to average assets     11.86 %     11.90 %     11.56 %     11.86 %     11.56 %

    (1) Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.

    RED RIVER BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
    (in thousands) December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    ASSETS                  
    Cash and due from banks $ 30,558     $ 39,664     $ 35,035     $ 19,401     $ 53,062  
    Interest-bearing deposits in other banks   238,417       192,983       178,038       210,404       252,364  
    Securities available-for-sale, at fair value   550,148       560,555       526,890       545,967       570,092  
    Securities held-to-maturity, at amortized cost   131,796       134,145       136,824       139,328       141,236  
    Equity securities, at fair value   2,937       3,028       2,921       2,934       2,965  
    Nonmarketable equity securities   2,328       2,305       2,283       2,261       2,239  
    Loans held for sale   2,547       1,805       3,878       1,653       1,306  
    Loans held for investment   2,075,013       2,056,048       2,047,890       2,038,072       1,992,858  
    Allowance for credit losses   (21,731 )     (21,757 )     (21,627 )     (21,564 )     (21,336 )
    Premises and equipment, net   59,441       57,661       57,910       57,539       57,088  
    Accrued interest receivable   10,048       9,465       9,570       9,995       9,945  
    Bank-owned life insurance   30,380       30,164       29,947       29,731       29,529  
    Intangible assets   1,546       1,546       1,546       1,546       1,546  
    Right-of-use assets   2,733       2,853       2,973       3,091       3,629  
    Other assets   33,433       31,285       34,450       32,940       32,287  
    Total Assets $ 3,149,594     $ 3,101,750     $ 3,048,528     $ 3,073,298     $ 3,128,810  
    LIABILITIES                  
    Noninterest-bearing deposits $ 866,496     $ 882,394     $ 892,942     $ 895,439     $ 916,456  
    Interest-bearing deposits   1,938,610       1,864,731       1,823,704       1,850,452       1,885,432  
    Total Deposits   2,805,106       2,747,125       2,716,646       2,745,891       2,801,888  
    Accrued interest payable   7,583       11,751       8,747       8,959       8,000  
    Lease liabilities   2,864       2,982       3,100       3,215       3,767  
    Accrued expenses and other liabilities   14,302       15,574       13,045       15,919       11,304  
    Total Liabilities   2,829,855       2,777,432       2,741,538       2,773,984       2,824,959  
    COMMITMENTS AND CONTINGENCIES   —       —       —       —       —  
    STOCKHOLDERS’ EQUITY                  
    Preferred stock, no par value   —       —       —       —       —  
    Common stock, no par value   38,655       41,402       44,413       45,177       55,136  
    Additional paid-in capital   2,777       2,682       2,590       2,485       2,407  
    Retained earnings   338,554       329,858       321,719       314,352       306,802  
    Accumulated other comprehensive income (loss)   (60,247 )     (49,624 )     (61,732 )     (62,700 )     (60,494 )
    Total Stockholders’ Equity   319,739       324,318       306,990       299,314       303,851  
    Total Liabilities and Stockholders’ Equity $ 3,149,594     $ 3,101,750     $ 3,048,528     $ 3,073,298     $ 3,128,810  
    RED RIVER BANCSHARES, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                         
        For the Three Months Ended   For the Years Ended
    (in thousands)     December 31,
    2024    		       September 30,
    2024    		     December 31,
    2023    		     December 31,
    2024    		       December 31,
    2023    		  
    INTEREST AND DIVIDEND INCOME                                    
    Interest and fees on loans   $ 28,285     $ 27,909   $ 24,898   $ 108,969     $ 93,439  
    Interest on securities     4,623       4,334     3,656     17,089       14,291  
    Interest on federal funds sold     —       —     —     —       886  
    Interest on deposits in other banks     2,699       2,630     3,438     11,077       9,797  
    Dividends on stock     23       28     49     95       155  
    Total Interest and Dividend Income     35,630       34,901     32,041     137,230       118,568  
    INTEREST EXPENSE                    
    Interest on deposits     11,943       12,444     10,747     47,936       32,066  
    Interest on other borrowed funds     —       —     —     —       64  
    Total Interest Expense     11,943       12,444     10,747     47,936       32,130  
    Net Interest Income     23,687       22,457     21,294     89,294       86,438  
    Provision for credit losses     300       300     250     1,200       735  
    Net Interest Income After Provision for Credit Losses     23,387       22,157     21,044     88,094       85,703  
    NONINTEREST INCOME                    
    Service charges on deposit accounts     1,452       1,486     1,459     5,674       5,776  
    Debit card income, net     960       905     875     3,836       3,563  
    Mortgage loan income     652       732     441     2,490       1,965  
    Brokerage income     924       987     1,039     3,791       3,798  
    Loan and deposit income     463       588     575     2,034       2,140  
    Bank-owned life insurance income     216       217     197     851       754  
    Gain (Loss) on equity securities     (91 )     107     132     (28 )     (14 )
    SBIC income     346       301     393     1,453       2,873  
    Other income (loss)     73       96     76     340       259  
    Total Noninterest Income     4,995       5,419     5,187     20,441       21,114  
    OPERATING EXPENSES                    
    Personnel expenses     9,769       9,700     9,233     38,623       37,241  
    Occupancy and equipment expenses     1,716       1,661     1,647     6,691       6,581  
    Technology expenses     884       865     693     3,182       2,759  
    Advertising     313       317     347     1,374       1,302  
    Other business development expenses     486       521     537     2,076       1,987  
    Data processing expense     681       652     631     2,331       2,320  
    Other taxes     547       622     679     2,407       2,721  
    Loan and deposit expenses     334       294     256     895       984  
    Legal and professional expenses     658       653     664     2,657       2,378  
    Regulatory assessment expenses     428       421     423     1,654       1,645  
    Other operating expenses     1,024       1,046     913     4,264       3,955  
    Total Operating Expenses     16,840       16,752     16,023     66,154       63,873  
    Income Before Income Tax Expense     11,542       10,824     10,208     42,381       42,944  
    Income tax expense     2,236       2,070     1,916     8,146       8,065  
    Net Income   $ 9,306     $ 8,754   $ 8,292   $ 34,235     $ 34,879  
                                         
