NewzIntel Latest Reports – Page 5096

MIL-OSI: Wearable Devices Regains Compliance with Nasdaq Minimum Bid Price Rule

Source: GlobeNewswire (MIL-OSI)

YOKNEAM ILLIT, ISRAEL, Oct. 28, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced that it has received a written notice from Nasdaq Stock Market LLC (“Nasdaq”), indicating that the Company has regained compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

The Nasdaq staff made this determination of compliance after the closing bid price of the Company’s ordinary shares was at $1.00 per share or greater for the last 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

About Wearable Devices Ltd.

Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

Investor Relations Contact

Walter Frank
IMS Investor Relations
203.972.9200
wearablesdevices@imsinvestorrelations.com

The MIL Network –

January 25, 2025

MIL-OSI: Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share

Source: GlobeNewswire (MIL-OSI)

EAU CLAIRE, Wis., Oct. 28, 2024 (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 $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.

The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.

Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)¹ was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)¹ was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.

“We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

September 30, 2024, Highlights:

Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.
Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.
The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.
In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.
Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.
Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.
Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.
Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.
The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.
Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.
The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.

Balance Sheet and Asset Quality

Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.

Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.

Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 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 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.

Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.

The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.

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

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Allowance for credit losses – Loans	$	21,000		$	21,178		$	22,908		$	22,973
ACL – Loans as a percentage of loans, end of period		1.47	%		1.48	%		1.57	%		1.59	%

In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses – Unfunded Commitments:
(in thousands)

	September 30, 2024 and Three Months Ended			September 30, 2023 and Three Months Ended		September 30, 2024 and Nine Months Ended			September 30, 2023 and Nine Months Ended
ACL – Unfunded commitments – beginning of period	$	712		$	1,544	$	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		(252	)		27		(790	)		34
ACL – Unfunded commitments – end of period	$	460		$	1,571	$	460		$	1,571

Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.

Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.

Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.

	(in thousands)
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Special mention loan balances	$	11,047	$	8,848	$	13,737	$	18,392	$	20,043
Substandard loan balances		21,202		14,420		14,733		19,596		16,171
Criticized loans, end of period	$	32,249	$	23,268	$	28,470	$	37,988	$	36,214

Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

Deposit Portfolio Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Consumer deposits	$	844,808	$	822,665	$	827,290	$	814,899	$	794,970
Commercial deposits		432,361		412,385		414,088		423,762		429,358
Public deposits		176,844		187,698		202,175		182,172		163,734
Brokered deposits		66,654		96,796		83,936		98,259		85,173
Total deposits	$	1,520,667	$	1,519,544	$	1,527,489	$	1,519,092	$	1,473,235

Deposit Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Non-interest-bearing demand deposits	$	256,840	$	255,703	$	248,537	$	265,704	$	275,790
Interest-bearing demand deposits		346,971		353,477		361,278		343,276		336,962
Savings accounts		169,096		170,946		177,595		176,548		183,702
Money market accounts		366,067		370,164		387,879		374,055		312,689
Certificate accounts		381,693		369,254		352,200		359,509		364,092
Total deposits	$	1,520,667	$	1,519,544		1,527,489	$	1,519,092	$	1,473,235

At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.

Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.

Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.

Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

Review of Operations

Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

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

	Three months ended
	September 30, 2024					June 30, 2024					March 31, 2024					December 31, 2023					September 30, 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	$	11,285		2.63	%	$	11,576		2.72	%	$	11,905		2.77	%	$	11,747		2.69	%	$	12,121		2.79	%
Less accretion for PCD loans		(45	)	(0.01	)%		(62	)	(0.01	)%		(75	)	(0.02	)%		(37	)	(0.01	)%		(39	)	(0.01	)%
Less scheduled accretion interest		(33	)	(0.01	)%		(32	)	(0.01	)%		(33	)	(0.01	)%		(33	)	(0.01	)%		(77	)	(0.02	)%
Without loan purchase accretion	$	11,207		2.61	%	$	11,482		2.70	%	$	11,797		2.74	%	$	11,677		2.67	%	$	12,005		2.76	%

Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.

Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.

Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

These financial results are preliminary until Form 10-Q is filed in November 2024.

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)

	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			December 31, 2023 (audited)			September 30, 2023 (unaudited)
Assets
Cash and cash equivalents	$	36,632		$	36,886		$	37,138		$	32,532
Securities available for sale “AFS”		149,432			146,438			155,743			153,414
Securities held to maturity “HTM”		87,033			88,605			91,229			92,336
Equity investments		5,096			5,023			3,284			2,433
Other investments		12,311			13,878			15,725			15,109
Loans receivable		1,424,828			1,428,588			1,460,792			1,447,529
Allowance for credit losses		(21,000	)		(21,178	)		(22,908	)		(22,973	)
Loans receivable, net		1,403,828			1,407,410			1,437,884			1,424,556
Loans held for sale		697			275			5,773			2,737
Mortgage servicing rights, net		3,696			3,731			3,865			3,944
Office properties and equipment, net		17,365			17,774			18,373			19,465
Accrued interest receivable		6,235			6,289			5,409			5,936
Intangible assets		1,158			1,336			1,694			1,873
Goodwill		31,498			31,498			31,498			31,498
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Bank owned life insurance (“BOLI”)		25,901			25,708			25,647			25,467
Other assets		16,683			15,794			16,334			18,741
TOTAL ASSETS	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,520,667		$	1,519,544		$	1,519,092		$	1,473,235
Federal Home Loan Bank (“FHLB”) advances		21,000			31,500			79,530			114,530
Other borrowings		61,548			61,498			67,465			67,407
Other liabilities		15,773			13,720			11,970			10,513
Total liabilities		1,618,988			1,626,262			1,678,057			1,665,685
Stockholders’ equity:
Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively		101			103			104			105
Additional paid-in capital		115,455			117,838			119,441			119,612
Retained earnings		78,438			75,501			71,117			67,424
Accumulated other comprehensive loss		(13,845	)		(17,397	)		(17,328	)		(21,739	)
Total stockholders’ equity		180,149			176,045			173,334			165,402
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087

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									Nine Months Ended
	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			September 30, 2023 (unaudited)			September 30, 2024 (unaudited)			September 30, 2023 (unaudited)
Interest and dividend income:
Interest and fees on loans	$	20,115		$	19,921		$	19,083		$	60,204		$	54,169
Interest on investments		2,397			2,542			2,689			7,450			8,053
Total interest and dividend income		22,512			22,463			21,772			67,654			62,222
Interest expense:
Interest on deposits		10,165			9,338			7,388			28,712			17,898
Interest on FHLB borrowed funds		128			576			1,210			1,216			4,595
Interest on other borrowed funds		934			973			1,053			2,960			3,127
Total interest expense		11,227			10,887			9,651			32,888			25,620
Net interest income before provision for credit losses		11,285			11,576			12,121			34,766			36,602
(Negative) provision for credit losses		(400	)		(1,525	)		(325	)		(2,725	)		175
Net interest income after provision for credit losses		11,685			13,101			12,446			37,491			36,427
Non-interest income:
Service charges on deposit accounts		513			490			491			1,474			1,464
Interchange income		577			579			601			1,697			1,743
Loan servicing income		643			526			611			1,751			1,679
Gain on sale of loans		752			226			299			1,998			1,501
Loan fees and service charges		165			309			140			704			308
Net realized gains on debt securities		—			—			—			—			12
Net (losses) gains on equity securities		(78	)		(658	)		116			(569	)		170
Bank Owned Life Insurance (BOLI) death benefit		—			184			—			184			—
Other		349			257			307			859			893
Total non-interest income		2,921			1,913			2,565			8,098			7,770
Non-interest expense:
Compensation and related benefits		5,743			5,675			5,293			16,901			15,967
Occupancy		1,242			1,333			1,335			3,942			4,117
Data processing		1,665			1,525			1,536			4,787			4,440
Amortization of intangible assets		178			179			179			536			576
Mortgage servicing rights expense, net		163			116			150			427			456
Advertising, marketing and public relations		225			186			185			575			472
FDIC premium assessment		201			200			204			606			608
Professional services		336			347			342			1,249			1,153
Losses (gains) on repossessed assets, net		65			(18	)		100			47			62
Other		603			756			645			2,427			2,085
Total non-interest expense		10,421			10,299			9,969			31,497			29,936
Income before provision for income taxes		4,185			4,715			5,042			14,092			14,261
Provision for income taxes		899			1,040			2,544			3,043			4,895
Net income attributable to common stockholders	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Per share information:
Basic earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Diluted earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Cash dividends paid	$	—		$	—		$	—		$	0.32		$	0.29
Book value per share at end of period	$	17.88		$	17.10		$	15.80		$	17.88		$	15.80
Tangible book value per share at end of period (non-GAAP)	$	14.64		$	13.91		$	12.61		$	14.64		$	12.61

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

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

GAAP pretax income	$	4,185	$	4,715	$	5,042	$	14,092	$	14,261
Branch closure costs (1)		—		168		—		168		—
Pretax income as adjusted (2)	$	4,185	$	4,883	$	5,042	$	14,260	$	14,261
Provision for income tax on net income as adjusted (3)		899		1,077		2,544		3,079		4,895
Net income as adjusted (non-GAAP) (2)	$	3,286	$	3,806	$	2,498	$	11,181	$	9,366
GAAP diluted earnings per share, net of tax	$	0.32	$	0.35	$	0.24	$	1.07	$	0.89
Branch closure costs, net of tax		—		0.01		—		0.01		—
Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.32	$	0.36	$	0.24	$	1.08	$	0.89

Average diluted shares outstanding		10,204,195		10,373,089		10,470,098		10,339,802		10,474,685

(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)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	730,459		$	729,236		$	750,531		$	750,282
Agricultural real estate		76,043			78,248			83,350			84,558
Multi-family real estate		239,191			234,758			228,095			219,193
Construction and land development		87,875			87,898			110,941			109,799
C&I/Agricultural operating:
Commercial and industrial		119,619			127,386			121,666			121,033
Agricultural operating		27,550			27,409			25,691			24,552
Residential mortgage:
Residential mortgage		134,944			133,503			129,021			125,939
Purchased HELOC loans		2,932			2,915			2,880			2,881
Consumer installment:
Originated indirect paper		4,405			5,110			6,535			7,175
Other consumer		5,438			5,860			6,187			6,440
Gross loans	$	1,428,456		$	1,432,323		$	1,464,897		$	1,451,852
Unearned net deferred fees and costs and loans in process		(2,703	)		(2,733	)		(2,900	)		(3,048	)
Unamortized discount on acquired loans		(925	)		(1,002	)		(1,205	)		(1,275	)
Total loans receivable	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529

Nonperforming Assets
Loan Balances at Amortized Cost

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	4,778		$	5,350		$	10,359		$	10,570
Agricultural real estate		6,193			382			391			469
Construction and land development		106			—			54			94
Commercial and industrial (“C&I”)		1,956			422			—			—
Agricultural operating		901			1,017			1,180			1,373
Residential mortgage		1,088			1,145			1,167			923
Consumer installment		20			36			33			27
Total nonaccrual loans	$	15,042		$	8,352		$	13,184		$	13,456
Accruing loans past due 90 days or more		530			256			389			971
Total nonperforming loans (“NPLs”) at amortized cost		15,572			8,608			13,573			14,427
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Total nonperforming assets (“NPAs”)	$	17,144		$	10,270		$	15,368		$	15,473
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Total assets, end of period	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Ratios:
NPLs to total loans		1.09	%		0.60	%		0.93	%		1.00	%
NPAs to total assets		0.95	%		0.57	%		0.83	%		0.85	%

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)

	Three Months Ended September 30, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 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	$	25,187	$	360	5.69	%	$	18,894	$	272	5.79	%	$	21,298	$	302	5.63	%
Loans receivable		1,429,928		20,115	5.60	%		1,439,535		19,921	5.57	%		1,435,284		19,083	5.27	%
Investment securities		236,960		1,966	3.30	%		238,147		2,012	3.40	%		252,226		2,119	3.33	%
Other investments		12,553		71	2.25	%		13,051		258	7.95	%		15,511		268	6.85	%
Total interest earning assets	$	1,704,628	$	22,512	5.25	%	$	1,709,627	$	22,463	5.28	%	$	1,724,319	$	21,772	5.01	%
Average interest-bearing liabilities:
Savings accounts	$	170,777	$	450	1.05	%		174,259	$	429	0.99	%	$	199,279	$	328	0.65	%
Demand deposits		357,201		2,152	2.40	%		354,850	$	2,023	2.29	%		354,073		1,863	2.09	%
Money market accounts		381,369		3,126	3.26	%		377,346	$	2,958	3.15	%		298,098		1,889	2.51	%
CD’s		379,722		4,437	4.65	%		352,323	$	3,928	4.48	%		358,238		3,308	3.66	%
Total deposits	$	1,289,069	$	10,165	3.14	%	$	1,258,778	$	9,338	2.98	%	$	1,209,688	$	7,388	2.42	%
FHLB advances and other borrowings		80,338		1,062	5.26	%		121,967	$	1,549	5.11	%		182,967		2,263	4.91	%
Total interest-bearing liabilities	$	1,369,407	$	11,227	3.26	%	$	1,380,745	$	10,887	3.17	%	$	1,392,655	$	9,651	2.75	%
Net interest income			$	11,285					$	11,576					$	12,121
Interest rate spread					1.99	%					2.11	%					2.26	%
Net interest margin					2.63	%					2.72	%					2.79	%
Average interest earning assets to average interest-bearing liabilities					1.24						1.24						1.24

