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Blog

  • MIL-OSI United Kingdom: From a war zone to new diabetes diagnostics and treatments A University of Aberdeen diabetes expert will share the incredible journey which took her from a teenager fleeing war-torn Bosnia and Herzegovina in 1994 to becoming the first female Regius Chair of Physiology – a position appointed directly by the King – three decades later.

    Source: University of Aberdeen

    Professor Mirela DelibegovicA University of Aberdeen diabetes expert will share the incredible journey which took her from a teenager fleeing war-torn Bosnia and Herzegovina in 1994 to becoming the first female Regius Chair of Physiology – a position appointed directly by the King – three decades later.
    Professor Mirela Delibegovic will host a Founders’ Week Lecture to celebrate the 530th anniversary of the creation of the University.
    At the free event on Wednesday February 12 she will share with the audience how her early life inspired her research journey and details of her ground-breaking work following in the footsteps of another Aberdeen diabetes pioneer, credited with saving millions of lives.
    Professor Delibegovic came to the UK on a scholarship from George Heriot’s School in Edinburgh, where her potential as a scientist was encouraged.  She went on to study pharmacology at the University of Edinburgh, for a PhD in biochemistry at the University of Dundee and then undertook a postdoctoral fellowship at Harvard Medical School in Boston.
    Her initial interest in diabetes research was fuelled by a family history and prevalence of Type 2 diabetes in Bosnia and Herzegovina – and she was determined to play her part in understanding why our bodies stop responding to the effects of our own hormone, insulin.
    She now leads the Aberdeen Cardiovascular and Diabetes Centre exploring how diabetes, obesity, heart disease and ageing are woven together and in 2024 her successful research career was recognised when she was appointed by the King as the first female Regius Chair of Physiology.
    Her work follows in the footsteps of previous Aberdeen Regius Chair of Physiology, JJR Macleod, who led the Toronto team credited with the discovery of insulin.
    Professor Delibogovic said: “Thanks to the team led by Professor Macleod, people living with type 1 diabetes, who do not produce insulin, have been able to inject it for more than a century.
    “But it wasn’t until the early 1980s that the receptor through which insulin works was identified and this is crucial knowledge for type 2 diabetes, where the body produces insulin but it doesn’t do its job.
    “We are trying to understand if we can use the targets post insulin receptor, to improve patients’ lives either through treatment or through earlier intervention.”
    The lecture forms part of the University of Aberdeen’s Founders’ Week celebrations which will also include a discovery day of family fun on Monday February 10 with tours of the Old Aberdeen campus, visits to the Zoology Museum, and STEM activities for all ages delivered by TechFest. The University’s Professor Gordon Noble will also speak at a Café Sci event in Aberdeen Art Gallery on Tuesday February 11 about his research into Pictish kingdoms in north-east Scotland.
    The week pays tribute to Aberdeen’s historic origins as an ancient University and provides an opportunity to highlight the important role the institution continues to play in education and research.
    Professor Delibegovic collaborates with researchers worldwide and from a range of different disciplines with the aim of turning the findings made at the laboratory bench into diagnostic tools, medicines and other interventions.
    “Understanding what causes insulin resistance and finding ways to postpone or even reverse these conditions is crucial to our future health,” she said.
    “My hope is that the research we are doing now will lead to simple, achievable and affordable therapies that tackle diabetes and its complications in the future.”
    The Founders’ Week inaugural lecture takes place at the Suttie Centre, Foresterhill on February 12 from 6pm to 7.15pm. It will include a question and answer session and will be followed by a reception.
    Entry is free but places should be reserved by visiting https://www.abdn.ac.uk/events/21867/

    MIL OSI United Kingdom –

    January 28, 2025

  • MIL-OSI United Kingdom: Return of The Big Apprenticeship Event this February

    Source: Northern Ireland City of Armagh

    Launching The Big Apprenticeship Event for 2025 is SRC CEO Lee Campbell and the Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage.

    Southern Regional College’s Big Apprenticeship Event returns this February to Craigavon’s Civic Centre on Thursday 6th February from 5:00pm to 7:30pm. The Big Apprenticeship Event is a one stop shop for those seeking to start a new apprenticeship course from level 2 to level 5 from September 2025. The event seeks to match potential apprentices with employers, with over 40 employers and support organisations expected to attend both the Newry and Craigavon events. College staff will also be present discussing course modules, entry requirements and assessments.

    Also returning to the event this year are student ambassadors from various programmes of study, giving a first-hand account of what it is like being an apprentice and sharing their incredible journeys and giving the low-down on the reality of studying whilst being an apprentice. Employers, support organisations, lecturing staff and student ambassadors alike will be answering questions from attendees.

    Now in its 7th year the Big Apprenticeship Event, delivered in partnership with Armagh City Banbridge and Craigavon Borough Council and the ABC Labour Market Partnership, this event provides opportunities to young people and adult returners alike to develop skills and gain relevant experience with recruiting employers.

    Apprenticeships and higher level apprenticeships are flexible career pathways providing the chance to earn a salary while pursuing qualifications. With course fees funded by the Department for the Economy, now has never been a better time to start an apprenticeship or higher level apprenticeship at Southern Regional College.

    Apprenticeships are offered at level 2 and 3 at Southern Regional College in over 30 areas ranging from business, children’s care, construction, engineering, hairdressing & barbering, hospitality & food manufacturing to motor vehicles.

    Higher Level Apprenticeships provide participants with recognised foundation and honour degrees, referred to as level 5 and 6 qualifications in 20 subject areas. This ranges from accounting, business, finance and marketing, computing, construction, engineering, science, sports & exercise and tourism, hospitality & events management.

    The College has successfully run Higher Level Apprenticeship programmes of study for 10 years, providing over 1,200 people with jobs since the inception of the programme. This year could be attendees’ opportunity to add a degree and a new source of employment to their accomplishments.

    Lee Campbell, Principal & CEO of Southern Regional College commented:

    “We are delighted to once again host The Big Apprenticeship Event in our local communities.  The event provides attendees the unique opportunity to start conversations and directly engage with a wide and varied range of employers.

    “Attendees will have the opportunity to gather information on the various programmes of study and gain an understanding of the benefits of studying an apprenticeship.  Apprenticeships offer value by combining hands on vocational training, equipping individuals with the skills and experience currently in demand by employers.

    “Whether you are a school leaver, a career changer, or someone seeking professional development, this event promises to deliver a wealth of knowledge and inspiration to help you shape your future.”

    Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage added:

    “ABC Council is delighted to support the return of the Big Apprenticeship event on Thursday 6th February in Craigavon Civic & Conference Centre. Apprenticeships and higher level Apprenticeships have the opportunity to transform the lives of individuals, families and communities, connecting local people with local career pathways in forward-thinking local businesses, sparking partnerships that drive innovation and strengthen our economy.

    “Apprenticeships and higher level Apprenticeships are not just a win for individuals who have the opportunity to earn while they learn, but they are also a win for local business and our Borough as a whole as we work collectively to nurture a pipeline of skilled individuals to strengthen the local economy both now and into the future.”

    With many career opportunities available, attendees are encouraged to make their way to their closest Big Apprenticeship Event.  Free tickets are now available to book using the registration link https://src-big-apprenticeship-event-2025.eventbrite.co.uk

    MIL OSI United Kingdom –

    January 28, 2025

  • MIL-OSI Russia: The Polytechnic University honored the memory of the victims of the Leningrad blockade

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On January 27, the Day of the Complete Liberation of Leningrad from the Siege, the Polytechnic University held the event “Polytechnic. Siege. Leningrad”. The leaders, employees and students of SPbPU, as well as graduates and veterans of the university, gathered at the Monument to the Fallen Polytechnicians to remember those who defended our city, who gave their lives for the victory in the Great Patriotic War.

    The residents of besieged Leningrad demonstrated unprecedented fortitude. Despite the fact that they suffered enormous hardships, these people stood firm. Our task is to perform our actions based on the gratitude we feel for the generation that defended the city. I am sure that it is the unity of spirit that will help us overcome any difficulties and cope with any tasks, – the first vice-rector of SPbPU Vitaly Sergeev opened the memorial event.

    The event participants remembered the heroes who fought bravely at the front and steadfastly endured the hardships of life in the besieged city. 300 students and teachers of the Polytechnic Institute fought in the 3rd Frunze Division of the Leningrad People’s Militia Army. They were part of one of the companies of the Vyborg Regiment. In August 1941, the militia prevented the creation of a second blockade ring in the Olonetsky direction in Karelia. The institute continued scientific work aimed at solving wartime problems.

    During the Great Patriotic War, the Polytechnic University helped the city and the country. And now, during the special military operation, the university provides assistance to various units, including mine. Polytechnicians provide camouflage nets, high-cross-country vehicles, special devices, and help civilians, said SVO participant Kirill Chernykh. He presented letters of gratitude to the SPbPU workforce for their assistance and to the volunteers who weave camouflage nets.

    Milana Yukhnevich, Chairperson of the Military History Club “Our Polytechnic”, spoke on behalf of the younger generation. Students of the Natural Science Lyceum Lev Tyukov and Rodion Kurskiyev, as well as third-year college student Daria Brovkina, recited poems.

    The siege took more than a million lives, the Great Patriotic War took millions of lives, but time, of course, took even more lives. Unfortunately, there are no more veterans left who came to our memorial events just a few years ago. We must carry the baton of memory, preserve it and gather every year so as not to forget the terrible years of the siege and the war. So that, as today, we honor the memory of those who did not live to see this moment, – shared the leading specialist of the SPbPU History Museum Artem Solovyov.

    The rally ended with a minute of silence in memory of all those who died during the blockade and the laying of flowers at the Monument to the Fallen Polytechnicians.

    Photo archive

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

    MIL OSI Russia News –

    January 28, 2025

  • MIL-OSI Canada: Province Reaches Deal with Crown Attorneys

    Source: Government of Canada regional news

    The Province has reached a new four-year agreement with the Nova Scotia Crown Attorneys’ Association, which represents 126 Crown attorneys working in the Nova Scotia Public Prosecution Service.

    “I thank the association, the negotiating teams and all Crown attorneys for the important work they do every day on behalf of Nova Scotians,” said Justice Minister Becky Druhan. “We came to the table in good faith, and I am pleased that we were able to reach an agreement.”

    The contract includes:

    • economic increases of three per cent on April 1, 2023; 0.5 per cent on March 31, 2024; three per cent on April 1, 2024, two per cent on April 1, 2025, and two per cent on April 1, 2026
    • a classification adjustment for all Crown attorneys
    • an on-call compensation adjustment
    • removing the restricted senior Crown counsel classification
    • enhancements to equity, diversity, inclusion and accessibility language and efficiencies in the hiring process.

    The contract runs from April 1, 2023, to March 31, 2027.

    Quotes:

    “The Nova Scotia Crown Attorneys’ Association welcomes this new employment agreement as an important investment in the province’s justice system. On behalf of all Nova Scotia’s Crown attorneys, who work every day to ensure justice for vulnerable victims of crime, I want to extend our appreciation to the Province for its commitment to recruiting and retaining the dedicated professionals Nova Scotians deserve.”
    — Brian Cox, President, Nova Scotia Crown Attorneys’ Association

    Quick Facts:

    • including the Crown attorneys agreement, more than 300 settlements have been reached through the collective bargaining process since 2021
    • the agreement was reached with the support of a conciliator

    MIL OSI Canada News –

    January 28, 2025

  • MIL-OSI Asia-Pac: Second patient transferred point to point to Hong Kong for treatment by direct cross-boundary ambulance transfer in GBA

    Source: Hong Kong Government special administrative region

    Second patient transferred point to point to Hong Kong for treatment by direct cross-boundary ambulance transfer in GBA
    Second patient transferred point to point to Hong Kong for treatment by direct cross-boundary ambulance transfer in GBA
    ******************************************************************************************

    The following is issued on behalf of the Hospital Authority:     The Hospital Authority (HA) announced today (January 27) that Tuen Mun Hospital (TMH) received the second patient under the Pilot Scheme for Direct Cross-boundary Ambulance Transfer in the Greater Bay Area (Pilot Scheme) yesterday afternoon. The patient was transferred to Hong Kong for treatment by a point-to-point cross-boundary ambulance. The HA expresses sincere gratitude to various units in Guangdong and Hong Kong for their proactive co-ordination and collaboration, which enabled the smooth point-to-point transfer of the patient to Hong Kong.     A patient was previously admitted to the University of Hong Kong-Shenzhen Hospital (HKU-SZH). After thorough assessment and discussion with patient and family by the medical team, it was decided to transfer the patient back to Hong Kong for ongoing treatment. The patient departed from the HKU-SZH at 2.00pm yesterday and arrived at TMH before 3.00pm, where he is currently receiving treatment and is in stable condition.     The spokesperson for the HA stated that upon receiving notification, TMH promptly communicated with the medical team in Shenzhen to understand the patient’s clinical situation and prepare for admitting the patient. The HA expresses heartfelt thanks to all parties involved for their substantial co-ordination and co-operation, ensuring that the patient was swiftly transported directly point to point to Hong Kong for treatment under the care of medical personnel. Without the handover of patients between ambulances at boundary control points, the direct transport not only minimise the risks posed to patients during transfers and improve the patients’ chances of recovery, but also exemplifies that the close collaboration and development of quality healthcare co-operation in the Greater Bay Area (GBA) supports Hong Kong patients residing in the GBA.     The spokesperson emphasised that the Pilot Scheme has a mechanism in place to avoid abuse while ensuring the safety of cross-boundary transfer. Doctors at the sending hospital will assess the clinical diagnosis and condition of the patients to determine the necessity for cross-boundary inter-hospital transfer for continuous treatment or recovery services. In general, taking patients safety into consideration, the Pilot Scheme will only facilitate the transfer of emergency patients who have clinical needs, are unable to cross the boundary independently, and whose clinical conditions are stable. Patients who are clinically unstable cannot participate in the scheme. The medical teams from both regions will jointly evaluate cases, exchange information, and co-ordinate to decide whether to initiate the transfer mechanism, ensuring that both the patients and their family are informed of the relevant arrangements and the risks involved in the transfer.     The study on the provision of land-based cross-boundary transfers for non-emergency and non-critically ill patients and the exploration of rolling out a pilot co-operation scheme for cross-boundary referrals of patients between designated public hospitals were put forward in the Outline Development Plan for the GBA. The Chief Executive also put forward in his 2023 Policy Address the initiative to explore cross-boundary ambulance transfer arrangements between hospitals in the GBA. Under the staunch support and guidance of various national ministries as well as the concerted efforts of the government departments of Hong Kong, Guangdong and Macao, the Pilot Scheme was set for official launch on November 30 last year. The first patient was transferred point to point from Shenzhen to Hong Kong for treatment by direct cross-boundary ambulance on January 10 this year.

     
    Ends/Monday, January 27, 2025Issued at HKT 21:35

    NNNN

    MIL OSI Asia Pacific News –

    January 28, 2025

  • MIL-OSI Security: Harbour Grace — Dangerous driver stopped by Harbour Grace RCMP using spike belt, man arrested

    Source: Royal Canadian Mounted Police

    After fleeing from Harbour Grace RCMP in a dangerous manner a number of times on January 24, 2025, 38-year-old Shawn Clarke was arrested. Police used a spike belt to successfully bring the vehicle he was operating to a stop.

    Shortly after 10:00 a.m. on Friday, in recognizing a Transit van that fled from police earlier in the week, Harbour Grace RCMP attempted to stop what officers believed to be the same van on High Road South in Carbonear. The van failed to stop for police and fled in a dangerous manner. In the interests of public safety, police did not pursue the vehicle.

    A short time later, the van was located by police on Cathedral Street in Harbour Grace. Police again attempted to stop the van. The driver fled from police in a dangerous manner and officers did not pursue.

    After this, the vehicle was further located by police on Barrack’s Road in Bay Roberts and on Main Road in Shearstown. The driver continued to flee from police and drive dangerously.

    A short time later, a spike belt was successfully deployed by Harbour Grace RCMP on Picketts Road in Shearstown, which brought the vehicle to a stop. Clarke exited the van and was arrested without further incident.

    Clarke is charged with the following criminal offences:

    • Flight from police – multiple counts
    • Dangerous operation – multiple counts
    • Failure to comply with a probation order

    He attended court on Friday, was remanded into custody and will appear in court again today.

    MIL Security OSI –

    January 28, 2025

  • MIL-OSI: LM Funding America Achieves 560 PH/s with 15 MW Oklahoma Mining Site Active

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Jan. 27, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA), (“LM Funding” or the “Company”) a Bitcoin mining and technology-based specialty finance company, today announced the successful deployment of approximately 432 petahash per second (“PH/s”) of miners at its 15 MW mining site in Oklahoma. This expansion increases the Company’s total fleet to 5,121 active miners for an energized hashrate of approximately 560 PH/s across multiple sites, of which 432 PH/s can be overclocked at the Oklahoma mining site.

    Bruce M. Rodgers, Chairman and CEO of LM Funding America stated, “We are pleased to announce that with the deployment of additional miners at our 15 MW Oklahoma site, we now have approximately 560 PH/s across our mining operations. This marks the achievement of our previously outlined objectives and we plan to aggressively pursue the acquisition of additional mining sites that align with our strategic investment criteria.”

    Ryan Duran, President of LM Funding America’s US Digital Mining & Hosting Co. subsidiary, stated, “Through the dedicated efforts of our team and strategic partnerships, we successfully met our installation targets. This includes the successful transition of 1,440 miners from storage to active deployment, showcasing our commitment to operational excellence.”

    About LM Funding America
    LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. It operates through two segments; Specialty Finance and Mining Operations. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

    Forward-Looking Statements
    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    Contact:
    Crescendo Communications, LLC
    Tel: (212) 671-1021
    Email: LMFA@crescendo-ir.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.73 Per Share for Q4 2024; Twelve Month 2024 Earnings up 10% to $2.37 per Share

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported fourth quarter earnings ending December 31, 2024 of $0.73 per common share on net income of $3.0 million, compared to $0.69 per common share on net income of $2.9 million during the third quarter ending September 30, 2024, and $0.55 per common share on net income of $2.3 million during the fourth quarter ending December 31, 2023. For the fiscal year ended December 31, 2024, PSB reported earnings of $2.37 per common share on net income of $9.8 million compared to $2.16 per common share on earnings of $9.1 million for the fiscal year ended December 31, 2023.

    PSB’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) higher net interest income supported by a net interest margin increase of six basis points; (2) lower non-interest income due primarily to a loss on the sale of securities; (3) slightly lower non-interest expenses due to lower salaries and employee benefit expenses; and (4) loan growth of 2% during the quarter.

    “We are pleased with our results for the fourth quarter and fiscal 2024. We continue to maintain strong asset quality and controlled expenses, and expect to see continued expansion in our net interest margin as loan products continue to reset to higher yields and funding costs stabilize or decline. Additionally, we expect to see stronger loan growth in fiscal 2025. We are focused on delivering strong returns to shareholders through capital growth, payment of dividends and supporting our stock price through stock repurchases, when economically appropriate,” stated Scott Cattanach, President and CEO.

    December 31, 2024, Highlights:

    • Net interest income increased to $10.4 million for the quarter ended December 31, 2024, from $9.9 million for the quarter ended September 30, 2024. Asset and loan yields increased while funding costs declined slightly.
    • Noninterest income decreased $566,000 to $1.3 million for the quarter ended December 31, 2024, compared to $1.8 million the prior quarter due primarily to a loss on the sale of securities.
    • Noninterest expenses decreased to $8.0 million during the quarter ended December 31, 2024 from $8.2 million for the quarter ended September 30, 2024, reflecting lower salary and benefit expenses.
    • Loans increased $20.2 million, or 2% in the fourth quarter ended December 31, 2024, to $1.08 billion largely due to new commercial real estate and construction and development loans. Allowance for credit losses was 1.13% of gross loans.
    • Non-performing assets remained unchanged at $10.4 million, or 0.71% of total assets at December 31, 2024 compared to the previous quarter.
    • Total deposits increased slightly to $1.15 billion at December 31, 2024 from $1.14 billion at September 30, 2024, with the increase largely consisting of interest-bearing demand and savings deposits.
    • Return on average tangible common equity was 11.07% for the quarter ended December 31, 2024, compared to 10.96% the prior quarter and 9.64% in the year ago quarter.
    • Tangible book value per common share was up 9.0% over the past year to $25.98 at December 31, 2024, compared to $23.84 at December 31, 2023. Additionally, PSB paid dividends totaling $0.64 per share during 2024, up 6.7% over the prior year.
    • On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

    Balance Sheet and Asset Quality Review

    Total assets decreased $10.0 million during the fourth quarter to $1.47 billion at December 31, 2024, compared to September 30, 2024. Cash and cash equivalents decreased $46.6 million to $40.5 million at December 31, 2024 from $87.1 million at September 30, 2024 as funds were used to originate new loans and pay down FHLB advances. Cash and cash equivalents increased $12.7 million from one year earlier. Investment securities available for sale increased $14.2 million to $189.1 million at December 31, 2024, from $174.9 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $349 million at December 31, 2024, with an additional $354 million that could be raised in a short time frame from the brokered CDs market.