    RED RIVER BANCSHARES, INC.
    NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)
     
      For the Three Months Ended
      December 31, 2024   September 30, 2024
    (dollars in thousands) Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Assets                      
    Interest-earning assets:                      
    Loans(1,2) $ 2,072,858     $ 28,285   5.34 %   $ 2,054,451     $ 27,909   5.32 %
    Securities – taxable   555,622       3,636   2.62 %     545,171       3,344   2.45 %
    Securities – tax-exempt   190,470       987   2.07 %     191,285       990   2.07 %
    Interest-bearing deposits in other banks   225,660       2,699   4.74 %     194,229       2,630   5.36 %
    Nonmarketable equity securities   2,307       23   3.99 %     2,284       28   4.85 %
    Total interest-earning assets   3,046,917     $ 35,630   4.60 %     2,987,420     $ 34,901   4.59 %
    Allowance for credit losses   (21,824 )             (21,702 )        
    Noninterest-earning assets   109,992               104,599          
    Total assets $ 3,135,085             $ 3,070,317          
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing transaction deposits $ 1,263,775     $ 5,658   1.78 %   $ 1,230,487     $ 6,042   1.95 %
    Time deposits   599,910       6,285   4.17 %     597,286       6,402   4.26 %
    Total interest-bearing deposits   1,863,685       11,943   2.55 %     1,827,773       12,444   2.71 %
    Other borrowings   —       —   — %     —       —   — %
    Total interest-bearing liabilities   1,863,685     $ 11,943   2.55 %     1,827,773     $ 12,444   2.71 %
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   918,804               901,192          
    Accrued interest and other liabilities   29,567               28,006          
    Total noninterest-bearing liabilities   948,371               929,198          
    Stockholders’ equity   323,029               313,346          
    Total liabilities and stockholders’ equity $ 3,135,085             $ 3,070,317          
    Net interest income     $ 23,687           $ 22,457    
    Net interest spread         2.05 %           1.88 %
    Net interest margin         3.04 %           2.93 %
    Net interest margin FTE(3)         3.09 %           2.98 %
    Cost of deposits         1.71 %           1.81 %
    Cost of funds         1.56 %           1.66 %

