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  • MIL-OSI New Zealand: Health – $500k vape kit deal ‘reeks of tobacco tactics’ – Asthma Foundation

    Source: Asthma and Respiratory Foundation

    The Government has forked out more than half a million dollars on vapes to help adults quit smoking – despite these products not being approved for smoking cessation.
    The Asthma and Respiratory Foundation NZ can reveal that the Government bought 3000 RELX Essential Vape Devices for $575,000 to help achieve its Smokefree 2025 goal.
    The vapes are provided for free to some smokers trying to quit – but the Foundation says it has serious concerns not just about their effectiveness but also about the lack of consultation, the purchase process, and quality control.
    Health NZ told the Foundation there was no tender process for the free vape kits as it purchased the vapes from a New Zealand company, which it says is “compliant with all relevant regulations”.
    RELX vaping products are produced by vaping and e-cigarette giant, RELX International, which has its headquarters in China.
    Foundation Chief Executive Ms Letitia Harding says regardless of whether this is in the combustible form or the vape form, this whole process reeks of tobacco tactics.
    “Public health policy must be guided by evidence and transparency, not behind-closed-door deals.”
    It is unclear whether an analysis of these products has been performed to ensure that nicotine levels are as labelled and that they contain no harmful substances, Ms Harding says.
    The nicotine content of the vapes are 28.5mg/ml – the maximum level available to purchase legally in NZ. Health NZ says the flavours on offer are watermelon, tobacco and mint.
    Health NZ’s advice to stop smoking practitioners is that vaping devices should be provided to those who have previously made quit attempts using nicotine replacement therapy (NRT) or prescription medications.
    However, in individual cases, after an assessment has been conducted, providers may use their discretion to provide clients with a vaping device.
    Foundation Medical Director Professor Bob Hancox says there are already evidence-based, medically approved products that we know have gone through robust clinical trials and are available in New Zealand to help people quit smoking.
    “Who will take responsibility if people suffer adverse effects from these unapproved devices?
    “These vapes have been sent to smoking cessation providers to give to their clients, but Medsafe has not approved them to ensure their safety.”

    MIL OSI New Zealand News –

    January 29, 2025

  • MIL-OSI New Zealand: Business and Renewables – Fonterra announces electrification plans to future-proof operations

    Source: Fonterra

    Fonterra is taking another significant step toward its climate goals and operational resilience with $150 million in investments in electrification projects across the North Island over the next 18 months.

    Investments into electric boilers at the Co-operative’s Whareroa, Edgecumbe and Waitoa sites, along with further fleet decarbonisation, marks further steps in renewable energy supporting the Co-operative’s sustainability targets* while future-proofing operations.

    Fonterra aims to build enduring, cost-efficient assets while enhancing energy security across its manufacturing operations and ensuring a sustainable energy supply.  

    Fonterra’s Chief Operating Officer, Anna Palairet, says the investments are a significant step for the Co-operative’s future operations.

    “Last year we turned off the last coal boiler in the North Island, meaning manufacturing operations in the North Island are now coal-free. These investments are the next step in creating enduring assets that are fit for the future, as we look to reduce our reliance on gas.

    “Choosing the right energy solutions is about striking a balance between affordability, security of energy supply and reducing our environmental footprint, and the new electric boilers are crucial to navigating this challenge.”

    “These electrification projects are at the heart of ensuring efficient operations with a reliable energy supply for our manufacturing sites and to support the long-term sustainability of our business. It also represents a commitment to our farmer owners that we are building a resilient, future-ready Co-operative.”

    Investments announced are:

    Whareroa: The site will undergo a staged energy transformation with the first stage including the installation of two electrode boilers. The $64 million investment is expected to reduce the site’s annual emissions by an estimated 51,000 tonnes – the equivalent of removing around 21,000 cars from New Zealand roads – and contribute a 3% reduction** towards Fonterra’s overall 2030 Scope 1 and 2 GHG emissions reduction target.

    Edgecumbe: The site will transition from the use of steam and electricity generated through a co-generation plant, to a reliable source of renewable energy with the installation of a new electrode boiler. The $57 million investment is expected to reduce the site’s annual emissions by an estimated 28,000 tonnes – equivalent to removing around 11,000 cars from New Zealand roads – and contribute a 1.5% reduction** towards Fonterra’s overall 2030 Scope 1 and 2 GHG emissions reduction target and reduce the Co-op’s overall natural gas reliance by approximately 8%***.

    Waitoa and Waitoa UHT: Following the closure of its last coal boiler in November 2024, the Co-op is investing a further $18 million in installing two Resistive Element Boilers to boost heat production, while providing a secure and reliable energy source allowing for future growth in UHT processing.

    Fleet decarbonisation: The next step in looking for more economical solutions for the future includes a pilot of six EV tankers and associated infrastructure later in the year, expected to provide an approximately 60% annual reduction in fuel costs per tanker, along with environmental benefits.

    *The Co-operative’s target is 50.4% absolute reduction of Scope 1 & 2 GHG emissions by 2030 from a 2018 baseline.

    ** From a 2018 baseline.

    *** An approximate 8% reduction from the Co-op’s average annual natural gas usage from FY23 and FY24.

    About Fonterra

    Fonterra is a co-operative owned and supplied by thousands of farming families across Aotearoa New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers and employees share the goodness of our milk through innovative consumer, foodservice and ingredients brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. We are passionate about supporting our communities by Doing Good Together.

    MIL OSI New Zealand News –

    January 29, 2025

  • MIL-OSI New Zealand: Universities – Forests of protected red coral filmed for first time off Fiordland’s coast – VIC

    Source: Te Herenga Waka—Victoria University of Wellington

    Researchers exploring the deep waters off the Fiordland coast have caught on camera marine communities that have never been filmed before. These communities include a protected species of red coral that has not previously been seen in such large numbers.

    “We were filming at depths of 80 to 130 metres and found amazing marine communities. The most incredible find—unlike anything we have seen elsewhere—was about 4 kilometres north of the entrance to Doubtful Sound/Patea. On the ocean floor, we saw forests of bright red coral,” said Professor James Bell, a marine biologist at Te Herenga Waka—Victoria University of Wellington.

    The coral species, Errina novaezelandiae, is commonly known as red coral, although it is not a true coral but a related animal called a hydrocoral.

    The discovery of the red coral forests was made while the researchers were working on a project to explore and map marine life in Fiordland’s deep waters. They were working on board the Department of Conservation (DOC) vesselSouthern Winds.

    “We’ve been exploring these deep reefs in Fiordland for many years, but we’re rarely able to work on the open coast outside the fiords because of the weather. On our most recent trip in January, the weather was finally on our side,” said Professor Bell.

    Using a remotely operated vehicle (ROV), the research team collected video footage of reefs at depths of greater than 100 metres in areas that have not previously been filmed.

    “We’ve deployed the ROV more than 100 times in deep waters around New Zealand, but we have not seen communities like those we found off the open coast outside Doubtful Sound/Patea. In other parts of the country, we usually find reefs at these depths are dominated by sponges. In this area off the Fiordland coast, red corals dominated. The water was also incredibly clear down at 100 m and we could see the reef from a distance of about 30 to 40 m,” he said.

    Red corals are known to live in some places inside the fiords and are considered to be associated with the sheltered fiord conditions. The population discovered around the open coast was distinguished by its massive size, with tens of thousands of corals seen.

    Video footage of the reefs shows numerous red corals, along with a range of other animals including larger black corals. Both red and black corals are protected species under the Wildlife Act.

    These coral forests play a key role in maintaining habitat diversity, supporting many fish and crayfish species, said Professor Bell.

    “Filming the animals that live on these deep-water reefs provides us with more information about the extraordinary biodiversity in our seas. This information is crucial to decisions about the use and protection of our marine environment. While much of Fiordland’s inland waters are protected, this is not the case for the open coast. In fact, most deep-water reefs around Aotearoa are not protected in marine reserves,” he said.

    The research was supported by the George Mason Charitable Trust and DOC’s conservation services programme. DOC also provided logistical support.

    Richard Kinsey, a DOC senior ranger who was on the trip, said: “It is exciting when you get to put the ROV into places you can rarely access as it gives insights into a completely different part of the fiord ecosystem. You just never know what you are going to find. For DOC, increasing our understanding of where these protected species are helps us to understand the potential threats to them.”

    DOC senior science advisor Lyndsey Holland added: “Our understanding of protected coral distribution in Fiordland is dominated by black corals. Other protected corals in the area haven’t been studied as extensively, so this finding is a breakthrough. We do know that New Zealand boasts a diverse array of cold-water corals offshore, so this discovery validates the need to survey and monitor Fiordland corals so we can best protect them.”

    Video footage of the deep-water reefs off Fiordland is here:


    https://www.youtube.com/watch?v=6mxS4RaYXiI

    MIL OSI New Zealand News –

    January 29, 2025

  • MIL-OSI New Zealand: Ombudsman – Scheme to publish quarterly figures on bank complaints

    Source: Banking Ombudsman Scheme

    29 January 2025 – Consumers will now have a better picture of banking problems following the Banking Ombudsman Scheme’s decision to begin publishing quarterly reports on the cases it receives.
    The reports, the first of which was published last week, share insights about cases received by the scheme. They provide a breakdown of cases by bank, the proportion of complaints and disputes received by banks relative to their market share, top problem areas and products, the time taken to resolve disputes, compensation paid, and other insights gleaned from the data.
    Banking Ombudsman Nicola Sladden said the reports would shine a spotlight on the scheme’s performance, but also introduce more transparency and accountability into the banking sector.
    “Information is power, and the more information customers have, the more they can make informed choices about whether to make a complaint, and what to expect if they do.”
    Ms Sladden said the reports would provide more timely and detailed data than that contained in summarised form in the scheme’s annual reports. They would also help inform and educate consumers, as well as supplement information found on the scheme’s complaints dashboard, which compiles data from banks about the number and types of complaints received by banks.
    The quarterly report, for the period of October to December 2024, shows the scheme received 1,429 cases, including 938 complaints and 50 disputes. Complaints were down 11 per cent and disputes down 24 per cent on the previous quarter, although mainly for seasonal reasons.
    Scam-related complaints continued to feature prominently, making up a fifth of all complaints. Phishing and information harvesting scams were the biggest contributors. Complaints about unsuccessful hardship applications fell, but complaints about internet banking more than doubled, largely as a result of technical malfunctions and outages.
    Almost 6 per cent of complaints escalated to disputes, which was down on the previous quarter’s figure of 16 per cent. Scam-related disputes fell 36 per cent compared with the previous quarter, and 63 per cent of such complaints for the financial year to date have been resolved partly or fully in favour of the customer – compared with 52 per cent for all types of disputes.
    During the quarter, banks reimbursed or paid compensation of $339,961 to customers who sought the scheme’s help to resolve their complaint, down from $591,703 for the previous quarter.
    See the quarterly report here: https://bankomb.org.nz/reporting/quarterly-reports

    MIL OSI New Zealand News –

    January 29, 2025

  • MIL-OSI New Zealand: Health and Tech – Essential medical imaging services now more accessible in the Bay of Plenty

    Source: RHCNZ

    RHCNZ Medical Imaging Group is excited to announce that Bay Radiology’s new flagship clinic on 17th Avenue in Tauranga is now fully open. Phase One of the clinic, which includes Bay Radiology’s first PET-CT scanner, opened in September 2024. Phase Two opened last week, completing this state-of-the-art facility. The new purpose-built clinic is designed to future-proof medical imaging services for Bay of Plenty residents.
    Spanning over 3,000 square metres, this extensive clinic is the largest medical imaging clinic in New Zealand. It is equipped with the latest technology including a high-tech Positron Emission Tomography-Computed Tomography (PET-CT) scanner as well as state-of-the-art MRI, CT, x-ray and ultrasound equipment. The clinic offers a comprehensive range of medical imaging services to meet the community’s needs, including interventional radiology, mammography and fluoroscopy.
    Managing Radiologist for Bay Radiology, Dr Kunaal Rajpal, emphasises that removing barriers to patients accessing healthcare has become a key focus for Bay Radiology.
    “Equity of access to healthcare for people living in regional New Zealand is an issue that concerns all healthcare providers, so we are proud to be able to provide better access to high quality imaging locally.”
    Dr Rajpal adds
    “Our radiologists have a wide range of sub-specialities including Musculoskeletal, Interventional, Breast, Body Imaging, Oncology, Neuroradiology, Abdominal, and Head and Neck Imaging. Patients can feel confident knowing that if the need arises, highly specialised expertise is right on their doorstep.”
    A phased design enabled some parts of the building to be safely used while other parts were still under construction. Consequently, Bay Radiology commenced their PET-CT scanning last September. This advanced technology plays a crucial role in the diagnosis and treatment of cancer.
    Nicola Daisley, Regional Manager, notes
    “Since opening in September our PET-CT team have delivered diagnostic results for over 100 patients, enabling their lead care specialists to provide the best possible health-care treatment plans. We are delighted to now be offering a full suite of modalities from one central and easily accessible location, streamlining the diagnostic process for our community.”
    RHCNZ Medical Imaging Group CEO Terry McLaughlin says that this new clinic, strategically located in Tauranga, is a significant step in supporting the healthcare needs of the Bay of Plenty community.
    “Our 17 th Ave clinic is the heart of our Bay Radiology operations, providing patients access to the full suite of medical imaging services in one convenient location. Bay Radiology has been supporting the local community with their healthcare needs for over 30 years. We look forward to at least another 30 years of better health outcomes for Bay and Eastern Bay of Plenty residents,” said Mr. McLaughlin.
    A traditional blessing ceremony for 17 th Ave was held on Friday, 20 December 2024. The ceremony was led by local Iwi leader Tamati Tata of Ngati Ranginui and attended by staff members and the building’s architects.
    Conveniently located in central Tauranga, the clinic is adjacent to Tauranga Hospital, easily accessible from medical centres and specialist consulting rooms and is on main public transport routes.
    BAY RADIOLOGY is the Bay of Plenty’s leading radiology provider with 9 clinics in Tauranga, Mt Maunganui, Papamoa, Katikati, Matamata and Whakatane. Bay Radiology offers MRI, CT, PET CT, interventional radiology, ultrasound, pregnancy ultrasound, x-ray, mammography, fluoroscopy and PRP services.
    RHCNZ MEDICAL IMAGING GROUP is New Zealand’s leading private radiology provider with over 140 specialist radiologists working in 74+ clinics nationwide. This New Zealand owned company operates 3 longstanding brands – Auckland Radiology Group, Bay Radiology and Pacific Radiology Group. RHCNZ stands for Radiology Holding Company New Zealand.

    MIL OSI New Zealand News –

    January 29, 2025

  • MIL-OSI USA: IAM Membership Elects Incumbent Executive Council, Law Committee and AFL-CIO, CLC Delegates in Strong Showing of Union Democracy

    Source: US GOIAM Union

    In an overwhelming show of support, IAM Union members have nominated and elected the incumbent Executive Council members and international officers to a new four-year term, beginning July 1, 2025. For the first time in nearly two decades, there will be no need for runoffs for international officer elections.

    “On behalf of myself and the entire IAM Executive Council, we would like to thank all IAM members for again upholding our longstanding tradition of union democracy,” said IAM International President Brian Bryant. “We continue to be proud of the IAM’s ‘one member, one vote’ electoral system that gives all members a voice in our union’s future.”

    Nominations were held on Jan. 18, 2025 at every IAM Local throughout the United States and Canada. No candidates other than those elected below received enough nominations to hold a full election. A full nomination listing by Local is being finalized and will be released in the coming weeks.

    International President
     Brian Bryant (Local S6)

    General Secretary-Treasurer
     Dora Cervantes (Local 2198)

    Canadian General Vice President
     David Chartrand, Canadian General Vice President (Local 712)*

    U.S. General Vice Presidents
     David Sullivan, General Vice President (Local S6)
    Richie Johnsen, General Vice President (Local 1781)
    Craig Martin, General Vice President (Local 470)
    Jody Bennett, General Vice President (Local 2771)
    Sam Cicinelli, General Vice President (Local 701)
    Robert “Bobby” Martinez, General Vice President (Local 933)

    Law Committee
     Eric Johnston (Local 235)
    Ryan Haehnlein (Local 701)
    Teressa Peart (Local 774)
    Olu Ajetomobi (Local 1781)
    Sal Vasquez (Local 311)

    Delegates to the AFL-CIO
     E. Michael Vartabedian (Local 264)
    Sharon Sugiyama (Local 2339G)
    Richard Jackson (Local 751A)

    Delegate to the Canadian Labour Congress
     Christy Slauenwhite (Local 764)*

    *Elected solely by IAM members in Canada.

    Share and Follow:

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI USA: Jan 28, 2025 ATU Congratulates Sean Duffy on Senate Confirmation as U.S. Secretary of Transportation

    Source: US Amalgamated Transit Union

    Silver Spring, MD – Amalgamated Transit Union (ATU) International President John Costa released the following statement on the Senate Confirmation of Sean Duffy as the new U.S. Secretary of Transportation.

    “As the largest labor organization representing transit workers in the United States and Canada, we congratulate Sean Duffy on his Senate confirmation to serve as the U.S. Secretary of the Department of Transportation (DOT).

    “Transit ridership is still not fully recovered since the COVID pandemic, funding is scarce, and new technology is quickly changing the way people travel. Secretary Duffy has a lot on his plate. We look forward to working with him to tackle these transportation challenges facing our nation including protecting transit workers on the job, reauthorization of the surface transportation bill, and most importantly building back our public transit systems. We’re hopeful that he will lead the Department of Transportation with public transit workers and riders in mind.”

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI Security: Nigerian Man Extradited to the U.S. After Being Indicted for Sextortion Scheme That Caused Death of South Carolina Teen

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

    COLUMBIA, S.C. — Hassanbunhussein Abolore Lawal (luh-wall), 24, of Osun State, Nigeria, has been extradited to the United States from Nigeria to face prosecution in a partially unsealed indictment for the sextortion of a South Carolina minor, which led to the victim’s death.

    This investigation was launched after Gavin Guffey, a 17-year-old from Rock Hill, died by suicide in July 2022 after being victimized by Lawal’s scheme. Lawal allegedly posed as a young woman on social media and coerced the teen into sending compromising photos. He then extorted and sent harassing messages to the teen threatening to leak the photos and ruin his reputation unless the teen sent him money. Lawal later did the same to members of his family.