    Total loans receivable increased $20.2 million to $1.08 billion at December 31, 2024, compared to one quarter earlier, due primarily to increased commercial non-real estate, commercial real estate and construction lending. Commercial non-real estate loans increased $5.1 million to $144.2 million at December 31, 2024, from $139.0 million one quarter earlier. Commercial real estate loans increased $10.1 million to $551.6 million at December 31, 2024 and construction and development lending increased $18.4 million to $79.4 million at December 31, 2024, compared to one quarter earlier. Offsetting gross loan growth, loans in process of disbursement increased $10.0 million to $27.8 million as new construction and development loans have not been fully funded. Residential real estate loans decreased $3.9 million from the prior quarter to $337.5 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.5% of gross loans, followed by residential real estate loans at 30.2% of gross loans, commercial non-real estate loans at 12.9% and consumer loans at 0.4%.

    The allowance for credit losses decreased slightly to 1.13% of gross loans at December 31, 2024, from 1.18% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended December 31, 2024. Non-performing assets remained at 0.71% of total assets at December 31, 2024 and totaled $10.4 million. Approximately 71% of the non-performing assets consisted of three loan relationships. For the eighth consecutive quarter, the Bank did not own any foreclosed real estate.

    Total deposits increased $8.2 million to $1.15 billion at December 31, 2024, from $1.14 billion at September 30, 2024. The increase in deposits reflects a $12.9 million increase in interest-bearing demand and savings deposits and a $3.3 million increase in retail and local time deposits greater than $250,000, offset by a $1.5 million decrease in money market deposits, a $5.6 million decrease in non-interest bearing deposits and a $0.9 million decrease in retail and local time deposits less than $250,000.

    At December 31, 2024, non-interest bearing demand deposits decreased to 22.6% of total deposits from 23.3% the prior quarter, while interest-bearing demand and savings deposits increased to 29.4% of deposits, compared to 28.4% at September 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at December 31, 2024, from 21.7% of total deposits at September 30, 2024.

    FHLB advances decreased $19.0 million to $162.3 million at December 31, 2024, compared to $181.3 million at September 30, 2024.

    Tangible stockholder equity as a percent of total tangible assets was 7.76% at December 31, 2024, compared to 7.85% at September 30, 2024, and 7.49% at December 31, 2023.

    Tangible net book value per common share increased $2.14 to $25.98, at December 31, 2024, compared to $23.84 one year earlier, an increase of 9.0% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.41, tangible net book value per common share decreased primarily due to a fair market value decrease in the investment portfolios and payment of dividends. The accumulated other comprehensive loss on the investment portfolio was $19.3 million at December 31, 2024, compared to $15.8 million one quarter earlier.

    Operations Review

    Net interest income increased to $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, from $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the fourth quarter of 2023. Earning asset yields remained flat at 5.29% during the fourth quarter of 2024, while interest bearing deposit and borrowing costs decreased seven basis points to 3.06% compared to 3.13% during the third quarter of 2024. Relative to one year earlier, earning asset yields were up 30 basis points while interest bearing deposit and borrowing costs increased 27 basis points.

    The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the fourth quarter of 2024 to 5.80% from 5.78% for the third quarter of 2024. Taxable security yields were 3.16% for the quarter ended December 31, 2024, compared to 3.01% for the quarter ended September 30, 2024, while tax-exempt security yields were flat at 3.31% for the quarter ended December 31, 2024. The increase in taxable security yields reflect the rise in interest rates and security restructuring activity from security sales.

    The cost of all deposits declined to 2.08% for the quarter ended December 31, 2024, compared to 2.11% the prior quarter, while the overall cost of funds decreased seven basis points to 3.06% from 3.13% during the same time period. Deposit costs for all deposit categories decreased during the fourth quarter with time deposits decreasing two basis points to 4.02%, money market deposits decreasing 13 basis points to 2.56% and savings and demand deposits decreasing two basis points to 2.56%. FHLB advances also declined four basis points to 4.40% for the quarter ended December 31, 2024.

    Total noninterest income decreased during the fourth quarter of 2024 to $1.28 million, from $1.84 million for the third quarter of 2024 due primarily to a net loss on sale of securities. Mortgage banking income decreased slightly to $414,000 in the fourth quarter from $433,000 the prior quarter while various decreases in nominal revenue sources accounted for the remaining decline in noninterest income. At December 31, 2024, the Bank serviced $373.5 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses decreased $149,000 to $8.0 million for the fourth quarter of 2024, compared to $8.2 million for the third quarter of 2024 and increased $644,000 from $7.4 million for the fourth quarter of 2023. Relative to one year earlier, salary and benefit cost increased $447,000, or 10.5% to $4.7 million for the quarter ended December 31, 2024, compared to $4.2 million for the fourth quarter ended December 31, 2023.

    Taxes decreased $69,000 during the fourth quarter to $524,000, from $593,000 one quarter earlier. The effective tax rate for the quarter ended December 31, 2024, was 14.4% compared to 16.6% for the third quarter ended September 30, 2024, and 26.7% for the fourth quarter ended December 31, 2023.

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

               
               
    PSB Holdings, Inc.     
    Consolidated Balance Sheets     
    December 31, September 30, June 30, and March 31, 2024, unaudited, December 31, 2023 derived from audited financial statements 
               
      Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands, except per share data)   2024     2024     2024     2024     2023  
               
    Assets          
               
    Cash and due from banks $ 21,414   $ 23,554   $ 16,475   $ 13,340   $ 20,887  
    Interest-bearing deposits   3,724     5,126     251     105     1,431  
    Federal funds sold   15,360     58,434     69,249     2,439     5,462  
               
    Cash and cash equivalents   40,498     87,114     85,975     15,884     27,780  
    Securities available for sale (at fair value)   189,086     174,911     165,177     165,566     164,024  
    Securities held to maturity (fair values of $79,654, $82,389, $79,993, $81,234 and        
      $82,514 respectively)   86,748     86,847     86,825     87,104     87,081  
    Equity securities   2,782     1,752     1,661     1,474     1,474  
    Loans held for sale   217     –     2,268     865     230  
    Loans receivable, net (allowance for credit losses of $12,342, $12,598, $12,597,        
     $12,494 and $12,302 respectively)   1,078,204     1,057,974     1,074,844     1,081,394     1,078,475  
    Accrued interest receivable   5,042     4,837     5,046     5,467     5,136  
    Foreclosed assets   –     –     –     –     –  
    Premises and equipment, net   13,805     14,065     14,048     13,427     13,098  
    Mortgage servicing rights, net   1,742     1,727     1,688     1,657     1,664  
    Federal Home Loan Bank stock (at cost)   8,825     8,825     8,825     7,006     6,373  
    Cash surrender value of bank-owned life insurance   24,732     24,565     24,401     24,242     24,085  
    Core deposit intangible   195     212     229     249     273  
    Goodwill   2,541     2,541     2,541     2,541     2,541  
    Other assets   11,539     10,598     12,111     11,682     11,866  
               
    TOTAL ASSETS $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    Liabilities          
               
    Non-interest-bearing deposits $ 259,515   $ 265,078   $ 250,435   $ 247,608   $ 266,829  
    Interest-bearing deposits   887,834     874,035     901,886     865,744     874,973  
               
       Total deposits   1,147,349     1,139,113     1,152,321     1,113,352     1,141,802  
               
    Federal Home Loan Bank advances   162,250     181,250     184,900     158,250     134,000  
    Other borrowings   6,872     6,128     5,775     8,096     8,058  
    Senior subordinated notes   4,781     4,779     4,778     4,776     4,774  
    Junior subordinated debentures   13,023     12,998     12,972     12,947     12,921  
    Allowance for credit losses on unfunded commitments   672     477     477     477     577  
    Accrued expenses and other liabilities   14,723     12,850     13,069     10,247     12,681  
               
       Total liabilities   1,349,670     1,357,595     1,374,292     1,308,145     1,314,813  
               
    Stockholders’ equity          
               
    Preferred stock – no par value:          
       Authorized – 30,000 shares; no shares issued or outstanding          
       Outstanding – 7,200 shares, respectively   7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:          
       Authorized – 18,000,000 shares; Issued – 5,490,798 shares          
       Outstanding – 4,092,977, 4,105,594, 4,128,382, 4,147,649 and          
         4,164,735 shares, respectively   1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital   8,610     8,567     8,527     8,466     8,460  
    Retained earnings   139,838     138,142     135,276     134,271     132,666  
    Accumulated other comprehensive income (loss), net of tax   (19,314 )   (15,814 )   (20,503 )   (20,775 )   (20,689 )
    Treasury stock, at cost – 1,397,821, 1,385,204, 1,362,416, 1,343,149 and          
      1,326,063 shares, respectively   (21,878 )   (21,552 )   (20,983 )   (20,579 )   (20,180 )
               
       Total stockholders’ equity   116,286     118,373     111,347     110,413     109,287  
               
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558   $ 1,424,100  
               
    PSB Holdings, Inc.        
    Consolidated Statements of Income            
                            Quarter Ended     Years Ended
    (dollars in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,   December
    except per share data – unaudited)   2024     2024   2024   2024     2023       2024     2023  
                       
    Interest and dividend income:                
       Loans, including fees $ 15,646   $ 15,634 $ 15,433 $ 15,109   $ 14,888     $ 61,822   $ 53,633  
       Securities:                
          Taxable   1,545     1,345   1,295   1,197     1,147       5,382     4,919  
          Tax-exempt   522     522   521   526     532       2,091     2,137  
       Other interest and dividends   948     699   265   343     320       2,255     851  
                       
             Total interest and dividend income   18,661     18,200   17,514   17,175     16,887       71,550     61,540  
                       
    Interest expense:                
       Deposits   6,027     5,905   5,838   6,082     5,526       23,852     16,993  
       FHLB advances   1,890     2,038   1,860   1,450     1,349       7,238     4,417  
       Other borrowings   57     57   58   60     54       232     215  
       Senior subordinated notes   59     59   58   59     59       235     238  
       Junior subordinated debentures   252     252   255   251     254       1,010     985  
                       
             Total interest expense   8,285     8,311   8,069   7,902     7,242       32,567     22,848  
                       
    Net interest income   10,376     9,889   9,445   9,273     9,645       38,983     38,692  
    Provision for credit losses   –     –   100   95     100       195     450  
                       
    Net interest income after provision for credit losses     10,376     9,889   9,345   9,178     9,545       38,788     38,242  
                       
    Noninterest income:                
       Service fees   362     367   350   336     360       1,415     1,448  
       Mortgage banking income   414     433   433   308     247       1,588     1,228  
       Investment and insurance sales commissions   226     230   222   121     100       799     910  
       Net loss on sale of securities   (511 )   –   –   (495 )   (297 )     (1,006 )   (576 )
       Increase in cash surrender value of life insurance     166     165   159   157     154       647     615  
       Life insurance death benefit   –     –   –   –     –       –     533  
       Other noninterest income   620     648   742   617     540       2,627     2,562  
                       
             Total noninterest income   1,277     1,843   1,906   1,044     1,104       6,070     6,720  
                       
    Noninterest expense:                
       Salaries and employee benefits   4,691     4,771   5,167   5,123     4,244       19,752     18,648  
       Occupancy and facilities   691     757   733   721     675       2,902     2,761  
       Loss (gain) on foreclosed assets   –     1   –   –     1       1     (45 )
       Data processing and other office operations   1,111     1,104   1,047   1,022     1,001       4,284     3,785  
       Advertising and promotion   141     164   171   129     244       605     733  
       Core deposit intangible amortization   17     17   20   24     24       78     109  
       Other noninterest expenses   1,351     1,337   1,257   1,306     1,169       5,251     4,557  
                       
            Total noninterest expense   8,002     8,151   8,395   8,325     7,358       32,873     30,548  
                       
    Income before provision for income taxes   3,651     3,581   2,856   1,897     3,291       11,985     14,414  
    Provision for income taxes   524     593   410   169     878       1,696     4,845  
                       
    Net income $ 3,127   $ 2,988 $ 2,446 $ 1,728   $ 2,413     $ 10,289   $ 9,569  
    Preferred stock dividends declared $ 122   $ 122 $ 122 $ 122   $ 122     $ 486   $ 486  
                       
    Net income available to common shareholders $ 3,005   $ 2,866 $ 2,324 $ 1,606   $ 2,291     $ 9,803   $ 9,083  
    Basic earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
    Diluted earnings per common share $ 0.73   $ 0.69 $ 0.56 $ 0.39   $ 0.55     $ 2.37   $ 2.16  
                       
    PSB Holdings, Inc.
    Quarterly Financial Summary
    (dollars in thousands, except per share data) Quarter ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    Earnings and dividends:     2024     2024     2024     2024     2023  
                   
      Interest income   $ 18,661   $ 18,200   $ 17,514   $ 17,175   $ 16,887  
      Interest expense   $ 8,285   $ 8,311   $ 8,069   $ 7,902   $ 7,242  
      Net interest income   $ 10,376   $ 9,889   $ 9,445   $ 9,273   $ 9,645  
      Provision for credit losses   $ –   $ –   $ 100   $ 95   $ 100  
      Other noninterest income   $ 1,277   $ 1,843   $ 1,906   $ 1,044   $ 1,104  
      Other noninterest expense   $ 8,002   $ 8,151   $ 8,395   $ 8,325   $ 7,358  
      Net income available to common shareholders $ 3,005   $ 2,866   $ 2,324   $ 1,606   $ 2,291  
                   
      Basic earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Diluted earnings per common share (3) $ 0.73   $ 0.69   $ 0.56   $ 0.39   $ 0.55  
      Dividends declared per common share (3) $ 0.32   $ –   $ 0.32   $ –   $ 0.30  
      Tangible net book value per common share (4) $ 25.98   $ 26.41   $ 24.55   $ 24.21   $ 23.84  
                   
      Semi-annual dividend payout ratio     23.27 %   n/a     33.61 %   n/a     38.14 %
      Average common shares outstanding   4,094,360     4,132,218     4,139,456     4,154,702     4,168,924  
                   
                   
    Balance sheet – average balances:            
      Loans receivable, net of allowances for credit loss   $ 1,064,619   $ 1,066,795   $ 1,088,013   $ 1,081,936   $ 1,081,851  
      Assets   $ 1,479,812   $ 1,445,613   $ 1,433,749   $ 1,429,437   $ 1,424,240  
      Deposits   $ 1,151,450   $ 1,110,854   $ 1,111,240   $ 1,138,010   $ 1,148,399  
      Stockholders’ equity   $ 118,396   $ 114,458   $ 110,726   $ 109,473   $ 105,060  
                   
                   
    Performance ratios:            
      Return on average assets (1)     0.84 %   0.82 %   0.69 %   0.49 %   0.67 %
      Return on average common stockholders’ equity (1)     10.75 %   10.63 %   9.03 %   6.32 %   9.29 %
      Return on average tangible common          
        stockholders’ equity (1)(4)     11.07 %   10.96 %   9.34 %   6.57 %   9.64 %
      Net loan charge-offs to average loans (1)   0.02 %   0.00 %   0.00 %   0.00 %   0.00 %
      Nonperforming loans to gross loans     0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
      Nonperforming assets to total assets     0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
      Allowance for credit losses to gross loans   1.13 %   1.18 %   1.16 %   1.14 %   1.13 %
      Nonperforming assets to tangible equity          
        plus the allowance for credit losses (4)   8.85 %   8.71 %   11.09 %   10.59 %   5.38 %
      Net interest rate margin (1)(2)     2.96 %   2.90 %   2.84 %   2.80 %   2.88 %
      Net interest rate spread (1)(2)     2.23 %   2.16 %   2.15 %   2.12 %   2.20 %
      Service fee revenue as a percent of            
        average demand deposits (1)     0.53 %   0.56 %   0.56 %   0.54 %   0.52 %
      Noninterest income as a percent            
        of gross revenue     6.40 %   9.20 %   9.81 %   5.73 %   6.14 %
      Efficiency ratio (2)     67.59 %   68.43 %   72.52 %   78.93 %   67.04 %
      Noninterest expenses to average assets (1)   2.15 %   2.24 %   2.35 %   2.34 %   2.05 %
      Average stockholders’ equity less accumulated          
        other comprehensive income (loss) to          
        average assets     9.08 %   9.06 %   9.03 %   8.98 %   8.88 %
      Tangible equity to tangible assets (4)   7.76 %   7.85 %   7.32 %   7.60 %   7.49 %
                   
    Stock price information:            
                   
      High   $ 27.90   $ 25.00   $ 21.40   $ 22.50   $ 22.30  
      Low   $ 25.00   $ 20.30   $ 19.75   $ 20.05   $ 20.10  
      Last trade value at quarter-end   $ 26.50   $ 25.00   $ 20.40   $ 21.25   $ 22.11  
                   
    (1) Annualized            
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.  
    (4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.      
               
    PSB Holdings, Inc.          
    Consolidated Statements of Comprehensive Income        
                   
          Quarter Ended
          Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
    (dollars in thousands – unaudited)   2024     2024     2024     2024     2023  
                   
    Net income $ 3,127   $ 2,988   $ 2,446   $ 1,728   $ 2,413  
                   
    Other comprehensive income:          
                   
      Unrealized gain (loss) on securities available for sale, net of tax      (3,955 )   4,738     184     (615 )   5,278  
                 
      Reclassification adjustment for security  loss included in net income, net of tax     404     –     –     391     280  
                   
      Accretion of unrealized loss included in net  income on securities available for sale deferred tax adjustment for Wisconsin Act 19     (76 )   –     –     (35 )   –  
                   
      Amortization of unrealized loss included in net  income on securities available for sale transferred to securities held to maturity, net of tax     90     90     89     91     91  
                   
      Unrealized gain (loss) on interest rate swap, net of tax     65     (101 )   39     122     (109 )
                   
      Reclassification adjustment of interest rate swap settlements included in earnings, net of tax     (27 )   (38 )   (40 )   (41 )   (39 )
                   
                   
    Other comprehensive income (loss)   (3,499 )   4,689     272     (87 )   5,501  
                   
    Comprehensive income (loss) $ (372 ) $ 7,677   $ 2,718   $ 1,641   $ 7,914  
                   
    PSB Holdings, Inc.        
    Nonperforming Assets as of:        
      Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
               
    Nonaccrual loans (excluding restructured loans) $ 10,109   $ 10,116   $ 12,184   $ 11,498   $ 5,596  
    Nonaccrual restructured loans   18     25     28     30     34  
    Restructured loans not on nonaccrual   286     292     299     304     310  
    Accruing loans past due 90 days or more   –     –     –     –     –  
               
    Total nonperforming loans   10,413     10,433     12,511     11,832     5,940  
    Other real estate owned   –     –     –     –     –  
               
    Total nonperforming assets $ 10,413   $ 10,433   $ 12,511   $ 11,832   $ 5,940  
               
    Nonperforming loans as a % of gross loans receivable   0.95 %   0.97 %   1.15 %   1.08 %   0.54 %
    Total nonperforming assets as a % of total assets   0.71 %   0.71 %   0.84 %   0.83 %   0.42 %
    Allowance for credit losses as a % of nonperforming loans   118.52 %   120.75 %   100.69 %   105.59 %   207.10 %
               
    PSB Holdings, Inc.     
    Nonperforming Assets >= $500,000 net book value before specific reserves    
    At December 31, 2024     
    (dollars in thousands)     
        Gross Specific
    Collateral Description Asset Type Principal Reserves
           
    Real estate – Recreational Facility Nonaccrual $ 4,126   $ 151  
    Real estate – Independent Auto Repair Nonaccrual   538     –  
    Real estate – Dealership Nonaccrual   2,708     560  
           
           
    Total listed nonperforming assets   $ 7,372   $ 711  
    Total bank wide nonperforming assets   $ 10,413   $ 1,043  
    Listed assets as a % of total nonperforming assets     71 %   68 %
           
    PSB Holding, Inc.          
    Loan Composition by Collateral Type          
    Quarter-ended (dollars in thousands) Dec 31,
    2024    		 Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
               
    Commercial:          
    Commercial and industrial $ 116,864   $ 115,234   $ 125,508   $ 118,821   $ 117,207  
    Agriculture   11,568     11,203     11,480     12,081     12,304  
    Municipal   15,733     12,596     11,190     28,842     31,530  
               
    Total Commercial   144,165     139,033     148,178     159,744     161,041  
               
    Commercial Real Estate:          
    Commercial real estate   551,641     541,577     544,171     546,257     536,209  
    Construction and development   79,377     60,952     70,540     63,375     81,701  
               
    Total Commercial Real Estate   631,018     602,529     614,711     609,632     617,910  
               
    Residential real estate:          
    Residential   271,643     269,954     270,944     274,300     274,453  
    Construction and development   28,959     34,655     36,129     34,158     33,960  
    HELOC   36,887     36,734     33,838     31,357     29,766  
               
    Total Residential Real Estate   337,489     341,343     340,911     339,815     338,179  
               
    Consumer installment   5,060     4,770     4,423     4,867     4,357  
               
    Subtotals – Gross loans   1,117,732     1,087,675     1,108,223     1,114,058     1,121,487  
    Loans in process of disbursement   (27,791 )   (17,836 )   (21,484 )   (20,839 )   (31,359 )
               
    Subtotals – Disbursed loans   1,089,941     1,069,839     1,086,739     1,093,219     1,090,128  
    Net deferred loan costs   605     733     702     669     649  
    Allowance for credit losses   (12,342 )   (12,598 )   (12,597 )   (12,494 )   (12,302 )
               
    Total loans receivable $ 1,078,204   $ 1,057,974   $ 1,074,844   $ 1,081,394   $ 1,078,475  
               
    PSB Holding, Inc.                       
    Selected Commercial Real Estate Loans by Purpose                  
      Dec 31,   Sept 30,   June 30,   Mar 31,   Dec 31,
     (dollars in thousands)  2024     2024     2024     2024     2023 
                                 
      Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)    		   Total
    Exposure    		 % of
    Portfolio (1)
    Multi Family $ 140,087 14.0 %   $ 140,307 14.7 %   $ 146,873 15.2 %   $ 142,001 14.4 %   $ 132,386 13.2 %
    Industrial and Warehousing   88,297 8.8       86,818 9.1       86,025 8.9       85,409 8.6       83,817 8.3  
    Retail   33,991 3.4       33,020 3.5       34,846 3.6       33,177 3.4       35,419 3.5  
    Hotels   31,101 3.1       31,611 3.3       34,613 3.6       35,105 3.6       36,100 3.6  
    Office   6,234 0.6       6,378 0.7       6,518 0.7       6,655 0.7       6,701 0.7  
                                 
    (1) Percentage of commercial and commercial real estate portfolio and commitments.              
                   