    (1) Includes average outstanding balances of loans held for sale of $3.2 million and $3.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively.
    (2) Nonaccrual loans are included as loans carrying a zero yield.
    (3) Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

    RED RIVER BANCSHARES, INC.
    NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)
     
      For the Years Ended
      December 31, 2024   December 31, 2023
    (dollars in thousands) Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Assets                      
    Interest-earning assets:                      
    Loans(1,2) $ 2,046,339     $ 108,969   5.24 %   $ 1,943,381     $ 93,439   4.74 %
    Securities – taxable   554,194       13,098   2.36 %     605,692       10,169   1.68 %
    Securities – tax-exempt   193,368       3,991   2.06 %     202,673       4,122   2.03 %
    Federal funds sold   —       —   — %     18,594       886   4.70 %
    Interest-bearing deposits in other banks   210,959       11,077   5.22 %     188,199       9,797   5.17 %
    Nonmarketable equity securities   2,273       95   4.19 %     3,353       155   4.61 %
    Total interest-earning assets   3,007,133     $ 137,230   4.50 %     2,961,892     $ 118,568   3.96 %
    Allowance for credit losses   (21,646 )             (20,980 )        
    Noninterest-earning assets   102,951               86,939          
    Total assets $ 3,088,438             $ 3,027,851          
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing transaction deposits $ 1,246,528     $ 23,082   1.85 %   $ 1,249,259     $ 17,555   1.41 %
    Time deposits   593,817       24,854   4.19 %     470,522       14,511   3.08 %
    Total interest-bearing deposits   1,840,345       47,936   2.60 %     1,719,781       32,066   1.86 %
    Other borrowings   —       —   — %     1,151       64   5.49 %
    Total interest-bearing liabilities   1,840,345     $ 47,936   2.60 %     1,720,932     $ 32,130   1.87 %
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   910,507               1,004,107          
    Accrued interest and other liabilities   26,884               22,385          
    Total noninterest-bearing liabilities   937,391               1,026,492          
    Stockholders’ equity   310,702               280,427          
    Total liabilities and stockholders’ equity $ 3,088,438             $ 3,027,851          
    Net interest income     $ 89,294           $ 86,438    
    Net interest spread         1.90 %           2.09 %
    Net interest margin         2.91 %           2.87 %
    Net interest margin FTE(3)         2.96 %           2.91 %
    Cost of deposits         1.74 %           1.18 %
    Cost of funds         1.59 %           1.08 %

    (1) Includes average outstanding balances of loans held for sale of $2.9 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.
    (2) Nonaccrual loans are included as loans carrying a zero yield.
    (3) Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
     
    (dollars in thousands, except per share data) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Tangible common equity          
    Total stockholders’ equity $ 319,739     $ 324,318     $ 303,851  
    Adjustments:          
    Intangible assets   (1,546 )     (1,546 )     (1,546 )
    Total tangible common equity (non-GAAP) $ 318,193     $ 322,772     $ 302,305  
    Realized common equity          
    Total stockholders’ equity $ 319,739     $ 324,318     $ 303,851  
    Adjustments:          
    Accumulated other comprehensive (income) loss   60,247       49,624       60,494  
    Total realized common equity (non-GAAP) $ 379,986     $ 373,942     $ 364,345  
    Common shares outstanding   6,777,238       6,826,120       7,091,637  
    Book value per share $ 47.18     $ 47.51     $ 42.85  
    Tangible book value per share (non-GAAP) $ 46.95     $ 47.28     $ 42.63  
    Realized book value per share (non-GAAP) $ 56.07     $ 54.78     $ 51.38  
               