    The five-count federal indictment charges Lawal with child exploitation resulting in death, the production and distribution of child sexual abuse material, coercion and enticement of a minor, cyberstalking resulting in death, interstate threats with intent to extort, and aiding/abetting. In addition to victimizing the teen in every count, the indictment alleges Lawal targeted the minor victim’s family in the stalking and extortion charges.

    Lawal faces up to life in prison, and mandatory minimum prison sentences on multiple counts. The child exploitation resulting in death count carries a mandatory 30-year sentence. He also faces mandatory restitution, where the court may order Lawal to pay for losses incurred by the family as a result of his scheme.

    The indictment was returned by a federal Grand Jury in South Carolina in October 2023. On Jan. 24, following extradition proceedings in Nigeria, agents with the FBI Columbia Field Office took custody of Lawal in Lagos, Nigeria and executed the removal with assistance from Nigerian law enforcement.

    “We will not allow predators who target our children to hide behind a keyboard or across the ocean. Today we honor Gavin’s life and continue our fight against sextortion by holding this defendant accountable,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “This investigation and extradition are the result of tremendous law enforcement coordination both in the United States and Nigeria. We’re grateful to the many agencies who helped make this day possible.”

    “This indictment represents the culmination of countless hours of dedicated work done by our investigators both here and abroad,” said Steve Jensen, Special Agent in Charge of the FBI Columbia Field Office. “The defendant’s alleged actions are reprehensible resulting in the tragic loss of a young man’s life. We remain steadfast in our commitment to holding criminals accountable, especially those who target our children and endanger their lives, no matter where they are.”

    U.S. Attorney Boroughs and SAC Jensen thanked the U.S. Department of Justice’s Office of International Affairs (OIA), and U.S. State Department for their help in facilitating the arrest and extradition of Lawal.

    Nigerian law enforcement provided critical assistance in the identification, investigation, arrest, and extradition of Lawal. U.S. Attorney Boroughs and SAC Jensen extend their appreciation and thanks to the Economic and Financial Crimes Commission (EFCC), the Nigerian Attorney General’s Office – Ministry of Justice, and all other involved Nigerian authorities for their important partnership in this case.

    This case is part of Project Safe Childhood, a nationwide initiative designed to protect children from online exploitation and abuse. The U.S. Attorney’s Office, county prosecutor’s offices, the Internet Crimes Against Children task force (ICAC), federal, state, tribal, and local law enforcement are working closely together to locate, apprehend, and prosecute individuals who exploit children. The partners in Project Safe Childhood work to educate local communities about the dangers of online child exploitation, and to teach children how to protect themselves. For more information about Project Safe Childhood, please visit the following website: www.projectsafechildhood.gov. Individuals with information or concerns about possible child exploitation should contact local law enforcement officials.

    If someone you know is being victimized by sextortion, please report to local law enforcement and to the FBI. Learn more about sextortion and find resources for parents, caregivers, and teachers.

    The case was investigated by the FBI Columbia Field Office, the FBI’s Violent Crimes Against Children Section and International Operations Division, the South Carolina Law Enforcement Division, and the York County Sheriff’s Office. 

    Assistant U.S. Attorneys Elliott B. Daniels, Lothrop Morris, and Michael Shedd are prosecuting the case. 

    All charges in the indictment are merely accusations and that defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

    January 29, 2025

  • MIL-OSI: Heartland BancCorp Earns $5.7 Million, or $2.63 Per Diluted Share, in the Fourth Quarter of 2024, and a Record $20.3 Million, or $9.75 Per Diluted Share, for the Year

    Source: GlobeNewswire (MIL-OSI)

    WHITEHALL, Ohio, Jan. 28, 2025 (GLOBE NEWSWIRE) — Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN), parent company of Heartland Bank (“Bank”), today reported net income increased 7.2% to $5.7 million, or $2.63 per diluted share, in the fourth quarter of 2024, compared to $5.3 million, or $2.61 per diluted share, in the fourth quarter of 2023, and increased 28.0% compared to $4.4 million, or $2.12 per diluted share, in the preceding quarter. For the year 2024, net income increased 3.8% to a record $20.3 million, or $9.75 per diluted share, compared to $19.5 million, or $9.62 per diluted share, in 2023.

    On July 29, 2024, Heartland announced that it had entered into a definitive merger agreement with German American Bancorp (“German American”). Upon completion of the transaction, Heartland’s subsidiary bank, Heartland Bank, will be merged into German American’s subsidiary bank, German American Bank, and operate under a co-branded name within the Ohio markets.

    With the shareholders of Heartland and German American having each approved the Merger at special meetings held on November 19, 2024, Heartland and German American anticipate that the Merger will become effective as of February 1, 2025, subject to satisfaction of certain customary closing conditions contained in the Merger Agreement.

    “Heartland produced strong net income for the fourth quarter, and record net income for the year, as we continue to deliver value to our clients and expand our market outreach,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Our record earnings in 2024 were fueled by moderate loan growth and strong deposit growth generated in our Columbus and Greater Cincinnati market footprint, and our future growth opportunities will only be enhanced by our pending merger with German American. This strategic partnership allows us to partner with another like-minded, larger community bank that enables us to continue our strong brand and growth trajectory within the markets we serve. Strategically and culturally, Heartland and German American are exceptionally well-aligned with a strong commitment to the community banking business model. That model is centered on delivering an exceptional customer experience and the willingness to invest in local communities that Ohio has come to know and love from Heartland. I would like to thank our dedicated team of associates for all they do to support our loyal clients and communities as we look forward to continued success in 2025.”

    Fourth Quarter 2024 Financial Highlights (at or for the three months ended December 31, 2024)

    • Net income was $5.7 million, or $2.63 per diluted share, compared to $5.3 million, or $2.61 per diluted share, in the fourth quarter of 2023.
    • Heartland recorded no provision for credit losses during the fourth quarter of 2024, compared to $550,000 for the fourth quarter a year ago.
    • Net interest margin was 3.19%, compared to 3.27% in the preceding quarter and 3.49% in the fourth quarter a year ago.
    • Fourth quarter revenues (net interest income plus noninterest income) were $18.5 million, compared to $18.6 million in the fourth quarter a year ago.
    • Annualized return on average assets was 1.14%, compared to 1.13% in the fourth quarter of 2023.
    • Annualized return on average tangible common equity was 13.90%, compared to 15.05% in the fourth quarter a year ago.
    • Net loans increased $5.6 million during the quarter to $1.54 billion at December 31, 2024, compared to three months earlier.
    • Demand deposits increased 2.8% during the quarter to $443.8 million, compared to $431.6 million three months earlier.
    • Credit quality remains strong with nonperforming loans to gross loans of 0.54% and nonperforming assets to total assets of 0.43% at December 31, 2024.
    • Tangible book value was $80.02 per share at December 31, 2024, compared to $74.23 per share a year ago.
    • Paid a quarterly cash dividend of $0.759 per share on December 30, 2024.

    2024 Full Year Financial Highlights (at or for the twelve months ended December 31, 2024)

    • Net income for 2024 increased 3.8% to a record $20.3 million, compared to $19.5 million in 2023.
    • Net interest margin was 3.28% for the year, compared to 3.62% for 2023.
    • Annualized return on average assets was 1.06% for 2024, compared to 1.09% for 2023.
    • Annualized return on average tangible equity was 13.02% for 2024, compared to 14.15% for 2023.
    • Net loans increased $10.2 million year-over-year to $1.54 billion, compared to $1.53 billion a year ago.
    • Total deposits increased $108.1 million, or 6.6%, to $1.75 billion, compared to $1.64 billion a year ago.

    Balance Sheet Review
    Assets
    Total assets increased 4.7% to $1.97 billion at December 31, 2024, compared to $1.88 billion a year earlier, and increased 1.6% compared to three months earlier. Heartland’s loan-to-deposit ratio was 88.0% at December 31, 2024, compared to 90.0% at September 30, 2024, and 93.2% at December 31, 2023.

    Securities increased 5.3% to $222.4 million at December 31, 2024, compared to $211.1 million a year earlier, and decreased 3.3% compared to $229.9 million three months earlier. Securities comprise 11.3% of total assets at December 31, 2024, compared to 11.8% three months earlier and 11.2% a year ago.

    Average earning assets increased to $1.87 billion in the fourth quarter of 2024, compared to $1.82 billion in the third quarter of 2024, and $1.75 billion in the fourth quarter of 2023. The average yield on interest-earning assets was 5.82% in the fourth quarter of 2024, down 13 basis points from 5.95% in the preceding quarter, and up 11 basis points from 5.71% in the fourth quarter a year ago.

    Loan Portfolio
    “Loan growth was muted during the fourth quarter, as we remain disciplined with new loan pricing amid stiff competition in our markets,” said Ben Babcanec, EVP and Chief Operating Officer.

    Net loans totaled $1.54 billion at December 31, 2024, and increased modestly compared to $1.53 billion at September 30, 2024, and $1.52 billion at December 31, 2023. Commercial loans increased 7.8% from year ago levels to $186.2 million and comprise 11.9% of the total loan portfolio at December 31, 2024. Owner occupied commercial real estate loans (CRE) decreased 7.5% to $273.8 million at December 31, 2024, compared to a year ago, and comprise 17.6% of the total loan portfolio. Nonowner occupied CRE loans increased modestly to $503.2 million, compared to a year ago, and comprise 32.3% of the total loan portfolio at December 31, 2024. 1-4 family residential real estate loans increased 1.0% from year-ago levels to $513.2 million and represent 32.9% of total loans. Home equity loans increased 25.9% from year-ago levels to $65.1 million and represent 4.2% of total loans, while consumer loans decreased 5.6% from year-ago levels to $17.9 million and represent 1.1% of the total loan portfolio at December 31, 2024.

    Deposits
    Total deposits were $1.75 billion at December 31, 2024, a $45.0 million, or 2.6% increase, compared to $1.71 billion at September 30, 2024, and a $108.1 million, or 6.6% increase, compared to $1.64 billion at December 31, 2023. “Average deposits increased $61.6 million, or 3.6%, to $1.75 billion in the fourth quarter of 2024 compared to the preceding quarter, with good growth in all deposit categories,” said Babcanec.

    At December 31, 2024, noninterest bearing demand deposit accounts decreased 9.0% compared to a year ago and represent 25.3% of total deposits; savings, NOW and money market accounts remained relatively unchanged compared to a year ago and represent 40.7% of total deposits; and CDs increased 33.8% compared to a year ago and comprise 33.9% of total deposits. The average cost of deposits was 2.73% in the fourth quarter of 2024, compared to 2.75% in the third quarter of 2024 and 2.21% in the fourth quarter of 2023.

    Shareholders’ Equity
    Shareholders’ equity was $175.4 million at December 31, 2024, compared to $175.9 million three months earlier and increased 7.9% compared to $162.5 million a year earlier. At December 31, 2024, Heartland’s tangible book value was $80.02 per share compared to $80.61 at September 30, 2024, and $74.23 at December 31, 2023.

    Heartland continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with tangible equity to tangible assets of 8.30% at December 31, 2024, compared to 8.46% at September 30, 2024, and 8.00% at December 31, 2023.

    Operating Results
    In the fourth quarter of 2024, Heartland generated a ROAA of 1.14% and a ROATCE of 13.90%, compared to 0.91% and 11.10%, respectively, in the third quarter of 2024 and 1.13% and 15.05%, respectively, in the fourth quarter a year ago.

    Net Interest Income/Net Interest Margin
    Net interest income, before the provision for credit losses, decreased 2.5% to $15.0 million in the fourth quarter of 2024, compared to $15.4 million in the fourth quarter a year ago, and increased modestly compared to $14.9 million in the preceding quarter. For the year ended December 31, 2024, net interest income decreased 2.4% to $59.6 million, compared to $61.0 million in 2023.

    Total revenues (net interest income, before the provision for credit losses, plus noninterest income) were $18.5 million in the fourth quarter of 2024, a 1.0% decrease compared to $18.6 million in the fourth quarter a year ago, and a 2.8% increase compared to $18.0 million in the preceding quarter. For the year 2024, total revenues were $72.4 million, compared to $73.5 million in 2023.

    Heartland’s net interest margin was 3.19% in the fourth quarter of 2024, compared to 3.27% in the preceding quarter and 3.49% in the fourth quarter of 2023.

    “The interest rate reductions during the third and fourth quarters of 2024 put temporary pressure on our net interest margin due to a lag in the maturity and downward repricing of some higher cost deposits,” said Carrie Almendinger, EVP and Chief Financial Officer.

    Provision for Credit Losses
    Due to strong credit quality, minimal net loan charge-offs, modest loan growth and economic forecast improvements within the CECL model, Heartland recorded no provision for credit losses in the fourth quarter of 2024. This compared to no provision for credit losses in the third quarter of 2024 and a $550,000 provision for credit losses in the fourth quarter of 2023.

    Noninterest Income
    Noninterest income increased 7.9% to $3.5 million in the fourth quarter of 2024, compared to $3.2 million in the fourth quarter a year ago, and increased 14.7% compared to $3.0 million in the preceding quarter. “Higher title insurance income and increases in income from life insurance contributed to gains in noninterest income during the fourth quarter,” said Almendinger.

    Gains on sale of loans and originated mortgage servicing rights decreased 16.1% to $616,000 in the fourth quarter of 2024, compared to $734,000 in the fourth quarter a year ago, and decreased 10.6% compared to $689,000 in the preceding quarter. For the year 2024, noninterest income increased 3.1% to $12.8 million, compared to $12.4 million in 2023.

    Noninterest Expense
    Noninterest expense was $11.6 million during the fourth quarter of 2024, compared to $12.4 million in the preceding quarter and $11.6 million in the fourth quarter a year ago. Salary and employee benefits expense, the largest component of noninterest expense, was $6.8 million in the fourth quarter of 2024, compared to $7.2 million in the preceding quarter and $7.4 million in the fourth quarter of 2023. For the year 2024, noninterest expense totaled $47.5 million, compared to $47.1 million in 2023.

    One-time merger related expenses totaled $278,000 in the fourth quarter of 2024 and $671,000 in the third quarter of 2024.

    The efficiency ratio for the fourth quarter of 2024 was 62.7%, compared to 69.1% for the preceding quarter and 62.5% for the fourth quarter of 2023.

    Income Tax Provision
    In the fourth quarter of 2024, Heartland recorded $1.2 million in state and federal income tax expense for an effective tax rate of 17.7%, compared to $1.1 million, or 20.2%, in the third quarter of 2024 and $1.1 million, or 17.7%, in the fourth quarter a year ago.

    Credit Quality
    “Our credit quality metrics continue to remain stable, despite an increase in nonaccrual loans during the quarter,” said McComb. “Overall, we are seeing minimal signs of stress in the loan portfolio, and we hold strong collateral positions with all our loans.”

    At December 31, 2024, the allowance for credit losses plus unfunded commitment liability (ACL + UCL) was $19.0 million, or 1.22% of total loans, compared to $19.1 million, or 1.23% of total loans, at September 30, 2024, and $19.4 million, or 1.25% of total loans, a year ago. As of December 31, 2024, the ACL represented 367% of nonaccrual loans, compared to 949% three months earlier and 1,106% one year earlier.

    Nonaccrual loans were $4.9 million at December 31, 2024, compared to $1.9 million at September 30, 2024, and $1.6 million at December 31, 2023. At December 31, 2024, nonaccrual loans totaled 12 loans with an average balance of approximately $406,000. There was $3.6 million in loans past due 90 days and still accruing at December 31, 2024, compared to $5,000 at September 30, 2024, and $468,000 at December 31, 2023. Net loan charge-offs totaled $71,000 at December 31, 2024, compared to $32,000 in net loan recoveries at September 30, 2024, and $318,000 in net loan charge-offs at December 31, 2023.

    There was no other real estate owned (“OREO”) and other nonperforming assets on the books at December 31, 2024. This compared to OREO of $30,000 at September 30, 2024, and $10,000 at December 31, 2023. Nonperforming assets (NPAs), consisting of nonperforming loans and loans past due 90 days or more, were $8.4 million, or 0.43% of total assets, at December 31, 2024, compared to $1.9 million, or 0.10%, at September 30, 2024, and $2.1 million, or 0.11% of total assets, at December 31, 2023.

    About Heartland BancCorp
    Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 20 full-service banking offices and TransCounty Title Agency, LLC. Heartland Bank, founded in 1911, provides full-service commercial, small business and consumer banking services; professional financial planning services; and other financial products and services. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the OTC Markets (OTCQX) under the symbol HLAN. Learn more about Heartland Bank at Heartland.Bank.

    Safe Harbor Statement
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) Heartland’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of Heartland’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Heartland. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of the following factors, among others: (1) the assumptions and estimates used by Heartland’s management include both assumptions as to certain business decisions that are subject to change and, in many respects, subjective judgment, and thus is susceptible to multiple interpretations and periodic revisions based on actual experience and business developments, and thus, may not be realized; (2) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Heartland is engaged; (3) changes in the interest rate environment may adversely affect net interest income; (4) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (5) competition from other financial services companies in Heartland’s markets could adversely affect operations; and (6) the current economic slowdown could adversely affect credit quality and loan originations.

    Heartland cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements are expressly qualified in their entirety by the cautionary statements above. Heartland does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

    Additional Information
    Communications in this press release do not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed merger will be submitted to both the German American and Heartland shareholders for their consideration. In connection with the proposed merger, German American will file a Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”) that will include a joint proxy statement for German American and Heartland and a prospectus for German American and other relevant documents concerning the proposed merger. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE CORRESPONDING JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS TO THOSE DOCUMENTS, AS THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain a copy of the joint proxy statement/prospectus once filed, as well as other filings containing information about German American, without charge, at the SEC’s website (http://www.sec.gov) or by accessing German American’s website (http://www.germanamerican.com) under the tab “Investor Relations” and then under the heading “Financial Information”. Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Bradley C. Arnett, Investor Relations, German American Bancorp, Inc., 711 Main Street, Box 810, Jasper, Indiana 47546, telephone 812-482-1314 or to Jennifer Eckert, Investor Relations, Heartland BancCorp, 430 North Hamilton Road, Whitehall, Ohio 43213, telephone 614-337-4600.

    German American and Heartland and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of German American and Heartland in connection with the proposed merger. Information about the directors and executive officers of German American is set forth in the proxy statement for German American’s 2024 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 21, 2024, which information has been updated by German American from time to time in subsequent filings with the SEC. Information about the directors and executive officers of Heartland will be set forth in the joint proxy statement/prospectus relating to the proposed merger. Additional information about the interests of those participants and other persons who may be deemed participants in the transaction may also be obtained by reading the joint proxy statement/prospectus relating to the proposed merger when it becomes available. Free copies of this document may be obtained as described above.