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Insured and Collateralized Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 204,167 17.8 % $ 210,534 18.5 % $ 202,343 17.5 % $ 199,076 17.8 % $ 197,571 17.3 %
    Interest-bearing demand and savings   315,900 27.6 %   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %   317,984 27.8 %
    Money market deposits   141,024 12.3 %   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %   142,887 12.5 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   816,190 71.2 %   810,529 71.2 %   793,670 69.0 %   809,320 72.7 %   807,587 70.7 %
    Retail and local time deposits > $250   25,500 2.2 %   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %   23,000 2.0 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 899,095 78.4 % $ 891,434 78.3 % $ 873,988 76.0 % $ 897,809 80.7 % $ 904,077 79.1 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 55,348 4.8 % $ 54,544 4.8 % $ 48,092 4.1 % $ 48,532 4.4 % $ 69,258 6.1 %
    Interest-bearing demand and savings   20,934 1.8 %   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %   20,316 1.8 %
    Money market deposits   153,334 13.4 %   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %   124,518 10.9 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   229,616 20.0 %   230,350 20.2 %   258,720 22.3 %   193,833 17.4 %   214,092 18.8 %
    Retail and local time deposits > $250   18,638 1.6 %   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %   23,633 2.1 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 248,254 21.6 % $ 247,679 21.7 % $ 278,333 24.0 % $ 215,543 19.3 % $ 237,725 20.9 %
                         
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits December 31, September 30, June 30, March 31, December 31,
    (dollars in thousands)   2024     2024     2024     2024     2023  
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 259,515 22.6 % $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 % $ 266,829 23.4 %
    Interest-bearing demand and savings   336,834 29.4 %   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %   338,300 29.6 %
    Money market deposits   294,358 25.7 %   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %   267,405 23.4 %
    Retail and local time deposits <= $250   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %   149,145 13.1 %
                         
    Total core deposits   1,045,806 91.2 %   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %   1,021,679 89.5 %
    Retail and local time deposits > $250   44,138 3.8 %   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %   46,633 4.1 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %   3,470 0.3 %
    Broker & national time deposits > $250   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %   70,020 6.1 %
                         
    Totals $ 1,147,349 100.0 % $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 % $ 1,141,802 100.0 %
                         
    PSB Holdings, Inc. 
    Average Balances ($000) and Interest Rates         
    (dollars in thousands)           
                           
                           
      Quarter ended December 31, 2024   Quarter ended September 30, 2024   Quarter ended December 31, 2023
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
       Loans (1)(2) $ 1,077,242   $ 15,693 5.80 %   $ 1,079,393   $ 15,674 5.78 %   $ 1,094,152   $ 14,974 5.43 %
       Taxable securities   194,272     1,545 3.16 %     177,520     1,345 3.01 %     167,366     1,147 2.72 %
       Tax-exempt securities (2)   79,475     661 3.31 %     79,472     661 3.31 %     80,922     673 3.30 %
       FHLB stock   8,825     227 10.23 %     8,825     176 7.93 %     6,373     158 9.84 %
       Other   58,405     721 4.91 %     36,680     523 5.67 %     11,846     162 5.43 %
                           
       Total (2)   1,418,219     18,847 5.29 %     1,381,890     18,379 5.29 %     1,360,659     17,114 4.99 %
                           
    Non-interest-earning assets:                    
       Cash and due from banks   15,500           17,162           16,243      
       Premises and equipment,                    
          net   14,001           14,216           13,243      
       Cash surrender value ins   24,625           24,458           23,990      
       Other assets   20,090           20,485           22,406      
       Allowance for credit                      
          losses   (12,623 )         (12,598 )         (12,301 )    
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Liabilities & stockholders’ equity                    
    Interest-bearing liabilities:                    
       Savings and demand                      
          deposits $ 319,777   $ 1,479 1.84 %   $ 323,841   $ 1,515 1.86 %   $ 327,036   $ 1,296 1.57 %
       Money market deposits   304,897     1,961 2.56 %     277,884     1,876 2.69 %     272,087     1,820 2.65 %
       Time deposits   256,201     2,587 4.02 %     247,296     2,514 4.04 %     273,332     2,410 3.50 %
       FHLB borrowings   170,701     1,890 4.40 %     182,414     2,038 4.44 %     133,560     1,349 4.01 %
       Other borrowings   6,848     57 3.31 %     6,702     57 3.38 %     6,999     54 3.06 %
       Senior sub. notes    4,780     59 4.91 %     4,779     59 4.91 %     4,773     59 4.90 %
       Junior sub. debentures   13,011     252 7.71 %     12,985     252 7.72 %     12,909     254 7.81 %
                           
       Total   1,076,215     8,285 3.06 %     1,055,901     8,311 3.13 %     1,030,696     7,242 2.79 %
                           
    Non-interest-bearing liabilities:                    
       Demand deposits   270,575           261,833           275,944      
       Other liabilities   14,626           13,421           12,540      
       Stockholders’ equity   118,396           114,458           105,060      
                           
       Total $ 1,479,812           $ 1,445,613           $ 1,424,240        
                           
    Net interest income   $ 10,562       $ 10,068       $ 9,872  
    Rate spread     2.23 %       2.16 %       2.20 %
    Net yield on interest-earning assets   2.96 %       2.90 %       2.88 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.     
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%. 
                           
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)       
          Year ended December 31, 2024   Year ended December 31, 2023
          Average   Yield/   Average   Yield/
          Balance Interest Rate   Balance Interest Rate
    Assets                
    Interest-earning assets:              
       Loans (1)(2) $ 1,087,816   $ 62,085 5.71 %   $ 1,043,144   $ 53,824 5.16 %
       Taxable securities   179,074     5,382 3.01 %     183,984     4,919 2.67 %
       Tax-exempt securities (2)   79,735     2,647 3.32 %     81,481     2,705 3.32 %
       FHLB stock   8,024     750 9.35 %     5,304     386 7.28 %
       Other     29,153     1,505 5.16 %     9,073     465 5.13 %
                       
       Total (2)     1,383,802     72,369 5.23 %     1,322,986     62,299 4.71 %
                       
    Non-interest-earning assets:              
       Cash and due from banks   16,841           17,110      
       Premises and equipment, net     13,834           13,294      
       Cash surrender value ins   24,382           24,331      
       Other assets   20,911           23,136      
                     
       Allowance for credit losses     (12,528 )         (12,079 )    
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Liabilities & stockholders’ equity            
    Interest-bearing liabilities:              
       Savings and demand deposits   $ 331,411   $ 6,133 1.85 %   $ 344,906   $ 4,582 1.33 %
       Money market deposits   281,828     7,569 2.69 %     249,079     5,328 2.14 %
       Time deposits   256,265     10,150 3.96 %     261,595     7,083 2.71 %
       FHLB borrowings   167,708     7,238 4.32 %     116,282     4,417 3.80 %
       Other borrowings   7,241     232 3.20 %     7,061     215 3.04 %
       Senior sub. notes      4,778     235 4.92 %     4,927     238 4.83 %
       Junior sub. debentures   12,972     1,010 7.79 %     12,870     985 7.65 %
                       
       Total     1,062,203     32,567 3.07 %     996,720     22,848 2.29 %
                       
    Non-interest-bearing liabilities:            
       Demand deposits   258,173           274,273      
       Other liabilities   13,475           12,397      
       Stockholders’ equity   113,391           105,388      
                       
       Total   $ 1,447,242           $ 1,388,778        
                       
    Net interest income   $ 39,802       $ 39,451  
    Rate spread       2.16 %       2.42 %
    Net yield on interest-earning assets   2.88 %       2.98 %
                       
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.  
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
                       

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $2.7 million and earnings per diluted share of $0.27 for the fourth quarter ended December 31, 2024, compared to $3.3 million and earnings per diluted share of $0.32 for the quarter ended September 30, 2024, and $3.7 million and $0.35 earnings per diluted share for the quarter ended December 31, 2023, respectively.

    The Company’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) increase in net interest income of $0.4 million with net interest margin increased by 16 basis points; (2) a $0.05 million increase in negative provision for credit losses to $0.45 million in the fourth quarter; (3) lower non-interest income of $0.9 million primarily due to $0.5 million lower gain on sale of loans and $0.2 million higher net losses on sale of equity securities in the fourth quarter of 2024; and (4) higher non-interest expense primarily due to higher REO expenses of $0.2 million and higher professional fees of $0.2 million.

    Book value per share improved to $17.94 at December 31, 2024, compared to $17.88 at September 30, 2024, and $16.60 at December 31, 2023. Tangible book value per share (non-GAAP)1 was $14.69 at December 31, 2024, compared to $14.64 at September 30, 2024, and a 9.5% increase from $13.42 at December 31, 2023. For the fourth quarter of 2024, tangible book value was positively influenced by net income and intangible amortization which was mostly offset by the impact of higher long-term interest rates which increased the net unrealized loss on the available for sale securities portfolio. Stockholders’ equity as a percentage of total assets was 10.24% at December 31, 2024, compared to 10.01% at September 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 increased to 8.54% at December 31, 2024, compared to 8.35% at September 30, 2024, largely due to the impact of asset shrinkage.

    “As we closed 2024, I am pleased with the execution on our strategic objectives, continuing to strengthen franchise value. The quarter reflected our balance sheet optimization efforts, which increased the net interest margin 6%, and increased the tangible common equity ratio for the continued repurchase of shares at prices that were accretive to earnings per share and tangible book value. The TCE ratio increased to 8.54%, from 8.35% in the prior quarter which provides flexibility to grow the loan portfolio and potentially repurchase shares in 2025. Deposits, net of the decrease in wholesale deposits, increased $27 million. Loans decreased $56 million during the quarter, primarily in non-strategic relationships, but we forecast modest loan growth of one to three percent in 2025. Credit metrics improved and we continue to maintain a healthy reserve for credit losses to total loans at 1.50%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    December 31, 2024, Highlights:

    • Quarterly earnings were $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, a decrease compared to earnings of $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, and $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023.
    • Net interest income increased $0.4 million to $11.7 million for the current quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat with $11.7 million for the quarter ended December 31, 2023. The increase in net interest income from the third quarter of 2024 was primarily due to an increase in net interest margin of 16 basis points.
    • The net interest margin increased to 2.79%, primarily due to lower deposit costs, for the quarter ended December 31, 2024, compared to 2.63% for the previous quarter, and 2.69% for the quarter ended December 31, 2023. The net interest margin increase in the fourth quarter of 2024, was also favorably impacted by accelerated deferred fee accretion on loan payoffs of 3 basis points.
    • Negative provision for credit losses of $0.45 million, $0.40 million, and $0.65 million were recorded during the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The fourth quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.324 million and a $0.126 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income decreased $0.9 million in the fourth quarter of 2024, due to $0.5 million in lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Non-interest income decreased by $0.5 million compared to the fourth quarter of 2023, due to higher net losses on equity securities.
    • Non-interest expense increased $0.4 million to $10.8 million in the fourth quarter of 2024 from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million in the fourth quarter one year earlier. The $0.4 million increase in non-interest expense from the third quarter was largely due to $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 was due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase of $0.2 million on losses on repossessed assets; and (3) higher data processing of $0.2 million, partially offset by lower other expenses of $0.5 million primarily due to 2023 branch closure costs.
    • Loans receivable decreased $55.8 million during the fourth quarter ended December 31, 2024, to $1.369 billion compared to the prior quarter end, due to pay offs of non-strategic relationships as part of the balance sheet optimization plan.
    • Total deposits decreased $32.5 million during the fourth quarter of 2024, compared to three months earlier, as wholesale deposits were reduced with brokered deposits decreasing $47.5 million to $19.1 million at December 31, 2024, compared to three months earlier.
    • Federal Home Loan Bank advances decreased $16.0 million to $5.0 million at December 31, 2024, from $21.0 million at September 30, 2024.
    • The effective tax rate was 19.5% for the quarter ended December 31, 2024, compared to 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.
    • Nonperforming assets decreased to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024. The decrease was largely due to a partial paydown on one agricultural real estate loan relationship in forestry services that was placed on nonaccrual status in the third quarter.
    • Net charge-offs remain minimal and were 0.009% of average loans during the fourth quarter and 0.007% over the twelve-month period ending December 31, 2024.
    • Common stock totaling 94 thousand shares were repurchased in the fourth quarter ending December 31, 2024, at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share.
    • In November 2024, the Company notified its customers that it would be closing the Faribault, Minnesota branch on February 3, 2025, with account balances transferred to the nearest branch which is 39 miles away. The branch closure costs recognized in the fourth quarter were minimal.
    • The efficiency ratio was 76% for the quarter ended December 31, 2024, compared to 72% for the quarter ended September 30, 2024.
    • On January 23, 2025, the Board of Directors declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025.

    Balance Sheet and Asset Quality

    Total assets decreased by $50.6 million during the quarter to $1.749 billion at December 31, 2024.

    Securities available for sale (AFS”) decreased $6.6 million during the quarter ended December 31, 2024, to $142.8 million from $149.4 million at September 30, 2024. The decrease was due to higher pre-tax unrealized losses of $3.3 million and principal repayments of $3.3 million.

    Securities held to maturity (“HTM”) decreased $1.5 million to $85.5 million during the quarter ended December 31, 2024, from $87.0 million at September 30, 2024, due to principal repayments.

    The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.75% of total assets at December 31, 2024, compared to 11.46% at September 30, 2024. On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $725 million, or 273%, of uninsured and uncollateralized deposits at December 31, 2024, and $718 million, or 269%, at September 30, 2024.

    Continued balance sheet optimization resulted in loans decreasing by $55.8 million during the fourth quarter ended December 31, 2024, to $1.372 billion, compared to September 30, 2024. A large level of non-strategic relationships were repaid during the quarter as well as a $4.9 million reduction in criticized loans.

    The office loan portfolio consisting of 71 loans totaled $28 million at December 31, 2024, and decreased $3 million from $31 million at September 30, 2024. Criticized loans in the office loan portfolio for the quarter ended December 31, 2024, totaled $0.5 million and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.45 million to $20.5 million at December 31, 2024, representing 1.50% of total loans receivable compared to 1.47% of total loans receivable at September 30, 2024. For the quarter ended December 31, 2024, the Bank recorded a negative provision of $0.45 million which included a negative provision on ACL for loans of $0.32 million and a negative provision of $0.13 million on ACL for unfunded commitments.

    Allowance for Credit Losses (“ACL”) – Loans Percentage

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Allowance for credit losses – Loans   $ 20,549     $ 21,000     $ 21,178     $ 22,908  
    ACL – Loans as a percentage of loans, end of period     1.50 %     1.47 %     1.48 %     1.57 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.334 million at December 31, 2024, $0.460 million at September 30, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.
    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

        December 31, 2024 and Three Months Ended   December 31, 2023 and Three Months Ended   December 31, 2024 and Twelve Months Ended   December 31, 2023 and Twelve Months Ended
    ACL – Unfunded commitments – beginning of period   $ 460     $ 1,571     $ 1,250     $ —  
    Cumulative effect of ASU 2016-13 adoption     —       —       —       1,537  
    (Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations     (126 )     (321 )     (916 )     (287 )
    ACL – Unfunded commitments – end of period   $ 334     $ 1,250     $ 334     $ 1,250  

    Special mention loans decreased by $2.5 million to $8.5 million at December 31, 2024, compared to $11.0 million at September 30, 2024. Over the past 12 months, special mention loans have declined $9.9 million from $18.4 million at December 31, 2023.

    Substandard loans decreased by $2.3 million to $18.9 million at December 31, 2024, compared to $21.2 million at September 30, 2024, primarily due to a $1.6 million reduction in a nonperforming loan, classified as substandard, agricultural real estate forestry services loan.

    Nonperforming assets decreased $2.8 million to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024, primarily due to the $1.6 million reduction in nonperforming assets discussed above and the sale of a real estate owned property.

        (in thousands)
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Special mention loan balances   $ 8,480   $ 11,047   $ 8,848   $ 13,737   $ 18,392
    Substandard loan balances     18,891     21,202     14,420     14,733     19,596
    Criticized loans, end of period   $ 27,371   $ 32,249   $ 23,268   $ 28,470   $ 37,988

    Total deposits decreased $32.5 million during the quarter ended December 31, 2024, to $1.49 billion as $59.7 million of wholesale brokered deposits were repaid. Brokered deposits declined $47.5 million to $19.1 million at December 31, 2024, from $66.6 million at September 30, 2024, and declined $79.1 million from $98.2 million at December 31, 2023.

    Deposit Portfolio Composition
    (in thousands)

        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Consumer deposits   $ 852,083   $ 844,808   $ 822,665   $ 827,290   $ 814,899
    Commercial deposits     412,355     406,095     395,148     400,910     415,715
    Public deposits     190,460     176,844     187,698     202,175     182,172
    Wholesale deposits     33,250     92,920     114,033     97,114     106,306
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544   $ 1,527,489   $ 1,519,092

    At December 31, 2024, the deposit portfolio composition was 57% consumer, 28% commercial, 13% public, and 2% wholesale deposits compared to 55% consumer, 27% commercial, 12% public, and 6% wholesale deposits at September 30, 2024.

    Deposit Composition By Type
    (in thousands)

        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Non-interest-bearing demand deposits   $ 252,656   $ 256,840   $ 255,703   $ 248,537   $ 265,704
    Interest-bearing demand deposits     355,750     346,971     353,477     361,278     343,276
    Savings accounts     159,821     169,096     170,946     177,595     176,548
    Money market accounts     369,534     366,067     370,164     387,879     374,055
    Certificate accounts     350,387     381,693     369,254     352,200     359,509
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544     1,527,489   $ 1,519,092

    Uninsured and uncollateralized deposits were $265.4 million, or 18% of total deposits, at December 31, 2024, and $267.1 million, or 18% of total deposits, at September 30, 2024. Uninsured deposits alone at December 31, 2024, were $428.0 million, or 29% of total deposits, and $413.6 million, or 27% of total deposits at September 30, 2024.

    As part of the balance sheet optimization plan, $16.0 million in Federal Home Loan Bank advances were repaid during the fourth quarter and totaled $5.0 million at December 31, 2024, compared to $21.0 million one quarter earlier.

    Common stock totaling approximately 94 thousand shares were repurchased in the fourth quarter of 2024 at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share. There are 238 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

    Review of Operations

    Net interest income increased $0.4 million for the quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat from $11.7 million for the quarter ended December 31, 2023. The increase in net interest income compared to the third quarter of 2024 was primarily due to an increase in net interest margin, partially offsetting the impact of asset shrinkage. The net interest margin increase was favorably impacted by 3 basis points due to deferred fee accretion on loan payoffs.

    Net interest income and net interest margin analysis:
    (in thousands, except yields and rates)

        Three months ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
        Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin
    As reported   $ 11,708     2.79 %   $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %   $ 11,747     2.69 %
    Less accretion for PCD loans     (42 )   (0.01)%     (45 )   (0.01)%     (62 )   (0.01)%     (75 )   (0.02)%     (37 )   (0.01)%
    Less scheduled accretion interest     (33 )   (0.01)%     (33 )   (0.01)%     (32 )   (0.01)%     (33 )   (0.01)%     (33 )   (0.01)%
    Without loan purchase accretion   $ 11,633     2.77 %   $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %   $ 11,677     2.67 %

    The table below shows the impact of certificate, loan and securities contractual fixed rate maturing and repricing.

    Portfolio Contractual Repricing:
    (in millions, except yields)

        Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026
    Maturing Certificate Accounts:                    
    Contractual Balance   $ 95     $ 177     $ 43     $ 14     $ 13  
    Contractual Interest Rate     4.63 %     4.68 %     4.25 %     3.07 %     3.36 %
    Maturing or Repricing Loans:                    
    Contractual Balance   $ 46     $ 97     $ 18     $ 55     $ 322  
    Contractual Interest Rate     5.27 %     7.10 %     6.15 %     4.79 %     3.85 %
    Maturing or Repricing Securities:                    
    Contractual Balance   $ 4     $ 3     $ 3     $ 4     $ 19  
    Contractual Interest Rate     6.15 %     5.12 %     4.07 %     4.31 %     3.49 %

    Non-interest income decreased $0.9 million in the fourth quarter of 2024 to $2.0 million from $2.9 million the prior quarter due to $0.5 million of lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Total non-interest income for the quarter ended December 31, 2023, was higher at $2.5 million due to an increase in net losses on equity securities in 4Q 2024.