    Tangible assets          
    Total assets $ 3,149,594     $ 3,101,750     $ 3,128,810  
    Adjustments:          
    Intangible assets   (1,546 )     (1,546 )     (1,546 )
    Total tangible assets (non-GAAP) $ 3,148,048     $ 3,100,204     $ 3,127,264  
    Total stockholders’ equity to assets   10.15 %     10.46 %     9.71 %
    Tangible common equity to tangible assets (non-GAAP)   10.11 %     10.41 %     9.67 %

    The MIL Network –

  • MIL-OSI: iPower Schedules Fiscal Second Quarter 2025 Conference Call for February 13, 2025 at 4:30 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CUCAMONGA, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, will host a conference call on Thursday, February 13, 2025 at 4:30 p.m. Eastern time to discuss its financial results for the fiscal second quarter ended December 31, 2024. The Company’s results will be reported in a press release prior to the call.

    iPower management will host the conference call, followed by a question-and-answer period.

    Date: Thursday, February 13, 2025
    Time: 4:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the company’s investor relations team at IPW@elevate-ir.com.

    The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

    About iPower Inc. 

    iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

    Forward Looking Statements

    This press release may contain information about iPower’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements because of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives and competition in the industry. iPower encourages you to review other factors that may affect its future results in its filings with the SEC.

    Investor Relations Contact

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

    The MIL Network –

  • MIL-OSI: FDCTech, Inc.’s Wholly Owned Subsidiary, Alchemy Markets, Recognized as “Best Emerging Broker MEA 2025”

    Source: GlobeNewswire (MIL-OSI)

    Driving innovation, seamless integration, and sustained growth following the Q4 2023 acquisition of Alchemy Markets. 

    Irvine, CA, Jan. 30, 2025 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company,” PINK: FDCT), a fintech-driven company specializing in acquiring and integrating small—to mid-size legacy financial services firms, proudly announces that its wholly owned subsidiary, Alchemy Markets Ltd. (“Alchemy Markets”), has been awarded the “Best Emerging Broker MEA 2025” at the UF Awards MEA.

    This prestigious accolade underscores Alchemy Markets’ rapid ascent as a premier brokerage in the Middle East and Africa (MEA), reflecting its commitment to innovation, client-centric services, and cutting-edge trading technology. The award also reaffirms FDC’s strategic foresight in acquiring and integrating high-potential financial firms to enhance global market accessibility.

    Strategic Vision Driving Success

    FDC’s acquisition of Alchemy Markets has proven to be a transformative success, reinforcing the Company’s ability to identify, acquire, and elevate legacy financial services firms through superior technology and operational expertise. The recognition as “Best Emerging Broker MEA 2025” validates FDC’s ongoing mission to deliver scalable, high-performance trading solutions in emerging markets.

    Alchemy Markets has exceeded expectations by rapidly expanding its presence in the MEA region while maintaining an unwavering commitment to technological innovation and client satisfaction. FDC remains dedicated to accelerating our global expansion and delivering superior trading solutions.

    Alchemy Markets: A Leader in Emerging Markets:

    • Next-Generation Trading Technology: Alchemy Markets delivers a high-performance trading experience with ultra-low latency execution, ensuring precision and efficiency for traders.
    • Interest-Bearing Accounts: A groundbreaking feature allowing clients to earn competitive interest on uninvested funds while maintaining instant access to trading capital.
    • Localized MEA-Focused Services: With multilingual support, region-specific products, and tailored financial solutions, Alchemy Markets is bridging gaps in accessibility and trading excellence for MEA traders.
    • Institutional Grade Liquidity: Traders benefit from tier-one liquidity sourced from over 20 global banks and non-bank liquidity providers, enabling optimal trading conditions.

    Expanding Global Presence & Future Innovations

    Looking ahead, FDC and Alchemy Markets remain steadfast in their commitment to expanding market reach, introducing innovative trading products, and enhancing the client experience. With a strong foundation in the MEA region, Alchemy Markets plans to strengthen its technology further, broaden its financial offerings, and reinforce its position as a premier brokerage platform.