     
    Heartland BancCorp
    Quarterly Financial Summary
                           
        Three Months Ended
    Earnings and dividends: Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023
      Interest income $ 27,334   $ 27,233   $ 26,190   $ 25,626   $ 25,195  
      Interest expense   12,334     12,288     11,408     10,764     9,807  
      Net interest income   15,000     14,945     14,782     14,862     15,388  
      Provision for credit losses   –     –     –     –     550  
      Noninterest income   3,470     3,026     3,212     3,119     3,217  
      Noninterest expense   11,580     12,420     11,753     11,775     11,632  
      Provision for income taxes   1,222     1,123     1,154     1,124     1,135  
      Net income   5,668     4,428     5,087     5,082     5,288  
                           
    Share data:                    
      Basic earnings per share $ 2.80   $ 2.19   $ 2.52   $ 2.52   $ 2.62  
      Diluted earnings per share   2.63     2.12     2.50     2.51     2.61  
      Dividends declared per share   0.76     0.76     0.76     0.76     0.76  
      Book value per share   86.31     86.95     83.19     81.28     80.66  
      Tangible book value per share   80.02     80.61     76.81     74.88     74.23  
                           
      Common shares outstanding, 20,000,000 authorized   2,123,355     2,113,153     2,106,879     2,105,737     2,105,737  
      Treasury shares   (90,612 )   (90,612 )   (90,612 )   (90,612 )   (90,612 )
      Common shares, net   2,032,743     2,022,541     2,016,267     2,015,125     2,015,125  
      Average common shares outstanding, net   2,024,267     2,018,442     2,015,627     2,015,125     2,015,125  
                           
    Balance sheet – average balances:                    
      Loans receivable, net $ 1,541,814   $ 1,533,219   $ 1,524,818   $ 1,519,946   $ 1,520,331  
      Earning assets   1,869,509     1,820,509     1,795,555     1,776,073     1,749,160  
      Goodwill & intangible assets   12,805     12,846     12,888     12,934     12,982  
      Total assets   1,974,165     1,926,237     1,899,413     1,878,171     1,854,191  
      Demand deposits   442,599     423,555     437,524     453,581     476,992  
      Deposits   1,751,452     1,689,877     1,670,394     1,639,911     1,622,335  
      Borrowings   29,508     47,792     47,225     58,938     60,857  
      Shareholders’ equity   175,050     171,562     164,744     163,283     152,393  
                           
    Ratios:                    
      Return on average assets   1.14 %   0.91 %   1.08 %   1.09 %   1.13 %
      Return on average equity   12.88 %   10.27 %   12.42 %   12.52 %   13.77 %
      Return on average tangible common equity   13.90 %   11.10 %   13.47 %   13.59 %   15.05 %
      Yield on earning assets   5.82 %   5.95 %   5.87 %   5.80 %   5.71 %
      Cost of deposits   2.73 %   2.75 %   2.61 %   2.45 %   2.21 %
      Cost of funds   2.76 %   2.81 %   2.67 %   2.55 %   2.31 %
      Net interest margin   3.19 %   3.27 %   3.31 %   3.37 %   3.49 %
      Efficiency ratio   62.70 %   69.11 %   65.33 %   65.49 %   62.52 %
                           
    Asset quality:                    
      Net loan charge-offs to average loans   0.02 %   -0.01 %   0.08 %   0.01 %   0.08 %
      Nonperforming loans to gross loans   0.54 %   0.12 %   0.13 %   0.13 %   0.13 %
      Nonperforming assets to total assets   0.43 %   0.10 %   0.11 %   0.10 %   0.11 %
      Allowance for credit losses to gross loans   1.15 %   1.15 %   1.15 %   1.17 %   1.16 %
      ACL + UCL to gross loans   1.22 %   1.23 %   1.23 %   1.27 %   1.25 %
                           
    Heartland BancCorp
    Consolidated Balance Sheets
                 
                                   
    Assets Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023
      Cash and due from $ 15,783     $ 35,186     $ 14,292     $ 18,314     $ 16,750  
      Interest bearing deposits   87,077       32,585       31,419       15,717       19,932  
      Interest bearing time deposits   –       –       –       –       –  
      Available-for-sale securities   222,351       229,907       233,270       222,609       211,130  
      Held-to-maturity securities   0       0       0       0       0  
                                   
      Loans held for sale   1,462       2,854       2,855       2,210       1,145  
                                   
      Commercial   186,156       183,739       179,961       166,413       172,658  
      CRE (Owner occupied)   273,764       287,261       291,107       293,542       295,996  
      CRE (Non Owner occupied)   503,223       489,483       495,466       489,709       501,056  
      1-4 Family   513,223       510,587       504,959       507,374       508,826  
      Home Equity   65,098       63,184       59,011       54,178       51,697  
      Consumer   17,902       19,436       18,916       18,859       18,974  
      Allowance for credit losses   (17,902 )     (17,845 )     (17,813 )     (17,897 )     (17,928 )
      Net Loans   1,541,464       1,535,845       1,531,607       1,512,178       1,531,279  
                                   
      Premises and equipment   32,115       32,548       33,039       33,298       33,649  
      Nonmarketable equity securities   6,949       6,946       6,943       6,941       6,866  
      Mortgage servicing rights, net   3,638       3,545       3,473       3,384       3,373  
      Foreclosed assets held for sale   0       30       0       0       10  
      Goodwill   12,388       12,388       12,388       12,388       12,388  
      Intangible Assets   392       433       475       517       565  
      Deferred income taxes   7,375       6,007       7,213       6,662       7,087  
      Life insurance assets   20,614       20,809       20,675       20,545       20,315  
      Accrued interest receivable and other assets   20,128       21,520       22,483       22,429       18,661  
      Total assets $ 1,971,736     $ 1,940,603     $ 1,920,132     $ 1,877,192     $ 1,883,150  
                                   
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
      Deposits                            
      Demand $ 443,754     $ 431,582     $ 414,829     $ 419,864     $ 487,631  
      Saving, NOW and money market   713,060       686,221       673,674       705,942       711,198  
      Time   593,876       587,927       556,690       502,848       443,772  
      Total deposits   1,750,690       1,705,730       1,645,193       1,628,654       1,642,601  
      Repurchase agreements   4,975       5,590       6,295       4,472       4,583  
      FHLB Advances   0       10,000       59,000       38,000       31,000  
      Subordinated debt   24,076       24,065       24,055       24,044       24,034  
      Interest payable and other liabilities   16,555       19,352       17,849       18,228       18,400  
      Total liabilities   1,796,296       1,764,737       1,752,392       1,713,398       1,720,618  
                                   
    Shareholders’ Equity                            
      Common stock, without par value   64,986       63,899       63,002       62,797       62,725  
      Retained earnings   134,193       130,069       127,174       123,617       120,064  
      Accumulated other comprehensive income (expense)   (18,745 )     (13,108 )     (17,442 )     (17,626 )     (15,263 )
      Treasury stock at Cost, Common   (4,994 )     (4,994 )     (4,994 )     (4,994 )     (4,994 )
      Total shareholders’ equity   175,440       175,866       167,740       163,794       162,532  
      Total liabilities and shareholders’ equity $ 1,971,736     $ 1,940,603     $ 1,920,132     $ 1,877,192     $ 1,883,150  
                                   
    Heartland BancCorp
    Consolidated Statements of Income
                                       
        Three Months Ended
    Interest Income Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023
      Loans $ 23,943     $ 24,194     $ 23,381     $ 23,015     $ 22,850  
      Securities                                
      Taxable   1,756       1,870       1,744       1,637       1,374  
      Tax-exempt   683       686       677       657       629  
      Other   952       483       388       317       342  
      Total interest income   27,334       27,233       26,190       25,626       25,195  
    Interest Expense                                
      Deposits   12,005       11,687       10,832       10,006       9,017  
      Borrowings   329       601       576       758       790  
      Total interest expense   12,334       12,288       11,408       10,764       9,807  
    Net Interest Income   15,000       14,945       14,782       14,862       15,388  
    Provision for Credit Losses   –       –       –       –       550  
    Net Interest Income After Provision for Credit Losses   15,000       14,945       14,782       14,862       14,838  
    Noninterest income                                
      Service charges   977       1,005       1,011       952       1,002  
      Gains on sale of loans and originated MSR   616       689       645       518       734  
      Loan servicing fees, net   370       416       396       494       354  
      Title insurance income   292       120       231       210       214  
      Increase in cash value of life insurance   637       134       130       230       175  
      Other   578       662       799       715       738  
      Total noninterest income   3,470       3,026       3,212       3,119       3,217  
    Noninterest Expense                                
      Salaries and employee benefits   6,764       7,181       7,064       7,300       7,430  
      Net occupancy and equipment expense   1,079       1,133       1,145       1,106       1,052  
      Software and data processing fees   1,187       1,230       1,158       1,156       1,163  
      Professional fees   702       1,125       496       233       242  
      Marketing expense   228       213       303       310       320  
      State financial institution tax   327       292       293       292       260  
      FDIC insurance premiums   229       214       234       284       299  
      Other   1,064       1,032       1,060       1,094       866  
      Total noninterest expense   11,580       12,420       11,753       11,775       11,632  
    Income before Income Tax   6,890       5,551       6,241       6,206       6,423  
    Provision for Income Taxes   1,222       1,123       1,154       1,124       1,135  
    Net Income $ 5,668     $ 4,428     $ 5,087     $ 5,082     $ 5,288  
    Basic Earnings Per Share $ 2.80     $ 2.19     $ 2.52     $ 2.52     $ 2.62  
    Diluted Earnings Per Share $ 2.63     $ 2.12     $ 2.50     $ 2.51     $ 2.61  
                                       
    Heartland BancCorp
    Consolidated Statements of Income
                     
        Twelve Months Ended
    Interest Income Dec. 31, 2024   Dec. 31, 2023
      Loans $ 94,533     $ 84,424  
      Securities   –          
      Taxable   7,007       4,320  
      Tax-exempt   2,703       2,442  
      Other   2,140       1,200  
      Total interest income   106,383       92,386  
    Interest Expense   –          
      Deposits   44,530       28,690  
      Borrowings   2,264       2,662  
      Total interest expense   46,794       31,352  
    Net Interest Income   59,589       61,034  
    Provision for Credit Losses   –       2,600  
    Net Interest Income After Provision for Credit Losses 59,589       58,434  
    Noninterest income              
      Service charges   3,945       4,012  
      Gains on sale of loans and originated MSR   2,468       2,372  
      Loan servicing fees, net   1,676       1,530  
      Title insurance income   853       892  
      Increase in cash value of life insurance   1,131       526  
      Other   2,754       3,108  
      Total noninterest income   12,827       12,440  
    Noninterest Expense              
      Salaries and employee benefits   28,309       29,558  
      Net occupancy and equipment expense   4,463       4,231  
      Software and data processing fees   4,731       4,462  
      Professional fees   2,556       1,021  
      Marketing expense   1,054       1,199  
      State financial institution tax   1,204       1,039  
      FDIC insurance premiums   961       1,166  
      Other   4,250       4,376  
      Total noninterest expense   47,528       47,052  
    Income before Income Tax   24,888       23,822  
    Provision for Income Taxes   4,623       4,306  
    Net Income $ 20,265     $ 19,516  
    Basic Earnings Per Share $ 10.04     $ 9.69  
    Diluted Earnings Per Share $ 9.75     $ 9.62  
                     
    Heartland BancCorp
    ADDITIONAL FINANCIAL INFORMATION
    (Dollars in thousands except per share amounts)(Unaudited)
                         
    Asset Quality Ratios and Data:    
        Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023
    Nonaccrual loans (excluding restructured loans)   $ 4,872     $ 1,881     $ 1,569     $ 1,817     $ 1,621  
    Nonaccrual restructured loans     –       –       –       –       –  
    Loans past due 90 days and still accruing     3,559       5       513       149       468  
    Total non-performing loans     8,431       1,886       2,082       1,966       2,089  
                         
    OREO and other non-performing assets     –       30       –       –       10  
    Total non-performing assets   $ 8,431     $ 1,916     $ 2,082     $ 1,966     $ 2,099  
                         
    Nonperforming loans to gross loans     0.54 %     0.12 %     0.13 %     0.13 %     0.13 %
    Nonperforming assets to total assets     0.43 %     0.10 %     0.11 %     0.10 %     0.11 %
    Allowance for credit losses to gross loans     1.15 %     1.15 %     1.15 %     1.17 %     1.16 %
    Unfunded commitment liability to gross loans     0.07 %     0.08 %     0.08 %     0.10 %     0.09 %
    ACL + UCL to gross loans     1.22 %     1.23 %     1.23 %     1.27 %     1.25 %
                         
    Contact: G. Scott McComb, Chairman, President & CEO
      Heartland BancCorp 614-337-4600

    The MIL Network –

    January 29, 2025

  • MIL-OSI: First Community Bankshares, Inc. Announces Fourth Quarter and Full Year 2024 Results, Quarterly Cash Dividend, and Special Dividend

    Source: GlobeNewswire (MIL-OSI)

    BLUEFIELD, Va., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended December 31, 2024. The Company reported net income of $13.04 million, or $0.71 per diluted common share, for the quarter ended December 31, 2024.  Net income for the twelve months ended December 31, 2024, was $51.60 million or $2.80 per diluted common share.   

    The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on February 14, 2025, and is expected to be paid on  February 28, 2025. This marks the 40th consecutive year of regular dividends to common shareholders.

    Additionally, the Board of Directors declared a special cash dividend to common shareholders of $2.07 per common share.

    The Company’s capital management plan and philosophy require the maintenance of a strong capital base from which to grow and serve its customers. As part of the capital plan, the Company intends to return current earnings not needed to fund growth in core operations or other uses back to shareholders through regular cash dividends and stock repurchases. To the extent current earnings exceed those capital uses, the Company may declare special dividends from time to time. The Company earned approximately $197.45 million in the last four years, from which it paid regular dividends of $79.68 million, and repurchased shares for $81.95 million.  Since July 1, 2013, the Company earned approximately $415.90 million, from which it paid regular dividends of $174.84 million, special dividends of $8.12 million, and repurchased 9.33 million shares for $232.08 million

    The Board of Directors determined that the Company will have sufficient surplus capital to support anticipated growth opportunities and other needs after payment of the special dividend totaling approximately $37.92 million. This special cash dividend is also payable on February 28, 2025, to shareholders of record February 14, 2025, and may not be indicative of special cash dividend activity in the future.

    Fourth Quarter 2024 Highlights

    Income Statement

    • Net income of $13.04 million for the fourth quarter of 2024, was a increase of $1.26 million, or 10.65%, from the same quarter of 2023.  Net income of $51.60 million for the year, was an increase of $3.58 million, or 7.46%, from the same period of 2023.
    • Net interest income decreased $730 thousand compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.
    • Net interest margin of 4.36% was a decrease of 6 basis points over the same quarter of 2023.  The yield on earning assets increased 11 basis points from the same period of 2023 and is primarily attributable to an increase in interest income of $422 thousand.  Interest income on interest-bearing deposits with banks increased $2.91 million and was primarily due to the increase in the average balance of $246.39 million offset by a decrease in yield of 75 basis points.  This increase in interest income was offset by decreases in interest income for loans and securities available-for-sale of $2.04 million and $450 thousand, respectively.  The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $159.86 million and $107.16 million offset by increases in yield of 2 basis points and 72 basis points, respectively.  Interest expense on interest-bearing liabilities increased $1.16 million and is primarily attributable to yield.  The yield on interest-bearing liabilities increased 26 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities.
    • Noninterest income decreased approximately $125 thousand, or 1.19%, when compared to the same quarter of 2023.  Noninterest expense decreased $2.67 million, or 9.98% when compared to the same period of 2023.  The decrease is primarily attributable to litigation expense of $3.00 million recorded in the fourth quarter of 2023.
    • Annualized return on average assets (“ROA”) was 1.60% for both the fourth quarter and for the twelve months of 2024 compared to 1.43% and 1.48% for the same periods, respectively, of 2023. Annualized return on average common equity (“ROE”) was 9.89% for the fourth quarter of 2024 and 10.03% for the year compared to 9.39% and 10.02% for the same periods, respectively, of 2023.  Annualized return on average tangible common equity (“ROTCE”) was 14.12% for the fourth quarter of 2024 and 14.48% for the year compared to 13.82% and 14.65% for the same periods, respectively, of 2023.

    Balance Sheet and Asset Quality

    • Consolidated assets totaled $3.26 billion at December 31, 2024.
    • Loans decreased $156.21 million, or 6.07%, from December 31, 2023.  Securities available for sale decreased $111.12 million, or 39.55%, from December 31, 2023.  Deposits decreased $31.08 million, or 1.14%.  The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $261.03 million, or 224.22%.
    • The Company did not repurchase any common shares during the fourth quarter of 2024.  The Company repurchased 257,294 common shares during 2024 at a total cost of $8.72 million.
    • Non-performing loans to total loans increased to 0.83% when compared with the same quarter of 2023.  The Company experienced net charge-offs for the fourth quarter of 2024 of $1.48 million, or 0.24% of annualized average loans, compared to net charge-offs of $883 thousand, or 0.14%, of annualized average loans for the same period in 2023.
    • The allowance for credit losses to total loans was 1.44% at December 31, 2024, compared to 1.41% at December 31, 2023.
    • Book value per share at December 31, 2024, was $ 28.73, an increase of $1.53 from year-end 2023.

    Non-GAAP Financial Measures

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%.  Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release.  While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

    About First Community Bankshares, Inc.