    Non-interest expense increased $0.4 million to $10.8 million from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million one year earlier. The $0.4 million increase in non-interest expense compared to the linked quarter was largely due to the $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 is due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase in the current quarter of $0.2 million on losses on repossessed assets; (3) higher data processing of $0.2 million partially offset by lower other expenses $0.5 million primarily due to 2023 branch closure costs.

    Provision for income taxes decreased to $0.7 million in the fourth quarter of 2024 from $0.9 million in the third quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 19.5% for the quarter ended December 31, 2024, 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.

    These financial results are preliminary until Form 10-K is filed in March 2025.
    About the Company

    Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

    1Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

    Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

    Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

    Contact: Steve Bianchi, CEO
    (715)-836-9994

    (CZWI-ER)

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Balance Sheets
    (in thousands, except shares and per share data)
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   June 30, 2024 (unaudited)   December 31, 2023 (audited)
    Assets                
    Cash and cash equivalents   $ 50,172     $ 36,632     $ 36,886     $ 37,138  
    Securities available for sale “AFS”     142,851       149,432       146,438       155,743  
    Securities held to maturity “HTM”     85,504       87,033       88,605       91,229  
    Equity investments     4,702       5,096       5,023       3,284  
    Other investments     12,500       12,311       13,878       15,725  
    Loans receivable     1,368,981       1,424,828       1,428,588       1,460,792  
    Allowance for credit losses     (20,549 )     (21,000 )     (21,178 )     (22,908 )
    Loans receivable, net     1,348,432       1,403,828       1,407,410       1,437,884  
    Loans held for sale     1,329       697       275       5,773  
    Mortgage servicing rights, net     3,663       3,696       3,731       3,865  
    Office properties and equipment, net     17,075       17,365       17,774       18,373  
    Accrued interest receivable     5,653       6,235       6,289       5,409  
    Intangible assets     979       1,158       1,336       1,694  
    Goodwill     31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Bank owned life insurance (“BOLI”)     26,102       25,901       25,708       25,647  
    Other assets     17,144       16,683       15,794       16,334  
    TOTAL ASSETS   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Liabilities and Stockholders’ Equity                
    Liabilities:                
    Deposits   $ 1,488,148     $ 1,520,667     $ 1,519,544     $ 1,519,092  
    Federal Home Loan Bank (“FHLB”) advances     5,000       21,000       31,500       79,530  
    Other borrowings     61,606       61,548       61,498       67,465  
    Other liabilities     14,681       15,773       13,720       11,970  
    Total liabilities     1,569,435       1,618,988       1,626,262       1,678,057  
    Stockholders’ equity:                
    Common stock— $0.01 par value, authorized 30,000,000; 9,981,996, 10,074,136, 10,297,341, and 10,440,591 shares issued and outstanding, respectively     100       101       103       104  
    Additional paid-in capital     114,564       115,455       117,838       119,441  
    Retained earnings     80,840       78,438       75,501       71,117  
    Accumulated other comprehensive loss     (16,420 )     (13,845 )     (17,397 )     (17,328 )
    Total stockholders’ equity     179,084       180,149       176,045       173,334  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  

                    Note: Certain items previously reported were reclassified for consistency with the current presentation.

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Statements of Operations
    (in thousands, except per share data)
        Three Months Ended   Twelve Months Ended
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   December 31, 2023 (unaudited)   December 31, 2024 (unaudited)   December 31, 2023 (audited)
    Interest and dividend income:                    
    Interest and fees on loans   $ 19,534     $ 20,115     $ 19,408     $ 79,738     $ 73,577  
    Interest on investments     2,427       2,397       2,618       9,877       10,671  
    Total interest and dividend income     21,961       22,512       22,026       89,615       84,248  
    Interest expense:                    
    Interest on deposits     9,273       10,165       7,851       37,985       25,749  
    Interest on FHLB borrowed funds     65       128       1,371       1,281       5,966  
    Interest on other borrowed funds     915       934       1,057       3,875       4,184  
    Total interest expense     10,253       11,227       10,279       43,141       35,899  
    Net interest income before provision for credit losses     11,708       11,285       11,747       46,474       48,349  
    (Negative) provision for credit losses     (450 )     (400 )     (650 )     (3,175 )     (475 )
    Net interest income after provision for credit losses     12,158       11,685       12,397       49,649       48,824  
    Non-interest income:                    
    Service charges on deposit accounts     450       513       485       1,924       1,949  
    Interchange income     550       577       581       2,247       2,324  
    Loan servicing income     520       643       539       2,271       2,218  
    Gain on sale of loans     218       752       191       2,216       1,692  
    Loan fees and service charges     292       165       124       996       432  
    Net realized gains on debt securities     —       —       —       —       12  
    Net (losses) gains on equity securities     (287 )     (78 )     277       (856 )     447  
    Bank Owned Life Insurance (BOLI) death benefit     —       —       —       184       —  
    Other     266       349       283       1,125       1,176  
    Total non-interest income     2,009       2,921       2,480       10,107       10,250  
    Non-interest expense:                    
    Compensation and related benefits     5,840       5,743       5,139       22,741       21,106  
    Occupancy     1,217       1,242       1,314       5,159       5,431  
    Data processing     1,743       1,665       1,511       6,530       5,951  
    Amortization of intangible assets     179       178       179       715       755  
    Mortgage servicing rights expense, net     107       163       159       534       615  
    Advertising, marketing and public relations     218       225       262       793       734  
    FDIC premium assessment     192       201       204       798       812  
    Professional services     514       336       371       1,763       1,524  
    Losses (gains) on repossessed assets, net     247       65       —       294       62  
    Other     552       603       1,067       2,979       3,152  
    Total non-interest expense     10,809       10,421       10,206       42,306       40,142  
    Income before provision for income taxes     3,358       4,185       4,671       17,450       18,932  
    Provision for income taxes     656       899       978       3,699       5,873  
    Net income attributable to common stockholders   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Per share information:                    
    Basic earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Diluted earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Cash dividends paid   $ —     $ —     $ —     $ 0.32     $ 0.29  
    Book value per share at end of period   $ 17.94     $ 17.88     $ 16.60     $ 17.94     $ 16.60  
    Tangible book value per share at end of period (non-GAAP)   $ 14.69     $ 14.64     $ 13.42     $ 14.69     $ 13.42  

    Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    (in thousands, except per share data)

        Three Months Ended   Twelve Months Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
                       
    GAAP pretax income   $ 3,358   $ 4,185   $ 4,671   $ 17,450   $ 18,932
    Branch closure costs (1)     —     —     380     168     380
    Pretax income as adjusted (2)   $ 3,358   $ 4,185   $ 5,051   $ 17,618   $ 19,312
    Provision for income tax on net income as adjusted (3)     656     899     1,058     3,735     5,991
    Net income as adjusted (non-GAAP) (2)   $ 2,702   $ 3,286   $ 3,993   $ 13,883   $ 13,321
    GAAP diluted earnings per share, net of tax   $ 0.27   $ 0.32   $ 0.35   $ 1.34   $ 1.25
    Branch closure costs, net of tax     —     —     0.03     0.01     0.03
    Diluted earnings per share, as adjusted, net of tax (non-GAAP)   $ 0.27   $ 0.32   $ 0.38   $ 1.35   $ 1.28
                         
    Average diluted shares outstanding     10,033,957     10,204,195     10,457,184     10,262,710     10,470,298

    (1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
    (2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
    (3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

    Loan Composition

    (in thousands)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total Loans:                
    Commercial/Agricultural real estate:                
    Commercial real estate   $ 709,018     $ 730,459     $ 729,236     $ 750,531  
    Agricultural real estate     73,130       76,043       78,248       83,350  
    Multi-family real estate     220,805       239,191       234,758       228,095  
    Construction and land development     78,489       87,875       87,898       110,941  
    C&I/Agricultural operating:                
    Commercial and industrial     115,657       119,619       127,386       121,666  
    Agricultural operating     31,000       27,550       27,409       25,691  
    Residential mortgage:                
    Residential mortgage     132,341       134,944       133,503       129,021  
    Purchased HELOC loans     2,956       2,932       2,915       2,880  
    Consumer installment:                
    Originated indirect paper     3,970       4,405       5,110       6,535  
    Other consumer     5,012       5,438       5,860       6,187  
    Gross loans   $ 1,372,378     $ 1,428,456     $ 1,432,323     $ 1,464,897  
    Unearned net deferred fees and costs and loans in process     (2,547 )     (2,703 )     (2,733 )     (2,900 )
    Unamortized discount on acquired loans     (850 )     (925 )     (1,002 )     (1,205 )
    Total loans receivable   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Nonperforming assets:                
    Nonaccrual loans                
    Commercial real estate   $ 4,594     $ 4,778     $ 5,350     $ 10,359  
    Agricultural real estate     6,222       6,193       382       391  
    Construction and land development     103       106       —       54  
    Commercial and industrial (“C&I”)     597       1,956       422       —  
    Agricultural operating     793       901       1,017       1,180  
    Residential mortgage     858       1,088       1,145       1,167  
    Consumer installment     1       20       36       33  
    Total nonaccrual loans   $ 13,168     $ 15,042     $ 8,352     $ 13,184  
    Accruing loans past due 90 days or more     186       530       256       389  
    Total nonperforming loans (“NPLs”) at amortized cost     13,354       15,572       8,608       13,573  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Total nonperforming assets (“NPAs”)   $ 14,269     $ 17,144     $ 10,270     $ 15,368  
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Total assets, end of period   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Ratios:                
    NPLs to total loans     0.98 %     1.09 %     0.60 %     0.93 %
    NPAs to total assets     0.82 %     0.95 %     0.57 %     0.83 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

        Three Months Ended
    December 31, 2024    		   Three Months Ended
    September 30, 2024    		   Three Months Ended
    December 31, 2023
        Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                                    
    Cash and cash equivalents   $ 26,197   $ 327   4.97 %   $ 25,187   $ 360   5.69 %   $ 16,699   $ 241   5.73 %
    Loans receivable     1,396,854     19,534   5.56 %     1,429,928     20,115   5.60 %     1,458,558     19,408   5.28 %
    Investment securities     235,268     1,940   3.28 %     236,960     1,966   3.30 %     243,705     2,102   3.42 %
    Other investments     12,318     160   5.17 %     12,553     71   2.25 %     15,760     275   6.92 %
    Total interest earning assets   $ 1,670,637   $ 21,961   5.23 %   $ 1,704,628   $ 22,512   5.25 %   $ 1,734,722   $ 22,026   5.04 %
    Average interest-bearing liabilities:                                    
    Savings accounts   $ 162,501   $ 383   0.94 %   $ 170,777   $ 450   1.05 %   $ 175,281   $ 323   0.73 %
    Demand deposits     346,411     1,891   2.17 %     357,201     2,152   2.40 %     329,096     1,680   2.03 %
    Money market accounts     351,566     2,720   3.08 %     381,369     3,126   3.26 %     326,981     2,217   2.69 %
    CD’s     374,087     4,279   4.55 %     379,722     4,437   4.65 %     368,110     3,631   3.91 %
    Total deposits   $ 1,234,565   $ 9,273   2.99 %   $ 1,289,069   $ 10,165   3.14 %   $ 1,199,468   $ 7,851   2.60 %
    FHLB advances and other borrowings     72,431     980   5.38 %     80,338     1,062   5.26 %     191,575     2,428   5.03 %
    Total interest-bearing liabilities   $ 1,306,996   $ 10,253   3.12 %   $ 1,369,407   $ 11,227   3.26 %   $ 1,391,043   $ 10,279   2.93 %
    Net interest income       $ 11,708           $ 11,285           $ 11,747    
    Interest rate spread           2.11 %           1.99 %           2.11 %
    Net interest margin           2.79 %           2.63 %           2.69 %
    Average interest earning assets to average interest-bearing liabilities           1.28             1.24             1.25  
        Twelve Months Ended
    December 31, 2024    		   Twelve Months Ended
    December, 2023
        Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                        
    Cash and cash equivalents   $ 20,864   $ 1,150   5.51 %   $ 18,469   $ 1,010   5.47 %
    Loans receivable     1,430,631     79,738   5.57 %     1,430,035     73,577   5.15 %
    Interest bearing deposits     —     —   — %     63     1   1.59 %
    Investment securities     238,851     7,977   3.34 %     257,020     8,606   3.35 %
    Other investments     12,816     750   5.85 %     16,274     1,054   6.48 %
    Total interest earning assets   $ 1,703,162   $ 89,615   5.26 %   $ 1,721,861   $ 84,248   4.89 %
    Average interest-bearing liabilities:                        
    Savings accounts   $ 171,069   $ 1,684   0.98 %   $ 200,087   $ 1,427   0.71 %
    Demand deposits     353,107     8,083   2.29 %     359,866     6,727   1.87 %
    Money market accounts     371,909     11,725   3.15 %     306,020     6,976   2.28 %
    CD’s     366,634     16,493   4.50 %     317,376     10,619   3.35 %
    Total deposits   $ 1,262,719   $ 37,985   3.01 %   $ 1,183,349   $ 25,749   2.18 %
    FHLB advances and other borrowings     99,731     5,156   5.17 %     208,373     10,150   4.87 %
    Total interest-bearing liabilities   $ 1,362,450   $ 43,141   3.17 %   $ 1,391,722   $ 35,899   2.58 %
    Net interest income       $ 46,474           $ 48,349    
    Interest rate spread           2.09 %           2.31 %
    Net interest margin           2.73 %           2.81 %
    Average interest earning assets to average interest bearing liabilities           1.25             1.24  

    Wholesale Deposits
    (in thousands)

        Quarter Ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Brokered certificate accounts   $ 14,123   $ 48,578   $ 54,123   $ 43,507   $ 58,209
    Brokered money market accounts     5,002     18,076     42,673     40,429     40,050
    Third party originated reciprocal deposits     14,125     26,266     17,237     13,178     8,047
    Total   $ 33,250   $ 92,920   $ 114,033   $ 97,114   $ 106,306

    Key Financial Metric Ratios:

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Ratios based on net income:                    
    Return on average assets (annualized)   0.61 %   0.72 %   0.79 %   0.76 %   0.71 %
    Return on average equity (annualized)   6.00 %   7.34 %   8.72 %   7.84 %   7.87 %
    Return on average tangible common equity4 (annualized)   7.72 %   9.38 %   11.29 %   10.03 %   10.26 %
    Efficiency ratio   76 %   72 %   72 %   72 %   68 %
    Net interest margin with loan purchase accretion   2.79 %   2.63 %   2.69 %   2.73 %   2.81 %
    Net interest margin without loan purchase accretion   2.77 %   2.61 %   2.67 %   2.69 %   2.78 %
    Ratios based on net income as adjusted (non-GAAP)                    
    Return on average assets as adjusted2 (annualized)   0.61 %   0.72 %   0.86 %   0.77 %   0.73 %
    Return on average equity as adjusted3 (annualized)   6.00 %   7.34 %   9.43 %   7.91 %   8.03 %

    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
           
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average assets   $ 1,771,351     $ 1,810,826     $ 1,843,789     $ 1,808,256     $ 1,836,337  
    Return on average assets (annualized)     0.61 %     0.72 %     0.79 %     0.76 %     0.71 %
    Return on average assets as adjusted (non-GAAP) (annualized)     0.61 %     0.72 %     0.86 %     0.77 %     0.73 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average equity   $ 179,242     $ 178,050     $ 168,058     $ 175,475     $ 165,968  
    Return on average equity (annualized)     6.00 %     7.34 %     8.72 %     7.84 %     7.87 %
    Return on average equity as adjusted (non-GAAP) (annualized)     6.00 %     7.34 %     9.43 %     7.91 %     8.03 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of tangible book value per share (non-GAAP)

    (in thousands, except per share data)

    Tangible book value per share at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Ending common shares outstanding     9,981,996       10,074,136       10,297,341       10,440,591  
    Book value per share   $ 17.94     $ 17.88     $ 17.10     $ 16.60  
    Tangible book value per share (non-GAAP)   $ 14.69     $ 14.64     $ 13.91     $ 13.42  

    Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

    (in thousands, except ratios)

    Tangible common equity as a percent of tangible assets at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )   $ (31,498 )   $ (31,498 )     (31,498 )
    Less: Intangible assets     (979 )   $ (1,158 )   $ (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Total Assets   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible Assets (non-GAAP)   $ 1,716,042     $ 1,766,481     $ 1,769,473     $ 1,818,199  
    Total stockholders’ equity to total assets ratio     10.24 %     10.01 %     9.77 %     9.36 %
    Tangible common equity as a percent of tangible assets (non-GAAP)     8.54 %     8.35 %     8.09 %     7.71 %

    Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 173,334     $ 179,084     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,694 )     (979 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 140,142     $ 146,607     $ 140,142  
    Average tangible common equity (non-GAAP)   $ 146,676     $ 145,305     $ 134,776     $ 142,641     $ 132,409  
    GAAP earnings after income taxes     2,702       3,286       3,693       13,751       13,059  
    Amortization of intangible assets, net of tax     144       140       142       563       521  
    Tangible net income   $ 2,846     $ 3,426     $ 3,835     $ 14,314     $ 13,580  
    Return on average tangible common equity (annualized)     7.72 %     9.38 %     11.29 %     10.03 %     10.26 %

    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Twelve Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Non-interest expense (GAAP) $ 10,809     $ 10,421     $ 10,206     $ 42,306     $ 40,142  
    Less amortization of intangibles   (179 )     (178 )     (179 )     (715 )     (755 )
    Efficiency ratio numerator (GAAP) $ 10,630     $ 10,243     $ 10,027     $ 41,591     $ 39,387  
                       
    Non-interest income $ 2,009     $ 2,921     $ 2,480     $ 10,107     $ 10,250  
    Add back net losses on debt and equity securities   (287 )     (78 )     —       (856 )     —  
    Subtract net gains on debt and equity securities   —       —       277       —       459  
    Net interest income   11,708       11,285       11,747       46,474       48,349  
    Efficiency ratio denominator (GAAP) $ 14,004     $ 14,284     $ 13,950     $ 57,437     $ 58,140  
    Efficiency ratio (GAAP)   76 %     72 %     72 %     72 %     68 %

    1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

    2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

    3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

    4Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

    The MIL Network –

    January 28, 2025

  • MIL-OSI: GCM Grosvenor to Announce Fourth Quarter and Full Year 2024 Financial Results and Host Investor Conference Call on February 10, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the fourth quarter and full year 2024 on Monday, February 10, 2025.

    Management will host a webcast and conference call on Monday, February 10, 2025, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

    To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

    About GCM Grosvenor

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

    GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

    Source: GCM Grosvenor

    Public Shareholders Contact
    Stacie Selinger
    sselinger@gcmlp.com
    312-506-6583

    Media Contact
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
    212-371-5999

    The MIL Network –

    January 28, 2025

  • MIL-OSI: Byrna Technologies Partners with USCCA to Promote Less-Lethal Self-Defense Solutions

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that it is partnering with the United States Concealed Carry Association (USCCA). This collaboration will enable Byrna to highlight its less-lethal solutions to nearly one million USCCA members.

    The United States Concealed Carry Association (USCCA) helps responsible Americans prepare for what happens before, during, and after an Act of Self-Defense. In addition to offering education and training, the USCCA has an insurance policy that provides the association’s members with self-defense liability insurance.

    “This collaboration further legitimizes our less-lethal launchers as viable alternatives to traditional firearms,” said Bryan Ganz, CEO of Byrna. “With nearly a million members, the USCCA also offers us a new channel to introduce our products to responsible gun owners, a key demographic for us. We encourage our customers to take advantage of the USCCA’s self-defense training and liability insurance to ensure they are well-prepared and protected.”

    USCCA Chairman and Co-Founder Tim Schmidt added: “Byrna is a leader in the less-lethal market, and we are proud to showcase their products to our members as an important self-defense option. We look forward to providing Byrna customers with access to best-in-class liability protection and important self-defense training lessons.”

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    The MIL Network –

    January 28, 2025

  • MIL-OSI: ConnectM Acquires MHz Invensys, Enhancing Wireless Communication Solutions

    Source: GlobeNewswire (MIL-OSI)

    Company Expected to Generate an Additional $15M of Revenue from the AMI Vertical by the End of 2027

    Acquisition Bolsters ConnectM’s Wireless Solutions for Smart Metering and Allows Expansion into Key Adjacent Markets

    TAM for the Global Advanced Metering Infrastructure Market Predicted to be North of $47 Billion by 2030

    MARLBOROUGH, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a leader in the electrification economy, today announced the recent acquisition of MHz Invensys, a renowned developer of high-performing wireless communication products and solutions. ConnectM has entered an all-stock transaction in exchange for all of MHz Invensys’ assets, comprised primarily of intellectual property. The two founders, Kiran Kumar and Mahesh Oni, will stay on as employees of ConnectM. This strategic acquisition aims to bolster ConnectM’s capabilities in effectively delivering wireless communication, particularly in the smart metering/Advanced Metering Infrastructure (“AMI”) vertical. AMI enables two-way communication between smart meters and utility companies. This infrastructure collects, stores, analyzes, and presents energy usage data in real-time, allowing for more efficient and accurate monitoring of electricity, gas, and water consumption.