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 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	$	19,073	$	823	5.76	%	$	19,066	$	768	5.39	%
Loans receivable		1,441,972		60,204	5.58	%		1,420,423		54,169	5.10	%
Interest bearing deposits		—		—	—	%		84		1	1.59	%
Investment securities		240,054		6,038	3.36	%		261,507		6,505	3.33	%
Other investments		12,983		589	6.06	%		16,447		779	6.33	%
Total interest earning assets	$	1,714,082	$	67,654	5.27	%	$	1,717,527	$	62,222	4.84	%
Average interest-bearing liabilities:
Savings accounts	$	173,946	$	1,300	1.00	%	$	208,446	$	1,103	0.71	%
Demand deposits		355,356		6,192	2.33	%		370,235		5,047	1.82	%
Money market accounts		378,740		9,005	3.18	%		298,957		4,759	2.13	%
CD’s		364,131		12,215	4.48	%		300,279		6,989	3.11	%
Total deposits	$	1,272,173	$	28,712	3.01	%	$	1,177,917	$	17,898	2.03	%
FHLB advances and other borrowings		108,897		4,176	5.12	%		214,034		7,722	4.82	%
Total interest-bearing liabilities	$	1,381,070	$	32,888	3.18	%	$	1,391,951	$	25,620	2.46	%
Net interest income			$	34,766					$	36,602
Interest rate spread					2.09	%					2.38	%
Net interest margin					2.71	%					2.85	%
Average interest earning assets to average interest bearing liabilities					1.24						1.23

Key Financial Metric Ratios:

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Ratios based on net income:
Return on average assets (annualized)	0.72	%	0.81	%	0.54	%	0.81	%	0.68	%
Return on average equity (annualized)	7.34	%	8.52	%	5.97	%	8.46	%	7.59	%
Return on average tangible common equity⁴ (annualized)	9.38	%	10.92	%	7.74	%	10.78	%	9.91	%
Efficiency ratio	72	%	72	%	67	%	71	%	66	%
Net interest margin with loan purchase accretion	2.63	%	2.72	%	2.79	%	2.71	%	2.85	%
Net interest margin without loan purchase accretion	2.61	%	2.70	%	2.76	%	2.69	%	2.82	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted² (annualized)	0.72	%	0.84	%	0.54	%	0.82	%	0.68	%
Return on average equity as adjusted³ (annualized)	7.34	%	8.82	%	5.97	%	8.56	%	7.59	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average assets	$	1,810,826		$	1,815,693		$	1,836,775		$	1,822,106		$	1,832,832
Return on average assets (annualized)		0.72	%		0.81	%		0.54	%		0.81	%		0.68	%
Return on average assets as adjusted (non-GAAP) (annualized)		0.72	%		0.84	%		0.54	%		0.82	%		0.68	%

(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									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average equity	$	178,050		$	173,462		$	166,131		$	174,436		$	165,075
Return on average equity (annualized)		7.34	%		8.52	%		5.97	%		8.46	%		7.59	%
Return on average equity as adjusted (non-GAAP) (annualized)		7.34	%		8.82	%		5.97	%		8.56	%		7.59	%

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

Reconciliation of Efficiency Ratio

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Non-interest expense (GAAP)	$	10,421		$	10,299		$	9,969		$	31,497		$	29,936
Less amortization of intangibles		(178	)		(179	)		(179	)		(536	)		(576	)
Efficiency ratio numerator (GAAP)	$	10,243		$	10,120		$	9,790		$	30,961		$	29,360

Non-interest income	$	2,921		$	1,913		$	2,565		$	8,098		$	7,770
Add back net losses on debt and equity securities		(78	)		(658	)		—			(569	)		—
Subtract net gains on debt and equity securities		—			—			116			—			182
Net interest income		11,285			11,576			12,121			34,766			36,602
Efficiency ratio denominator (GAAP)	$	14,284		$	14,147		$	14,570		$	43,433		$	44,190
Efficiency ratio (GAAP)		72	%		72	%		67	%		71	%		66	%

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

(in thousands, except per share data)

Tangible book value per share at end of period	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Ending common shares outstanding		10,074,136			10,297,341			10,440,591			10,468,091
Book value per share	$	17.88		$	17.10		$	16.60		$	15.80
Tangible book value per share (non-GAAP)	$	14.64		$	13.91		$	13.42		$	12.61

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	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)	$	(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)	$	(1,336	)		(1,694	)	$	(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Total Assets	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)	$	(1,873	)
Tangible Assets (non-GAAP)	$	1,766,481		$	1,769,473		$	1,818,199		$	1,797,716
Total stockholders’ equity to total assets ratio		10.01	%		9.77	%		9.36	%		9.03	%
Tangible common equity as a percent of tangible assets (non-GAAP)		8.35	%		8.09	%		7.71	%		7.34	%

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

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	165,402		$	180,149		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,873	)		(1,158	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	132,031		$	147,493		$	132,031
Average tangible common equity (non-GAAP)	$	145,305		$	140,539		$	132,671		$	141,512		$	131,425
GAAP earnings after income taxes		3,286			3,675			2,498			11,049			9,366
Amortization of intangible assets, net of tax		140			140			89			374			378
Tangible net income	$	3,426		$	3,815		$	2,587		$	11,423		$	9,744
Return on average tangible common equity (annualized)		9.38	%		10.92	%		7.74	%		10.78	%		9.91	%

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 25, 2025

MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.69 per Share for Q3 2024; Net Interest Margin and Tangible Book Value Increase; Asset Quality Improves

Source: GlobeNewswire (MIL-OSI)

WAUSAU, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported third quarter earnings ending September 30, 2024 of $0.69 per common share on net income of $2.9 million, compared to $0.56 per common share on net income of $2.3 million during the second quarter ending June 30, 2024, and $0.29 per common share on net income of $1.2 million during the third quarter ending September 30, 2023.

PSB’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest margin increased 6 basis points; (2) slightly lower non-interest income; (3) lower non-interest expense due to the second quarter reflecting elevated severance expenses; and (4) the return of a $2.5 million non-performing loan to performing status and a corresponding release in specific reserves.

“Over the past year, we have increased shareholders’ tangible book value per share 18.7% and paid $0.62 in dividends to our shareholders, up 12.7% from the 12 month period ended September 30, 2023. With the rapid rise in short term interest rates over the past couple of years coming to an apparent end, we expect our net interest margin to be stable and operating expenses to continue to be well managed and efficient. Additionally, as funds become available from investment and loan repayments and maturities, we expect the funds to be reinvested into higher yielding assets which should lessen the volatility in fair market value adjustments reflected in our tangible book value,” stated Scott Cattanach, President and CEO.

September 30, 2024, Highlights:

Net interest income increased to $9.9 million for the quarter ended September 30, 2024, from $9.4 million for the quarter ended June 30, 2024, as increases in asset and loan yields outpaced the increases in funding costs.
Noninterest income decreased slightly to $1.8 million for the quarter ended September 30, 2024, compared to $1.9 million the prior quarter.
Noninterest expenses decreased during the quarter ended September 30, 2024, reflecting lower salary and benefit expenses. Included in salary and benefit expenses for the prior quarter were non-recurring expenses totaling approximately $404,000.
Tangible book value per common share increased $1.86 per share to $26.41 at September 30, 2024, compared to $24.55 one quarter earlier, and increased $4.16 per share, or 18.7%, compared to $22.25 at September 30, 2023. Additionally, PSB paid dividends totaling $0.62 per share over the past year. During the third quarter ended September 30, 2024, tangible book value per share was positively influenced by higher net income, intangible asset amortization, an increase in fair market value of investment securities and consistent stock repurchase activity.
Loans decreased $16.9 million in the third quarter ended September 30, 2024, to $1.06 billion largely due to not replacing certain out of market maturing loans. Allowance for credit losses increased to 1.18% of gross loans.
Non-performing assets declined to 0.71% of total assets at September 30, 2024 from 0.84% at June 30, 2024 as a $2.5 million loan returned to performing status.
Total deposits decreased $13.2 million during the quarter ended September 30, 2024 to $1.14 billion, with a large portion of the decrease attributable to a large overnight deposit held at June 30, 2024 which was withdrawn in early July.
Return on average tangible common equity was 10.96% for the quarter ended September 30, 2024, compared to 9.34% the prior quarter and 5.17% in the year ago quarter.

Balance Sheet and Asset Quality Review

Total assets decreased $9.7 million to $1.48 billion at September 30, 2024. Investment securities available for sale increased $9.7 million to $174.9 million at September 30, 2024, from $165.2 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $321 million at September 30, 2024, with an additional $343 million that could be raised in a short time frame from the brokered CDs market.

Total loans receivable decreased $16.9 million to $1.06 billion at September 30, 2024, due primarily to lower commercial and construction lending. Commercial non-real estate loans decreased $9.1 million to $139.0 million at September 30, 2024, from $148.2 million one quarter earlier. Gross construction lending decreased $9.6 million to $61.0 million at September 30, 2024, from $70.5 million at June 30, 2024, while loans in process declined $3.6 million during the quarter ended September 30, 2024. Commercial real estate loans decreased $2.6 million to $541.6 million at September 30, 2024, from $544.2 million the prior quarter. Meanwhile, residential real estate loans increased slightly from the prior quarter to $341.3 million from $340.9 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 55.4% of gross loans followed by residential real estate loans at 31.4% of gross loans, commercial non-real estate loans at 12.8% and consumer loans at 0.4%.

The allowance for credit losses increased slightly to 1.18% of gross loans at September 30, 2024, from 1.16% the prior quarter. Annualized net charge-offs to average loans were zero for the last five quarters. Non-performing assets totaled 0.71% of total assets at September 30, 2024, compared to 0.84% at June 30, 2024. During the quarter ended September 30, 2024, a loan totaling $2.5 million was returned to performing status, while a loan on a recreation facility totaling $3.3 million was added to nonaccrual status. Additionally, one loan relationship to an equipment dealership on nonaccrual status totaling $5.1 million at June 30, 2024 was paid down to $2.8 million at September 30, 2024 on sale of the equipment inventory. For the seventh consecutive quarter, the Bank did not own any foreclosed real estate.

Total deposits decreased $13.2 million to $1.14 billion at September 30, 2024, from $1.15 billion at June 30, 2024. The decrease in deposits reflects a $13.1 million decrease in interest-bearing demand and savings deposits, a $19.7 million decrease in money market deposits partially offset by a $14.6 million increase in non-interest bearing deposits and a $5.4 million increase in retail and local time deposits. The decrease in money market deposits reflected a large deposit of $49 million on June 30, 2024 that was drawn down in early July 2024.

At September 30, 2024, non-interest bearing demand deposits increased to 23.3% of total deposits from 21.6% the prior quarter, while interest-bearing demand and savings deposits decreased to 28.4% of deposits, compared to 29.3% at June 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at September 30, 2024, from 24.0% of total deposits at June 30, 2024.

FHLB advances decreased to $181.3 million at September 30, 2024, compared to $184.9 million at June 30, 2024.

Tangible stockholder equity as a percent of total tangible assets increased to 7.85% at September 30, 2024, compared to 7.32% at June 30, 2024, and 6.98% at September 30, 2023.

Tangible net book value per common share increased $4.16, to $26.41, at September 30, 2024, compared to $22.25 one year earlier, an increase of 18.7% after dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased due to continued earnings, a fair market value increase in the investment portfolio which reduced unrealized losses reflected in accumulated other comprehensive income and amortization of intangible assets. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at September 30, 2024, compared to $20.5 million one quarter earlier.

Operations Review

Net interest income increased to $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the third quarter of 2023. Earning asset yields increased by 8 basis points to 5.29% during the third quarter of 2024 from 5.21% during the second quarter of 2024, while interest bearing deposit and borrowing costs increased 7 basis points to 3.13% compared to 3.06% during the second quarter of 2024.