    First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2024. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62 billion in combined assets as of December 31, 2024. The Company reported consolidated assets of $3.26 billion as of December 31, 2024. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

    This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

     
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands, except share and per share data)   2024     2024     2024     2024     2023     2024     2023  
    Interest income                                                        
    Interest and fees on loans   $ 31,637     $ 32,120     $ 32,696     $ 33,418     $ 33,676     $ 129,871     $ 126,727  
    Interest on securities     1,447       1,070       1,211       1,698       1,888       5,426       7,956  
    Interest on deposits in banks     3,348       3,702       2,882       913       438       10,845       2,482  
    Total interest income     36,432       36,892       36,789       36,029       36,002       146,142       137,165  
    Interest expense                                                        
    Interest on deposits     5,099       5,298       4,877       4,365       3,935       19,639       9,341  
    Interest on borrowings     –       –       –       35       4       35       140  
    Total interest expense     5,099       5,298       4,877       4,400       3,939       19,674       9,481  
    Net interest income     31,333       31,594       31,912       31,629       32,063       126,468       127,684  
    Provision for credit losses     1,082       1,360       144       1,011       1,029       3,597       7,985  
    Net interest income after provision     30,251       30,234       31,768       30,618       31,034       122,871       119,699  
    Noninterest income     10,337       10,452       9,342       9,259       10,462       39,390       37,452  
    Noninterest expense     24,107       24,177       24,897       23,386       26,780       96,567       95,177  
    Income before income taxes     16,481       16,509       16,213       16,491       14,716       65,694       61,974  
    Income tax expense     3,441       3,476       3,527       3,646       2,932       14,090       13,954  
    Net income   $ 13,040     $ 13,033     $ 12,686     $ 12,845     $ 11,784     $ 51,604     $ 48,020  
                                                             
                                                             
    Earnings per common share                                                        
    Basic   $ 0.71     $ 0.71     $ 0.69     $ 0.70     $ 0.64     $ 2.81     $ 2.67  
    Diluted   $ 0.71     $ 0.71     $ 0.71     $ 0.71     $ 0.66     $ 2.80     $ 2.72  
    Cash dividends per common share                                                        
    Regular     0.31       0.31       0.29       0.29       0.29       1.20       1.16  
    Weighted average shares outstanding                                                        
    Basic     18,299,612       18,279,612       18,343,958       18,476,128       18,530,114       18,349,498       17,996,373  
    Diluted     18,418,441       18,371,907       18,409,876       18,545,910       18,575,226       18,430,206       18,027,151  
    Performance ratios                                                        
    Return on average assets     1.60 %     1.60 %     1.58 %     1.60 %     1.43 %     1.60 %     1.48 %
    Return on average common equity     9.89 %     10.04 %     10.02 %     10.18 %     9.39 %     10.03 %     10.02 %
    Return on average tangible common equity(1)     14.12 %     14.46 %     14.54 %     14.82 %     13.82 %     14.48 %     14.65 %

    _____________

    (1)   A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.
         
     
    CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands)   2024     2024     2024     2024     2023     2024     2023  
    Noninterest income                                                        
    Wealth management   $ 1,251     $ 1,071     $ 1,064     $ 1,099     $ 1,052     $ 4,485     $ 4,179  
    Service charges on deposits     3,613       3,661       3,428       3,310       3,637       14,012       13,996  
    Other service charges and fees     3,575       3,697       3,670       3,450       3,541       14,392       13,647  
    (Loss) gain on sale of securities     –       –       –       –       –       –       (21 )
    Other operating income     1,898       2,023       1,180       1,400       2,232       6,501       5,651  
    Total noninterest income   $ 10,337     $ 10,452     $ 9,342     $ 9,259     $ 10,462     $ 39,390     $ 37,452  
    Noninterest expense                                                        
    Salaries and employee benefits   $ 13,501     $ 13,129     $ 12,491     $ 12,581     $ 12,933     $ 51,702     $ 49,887  
    Occupancy expense     1,329       1,270       1,309       1,378       1,252       5,286       4,967  
    Furniture and equipment expense     1,562       1,574       1,687       1,545       1,489       6,368       5,878  
    Service fees     2,305       2,461       2,427       2,449       2,255       9,642       8,908  
    Advertising and public relations     1,165       967       933       796       843       3,861       3,300  
    Professional fees     295       221       330       372       787       1,218       1,567  
    Amortization of intangibles     535       536       530       530       536       2,131       1,731  
    FDIC premiums and assessments     365       365       364       369       376       1,463       1,511  
    Merger expense     –       –       –       –       –       –       2,393  
    Litigation expense     –       –       1,800       –       3,000       1,800       3,000  
    Other operating expense     3,050       3,654       3,026       3,366       3,309       13,096       12,035  
    Total noninterest expense   $ 24,107     $ 24,177     $ 24,897     $ 23,386     $ 26,780     $ 96,567     $ 95,177  
                                                             
     
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands, except per share data)   2024     2024     2024     2024     2023     2024     2023  
    Adjusted Net Income for diluted earnings per share   $ 13,040     $ 13,033     $ 12,686     $ 12,845     $ 12,314     $ 51,604     $ 49,120  
    Non-GAAP adjustments:                                                        
    Loss (gain) on sale of securities     –       –       –       –       –       –       21  
    Merger expense     –       –       –       –       –       –       2,393  
    Day 2 provision for allowance for credit losses – Surrey     –       –       –       –       –       –       1,614  
    Litigation expense     –       –       1,800       –       3,000       1,800       3,000  
    Other items(1)     –       (825 )     –       –       –       (825 )     (204 )
    Total adjustments     –       (825 )     1,800       –       3,000       975       6,824  
    Tax effect     –       (198 )     432       –       720       234       1,203  
    Adjusted earnings, non-GAAP   $ 13,040     $ 12,406     $ 14,054     $ 12,845     $ 14,594     $ 52,345     $ 54,741  
                                                             
    Adjusted diluted earnings per common share, non-GAAP   $ 0.71     $ 0.68     $ 0.76     $ 0.69     $ 0.79     $ 2.84     $ 3.04  
    Performance ratios, non-GAAP                                                        
    Adjusted return on average assets     1.60 %     1.53 %     1.75 %     1.60 %     1.77 %     1.62 %     1.68 %
    Adjusted return on average common equity     9.89 %     9.56 %     11.10 %     10.18 %     11.63 %     10.18 %     11.43 %
    Adjusted return on average tangible common equity (2)     14.12 %     13.77 %     16.11 %     14.82 %     17.11 %     14.69 %     16.70 %

    _____________

    (1)   Includes other non-recurring income and expense items.
    (2)   A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.
         
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
           
        Three Months Ended December 31,  
        2024     2023  
        Average             Average Yield/     Average             Average Yield/  
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,421,668     $ 31,717       5.21 %   $ 2,581,528     $ 33,758       5.19 %
    Securities available for sale     167,357       1,474       3.50 %     274,513       1,924       2.78 %
    Interest-bearing deposits     277,678       3,351       4.80 %     31,293       438       5.55 %
    Total earning assets     2,866,703       36,542       5.07 %     2,887,334       36,120       4.96 %
    Other assets     379,566                       379,960                  
    Total assets   $ 3,246,269                     $ 3,267,294                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 663,033     $ 226       0.14 %   $ 697,555     $ 180       0.10 %
    Savings deposits     886,886       3,476       1.56 %     838,455       3,050       1.44 %
    Time deposits     242,899       1,396       2.29 %     254,668       705       1.10 %
    Total interest-bearing deposits     1,792,818       5,098       1.13 %     1,790,678       3,935       0.87 %
    Borrowings                                                
    Federal funds purchased     –       –       –       293       4       5.35 %
    Retail repurchase agreements     995       1       0.05 %     1,090       –       0.05 %
    Total borrowings     995       1       0.05 %     1,383       4       0.87 %
    Total interest-bearing liabilities     1,793,813       5,099       1.13 %     1,792,061       3,939       0.87 %
    Noninterest-bearing demand deposits     881,767                       931,681                  
    Other liabilities     46,142                       45,819                  
    Total liabilities     2,721,722                       2,769,561                  
    Stockholders’ equity     524,547                       497,733                  
    Total liabilities and stockholders’ equity   $ 3,246,269                     $ 3,267,294                  
    Net interest income, FTE(1)           $ 31,443                     $ 32,181          
    Net interest rate spread                     3.94 %                     4.09 %
    Net interest margin, FTE(1)                     4.36 %                     4.42 %

    _____________

    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $863 thousand and $792 thousand for the three months ended December 31, 2024 and 2023, respectively.
         
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
           
        Year Ended December 31,  
        2024     2023  
        Average             Average Yield/     Average             Average Yield/  
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,481,215     $ 130,196       5.25 %   $ 2,538,361     $ 127,019       5.00 %
    Securities available for sale     171,081       5,547       3.24 %     298,389       8,115       2.72 %
    Interest-bearing deposits     206,629       10,850       5.25 %     46,601       2,485       5.33 %
    Total earning assets     2,858,925       146,593       5.13 %     2,883,351       137,619       4.77 %
    Other assets     374,398                       369,700                  
    Total assets   $ 3,233,323                     $ 3,253,051                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 662,584     $ 796       0.12 %   $ 686,534     $ 405       0.06 %
    Savings deposits     878,584       14,206       1.62 %     847,397       6,781       0.80 %
    Time deposits     246,035       4,636       1.88 %     267,957       2,155       0.80 %
    Total interest-bearing deposits     1,787,203       19,638       1.10 %     1,801,888       9,341       0.52 %
    Borrowings                                                
    Federal funds purchased     628       35       5.53 %     2,715       139       5.12 %
    Retail repurchase agreements     1,045       1       0.05 %     1,528       1       0.06 %
    Total borrowings     1,673       36       2.15 %     4,243       140       3.30 %
    Total interest-bearing liabilities     1,788,876       19,674       1.10 %     1,806,131       9,481       0.52 %
    Noninterest-bearing demand deposits     882,700                       926,378                  
    Other liabilities     47,362                       41,477                  
    Total liabilities     2,718,938                       2,773,986                  
    Stockholders’ equity     514,385                       479,065                  
    Total liabilities and stockholders’ equity   $ 3,233,323                     $ 3,253,051                  
    Net interest income, FTE(1)           $ 126,919                     $ 128,138          
    Net interest rate spread                     4.03 %                     4.25 %
    Net interest margin, FTE(1)                     4.44 %                     4.44 %

    _____________

    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $2.90 million and $2.74 million for the twelve months ended December 31, 2024 and 2023, respectively.
         
     
    CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
                                   
        December 31,     September 30,     June 30,     March 31,     December 31,  
    (Amounts in thousands, except per share data)   2024     2024     2024     2024     2023  
    Assets                                        
    Cash and cash equivalents   $ 377,454     $ 315,338     $ 329,877     $ 248,905     $ 116,420  
    Debt securities available for sale, at fair value     169,849       166,669       129,686       166,247       280,961  
    Loans held for investment, net of unearned income     2,416,089       2,444,113       2,473,268       2,519,833       2,572,298  
    Allowance for credit losses     (34,825 )     (35,118 )     (34,885 )     (35,461 )     (36,189 )
    Loans held for investment, net     2,381,264       2,408,995       2,438,383       2,484,372       2,536,109  
    Premises and equipment, net     48,735       49,654       50,528       51,333       50,680  
    Other real estate owned     521       346       100       374       192  
    Interest receivable     9,207       9,883       9,984       10,719       10,881  
    Goodwill     143,946       143,946       143,946       143,946       143,946  
    Other intangible assets     13,014       13,550       14,085       14,615       15,145  
    Other assets     117,226       115,980       116,230       115,470       114,211  
    Total assets   $ 3,261,216     $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545  
                                             
    Liabilities                                        
    Deposits                                        
    Noninterest-bearing   $ 883,499     $ 869,723     $ 889,462     $ 902,396     $ 931,920  
    Interest-bearing     1,807,748       1,789,530       1,787,810       1,779,819       1,790,405  
    Total deposits     2,691,247       2,659,253       2,677,272       2,682,215       2,722,325  
    Securities sold under agreements to repurchase     906       954       894       1,006       1,119  
    Interest, taxes, and other liabilities     42,671       43,460       45,769       45,816       41,807  
    Total liabilities     2,734,824       2,703,667       2,723,935       2,729,037       2,765,251  
                                             
    Stockholders’ equity                                        
    Common stock     18,322       18,291       18,270       18,413       18,502  
    Additional paid-in capital     169,752       168,691       168,272       173,041       175,841  
    Retained earnings     349,489       342,121       334,756       327,389       319,902  
    Accumulated other comprehensive loss     (11,171 )     (8,409 )     (12,414 )     (11,899 )     (10,951 )
    Total stockholders’ equity     526,392       520,694       508,884       506,944       503,294  
    Total liabilities and stockholders’ equity   $ 3,261,216     $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545  
                                             
    Shares outstanding at period-end     18,321,795       18,290,938       18,270,273       18,413,088       18,502,396  
    Book value per common share   $ 28.73     $ 28.47     $ 27.85     $ 27.53     $ 27.20  
    Tangible book value per common share(1)     20.16       19.86       19.20       18.92       18.60  

    _____________

    (1 )   A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.
         
     
    SELECTED CREDIT QUALITY INFORMATION (Unaudited)
                                   
        December 31,     September 30,     June 30,     March 31,     December 31,  
    (Amounts in thousands)   2024     2024     2024     2024     2023  
    Allowance for Credit Losses                                        
    Balance at beginning of period:                                        
    Allowance for credit losses – loans   $ 35,118     $ 34,885     $ 35,461     $ 36,189     $ 36,031  
    Allowance for credit losses – loan commitments     441       441       746       746       758  
    Total allowance for credit losses beginning of period     35,559       35,326       36,207       36,935       36,789  
    Provision for credit losses:                                        
    Provision for credit losses – loans     1,182       1,360       449       1,011       1,041  
    (Recovery of) provision for credit losses – loan commitments     (100 )     –       (305 )     –       (12 )
    Total provision for credit losses – loans and loan commitments     1,082       1,360       144       1,011       1,029  
    Charge-offs     (2,005 )     (1,799 )     (1,599 )     (2,448 )     (2,105 )
    Recoveries     530       672       574       709       1,222  
    Net (charge-offs) recoveries     (1,475 )     (1,127 )     (1,025 )     (1,739 )     (883 )
    Balance at end of period:                                        
    Allowance for credit losses – loans     34,825       35,118       34,885       35,461       36,189  
    Allowance for credit losses – loan commitments     341       441       441       746       746  
    Ending balance   $ 35,166     $ 35,559     $ 35,326     $ 36,207     $ 36,935  
                                             
    Nonperforming Assets                                        
    Nonaccrual loans   $ 19,869     $ 19,754     $ 19,815     $ 19,617     $ 19,356  
    Accruing loans past due 90 days or more     149       176       19       30       104  
    Modified loans past due 90 days or more     135       –       –       –       –  
    Total nonperforming loans     20,153       19,930       19,834       19,647       19,460  
    OREO     521       346       100       374       192  
    Total nonperforming assets   $ 20,674     $ 20,276     $ 19,934     $ 20,021     $ 19,652  
                                             
                                             
    Additional Information                                        
    Total modified loans   $ 2,260     $ 2,320     $ 2,290     $ 2,177     $ 1,873  
                                             
    Asset Quality Ratios                                        
    Nonperforming loans to total loans     0.83 %     0.82 %     0.80 %     0.78 %     0.76 %
    Nonperforming assets to total assets     0.63 %     0.63 %     0.62 %     0.62 %     0.60 %
    Allowance for credit losses to nonperforming loans     172.80 %     176.21 %     175.88 %     180.49 %     185.97 %
    Allowance for credit losses to total loans     1.44 %     1.44 %     1.41 %     1.41 %     1.41 %
    Annualized net charge-offs (recoveries) to average loans     0.24 %     0.18 %     0.16 %     0.27 %     0.14 %
                                             

    FOR MORE INFORMATION, CONTACT:
    David D. Brown
    (276) 326-9000

    The MIL Network –

    January 29, 2025

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 third quarter ended December 28, 2024.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 third quarter was $916.3 million, gross margin was 42.7%, operating income was $53.0 million, and diluted earnings per share was $0.43. On a non-GAAP basis, gross margin was 46.5%, operating income was $177.9 million, and diluted earnings per share was $1.61.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo is executing on a broad set of strategic initiatives to expand margin, generate strong free cash flow, and increase shareholder value. During the December quarter, we continued to successfully support our largest customer, who represented approximately 50% of sales. Within our Android 5G product portfolio, we are narrowing our focus to the higher-value flagship and premium tiers, where customers value Qorvo’s differentiated products. In HPA, we had record Defense & Aerospace quarterly revenue and expect continued strength in the March quarter. As we continue to execute on our growth and diversification strategy, we expect HPA and CSG to deliver double-digit growth in fiscal 2025 and next fiscal year.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the midpoint of our December quarter non-GAAP guidance in revenue, gross margin, and EPS. During the quarter, we took proactive steps to change how we support our Android business. These actions will reduce operating expense and are expected to benefit gross margin in our fiscal 2026. Subsequent to the quarter, we divested our silicon carbide business. These actions, in aggregate, are expected to support a high-40%’s gross margin in seasonally strong quarters of fiscal 2026 and additional gross margin improvement in fiscal 2027.”

    Qorvo’s current outlook for the March 2025 quarter is:

    • Quarterly revenue of approximately $850 million, plus or minus $25 million1
    • Non-GAAP gross margin between 43% and 44%
    • Non-GAAP diluted earnings per share between $0.90 and $1.10

    1 Includes immaterial silicon carbide revenue, versus silicon carbide revenue of approximately $9 million in the December 2024 quarter

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 391.4     $ 445.3     $ 387.9     $ (53.9 )   $ 3.5  
    Gross margin   42.7 %     42.6 %     36.1 %   0.1 ppt   6.6 ppt
    Operating expenses $ 338.4     $ 435.6     $ 429.4     $ (97.2 )   $ (91.0 )
    Operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   $ 43.3     $ 94.6  
    Net income (loss) $ 41.3     $ (17.4 )   $ (126.9 )   $ 58.7     $ 168.2  
    Weighted-average diluted shares   95.0       94.9       97.2       0.1       (2.2 )
    Diluted EPS (loss per share) $ 0.43     $ (0.18 )   $ (1.31 )   $ 0.61     $ 1.74  
                           
                           
    SELECTED NON-GAAP RESULTS(1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 426.3     $ 492.0     $ 470.5     $ (65.7 )   $ (44.2 )
    Gross margin   46.5 %     47.0 %     43.8 %   (0.5) ppt   2.7 ppt
    Operating expenses $ 248.4     $ 279.8     $ 234.0     $ (31.4 )   $ 14.4  
    Operating income $ 177.9     $ 212.2     $ 236.5     $ (34.3 )   $ (58.6 )
    Net income $ 152.8     $ 179.8     $ 205.9     $ (27.0 )   $ (53.1 )
    Weighted-average diluted shares   95.0       95.8       97.8       (0.8 )     (2.8 )
    Diluted EPS $ 1.61     $ 1.88     $ 2.10     $ (0.27 )   $ (0.49 )

    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.