    MHz Invensys has established technology leadership in the energy sector, addressing the complexities of traditional energy metering protocols with its advanced RF mesh-based product and solution designs. This proven technology architecture enables multi-billion scale meter readings every half hour and supports millions of smart meters with bidirectional communication for pre-payment systems.

    Stellar Market Research predicts the global AMI market size to reach $47.5 billion by 2030, with a CAGR of 16.1% from 2024-2030.1 The acquisition of MHz Invensys strengthens ConnectM’s ability to provide comprehensive, end-to-end wireless solutions. ConnectM expects to generate an additional $15M of revenue from the AMI vertical alone over the next three years. Integrating MHz Invensys’s technology allows ConnectM to serve not only its existing markets but also rapidly growing sectors such as solar grid monitoring, IoT/Industrial IoT, Renewables, and water and gas AMI. This strategic acquisition will allow ConnectM to achieve economies of scale and meet the rising demand for reliable, secure, and efficient communication solutions across a broader range of industries.

    “We are excited to welcome Kiran and Mahesh, the founders of MHz Invensys, to the ConnectM family,” said Bhaskar Panigrahi, CEO and Chairman of ConnectM. “Their company’s innovative solutions and expertise in the Smart Metering domain coupled with ConnectM’s AI-powered platform will significantly enhance the offerings in our Building Electrification segment and enable us to deliver even greater value to our customers.”

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

    About Mhz Invensys
    Mhz Invensys was established by a team with extensive experience in deploying large IoT networks globally. The team at Mhz Invensys understands the unique challenges of last-mile connectivity. Mhz Invensys offers its innovative technology to device manufacturers, communication platform providers, backhaul service enablers, and business-specific application providers such as HES (Head-End Systems), MDMS (Meter Data Management Systems), and analytics platforms.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    MZ North America
    (203) 741-8811
    ConnectM@mzgroup.us

    1 “Advanced Metering Infrastructure Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, and Region,” Stellar Market Research (2024).

    The MIL Network –

    January 28, 2025

  • MIL-OSI China: Chinese premier urges work to ensure safe passenger transport, smooth logistics during holiday

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

    Chinese premier urges work to ensure safe passenger transport, smooth logistics during holiday

    Chinese Premier Li Qiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, inspects Ministry of Transport work for the Spring Festival travel rush in Beijing, capital of China, Jan. 27, 2025. [Photo/Xinhua]

    BEIJING, Jan. 27 — Chinese Premier Li Qiang on Monday emphasized the need to safeguard safe, smooth travel for the public during the Spring Festival travel rush, as well as the efficient operations of transport logistics.

    Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks when inspecting Ministry of Transport work for the holiday travel season.

    The Spring Festival travel season is a time when happy journeys are made for families to come together, and this year’s travel rush is expected to hit a record high number of such journeys, posing another test for the country’s transport system, Li said.

    He urged smooth, efficient passenger transport based on the scientific analysis of passenger flow patterns. Adjustments should be made to increase the number of train services, optimize schedules, and extend operating hours, allowing travelers to reach their destinations in a timely manner, Li said.

    China has recently experienced widespread rain, snow and cold weather, significantly impacting transport, he noted, calling for work to monitor weather changes, provide forecast and warning information through multiple channels, and stay prepared to respond to emergencies to minimize the impact of severe weather on public travel.

    After he was briefed on foreign trade and express logistics services at ports during the holiday travel rush, Li said that efficient port cargo transportation is a significant advantage for China’s foreign trade, and that it is important to maintain effective port logistics to ensure the timely delivery of overseas orders during the holiday.

    He highlighted the country’s smooth logistics network, urging express delivery firms to allocate labor and transport resources effectively to meet the basic delivery service needs of the public.

    Efforts should be made to ensure the supply of essential materials during the peak travel period, such as food, coal for electricity and heating, and holiday necessities, he said.

    MIL OSI China News –

    January 28, 2025

  • MIL-OSI China: Xi sends Chinese New Year card in return to friends in U.S. state of Iowa

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

    Xi sends Chinese New Year card in return to friends in U.S. state of Iowa

    BEIJING, Jan. 27 — Chinese President Xi Jinping on Monday sent a Chinese New Year card in return to friends in the U.S. state of Iowa, saying that China and the United States share extensive common interests and broad space for cooperation and can become partners and friends.

    Xi said in the reply card that the warm reception he received when he visited the beautiful state of Iowa 40 years ago is still fresh in his memory.

    China and the United States can achieve mutual success and common prosperity for the benefit of both countries and the world at large, Xi said.

    The Chinese president expressed his hope that the two peoples will pay more visits to each other and have more exchanges, jointly write new stories of friendship between the two peoples, and make new contributions to the development of China-U.S. relations.

    Earlier, 58 people from Iowa, including friends Luca Berrone, Gary Dvorchak and Sarah Lande, former U.S. Ambassador to China Terry Branstad and his wife, former President of the World Food Prize Foundation Kenneth Quinn, as well as representatives of teachers, students and parents from Iowa who participated in the initiative of inviting 50,000 young Americans to China for exchange and study for a five-year period, jointly sent a Chinese New Year card to President Xi.

    In the card, they recalled Xi’s first visit to Iowa in 1985 and extended New Year greetings to President Xi in the Year of the Snake.

    The representatives of teachers, students and parents thanked Xi for putting forward the “50,000 in Five Years” initiative, shared their feelings about visiting China, and expressed their expectations to visit China again.

    MIL OSI China News –

    January 28, 2025

  • MIL-OSI Global: Why neglecting your brain health can make it harder to achieve physical goals

    Source: The Conversation – UK – By Barbara Jacquelyn Sahakian, Professor of Clinical Neuropsychology, University of Cambridge

    SofikoS/Shutterstock

    Our cognition and mental wellbeing are crucial factors for our quality of life and put us in a good position to contribute to society. Ultimately, it can be near impossible to achieve physical goals and demanding life challenges if our brain health is not optimal.

    Yet most of us appear to be more concerned with physical health than brain health. According to the YouGov website the most popular New Year’s resolutions in the UK in 2024 were doing more exercise, saving money, losing weight and dieting – with about 20% reporting they were failing some resolutions only just six days into the year. A large study of approximately 1,000 participants showed that mental health only featured in about 5% of resolutions.

    It’s easy to monitor your physical health using mobile devices and wearable technology to preserve physical health throughout your life. It may be more unclear, however, how to improve and monitor brain health and mental wellbeing. In our new book Brain Boost: Healthy Habits for a Happier Life, we draw on research to offer practical tips.

    A number of factors contribute to our happiness in life, including genetics, our social and physical environment, cognition and our behaviour, such as lifestyle choices. Studies have shown that good cognitive function is related to better wellbeing and happiness.

    Interestingly, according to the 2024 World Happiness Report all five Nordic countries – Finland, Denmark, Iceland, Norway and Sweden – are in the top 10 happiest countries. The UK and the US, however, do not feature in the top 10.

    In the UK, the YouGov website has been tracking mood states and while it reports that happiness is the most commonly expressed emotion, only 45% of people feel it. Ideally this number should be much higher.

    In addition, feeling stressed and frustrated are the next top emotions with 40% and 35% of people having these feelings respectively. Disappointingly, optimism is also low, for example, only 23% of 18-24 year-olds and over 75-year-olds feel optimistic on average, and 17% of 45-54 year-olds.

    Happiness and wellbeing in general reduces the effects of stress and promotes health and longevity.

    Nurturing your brain

    In our book, we draw on the latest scientific evidence, including our own, to highlight seven essential lifestyle factors that improve our brain health, cognition and wellbeing. We demonstrate how simple — and often surprising —adjustments to our daily habits can enhance brain fitness, boost cognition, and promote overall wellbeing.

    We suggest small incremental steps to improving lifestyle habits and ensuring these fit within our daily activities, as well as being enjoyable and pleasurable. In this way, we can ensure, that unlike New Year’s resolutions that we give up within six days, we can maintain these throughout life. This puts us in a better position to achieve physical challenges in the future.

    These lifestyle factors include exercise, diet, sleep, social interactions, kindness, mindfulness and learning, and knowing how to get the best out of work. For example, exercise is an “all-rounder”, as it can boost our physical health but also our brain health, cognition and mood. In fact, studies have shown that exercise can increase the size of our hippocampus, which is critical for learning and memory.

    Similarly, sleeping the optimal number of hours each night can improve our immune system, brain structure and mental wellbeing. Our own study showed that sleeping 7-8 hours per night in middle to older adulthood was associated with better brain structure, cognition, such as processing speed and memory, and mental health.

    Staying socially connected also plays an important role in our brain health. We have shown that being socially isolated in older adults is associated with a 26% increased risk of dementia. Whereas, having the optimal number of friends in adolescence, about five, is linked with better brain structure, cognition, educational attainment and wellbeing.

    Learning new things is also essential to keep the neural circuits in our brain functioning at their best level for as long as possible. We need to challenge ourselves mentally to keep our brains active – just as we need to do physical exercise to keep our bodies fit.

    This builds cognitive reserve and helps us in times of stress. We can also keep our brains active in a number of ways, for example, by learning a new language or how to play a musical instrument or you can read an educational book about something that interests you.

    Keeping our bodies healthy is incredibly important. But we need to also nurture our brains if we want to be happy, mentally sharp and well protected against diseases such as dementia.

    Embracing these simple strategies to prioritise our brain health and wellbeing is essential for a happier and more fulfilling life. Ultimately, lifestyle choices play a significant role in reducing stress and promoting resilience, creativity and overall quality of life.

    Barbara Jacquelyn Sahakian receives funding from the Wellcome Trust and the Lundbeck Foundation. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes. She consults for Cambridge Cognition.

    Christelle Langley receives funding from the Wellcome Trust. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes.

    – ref. Why neglecting your brain health can make it harder to achieve physical goals – https://theconversation.com/why-neglecting-your-brain-health-can-make-it-harder-to-achieve-physical-goals-248043

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history

    Source: The Conversation – USA – By Jeb Card, Associate Teaching Professor of Anthropology, Miami University

    The ‘black mailbox’ along Highway 375 near Rachel, Nev., a traditional spot for UFO hunters to meet and search the skies near Area 51. AP Photo/John Locher

    Uncommon Courses is an occasional series from The Conversation U.S. highlighting unconventional approaches to teaching.

    Title of course:

    “Investigating the Paranormal”

    What prompted the idea for the course?

    My training and professional work have been in Mesoamerican archaeology, but I’ve had a lifelong fascination with paranormal concepts. In fact, I considered studying the UFO community for my doctoral research in cultural anthropology.

    I eventually fused these two interests in my book “Spooky Archaeology: Myth and the Science of the Past,” which examines why archaeology shows up so much in ideas about the mysterious and weird. Most people are familiar with pop culture characters like Indiana Jones seeking magical artifacts. Perhaps less immediately obvious is just how common archaeological topics are in paranormal and conspiracy culture.

    The popularity of paranormal ideas – from television shows and thousands of podcasts to UFOs on the front page of The New York Times and in government investigations – made it clear that a course on paranormal culture would be an excellent way for students to get a taste of social science research.

    What does the course explore?

    The material begins with premodern ideas of magic, myth and metaphysics. The narrative that “Western” societies tell of the development of the modern world is that the Enlightenment cast off supernatural thinking in favor of science. The historical reality, however, is not so simple.

    As science based on observation of material evidence emerged in the 17th through 19th centuries, so did a paranormal worldview: theories about a nonmaterial or hidden reality beyond the mundane, from monsters to psychic powers. Some of these ideas were tied to older religious notions of the sacred or strange but not divine phenomena. Others were new – particularly those suggesting the hidden existence of prehistoric extinct creatures or lost cities.

    In either case, the key element was that proponents of these ideas often tried to support their existence with the kind of evidence used in science, though their “proofs” fell short of scientific standards. In other words, the paranormal is in conflict with the knowledge and worldview of modernity but also attempts to use the concepts of modernity to oppose it.

    The class examines how this tension produced 20th century “-ologies” like parapsychology, which examines evidence for consciousness beyond matter, and cryptozoology, which searches the ends of the Earth for creatures tied to the mythic past. We also learn about UFOlogy, whose proponents have collected alleged contacts with technology and beings from beyond this world ever since the Cold War, as great earthly powers filled the skies with secretive hi-tech aircraft and spaceships.

    As the class concludes, we examine how the “-ologies” declined after the Cold War, alongside the cultural capital of science, whose height of public respect was in the mid-20th century. Since then, proving the existence of paranormal things to institutional scientists has become less important in paranormal communities than promoting them to a broader public.

    Why is this course relevant now?

    Beyond public interest in paranormal topics, the paranormal is entwined with sociocultural forces that have dramatically increased the role of conspiracy rhetoric in the United States and elsewhere. At their core, both types of belief claim to have figured out some kind of supposedly hidden knowledge.

    Furthermore, the conspiracy theories that are now commonplace in American political discourse are more rooted in paranormal ideas than in previous decades. Conspiracy theories about the JFK assassination or even 9/11 were still largely within the materialist realm. People argued that “the truth” had been covered up, but their arguments did not rely on metaphysical ideas. Today, major conspiracy theories involve secret cabals, mystical symbols and code words, demonic forces and extraterrestrial entities.

    What’s a critical lesson from the course?

    Evidence must be interrogated on its own, regardless of whether it fits your perspective. I find time and again that students have a hard time approaching evidence without bias, whether that bias is conscious or not: “knowing” that something must be true, or must be absurd.

    One person apparently makes a death bed confession of faking a famous Loch Ness Monster photo, pleasing skeptics. Another claims to have seen a Bigfoot at close range, pleasing believers. Without further evidence, both are stories: no more, no less.

    The issue isn’t to draw an equivalence between the bigger concepts. Not all narratives are equally well-founded. But students learn how to collect evidence, rather than simply rely on their gut sense of what is plausible or not.

    What will the course prepare students to do?

    This course is meant to help students discern useful and reliable information about claims and events, separating them from irrelevant or inaccurate narratives or sources. The goal is not just “critical thinking” aimed at combating disinformation, though that is part of what they should learn. Students practice evaluating evidence but also develop an approach for analyzing and understanding phenomena behind it: how factors like history, culture and institutions of authority, such as science and government, shape what people trust and what they believe.

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

    – ref. Understanding paranormal beliefs and conspiracy theories isn’t just about misinformation – this course unpacks the history – https://theconversation.com/understanding-paranormal-beliefs-and-conspiracy-theories-isnt-just-about-misinformation-this-course-unpacks-the-history-242007

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: Assad’s fall opens window for Syrian refugees to head home − but for many, it won’t be an easy decision

    Source: The Conversation – USA – By Kelsey Norman, Fellow for the Middle East, Baker Institute for Public Policy, Rice University

    For more than a decade, Syrians have been the world’s largest refugee population.

    More than 6 million Syrians have fled the country since 2011, when an uprising against the regime of Bashar Assad transformed into a 13-year civil war. Most ended up in neighboring countries such as Turkey, Lebanon, Jordan, Iraq and Egypt, while a sizable minority wound up in Europe. But the overthrow of the Assad regime in late 2024 by opposition forces led by the Islamist group Hayat Tahrir al-Sham has seemingly opened a window for their return, and tens of thousands of former refugees have since made the decision to go back to their homeland.

    How many and who decides to go back, and the circumstances under which they reintegrate into Syrian society, will have enormous implications for both Syria and the countries they resettled in. It also provides an opportunity for migration scholars like ourselves to better understand what happens when refugees finally return home.

    Previous research has shown that Syrian refugees who are trying to decide whether to return are motivated more by conditions in Syria than by policy decisions where they’ve resettled. But individual experiences also play an important role. Counterintuitively, refugees who have been exposed to violence during the Syrian civil war are actually more tolerant of and better at assessing the risk of returning to Syria, research has shown.

    But such research was conducted while Assad was still in power, and it has only been several weeks since Assad fell. As a result, it’s unclear how many Syrians will decide to go back. After all, the current government is transitional, and the country is not fully unified.

    The risk of return

    In the month after Assad’s fall, about 125,000 Syrians headed home, primarily from Turkey, Jordan and Lebanon. But for the majority of those yet to return, important questions and considerations remain.

    First and foremost, what will governance look like under the transitional government? So far, Hayat Tahrir al-Sham’s rule under Ahmed al-Sharaa has suggested the group will embrace inclusivity toward Syria’s diverse array of ethnic and religious minorities. Even so, some observers worry about the group’s prior connections to militant Islamist groups, including al-Qaida.

    Similarly, initial fears about restrictions on women’s participation in public life have mostly been assuaged, despite the transitional government appointing only two women to office.

    Syrians debating whether to return home must also confront the economic devastation wrought by years of war, government mismanagement and corruption, and international sanctions placed on the Assad regime.

    Sanctions blocking the entry of medications and equipment, along with Assad’s bombing of infrastructure throughout the war, have crippled the country’s medical system.

    In 2024, 16.7 million Syrians – more than half the country’s population – were in need of essential humanitarian assistance, even as very little was available. In early 2025, the U.S. announced that it was extending a partial, six-month reprieve of sanctions to allow humanitarian groups to provide basic services such as water, sanitation and electricity.

    But rebuilding the country’s infrastructure will take much longer, and Syrian refugees will have to weigh whether they are better off remaining in their host countries. This is especially true for those who have worked to build new lives over a long period in exile from Syria.

    The caretaker Syrian government will also have to address the issue of property restitution. Many individuals may want to return home only if they indeed have a home to return to. And the policy of forced property transfers and the settlement by Alawite and minority groups allied to the Assad regime in former Sunni areas vacated during the war complicates the issue.

    Continued welcome in Europe?

    Since the start of the civil war, approximately 1.3 million Syrians have sought protection in Europe, the majority of them arriving in 2015 and 2016 and settling in countries such as Germany and Sweden. As of December 2023, 780,000 individuals still held refugee status and subsidiary protection – an additional form of international protection – with the remainder having received either long-term residency or citizenship.

    Syria’s 13-year civil war reduced many homes to rubble.
    Ercin Erturk/Anadolu via Getty Images

    Subsidiary protection was granted to those who didn’t meet the stringent requirements for refugee status under the Geneva Conventions – which requires a well-founded fear of persecution based on race, religion, nationality, political opinion or membership of a particular social group – but “would face a real risk of suffering serious harm” if returned to their countries of origin.

    Recognition rates for Syrians have remained consistently high between 2015 and 2023, but the breakdown between subsidiary protection and refugee status has fluctuated over the years, with 81% receiving refugee status in 2015 versus 68% receiving subsidiary protection in 2023.

    For Syrians in the EU who hold refugee status or subsidiary protection, as well as for those with pending asylum claims, the future is very uncertain. In accordance with the Geneva Conventions, EU law allows governments to revoke, end or refuse to renew their status if the reason to offer protection has ceased, which many countries believe is the case after Assad’s fall.

    Since then, at least 12 European countries have suspended asylum applications of Syrian nationals. Some nations, such as Austria, have threatened to implement a program of “orderly return and deportation.”

    Conditions in Turkey and Lebanon

    A much larger number of Syrians obtained protection in neighboring countries, namely Turkey (2.9 million), Lebanon (755,000) and Jordan (611,000), though estimates of unregistered Syrians are much higher. In Turkey, which hosts the largest number of Syrian refugees, Syrians are afforded only temporary protection status.

    In theory, this status allows them access to work, health care and education. But in practice, Syrian refugees in Turkey have not always been able to enjoy these rights. Coupled with anti-immigrant sentiments worsened by the 2023 earthquake and presidential election, life has remained difficult for many.

    And while Turkish President Recep Tayyip Erdogan has publicly stated that Syrians should return home according to their own timeline, his previous scapegoating of the refugee population indicates that he may ultimately like to see them returned – especially as many in Turkey now believe Syrian refugees have no reason to stay in the country.

    Syrians in Lebanon, which hosts the largest number of Syrian refugees per capita, face even greater economic and legal challenges. The country is not a signatory to the Geneva Conventions, and its stringent domestic asylum law has granted residency to only 17% of the more than a million Syrians who live in the country.

    Lebanon has been pressuring Syrian refugees to leave the country for years through policies of marginalization and forced deportation, which have intensified in recent months with a government scheme to deport Syrians not registered with the United Nations. As of 2023, 84% of Syrian families were living in extreme poverty. Their vulnerability was exacerbated by the recent conflict between Hezbollah and Israel in Lebanon, which led 425,000 Syrians to escape war once again and return to Syria even though conditions at the time were not safe.

    Testing the water

    Offering go-and-see visits – whereby one member of a family is allowed to return to a home country to evaluate the situation and subsequently permitted to reenter the host country without losing their legal status – is the norm in many refugee situations. The policy is being used at present for Ukrainians in Europe and was used in the past for Bosnian and South Sudanese refugees.