    FDC’s proven track record in seamlessly acquiring and scaling financial services firms ensures that Alchemy Markets will continue to thrive, setting new industry standards and driving sustainable growth in 2025 and beyond.

    For further details, click here.

    Please visit our SEC filings or the Company’s website for more information on the full results and management’s plan.

    About Alchemy Markets

    Alchemy Markets is a leading forex and CFD broker providing clients with access to a wide range of financial instruments, including currencies, commodities, indices, and cryptocurrencies. With a focus on transparency, advanced technology, and exceptional customer support, the company has rapidly established itself as a trusted name in the trading industry.

    FDCTech, Inc.

    FDCTech, Inc. (“FDC”) is a regulatory-grade financial technology infrastructure developer designed to serve the future financial markets. Our clients include regulated and OTC brokerages and prop and algo trading firms of all sizes in forex, stocks, CFDs, commodities, indices, ETFs, precious metals, and other asset classes. Our growth strategy involves acquiring and integrating small to mid-size legacy financial services companies, leveraging our proprietary trading technology and liquidity solutions to deliver exceptional value to our clients.

    Press Release Disclaimer

    This press release’s statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

    Contact Media Relations
    FDCTech, Inc.
    info@fdctech.com
    www.fdctech.com
    +1 877-445-6047
    200 Spectrum Center Drive, Suite 300,
    Irvine, CA, 92618

    The MIL Network –

  • MIL-OSI: Live Ventures to Issue Fiscal First Quarter 2025 Financial Results and Hold Earnings Conference Call on February 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Jan. 30, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (NASDAQ: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, will issue its financial results for its fiscal first quarter ended December 31, 2024, before the market opens on Thursday, February 6, 2025. The Company will hold a conference call to discuss the results on Thursday, February 6, 2025, at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time).

    The dial-in numbers are as follows:

    • 800.231.0316 (U.S.)
    • +1.314.696.0504 (International/caller-paid)
    • Conference Title: Live Ventures FY 2025 First Quarter Earnings Conference Call

    Please dial in at least 15 minutes in advance, but no sooner than 30 minutes, to ensure you are connected. To listen to the discussion after the call, please go to the “Investor Relations” page of the Live Ventures website (https://ir.liveventures.com/) for a recording.

    About Live Ventures Incorporated
    Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011 Jon Isaac, CEO and strategic investor, joined the Board of Directors of the Company and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

    Contact:
    Live Ventures Incorporated
    Greg Powell, Director of Investor Relations
    725.500.5597
    gpowell@liveventures.com
    www.liveventures.com

    Source: Live Ventures Incorporated

    The MIL Network –

  • MIL-OSI: Nord Security partners up with Gridheart to support Nordic businesses on their cybersecurity journey

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Nord Security, home for advanced cybersecurity solutions, proudly announces a partnership with Gridheart, a leading Nordic cloud distributor, to deliver comprehensive, business-oriented cybersecurity solutions for managed service providers (MSPs). With this step, Gridheart has become the first distributor representing the full Nord Security business suite, including the newest addition — NordStellar, a threat exposure management platform.

    “We are thrilled to partner with such a trusted organization as Gridheart. While we have spent the last few years focusing heavily on global markets, in 2025, we are giving greater attention to Europe,” says Justas Morkunas, Chief Commercial Officer for B2B at Nord Security. “The Scandinavian market in particular stands out for its notably higher adoption of cybersecurity solutions than other parts of Europe. Together with Gridheart, we are ready to accelerate this momentum, educate the market, and deliver a comprehensive cybersecurity offering tailored to the needs of SMBs.”

    This collaboration integrates three products from Nord Security’s business suite into Gridhearts’ portfolio: NordPass — a next-generation password manager, NordLayer — a toggle-ready network security platform for business, and NordStellar — a threat exposure manager platform that helps companies detect and respond to emerging cyber threats. All three products are designed to ensure comprehensive cybersecurity, protecting employees and employers from potential data leaks and equipping them with the right toolset to get ahead of any cyberattacks.