    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue                  
    HPA $ 171.7     $ 148.3     $ 118.9     15.8 %   44.4 %
    CSG   109.5       146.8       108.9     (25.4 )%   0.6 %
    ACG   635.1       751.4       846.1     (15.5 )%   (24.9 )%
    Total revenue $ 916.3     $ 1,046.5     $ 1,073.9     (12.4 )%   (14.7 )%
    Operating income (loss)                  
    HPA $ 32.6     $ 13.1     $ 1.6     148.9 %   1,937.5 %
    CSG   (11.7 )     (9.0 )     (25.6 )   (30.0 )%   54.3 %
    ACG   161.2       215.1       263.8     (25.1 )%   (38.9 )%
    All other(1)   (129.1 )     (209.5 )     (281.4 )   38.4 %   54.1 %
    Total operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   446.4 %   227.4 %
    Operating income (loss) as a % of revenue                      
    HPA   19.0 %     8.8 %     1.3 %   10.2 ppt   17.7 ppt
    CSG   (10.7 )     (6.1 )     (23.5 )   (4.6) ppt   12.8 ppt
    ACG   25.4       28.6       31.2     (3.2) ppt   (5.8) ppt
    Total operating income (loss) as a % of revenue   5.8 %     0.9 %   (3.9 )%   4.9 ppt   9.7 ppt

    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.

    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. Included in the net adjustments to our cost of goods sold for the third quarter of fiscal 2024 is a contract termination fee which we paid during the fourth quarter of fiscal 2024. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. Return on invested capital (ROIC) is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 8143934. The playback will be available through the close of business February 4, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Revenue $ 916,317     $ 1,073,861     $ 2,849,497     $ 2,828,518  
                   
    Costs and expenses:              
    Cost of goods sold   524,901       685,983       1,680,471       1,721,880  
    Research and development   179,126       164,329       567,778       502,366  
    Selling, general and administrative   90,360       86,914       313,043       296,033  
    Other operating expense   68,905       178,204       220,899       246,516  
    Total costs and expenses   863,292       1,115,430       2,782,191       2,766,795  
                   
    Operating income (loss)   53,025       (41,569 )     67,306       61,723  
    Interest expense   (18,655 )     (17,581 )     (58,343 )     (51,963 )
    Other income, net   14,526       15,359       41,713       34,286  
                   
    Income (loss) before income taxes   48,896       (43,791 )     50,676       44,046  
    Income tax expense   (7,625 )     (83,147 )     (26,426 )     (117,103 )
    Net income (loss) $ 41,271     $ (126,938 )   $ 24,250     $ (73,057 )
                   
    Net income (loss) per share:              
    Basic $ 0.44     $ (1.31 )   $ 0.26     $ (0.75 )
    Diluted $ 0.43     $ (1.31 )   $ 0.25     $ (0.75 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic   94,341       97,152       94,942       97,905  
    Diluted   95,031       97,152       95,808       97,905  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
               
    GAAP operating income (loss) $ 53,025     $ 9,675     $ (41,569 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment   —       96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   2,216       1,926       (7,333 )
    Non-GAAP operating income $ 177,911     $ 212,214     $ 236,522  
               
    GAAP net income (loss) $ 41,271     $ (17,435 )   $ (126,938 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment   —       96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   600       (506 )     (12,252 )
    (Gain) loss on investments   (1,721 )     780       464  
    Adjustment of income taxes   (10,067 )     (3,611 )     59,161  
    Non-GAAP net income $ 152,753     $ 179,841     $ 205,859  
               
    GAAP weighted-average outstanding diluted shares   95,031       94,886       97,152  
    Dilutive stock-based awards   —       867       666  
    Non-GAAP weighted-average outstanding diluted shares   95,031       95,753       97,818  
               
    Non-GAAP net income per share, diluted $ 1.61     $ 1.88     $ 2.10  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) December 28, 2024   September 28, 2024   December 30, 2023
    GAAP gross profit/margin $ 391,416   42.7 %   $ 445,306   42.6 %   $ 387,878   36.1 %
    Stock-based compensation expense   5,742   0.6       6,047   0.6       5,575   0.5  
    Amortization of intangible assets   23,462   2.6       25,523   2.4       25,457   2.4  
    Restructuring-related charges   6,931   0.7       15,414   1.4       (250 ) —  
    Acquisition and integration-related costs   1   —       636   0.1       1   —  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 ) (0.1 )     (885 ) (0.1 )     51,864   4.8  
    Non-GAAP gross profit/margin $ 426,299   46.5 %   $ 492,041   47.0 %   $ 470,525   43.8 %
     
      Three Months Ended
    Non-GAAP Operating Income December 28, 2024
    (as a percentage of revenue)  
       
    GAAP operating income 5.8 %
    Stock-based compensation expense 3.1  
    Amortization of intangible assets 2.8  
    Restructuring-related charges 7.4  
    Acquisition and integration-related costs 0.2  
    Net adjustments related to a terminated capacity reservation agreement (0.1 )
    Other expense 0.2  
    Non-GAAP operating income 19.4 %
      Three Months Ended
    Free Cash Flow(1) December 28, 2024
    (in millions)  
       
    Net cash provided by operating activities $ 214.1  
    Purchases of property and equipment   (37.8 )
    Free cash flow $ 176.3  

    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.

    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP research and development expense $ 179,126   $ 201,050   $ 164,329  
    Less:          
    Stock-based compensation expense   13,650     13,468     11,830  
    Acquisition and integration-related costs   1     2     2  
    Non-GAAP research and development expense $ 165,475   $ 187,580   $ 152,497  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP selling, general and administrative expense $ 90,360   $ 107,760   $ 86,914  
    Less:          
    Stock-based compensation expense   8,985     18,488     4,336  
    Amortization of intangible assets   2,623     3,959     4,330  
    Acquisition and integration-related costs   —     1     —  
    Non-GAAP selling, general and administrative expense $ 78,752   $ 85,312   $ 78,248  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP other operating expense $ 68,905   $ 126,821   $ 178,204  
    Less:          
    Stock-based compensation expense   7     178     14  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,380     572     2,526  
    Goodwill impairment   —     96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP other operating expense $ 4,161   $ 6,935   $ 3,258  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP total operating expense $ 338,391   $ 435,631   $ 429,447  
    Less:          
    Stock-based compensation expense   22,642     32,134     16,180  
    Amortization of intangible assets   2,623     3,959     4,330  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,381     575     2,528  
    Goodwill impairment   —     96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP total operating expense $ 248,388   $ 279,827   $ 234,003  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      December 28, 2024   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 769,432   $ 1,029,258
    Accounts receivable, net   427,863     412,960
    Inventories   656,216     710,555
    Other current assets   126,917     133,983
    Assets of disposal group held for sale   116,435     159,278
    Total current assets   2,096,863     2,446,034
           
    Property and equipment, net   820,874     870,982
    Goodwill   2,437,234     2,534,601
    Intangible assets, net   332,338     509,383
    Long-term investments   25,692     23,252
    Other non-current assets   250,095     170,383
    Total assets $ 5,963,096   $ 6,554,635
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $ 551,676   $ 589,760
    Current portion of long-term debt   —     438,740
    Other current liabilities   227,110     113,215
    Liabilities of disposal group held for sale   29,075     88,372
    Total current liabilities   807,861     1,230,087
           
    Long-term debt   1,549,230     1,549,272
    Other long-term liabilities   225,572     218,904
    Total liabilities   2,582,663     2,998,263
           
    Stockholders’ equity   3,380,433     3,556,372
    Total liabilities and stockholders’ equity $ 5,963,096   $ 6,554,635
     

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network –

    January 29, 2025

  • MIL-OSI: Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    WAUWATOSA, Wis., Jan. 28, 2025 (GLOBE NEWSWIRE) — Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $5.2 million, or $0.28 per diluted share, for the quarter ended December 31, 2024, compared to net loss of $40,000, or less than $0.01 per diluted share, for the quarter ended December 31, 2023. Net income per diluted share was $1.01 for the year ended December 31, 2024, compared to net income per diluted share of $0.46 for the year ended December 31, 2023.

    “We are pleased with the company’s performance compared to the prior year and looking to build off of the positives from 2024,” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc. “We achieved loan growth, achieved core deposit growth (excluding brokered certificates of deposit), and continued to maintain strong asset quality metrics. The interest rate environment created challenges for both the Community Banking and Mortgage Banking segments even with the 100 bps cut in the Federal Funds rate during the second half of the year. The Mortgage Banking segment remained profitable due in large part to our continued focus on cost control as funding volumes are still facing headwinds from the higher fixed-rate mortgage rates. Waterstone Financial, Inc. remained active in share repurchases and continued to pay out dividends, as we are committed to shareholder returns.” 

    Highlights of the Quarter Ended December 31, 2024

    Waterstone Financial, Inc. (Consolidated)

    • Consolidated net income of Waterstone Financial, Inc. totaled $5.2 million for the quarter ended December 31, 2024, compared to a net loss of $40,000 for the quarter ended December 31, 2023.
    • Consolidated return on average assets was 0.94% for the quarter ended December 31, 2024, compared to (0.01)% for the quarter ended December 31, 2023.
    • Consolidated return on average equity was 6.05% for the quarter ended December 31, 2024, and (0.05)% for the quarter ended December 31, 2023.
    • Dividends declared during the quarter ended December 31, 2024, totaled $0.15 per common share.
    • During the quarter ended December 31, 2024, we repurchased approximately 194,000 shares at a cost (including the federal excise tax) of $2.8 million, or $14.43 per share.
    • Nonperforming assets as a percentage of total assets was 0.28% at December 31, 2024, 0.25% at September 30, 2024, and 0.23% at December 31, 2023.
    • Past due loans as a percentage of total loans was 0.95% at December 31, 2024, 0.63% at September 30, 2024, and 0.68% at December 31, 2023. 
    • Book value per share was $17.53 at December 31, 2024, and $16.94 at December 31, 2023. 

    Community Banking Segment

    • Pre-tax income totaled $6.7 million for the quarter ended December 31, 2024, which represents a $1.4 million, or 26.0%, increase compared to $5.3 million for the quarter ended December 31, 2023.
    • Net interest income totaled $12.9 million for the quarter ended December 31, 2024, which represents a $830,000, or 6.9%, increase compared to $12.1 million for the quarter ended December 31, 2023.
    • Average loans held for investment totaled $1.68 billion during the quarter ended December 31, 2024, which represents an increase of $21.5 million, or 1.3%, compared to $1.66 billion for the quarter ended December 31, 2023. The increase was primarily due to increases in the construction, commercial real estate, and multi-family mortgages. Average loans held for investment decreased $6.3 million compared to $1.69 billion for the quarter ended September 30, 2024. The decrease was primarily due to decreases in construction and one- to four-family mortgages.
    • Net interest margin increased 17 basis points to 2.42% for the quarter ended December 31, 2024 compared to 2.25% for the quarter ended December 31, 2023, which was primarily driven by an increase in weighted average yield on loans receivable and held for sale offset by a result of an increase in weighted average cost of deposits and borrowings as the federal funds rate increases resulted in increased funding rates. Net interest margin increased 29 basis points compared to 2.13% for the quarter ended September 30, 2024, primarily driven by an increase in weighted average yield on loans receivable and held for sale and a decrease in weighted average cost of borrowings. 
    • Past due loans at the community banking segment totaled $12.8 million at December 31, 2024, $8.0 million at September 30, 2024, and $7.9 million at December 31, 2023.
    • The segment had a provision for credit losses related to funded loans of $61,000 for the quarter ended December 31, 2024, compared to a negative provision for credit losses related to funded loans of $17,000 for the quarter ended December 31, 2023. The current quarter increase was primarily due to an increase in the qualitative factors primarily related to increases in economic risks related to commercial real estate loans during the quarter offset by a decrease in historical loss rates. The provision for credit losses related to unfunded loan commitments was $270,000 for the quarter ended December 31, 2024, compared to a negative provision for credit losses related to unfunded loan commitments of $533,000 for the quarter ended December 31, 2023. The provision for credit losses related to unfunded loan commitments for the quarter ended December 31, 2024, was due primarily to an increase of construction loans that are currently waiting to be funded compared to the prior quarter end.
    • The efficiency ratio, a non-GAAP ratio, was 51.54% for the quarter ended December 31, 2024, compared to 63.26% for the quarter ended December 31, 2023.
    • Average core deposits (excluding brokered and escrow accounts) totaled $1.27 billion during the quarter ended December 31, 2024, an increase of $65.8 million, or 5.4%, compared to $1.21 billion during the quarter ended December 31, 2023. Average deposits increased $28.8 million, or 9.2% annualized, compared to $1.25 billion for the quarter ended September 30, 2024. The increases were primarily due to an increase in certificates of deposit balances. The segment had $94.3 million in brokered certificate of deposits at December 31, 2024.

    Mortgage Banking Segment

    • Pre-tax loss totaled $625,000 for the quarter ended December 31, 2024, compared to a $6.0 million of pre-tax loss for the quarter ended December 31, 2023.
    • Loan originations increased $12.3 million, or 2.7%, to $470.7 million during the quarter ended December 31, 2024, compared to $458.4 million during the quarter ended December 31, 2023. Origination volume relative to purchase activity accounted for 82.1% of originations for the quarter ended December 31, 2024, compared to 95.7% of total originations for the quarter ended December 31, 2023.
    • Mortgage banking non-interest income increased $1.4 million, or 8.9%, to $17.5 million for the quarter ended December 31, 2024, compared to $16.0 million for the quarter ended December 31, 2023.
    • Gross margin on loans sold totaled 3.74% for the quarter ended December 31, 2024, compared to 3.51% for the quarter ended December 31, 2023.
    • Total compensation, payroll taxes and other employee benefits decreased $1.1 million, or 7.4%, to $13.8 million during the quarter ended December 31, 2024, compared to $14.9 million during the quarter ended December 31, 2023. The decrease primarily related to decreased salary expense, health insurance expense, and sign-on incentives driven by reduced employee headcount and fewer new branches added over the past year.

    About Waterstone Financial, Inc.

    Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

    Forward-Looking Statements

    This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.” Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements. Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

    Non-GAAP Financial Measures 

    Management uses non-GAAP financial information in its analysis of the Company’s performance. Management believes that this non-GAAP measure provides a greater understanding of ongoing operations and enhance comparability of results of operations with prior periods. The Company’s management believes that investors may use this non-GAAP measure to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in this measure and that different companies might calculate this measure differently.

    Contact: Mark R. Gerke
    Chief Financial Officer
    414-459-4012
    markgerke@wsbonline.com

    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        For The Three Months Ended
    December 31,    		     For The Twelve Months Ended
    December 31,    		  
        2024     2023     2024     2023  
        (In Thousands, except per share amounts)  
    Interest income:                                
    Loans   $ 26,391     $ 24,288     $ 103,066     $ 90,148  
    Mortgage-related securities     1,136       1,081       4,496       4,053  
    Debt securities, federal funds sold and short-term investments     1,525       1,325       5,606       5,007  
    Total interest income     29,052       26,694       113,168       99,208  
    Interest expense:                                
    Deposits     11,410       8,253       40,573       25,738  
    Borrowings     4,807       6,685       26,427       23,255  
    Total interest expense     16,217       14,938       67,000       48,993  
    Net interest income     12,835       11,756       46,168       50,215  
    Provision (credit) for credit losses     367       (435 )     (168 )     656  
    Net interest income after provision (credit) for loan losses     12,468       12,191       46,336       49,559  
    Noninterest income:                                
    Service charges on loans and deposits     626       328       2,060       1,819  
    Increase in cash surrender value of life insurance     407       337       1,969       1,710  
    Mortgage banking income     17,365       15,830       83,565       75,686  
    Other     607       381       1,708       1,970  
    Total noninterest income     19,005       16,876       89,302       81,185  
    Noninterest expenses:                                
    Compensation, payroll taxes, and other employee benefits     18,423       20,061       81,078       84,096  
    Occupancy, office furniture, and equipment     1,579       2,021       7,573       8,323  
    Advertising     727       1,030       3,554       3,779  
    Data processing     1,233       1,212       4,978       4,653  
    Communications     224       269       922       988  
    Professional fees     1,114       907       3,184       2,686  
    Real estate owned     12       1       26       4  
    Loan processing expense     486       756       3,090       3,428  
    Other     1,469       3,405       7,231       11,755  
    Total noninterest expenses     25,267       29,662       111,636       119,712  
    Income (loss) before income taxes (benefit)     6,206       (595 )     24,002       11,032  
    Income tax expense (benefit)     996       (555 )     5,314       1,657  
    Net income (loss)   $ 5,210     $ (40 )   $ 18,688     $ 9,375  
    Income (loss) per share:                                
    Basic   $ 0.28     $ (0.00 )   $ 1.01     $ 0.47  
    Diluted   $ 0.28     $ (0.00 )   $ 1.01     $ 0.46  
    Weighted average shares outstanding:                                
    Basic     18,335       19,380       18,556       20,158  
    Diluted     18,396       19,398       18,589       20,196  
     
    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
        December 31,     December 31,  
        2024     2023  
        (Unaudited)          
    Assets   (In Thousands, except per share amounts)  
    Cash   $ 35,182     $ 30,667  
    Federal funds sold     4,302       5,493  
    Interest-earning deposits in other financial institutions and other short term investments     277       261  
    Cash and cash equivalents     39,761       36,421  
    Securities available for sale (at fair value)     208,549       204,907  
    Loans held for sale (at fair value)     135,909       164,993  
    Loans receivable     1,680,576       1,664,215  
    Less: Allowance for credit losses (“ACL”) – loans     18,247       18,549  
    Loans receivable, net     1,662,329       1,645,666  
                     
    Office properties and equipment, net     19,389       19,995  
    Federal Home Loan Bank stock (at cost)     20,295       20,880  
    Cash surrender value of life insurance     74,612       67,859  
    Real estate owned, net     505       254  
    Prepaid expenses and other assets     48,259       52,414  
    Total assets   $ 2,209,608     $ 2,213,389  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities:                
    Demand deposits   $ 171,115     $ 187,107  
    Money market and savings deposits     283,243       273,233  
    Time deposits     905,539       730,284  
    Total deposits     1,359,897       1,190,624  
                     
    Borrowings     446,519       611,054  
    Advance payments by borrowers for taxes     5,630       6,607  
    Other liabilities     58,427       61,048  
    Total liabilities     1,870,473       1,869,333  
                     