    The same policy could serve Syrian refugees now – indeed, Turkey recently implemented such a plan. But above all, we believe returns to Syria should be voluntary, not forced. Getting the conditions right for returning refugees will have enormous implications for rebuilding the country and keeping the peace – or not – in the years to come.

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

    – ref. Assad’s fall opens window for Syrian refugees to head home − but for many, it won’t be an easy decision – https://theconversation.com/assads-fall-opens-window-for-syrian-refugees-to-head-home-but-for-many-it-wont-be-an-easy-decision-247051

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: I study democracy worldwide − here’s how Texas is eroding human rights, free expression and civil liberties

    Source: The Conversation – USA – By Katie Scofield, Assistant Instructional Professor in Political Science, Texas A&M University-San Antonio

    Everything is bigger in Texas, except maybe its democracy. Luis Diaz Devesa/Moment via Getty

    While concerns about the future of American democracy dominate headlines worldwide, millions of Texans are already seeing a rapid decline in democratic standards.

    In December 2024, Texas Attorney General Ken Paxton sued a New York doctor for prescribing abortion-inducing medications to a woman in Collin County, Texas, alleging that the shipment violated Texas’ near-total ban on abortion.

    Two months earlier, Paxton’s office had sued to block a federal rule protecting women’s out-of-state medical records from criminal investigation. And in 2022, it sued the Biden administration over federal guidelines requiring doctors to perform abortions in emergency situations.

    Paxton’s lawsuits – alongside the state’s restrictive abortion policies – raise troubling questions about individual privacy and women’s bodily autonomy in Texas, where I live and teach. And they’re indicative of a broader problem. As my research on democracy and human rights shows, the state government is becoming increasingly antidemocratic.

    Scholars examine a number of factors to determine the health of a democracy. Elections must be free and fair. There should be freedom of expression and belief, multiple competitive political parties and minimal corruption. A democratic government must also respect individual freedom.

    On many of these metrics, I believe Texas falls short.

    Are Texas elections free and fair?

    Texas has some of the most restrictive voting laws in the United States, including strict voter ID laws, stringent limits on mail-in and absentee ballots and no online voter registration.

    Republicans, who passed each of these policies, claim their concern is a democratic one – election integrity. Yet, when Lt. Gov. Dan Patrick offered a US$25,000 reward to anyone who could prove voter fraud in the 2020 election, it led to just one arrest.

    The Texas Legislature nonetheless pledged to pass an even more restrictive voting bill in 2021, referencing “purity of the ballot box,” an old Jim Crow phrase. Democratic lawmakers ended up fleeing the state to paralyze the state assembly and keep the most egregious parts of the bill from passing.

    Healthy democracies also have robust competition between multiple parties so that voters have real choices at the polls.

    Yet since its current constitution was written in 1876, Texas has effectively been a one-party state governed by conservatives. No Democrat has won statewide office since 1994 – the longest Democrats have been locked out of statewide office in any state.

    Money in politics

    Texas puts no limits on individual campaign contributions to the governor, one of just 12 U.S. states that lacks this common anti-corruption measure.

    This has allowed Texas’ current governor, Greg Abbott, who has been in office since 2015, to raise vast sums of money. In the 2022 Texas gubernatorial race – the most expensive in the state’s history at $212 million – Abbott outspent his Democratic opponent by almost $50 million. In 2018, he had 90 times more cash on hand than his Democratic opponent.

    Texas’ lack of effective campaign finance regulations has given big donors access to power in the form of gubernatorial appointments.

    An in-depth investigation by The Texas Tribune in 2022 revealed that 27 of the 41 members of the governor’s COVID-19 task force were campaign donors who had collectively paid $6 million toward the governor’s reelection. Many were business owners who had a vested interest in reopening the state.

    Freedom of expression

    Texas is also at the center of a national struggle over academic freedom, a key component of free expression.

    Texas passed a law in 2023 requiring public universities to close their diversity, equity and inclusion, or DEI, offices, depriving the most vulnerable student communities of resources such as scholarships, mental health programs and career workshops.

    The Texas Senate is considering expanding this legislation to prohibit “DEI curriculum and course content.”

    The mere threat appears to be squelching freedom of thought and intellectual exploration in Texas universities already. The University of North Texas in November started editing course titles and syllabi to remove identity-based topics.

    On Jan. 14, Abbott threatened to fire the president of Texas A&M University – a part of my university system – if faculty attended an academic conference showcasing the work of Black, Latino and Indigenous scholars.

    Human rights at the border

    Abbott’s campaign to control the U.S.-Mexico border has raised concerns among human rights groups about civil rights in the state.

    In March of 2021, Abbott declared a state of emergency in counties on the Texas border, allowing him to deploy the Texas National Guard there. The initiative, Operation Lone Star, was supposed to stop migrants from crossing the border outside official government checkpoints.

    Since border enforcement is a federal authority, however, the troops have mostly enforced state laws on trespassing or drugs and weapons possession. Guardsmen have also participated in busing migrants to Democratic-run cities such as New York and Chicago and built razor-wire barriers in the Rio Grande.

    The result is an $11 billion policing program that has largely targeted Latino American citizens – not immigrants. Fully 96% of those arrested on trespassing charges are Latino, and 75% of those facing court proceedings for that and other crimes as a result of Operation Lone Star are U.S. citizens.

    Gov. Greg Abbott, left, and Donald Trump greet Texas National Guard troops in Edinburg, Texas, on Nov. 19, 2023.
    Michael Gonzalez/Getty Images

    Women’s freedoms

    Finally, women’s right to bodily autonomy is under threat in Texas, which has one of the country’s most restrictive abortion laws.

    At least three women have died as a result of doctors being afraid to treat their miscarriages. Overall, maternal mortality rates have increased by 56% since the ban was imposed in 2021. Scary statistics haven’t stopped the state’s plans to tighten its ban.

    The 2025 Texas legislative session began with Republican legislators having prefiled several bills aimed at ending abortion by mail services, including one that would reclassify common abortion pills as controlled substances like Valium or Ambien. Doctors warn that this reclassification could also make it harder for them to disperse these medications quickly in life-threatening emergencies.

    And a handful of rural Texas counties have made it illegal to transport women seeking out-of-state abortions on their roads.

    As Texas goes, so goes the nation?

    The question of whether a government is democratic is often not black or white. It should be viewed on a sliding scale.

    Freedom House, a nonpartisan international democracy watchdog, ranks countries on a 100-point scale based on the factors I mentioned earlier, among others, and labels countries as “free,” “partly-free” and “not free.”

    The freest country in 2024, Finland, had a score of 100. The U.S. has been sliding down the rankings, receiving a score of 83 in 2024 – down from 94 in 2010. It’s still solidly in the “free” category, but U.S. democracy looks less like Germany’s and more like Romania’s. The antidemocratic policy changes made in Texas and a handful of other states contribute to this slide.

    Freedom House doesn’t rank states, but if it did, Texas would likely still rate as a “free” democracy. There is space for dissent, opposition and free speech. Democratic politicians have occasional political victories.

    But Texas is decidedly less democratic than the U.S. at large. Democracy here is not lost, but I fear Texas is in danger of becoming only “partly-free.”

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

    – ref. I study democracy worldwide − here’s how Texas is eroding human rights, free expression and civil liberties – https://theconversation.com/i-study-democracy-worldwide-heres-how-texas-is-eroding-human-rights-free-expression-and-civil-liberties-246936

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: ‘Sorry, I didn’t get that’: AI misunderstands some people’s words more than others

    Source: The Conversation – USA – By Roberto Rey Agudo, Research Assistant Professor of Spanish and Portuguese, Dartmouth College

    Speech recognition systems are less accurate for women and Black people, among other demographics. Jacob Wackerhausen/iStock via Getty Images

    The idea of a humanlike artificial intelligence assistant that you can speak with has been alive in many people’s imaginations since the release of “Her,” Spike Jonze’s 2013 film about a man who falls in love with a Siri-like AI named Samantha. Over the course of the film, the protagonist grapples with the ways in which Samantha, real as she may seem, is not and never will be human.

    Twelve years on, this is no longer the stuff of science fiction. Generative AI tools like ChatGPT and digital assistants like Apple’s Siri and Amazon’s Alexa help people get driving directions, make grocery lists, and plenty else. But just like Samantha, automatic speech recognition systems still cannot do everything that a human listener can.

    You have probably had the frustrating experience of calling your bank or utility company and needing to repeat yourself so that the digital customer service bot on the other line can understand you. Maybe you’ve dictated a note on your phone, only to spend time editing garbled words.

    Linguistics and computer science researchers have shown that these systems work worse for some people than for others. They tend to make more errors if you have a non-native or a regional accent, are Black, speak in African American Vernacular English, code-switch, if you are a woman, are old, are too young or have a speech impediment.

    Tin ear

    Unlike you or me, automatic speech recognition systems are not what researchers call “sympathetic listeners.” Instead of trying to understand you by taking in other useful clues like intonation or facial gestures, they simply give up. Or they take a probabilistic guess, a move that can sometimes result in an error.

    As companies and public agencies increasingly adopt automatic speech recognition tools in order to cut costs, people have little choice but to interact with them. But the more that these systems come into use in critical fields, ranging from emergency first responders and health care to education and law enforcement, the more likely there will be grave consequences when they fail to recognize what people say.

    Imagine sometime in the near future you’ve been hurt in a car crash. You dial 911 to call for help, but instead of being connected to a human dispatcher, you get a bot that’s designed to weed out nonemergency calls. It takes you several rounds to be understood, wasting time and raising your anxiety level at the worst moment.

    What causes this kind of error to occur? Some of the inequalities that result from these systems are baked into the reams of linguistic data that developers use to build large language models. Developers train artificial intelligence systems to understand and mimic human language by feeding them vast quantities of text and audio files containing real human speech. But whose speech are they feeding them?

    If a system scores high accuracy rates when speaking with affluent white Americans in their mid-30s, it is reasonable to guess that it was trained using plenty of audio recordings of people who fit this profile.

    With rigorous data collection from a diverse range of sources, AI developers could reduce these errors. But to build AI systems that can understand the infinite variations in human speech arising from things like gender, age, race, first vs. second language, socioeconomic status, ability and plenty else, requires significant resources and time.

    ‘Proper’ English

    For people who do not speak English – which is to say, most people around the world – the challenges are even greater. Most of the world’s largest generative AI systems were built in English, and they work far better in English than in any other language. On paper, AI has lots of civic potential for translation and increasing people’s access to information in different languages, but for now, most languages have a smaller digital footprint, making it difficult for them to power large language models.

    Even within languages well-served by large language models, like English and Spanish, your experience varies depending on which dialect of the language you speak.

    Right now, most speech recognition systems and generative AI chatbots reflect the linguistic biases of the datasets they are trained on. They echo prescriptive, sometimes prejudiced notions of “correctness” in speech.

    In fact, AI has been proved to “flatten” linguistic diversity. There are now AI startup companies that offer to erase the accents of their users, drawing on the assumption that their primary clientele would be customer service providers with call centers in foreign countries like India or the Philippines. The offering perpetuates the notion that some accents are less valid than others.

    Human connection

    AI will presumably get better at processing language, accounting for variables like accents, code-switching and the like. In the U.S., public services are obligated under federal law to guarantee equitable access to services regardless of what language a person speaks. But it is not clear whether that alone will be enough incentive for the tech industry to move toward eliminating linguistic inequities.

    Many people might prefer to talk to a real person when asking questions about a bill or medical issue, or at least to have the ability to opt out of interacting with automated systems when seeking key services. That is not to say that miscommunication never happens in interpersonal communication, but when you speak to a real person, they are primed to be a sympathetic listener.

    With AI, at least for now, it either works or it doesn’t. If the system can process what you say, you are good to go. If it cannot, the onus is on you to make yourself understood.

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

    – ref. ‘Sorry, I didn’t get that’: AI misunderstands some people’s words more than others – https://theconversation.com/sorry-i-didnt-get-that-ai-misunderstands-some-peoples-words-more-than-others-239281

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: How does raw water compare to tap water? A microbiologist explains why the risks outweigh the benefits

    Source: The Conversation – USA – By Bill Sullivan, Professor of Microbiology and Immunology, Indiana University

    Water that comes straight from natural sources, dubbed “raw water,” is gaining popularity. Raw water advocates reject public water supplies, including tap water, because they don’t enjoy the taste or believe it’s unsafe and depleted of vital minerals.

    On the surface, raw water might seem alluring – the natural surroundings may look beautiful, and the water may look clean and taste refreshing. But unlike tap or commercially bottled water, raw water is not evaluated for safety. This leaves the people who drink it vulnerable to infectious microbes or potentially other toxic contaminants.

    I’m a microbiology researcher studying infectious diseases. From a public health perspective, clarifying misconceptions about tap water and the health hazards of raw water can protect consumers and curtail the spread of infectious diseases.

    A short history of public drinking water

    Archaeological evidence suggests that humans have long associated dirty water with negative health outcomes. As early as 1500 BCE, ancient Egyptians added a binding agent to their water to clump contaminants together for easy removal.

    Two major developments in the mid-1800s showed why impure water is dangerous. First, physician John Snow traced a deadly cholera outbreak to contaminated water from London’s Broad Street pump. Second, Louis Pasteur advanced the germ theory of disease, which postulated that microbes can cause illness. Pasteur established that consumable liquids like raw water and milk can harbor disease-causing pathogens.

    Physician John Snow’s 1854 map of cholera cases in London, highlighted in black, clustered around a contaminated pump.
    John Snow/Wellcome Collection

    These discoveries paved the way for large-scale infrastructure projects in the 20th century to ensure the public water supply is safe.

    Today, the process of cleaning water begins with the same steps employed by the ancient Egyptians, followed by extensive filtration to get rid of debris as well as most germs and chemicals. Chlorine is added to kill lingering pathogens, including those that may reside in the service pipes carrying the water to the faucet. Beginning in the 1940s, a small amount of fluoride was added as an inexpensive, safe and effective means to improve dental health.

    The cleanliness and fluoridation of the water supply has dramatically reduced infectious disease and cavities, and has been heralded as one of the 20th century’s greatest public health achievements.

    Is raw water healthier than tap water?

    People who champion raw water claim it has health benefits, such as essential minerals and beneficial bacteria called probiotics, that are stripped from tap water. Let’s unpack each of these claims.

    Water dissolves bits of soil and rock at its source; therefore, its mineral content depends on the local geology. Areas with a lot of limestone, like the Midwest, have water that is higher in calcium. Water from deeper in the ground may have higher mineral content since it passes through more rock on its way to the surface.

    The mineral content of water largely depends on its source and location.
    Sergii Zyskо/iStock via Getty Images Plus

    The idea that tap water is depleted of essential minerals is not true, as these nutrients are too small to be excluded by the filtration process. Test kits can determine the mineral content of your water, and if you find it lacking, mineral supplements can be added. Experts suggest, however, that most minerals you need come from your diet, not water.

    Some also claim that raw water contains probiotics that are removed from tap water. The amount of probiotics in water would also vary by location, and the notion that health-promoting bacteria reside in raw water has not been proved.

    There are no studies associating raw water with any health benefit. Anecdotal claims about smoother skin or increased energy are likely to be placebo effects. Even the idea that raw water tastes better might be more psychological than physiological – a 2018 study showed that most people preferred tap water over bottled water in a blind taste test.

    Risks of drinking raw water

    Raw water carries the risk of serious gastrointestinal infection from a wide variety of pathogens.

    Water-borne viruses include rotavirus and norovirus, which cause rapid-onset diarrhea and vomiting, and hepatitis A, which infects the liver. Bacteria such as E. coli and Salmonella, or parasites like Cryptosporidium and Giardia, also cause severe diarrhea that can lead to dangerous levels of dehydration. Toxoplasma gondii can also lurk in raw water and can cause miscarriage or birth defects if consumed during pregnancy.

    Tap water undergoes several treatment steps before it reaches your faucet.
    CDC

    Carriers of diarrheal infections can transmit them to others if they swim in public pools or fail to properly wash their hands before touching others or preparing food. Norovirus is particularly durable and can survive on surfaces for days, increasing chances of it infecting someone else.

    Raw water can also contain algae that release toxins causing abdominal issues and damage to the brain and nervous system.

    Cholera, dysentery and typhoid fever are no longer health burdens in the U.S. thanks to a robust water treatment system. But areas of the world lacking this privilege suffer high child mortality and widespread diarrheal diseases.

    How safe is tap water in the US?

    Tap water in the U.S. is among the safest to drink in the world. The Biden administration took steps to further improve it, including funding to replace lead pipes and new rules to monitor forever chemicals like perfluoroalkyl and polyfluoroalkyl substances, or PFAS, which have been linked to cancer and developmental disorders.

    Importantly, raw water is not necessarily free from lead, arsenic, pesticides or industrial contaminants. Raw water sources are not reliably monitored by experts, so it is difficult to say which ones pose less risk. In addition, the water may be acceptably safe one day, but not on another. For example, soil runoff from a storm could introduce new germs or pollutants into the area.

    The Environmental Protection Agency routinely screens for nearly 100 contaminants to ensure tap water is safe. In contrast, raw water remains untested, unregulated and untreated, leaving its safety to drink in question. In terms of risks and benefits, there are no demonstrated health benefits from drinking raw water, but clear evidence that you may be exposing yourself to harmful infectious and toxic contaminants.

    Bill Sullivan receives funding from the National Institutes of Health.

    – ref. How does raw water compare to tap water? A microbiologist explains why the risks outweigh the benefits – https://theconversation.com/how-does-raw-water-compare-to-tap-water-a-microbiologist-explains-why-the-risks-outweigh-the-benefits-246866

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI USA: Murray, Schumer, Murphy, Kim Lead 46 Senators in Introducing Resolution Condemning Pardons of Individuals Found Guilty of Assaulting Capitol Police Officers

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Resolution comes after Trump pardons 1,500 Jan 6 insurrectionists—including those convicted of violently assaulted police officers

    Murray will seek unanimous consent to pass the resolution this week

    Washington, D.C. – Today, U.S. Senators Patty Murray (D-WA), Democratic Leader Chuck Schumer (D-NY), Chris Murphy (D-CT), and Andy Kim (D-NJ) will lead a group of 46 senators in introducing a new resolution condemning the pardons of individuals who were found guilty of assaulting Capitol Police Officers. The resolution follows the move by President Trump, on the first day of his second term, to grant full, complete, and unconditional pardons to over 1,500 people charged with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers, far-right militias. Among those pardoned by Trump were 169 people who pled guilty to assaulting police officers on January 6th.  During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.

    The senators’ resolution, Condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” This week, Senator Murray will seek unanimous consent on the Senate floor to pass the resolution.

    In addition to Murray, Schumer, Murphy, and Kim, Senators Angela Alsobrooks (D-MD), Tammy Baldwin (D-WI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), Tammy Duckworth (D-IL), Dick Durbin (D-IL), Ruben Gallego (D-AZ), Kirsten Gillibrand (D-NY), Maggie Hassan (D-NH), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Angus King (I-ME), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Ed Markey (D-MA), Jeff Merkley (D-OR), Jon Ossoff (D-GA), Alex Padilla (D-CA), Gary Peters (D-MI), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR) also cosponsored the resolution. In total, 46 senators signed onto the resolution. A PDF of the resolution is HERE.


    “I refuse to allow President Trump to rewrite what happened on January 6th—armed insurrectionists, incited by Trump himself, broke into the U.S. Capitol and violently assaulted Capitol Police officers in their attempt to overthrow a free and fair election,”     said Senator Murray. “Insurrectionists cracked the ribs of police officers and smashed spinal disks. Donald Trump’s pardons are a wholesale endorsement of political violence—as long as it serves Donald Trump. Affirming that U.S. Senators condemn unconditional pardons for people who were found guilty of violently assaulting Capitol Police officers should be the easiest thing in the world. If Republicans care even the tiniest bit about law enforcement, they should be outraged by these pardons. I hope and expect my Republican colleagues will allow this very simple resolution to pass as a show of support for the officers who put their lives on the line to keep senators safe.”

    “The people who invaded the Capitol on January 6th, whether they committed violence or not, broke the law and attempted to thwart democracy. What they did is a serious crime. There’s no gray area here,” said Democratic Leader Chuck Schumer. “Donald Trump’s made it clear he’s more interested in rewarding lawbreakers and pardoning lawless rioters who attacked police officers and invaded the Capitol, than standing up for law and order. Senate Republicans who experienced the same mayhem on January 6 should join us in condemning this dangerous signal to lawbreakers, so we can make clear that political violence of any kind is unacceptable.”

    “Trump’s pardons of January 6th rioters who viciously assaulted law enforcement officers send a dangerous message: if you’re willing to commit violence in his name, there are no consequences,” said Senator Murphy. “This endorsement of political violence not only undermines our justice system, but it also makes our nation less safe and emboldens those who would attack our democracy.”

    “On January 6th 2021, we witnessed an attack against our sacred Capitol and a brutal assault on police officers upholding their sworn duty. It is shameful for President Trump to issue the pardons and exalt political violence. We all resoundingly condemned the assassination attempts on Trump only to see him bless the violence against a different branch of government. Never should political violence be acceptable,” said Senator Kim.  