    “We’re thrilled to join forces with Nord Security,” says Carl Hagström, CEO of Gridheart. “This partnership strengthens our ability to provide MSPs comprehensive cybersecurity solutions tailored for businesses that secure their clients’ operations and enhance service delivery and compliance. Together, we empower businesses to operate safely and efficiently in an increasingly digital hostile environment.”

    Gridheart partners can now add all of the above-mentioned Nord Security products to their portfolio. For more information, read here: https://www.gridheart.com/nordsecurity.

    About Nord Security

    Nord Security is home to advanced cybersecurity solutions that share the Nord brand and values, including the world’s most advanced VPN service NordVPN, the next-generation password manager NordPass, the file encryption tool NordLocker, threat exposure management platform NordStellar, the toggle-ready network security platform for business NordLayer, an all-around identity theft protection service NordProtect, and Saily, an eSIM service. Established in 2012, Nord Security’s products are now acknowledged by the most influential tech sites and IT security specialists. More information: nordsecurity.com.

    About Gridheart

    Gridheart is a leading provider of cloud-based solutions for MSPs in the Nordics. In a digital age where IT security is of utmost importance, Gridheart offers world-class security solutions. We specialize in delivering cloud services that protect digital assets in an ever-changing IT landscape, where new cyber threats constantly emerge. More information: gridheart.com

    Contact:
    inga@nordsec.com

    The MIL Network –

  • MIL-OSI Video: Vuk Talks Season 2 Episode 31: Musawenkosi Buthelezi and Mufunwa Rasila

    Source: Republic of South Africa (video statements-2)

    Musawenkosi Buthelezi, Gauteng’s top achiever (7 distinctions) for the class of 2024, and Mufunwa Rasila, who also aced matric with 5 distinctions.

    https://www.youtube.com/watch?v=bpmRXhUWI0Q

    MIL OSI Video –

  • MIL-OSI United Nations: Italy and WFP partner with the Government of Iraq to strengthen community resilience and women empowerment for green opportunities in Iraq

    Source: World Food Programme

    BAGHDAD – The United Nations World Food Programme (WFP) welcomed a generous contribution from the Italian Government through the Italian Agency for Development Cooperation (AICS) to strengthen community resilience and empower women through green opportunities, to address the challenges climate change poses to agriculture and food security in Iraq.

    WFP will work together with the Ministry of Agriculture and Ministry of Environment to empower local communities in food security and climate action decisions. WFP will also provide capacity building and technical expertise to local government authorities, helping them implement sustainable farming and livelihood solutions that can withstand climate challenges. 

    This project takes an innovative approach to support vulnerable women-led households, crisis-affected people, and smallholder farmers. It aims to help communities become more adaptable and resilient to climate change shocks by promoting inclusive coordination, active participation, and income-generating activities with a focus on empowering women, youth, and persons with disabilities. The project will be implemented in Ninewa, Salah al-Din, Thi-Qar, and Basra.

    Iraq’s agricultural sector is one of the main sources of income for vulnerable populations and the second-largest contributor to the country’s Gross Domestic Product (GDP) after oil revenues. More frequent droughts and continued water scarcity are increasing challenges to farmers who face reduced crop yields and loss of arable land, leading to an overall decline of agriculture in Iraq. 

    “Iraq, ‘the land of two rivers,’ faces a serious problem with water scarcity, desertification, rising temperatures and other climate impacts that heavily affect its agriculture and, in turn, its food security. WFP is committed to working with the Government of Iraq to support local governments and communities in developing scalable and sustainable climate-smart solutions that not only address those issues, but enable the people to adapt and overcome them,” said WFP Representative and Country Director Mageed Yahia. “To build long-term resilience, it is essential to involve all members of the community—especially women, people with disabilities, and other marginalized groups—in decision-making processes that support food security and sustainable livelihoods.”

    WFP will partner with the Government of Iraq, academia and a number of Italian experts to provide technical solutions, equipment and expertise, fostering innovative ecosystems that draw from the extensive experience on providing technical capacity building to public institutions and national organizations.