    Shareholders’ equity:                
    Preferred stock     –       –  
    Common stock     193       203  
    Additional paid-in capital     91,214       103,908  
    Retained earnings     277,196       269,606  
    Unearned ESOP shares     (10,682 )     (11,869 )
    Accumulated other comprehensive loss, net of taxes     (18,786 )     (17,792 )
    Total shareholders’ equity     339,135       344,056  
    Total liabilities and shareholders’ equity   $ 2,209,608     $ 2,213,389  
                     
    Share Information                
    Shares outstanding     19,343       20,315  
    Book value per share   $ 17.53     $ 16.94  
     
    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    SUMMARY OF KEY QUARTERLY FINANCIAL DATA
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
        (Dollars in Thousands, except per share amounts)  
    Condensed Results of Operations:                                        
    Net interest income   $ 12,835     $ 11,517     $ 10,679     $ 11,137     $ 11,756  
    Provision (credit) for credit losses     367       (377 )     (225 )     67       (435 )
    Total noninterest income     19,005       22,552       26,497       21,248       16,876  
    Total noninterest expense     25,267       28,560       30,259       27,550       29,662  
    Income (loss) before income taxes (benefit)     6,206       5,886       7,142       4,768       (595 )
    Income tax expense (benefit)     996       1,158       1,430       1,730       (555 )
    Net income (loss)   $ 5,210     $ 4,728     $ 5,712     $ 3,038     $ (40 )
    Income (loss) per share – basic   $ 0.28     $ 0.26     $ 0.31     $ 0.16     $ (0.00 )
    Income (loss) per share – diluted   $ 0.28     $ 0.26     $ 0.31     $ 0.16     $ (0.00 )
    Dividends declared per common share   $ 0.15     $ 0.15     $ 0.15     $ 0.15     $ 0.15  
                                             
    Performance Ratios (annualized):                                        
    Return on average assets – QTD     0.94 %     0.83 %     1.02 %     0.56 %     -0.01 %
    Return on average equity – QTD     6.05 %     5.55 %     6.84 %     3.56 %     -0.05 %
    Net interest margin – QTD     2.42 %     2.13 %     2.01 %     2.15 %     2.25 %
                                             
    Return on average assets – YTD     0.84 %     0.81 %     0.79 %     0.56 %     0.44 %
    Return on average equity – YTD     5.48 %     5.30 %     5.17 %     3.56 %     2.62 %
    Net interest margin – YTD     2.17 %     2.09 %     2.08 %     2.15 %     2.46 %
                                             
    Asset Quality Ratios:                                        
    Past due loans to total loans     0.95 %     0.63 %     0.76 %     0.64 %     0.68 %
    Nonaccrual loans to total loans     0.34 %     0.32 %     0.33 %     0.29 %     0.29 %
    Nonperforming assets to total assets     0.28 %     0.25 %     0.25 %     0.23 %     0.23 %
    Allowance for credit losses – loans to loans receivable     1.09 %     1.07 %     1.10 %     1.10 %     1.11 %
     
    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
    Average balances   (Dollars in Thousands)  
    Interest-earning assets                                        
    Loans receivable and held for sale   $ 1,819,574     $ 1,870,627     $ 1,859,608     $ 1,805,102     $ 1,797,988  
    Mortgage related securities     168,521       170,221       171,895       172,077       172,863  
    Debt securities, federal funds sold and short term investments     124,658       115,270       107,992       110,431       106,504  
    Total interest-earning assets     2,112,753       2,156,118       2,139,495       2,087,610       2,077,355  
    Noninterest-earning assets     100,627       104,600       104,019       103,815       105,073  
    Total assets   $ 2,213,380     $ 2,260,718     $ 2,243,514     $ 2,191,425     $ 2,182,428  
                                             
    Interest-bearing liabilities                                        
    Demand accounts   $ 92,247     $ 89,334     $ 91,300     $ 87,393     $ 91,868  
    Money market, savings, and escrow accounts     306,478       304,116       293,483       281,171       302,121  
    Certificates of deposit – retail     810,340       786,228       758,252       739,543       735,418  
    Certificates of deposit – brokered     59,254       –       –       –       –  
    Total interest-bearing deposits     1,268,319       1,179,678       1,143,035       1,108,107       1,129,407  
    Borrowings     464,964       600,570       622,771       602,724       549,210  
    Total interest-bearing liabilities     1,733,283       1,780,248       1,765,806       1,710,831       1,678,617  
    Noninterest-bearing demand deposits     87,889       91,532       93,637       92,129       102,261  
    Noninterest-bearing liabilities     49,645       49,787       48,315       45,484       56,859  
    Total liabilities     1,870,817       1,921,567       1,907,758       1,848,444       1,837,737  
    Equity     342,563       339,151       335,756       342,981       344,691  
    Total liabilities and equity   $ 2,213,380     $ 2,260,718     $ 2,243,514     $ 2,191,425     $ 2,182,428  
                                             
    Average Yield/Costs (annualized)                                        
    Loans receivable and held for sale     5.75 %     5.65 %     5.54 %     5.46 %     5.36 %
    Mortgage related securities     2.67 %     2.66 %     2.63 %     2.57 %     2.48 %
    Debt securities, federal funds sold and short term investments     4.85 %     5.05 %     4.82 %     4.82 %     4.94 %
    Total interest-earning assets     5.46 %     5.39 %     5.27 %     5.18 %     5.10 %
                                             
    Demand accounts     0.11 %     0.11 %     0.11 %     0.11 %     0.11 %
    Money market and savings accounts     2.00 %     1.94 %     1.89 %     1.79 %     1.64 %
    Certificates of deposit – retail     4.53 %     4.54 %     4.41 %     4.19 %     3.76 %
    Certificates of deposit – brokered     4.18 %     0.00 %     0.00 %     0.00 %     0.00 %
    Total interest-bearing deposits     3.58 %     3.53 %     3.42 %     3.26 %     2.90 %
    Borrowings     4.11 %     4.77 %     4.92 %     4.54 %     4.83 %
    Total interest-bearing liabilities     3.72 %     3.95 %     3.95 %     3.71 %     3.53 %
     
    COMMUNITY BANKING SEGMENT
    SUMMARY OF KEY QUARTERLY FINANCIAL DATA
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
        (Dollars in Thousands)  
    Condensed Results of Operations:                                        
    Net interest income   $ 12,886     $ 12,250     $ 11,234     $ 11,598     $ 12,056  
    Provision (credit) for credit losses     331       (302 )     (279 )     105       (550 )
    Total noninterest income     1,595       1,227       1,491       990       894  
    Noninterest expenses:                                        
    Compensation, payroll taxes, and other employee benefits     4,883       5,326       5,116       5,360       5,397  
    Occupancy, office furniture and equipment     825       904       983       1,000       916  
    Advertising     204       311       229       174       363  
    Data processing     691       720       687       693       626  
    Communications     89       80       72       65       75  
    Professional fees     196       190       177       208       186  
    Real estate owned     12       –       1       13       1  
    Loan processing expense     –       –       –       –       –  
    Other     563       602       672       691       628  
    Total noninterest expense     7,463       8,133       7,937       8,204       8,192  
    Income before income taxes     6,687       5,646       5,067       4,279       5,308  
    Income tax expense     1,399       941       718       1,639       1,234  
    Net income   $ 5,288     $ 4,705     $ 4,349     $ 2,640     $ 4,074  
                                             
    Efficiency ratio – QTD (non-GAAP)     51.54 %     60.35 %     62.37 %     65.17 %     63.26 %
    Efficiency ratio – YTD (non-GAAP)     59.58 %     62.58 %     63.77 %     65.17 %     56.86 %
     
    MORTGAGE BANKING SEGMENT
    SUMMARY OF KEY QUARTERLY FINANCIAL DATA
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
        (Dollars in Thousands)  
    Condensed Results of Operations:                                        
    Net interest loss   $ (92 )   $ (760 )   $ (552 )   $ (541 )   $ (367 )
    Provision (credit) for credit losses     36       (75 )     54       (38 )     115  
    Total noninterest income     17,455       21,386       25,081       20,328       16,028  
    Noninterest expenses:                                        
    Compensation, payroll taxes, and other employee benefits     13,781       15,930       16,886       14,756       14,881  
    Occupancy, office furniture and equipment     754       953       1,046       1,108       1,105  
    Advertising     523       615       758       740       667  
    Data processing     542       570       549       508       583  
    Communications     135       152       168       161       194  
    Professional fees     917       379       569       520       704  
    Real estate owned     –       –       –       –       –  
    Loan processing expense     486       697       861       1,046       756  
    Other     814       1,261       1,641       617       2,701  
    Total noninterest expense     17,952       20,557       22,478       19,456       21,591  
    (Loss) income before income taxes (benefit) expense     (625 )     144       1,997       369       (6,045 )
    Income tax (benefit) expense     (428 )     194       684       71       (1,827 )
    Net (loss) income   $ (197 )   $ (50 )   $ 1,313     $ 298     $ (4,218 )
                                             
    Efficiency ratio – QTD (non-GAAP)     103.39 %     99.67 %     91.64 %     98.33 %     137.86 %
    Efficiency ratio – YTD (non-GAAP)     97.74 %     96.23 %     94.62 %     98.33 %     116.99 %
                                             
    Loan originations   $ 470,650     $ 558,729     $ 634,109     $ 485,109     $ 458,363  
    Purchase     82.1 %     88.9 %     92.7 %     93.0 %     95.7 %
    Refinance     17.9 %     11.1 %     7.3 %     7.0 %     4.3 %
    Gross margin on loans sold(1)     3.74 %     3.83 %     3.93 %     4.10 %     3.51 %

    (1) Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total loan originations

    The MIL Network –

    January 29, 2025

  • MIL-OSI: Micron Announces Investor Event

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, Jan. 28, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) announced today that company executives will participate at the Wolfe Research Auto, Auto Tech and Semiconductor Conference in New York, New York on Wednesday, February 12, at 6:50 a.m. Mountain time.

    Live webcasts and subsequent replays of presentations can be accessed from Micron’s Investor Relations website at investors.micron.com/.

    About Micron Technology, Inc.  
    We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    Micron Media Relations Contact
    Mark Plungy
    Micron Technology, Inc.
    +1 (408) 203-2910
    mplungy@micron.com

    Micron Investor Relations Contact
    Satya Kumar
    Micron Technology, Inc.
    +1 (408) 450-6199
    satyakumar@micron.com  

    The MIL Network –

    January 29, 2025

  • MIL-OSI: Solana Based Meme Coin Launchpad Solana.Pattie.Meme Goes Live

    Source: GlobeNewswire (MIL-OSI)

    Birmingham, UK, Jan. 28, 2025 (GLOBE NEWSWIRE) — Pattie.Meme the BSC based meme Launchpad is pleased to announce the Solana Based Launchpad was added and it goes live today at 1:00 pm UTC. The highly anticipated meme coin website is set to democratise the way people can launch, use, engage with and trade meme coins, leveraging off the speed and robustness of Solana, the fastest and most secure blockchain currently in existence.

    Meme coins have become increasingly popular for users to design their own pieces of digital scarcity, allowing users to own and trade their tokens just as you would with physical assets such as sticker trading cards.

    Solana.Pattie.Meme has been built to be the ultimate destination for meme coin creators and enthusiasts, with security at the heart of the platform. Not only is it seamless for anyone to launch their own digital asset, but user tokens are also protected with the aim of creating longer-term value.

    Solana.Pattie.Meme is underpinned by the PATTIE cryptocurrency and has been built specifically to eliminate the risk of developers launching tokens that are subject to “rug pulls”. This is achieved by ensuring newly launched token liquidity is locked and burned and automatically deployed onto Raydium once a market capitalisation of $100k , $17k of liquidity is then deposited in Raydium and burned. In the near future Pattieswap will launch soon their own Solana Based Swap. 

    Revenue generated from fees will be used to buy back and burn the native PATTIE token, making it a deflationary asset that is designed to further enhance the value of the ecosystem.

    About Pattie.Meme Solana

    Solana.Pattie.Meme is at the forefront of meme coin generation allowing users to launch their very own token for as little as $1.25 (0.0055 SOL) Whether it is a meme coin based on a frog, mouse or anything else, Solana.Pattie.Meme facilitates the creation of assets with user protection in mind. Pattie.Meme brings security to people who want to partake in the rapidly growing digital economy.

    SOL: https://solana.pattie.meme
    BSC: https://pattie.meme
    Telegram: https://t.me/pattiememe

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

    January 29, 2025

  • MIL-OSI USA: January 28th, 2025 Heinrich: Trump’s Blockade on Federal Funding Pummels New Mexicans and American Economy

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    Published: January 28th, 2025

    WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, is condemning President Trump’s unlawful direction to unilaterally blockade all federal grant funding.
    “Our economy, our healthcare system, our schools, our law enforcement and fire departments, our newborns, our elders, our veterans – everyone, everywhere in New Mexico. President Trump is attempting to shove all of this over a cliff,” said Heinrich. “In New Mexico alone, Trump’s blockade on federal funding will make it impossible for thousands to pay rent on February 1st, force tens of thousands of New Mexico students to drop out of college without Pell Grant funding, close hundreds of preschool programs across the state, deprive 7 out of 10 New Mexico children their daily lunch, and cut off federal Medicaid reimbursement – impacting 7 out of 10 nursing home residents, 55% of newborn births, and all health care providers in our state.”
    Heinrich continued, “Trump is clearly willing to pummel New Mexicans and the American economy for his twisted and deranged agenda and fragile ego. But the Constitution is clear: the president cannot override, delay, or rescind Congress’s funding laws. We passed these laws to help working families get ahead and put food on the table and create jobs New Mexicans can build their families around. I will fight like hell to undo this brazen, barbaric blockade from this wannabe dictator and his weird billionaire lackeys.”
    The Constitution explicitly gives Congress, not the president, the power of the purse. The president does not have the power to override spending laws that Congress has passed and the president has signed into law. Article I, Section 9, Clause 7 of the Constitution says: “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” Fact sheets from the Senate and House Appropriations Committees detailing how presidents lack power to unilaterally override congressional spending laws and deny enacted funding to communities can be found here and here.
    Examples of the impacts of this funding blockade:
    PUBLIC SAFETY: Grants for law enforcement and homeland security activities will cease to go out the door, undermining public safety in every state and territory.
    DISASTER RELIEF: Public assistance and hazard mitigation grants from the Disaster Relief Fund (DRF) to state, tribal, territorial, and local governments and non-profits to help communities quickly respond to, recover from, and prepare for major disasters will be halted—right as so many communities are struggling after severe natural disasters, including Roswell flooding and Ruidoso fires and severe storms and wildfires in Florida, Georgia, North Carolina, and California.
    INFRASTRUCTURE PROJECTS: All federally-funded transportation projects across the country—roads, bridges, public transit, and more—will be halted, including projects already under construction.
    COMBATTING THE FENTANYL CRISIS: Funding for communities to address the substance use disorder crisis and combat the fentanyl crisis will be cut off.
    988 SUICIDE AND CRISIS LIFELINE: Funding for the 988 Suicide and Crisis Lifeline, as well as grants for mental health services, will be cut off.
    MEDICAL RESEARCH: There will be immediate pauses on all funding for critical health research, including research on cancer, Alzheimer’s disease, and diabetes, as well as clinical trials at the NIH Clinical Center and all across the country—disrupting lifesaving and often time-sensitive research.
    EMERGENCY PREPAREDNESS: Critical preparedness and response capability funding used to prepare for disasters, public health emergencies, and chemical, biological, radiological, or nuclear events will be frozen.
    FIREFIGHTING: Grants to support firefighters across the country will be halted—this includes grants that help states and localities purchase essential firefighting equipment.
    HEAD START: Funding for Head Start programs that provide comprehensive early childhood education for more than 800,000 kids and their families will be cut off. Teachers and staff would not get paid and programs may not be able to stay open.
    CHILD CARE: Child care programs across the country will not be able to access the funding they rely on to keep their doors open.
    K-12 SCHOOLS: Federal funding for our K-12 schools will be halted. School districts may not be able to access key formula grant funding including Title I, IDEA, Impact Aid, and Career and Technical Education, which would pose tremendous financial burdens on schools in the middle of the school year.
    HIGHER EDUCATION AND JOB TRAINING: Millions of students relying on Pell grants, federal student loans, and federal work study will have their plans to pursue postsecondary education and further their careers thrown into chaos as federal financial aid disbursements are paused.
    HEALTH SERVICES: Federal funding for community health centers that provide health care for over 30 million Americans will be immediately frozen, creating chaos for patients trying get their prescriptions, a regular checkup, and more.
    SMALL BUSINESSES: The Small Business Administration will have to halt loans to small businesses—including those in disaster ravaged communities in North Carolina, Texas, and Florida.
    VETERANS CARE: Federal grants to help veterans in rural areas access health care and grants to help veterans get other critical services, including suicide prevention resources, transition assistance, and housing for homeless veterans, will be cut off.
    NUTRITION ASSISTANCE: Millions of American families and children who rely on nutrition assistance programs like SNAP, WIC, and school lunch programs will be left hungry as funding is cut off and non-profits who provide additional assistance lose federal funding.
    TRIBES: Funding to Tribes for basic government services like health care, public safety, law enforcement, Tribal schools, housing, and food assistance will be halted.
    PREVENTING VIOLENCE AGAINST WOMEN: All Violence Against Women Act (VAWA) grants, as well as funding for victims assistance and state and local police, will be cut off.
    U.S. COMPETITIVENESS: Existing grants to support research for AI and quantum computing will be halted and any new grant funding would be paused—undermining U.S. innovation and competitiveness with China and putting American jobs at risk.
    ENERGY JOBS: Grants for critical energy projects nationwide will be cut off—halting billions of dollars in investment nationwide and jeopardizing good-paying American jobs. The Department of Energy Loan Program Office will halt loans in 28 states, impacting hundreds of thousands construction and operations jobs.
    FOOD INSPECTIONS: Some states will have to take on the full financial burden of ensuring the nation’s meat supply is safe if federal cooperative agreements for meat inspection are halted.
    SUPPORT FOR SERVICE MEMBERS: Support for a host of Department of Defense financial assistance and grant programs supporting service members and their families will be halted, including the Fisher House, Impact Aid, community noise mitigation, ROTC language training, STEM programs, and the USO.
    WEAKENS MILITARY READINESS: Grants and other assistance appropriated to strengthen military effectiveness and defense capacity will be halted, including Defense Production Act support for the defense industrial base, basic research grants necessary to advance key technologies, and small business support to strengthen supply chains.
    AMERICANS OVERSEAS: Programs that track and combat the spread of infectious diseases, create business opportunities for American companies in emerging markets, combat terrorism, and counter the influence of China, Russia, and Iran—and efforts to ensure the safety and security of Americans implementing these programs—are all suspended and could be terminated.
    An extensive list of potentially impacted federal programs can be found here.