The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the third quarter of 2024 to 5.78% from 5.67% for the second quarter of 2024, up 11 basis points. Taxable security yields were 3.01% for the quarter ended September 30, 2024, compared to 3.02% for the quarter ended June 30, 2024, while tax-exempt security yields were 3.31% for the quarter ended September 30, 2024 compared to 3.33% the prior quarter.

The cost of all deposits was 2.11% for the quarter ended September 30, 2024, compared to 2.11% the prior quarter, while the overall cost of funds increased 7 basis points from 3.06% to 3.13% during the same time period. Deposit costs for money market deposits decreased during the quarter ended September 30, 2024, to 2.69% from 2.72% the prior quarter. The cost of time deposits and FHLB advances continued to increase and were primarily responsible for the rise in the Bank’s cost of funds in the current quarter. The cost of time deposits increased to 4.04% for the third quarter ended September 30, 2024, from 3.97% the prior quarter. FHLB advance costs rose to 4.44% during the third quarter ended September 30, 2024, from 4.28% the prior quarter.

Total noninterest income decreased slightly for the third quarter of 2024 to $1.84 million, from $1.91 million for the second quarter of 2024. Mortgage banking income remained at $433,000 in the September 30, 2024 quarter while various decreases in nominal revenue sources accounted for the slight decline in non-interest income during the third quarter ended September 30, 2024. At September 30, 2024, the Bank serviced $371 million in secondary market residential mortgage loans for others which provide fee income.

Noninterest expenses decreased to $8.2 million for the third quarter of 2024, compared to $8.4 million for the second quarter of 2024. The second quarter ended June 30, 2024, reflected higher salary and benefit expenses related to non-recurring costs. Relative to one year earlier, salary and benefit cost increased 5.7% to $4.8 million for the quarter ended September 30, 2024, compared to $4.5 million for the third quarter ended September 30, 2023.

Taxes increased $183,000 during the third quarter to $593,000, from $410,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended September 30, 2024, was 16.6% compared to 14.4% for the second quarter ended June 30, 2024, and 63.8% for the third quarter ended September 30, 2023, when higher tax expenses were incurred to recognize the loss of certain deferred tax assets following a change in Wisconsin tax law that eliminated state taxes on certain qualified assets.

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
September 30, June 30, and March 31, 2024, September 30, 2023, unaudited, December 31, 2023 derived from audited financial statements

	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands, except per share data)		2024			2024			2024			2023			2023

Assets

Cash and due from banks	$	23,554		$	16,475		$	13,340		$	20,887		$	12,881
Interest-bearing deposits		5,126			251			105			1,431			668
Federal funds sold		58,434			69,249			2,439			5,462			7,764

Cash and cash equivalents		87,114			85,975			15,884			27,780			21,313
Securities available for sale (at fair value)		174,911			165,177			165,566			164,024			160,883
Securities held to maturity (fair values of $82,389, $79,993, $81,234, $82,514 and
$75,236 respectively)		86,847			86,825			87,104			87,081			86,908
Equity securities		1,752			1,661			1,474			1,474			2,273
Loans held for sale		–			2,268			865			230			971
Loans receivable, net (allowance for credit losses of $12,598, $12,597, $12,494,
$12,302 and $12,267 respectively)		1,057,974			1,074,844			1,081,394			1,078,475			1,098,019
Accrued interest receivable		4,837			5,046			5,467			5,136			4,716
Foreclosed assets		–			–			–			–			–
Premises and equipment, net		14,065			14,048			13,427			13,098			13,242
Mortgage servicing rights, net		1,727			1,688			1,657			1,664			1,684
Federal Home Loan Bank stock (at cost)		8,825			8,825			7,006			6,373			6,373
Cash surrender value of bank-owned life insurance		24,565			24,401			24,242			24,085			23,931
Core deposit intangible		212			229			249			273			297
Goodwill		2,541			2,541			2,541			2,541			2,541
Other assets		10,598			12,111			11,682			11,866			14,094

TOTAL ASSETS	$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100		$	1,437,245

Liabilities

Non-interest-bearing deposits	$	265,078		$	250,435		$	247,608		$	266,829		$	288,765
Interest-bearing deposits		874,035			901,886			865,744			874,973			883,474

Total deposits		1,139,113			1,152,321			1,113,352			1,141,802			1,172,239

Federal Home Loan Bank advances		181,250			184,900			158,250			134,000			128,000
Other borrowings		6,128			5,775			8,096			8,058			5,660
Senior subordinated notes		4,779			4,778			4,776			4,774			4,772
Junior subordinated debentures		12,998			12,972			12,947			12,921			12,896
Allowance for credit losses on unfunded commitments		477			477			477			577			512
Accrued expenses and other liabilities		12,850			13,069			10,247			12,681			10,258

Total liabilities		1,357,595			1,374,292			1,308,145			1,314,813			1,334,337

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 – 4,105,594, 4,128,382, 4,147,649, 4,164,735 and
4,174,197 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,567			8,527			8,466			8,460			8,421
Retained earnings		138,142			135,276			134,271			132,666			131,624
Accumulated other comprehensive income (loss), net of tax		(15,814	)		(20,503	)		(20,775	)		(20,689	)		(26,190	)
Treasury stock, at cost – 1,385,204, 1,362,416, 1,343,149, 1,326,063 and
1,316,601 shares, respectively		(21,552	)		(20,983	)		(20,579	)		(20,180	)		(19,977	)

Total stockholders’ equity		118,373			111,347			110,413			109,287			102,908

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100		$	1,437,245

PSB Holdings, Inc.
Consolidated Statements of Income
	Quarter Ended												Nine Months Ended
(dollars in thousands,	Sep. 30,		Jun. 30,		Mar. 31,			Dec. 31,			Sep. 30,		September
except per share data – unaudited)	2024		2024		2024			2023			2023		2024			2023

Interest and dividend income:
Loans, including fees	$	15,634	$	15,433	$	15,109		$	14,888		$	14,263	$	46,176		$	38,745
Securities:
Taxable		1,345		1,295		1,197			1,147			1,114		3,837			3,772
Tax-exempt		522		521		526			532			533		1,569			1,605
Other interest and dividends		699		265		343			320			238		1,307			531

Total interest and dividend income		18,200		17,514		17,175			16,887			16,148		52,889			44,653

Interest expense:
Deposits		5,905		5,838		6,082			5,526			4,817		17,825			11,467
FHLB advances		2,038		1,860		1,450			1,349			1,321		5,348			3,068
Other borrowings		57		58		60			54			51		175			161
Senior subordinated notes		59		58		59			59			59		176			179
Junior subordinated debentures		252		255		251			254			255		758			731

Total interest expense		8,311		8,069		7,902			7,242			6,503		24,282			15,606

Net interest income		9,889		9,445		9,273			9,645			9,645		28,607			29,047
Provision for credit losses		–		100		95			100			150		195			350

Net interest income after provision for credit losses		9,889		9,345		9,178			9,545			9,495		28,412			28,697

Noninterest income:
Service fees		367		350		336			360			349		1,053			1,088
Mortgage banking income		433		433		308			247			345		1,174			981
Investment and insurance sales commissions		230		222		121			100			158		573			810
Net loss on sale of securities		–		–		(495	)		(297	)		–		(495	)		(279	)
Increase in cash surrender value of life insurance		165		159		157			154			155		481			461
Life insurance death benefit		–		–		–			–			–		–			533
Other noninterest income		648		742		617			540			675		2,007			2,022

Total noninterest income		1,843		1,906		1,044			1,104			1,682		4,793			5,616

Noninterest expense:
Salaries and employee benefits		4,771		5,167		5,123			4,244			4,514		15,061			14,404
Occupancy and facilities		757		733		721			675			689		2,211			2,086
Loss (gain) on foreclosed assets		1		–		–			1			–		1			(46	)
Data processing and other office operations		1,104		1,047		1,022			1,001			953		3,173			2,784
Advertising and promotion		164		171		129			244			161		464			489
Core deposit intangible amortization		17		20		24			24			24		61			85
Other noninterest expenses		1,337		1,257		1,306			1,169			1,113		3,900			3,388

Total noninterest expense		8,151		8,395		8,325			7,358			7,454		24,871			23,190

Income before provision for income taxes		3,581		2,856		1,897			3,291			3,723		8,334			11,123
Provision for income taxes		593		410		169			878			2,374		1,172			3,967

Net income	$	2,988	$	2,446	$	1,728		$	2,413		$	1,349	$	7,162		$	7,156
Preferred stock dividends declared	$	122	$	122	$	122		$	122		$	122	$	366		$	366

Net income available to common shareholders	$	2,866	$	2,324	$	1,606		$	2,291		$	1,227	$	6,796		$	6,790
Basic earnings per common share	$	0.69	$	0.56	$	0.39		$	0.55		$	0.29	$	1.64		$	1.61
Diluted earnings per common share	$	0.69	$	0.56	$	0.39		$	0.55		$	0.29	$	1.64		$	1.61

PSB Holdings, Inc.
Quarterly Financial Summary
(dollars in thousands, except per share data)		Quarter ended
		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
Earnings and dividends:			2024			2024			2024			2023			2023

	Interest income	$	18,200		$	17,514		$	17,175		$	16,887		$	16,148
	Interest expense	$	8,311		$	8,069		$	7,902		$	7,242		$	6,503
	Net interest income	$	9,889		$	9,445		$	9,273		$	9,645		$	9,645
	Provision for credit losses	$	–		$	100		$	95		$	100		$	150
	Other noninterest income	$	1,843		$	1,906		$	1,044		$	1,104		$	1,682
	Other noninterest expense	$	8,151		$	8,395		$	8,325		$	7,358		$	7,454
	Net income available to common shareholders	$	2,866		$	2,324		$	1,606		$	2,291		$	1,227

	Basic earnings per common share (3)	$	0.69		$	0.56		$	0.39		$	0.55		$	0.29
	Diluted earnings per common share (3)	$	0.69		$	0.56		$	0.39		$	0.55		$	0.29
	Dividends declared per common share (3)	$	–		$	0.32		$	–		$	0.30		$	–
	Tangible net book value per common share (4)	$	26.41		$	24.55		$	24.21		$	23.84		$	22.25

	Semi-annual dividend payout ratio	n/a				33.60	%	n/a				38.14	%	n/a
	Average common shares outstanding		4,132,218			4,139,456			4,154,702			4,168,924			4,186,940


Balance sheet – average balances:
	Loans receivable, net of allowances for credit loss	$	1,066,795		$	1,088,013		$	1,081,936		$	1,081,851		$	1,076,158
	Assets	$	1,445,613		$	1,433,749		$	1,429,437		$	1,424,240		$	1,425,522
	Deposits	$	1,110,854		$	1,111,240		$	1,138,010		$	1,148,399		$	1,149,624
	Stockholders’ equity	$	114,458		$	110,726		$	109,473		$	105,060		$	105,745


Performance ratios:
	Return on average assets (1)		0.82	%		0.69	%		0.49	%		0.67	%		0.38	%
	Return on average common stockholders’ equity (1)		10.63	%		9.03	%		6.32	%		9.29	%		4.94	%
	Return on average tangible common
	stockholders’ equity (1)(4)		10.96	%		9.34	%		6.57	%		9.64	%		5.17	%
	Net loan charge-offs to average loans (1)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	Nonperforming loans to gross loans		0.97	%		1.15	%		1.08	%		0.54	%		0.55	%
	Nonperforming assets to total assets		0.71	%		0.84	%		0.83	%		0.42	%		0.42	%
	Allowance for credit losses to gross loans		1.18	%		1.16	%		1.14	%		1.13	%		1.10	%
	Nonperforming assets to tangible equity
	plus the allowance for credit losses (4)		8.71	%		11.09	%		10.59	%		5.38	%		5.87	%
	Net interest rate margin (1)(2)		2.90	%		2.84	%		2.80	%		2.88	%		2.88	%
	Net interest rate spread (1)(2)		2.16	%		2.15	%		2.12	%		2.20	%		2.27	%
	Service fee revenue as a percent of
	average demand deposits (1)		0.56	%		0.56	%		0.54	%		0.52	%		0.50	%
	Noninterest income as a percent
	of gross revenue		9.20	%		9.81	%		5.73	%		6.14	%		9.43	%
	Efficiency ratio (2)		68.43	%		72.52	%		78.93	%		67.04	%		64.58	%
	Noninterest expenses to average assets (1)		2.24	%		2.35	%		2.34	%		2.05	%		2.07	%
	Average stockholders’ equity less accumulated
	other comprehensive income (loss) to
	average assets		9.06	%		9.03	%		8.98	%		8.88	%		9.00	%
	Tangible equity to tangible assets (4)		7.85	%		7.32	%		7.60	%		7.49	%		6.98	%