    “President Trump’s blanket pardons of armed insurrectionists, who were convicted by juries of everyday Americans, is the ultimate disrespect for police officers who were brutally assaulted on January 6,” said Senator Blumenthal. “These sickening pardons are a clear endorsement of political violence and discredit justice and the rule of law. I urge my Republican colleagues who were protected that terrible day—and who now stay silent—to join in condemning the violence that occurred and standing with the officers who put their lives on the line for their safety.”

    “By attacking law enforcement and trying to block the peaceful transfer of power, the people being pardoned did serious damage to our Capitol and democracy. Some of them attacked and hurt police officers, all received their day in court and were convicted of their crimes. These pardons are a mistake that I strongly disagree with,” said Senator Cantwell.

    “By putting hundreds of violent criminals back on the streets as one of his first acts back in office, President Trump is sending a clear message: it’s open season on law enforcement officers, as long as you’re committing a crime he approves of,” said Senator Coons, co-chair of the Senate Law Enforcement Caucus. “I pray that none of these criminals go on to commit further acts of violence, but President Trump’s pardons have made our police officers and our streets less safe.”

    “President Trump is pardoning violent criminals who assaulted police officers and attempted to overturn a fair and free election,” said Senator Cortez Masto. “This is an insult to law enforcement across the country and an endorsement of political violence. The very least my Republican colleagues can do to back law enforcement is to support this resolution.”

    “On day one in office—after years of pushing the false narrative that Democrats are ‘soft on crime’ and Republicans truly ‘back the blue’— Donald Trump pardoned over 1,500 violent insurrectionists who assaulted law enforcement officers and stormed our nation’s Capitol in an effort to overturn a free and fair election,” said Senator Duckworth. “Not only are these pardons a gross endorsement of political violence, they’re also an insult to the heroic law enforcement officers who defended our democracy and those who died as a result of that fateful day. If Republicans really cared about upholding democracy and the rule of law, then they’d join us in supporting this simple resolution to condemn President Trump’s pardons.”

    “On January 6, 2021, a mob of Trump-inspired insurrectionists  descended on the U.S. Capitol in an attempt to overturn a free and fair election, wielding unspeakable violence against law enforcement officers.  A ‘full, complete, and unconditional’ pardon dishonors the lives of the five law enforcement officers who died as a result of this day, as well as those who are left with life-altering injuries inflicted by these thugs,” said Senator Durbin.  “This resolution ensures that what truly happened that day – the violent, egregious assault on law enforcement officers and the undermining of a Constitutional proceeding – will not be forgotten, even if President Trump has tried to absolve insurrectionists of their crimes.”

    “I was on the House floor, preparing myself and my colleagues for the mob to overrun the Capitol. President Trump’s pardons of these rioters, many of whom attacked policemen—my friends—is a gross misuse of power,” said Senator Gallego. “We must support law enforcement, not the ones who attacked them and tried to take our democracy.”

    “These criminals used flagpoles, fire extinguishers and bear spray to assault the police securing the Capitol on January 6. No one who assaults a police officer should be given a ‘get out of jail free card’ from the President,” said Senator Heinrich.

    “Instead of focusing on steps to strengthen our economy, lower costs, or make communities safer, Donald Trump’s day one priority was pardoning over 1,500 people who stormed the Capitol on January 6, 2021 in an attempt to overturn an election, including those convicted of assaulting police officers,” said Senator Kaine. “These deeply offensive pardons are a slap in the face of the law enforcement community—including five Virginians who died after protecting the Capitol that day—the Constitution, the rule of law, and our democracy. I’m joining together with my colleagues to introduce legislation to formally condemn these shameful pardons.”

    “We will never forget the truth of what happened on January 6: A violent mob attacked our democracy, our Capitol, and the brave men and women of the Capitol Police who were defending it, ” said Senator Klobuchar. “These officers deserve our respect, not the release and pardoning of those who assaulted them. Over the last four years, I have led hearings to examine the events leading up to the attack and have worked with Democrats and Republicans to ensure Capitol Police officers have our full support moving forward. The release of and pardons for those who assaulted them is simply wrong.”

    “The pardons that President Trump granted to insurrectionists who desecrated our Capitol and threatened our democracy on January 6 are not only condemnable – they are disrespectful of the law enforcement who show up every day to protect and serve us. When Republicans say they ‘back the blue,’ they are lauding the very violent criminals who left our officers back and blue on that day. Anyone who supports these pardons is supporting crime and violence,” said Senator Markey. 

    “I condemn in the strongest terms President Trump’s disgraceful pardon of more than 1,000 criminals, many of them violent, who overran the U.S. Capitol, desecrated the seat of our democracy, and assaulted law enforcement in their failed attempt to prevent the peaceful transfer of power,” Senator Ossoff said.

    “President Trump’s decision to pardon the people who attacked the U.S. Capitol and violently assaulted law enforcement officers, in an effort to overturn a free and fair election, is a clear abuse of power. A President’s allies should never receive special treatment when they’ve committed serious, violent crimes – crimes intended to undermine our democracy. To give these attackers a clean slate not only undermines the rule of law, it emboldens their extreme ideological views and it further erodes Americans’ trust in our government,” said Senator Peters.

    “These pardons were a slap in the face of the Capitol Police who stand up everyday to protect members of Congress.  They have our back; we should have theirs.  Failing to condemn the pardons of the criminals who attacked the Capitol would be a shameful betrayal of these dedicated officers,” said Senator Reed.

    “It’s unconscionable that one of President Trump’s first actions in office was to pardon criminals who violently attacked the U.S. Capitol on January 6th, 2021,” said Senator Rosen. “A number of these convicted felons attacked police officers and injured them. It should not be a partisan issue to fully condemn these actions and President Trump’s pardons.”

    “Pardoning those who were convicted of assaulting police officers who were doing their duty during the January 6, 2021, attack on the U.S. Capitol is reckless and dangerous,” said Senator Shaheen. “No elected official, especially the President of the United States, should ever do anything that would justify, condone or excuse politically motivated violence. I hope all my colleagues will join us in supporting this resolution to condemn pardons for those found guilty of assaulting police officers on January 6, 2021.”

    “President Trump’s day one agenda was letting violent criminals who beat police officers out of prison. These are people who planned an insurrection, assaulted police officers with metal batons, fire extinguishers, wooden planks, and even admitted to these crimes and pled guilty in court. The brave Capitol Police officers who put themselves in danger to protect our democracy deserve better. We can’t let what actually happened on January 6th, 2021 be rewritten and whitewashed,” said Senator Smith.

    “On January 6, many rioters attacked our Capitol and assaulted, bludgeoned, and bloodied Capitol Police officers and officers from the District of Columbia. Donald Trump’s pardons of these convicted criminals are sickening – they are a gross insult to the brave officers who did their duty and a betrayal of all of law enforcement. I urge our Republican colleagues to join us in sending a simple message: celebrating criminals convicted of beating police officers is unacceptable,” said Senator Van Hollen.

    According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in Court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.

    Among others, the individuals who assaulted law enforcement officers and were granted full, unconditional pardons by President Trump this week include:

    • Taylor James Johnatakis, of Kingston, Washington, was convicted of three felonies in November 2023, including assaulting officers. Prosecutors said that he “coordinated a violent assault on a line of police officers defending” the Capitol and that video shows he “used a metal barricade to attack officers head on and grabbed one officer to prevent him from defending himself against other attacking rioters.”
    • Julian Khater, who assaulted a U.S. police office—Brian Sicknick—and later pled guilty to assaulting a police officer with a dangerous weapon.
    • Robert Palmer, who attacked police with a fire extinguisher, a wooden plank, and a pole.
    • Tyler Bradley Dykes of Bluffton, South Carolina, who was sentenced to 57 months in federal prison for stealing a police riot shield and twice using it against officers. He pleaded guilty to two felony counts of assaulting, resisting or impeding officers.
    • Devlyn Thompson, who hit a police officer with a metal baton.
    • Andrew Taake, of Houston, Texas, who was sentenced to a little more than six years for assaulting law enforcement officers with bear spray and a metal whip.
    • Christopher Quaglin, who federal prosecutors said “viciously assaulted numerous officers” and was one of the most violent rioters, was sentenced to 12 years in federal prison.
    • David Dempsey, who, according to prosecutors, “was one of the most violent rioters,” and received 20 years in prison. Prosecutors also said Dempsey had a “very significant history of arrests and convictions” prior to the January 6th attack.
    • Daniel Rodriguez, of Fontana, California, who plunged a stun gun into the neck of Washington Police Officer Michael Fanone multiple times.
    • Ryan Nichols, of Longview, Texas, who assaulted officers with pepper spray, and later on Jan. 6, at his hotel room, he called for additional violence.
    • Howard Richardson, of King of Prussia, Pennsylvania, who struck a police officer three times with a flagpole, hard enough to break the flagpole.
    • Robert Sanford, from Chester, Pennsylvania, who hit two police officers in the head with a fire extinguisher and threw a traffic cone at another officer.
    • Jonathan Munafo, of Albany, New York, who punched a police officer, stole the officer’s riot shield, and struck a Capitol office window with two poles.

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI USA: Warren, McGovern, Lawmakers Blast Trump’s Inaction on High Egg Prices

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    January 27, 2025
    Lawmakers lay out six executive actions that could lower costs.
    “We urge you to make good on your campaign promise to lower food prices for American families.”
    Text of Letter (PDF)
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jim McGovern (D-Mass.) led 19 of their colleagues, writing to President Donald Trump, pushing him to take meaningful steps to lower the prices of eggs and other groceries—a problem he largely ignored during his entire first week in office. 
    During his campaign for president, Mr. Trump repeatedly promised he would lower food prices “immediately” if elected. Trump even told the press, “I won on groceries.” But during his first week, he instead focused on attempting to end birthright citizenship, firing inspectors general, and pardoning January 6 attackers, including those who assaulted Capitol police officers. 
    “Your sole action on costs was an executive order that contained only the barest mention of food prices and not a single specific policy to reduce them,” wrote the lawmakers. “You have tools you can use to lower grocery costs and crack down on corporate profiteering, and we write to ask if you will commit to using those tools to make good on your promises to the American people.”
    “To make food more affordable, you should look to the dominant food and grocery companies that have made record profits on the backs of working families who have had to pay higher prices,” continued the lawmakers. 
    For example, last year a Kroger executive admitted in federal court that the company raised the price of eggs and milk “significantly higher than the cost of inflation” in the years following the COVID-19 pandemic. In 2023, a federal court found that the country’s largest egg producers had engaged in a price-fixing conspiracy in the mid-2000s as well. Now, egg producers and grocery stores may leverage the current avian flu outbreak as an opportunity to further constrain supply or hike up egg prices to increase profits.
    “If you are indeed committed to lowering food prices, we stand ready to work with you,” wrote the lawmakers. 
    The lawmakers laid out six recommendations for executive actions to lower prices by encouraging competition and fighting price-gouging at each level of the food supply chain:
    Encourage the Federal Trade Commission (FTC) and U.S. Department of Agriculture (USDA) to prohibit exclusionary contracting by dominant firms in the food industry, making it harder for major retailers and food brands to shut out smaller suppliers and drive up prices at smaller stores.
    Encourage the FTC to issue guidance on potential violations of the Robinson Patman Act and Section 5 of the FTC Act within the food industry and take enforcement action where merited. 
    Work with the USDA to increase the number of government contract recipients that are very small businesses and to ensure that government contracting considers the long-term costs of food sector consolidation. 
    Help the Department of Justice (DOJ) and FTC scrutinize, and where appropriate, block mergers and acquisitions in the food and agricultural sectors.
    Encourage the DOJ to prosecute actors in the agricultural and food sectors for price-fixing and other anticompetitive behavior.
    Direct the Commodity Futures Trading Commission (CFTC) and FTC to form a joint task force to investigate food price manipulation throughout the supply chain. 
    “Americans are looking to you to lower food prices. Instead of working to lower their grocery bills, however, you have used the first week of your administration on attempting to end birthright citizenship, pardoning individuals who attacked the U.S. Capitol on January 6, and renaming a mountain,” concluded the lawmakers. “We urge you to make good on your campaign promise to lower food prices for American families.”

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI Global: Trump has rejected the Paris agreement again, but game theory shows how other countries can still lead by example

    Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

    petrmalinak/Shutterstock

    It came as a surprise to nobody that one of Donald Trump’s first acts on his return to the White House was to sign an executive order withdrawing the US from the Paris agreement on climate change.

    Almost 200 other countries will remain part of the deal designed to stem global warming. So how will they fare without the participation of one of the biggest polluters on the planet?

    The exit of the US encapsulates a tricky issue when it comes to international efforts to tackle climate change. Any effort to decrease the use of fossil fuels is individual, while any benefits are universal.

    And since 1997, the main approach to tackle climate change multilaterally has been through UN-backed summits known as “Cops” (Conference of the Parties) where countries gather and promise each other to cut their emissions.

    Richer countries, which polluted more in the past and created most of the accumulated CO2 in the atmosphere, have also committed to helping poorer countries develop economically while emitting less, to the tune of US$300 billion (£244 billion) a year by 2035.

    But while plenty of effort goes in to organising the largest possible coalition of countries, in the end, everything is based on good faith and promises. There is no mechanism by which countries which fail to live up to agreements are punished.

    So when national politics or budgetary constraints come into play, climate commitments can be left by the wayside. A project to tax pollution may be cancelled or campaigners may succeed in blocking plans.

    Yet there are benefits to be had from leading by example and cutting emissions without any guarantee that others will do the same. This is partly because humans have a tendency towards what’s known as “conditional cooperation”. People who fail to cooperate when they have to do it at the same time as others are much more likely to join in if they observe previous cooperation.

    For this reason, research I recently published with colleagues on game theory (the mathematical study of strategic interactions), suggests that the best thing for advanced economies to do is keep on cutting their own emissions.

    Because without efforts from rich countries to pursue a path towards mitigating global warming, there is no hope the others will follow. In that case, even a small wealthy country (like the UK) matters in demonstrating an unambiguous commitment to tackling climate change.

    Carbon cooperation

    Beyond encouraging further cooperation, a strong climate policy in the form of carbon taxes is also the most powerful way to punish those who do not take part in the global effort.

    Both the US (under Biden) and the EU have developed their own versions of a tool called a “carbon border adjustment mechanism” which means exporters from countries that do not tax emissions (or tax them less less heavily) need to pay the domestic carbon tax instead.

    Consider for instance a Chinese company exporting a container to the UK. If Chinese manufacturers have already paid a carbon tax worth £100 to the Chinese government for the product in the container, but the UK’s carbon tax would have been £200, the border tax is the difference between the two, £100.

    But if the Chinese government increases its domestic carbon tax to the UK level or above, the tax from the border adjustment mechanism drops to zero.

    This approach has influenced many countries to start their own carbon tax, because it is better to get tax receipts at home than to send them elsewhere. But again, it helps to lead by example. To influence others with border taxes, you need to implement your own system first.

    Cop out?

    Despite all of this apparent cooperation, and widespread concern about the impact of climate change, the latest Cop summit in Azerbaijan, held in November 2024, was considered by many to be a disappointment.

    But there is also some good news, which suggests that efforts are heading in the right direction. The latest data for example, shows that the EU is not far away from its 2030 target. Greenhouse gas emissions are already 37% below what they were in 1990 level. In the UK, the figure is 42%.

    In China, emissions might have apparently already peaked, earlier than expected. Even in the US, emissions are decreasing.

    Looking back at the scenarios that led to the first UN climate summit in Kyoto, not everything is bright. The world is unlikely to avoid global temperatures raising to more than 1.5°C above pre-industrial levels.

    So maybe we shouldn’t rely too much on future summits to make the next environmental breakthrough. The path forward could be more likely to come from technical solutions like carbon taxes and border adjustment mechanisms. And perhaps the best way to convince the rest of the world to cut their emissions is not to give them lectures and conferences – but to lead by example.

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

    – ref. Trump has rejected the Paris agreement again, but game theory shows how other countries can still lead by example – https://theconversation.com/trump-has-rejected-the-paris-agreement-again-but-game-theory-shows-how-other-countries-can-still-lead-by-example-246818

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: Exercise does increase calorie burn – but probably not as much as you might hope

    Source: The Conversation – UK – By Dylan Thompson, Professor of Human Physiology, University of Bath

    Exercise can still be a benefit if you’re trying to lose weight or get fit. Green Elk/ Shutterstock

    It’s generally accepted that exercise is a key element of losing weight. But this long-held view has been called into question in recent years – with no shortage of articles and podcasts claiming it’s a myth that exercise increases your metabolism and helps you burn calories after you work out.

    The central tenet of these reports is that the amount of calories we burn each day is somehow constrained. This hypothesis was first proposed in 2012 by the evolutionary anthropologist Herman Pontzer. He posited that as you increase your daily energy expenditure (calories burned) through physical activity, your body will find ways to cut back on energy expended on other biological processes – such as your resting metabolism. This leaves your overall daily energy expenditure unchanged.

    This theory has since been popularised in Pontzer’s 2021 book Burn, in which he theorises that “we burn calories within a very narrow range: nearly 3,000 calories per day, no matter our activity level”.

    Building on this, Pontzer suggests that, “The bottom line is that your daily (physical) activity levels have almost no bearing on the number of calories that you burn each day.”

    But before you pack away your running shoes, let’s look at what the research shows us. The most rigorous and robust evidence available on the topic actually shows that exercise does increase energy expenditure – though perhaps not as much as we might expect.

    Exercise and energy expenditure

    The evidence Pontzer used to support his hypothesis came from observational studies that compared energy expenditure in different populations around the world. In an observational study, researchers only take measurements and make comparisons between groups without actually introducing any changes.

    The most eye-catching of the studies Pontzer used to support his hypothesis was research on the Hadza tribe – one of the last remaining hunter-gatherer groups in Africa. Hunter-gatherers are assumed to be highly active in order to survive. But the study observed that the Hadza expended no more energy than the average Westerner did each day.

    We reviewed the constrained energy expenditure hypothesis in 2023. We concluded that Pontzer’s theory raises some interesting questions. However, it’s generally not very convincing due to flaws in the nature of the evidence.

    Indeed, Pontzer’s own observational data shows that daily energy expenditure can vary by more than 1,000 calories per day in a group of older people. This directly contradicts his suggestion that it’s fixed at 3,000 calories a day for everyone.

    The effects of exercise on calorie burn may be more modest than we might hope, however.
    Dean Drobot/ Shutterstock

    When we look at data from randomised controlled trials, we can clearly see that exercise does have an effect on energy expenditure.

    Randomised controlled trials allow researchers to establish cause and effect from a specific treatment or intervention. They allow groups of people to be fairly compared with just one variable manipulated at a time.

    Trials show that a structured, supervised exercise programme done up to five times a week for six and ten months increases daily energy expenditure. These effects were shown in both young and middle-aged men and women.

    This research clearly shows that physical activity does increase how many calories you burn each day.

    Modest increase

    It’s important to note that these trials do report, however, that the increases in daily energy expenditure were not always as big as expected. Put simply, burning 600 calories in the gym will not necessarily increase your daily energy expenditure by the same amount.

    However, a more-modest-than-expected increase in energy expenditure is a far cry from bold statements that exercise does not increase daily energy expenditure at all. The exact number is difficult to estimate though, as it varies a lot between people.

    As we discuss in our review, there are many possible reasons why exercise does not increase energy expenditure by as much as would be expected. Some factors might include physical activity substitution (when your new workout substitutes for physical activity you would normally have done at that time – so you might only end up burning a few calories more than you normally would have) and behavioural compensation (doing less activity later in the day after a morning workout).

    This also highlights a common misunderstanding about the magnitude of exercise’s effects. Exercise can feel hard – so people might reasonably expect a large return on their investment. But five hours of exercise a week is only about 4% of our typical waking time. So this will only go so far in shifting the dial upwards in terms of how many calories we burn through physical activity.

    Part of the misunderstanding about changes in energy expenditure and potential weight loss through exercise is perhaps related to unrealistic expectations about how many calories we burn when working out.

    So, despite what you might have heard or read, the strongest evidence from robust trials clearly demonstrates that exercise can increase daily energy expenditure. Though this might not be as much as you expect or hope.

    Dylan Thompson receives funding from BBSRC, NIHR, and Heart Research UK. He has previously had funding from MRC, BHF, and Unilever. He is a Fellow of The Physiological Society and the British Association of Sport and Exercise Sciences.

    Javier Gonzalez receives funding from BSRC, MRC, British Heart Foundation, Clasado Biosciences, Lucozade Ribena Suntory, ARLA Foods Ingredients, Cosun Nutrition Center, Innocent Drinks and the Fruit Juice Science Centre; is a (non-exec) scientific advisory board member to ZOE; and has completed paid consultancy for 6d Sports Nutrition, Science in Sport, The Dairy Council, PepsiCo, Violicom Medical, Tour Racing Ltd., and SVGC. For a full list of disclosures see https://gonzalezjt1.wordpress.com/2024/03/.

    – ref. Exercise does increase calorie burn – but probably not as much as you might hope – https://theconversation.com/exercise-does-increase-calorie-burn-but-probably-not-as-much-as-you-might-hope-247720

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: Compendium of the Occult by Liz Williams is a rich and appealing history

    Source: The Conversation – UK – By Martha McGill, Honorary Research Fellow, Historian of Supernatural Beliefs, University of Warwick

    In the fourth century BC, an unknown – but clearly disgruntled – schemer from the Greek city of Antioch had a curse tablet made. Inscribed on a thin piece of lead and deposited in a well, the tablet called for a “thunder-and-lightning-hurling” god to “strike, bind, bind together Babylas the greengrocer”.