    Collaboration with the private sector and academia will help drive innovative and sustainable solutions to empower women in agriculture. This includes improving food production, processing, storage, and distribution, as well as promoting responsible farming practices, diverse income opportunities, and reducing waste. The project also focuses on the connection between agriculture, energy, and the environment to create lasting change. 

    “Climate change poses significant risks to Iraq’s agricultural sector, threatening livelihoods and food security all over the Country, and especially for women-led households” highlighted H.E. Niccolò Fontana, Ambassador of Italy to Iraq. “Various regions across Iraq face the harsh realities of water scarcity, land degradation, and rising temperatures. This project directly addresses these challenges by promoting green skills and expanding the private sector workforce, enhancing agricultural value chains, supporting women’s entrepreneurship in climate-resilient sectors. Italy is proud to commit to fostering a green transition that will benefit not only the environment, but also the population, empowering their communities and nurturing sustainability.”

    WFP will continue working with the Government of Iraq to support communities affected by climate change by aligning its project implementation with the Government’s priorities, particularly focusing on the addressing unemployment, improving water management in irrigation to drive up production and empower women to seek and maintain sustainable livelihoods. 

    #                           #                         #

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on Twitter @WFP_Iraq @wfp_mena @wfpgovts

    MIL OSI United Nations News –

  • MIL-OSI Russia: Rosneft Equips Hospital in Syzran with High-Tech Medical Equipment for Pediatric Surgery

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    With the support of Rosneft, high-tech equipment was delivered to the Syzran Central City and District Hospital to equip the children’s surgical department and perinatal center.

    The perinatal center has an open resuscitation system for newborns – a multifunctional complex for saving patients’ lives. The equipment allows monitoring and maintaining vital functions, provides free access to the child from any side for various medical manipulations.

    The hospital’s pediatric surgery department also received a new operating table and a shadowless lamp – a special surgical light. The modern equipment will help improve the efficiency of medical care for residents of the region.

    Rosneft adheres to the principles of high social responsibility and pays special attention to the creation of a favorable social environment in the regions of presence, including in the field of medicine. Thanks to the Company’s support, projects to strengthen the material and technical base of healthcare institutions are regularly implemented.

    Reference:

    Samara Region is one of the key regions of Rosneft’s operations, where the Company is represented by a complex of full-cycle production enterprises: hydrocarbon production, processing and marketing of finished products.

    Within the framework of the Cooperation Agreement between PJSC NK Rosneft and the Samara Region, educational and medical institutions were built or reconstructed in the region, high-tech medical equipment was purchased, and ice palaces were erected.

    Department of Information and Advertising of PJSC NK Rosneft January 30, 2025

    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 Russia: Greece: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: IMF – News in Russian

    January 30, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

    Robust Expansion with Declining Debt

    1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

    2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

    3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

    4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

    5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

    Growth-friendly Fiscal Consolidation

    6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

    7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

    8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

    9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

    Structural reforms for boosting potential growth

    10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

    • Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
    • Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
    • Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

    11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

    Strengthening financial system resilience

    12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

    13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

    In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/01/30/CS-Greece-2025

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Attorney General Alan Wilson announces prison sentence for Illinois man for sex charges against 12-year-old in SCRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced that Alberto Mercado, Jr. pleaded guilty to Dissemination of Obscene Material to a Person under the Age of 12, Criminal Solicitation of a Minor, and Sexual Exploitation of a Minor, First Degree, Tuesday in Richland County, before the Honorable Daniel Coble.  

    On May 11, 2018, the Richland County Sheriff’s Office responded to a home in Richland County in response to a call from a concerned citizen who had found texts on her child’s cell phone that were sexual in nature. The investigation revealed that the minor had met a man named Alberto Mercado on a chat site and exchanged phone numbers. After learning that he was speaking to a 12-year-old minor, Mercado discussed in graphic detail sexual activities that he would like to do with the minor. He also sent the minor photos of his face, as well as sexually explicit photos and a video of himself, and he requested and received sexually explicit images of the minor victim. Mercado was ultimately identified as a registered sex offender out of the state of Illinois.