Stock price information:

	High	$	25.00		$	21.40		$	22.50		$	22.30		$	22.50
	Low	$	20.30		$	19.75		$	20.05		$	20.10		$	20.35
	Last trade value at quarter-end	$	25.00		$	20.40		$	21.25		$	22.11		$	21.15

(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
			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands – unaudited)				2024			2024			2024			2023			2023

Net income			$	2,988		$	2,446		$	1,728		$	2,413		$	1,349

Other comprehensive income, net of tax:

	Unrealized gain (loss) on securities available
		for sale		4,738			184			(615	)		5,278			(3,085	)

	Reclassification adjustment for security
		loss included in net income		–			–			391			280			–

	Accretion of unrealized loss included in net
		income on securities available for sale
		deferred tax adjustment for Wisconsin
		Act 19		–			–			(35	)		–			–

	Amortization of unrealized loss included in net
		income on securities available for sale
		transferred to securities held to maturity		90			89			91			91			91

	Unrealized gain (loss) on interest rate swap			(101	)		39			123			(109	)		79

	Reclassification adjustment of interest rate
		swap settlements included in earnings		(38	)		(40	)		(41	)		(39	)		(35	)


Other comprehensive income (loss)				4,689			272			(86	)		5,501			(2,950	)

Comprehensive income (loss)			$	7,677		$	2,718		$	1,642		$	7,914		$	(1,601	)

PSB Holdings, Inc.
Nonperforming Assets as of:
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(dollars in thousands)		2024			2024			2024			2023			2023

Nonaccrual loans (excluding restructured loans)	$	10,116		$	12,184		$	11,498		$	5,596		$	5,807
Nonaccrual restructured loans		25			28			30			34			42
Restructured loans not on nonaccrual		292			299			304			310			256
Accruing loans past due 90 days or more		–			–			–			–			–

Total nonperforming loans		10,433			12,511			11,832			5,940			6,105
Other real estate owned		–			–			–			–			–

Total nonperforming assets	$	10,433		$	12,511		$	11,832		$	5,940		$	6,105

Nonperforming loans as a % of gross loans receivable		0.97	%		1.15	%		1.08	%		0.54	%		0.55	%
Total nonperforming assets as a % of total assets		0.71	%		0.84	%		0.83	%		0.42	%		0.42	%
Allowance for credit losses as a % of nonperforming loans		120.75	%		100.69	%		105.59	%		207.10	%		200.93	%

PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At September 30, 2024
(dollars in thousands)
		Gross			Specific
Collateral Description	Asset Type	Principal			Reserves

Real estate – Recreation Facility	Nonaccrual	$	3,291		$	–
Real estate – Independent Auto Repair	Nonaccrual		562			–
Real estate – Equipment Dealership	Nonaccrual		2,808			660


Total listed nonperforming assets		$	6,661		$	660
Total bank wide nonperforming assets		$	10,433		$	1,220
Listed assets as a % of total nonperforming assets			64	%		54	%

PSB Holding, Inc.
Loan Composition by Collateral Type
Quarter-ended (dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023

Commercial:
Commercial and industrial	$	115,234		$	125,508		$	118,821		$	117,207		$	138,299
Agriculture		11,203			11,480			12,081			12,304			12,464
Municipal		12,596			11,190			28,842			31,530			27,186

Total Commercial		139,033			148,178			159,744			161,041			177,949

Commercial Real Estate:
Commercial real estate		541,577			544,171			546,257			536,209			539,488
Construction and development		60,952			70,540			63,375			81,701			86,456

Total Commercial Real Estate		602,529			614,711			609,632			617,910			625,944

Residential real estate:
Residential		269,954			270,944			274,300			274,453			274,632
Construction and development		34,655			36,129			34,158			33,960			33,141
HELOC		36,734			33,838			31,357			29,766			29,044

Total Residential Real Estate		341,343			340,911			339,815			338,179			336,817

Consumer installment		4,770			4,423			4,867			4,357			4,350

Subtotals – Gross loans		1,087,675			1,108,223			1,114,058			1,121,487			1,145,060
Loans in process of disbursement		(17,836	)		(21,484	)		(20,839	)		(31,359	)		(35,404	)

Subtotals – Disbursed loans		1,069,839			1,086,739			1,093,219			1,090,128			1,109,656
Net deferred loan costs		733			702			669			649			630
Allowance for credit losses		(12,598	)		(12,597	)		(12,494	)		(12,302	)		(12,267	)

Total loans receivable	$	1,057,974		$	1,074,844		$	1,081,394		$	1,078,475		$	1,098,019

PSB Holding, Inc.
Selected Commercial Real Estate Loans by Purpose
	Sept 30,				June 30,				Mar 31,				Dec 31,				Sept 30,
(dollars in thousands)		2024				2024				2024				2023				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	$	140,307	14.7	%	$	146,873	15.2	%	$	142,001	14.4	%	$	132,386	13.2	%	$	133,466	13.3	%
Industrial and Warehousing		86,818	9.1			86,025	8.9			85,409	8.6			83,817	8.3			88,906	8.9
Retail		33,020	3.5			34,846	3.6			33,177	3.4			35,419	3.5			35,281	3.5
Hotels		31,611	3.3			34,613	3.6			35,105	3.6			36,100	3.6			31,819	3.2
Office		6,378	0.7			6,518	0.7			6,655	0.7			6,701	0.7			6,746	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	210,534	18.6	%	$	202,343	17.5	%	$	199,076	17.8	%	$	197,571	17.3	%	$	209,133	17.9	%
Interest-bearing demand and savings		305,631	26.8	%		304,392	26.5	%		318,673	28.7	%		317,984	27.8	%		307,620	26.3	%
Money market deposits		138,376	12.2	%		137,637	12.0	%		143,167	12.9	%		142,887	12.5	%		135,910	11.4	%
Retail and local time deposits <= $250		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%		144,738	12.4	%

Total core deposits		810,529	71.3	%		793,670	69.0	%		809,320	72.7	%		807,587	70.7	%		797,401	68.0	%
Retail and local time deposits > $250		23,500	2.1	%		22,500	2.0	%		24,508	2.3	%		23,000	2.0	%		22,750	1.9	%
Broker & national time deposits <= $250		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%		3,222	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%		88,614	7.6	%

Totals	$	891,434	78.4	%	$	873,988	76.0	%	$	897,809	80.7	%	$	904,077	79.1	%	$	911,987	77.8	%

PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	54,544	4.7	%	$	48,092	4.1	%	$	48,532	4.4	%	$	69,258	6.1	%	$	79,632	6.8	%
Interest-bearing demand and savings		18,317	1.6	%		32,674	2.8	%		20,535	1.8	%		20,316	1.8	%		22,847	1.9	%
Money market deposits		157,489	13.8	%		177,954	15.4	%		124,766	11.2	%		124,518	10.9	%		133,653	11.4	%
Retail and local time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Total core deposits		230,350	20.1	%		258,720	22.3	%		193,833	17.4	%		214,092	18.8	%		236,132	20.1	%
Retail and local time deposits > $250		17,329	1.5	%		19,613	1.7	%		21,710	1.9	%		23,633	2.1	%		24,120	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	$	247,679	21.6	%	$	278,333	24.0	%	$	215,543	19.3	%	$	237,725	20.9	%	$	260,252	22.2	%

PSB Holdings, Inc.
Deposit Composition

Total Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	265,078	23.3	%	$	250,435	21.6	%	$	247,608	22.2	%	$	266,829	23.4	%	$	288,765	24.7	%
Interest-bearing demand and savings		323,948	28.4	%		337,066	29.3	%		339,208	30.5	%		338,300	29.6	%		330,467	28.2	%
Money market deposits		295,865	26.0	%		315,591	27.4	%		267,933	24.1	%		267,405	23.4	%		269,563	22.8	%
Retail and local time deposits <= $250		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%		144,738	12.4	%

Total core deposits		1,040,879	91.4	%		1,052,390	91.3	%		1,003,153	90.1	%		1,021,679	89.5	%		1,033,533	88.1	%
Retail and local time deposits > $250		40,829	3.6	%		42,113	3.7	%		46,218	4.2	%		46,633	4.1	%		46,870	4.0	%
Broker & national time deposits <= $250		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%		3,222	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%		88,614	7.6	%

Totals	$	1,139,113	100.0	%	$	1,152,321	100.0	%	$	1,113,352	100.0	%	$	1,141,802	100.0	%	$	1,172,239	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Quarter ended September 30, 2024							Quarter ended June 30, 2024							Quarter ended September 30, 2023
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,079,393		$	15,674	5.78	%	$	1,100,518		$	15,520	5.67	%	$	1,088,137		$	14,337	5.23	%
Taxable securities		177,520			1,345	3.01	%		172,563			1,295	3.02	%		173,287			1,114	2.55	%
Tax-exempt securities (2)		79,472			661	3.31	%		79,564			659	3.33	%		81,327			675	3.29	%
FHLB stock		8,825			176	7.93	%		7,931			182	9.23	%		6,368			127	7.91	%
Other		36,680			523	5.67	%		8,241			83	4.05	%		8,195			111	5.37	%

Total (2)		1,381,890			18,379	5.29	%		1,368,817			17,739	5.21	%		1,357,314			16,364	4.78	%

Non-interest-earning assets:
Cash and due from banks		17,162							17,345							19,299
Premises and equipment,
net		14,216							13,930							13,266
Cash surrender value ins		24,458							24,297							23,840
Other assets		20,485							21,865							23,782
Allowance for credit
losses		(12,598	)						(12,505	)						(11,979	)

Total	$	1,445,613						$	1,433,749						$	1,425,522

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	323,841		$	1,515	1.86	%	$	331,740		$	1,467	1.78	%	$	335,214		$	1,198	1.42	%
Money market deposits		277,884			1,876	2.69	%		271,336			1,835	2.72	%		255,823			1,489	2.31	%
Time deposits		247,296			2,514	4.04	%		257,006			2,536	3.97	%		279,971			2,130	3.02	%
FHLB borrowings		182,414			2,038	4.44	%		174,596			1,860	4.28	%		134,386			1,321	3.90	%
Other borrowings		6,702			57	3.38	%		6,870			58	3.40	%		5,681			51	3.56	%
Senior sub. notes		4,779			59	4.91	%		4,777			58	4.88	%		4,772			59	4.91	%
Junior sub. debentures		12,985			252	7.72	%		12,960			255	7.91	%		12,883			255	7.85	%

Total		1,055,901			8,311	3.13	%		1,059,285			8,069	3.06	%		1,028,730			6,503	2.51	%

Non-interest-bearing liabilities:
Demand deposits		261,833							251,158							278,616
Other liabilities		13,421							12,580							12,431
Stockholders’ equity		114,458							110,726							105,745

Total	$	1,445,613						$	1,433,749						$	1,425,522

Net interest income				$	10,068						$	9,670						$	9,861
Rate spread						2.16	%						2.15	%						2.27	%
Net yield on interest-earning assets						2.90	%						2.84	%						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)
	Nine months ended September 30, 2024							Nine months ended September 30, 2023
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,091,366		$	46,393	5.68	%	$	1,025,955		$	38,851	5.06	%
Taxable securities		173,971			3,837	2.95	%		189,583			3,772	2.66	%
Tax-exempt securities (2)		79,822			1,986	3.32	%		81,670			2,032	3.33	%
FHLB stock		7,755			523	9.01	%		4,943			228	6.17	%
Other		18,804			784	5.57	%		8,154			303	4.97	%

Total (2)		1,371,718			53,523	5.21	%		1,310,305			45,186	4.61	%

Non-interest-earning assets:
Cash and due from banks		17,291							17,403
Premises and equipment,
net		13,778							13,311
Cash surrender value ins		24,301							24,446
Other assets		21,146							23,364
Allowance for credit
losses		(12,496	)						(12,004	)

Total	$	1,435,738						$	1,376,825

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	335,317		$	4,654	1.85	%	$	350,928		$	3,286	1.25	%
Money market deposits		274,405			5,608	2.73	%		241,594			3,508	1.94	%
Time deposits		256,287			7,563	3.94	%		257,639			4,673	2.43	%
FHLB borrowings		166,703			5,348	4.29	%		110,460			3,068	3.71	%
Other borrowings		7,373			175	3.17	%		7,082			161	3.04	%
Senior sub. notes		4,778			176	4.92	%		4,965			179	4.82	%
Junior sub. debentures		12,972			758	7.81	%		12,857			731	7.60	%

Total		1,057,835			24,282	3.07	%		985,525			15,606	2.12	%

Non-interest-bearing liabilities:
Demand deposits		254,134							273,699
Other liabilities		12,720							12,165
Stockholders’ equity		111,049							105,436

Total	$	1,435,738						$	1,376,825

Net interest income				$	29,241						$	29,580
Rate spread						2.14	%						2.49	%
Net yield on interest-earning assets						2.85	%						3.02	%

(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%.