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI USA: Warner, Kaine, Colleagues Demand that Trump Exempt Veterans Affairs Employees from Hiring Freeze

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) joined a group of their Senate colleagues in demanding that President Donald Trump exempt all positions at the U.S. Department of Veterans Affairs (VA) from President Trump’s Executive Order to institute an immediate hiring freeze across the federal civil service. In the lawmakers’ letter to Trump, the senators raised concerns that unless the VA were exempted from the hiring freeze, delivery of health care and benefits to veterans across the country could be delayed or otherwise negatively impacted.
    “As written, this Memorandum could dramatically impair the ability of veterans across the country to get the care and benefits they desperately need,” wrote the senators. “It could also delay or deny various other services across VA – from burial services to job training to assistance for homeless veterans to life-saving assistance from the Veterans Crisis Line.”
    “And despite assurances that VA benefits would be exempt,” they continued. “We have become aware the hiring freeze will extend to the Veterans Benefits Administration – a decision that will dramatically impact the processing of disability claims, growing the backlog and making it more difficult for veterans to access their earned benefits, including those promised in the PACT Act. Additionally, there is no explicit exemption for employees serving the more than 9.2 million veterans enrolled in VA health care.”
    Following concerns from senators and veterans, the VA announced certain positions would be exempted from the hiring freeze. However, the order continues to require the Veterans Benefits Administration to take additional steps before filling vacancies, which would dramatically impact the processing of disability claims. The order also does not exempt certain support staff who provide important inpatient services at VA medical centers, including housekeepers, cooks, and boiler room employees.
    Warner and Kaine have both long advocated for ensuring access to health care, housing, employment, and other benefits for veterans and military families. In December 2024, both senators joined their colleagues in a unanimous vote to pass the Senator Elizabeth Dole 21st Century Veterans Healthcare and Benefits Improvement Act, which will cut down wait times for veterans seeking health care and improve pay for VA health care employees. In September 2024, Warner and Kaine announced over $4.5 million in federal funding for veteran suicide prevention efforts in Virginia. And in August 2022, Warner and Kaine helped pass the PACT Act to expand benefits for veterans who were exposed to toxins as a result of their military service.
    The letter was led by U.S. Senator Richard Blumenthal (D-CT) and joined by Senators Mazie Hirono (D-HI), Catherine Cortez Masto (D-NV), Martin Heinrich (D-NM), Jack Reed (D-RI), Bernard Sanders (I-VT), Jeff Merkley (D-OR), Tina Smith (D-MN), Dick Durbin (D-IL), Maggie Hassan (D-NH), Ruben Gallego (D-AZ), Patty Murray (D-WA), Alex Padilla (D-CA), Jon Ossoff (D-GA), Jeanne Shaheen (D-NH), Tammy Baldwin (D-WI), Ben Ray Luján (D-NM), Sheldon Whitehouse (D-RI), Cory Booker (D-NJ), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Amy Klobuchar (D-MN), and Peter Welch (D-VT).
    The full text of the letter is available below.
    Dear President Trump,
    We write with urgent concerns about the Presidential Memorandum issued on January 20, 2025, which instituted an immediate hiring freeze, with few exceptions, across the federal civil service. Veterans have earned and deserve the best quality health care and benefits possible. Delivering on that sacred promise starts with ensuring the Department of Veterans Affairs (VA) has the appropriate personnel in place to serve them. As written, this Memorandum could dramatically impair the ability of veterans across the country to get the care and benefits they desperately need. It could also delay or deny various other services across VA – from burial services to job training to assistance for homeless veterans to life-saving assistance from the Veterans Crisis Line. That is why it is imperative for you to provide an immediate, clear, and full exemption to this hiring freeze for VA so it can continue to deliver on its sacred mission for veterans.
    In your Memorandum, little detail is provided to understand the scope of its exemptions. And despite assurances that VA benefits would be exempt, we have become aware the hiring freeze will extend to the Veterans Benefits Administration – a decision that will dramatically impact the processing of disability claims, growing the backlog and making it more difficult for veterans to access their earned benefits, including those promised in the PACT Act. Additionally, there is no explicit exemption for employees serving the more than 9.2 million veterans enrolled in VA health care.
    Veterans deserve the best care possible from the best medical professionals in the country. To deliver on that obligation, VA continues to utilize various hiring authorities and incentives provided by Congress to address chronic medical workforce shortages, particularly in rural areas. Instead of building upon those efforts, one of your first actions was to stop them entirely, and to issue new directives to VA personnel across the country to not only leave vacancies unaddressed, but to revoke job offers that have already been made. That is a betrayal of trust to veterans on day one of your Administration, and it is a betrayal of trust to prospective VA employees intent on serving veterans – an action that will undoubtedly have long-term impacts on VA’s ability to effectively recruit and retain the physicians, nurses, and other critical positions that make VA the preferred option for care for veterans.
    Mr. President, to prevent the delay or denial of life-saving services and benefits for our nation’s heroes, we urge you to provide an immediate, clear, and full exemption to VA personnel from your hiring freeze. Thanks largely to the PACT Act and the leadership of the Biden Administration, VA is providing more care and more benefits to more veterans than at any time in its history. We are hopeful to work with you to build upon our nation’s promise to these men and women, but we also vow to fight every effort that dishonors their service and reneges upon that sacred promise. 
    Sincerely,

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI United Kingdom: The UK is deeply alarmed by the events in Goma: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on the Democratic Republic of the Congo.

    The UK is deeply alarmed by the events that have unfolded in eastern DRC.

    Since we met on Sunday, M23, with support from the Rwandan Defence Forces, have closed in on Goma. M23 have declared that it is now under their control. 

    The humanitarian impacts are dire. The advances have displaced close to one million people in North and South Kivu. Civilian casualties are rising.

    Hundreds of thousands of people who have already fled from M23’s advances, many of them several times before, are now on the move again, with virtually nowhere safe to go. 

    How many times must they pack up their lives and flee? The cycle must end.

    The UK is also deeply concerned by the limited ability of humanitarian actors to get help to those who need it.

    Key humanitarian routes – land, water and air – are closed and hospitals are overcrowded, with staff risking their own lives to provide emergency assistance. 

    More than 800,000 people in the area who were prioritised for support may no longer receive vital food and nutritional assistance.

    We call on the parties not to obstruct the vital services that humanitarians are providing, and to cease hostilities and uphold the protection of humanitarian workers, as required in international humanitarian law.

    We also urge all parties to consider essential humanitarian corridors to allow the resupply and delivery of essential life-saving items and the freedom and safe movement of civilians and humanitarian actors.

    President, the UK is deeply concerned by the continued endangering of peacekeepers’ lives. 

    On Sunday I expressed my condolences to the families of the thirteen who have already been killed. Since then, four more peacekeepers have tragically been killed. We urge an immediate end to this violence. 

    We commend the leadership of MONUSCO and your courage under fire, and we thank you for their vital work.

    Finally, President, the UK’s Foreign Secretary and Minister for Africa have spoken with Rwanda at the highest levels, as well as with wider partners in the region. 

    And we have made clear that there can be no military solution. 

    We urge all parties to cease hostilities and return to diplomatic talks immediately without preconditions. 

    We remain committed to ensuring this Council takes the necessary action to support an end to this conflict.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

    January 29, 2025

  • MIL-OSI Canada: Prime Minister Justin Trudeau meets with Prime Minister of Poland Donald Tusk

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau met with the Prime Minister of Poland, Donald Tusk, in Warsaw, Poland.

    Following yesterday’s commemorative event to mark 80 years since the liberation of the Auschwitz Birkenau German Nazi Concentration and Extermination Camp, the two leaders reaffirmed their shared commitment to Holocaust remembrance and combatting antisemitism.

    As the full-scale invasion of Ukraine nears the three-year mark, the prime ministers condemned Russia’s unjustifiable war of aggression and reiterated the importance of Canada and Poland’s continued support to the people of Ukraine as they continue to fight for their freedom and independence. The leaders underlined the importance of providing military, financial, and other assistance to Ukraine.

    Prime Minister Trudeau and Prime Minister Tusk reaffirmed Canada and Poland’s commitment to working together to tackle regional and global challenges, including threats to stability and energy security. Prime Minister Trudeau welcomed continued bilateral co-operation in initiatives to strengthen transatlantic security, such as the training of Ukraine’s Armed Forces personnel and NATO’s Canada-led Multinational Brigade in Latvia.

    The two leaders reflected on the strong state of bilateral relations between their two countries, including growing commercial ties. They also welcomed the conclusion of the Canada-Poland Nuclear Cooperation Agreement and deepened ties in this key sector. The prime ministers agreed that their shared values and priorities will carry forward this relationship in the years to come.

    Associated Links

    MIL OSI Canada News –

    January 29, 2025

  • MIL-OSI USA: Get FEMA Disaster Assistance; Only Ten Days Left to Apply

    Source: US Federal Emergency Management Agency

    Headline: Get FEMA Disaster Assistance; Only Ten Days Left to Apply

    Get FEMA Disaster Assistance; Only Ten Days Left to Apply

    SANTA FE, New Mexico – Chaves County homeowners and renters who were affected by the Oct. 19-20 storms and flooding may be eligible to receive federal disaster assistance from FEMA. But don’t wait to register! Jan. 2, 2025, is the last day to apply.How to Apply for FEMA Disaster AssistanceThe first step for individuals and households to receive financial help is to apply to FEMA for federal assistance. There are no costs involved to apply for, or receive, FEMA assistance. FEMA grants do not have to be repaid. FEMA assistance is nontaxable and will not affect eligibility for Social Security, Medicaid or other federal benefits. There are four ways to apply:Visit the Roswell Disaster Recovery Center operated by the state of New Mexico and FEMA. For location and hours, visit fema.gov/drc or send a text message with the word “DRC” and a zip code to 43362.Holiday hours at the Roswell DRC are:Tuesdays, Dec. 24 and Dec. 31, 10 a.m. to 3 p.m.Wednesday, Dec. 25, Thursday, Dec 26 and Wednesday, Jan. 1, closed.Go online to disasterassistance.gov/Download the FEMA Appfor mobile devices at fema.gov/about/news-multimedia/mobile-productsCall the FEMA Helpline at 800-621-3362 between 5 a.m. and 9 p.m. Help is available in most languages.Holiday hours for the FEMA Helpline are:Tuesday, Dec. 24, closed.Wednesday, Dec. 25, closed.For an American Sign Language video on how to apply for assistance, visit youtube.com/watch= WZGpWI2RCNw.For the latest on New Mexico’s recovery, follow the FEMA Region 6 X account at X.com/FEMARegion6 or on Facebook at facebook.com/FEMARegion6.
    alexa.brown
    Tue, 01/28/2025 – 20:03

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI USA: Protect Your Property: Flood Insurance is Vital in New Mexico

    Source: US Federal Emergency Management Agency

    Headline: Protect Your Property: Flood Insurance is Vital in New Mexico

    Protect Your Property: Flood Insurance is Vital in New Mexico

    SANTA FE, New Mexico — A single inch of floodwater can cause up to $25,000 of damage to a home, and can occur anywhere and often catches homeowners, renters, and business owners by surprise, leaving them unprepared and vulnerable.   When buying or renting a home or managing a business, we often overlook other programs or services that we may need to protect our property. Many people assume their homeowner’s or renter’s insurance covers flooding. However, most standard policies do not. Many Chaves County residents and business owners whose property was damaged by the Oct. 19-20, severe storm and flooding only found out too late that most hazard insurance policies do not cover flood damage. Flood insurance is a separate policy that can cover buildings, the contents of a building, or both. So, it is important to protect your most important financial assets — your home, your business and your possessions.   Flood insurance gives you financial protection and peace of mind. Whether it’s a major flood event or a few inches of water in your home, flood insurance helps you protect the life you’ve built.  NFIP coverage is valid in all floods, regardless of federal disaster declarations. NFIP coverage is available to homeowners, renters and businesses for residential and commercial buildings:  Up to $250,000 in building coverage and up to $100,000 in contents coverage for single-to-four family residential structures.   Up to $500,000 in building coverage and up to $100,000 in contents coverage for five-or-more family residential structures.  Up to $500,000 in building coverage and up to $500,000 in contents coverage for businesses.   Call Your Insurance Agent or Company Today  Whether you’re buying a new policy or renewing an existing policy, you can buy NFIP insurance by calling your insurance company or calling your local independent agent, who can write a flood insurance policy directly with NFIP. There is a 30-day waiting period before new policies go into effect, so it’s important to act promptly to avoid delays.  Need Help Finding an Insurance Provider?  The FEMA flood insurance program partners with more than 50 private insurance companies and NFIP Direct to sell and service flood insurance policies. To find a list of flood insurance writers in New Mexico, visit: http://www.floodsmart.gov/flood-insurance-provider?. For more information about NFIP, to find out if you live in a participating community, and what’s covered by NFIP policies, contact your private insurance provider or visit FloodSmart.gov.  For the latest information on New Mexico’s recovery visit fema.gov/disaster/4843. Follow the FEMA Region 6 X account at X.com/FEMARegion6 or on Facebook at facebook.com/FEMARegion6.
    alexa.brown
    Tue, 01/28/2025 – 20:25

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI USA: Roswell Disaster Recovery Center to Close, but FEMA is Still Here

    Source: US Federal Emergency Management Agency

    Headline: Roswell Disaster Recovery Center to Close, but FEMA is Still Here

    Roswell Disaster Recovery Center to Close, but FEMA is Still Here

    SANTA FE, New Mexico. – The deadline for applying to FEMA for federal disaster assistance has passed, and while the Roswell Disaster Recovery Center will close permanently at 5 p.m., Saturday, Jan. 18, FEMA is not leaving Chaves County. FEMA continues working with the New Mexico Department of Homeland Security and Emergency Management (NMDHSEM) to help survivors and communities in their recovery from the Oct. 19-20 severe storm and flooding. You can still visit DisasterAssistance.gov (or DisasterAssistance.gov/es  for Spanish) or call the FEMA helpline at 800-621-3362 (TTY 800-462-7585). The helpline is live from 5 a.m. to 9 p.m., seven days a week, in most languages. FEMA encourages you to keep in touch to: Check on the status of your application and ask questions about the process;  Appeal a decision by FEMA;  Update your contact and banking information; Provide updated documentation; Report additional damage discovered since your home inspection, orRequest continued FEMA rental assistance due to permanent housing not yet met. If you are receiving temporary rental assistance from FEMA, you will need to update your permanent housing plan and may need to document your need for continued rental assistance. FEMA expects all families who receive temporary rental assistance to return to their damaged home when it is repaired or to locate and occupy affordable housing without FEMA rental assistance when you can do so.   If you registered with FEMA before the deadline and later discover that your insurance has not covered all losses, you have up to a year to submit additional documentation to FEMA. It is important to provide FEMA with your final insurance settlement information as assistance may be available for some expenses not covered by insurance. For questions about U.S. Small Business Administration disaster loans, contact the SBA at 800-659-2955 (TTY 800-877-8339), or send an email to DisasterCustomerService@sba.gov. For the latest information on the Chaves County recovery, visit fema.gov/disaster/4843. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and facebook.com/femaregion6.  
    alexa.brown
    Tue, 01/28/2025 – 20:21

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI USA: Today is the Last Day to Apply for FEMA Disaster Assistance

    Source: US Federal Emergency Management Agency

    Headline: Today is the Last Day to Apply for FEMA Disaster Assistance

    Today is the Last Day to Apply for FEMA Disaster Assistance

    SANTA FE, New Mexico– The deadline for Chaves County homeowners and renters who suffered uninsured or underinsured damage to their property, from the Oct. 19-20 storm and flooding, is 11:59 p.m. today.Storm-impacted New Mexicans may apply in person at the state of New Mexico/FEMA Disaster Recovery Center (DRC) in the Roswell Mall, where specialists from FEMA’s Individual Assistance (IA) program help applicants face to face. Highly trained specialists assist citizens through the recovery process, explaining the types of assistance available from FEMA, such as housing and other needs assistance.This DRC is open 10 a.m. to 7 p.m. today, Thursday, Jan. 2, 2025.Impacted citizens are encouraged to file insurance claims for damage to their homes, personal property and vehicles before they apply for FEMA assistance. FEMA grants do not have to be repaid. FEMA assistance is nontaxable and will not affect eligibility for Social Security, Medicaid or other federal benefits.FEMA’s IA program is designed to help New Mexicans with basic, critical needs such as a safe, sanitary, and functional place to live while Chaves’ residents look for a long-term or permanent housing solution. It is not designed to make residents whole and is not a substitute for insurance coverage. FEMA assistance cannot duplicate other sources of assistance. FEMA provides funds paid directly to eligible individuals and households. Financial Housing Assistance may include rental assistance, lodging expenses reimbursement, home repair assistance, and replacement assistance.Applying for Help is FreeIf you are unable to apply in person, visit DisasterAssistance.gov, call the FEMA Helpline at 800-621-FEMA (3362) or use the FEMA mobile app. Help is available in most languages. This is what you will need when you apply:A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security Number. A general list of damage and losses.Banking information if you choose direct deposit. If insured, the policy number or the agent and/or the company name.If you are unable to locate important documentation, FEMA will help you identify other ways to verify this information.To view an American Sign Language (ASL) video about how to apply visit How to Apply for Disaster Assistance – YouTube. For the latest information on the Chaves County recovery, visit fema.gov/disaster/4843. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and facebook.com/femaregion6.
    alexa.brown
    Tue, 01/28/2025 – 20:16

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI Security: FBI Springfield Advises Caution in Online Relationships

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

    As Valentine’s Day approaches, FBI Springfield takes the opportunity to remind the public that online relationships are not always as they appear. While many people find authentic rewarding relationships online, far too many fall prey to romance scams. In this type of scam, a criminal adopts a fake online identity to gain a victim’s affection and trust with the illusion of a romantic or close relationship in order to steal the victim’s money, personal or financial information, or even items of value.

    Scammers use well-rehearsed scripts that have been used repeatedly and successfully, typically targeting victims via dating websites or apps, with the intention of establishing a relationship as quickly as possible. Some even keep journals on their victims to better understand how to manipulate and exploit them.

    In 2023, the FBI’s Internet Crime Complaint Center reported that Illinoisians lost almost $19 million in romance scams, a slight increase from the previous year. Nationwide, the dollar loss has declined slightly every year from 2021 to 2023; however, victims still lost $652.5 million in 2023.