    Around 1,400 years later, an Anglo-Saxon charm advised on how to protect a field. The secret was to take a piece of turf from each corner and anoint it with a mixture of oil, honey, yeast, milk from the animals on the land, pieces of the trees and plants on the land, and water consecrated to the god Thunor.

    In 17th-century England, the antiquarian Elias Ashmole hoped an astrological talisman would expel vermin from his house. Meanwhile, the diarist Samuel Pepys cured his upset stomach by purchasing a new hare’s foot. In 19th-century New Orleans, the Louisiana Creole woman Marie Laveau became famous for her healing, clairvoyance and work as a voodoo priestess, which she displayed in public gatherings at Congo Square.

    These are among the many fascinating snippets discussed in Liz Williams’s new book, Compendium of the Occult: Arcane Artefacts, Magic Rituals and Sacred Symbolism. Looking at western occult traditions from ancient times to the present day, the book explores how human societies have sought power, protection and insight from gods and stars, spells and amulets, sacred places and seductively enigmatic organisations.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    The book is made up of 65 short articles, grouped into six sections: the origins of western occultism; divination, rituals and rites; charms and talismans; curses and hexes; secret societies; and sites of significance.

    Many of the articles cover several centuries, meaning there is no scope for detailed analysis. However, Williams strikes an effective balance between general overview and colourful examples. She is sensitive to differences in perspective, noting the competing explanations for phenomena such as dowsing or Ouija boards.

    She also acknowledges the complexities of reconstructing past beliefs and practices from imperfect surviving evidence, although occasionally unreliable source material is not sufficiently interrogated. The book accepts too readily, for example, the questionable story that Louis XIV’s mistress Madame de Montespan arranged “black masses” in which she used the blood of babies to summon the devil.

    Magic and maladies

    Compendium of the Occult is handsomely bound, pleasingly laid out and beautifully illustrated. There are images of ancient clay tablets crisscrossed with incantations, witch bottles stuffed with nails and urine, voodoo dolls, mummies, skulls, books, statues, artworks and protective amulets in the shape of jaunty phalluses.

    The book accepts too readily that Louis XIV’s mistress Madame de Montespan used the blood of babies to summon the devil.
    Wiki Commons

    Some of the printing causes confusion, however. “Gold dots” on the timelines are difficult to see, as is the introduction’s small white text on black pages. The dating of some entries lacks obvious logic: “palmistry” is dated from the 5th to the 1st century BC, even though the article stretches to the 20th century, and other practices get the vaguer label “ancient times to the present day”. But these are minor quibbles.

    More significantly, the book’s geographical remit is limited. The introduction refers to occult traditions in “the west”, but Britain is a particular focal point. Williams discusses eight “sites of significance”, of which three (Glastonbury, Avebury and Stonehenge) can be found within a 75-mile span in England.

    She does cover ancient Egypt and Mesopotamia; there is an entry on voodoo; there are references to the influences of Arabic astrologers, and occasional mentions of practices in east Asia. But more engagement with occult traditions from beyond Europe, particularly in modern times, would have enhanced the volume and better justified the ambitious title.

    A 1660 illustration of Claudius Ptolemy’s geocentric model of the Universe, from Compendium of the Occult.
    Wikimedia Commons

    All the same, this is a rich and appealing book. Humankind’s inventiveness in conceptualising the workings of the world emerges with force. Much magic is underpinned by a belief that the everything is interwoven: the earth corresponds to the skies, the microcosm of the human body to the macrocosm of the universe.

    Williams quotes the physician and polymath Cornelius Agrippa (1486-1535), who described how a square inscribed with numbers, stamped on a silver plate at the right hour, could call on Jupiter to bring the owner wealth and peace. If printed on coral, it could destroy evil spells.

    Material objects, plants, numbers and heavenly bodies are drawn into a symbiotic relationship, and invested with the power to reshape human lives. Agrippa’s plates reflect an enduring desire to situate humankind in relation to the environment, and impose meaning and harmony on a chaotic cosmos.

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

    – ref. Compendium of the Occult by Liz Williams is a rich and appealing history – https://theconversation.com/compendium-of-the-occult-by-liz-williams-is-a-rich-and-appealing-history-246925

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: Think your efforts to help the climate don’t matter? African philosophers disagree

    Source: The Conversation – UK – By Patrick Effiong Ben, Doctoral Researcher in Applied Ethics and African Philosophy, University of Manchester

    PBXStudio/Shutterstock

    When I drive my car on weekends, I emit greenhouse gases – but not enough to change the global climate on my own. But when I, my neighbours and hundreds of millions of other people drive, fly, eat meat and embark on countless other activities that generate greenhouse gas emissions, we raise the Earth’s temperature.

    This is what we might call a collective harm problem, where the acts of many together lead to harmful outcomes, but no discrete act by any one person can solve it. Debates on how to fight climate change generally settle on the need for collective action ~ but does that make personal efforts inconsequential, even pointless?

    If a single pro-environment lifestyle change – like one person giving up their SUV or cutting out meat in favour of plant-based foods – will not turn the tide of global climate change on its own, it’s reasonable to feel there is little that “doing your bit” can achieve. This mindset is disempowering.

    Fortunately, it is not the only way of responding to the challenge. African philosophers have a different way of looking at it.

    Individual contributions are not pointless

    Studies assessing public willingness to contribute to climate action show that people will act even at a personal cost, given the right motivations. The urgent task for philosophers and environmentalists is to provide them with those motivations. This is where African philosophy is helpful.

    By African philosophy, I mean critical reflections on basic questions about the world – spanning the nature of knowledge, existence, morality, meaning and truth, from the perspective of African philosophers.

    I am a philosopher who studies the problem of what appear to be collectively insignificant individual actions. There is a concept from African philosophy that I think is helpful to understand this: “complementarity”.

    Complementarity denotes a relationship of interdependence among all entities – plants, animals, rivers, humans – in an interconnected community of living and non-living things. As a framework for understanding the world, it holds that everything within the human and non-human environment exists in a relationship of mutual dependence. Everything is connected to everything else. No entity can exist and flourish in isolation.

    Our meal choices don’t just affect us.
    Aleksandar Malivuk/Shutterstock

    To that extent, the flourishing of one person depends on and influences the flourishing of other things in the world – including other people and animals as companions, the plants and soil which provide food for survival, rivers and oceans that are a source of water, and the Sun which gives the energy that sustains life on Earth.

    Complementarity has been used by African philosophers like Jonathan Chimakonam, Aïda Terblanché-Greeff, Diana-Abasi Ibanga and Kevin Gary Behrens to develop environmental philosophies based on shared relationships. According to these philosophers, a view of the world based on complementarity neither foregrounds nor diminishes humans. Rather, it sketches a relationship of equals defined by the mutual participation of all.

    This thinking is averse to hierarchy. No individual can claim to have more value than another. Anything that exists serves as an important part of the environment and matters equally, whether alone or collectively. Complementarity holds that the relationships that unite individual things can extend to prove the value of every contribution, no matter its size.

    And so, complementarity rejects the argument that anything you do to help the climate is pointless. Driving my car is not an action that exists in isolation. My emissions are interconnected with other aspects of the environment.

    Similarly, individual climate-positive actions occur in relation to others taken globally, so it is a mistake to assume such actions are pointless. Rather, their relation to other actions makes them not just practically useful but necessary, to make a difference at the level of communities and globally.

    According to this African concept, the race to reduce greenhouse gas emissions is a complementary effort. And so, do not be discouraged from taking your own step in this direction.

    Patrick Effiong Ben receives funding from the AHRC North West Consortium Doctoral Training Partnership (NWCDTP).

    – ref. Think your efforts to help the climate don’t matter? African philosophers disagree – https://theconversation.com/think-your-efforts-to-help-the-climate-dont-matter-african-philosophers-disagree-247042

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI Global: England’s maths teacher recruitment problem is set to worsen

    Source: The Conversation – UK – By Neil Saunders, Senior Lecturer in Mathematics, City St George’s, University of London

    Ground Picture/Shutterstock

    Everyone should leave school with a solid understanding of maths. Decent mathematics literacy is a hugely important skill in many aspects of life. We need it when budgeting for a weekly shop, asking for a pay rise and completing a tax return.

    An interest and enjoyment in maths fostered at school can lead people to study the subject further. Mathematics graduates go on to professions in government, industry, software development and financial analytics, as well as many genres of engineering.

    In total, 13% of all employment in the UK is in professions that depend on mathematical sciences. A workforce that has been well taught in maths is crucial to a society’s prosperity.

    Building a workforce skilled in mathematics in England, however, will be difficult when there are not enough people qualified to teach the subject at school. Mathematics is a technical discipline. Quality teaching relies on its educators to have specific training: a university degree in maths.

    Research published in 2019 in Australia found that secondary school students achieved noticeably higher results when they were taught maths by teachers with a university degree majoring in maths than those “out-of-field” teachers.

    But in England, the Department of Education has an ongoing problem of under-recruitment of maths teachers. In the year 2023-24, recruitment in initial trainee maths teaching reached only 63% of its target. Research from 2018 found that less than half of maths teachers in state schools have a mathematics or other relevant degree.

    And maths achievement is declining. In the OECD’s programme for international student assessment (Pisa) tests, introduced in the year 2000, 15 year-olds in the UK are recording their lowest maths results since 2006.

    The longstanding failure to recruit enough maths graduates to become teachers is now set to be exacerbated by the changes in maths provision at universities. Maths degrees are becoming less accessible to the people who are likely to go on to become teachers.

    University options

    Over the previous decade, but particularly since the pandemic, Russell Group universities – research-intensive institutions that take students with the highest A-level grades — have increased their intake of students taking maths degrees.

    On the other hand, maths options are declining at lower-tariff universities and those that offer flexible study options.

    Birkbeck, University of London, no longer offers undergraduate degrees in maths as a single subject. Birkbeck is renowned for its provision of evening and part-time degree courses, which offers flexibility for students who may not be able to attend a traditional course or need to work while studying.

    Huddersfield has also discontinued its mathematics courses after reviewing its provision, and many other institutions are considering further cuts and redundancies.

    In 2011, lower-tariff institutions accounted for 13% of the market share of the intake of mathematics students. This dropped to just 4.5% in 2021, putting such institutions under severe pressure.

    Graduates of post-92 universities – former polytechnics and other recently established institutions, which often require lower grades for entry – are much more likely than their Russell Group counterparts to go into school teaching. A recent report by Professor Paul Wakeling, which was commissioned by the Campaign for Mathematical Sciences, analysed outcomes of mathematical degrees in the UK across the period 2017-18 to 2020-21.

    Over that period, it found that 17.4% of graduates from post-92 institutions went into the secondary teaching, compared with around 5.6% from Russell group universities.

    The accessibility of a degree will affect who enrols.
    VesnaArt/Shutterstock

    The closure of mathematics departments causes the phenomenon of “maths deserts”: large swaths of the country where access to mathematics degree study is limited. This particularly affects students from poorer backgrounds, who are more likely to be living at home during their degree and will attend their local university.

    This also affects the provision of school maths teachers. Graduates in mathematics from more disadvantaged socioeconomic backgrounds are more likely to go into school teaching than graduates from more wealthy backgrounds.

    The decline in the availability of maths degrees at lower-tariff institutions is likely to be reducing the number of potential maths teachers – as well as severely reducing the diversity of people going into maths.

    The chronic shortage of specialist maths teachers is set to worsen. Universities around the country are under severe financial pressure, which is likely to lead to further cutting of courses and staff.

    This will only exacerbate the problem of teacher shortages – which is turn will lead to declining mathematical literacy in the community, as well as a lack of diversity in mathematics.

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

    – ref. England’s maths teacher recruitment problem is set to worsen – https://theconversation.com/englands-maths-teacher-recruitment-problem-is-set-to-worsen-246351

    MIL OSI – Global Reports –

    January 28, 2025

  • MIL-OSI United Kingdom: UK Government in Scotland marks Holocaust Memorial Day

    Source: United Kingdom – Executive Government & Departments

    Scotland Office Minister Kirsty McNeill marked Holocaust Memorial Day by urging Scots to “unite in the stand against hatred, intolerance and prejudice”

    Minister McNeill was shown around the Scottish Jewish Heritage Centre, located within Garnethill Synagogue, by manager Kerry Patterson and Lionel Most, chair of the centre.

    This year’s Holocaust Memorial Day (HMD) is the 80th anniversary since the liberation of the Nazi concentration and death camp, Auschwitz-Birkenau.

    Events are taking place across Scotland, the UK and worldwide to remember the six million Jewish men, women and children who were murdered in the Holocaust, other victims of Nazi persecution and those who died in subsequent genocides.

    Increasing education about the danger of discrimination and preventing the spread of hatred is a key objective of the activity.

    The UK Government is committed to supporting all communities so they can live and worship safely – and through the Plan for Change will deliver a decade of national renewal, providing opportunity for all.

    Among the events in Scotland, Minister McNeill visited the Scottish Jewish Heritage Centre and Garnethill Synagogue in Glasgow ahead of HMD.

    Here she heard more about the community’s history and vast contributions to life in Scotland, the venue’s Holocaust education programmes and modern day antisemitism challenges.

    The Minister also hosted a pre-HMD event at the UK Government’s Edinburgh hub, Queen Elizabeth House, with Gillian Field – daughter of Holocaust survivors Henry Wuga MBE and Ingrid Wolff BEM.

    Here a captivated audience heard Gillian describe the story of how her parents met in Glasgow after they were brought to the city in 1939, aged 15, through Kindertransport – a rescue operation that moved Jewish children from Nazi-controlled Europe to safety in Britain.

    Both her parents deservedly received honours for their services to Holocaust education and Gillian now continues their legacy by shining a light on Jewish life across Scotland.

    Minister McNeill said:

    The annual Holocaust Memorial Day is a moment for us all to pause, reflect, and remember the six million Jews murdered during the Holocaust. It also commemorates other victims of Nazi persecution, those who died in more recent genocides, and educates about the importance of continuing to unite in the stand against hatred, intolerance and prejudice.

    For the past 200 years the Jewish community has made a significant contribution to life in Scotland, a nation which I’m proud to say played a key role in providing sanctuary to so many refugees. It was a privilege to meet community leaders at the Scottish Jewish Heritage Centre and Garnethill Synagogue and hear of their excellent work. My conversations with them and Gillian Field fill me with hope that the horrors of the past will never be forgotten and that love and respect continue to be the values by which our diverse range of Scottish communities enjoy their lives.

    To mark HMD communities and organisations from across the UK are taking part in events including ones by the Holocaust Memorial Day Trust – the charity established and funded by the UK Government to promote and support HMD.
    HMD also commemorates the victims of more recent genocides of Rwanda, Srebrenica, and acts of genocide in Cambodia and against the Yazidi people.

    The BBC is marking HMD with programmes across tv, radio and online, as well as full coverage of the Auschwitz Ceremony from Poland and commemorative events across the UK.

    Further information

    • The Scottish Jewish Heritage Centre, located within Garnethill Synagogue, houses Scotland’s Jewish Archive Centre and tells the story of Jewish life in Scotland.
      Garnethill Synagogue, opened in 1879, is Scotland’s oldest purpose-built synagogue and is Category A listed.
    • The centre plays a vital role in Holocaust education and preserving the memories of Jewish refugees who made Scotland their home.
    • Minister McNeill was shown around the synagogue and centre by manager Kerry Patterson and Lionel Most, chair of the centre.

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    Published 27 January 2025

    MIL OSI United Kingdom –

    January 28, 2025

  • MIL-OSI USA: Municipal Roads Repaired with FEMA Funds

    Source: US Federal Emergency Management Agency

    Headline: Municipal Roads Repaired with FEMA Funds

    Municipal Roads Repaired with FEMA Funds

    Projects included flood, erosion, and hazard mitigation worksGuaynabo, PUERTO RICO — The Federal Emergency Management Agency (FEMA) allocated nearly $2.6 million to repair important roads and bridges in the municipalities of Barranquitas and Caguas after Hurricane María, helping to restore road infrastructure and reduce the risk of future damage in the area.“These bridge and road repairs strengthen the island’s resilience, allowing it to not only repair damage, but also increase its capacity to meet future challenges through federal FEMA assistance that includes measures to prevent future damage and protect critical infrastructure,” highlighted the Director of Public Assistance, Al Gómez Rivera.One of the projects in this obligation was the repair of the Maneco Bridge in the Cañabón neighborhood of Barranquitas, which consists of a road and a culvert built in 1960. The planned work had over $579,000 in funds and included the repair of the asphalt, base material and subbase of the road and the 27-foot-long corrugated metal pipe culvert.FEMA’s Public Assistance director, Al Gómez Rivera, explained that one of the main damages was to the sewer pipes through which the river basin passed. The funds for the project made it possible to widen the sewer to mitigate damage to the structure in the event of future rains.The bridge, which now bears the name of “Maneco” — as Manuel Colón Santos is affectionately known — benefits some 200 families. Maneco is a leader at the Cañabón neighborhood, known for the help he provides to his neighbors: his home was available to the community and was a space where food and other aid was offered after Hurricane María. Maneco also works with other residents to maintain the neighborhood’s community center, which serves as a shelter and a space for social events.   “Our past perils are over; sometimes you would go to an event and, if it rained, you had to wait on the other side, spend two or three hours [waiting] for the river water to decrease to be able to go through. I am very grateful because it is good for the community and, not only for us, but also for many communities in particular,” Maneco said. Moreover, FEMA allocated over $2 million for repairs to the Los Ramos bridge in the Las Carolinas community in Caguas. This grant supported the construction of a new one-span concrete bridge with galvanized steel beams, as well as the installation of erosion protection in the river. The project also included repairs such as the removal of damaged sections of the bridge and the installation of a temporary asphalt surface while the new bridge is being built.To reduce the risk of future flooding, gabions were installed to protect the bank and bridge foundations from erosion. A geotextile fabric was also placed under the gabions to stabilize the soil and prevent erosion due to rainfall. Hazard mitigation funding includes an allocation of over $26,000 to reduce the risk of future damage. These include the installation of curbs and gutters, drainage ditches and a network to stabilize the road and prevent erosion. These works are expected to prevent long-term damage to the road and protect the environment.The measures also include planting vegetation and installing a netting to prevent bank erosion, which will help protect the area from future damage caused by heavy rains and flooding.FEMA has allocated nearly $34.9 billion for over 11,050 recovery projects following Hurricane María. Of this total funding, over $2.7 billion are earmarked for over 3,000 bridge and road projects across the island.For more information about Puerto Rico’s recovery,  visit fema.gov/disaster/4339, fema.gov/disaster/4473 and recovery.pr. Follow us on our social media at Facebook.com/FEMAPuertoRico, Facebook.com/COR3pr and Twitter @COR3pr.
    frances.acevedo-pico
    Mon, 01/27/2025 – 12:30

    MIL OSI USA News –

    January 28, 2025

  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Fourth Quarter 2024 and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Jan. 27, 2025 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the fourth quarter of 2024 (three months ended December 31, 2024) and full year of 2024 ahead of its quarterly filing.

    Financial Highlights

    • Revenue is expected to be between $1.1 million – $1.3 million in 4Q24, an increase of 882% at the midpoint of the range from revenue of $117,000 in 4Q23
    • Gross margin is expected to increase from 36% in 4Q23 to 72-74% in 4Q24, driven by increased sales and efficiencies in the manufacturing process in calendar 2024
    • Full year 2024 revenue is expected to increase from $349,000 in fiscal 2023 to $3.4 million – $3.6 million, representing almost 10-fold growth
    • Full year 2024 gross margin is expected to increase from 35% in fiscal 2023 to 65-67%, driven by increased volume in manufacturing in calendar 2024

    2024 Corporate Highlights

    • Announced a complete rebranding of the Company to NEWTON GOLF Company
    • Launched the Newton Fairway Motion shafts
    • Launched the new Newton Gravity premium putter line through the introduction of five new putter models
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in 50 of Japan’s largest golf retail locations
    • Increased the number of golf professionals using the Newton Motion Shafts on the PGA TOUR Champions from less than five at the beginning of 2024 to 34 at the end of 2024
    • Executed successful digital campaigns with high return on ad spending that were instrumental in the Company’s revenue growth
    • Closed on $9.1 million in financings to support the Company’s strategic growth
    • Introduced new advanced performance shafts for higher swing speeds in January 2025

    NEWTON GOLF Executive Chairman Greg Campbell commented, “Our expected improved results in 4Q24 and full year 2024 is reflective of the growing acceptance of our unique technology and design elements in our putters and replacement shafts. We recognized significantly increased sales of our NEWTON Motion replacement shafts throughout 2024 from both professional and recreational golfers, and we expect that momentum to continue in 2025. Despite it being generally off season for golf, we were pleased with our Black Friday and Cyber Monday sales, and we look forward to improved gross margin performance as we scale production and bring down unit cost.”

    This press release contains preliminary estimated financial results for the quarter and fiscal year ended December 31, 2024, and the financial results may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

    January 28, 2025
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