The MIL Network –

January 25, 2025

MIL-OSI: Helport AI to Report Fiscal Year 2024 Financial Results on Thursday, October 31, 2024

Source: GlobeNewswire (MIL-OSI)

Management to Host Business Update Conference Call on Wednesday, November 6, 2024 at 5:30 pm ET

SINGAPORE and SAN DIEGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport” or the “Company”), an AI technology company serving enterprise clients with intelligent products, solutions and a digital platform, will report financial results for its fiscal full year ended June 30, 2024, after the market close on Thursday, October 31, 2024.

The Company will hold a Business Update Conference Call on Wednesday, November 6, 2024, at 5:30 p.m. Eastern time to discuss its financial results, recent consumption of its business combination and Nasdaq listing, ongoing initiatives and upcoming milestones.

Guanghai Li, Chief Executive Officer, and Tao Ke, Chief Financial Officer, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Date:	Wednesday, November 6, 2024
Time:	5:30 p.m. Eastern Time, 2:30 p.m. Pacific Time
Toll-free dial-in number:	1-800-445-7795
International dial-in number:	1-203-518-9848
Conference ID (Required for Entry):	HELPORT

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1695608&tp_key=0c8510f685 and via the investor relations section of the Company’s website here.

A replay of the webcast will be available after 9:30 p.m. Eastern Time through February 6, 2025.

Toll-free replay number:	1-844-512-2921
International replay number:	1-412-317-6671
Replay ID:	11157509

About Helport

Helport AI (NASDAQ: HPAI) is a premier provider of AI-driven solutions, specializing in enhancing professional capabilities across industries. Focused on delivering measurable outcomes, Helport AI is transforming the way businesses operate by ensuring that professionals have the tools they need to succeed. The company serves enterprise-level customer contact services through intelligent products, solutions, and a digital platform, helping businesses optimize their operations and improve customer engagement. Our mission is to Empower everyone to work as an expert. For more information, please visit Helport’s website: https://ir.helport.ai/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, Helport’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on Helport’s current expectations and projections about future events that Helport believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Helport undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Helport believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and Helport cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in Helport’s registration statement and other filings with the U.S. Securities and Exchange Commission.

Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
HPAI@mzgroup.us
www.mzgroup.us

The MIL Network –

January 25, 2025

MIL-OSI: AI & Technology Virtual Investor Conference Agenda Announced for October 31st

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series announced the agenda for the AI & Technology Virtual Investor Conference to be held October 31^st.

Individual investors, institutional investors, advisors, and analysts are invited to attend.

REGISTER NOW AT: https://bit.ly/3BYlp8w

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1×1 meetings with management.

“We’re looking forward to hosting the upcoming AI & Technology Virtual Investor Conference,” said Jason Paltrowitz, Executive Vice President at OTC Markets Group. “A group of innovative companies and executives will have the opportunity to elaborate on their business strategies and connect directly with an expanded investor base.”

October 31^st

To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

January 25, 2025

MIL-OSI: DBMM Group’s Digital Clarity to Present at the AI & Technology Virtual Investor Conference on October 31, 2024 at 12:30 pm

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Digital Brand Media & Marketing Group, Inc. (OTCPK: DBMM), and its flagship brand Digital Clarity, a fully integrated management consultancy, based in London and operating globally, focused on specializing in the optimal marketing of B2B tech companies, today confirmed that Reggie James, Chief Operating Officer and Director of DBMM, and Founder and Managing Director of Digital Clarity, the public company’s operating subsidiary and brand, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31, 2024.

DATE: October 31, 2024
TIME: 12:30 PM ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com

Overview

The marketing consulting market is expected to increase by $3.83 billion in 2026, and the market’s growth momentum will accelerate at a CAGR of 4.75%. (Business Research Insight & Technavio Research).
Global artificial intelligence (AI) in marketing market size was valued at $12.64 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 26.6% from 2023 to 2030. (Grand View Research, Inc.)
Digital Clarity sits at the intersection of 21st century marketing strategy, data, and AI. Currently utilizing third-party, AI tools, Digital Clarity is building out its marketing strategy framework augmented with AI integration to allow companies to communicate value to their customers, at scale. Digital Clarity’s innovative approaches as the digital market continues to evolve rapidly, will give both clients and DBMM competitive advantages in their marketplaces for all stakeholders.
DBMM is at an inflection point in its offering as a full services management consultancy and a perfect time to onboard for both clients and shareholders.

About DBMM GROUP

Digital Brand Media & Marketing Group, Inc. (DBMM) is a fully reporting US public company that trades on the Over-the-Counter (OTC) Market, with its headquarters in New York City and its 100%-owned/operating subsidiary and brand, Digital Clarity, in the UK. Digital Clarity operates globally.

DBMM is listed on the OTC as a fully reporting SEC Company. The Company intends to Uplist to the OTCQB as soon as DBMM meets the required criteria. The ultimate, longer-term goal is for the Company to Uplist to NASDAQ when it meets the required criteria.

Learn more at:
www.dbmmgroup.com
www.digital-clarity.com

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

DBMM Group, Inc.

Reggie James
Chief Operating Officer and Director of DBMM
+1 646-722-2706
Phone: +1 646-722-2706
Email: info@dbmmgroup.com

Virtual Investor Conferences

John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

January 25, 2025

MIL-OSI: Pineapple Subsidiary SUNation Announces Strategic Partnership With Radial Power to Expand Renewable Energy Solutions

Source: GlobeNewswire (MIL-OSI)

RONKONKOMA, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — SUNation, the New York-based subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy, backup power solutions, and system servicing, today announced a strategic partnership with Houston, Texas-based Radial Power, a key player within distributed energy and a provider of sustainability solutions for commercial and industrial real estate asset owners.

This strategic partnership will harness the combined expertise of both companies to deliver innovative renewable energy solutions. It also marks a significant step in SUNation’s expansion beyond its traditional New York footprint, positioning the company for broader geographic growth.

“The commercial and industrial space is booming, largely driven by the opportunities created by the Investment Recovery Act. Our partnership with SUNation enables us to scale quickly and efficiently,” said John Bates, CEO of Radial Power. “As SUNation has successfully completed many projects and with our internal pipeline in the hundreds of megawatts, we fully expect SUNation to grow alongside us as we execute on these projects.”

About Pineapple Energy
Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services.

Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances, including the Company’s expectations regarding its ability to effect the reverse stock split and regain compliance with Nasdaq’s continued listing standards. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

Safe Harbor Statement
Our prospects here at Pineapple Energy Inc. are subject to uncertainties and risks. This news release (video statement) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

Contacts:

Scott Maskin
Interim Chief Executive Officer
+1 (631) 823-7131
scott.maskin@pineappleenergy.com

Pineapple Investor Relations
+1 (952) 996-1674
IR@pineappleenergy.com

The MIL Network –

January 25, 2025

MIL-OSI: cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-28%

Source: GlobeNewswire (MIL-OSI)

Company Announcement no. 10/2024

cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-28%

Copenhagen, November 28, 2024

cBrain (NASDAQ: CBRAIN) is executing its international growth plan with a financial goal of reaching total revenue of 350 million DKK in 2025. This goal is anchored in two primary revenue streams, referred to as “Base” and “Stepping stones”.

The “Base” stream aims to achieve annual revenue growth of 10-15% by strengthening and expanding existing operations and customer relationships. In parallel, the “Stepping Stones” initiative aims to lift annual revenue growth to 30%, by increasing contract values and winning larger international contracts.

cBrain continues to execute its growth strategy, building a robust pipeline of major opportunities. This is facilitated by a growing number of international pilot projects that set the stage for significant “Stepping Stones” achievements.

In early 2024, cBrain anticipated some of these opportunities, particularly in Germany and the U.S., to yield significant revenue in the second half of the year. cBrain remains highly active in these pursuits and has added further opportunities during the year.

However, not unusually with larger government procurement, delays in decision making mean that cBrain estimates less than a 50% likelihood of substantial revenue from larger international projects materializing in Q4. Consequently, cBrain adjusts its 2024 revenue growth forecast to 10-15%, down from the initial estimate of 20-25%.

In alignment with business planning, cBrain has earmarked financial investments to support “Stepping Stones” projects in Germany and the U.S. Since these projects have not yet materialized, these reserved funds have not been deployed. This provides a positive impact on earnings. cBrain, therefore, maintains its EBT (Earnings Before Tax) guidance at 24-30%.

—

Larger international projects are often structured so that F2 standard software licenses form the majority of the contract value. Due to financial standards for software revenue recognition, larger international orders may, as a result, introduce greater variability in revenue patterns over time.

As cBrain is currently pursuing global opportunities across the USA, Europe, Africa, the UAE, and India, some of these opportunities may still materialize during the fourth quarter, with a positive affect on this year’s revenue.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Company Announcement may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachment

Company Announcement no. 2024-10 (forecast of delayed international project)

The MIL Network –

January 25, 2025

MIL-OSI NGOs: Echoes from Darfur Sudan

Source: Médecins Sans Frontières –

One and a half years into the conflict in Sudan, refugees are still fleeing to eastern Chad in search for safety, where they arrive at camps in dire conditions. Access to clean water, sanitation and healthcare facilities is limited. We met Aziz, Youssef, Salwa, and Amina to hear their stories of fleeing the Darfur region of Sudan and survival in eastern Chad.

Aziz Adam, displaced from West Darfur

“My family is incomplete here. My mom, my dad, seven of us siblings- there’s nine of us in total. But the war separated us. Some of my family made it out of West Darfur, but the rest haven’t joined us yet.

We fled in a state of panic, terrified of the war. We didn’t have time to take anything with us, and some of us even arrived barefoot.

We walked 20 kilometres to get here, on foot. Along the way, we encountered the Rapid Support Forces who threatened us. Some of the young men traveling with us were accused of belonging to the Masalit tribe. They were arrested and killed. We thought we would die too. I couldn’t imagine we’d survive.

The memories of fleeing stay with me. When I think about the tragedies, what pain we left behind, there’s no way I can go back.

But I hear some people say they would rather return to the war in Sudan than endure the hell we face in the camp.

I got here in July of last year, so it’s been almost a year, and now I’m 24 years old. Our situation is tragic. We left one difficult situation, only to find ourselves in an even worse one.

We lack the basic necessities for living— drinking water and food. It’s been four or five months in Iridimi camp since we last received any food aid.

Now, my family and I are desperate. We need education, healthcare, and a better future. But the reality we live in is bleak. I feel stuck, caught between Sudan, where the future is uncertain, and Chad, where I don’t belong.”

Salwa Saleh, displaced from South Darfur

“We used to live an urban life, but we’ve been displaced from our cities. It’s hard to accept living in a camp. And even some of my family members are still in Sudan. They always say they won’t leave because Sudan is their country. We all hope the war will end soon, we all want to return to our homeland.

The war took us by surprise. We left in such a rush that we didn’t have time to take any of our important belongings or memories. I left behind so many beautiful things in Nyala. My children lost their father; now they are orphans. To get here we had to journey from Nyala to Tina, and that usually takes two days. But it took us four. We passed through areas of fighting between the Rapid Support Forces and the Sudanese Armed Forces. It was terrifying and exhausting.

I’ve been in this camp for a year and two months. Living here, it’s like living in a house without walls or a fence. We still suffer from a lack of food, clean drinking water, proper education, hospitals, and medical care.

Before the war, we would go to work and return home to our children. We could easily meet our needs. But since the war started, life has become much more difficult. I hope for the day when life returns to normal, when we find security and stability. When our children can go back to their schools.

I hope for a better future for my children. When the war in Sudan ends, I dream of having the chance to travel, completing my education, learning new languages, and finding a job. I want to provide for my children and support my family.”

Youssef Mohamed, displaced from North Darfur

“I think constantly, which makes it hard to sleep. My family is far away, the war is ongoing, and every day brings news of more deaths. I have my wife and two children, a boy and a girl, but they are all in Kabkabiya, about 156 kilometres west of El Fasher.

I’ve been here for about eight months, and I’m originally from North Darfur, 57 years old now. I came here to Iriba in east Chad coming from Adre, looking for work, but unfortunately, I couldn’t find a job. I left my family behind for this, so it’s difficult. My wife, my brothers, and sisters are scattered in different places. My children have been out of school for almost a year. They haven’t studied since last June. The war has destroyed everything.