    “If someone has already sent money, the FBI will make every effort to see that the funds are returned to the victim by working with other law enforcement agencies and financial institutions, but oftentimes it can be difficult to investigate. That’s why the FBI relies on education and awareness to deter individuals from falling victim to these scams,” said Springfield Field Office Special Agent in Charge Christopher Johnson. “Proceed carefully and stay alert to warning signs from the very beginning to avoid the emotional and financial fall-out that accompanies romance scams.”

    Romance scammers actively search dating websites, apps, chat rooms, and social networking sites in their efforts to build a relationship with an unwitting victim. Here are some red flags that might indicate you are headed for heartbreak.

    • You are asked to leave the dating website where you met to communicate solely through email or instant messaging.
    • The individual sends you a photo that looks like a glamour shot out of a magazine.
    • The individual professes love quickly.
    • The individual tries to isolate you from friends and family.
    • The individual claims to be working and living far away.
    • Plans made to visit you always cancel because of an emergency.
    • You are asked to send money, personal and financial information, items of value, or to launder money.
    • The individual uses stories of severe life circumstances, tragedies, deaths in the family, injuries to themselves, or other hardships to keep their victims concerned and involved.
    • A claim they have knowledge of cryptocurrency investments or trading opportunities that will result in substantial profits.

    FBI Springfield offers the following tips to avoid becoming a victim.

    • Go slow and ask questions.
    • If you suspect an online relationship is a scam, stop all contact immediately.
    • Never send money to someone you met online and have not met in person.
    • Never share your Social Security number or other personally identifiable information.
    • Research the individual’s picture and profile using other online search tools.
    • If you are planning to meet someone in person, proceed with caution, especially if you plan to travel to a foreign country.
    • Be careful what you post and make public online as scammers can use details shared on social media and dating sites to better understand and target you.
    • If you haven’t met the individual in person after a few months, you have good reason to be suspicious.

    Many times, victims may feel embarrassed, ashamed, or humiliated and be reluctant to share their victimization with anyone, let alone report it to law enforcement. However, the FBI encourages anyone who has been victimized by this fraud or unsuccessfully targeted to contact FBI Springfield at 217-522-9675 and file a complaint with the FBI’s IC3. Coming forward will provide law enforcement with the necessary information to ensure online imposters are stopped and brought to justice.

    MIL Security OSI –

    January 29, 2025

  • MIL-OSI Security: Career Felon Caught with Fentanyl, Firearm Sentenced to 17 Years

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

    Ryan Partridge had a pending arrest warrant when pulled over by Augusta police officers

    BANGOR, Maine: An Augusta man was sentenced today in U.S. District Court in Bangor for distributing and possessing with intent to distribute fentanyl and possessing a gun in furtherance of a drug trafficking crime.

    U.S. District Judge John A. Woodcock, Jr. sentenced Ryan Partridge, 35, to 204 months in prison to be followed by four years of supervised release.

    According to court records, in July 2023, Partridge was a passenger in a vehicle stopped by officers from the Augusta Police Department. During a search of the vehicle, investigators recovered a backpack with approximately 125 grams of fentanyl and a 9mm pistol inside, and Partridge admitted to investigators that the backpack and its contents belonged to him. At the time of the stop, Partridge, a career criminal with 12 prior convictions including two drug felonies, was on probation for a 2019 conviction for aggravated trafficking of fentanyl. He also had a pending arrest warrant for failing to report a change of address.

    The FBI and U.S. Border Patrol investigated the case with assistance from the Augusta Police Department.

    ###

    MIL Security OSI –

    January 29, 2025

  • MIL-OSI Security: Pierceland  — Pierceland RCMP seize firearms while arresting wanted man

    Source: Royal Canadian Mounted Police

    On January 21, 2025, Pierceland RCMP were working to locate 23-year-old David Waskahat.

    He was wanted for failing to appear in court on charges laid after a firearms discharge that took place in Pierceland, SK on October 27, 2024.

    RCMP officers located Waskahat in a vehicle in Mudie Lake, SK. As a result of investigation, Pierceland RCMP located and seized a sawed-off riffle, a sawed-off shotgun, and a machete. A photo of the seized items is attached.

    David Waskahat has been charged with:

    • 1 count, possession of restricted weapon without license, Section 95(1), Criminal Code;
    • 1 count, possession of firearm with tampered serial number, Section 108(1)(b), Criminal Code;
    • 1 count, possession of firearm while unauthorized, Section 92(1), Criminal Code;
    • 2 counts, possession of firearm in a motor vehicle, Section 94(1), Criminal Code;
    • 2 counts, careless use of a firearm, Section 86(1), Criminal Code;
    • 3 counts, possession of weapon contrary to court order, Section 117.01(1), Criminal Code;
    • 3 counts, fail to comply with probation order, Section 733.1(1), Criminal Code; and
    • 1 count, fail to comply with release order, Section 1454(5)(a), Criminal Code.

    Waskahat appeared in Meadow Lake Provincial Court on January 23, 2025 where he was remanded into custody until his next scheduled appearance on February 5, 2025.

    MIL Security OSI –

    January 29, 2025

  • MIL-OSI Security: St. Augustine Man Sentenced To More Than Five Years In Federal Prison For Illegally Possessing A Firearm

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

    Jacksonville, Florida – United States District Judge Wendy D. Berger has sentenced Derrick Walden (42, St. Augustine) to five years and six months in federal prison for possessing a firearm as a convicted felon. Walden pleaded guilty on August 2, 2024. 

    According to the court documents, on January 18, 2024, a search warrant was executed at Walden’s residence as part of an ongoing narcotics investigation. Inside Walden’s bedroom, resting against his nightstand, was a loaded semi-automatic rifle with an extended magazine. When Walden was questioned about the rifle, he admitted that he had purchased it on the “street.” Law enforcement also seized multiple rounds of ammunition, a Kevlar bullet resistant vest, and drug paraphrenia from inside the residence. Walden is prohibited from possessing firearms due to his extensive criminal record, including at least seven felony convictions.  

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the St. Johns County Sheriff’s Office. It was prosecuted by Assistant United States Attorney John Cannizzaro. 

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. 

    MIL Security OSI –

    January 29, 2025

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 28.01.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    28 January 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 28.01.2025

    Espoo, Finland – On 28 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.32
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 872,093 4.32

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 28 January 2025 was EUR 3,763,605. After the disclosed transactions, Nokia Corporation holds 233,414,712 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    • Daily Report 2025-01-28

    The MIL Network –

    January 29, 2025

  • MIL-OSI: Discount Doctor to Visit United Kingdom in Support of Investment Trusts

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — David Schachter, Senior Vice President of GAMCO Investors, Inc., will visit the United Kingdom to convey support for the British investment trust industry.

    With over 40 years of experience exclusively with retail, long term, closed-end fund investors, Mr. Schachter, a most senior and experienced veteran of the U.S. Closed End Fund industry, was recently given the title of Discount Doctor by the Trustees of The GAMCO Natural Resources, Gold & Income Trust (GNT), which trades on the NYSE.

    Mr. Schachter said, “The way I see it, the United States owes a debt to the British Investment Trust Industry, which helped build our railroads in the 1800s. Last week in his inauguration speech, President Trump spoke of America’s achievements stating, ‘In America, the impossible is what we do best…Together they laid down the railroads …and triumphed over every single challenge that they faced.’”

    During the 19th century, capital was raised through closed-end funds. These funds helped build the railroads, which linked the American continent from sea to sea and led to the nation’s economic success.

    Today, in the early 21st century, closed-end funds are being threatened for elimination by hedged activists for short-term and short-sighted value extraction.

    “Closed-end funds are a metaphor for long-term, patient capital, but they also represent freedom for investors who, in a sector where mass redemptions could force portfolio managers to sell, is an essential ability to those who may not want to be herded into selling.”

    Mr. Schachter plans to visit the offices of the Association of Investment Companies (AIC) and speak with the press and interested U.K. investors.

    He remarked that recent activism is emblematic of short-termism and notes activist claims of being aligned with “Mom and Pop” investors as being absurd. “When it comes to activism, the playing field isn’t level at all…unlike Mom and Pop, sophisticated activists are hedged on a fund’s underlying portfolio.” Schachter commented, “As the Discount Doctor, it is critical to cure the ill without killing the patient in the process.”

    Financial professionals and investors are invited to contact Mr. Schachter directly at (914) 921-5057 or (800) GABELLI.

    Gabelli Funds, LLC is the adviser to thirteen closed-end funds which trade on the NYSE: Gabelli Equity Trust (NYSE: GAB), Gabelli Convertible & Income Securities Fund (NYSE: GCV), Gabelli Multimedia Trust (NYSE: GGT), Gabelli Utility Trust (NYSE: GUT), Gabelli Dividend & Income Trust (NYSE: GDV), Gabelli Global Utility & Income Trust (NYSE American: GLU), GAMCO Global Gold Natural Resources & Income Trust (NYSE American: GGN), The GDL Fund (NYSE: GDL), Gabelli Healthcare & WellnessRX Trust (NYSE: GRX), GAMCO Natural Resources, Gold & Income Trust (NYSE: GNT), Gabelli Global Small and Mid-Cap Value Trust (NYSE: GGZ), Bancroft Fund (NYSE American: BCV) and Ellsworth Growth & Income Fund (NYSE American: ECF). As of December 31, 2024, the thirteen Gabelli closed-end funds had total assets of $7.3 billion.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. For more information regarding the Funds, call:

    David Schachter
    (914) 921-5057

    A Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in a Fund.

    The MIL Network –

    January 29, 2025

  • MIL-OSI USA: Graham Reacts to Extradition in ‘Sextortion’ Scheme Resulting in the Death of a South Carolina Teen

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham
    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after the U.S. Attorney for South Carolina announced that a Nigerian man has been extradited to the United States after he was charged in a sextortion scheme that resulted in the suicide of 17-year-old Gavin Guffey from Rock Hill.
    “I am very pleased that the Nigerian man charged with ‘sextorting’ Gavin Guffey has been extradited back to the United States to stand trial. Gavin tragically committed suicide as a result of this sextortion scheme, and I’m grateful to the federal and state law enforcement agencies who tracked down the perpetrator of this terrible crime.
    “I met with Gavin’s dad, South Carolina State Representative Brandon Guffey, last year when the Senate Judiciary Committee questioned Big Tech CEOs on what they are doing to protect children online. I know Brandon and his entire family are equally pleased that the alleged perpetrator will face justice.
    “Cases like this where young people are lured into taking explicit photos, only to be extorted later, have to be dealt with. That is why I am adamant that social media companies that allow this behavior to exist be subject to liability. Right now, they aren’t.
    “The number of suicides related to this issue is heartbreaking.
    “It is long past time for Congress to stand up to these social media companies and insist they do better. I will not relent.”
    Background:
    Graham met with Gavin’s dad, South Carolina State Representative Brandon Guffey, in January 2024. Graham questioned the CEOs of four social media companies at a Senate Judiciary Committee hearing that day about Gavin’s case.
    The Nigerian man, Hassanbunhussein Abolore Lawal, was indicted by a federal grand jury in South Carolina on the following charges:
    Child exploitation resulting in death
    Production and distribution of child sexual abuse material
    Coercion and enticement of a minor
    Cyberstalking resulting in death
    Interstate threats with intent to extort
    Press release from the U.S. Attorney for South Carolina’s office

    MIL OSI USA News –

    January 29, 2025

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Opening of the African Heads of State Energy Summit [as delivered]

    Source: United Nations secretary general

    Your Excellency President Samia Suluhu Hassan, Excellencies, Majesties, Distinguished guests, Ladies and Gentlemen,

    It is a pleasure to join you here all today. I extend my heartfelt thanks to Her Excellency President Hassan and her Government of the United Republic of Tanzania for hosting the Mission 300 Africa Energy Summit.

    But I would also like to underscore that it is because of her incredible leadership and her vision, that we are all here today and gathered as an African continent.

    I would also thank the African Union for keeping the fire under our feet to do right thing for the continent.

    Congratulations to my two brothers, the African Development Bank Group, Akin, and the World Bank Group, Ajay. These are incredible partnerships, that bring genuine experience, decades of work from the public sector to the private sector.

    That is why we are looking to them for the success of this union.

    But we also look to the Rockefeller Foundation for a strong and meaningful partnership – one that brings key stakeholders together in this room.

    Your bold investments are a testament to Africa’s potential for a sustainable and resilient future.

    Today, Africa has one of the lowest levels of energy access, as we have heard, but it is also one of the most vulnerable to intensifying climate shocks.

    Yet our continent is rich in renewable energy resources and critical minerals. Which are all essential for the energy transition, and benefit from limited sunk costs in fossil fuel-intensive energy infrastructures. Africa is also home to a vibrant, young, and enterprising population.

    This provides immense potential for Africa to show the rest of the world what a new economic development paradigm grounded in sustainability, resilience, justice, and inclusivity can look like.

    Enhanced energy access, affordability, and reliability is not only crucial for achieving our Sustainable Development Goal 7 but also serves as a catalyst for broader development goals. Access to clean and sustainable energy underpins progress in health, in education, in gender equality, while driving economic growth and climate action. Many of the 17 goals.

    By advancing long-term energy security and sovereignty, we can foster peace, we can create green jobs, and build resilient livelihoods — paving the way for improved stability and prosperity across the continent.

    With renewables now being the cheapest source of new electricity almost everywhere on earth, Mission 300’s bold commitment to connect 300 million people to electricity by 2030 represents a transformative opportunity for Africa.

    Combined with systemic initiatives like the African Continental Free Trade Agreement, Africa is uniquely positioned to lead the global energy transition.

    By powering essential sectors such as healthcare, education, and commerce, bolstering industries like solar manufacturing, grid infrastructure, and clean energy solutions, renewable energy can unlock unprecedented economic potential.

    With reliable energy access, the continent’s 147 million small and medium enterprises — key drivers of economic growth — will have the tools to scale, innovate, and create jobs, turning energy into a true catalyst for inclusive and sustainable progress.

    Tanzania stands as a shining example of how rural electrification and off-grid renewable energy solutions can transform lives, particularly in remote and underserved areas.

    The country has made remarkable strides, with electricity access increasing from just 14% in 2011 to 46% in 2022. And what does that mean? It has led to over 1 million new connections, driving the rural electrification rate to 72%.

    In November 2024, more than 60,000 social institutions were connected by REA, benefiting 12,905 educational institutions, 6,768 health facilities, over 8,000 places of worship, and 29,000 commercial areas.

    This progress means that more boys and girls in remote areas can now study in well-lit classrooms, health workers can deliver life-saving services to off-grid populations, and rural businesses can thrive with reliable power. Tanzania demonstrates how energy access is not just about electricity—it’s about opportunity, equity, and the foundation of a brighter future and a life in dignity for everyone.

    We must ensure that Mission 300 seizes the opportunity that lies ahead.

    With five years to the endpoint of the SDGs and having completed the first decade of implementing the African Union’s 2063 Agenda, it is clear that transformation efforts remain insufficient.

    I would like to deeply commend the African leadership that is here today, as you seek solutions to address Africa’s energy access, climate vulnerability, and development challenges holistically.

    Excellencies, Ladies and gentlemen,

    We must accelerate our collective efforts to fast-track solutions for SDG 7 but also the Paris Agreement and propel Africa to become a clean energy powerhouse.

    This requires urgent action in three key areas beyond this Summit.

    First, creating the right enabling environment to attract scaled private and public investments through stronger, stable, and more coherent policy and regulatory frameworks.

    We are very pleased to see, thank you Ajay, the private sector that is here today and we hope they will accompany us through this very difficult but at the end profitable journey.

    This year, every Party to the UN Climate Convention has committed to submit a new economy-wide national climate action plan, that is aligned with the 1.5 degrees world that we need, well before COP 30 in November.

    If done right, these climate plans should align with national energy strategies and development priorities – and they would doubling as investment plans to seize the potential of renewables, helping to eradicate poverty and achieve the Sustainable Development Goals and the Paris Agreement. 

    Furthermore, the Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure we do not repeat historical patterns of exploitation on this continent.

    Second, mobilizing affordable, accessible, and adequate finance.

    The chronic underinvestment in renewable energy in Africa, and long-standing structural barriers such as exorbitant capital costs, mean that a continent with the potential to be a renewable powerhouse accounts for less than one percent of global installed solar capacity.

    It is why we are calling for an SDG Stimulus to scale up affordable, long-term financing for developing countries, and for the “Baku-to-Belém Roadmap to $1.3 trillion” to bridge the climate finance gap by leveraging all sources and by addressing unjust and structural barriers. 

    Last year’s Pact of the Future sent an unequivocal message — reform of the international finance architecture is urgent and essential to:

    And this Pact would have not gotten over the line, if not for the leadership of the African leaders in the United Nations.

    It spoke to strengthening the voice and the representation of developing countries;

    It spoke to mobilizing far greater levels of financing for the SDGs, and directing that financing to countries most in need;

    It spoke to enabling countries to borrow sustainably, and with confidence, to invest in their long-term development;

    But it also spoke to provide effective and equal support to countries during systemic shocks.

    Finally, multilateralism – our international cooperation- still remains our best hope for delivering solutions at the necessary scale and speed.

    And I note to many of us, as I look to the geopolitical challenges that we have today. Multilateralism does not seem like the best offer on the table – but it is.

    It is a place that we come to. It is a global townhall for our global village. It is where we have visibility and where we can shine a light on the opportunities. But also, where we can give hope to the millions that look to us – to serve them.

    The United Nations remains dedicated to supporting your efforts every step of the way.

    Through our UN expertise and presence in the country, we are committed to supporting Mission 300, the African Development Bank and the World Bank. And we are committed to help identify and attract investments, strengthen policy, and secure the support you need to make Mission 300 a success.

    Finally, I would like to also commend our Special Representative. It is not often that we have women in leadership positions. Today, we are hosted by a great leader that is a woman.

    But we also have the Special Representative of the UN on Sustainable Energy for All, Damilola Ogunbiyi, who is playing a critical role within the Mission 300.

    In this critical countdown to 2030, let us ensure that Mission 300 delivers concrete outcomes towards the SDGs, the Paris Agreement, and the Agenda 2063.

    Let us seize this moment to accelerate and to deliver transformative progress. Together, I am sure that Africa can lead the clean energy transition, creating lasting prosperity and resilience for generations to come and actions and aspiration fulfilled today for our women and our youth.

    Thank you.

    MIL OSI United Nations News –

    January 29, 2025
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