    Judge Coble sentenced Mercado to eight years in prison on the Sexual Exploitation of a Minor charge, and 233 days already served on the Criminal Solicitation of a Minor and the Dissemination of Obscene Material charges. He will have to continue to register as a sex offender upon release.  

    MIL OSI USA News –

  • MIL-OSI Europe: Bilateral Partnership between Sweden and Colombia launched

    Source: Government of Sweden

    Bilateral Partnership between Sweden and Colombia launched – Government.se

    Please enable javascript in your browser

    Published

    At the invitation of Colombia’s Minister of Foreign Affairs Luis Gilberto Murillo, Minister for Foreign Affairs Maria Malmer Stenergard took part in the launch of the Colombia-Sweden Bilateral Partnership at a High-Level Dialogue in Bogotá on 28 January.

    The bilateral partnership agreement was signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, and aims to further strengthen cooperation between the countries in four main areas:

    • political dialogue and cooperation in multilateral forums;
    • trade and development cooperation;
    • climate, environment, green and digital transition; and
    • peace and security.

    Two thematic working groups have been instituted to advance priority areas within the Bilateral Partnership. The first group is focusing on cooperation for peace, human rights, human security and strengthening institutions. The second is focusing on economic opportunities, science, innovation and sustainable development. 

    At the high-level dialogue, Ms Malmer Stenergard and Acting Minister of Foreign Affairs Paola Vásquez received reports from the groups, which presented several results in the areas of peace, gender equality, climate and sustainable development. Sweden and Colombia celebrated 150 years of diplomatic relations in 2024. The launch of the Bilateral Partnership demonstrates the breadth of cooperation between the two countries. 

    Press contact

    More about the visit

    MIL OSI Europe News –

  • MIL-OSI: DTE Energy schedules full year 2024 earnings release, conference call

    Source: GlobeNewswire (MIL-OSI)

    Detroit, Jan. 30, 2025 (GLOBE NEWSWIRE) — DTE Energy (NYSE:DTE) will announce its full year 2024 earnings before the market opens Thursday, February 13, 2025.

    The company will conduct a conference call to discuss earnings results at 9:00 a.m. ET the same day.

    Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (888) 510-2008. The U.S. and international toll telephone dial-in number is: (646) 960-0306 and the Canada dial-in toll is: (289) 514-5035. The passcode is 4987588. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.

    About DTE Energy 

    DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/DTE_Energy and facebook.com/dteenergy. 

    For more information, members of the media may contact:
    Dan Miner, DTE Energy: 313.235.5555
    For further information, analysts may call:
    Matt Krupinski, DTE Energy: 313.235.6649
    John Dermody, DTE Energy: 313.235.8750

    The MIL Network –

  • MIL-OSI Economics: Result of OMO Purchase auction held on January 30, 2025 and Settlement on January 31, 2025

    Source: Reserve Bank of India

    I. SUMMARY OMO PURCHASE RESULTS

    Aggregate Amount (Face value) notified by RBI : ₹20,000 crore
    Total amount offered (Face value) by participants : ₹1,20,626 crore
    Total amount accepted (Face value) by RBI : ₹20,020 crore

    II. DETAILS OF OMO PURCHASE ISSUE

    Security 7.59% GS 2029 7.18% GS 2033 7.10% GS 2034 6.79% GS 2034 7.18% GS 2037
    No. of offers received 33 170 117 100 181
    Total amount (face value) offered (₹ in crores) 12,492 33,760 19,491 14,147 40,736
    No. of offers accepted NIL 18 30 36 21
    Total offer amount (face value) accepted by RBI (₹ in crores) NIL 4,375 4,125 5,000 6,520
    Cut off yield (%) NA 6.7764 6.7448 6.6747 6.8521
    Cut off price (₹) NA 102.58 102.39 100.80 102.72
    Weighted average yield (%) NA 6.7803 6.7527 6.6843 6.8601
    Weighted average price (₹) NA 102.55 102.34 100.73 102.65
    Partial allotment % of competitive offers at cut off price NA NA NA 39.68 12.82

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2046

    MIL OSI Economics –