I’ve been living with diabetes for 12 years. Before the war, I would go to Khartoum for treatment. I was in Khartoum when the war broke out. I spent a month there, then moved to Gezira State for five months before heading to El Fasher. Along the way, I faced harassment, beatings, threats, and humiliation from the armed forces.

As a diabetic, I need regular medical care, including eye, liver, and kidney tests every three months. But since coming here, I haven’t found any of these services. The treatment for diabetes is either too expensive or unavailable in Chad. I also need a specific diet, but here, things like vegetables and fruits are hard to find.

Before the war, I had my own office in the market and was the principal of a school. I used to grow beans, sesame, and maize, but the war disrupted all of that.

Educating my children is the most important thing for me now, but they are still in Kabkabiya, and I don’t know their fate. Sometimes there are airstrikes, and I worry they might be hit because the area is at war.
My mother, brother, and sisters live in Shaqra, but even there, no place in Sudan is safe from the shells. I brought with me only a few photos of my children and family, as well as some teaching materials on flash drives.

I hope to return to Sudan. I want my children to go to school, for my family to be stable, and for Sudan to be better than it was before.”

Amina Suleiman, displaced from Central Darfur

“The war started in Zalingei, where I’m from, on 15 April 2023- the same day it started in Khartoum. We kept hoping it would end, but it didn’t. What I witnessed in Zalingei and during our displacement will never leave me. The memories are etched in my mind, and they haunt our children too. They are playing with sticks, pretending they have weapons. Children are living with the trauma of war.

In Sudan, we used to hide under beds to shield ourselves from the bombings. Those memories are painful, but here, we face even greater hardships. I’m 24 now, and I don’t know if I have a future. The children here, some are two or three years old, they deserve something better.

I’ve been living in this camp for a year and a month, since 4 August 2023. Life here is hard. We’ve only received financial aid five times since we arrived. And food and water are scarce. We normally get them every two days, but even sometimes it’s after waiting four days.

There are no jobs here, even for those of us who are educated. Our situation is critical. We’re also facing a health crisis. There is no health centre in the camp. We don’t have specialist doctors for heart or eye diseases, and many are suffering, including women needing obstetric care. In our previous camp, that health centre didn’t have medicines.

We need psychological support. Many of us have lost family members to the war. People are missing, scattered across Sudan, or still in Darfur. The war has torn us apart, separating us from our loved ones. All of us here in the camp are missing someone.

If I had the choice, I’d rather return to Sudan, even if it meant dying there. That would be better than dying in this camp.”

MIL OSI NGO –

January 25, 2025

MIL-OSI NGOs: FIFA/Saudi Arabia: Global law firm’s flawed human rights assessment of Saudi Arabia’s World Cup 2034 bid raises ‘deep concern’

Source: Amnesty International –

AS&H Clifford Chance’s assessment contains no substantive discussion of Saudi’s extensive and relevant abuses

11 human rights groups, football supporters and worker organisations join forces to voice deep concern

‘FIFA must insist on a proper assessment and meaningful human rights strategy or its flagship tournament will be tarnished by severe human rights violations’ – Steve Cockburn

A flawed human rights assessment of Saudi Arabia’s FIFA 2034 World Cup bid by AS&H Clifford Chance – part of the global partnership of London-based law firm Clifford Chance – leaves the global firm at risk of being linked to abuses which result from the tournament, 11 organisations said today.

AS&H Clifford Chance, which is based in Riyadh and sits within Clifford Chance’s integrated global partnership, produced an “independent human rights context assessment” that was published by FIFA and has helped pave the way for Saudi Arabia to be confirmed on 11 December as the 2034 hosts, as is widely expected to happen.

The assessment contains no substantive discussion of extensive and relevant abuses in Saudi Arabia documented by multiple human rights organisations and UN bodies. It formed the basis of Saudi Arabia’s human rights strategy for the tournament, which Amnesty International described as a “whitewash”.

The 11 organisations – which include a Saudi Arabian diaspora organisation, Gulf human rights groups, and labour organisations, as well as Football Supporters Europe, Amnesty and Human Rights Watch – wrote to Clifford Chance’s Global Managing Partner setting out in detail all of their concerns with the statement, and invited the authors to publish an updated report. The firm, which says that it works in partnership with “some of the world’s leading NGOs and civil society organisations”, said in response last week that it would be “inappropriate” to offer any further comment on the report and shared a link to publicly available company policies.

Dire human rights record

Saudi Arabia’s already dire human rights record has deteriorated under the de facto rule of Crown Prince Mohammed bin Salman, who has presided over a soaring number of mass executions, torture, enforced disappearance, severe restrictions on free expression, repression of women’s rights under the male guardianship system, LGBTI+ discrimination, and the killing of hundreds of migrants at the Saudi Arabia-Yemen border. The country’s abusive Kafala (labour sponsorship) system, as well as the prohibition on trade unions and lack of enforcement of labour laws continues to lead to the widespread exploitation of migrant workers.

The organisations have warned Clifford Chance that, through the production of its human rights assessment by AS&H Clifford Chance, there is a risk that the firm could be linked to potential adverse human rights impacts resulting from a Saudi Arabia-hosted tournament.

In their memorandum to Clifford Chance the organisations set out and requested comment on three overarching concerns about the assessment. Taken together, these fatally undermine the report’s claim to provide an independent assessment of the human rights context in Saudi Arabia, relevant to the hosting and staging of the 2034 World Cup.

AS&H Clifford Chance agreed to a decision by FIFA and the Saudi Arabian Football Federation to effectively exclude analysis of Saudi Arabia’s record on multiple critical human rights such as freedom of expression, LGBTI+ discrimination, the prohibition of trade unions, or forced evictions – either because Saudi Arabia has not ratified the relevant treaties or because the Saudi Arabian Football Federation did not accept them as “applying”. Any assessment that does not recognise these as relevant human rights risks for a World Cup in Saudi Arabia cannot be considered credible.
The assessment made highly selective use of the findings of UN bodies on Saudi Arabia, leaving out damaging judgements. For example, it fails to reference one UN body’s concern at receiving reports that “torture and other ill-treatment are commonly practised in prisons”, or another which notes that “women and girls who are victims of sexual abuse risk facing criminal proceedings if they press charges”. It does not mention that Saudi Arabia is currently facing a labour complaint at the UN brought by Building and Woodworkers International, an international trade union. No reports by UN Special Rapporteurs are included meaning, for example, there is no reference to the imposition of the death penalty in relation to the Crown Prince’s flagship giga-project NEOM, or the murder of Saudi Arabian journalist Jamal Khashoggi.
There is no evidence that AS&H Clifford Chance consulted external experts, such as people who might be affected by human rights abuses linked to the tournament, Saudi Arabian human rights experts or organisations, international human rights organisations, or trade unions. No work by such groups is referenced. The report, for example, ignores Amnesty’s 2024 91-page report ‘Playing a Dangerous Game? Human Rights Risks Linked to the 2030 and 2034 FIFA World Cups’.

Amnesty has written to FIFA asking it to confirm on what basis the organisation agreed with the Saudi Arabian Football Federation to limit the scope of the rights assessment conducted by AS&H Clifford Chance. As of 25 October, FIFA had not responded.

James Lynch, FairSquare co-director, said:

“It has been clear for more than a year now that FIFA is determined to remove all potential obstacles to make sure it can hand Saudi Arabia’s Crown Prince Mohammed bin Salman the 2034 World Cup. By producing a shockingly poor report, AS&H Clifford Chance, part of one of the world’s largest law firms that makes much of its human rights expertise, has helped to remove a key final stumbling block.”

Julia Legner, Executive Director of ALQST for Human Rights, a Saudi Arabian diaspora organisation, said:

“AS&H Clifford Chance had the chance to write a credible assessment of risks that are relevant to the 2034 World Cup. Instead, they have produced an artificially limited, misleading and overly positive perspective, that serves only to whitewash the reality of abuse and discrimination faced by Saudi Arabia’s citizens and residents.”

Steve Cockburn, Amnesty International’s Head of Labour Rights and Sport, said:

“The severe risks of hosting the 2034 World Cup in Saudi Arabia are clear and well-known – without huge reforms, critics will be arrested, women and LGBTI+ people will face discrimination, and workers will be exploited on a massive scale. It is incredible that AS&H Clifford Chance omitted such glaring risks from its assessment and scandalous that FIFA paved the way for them to do so. FIFA must now insist on a proper assessment and meaningful human rights strategy or its flagship tournament will inevitably be tarnished by severe human rights violations.”

Martha Waithira, Equidem investigator, said:

“As a former domestic worker in Saudi Arabia from Kenya, I know that women like me are often treated like slaves. Women especially face sexual and other gender abuse. I’m in regular contact with workers in horrific situations in Saudi Arabia. Now, the hundreds of thousands of people expected to arrive in Saudi Arabia to build stadiums and clean hotels ahead of the World Cup are at great risk of severe exploitation and even death. How can these realities have escaped AS&H Clifford Chance’s attention?”

Stated commitments to human rights

The ‘Independent Context Assessment Prepared for the Saudi Arabian Football Federation in relation to the FIFA World Cup 2034’ can be found on FIFA’s website. FIFA’s Human Rights Policy, adopted in 2017, outlines its responsibility to identify and address adverse human rights impacts of its operations, including taking adequate measures to prevent and mitigate human rights abuses.

Clifford Chance is one of the world’s largest law firms. It has made multiple commitments concerning its human rights responsibilities, including in its company code. The firm states on its global website that its client base in Saudi Arabia, delivered “through AS&H Clifford Chance” includes “key Saudi Ministries and government-owned entities as well as a wide range of government owned, privately and publicly held Saudi and international businesses, listed companies and financial institutions.” These Saudi clients include the Public Investment Fund. AS&H Clifford Chance is a joint venture between Clifford Chance and AS&H that has been registered in Saudi Arabia since 2023. It is integrated within Clifford Chance’s global firm, “follows [the global firm’s] processes and practices”, and employs a number of Clifford Chance partners, including a “Senior Clifford Chance partner”. The Independent Context Assessment refers readers to the global Clifford Chance website.

Full list of signatories:

FairSquare

ALQST for Human Rights

Amnesty International

The Army of Survivors

Building and Woodworkers International

Equidem

Football Supporters Europe

Gulf Centre for Human Rights

Human Rights Watch

Middle East Democracy Center

Migrant-Rights.org

MIL OSI NGO –

January 25, 2025

MIL-OSI Global: Michiganders or Michiganians? A linguist explains why the answer is clear

Source: The Conversation – USA – By Robin Queen, Professor of Linguistics, English Language and Literatures and Germanic Languages and Literatures, University of Michigan

Beloved Michigander Aidan Hutchinson is no silly goose. Nic Antaya/Getty Images

Growing up in the late 1970s, my best friend was from Michigan. Early in our friendship I asked her what someone from Michigan is called. “Michigander,” she replied. I laughed and said, “You mean like a goose?” Her older sister then chimed in that it was being changed to Michiganian. Michigander is sexist, she said, since gander refers only to a male goose.

I spent the next two decades never questioning, or particularly thinking about, Michiganian.

Then, I moved to Michigan. In over 20 years living here, I’ve never heard anyone say Michiganian. People from Michigan call themselves Michiganders.

Even though it may seem rather trivial, there is endless interest in the Michigander-Michiganian question. News articles about this topic pop up fairly regularly, inevitably stating that:

Both terms are recognized.
Abraham Lincoln coined “Michigander” in 1848 to insult Michigan Gov. Lewis Cass, implying he was silly, weak and unserious.
Govs. James Blanchard, John Engler and Jennifer Granholm used “Michiganian,” while Govs. Rick Snyder and Gretchen Whitmer prefer “Michigander.”
The debate about which term is correct is ongoing.

For the most part, though, the debate seems long over. Many Michiganders haven’t heard of Michiganian, as a recent text thread with my 19-year-old neighbor illustrates:

‘It’s just Michigander.’
Robin Queen, CC BY-SA

Regardless of whether there is – or ever really has been – a debate, the pas de deux between Michigander and Michiganian has an unusual history and peculiar twists and turns.

As a linguist who works on issues related to authority in language and linguistic justice, I like to investigate how terms come to be understood as correct, and on whose authority those determinations are made.

In the case of Michiganian and Michigander, Michiganian appears in style guides, and Michigander is the term most frequently used by people from Michigan.

Rooted in an insult

While it’s true that Lincoln called Cass “the great Michigander” as an unambiguous insult, the term Michigander appeared in print as early as 1838.

Despite not having coined the term, however, Lincoln did likely play a part in its popularization by using it to malign Cass.

Google’s NGram, which tracks how often terms appear in a large collection of print sources, shows Michigander has been used more frequently in print than Michiganian since around 1845.

Michigander has outperformed Michiganian in print for over 175 years.
Google NGram

No specific law designates the use of one term or the other, but the terms do appear in two Michigan laws.

The first is in the Older Michiganians Act, which was passed in 1981.

The second is tied to the Historical Markers Act. The original act, established in 1955, used the term Michigander, but an amendment to it in 2002 changed the term to Michiganian. In 2017, the act was updated and the moniker was changed back to Michigander.

Interestingly, the federal government, in the form of the U.S. Government Publishing Office’s Style Manual, specifies Michiganian as the correct term. This represents a change from Michiganite, which was the term specified in the Style Manual from 1945 to 2000, likely as a match to terms such as Wisconsinite.

It’s difficult to know the origins of Michigander prior to 1848, but Lincoln did likely coin the term Michigander as a blend of Michigan and gander, leading to the possibility for goose jokes and humor. While other states have unusual monikers – such as Hoosiers for Indiana – none involves an animal pun like gander.

The humorous aspect of Michigander is what likely keeps the articles, Reddit threads and friendly banter going.

In 1947, the American journalist and essayist H.L. Mencken wrote, “The chief objection to Michigander is that it inspires idiots to call a Michigan woman a Michigoose and a child a Michigosling, but the people of the State have got used to this …”

Funny or sexist?

Gander humor reigns when it comes to Michigander. But perhaps more importantly, Michigander provides a greater sense of belonging and identity than Michiganian, despite the fact that there are those who find Michiganian has more finesse.

That sense of identity is evident in the many pairings of Michigander with other charming things that are a part of living in Michigan, such as using your hand to show where in the mitten-shaped state you are from.

How Michiganders explain where they’re from.
(WT-en) TVerBeek at English Wikivoyage, CC BY-SA

Given that gander designates a male goose, Michigander does raise questions about sexism.

The rise in the use of Michiganian along with the fall of Michigander from the late 1970s to the early 2000s occurred alongside broader recognition of sexism in different realms of social life. It corresponds with a variety of changes to the terms people had been using, such as chairman, waitress and fireman. In 2024, it is unremarkable to refer instead to a chair or chairperson, a server, or a firefighter.

So, why hang on to Michigander?

Given that Whitmer is a proud and consistent user of Michigander, the most likely answer is that people from Michigan don’t feel the term is exclusionary. As a colleague of mine, a Michigan-raised feminist activist in her 60s, told me, “Do we not have real issues of sexism in the vernacular? I never heard anyone use any other term growing up.”

Michigan Gov. Gretchen Whitmer has no qualms with Michigander.
GIPHY News

Over the past several days, I’ve asked over two dozen people who were born and raised in Michigan what they call someone from Michigan. To a person, they have said Michigander. They range in age from 19-89, have different gender identities and racial affiliations, and have a wide range of professions and political orientations.

Only one had ever heard anyone referred to as a Michiganian, while a third had never heard the term Michiganian at all.

My results reflect other poll results about these terms. A clear majority choose Michigander.

When the people of Michigan say they are Michiganders, it’s odd to insist that they are Michiganians. And even those few, such as The Detroit News, who prefer Michiganian acknowledge that Michigander is more broadly preferred.

Ultimately the debate rests on whether it’s the people from Michigan or some other entity, such as the Government Publishing Office, that decides which term should be used. If we grant the people of Michigan the right to name themselves, the verdict is clear.

Robin Queen 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. Michiganders or Michiganians? A linguist explains why the answer is clear – https://theconversation.com/michiganders-or-michiganians-a-linguist-explains-why-the-answer-is-clear-241664

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Video: 10/16/24: Press Briefing by Press Secretary Karine Jean-Pierre

Source: United States of America – The White House (video statements)

The White House

https://www.youtube.com/watch?v=q7Uys-DlUNA

MIL OSI Video –

January 25, 2025

MIL-OSI Security: Defense News: Brothers Join Navy Nuclear Engineering Program

Source: United States Navy

LOVELAND, Colo. (Aug 28, 2024) — Brothers Jacob Wheeler, 17, and Mark Wheeler, 19, of Loveland enlisted in the U.S. Navy’s nuclear engineering program this summer through Navy Recruiting Station Fort Collins. The brothers joined the Delayed Entry Program within weeks of each other with Jacob enlisting in July and Mark in late August. While their parents are unaware that Mark has joined, the brothers plan to surprise them at graduation with help from their recruiter, Aviation Electronics Mate 2nd Class Erika Bravo.

The Wheeler brothers, born in Greeley and raised in nearby Kersey, come from a family rooted in hard work. Their father, an electrician, and their grandfather, a farmer, instilled in them a strong work ethic and an appreciation for hands-on skills. Jacob initially joined with plans to become a Navy SEAL and persuaded his brother Mark to enlist in the Navy’s nuclear engineering program, primarily for the educational benefits.
“I convinced him,” Jacob said, adding that the nuclear program offers not only strong pay but also the potential for a high-paying career after their service.Mark, who was not initially set on joining the Navy, became intrigued by the technical education offered through the nuclear program.
“They’ll teach me calculus, thermodynamics and nuclear physics,” he said. “That sounds fantastic!”

Both brothers are excited about the educational opportunities. While Mark admits he isn’t fond of traditional schooling, he looks forward to the fast-paced, targeted learning environment of the Navy.
“I don’t enjoy going to school,” Mark said, “but I love learning. This job is more about the knowledge than the pay for me.”

After completing boot camp at Recruit Training Command in Great Lakes, Illinois, the Wheeler brothers will attend Nuclear Power School in Charleston, South Carolina. The school, which lasts about two years, will train them to operate and maintain nuclear reactors aboard Navy submarines and aircraft carriers. Upon graduation, both Jacob and Mark will be promoted to E-4 and receive their contract bonuses.
Although both will attend Nuclear Power School, the brothers are unsure if they will be stationed together after training.

“There aren’t a lot of nukes in the Navy, so they need to spread us out,” Jacob said, though he remains hopeful they will attend school together, as he believes Mark would make a great tutor.
The brothers are slated to ship out in November, before Thanksgiving. Their cousin, who lives in Chicago, has already warned them about the harsh winter weather in the Great Lakes, but the brothers are eager to take on the challenge. Jacob is especially excited about life aboard a Navy vessel. “It sounds fun!” he said.

Looking beyond their service, Jacob is already considering his future.
“If I still need more money after the Navy, I’m sure there are many opportunities for nuclear engineers,” he said.

Jacob has long-term goals that include entrepreneurship and working with cars, while Mark is excited about the skills and experiences he’ll gain during his Navy career.
The brothers’ family is mostly supportive, though their older sister isn’t thrilled that her roommates will be leaving. The brothers, who live with their older sister, also have younger siblings who don’t live with them. They see their Navy service as a way to set a good example for their younger siblings and feel proud of the path they are taking.

Pets also play an important role in the Wheeler household. Mark’s cat, Katie, will stay with his fiancée while he’s away, while Jacob’s ball python and pit bull puppy will stay with family members until he completes his training. Both brothers are eager to reunite with their pets after graduating from Nuclear Power School.
The Wheeler brothers are confident their decision to join the Navy’s nuclear engineering program will open doors to exciting careers, both during and after their time in uniform. As they prepare to embark on this journey, they do so with pride and a strong sense of family legacy.

Navy Talent Acquisition Group Rocky Mountain encompasses Colorado, Wyoming, Utah and parts of Idaho, Nebraska and Kansas. It provides Navy recruiting services from more than 30 dispersed offices across the region.

MIL Security OSI –

January 25, 2025

MIL-OSI United Kingdom: Chancellor: “We will build a Britain where those who can work, will work”

Source: United Kingdom – Executive Government & Departments

Ahead of Budget later this week, the Chancellor pledges work and welfare overhaul so people who can work, do work.

£240 million Get Britain Working package to include work, skills and health support for disabled people and long-term sick.
Benefit reform to be accelerated from this autumn to give more people access to employment support.

Ahead of the Budget, the Chancellor has unveiled a £240 million cash-injection to accelerate the rollout of local services to help people back into work and drive down inactivity.

The intervention comes as stark figures show that the UK remains the only G7 country that has higher levels of economic inactivity now than before the pandemic, with 2.8 million people out of work due to long-term sickness, which is holding back productivity and stunting growth.

The funding is partly set to go towards boosting the rollout of Get Britain Working “trailblazers” in local areas, which will bring together and streamline work, health, and skills support to disabled people and those who are long term sick.

These trailblazers will focus on reaching people who are not normally in touch with the system, by enabling local areas to help them access existing support in skills, education, employment, or health but also testing new early interventions targeted at the specific barriers they are facing to work.

Recognising that poor health is a key driver of economic inactivity, these trailblazers will also ensure work and skills support is better integrated with the health service, to ensure people get the joined-up health and employment support they need to get back into work and stay in work.

The government will also work in close partnership with mayors to develop these trailblazers, to ensure these local services are tailored to meet the unique employment and inactivity challenges in different areas.

Benefit reform is also set to be accelerated this year, with 800,000 people on the old Employment and Support Allowance (ESA) benefit to be moved onto Universal Credit (UC) from this autumn instead of 2028.

This move will bring more people into a modern benefit regime, continuing to ensure they are supported to look for and move into work.

It comes ahead of the Get Britain Working White Paper – set to be unveiled later in the Autumn – which will set out the government’s ambitious plans for reform to break down barriers to work.

The reforms will be underpinned by an approach of high expectation and high support as well as a belief in mutual obligations: the responsibility to work if you can, backed up by proper support and real opportunities to get a decent job.

Chancellor of the Exchequer, Rachel Reeves said:

Due to years of economic neglect, the benefits bill is ballooning. We will build a Britain where people who can work, will work, turning the page on the recent rise in economic inactivity and decline and towards a future where people have good jobs and our benefits bill is under control.

Work and Pensions Secretary, Liz Kendall said:

Millions of people have been denied the opportunity to build a better life. This includes one-in-eight young people who have had their hopes of a brighter future dashed and written off before they’ve even begun.

Through our Get Britain Working plan, we will ensure every young person is supported to find earnings or learning, while our new jobs and careers service will transform opportunity for all, as we deliver the fundamental reforms needed to tackle spiralling inactivity, grow the economy, and take our first steps to our ambitious 80 per cent employment rate.

Unlocking barriers to work and tackling inactivity is at the heart of plans to improve living standards for everyone across the country and delivering on the central mission of driving growth.

By creating more good jobs through investment, reforming employment support, fixing our NHS, making work pay through our Employment Rights Bill, and devolving power out of Westminster as set out in our forthcoming English Devolution White Paper, we will ensure many more people can benefit from the dignity and purpose that comes with work.

These reforms will support more people into jobs alongside the Plan to Make Work Pay, that will make sure that those jobs provide security, a decent wage, and the genuine two-sided flexibility needed so people can thrive at work.

This plan is central to the Government’s efforts to repair the damage done to the economy, fix its foundations, and rebuild Britain so it becomes a country of growth, not decline.

Shevaun Haviland, Director General of the British Chambers of Commerce said:

The high number of working age people who are economically inactive is a real and daily concern to employers. Many firms are struggling to fill job vacancies, and this is constraining their operations and profitability.

We welcome further cash investment into tackling economic activity. Businesses will be pleased to hear about plans to improve skills, health and employment support for people who want to work – alongside support for young people to start and build their careers.

It’s important these changes are delivered quickly to help firms develop thriving workforces, so they can grow and invest further in the years to come.

Published 28 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Could you provide an opportunity for a young person leaving care?

Source: City of Plymouth

Could you help change the life chances of a young person leaving care? If so, the Council would love to hear from you.

We are asking businesses to consider offering a job opportunity to a care leaver. Compared with other young people locally, care leavers are around nine times more likely to not be in education, training or employment when they enter adulthood.

Councillor Jemima Laing, Deputy Leader of the Council and Cabinet Member for Children’s Social Care, said; “Care leavers are our city’s young people, and we need to work together as a city to ensure they have a successful future.

“Care leavers face significant challenges over and above those normally experienced by our children and young people, but with the right support they can succeed in managing the move to independent living and a career. Supportive employers can play a vital part in ensuring they have the same opportunities in life as other young people.

“Over the last five years, on average we have 180 young people leaving care in Plymouth every year.

“We are very keen to hear from local employers who are willing to give our care leavers a chance, who can offer an apprenticeship, or a work placement for a vulnerable child trying to navigate the difficult path of leaving care and moving to independent living. We are asking for your help to ensure that our care leavers get the same opportunities in life as other young people.

“Offering a care leaver a job opportunity will give businesses a chance to invest in young people who have bright ideas and shows that they are a supportive organisation willing to give young people a chance at starting a career.”

If you are thinking of offering an apprenticeship, the government offers a bursary which is paid to the apprenticed care leaver after they have maintained their apprenticeship for 60 days. The bursary aims to support care leavers as they move from care into independent living and work.

The Council has developed a free pastoral leadership programme through On Course South West, for managers and employers that employ care experienced young people. These programmes can be personalised for your business with flexible delivery options. The flexible programme includes short courses on safeguarding, trauma informed practice and mental health awareness, visit: On Course South West

As an approved apprenticeship training provider, the Council can offer support to businesses to develop an apprenticeship or supported apprenticeship programme, contact apprenticeships@plymouth.gov.uk for more information.

For more information, visit: Care leavers | PLYMOUTH.GOV.UK

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Calling on garden waste customers in Plympton!!

Source: City of Plymouth

Unfortunately, due to internal issues we are unable to pick up garden waste collections in the Plympton Erle and Plympton Chaddlewood area tomorrow (Tuesday 29 October).

But don’t worry – collections have been rescheduled for Friday!

We are sorry for the inconvenience.

See the below list of roads that are impacted:

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: First UK survey on sensory loss begins this month

Source: Anglia Ruskin University

Published: 28 October 2024 at 11:36

Project to provide robust data on vision and hearing loss starts in Cambridgeshire

For the first time, robust data on the sensory health of the nation will be collected thanks to a study beginning this month in Cambridgeshire and Peterborough.

The UK does not have an accurate set of data on vision and hearing loss, resulting in a lack of evidence to inform health policies and programmes, and is falling behind nations such as Trinidad and Tobago, Australia, USA, Nepal and Bangladesh that all have national sensory loss studies. It is estimated that 50% of all sight loss is avoidable.

The UK National Eye Health and Hearing Study (UKNEHS) is a collaboration between sensory loss charities, Anglia Ruskin University (ARU), leading eye and hearing care professionals and the public sector to record accurate data on vision and hearing health to give confidence to the NHS and policymakers when making vital decisions that affect people’s health.

This NHS research study has received charitable and National Institute for Health and Care Research (NIHR) support funding to operate an initial study in Cambridgeshire and Peterborough that will see UKNEHS medical professionals visit households in randomly selected postcodes from late October this year until February 2025. The visits are first to introduce the study and then to invite those aged 50 years and older for a free local specialist eye and hearing assessment.

The area has been chosen for its diverse population, rural and urban areas, and wide range of socio-economic factors.

It is hoped that this initial study will lead to further funding for a UK-wide study that will, for the first time, give an accurate picture of the nation’s sensory health.

Rupert Bourne, Professor of Ophthalmology at Anglia Ruskin University and Chief Investigator for the UKNEHS, said:

“Hearing impairment costs the UK an estimated £30 billion each year and visual impairment, including sight loss and blindness, £28 billion.

“Despite these huge costs, the datasets currently used in the UK are of limited value, due to a reliance on international data, or UK data samples that are either very small scale, or not generalisable to the population as a whole. There is subsequently no robust evidence-base upon which to design a prevention strategy or plan services for the future that meet the population’s needs”.

“Our study aims to enable healthcare professionals and policy makers to understand why people are losing their sight and hearing due to preventable causes so they can target the right preventions, treatment, and public health services, providing support to people who really need it.”

Phase one of the study has seen UKNEHS teams visit care homes in the area to survey the sensory health of residents. On one of these visits, Mayor of Cambridgeshire and Peterborough Dr Nik Johnson observed teams carrying out their work.

Dr Johnson said:

“Having already seen what’s happened at local nursing homes in terms of the screening, it’s fantastic news that out and about in the near future there will be teams visiting different areas of the county, and local people in the community will have the opportunity to get involved in this study.

“I’d really encourage people to take part and have their hearing and eyes checked.”

Phase two of the study will involve the UKNEHS teams visiting 750 randomly chosen households in Cambridgeshire and Peterborough. Those who receive an invitation are encouraged to take part in this important national project whatever their vision or hearing status, including those who may be regularly seen by eye or hearing services. It is estimated that 1 out of every 5 people aged 50 plus have impaired eyesight or an eye disease that goes undetected.

The UKNEHS has been developed by Anglia Ruskin University’s Vision and Eye Research Institute in cooperation with the College of Optometrists, the Thomas Pocklington Trust and a number of other partner organisations across the eye health and hearing sector.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI China: Xi stresses building China into cultural powerhouse by 2035

Source: China State Council Information Office 2

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Monday emphasized focusing efforts to build the country into a powerhouse in culture by 2035.
Xi made the remarks while presiding over a group study session of the Political Bureau of the CPC Central Committee.
He stressed continuously developing a socialist culture with Chinese characteristics for the new era.

MIL OSI China News –

January 25, 2025

MIL-OSI Asia-Pac: Chris Sun views worksite safety

Source: Hong Kong Information Services

Secretary for Labour & Welfare Chris Sun today visited a construction site to call on contractors, employers and workers to pay attention to safety and health at work in confined spaces.

The revised Code of Practice for Safety & Health at Work in Confined Spaces (CoP) published by the Labour Department earlier will take effect on November 30.

Mr Sun said the Government has been encouraging the industry to provide a safer working environment, including wider adoption of the Smart Site Safety System in the construction industry.

“Advanced technology and equipment will be applied to transmit video recordings taken at the entrance and exit of confined space worksites as well as continuous air-monitoring results inside the confined spaces through a central management platform, enabling the management to perform real-time safety monitoring and maintain proper records.

“The system also helps to initiate evacuation and rescue procedures promptly in case of emergency to further improve occupational safety and health (OSH) in confined space work.”

The department pointed out that the revised CoP provides proprietors, contractors, competent persons and certified workers engaged in confined spaces work with practical guidance and technical information.

The CoP also imposes stricter requirements on proprietors and/or contractors to adopt technology to record videos at the entrance and exit of the confined space throughout the entire work period to monitor relevant personnel’s compliance with the safety precautions.

The department will continue to conduct surprise inspections from time to time of workplaces carrying out confined space work, and check relevant work processes and equipment to ensure that workers’ OSH is safeguarded.

If any violations of the OSH legislation are detected, stringent enforcement actions will be taken immediately without prior warning.

The labour chief called on proprietors and contractors of confined space work to observe the revised CoP’s provisions, take adequate safety measures and strengthen supervision to prevent accidents.

Workers also must raise their safety awareness and remain vigilant at all times, Mr Sun said, reiterating that the Government has long adopted the combination of legislation and enforcement, education and training, and publicity and promotion in striving to ensure workplace safety.

He stressed that employers and employees also have the shared responsibility to help ensure OSH.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: Correction: cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-30%

Source: GlobeNewswire (MIL-OSI)

Company Announcement no. 10/2024

cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-30%

Copenhagen, November 28, 2024

cBrain (NASDAQ: CBRAIN) is executing its international growth plan with a financial goal of reaching total revenue of 350 million DKK in 2025. This goal is anchored in two primary revenue streams, referred to as “Base” and “Stepping stones”.

The “Base” stream aims to achieve annual revenue growth of 10-15% by strengthening and expanding existing operations and customer relationships. In parallel, the “Stepping Stones” initiative aims to lift annual revenue growth to 30%, by increasing contract values and winning larger international contracts.

cBrain continues to execute its growth strategy, building a robust pipeline of major opportunities. This is facilitated by a growing number of international pilot projects that set the stage for significant “Stepping Stones” achievements.

In early 2024, cBrain anticipated some of these opportunities, particularly in Germany and the U.S., to yield significant revenue in the second half of the year. cBrain remains highly active in these pursuits and has added further opportunities during the year.

However, not unusually with larger government procurement, delays in decision making mean that cBrain estimates less than a 50% likelihood of substantial revenue from larger international projects materializing in Q4. Consequently, cBrain adjusts its 2024 revenue growth forecast to 10-15%, down from the initial estimate of 20-25%.

In alignment with business planning, cBrain has earmarked financial investments to support “Stepping Stones” projects in Germany and the U.S. Since these projects have not yet materialized, these reserved funds have not been deployed. This provides a positive impact on earnings. cBrain, therefore, maintains its EBT (Earnings Before Tax) guidance at 24-30%.

—

Larger international projects are often structured so that F2 standard software licenses form the majority of the contract value. Due to financial standards for software revenue recognition, larger international orders may, as a result, introduce greater variability in revenue patterns over time.

As cBrain is currently pursuing global opportunities across the USA, Europe, Africa, the UAE, and India, some of these opportunities may still materialize during the fourth quarter, with a positive affect on this year’s revenue.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Company Announcement may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachment

Company Announcement no. 2024-10 (forecast of delayed international project)

The MIL Network –

January 25, 2025

MIL-OSI: Array Acquires Payitoff to Strengthen its Intelligent Debt Management Offerings

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Money 20/20 Conference – Array, a leading embedded consumer products platform, announced the acquisition of Payitoff, a pioneer in embedded debt guidance solutions. This acquisition fortifies Array’s position as the industry leader in intelligent debt management solutions, empowering financial institutions, fintechs, and digital brands with seamless, no-code debt management tools that improve consumer outcomes, accelerate growth efforts, and unlock new revenue streams.

Payitoff was founded by Bobby Matson, who created the company out of a personal need to manage his family’s student loans and other debt in order to buy a home. His team first launched student loan management before broadening its offerings to encompass a comprehensive suite of debt management tools. These user-friendly, embeddable tools seamlessly integrate into digital platforms without the need for complex coding, empowering financial institutions, fintechs, and digital brands to elevate their consumers’ financial experiences.

The company has gained significant market traction, including wins with Earnest, EarnUp, Greenpath, LendKey, Splash Financial, and U.S. Bank, resulting in over 200,000 loans managed by Payitoff with a combined value of over $1.5 billion. These companies value the ability to add debt management features into their digital experience without the need to build the product themselves.

Consumers can quickly link their debt accounts, explore repayment options, choose the most suitable plan, and apply—all within a few minutes. For student loans, a recent analysis found that users can save an average of $323 per month* that can be invested in other ways.

“Financial institutions and other providers of financial products in digital experiences realize that helping their consumers better understand and manage their debt is a powerful way to increase deposits, revenue, and brand loyalty,” said Martin Toha, Founder and CEO of Array. “We acquired Payitoff because our companies have a shared vision to provide seamless, embeddable products that fuel financial progress. This provides our clients with the best of all worlds: bringing valuable products to market faster without additional resources and overhead.”

“The opportunity for impact between Array and Payitoff is massive,” said Bobby Matson, CEO of Payitoff. “Student loan payments resumed a year ago, and with delinquencies starting to impact borrowers’ credit this month, the timing of this acquisition couldn’t be more critical. Array’s reach, combined with our debt management tools, will empower financial institutions and fintechs to help their consumers manage debt and save thousands—all with a seamless integration.”

Payitoff Expands Array’s Private-Label Offerings
The Array platform helps companies drive engagement and revenue by monetizing traffic private-labeled financial, identity and privacy protection products that build brand loyalty with users and help them take control of their financial lives. These products include:

My Credit Manager helps consumers view, understand, and manage their credit information. They can receive score change alerts, interact with a score simulator, and view credit score factors and debt analysis components.
Identity Protect includes identity monitoring, insurance, and restoration services that help keep users safe from fraud. It also features dark web monitoring, alerts, and identity theft restoration services.
Privacy Protect offers consumers the most effective data removal – more than 200 million records to date and assisting more than 4 million individuals.
Subscription Manager is an embeddable, private-label app that helps financial institutions, fintechs, and digital brands attract and retain consumers by providing insight into and control over recurring payments.
BuildCredit Rent helps consumers build credit or establish credit history when they opt to share their rent payments with a credit bureau.

*Represents actual average savings of borrowers who linked their account with Payitoff and qualified for a federal repayment plan. The sample is based on an aggregated set of data representing over $1.5 billion in loan volume across 215,000+ loans on the Payitoff platform.

About Array
Array fuels financial progress for many of the world’s leading fintechs, financial institutions, and digital brands with a suite of private-label fintech solutions that can be easily embedded. Array drives engagement and revenue for clients by helping them stand out in a crowded market and forge deeper relationships with their customers. More than a suite of products, we’re building a platform to help consumers own their financial future. Array was founded in 2020 by Martin Toha and its investors include Battery Ventures, General Catalyst, and Nyca Partners. To learn more visit www.array.com.

Media Contacts

Kurt Foeller, Array
press@array.com

The MIL Network –

January 25, 2025

MIL-OSI: Ormat Commences Commercial Operation of Bottleneck Storage Facility in California, Delivering 80MW/320MWh of Energy Storage Capacity

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., Oct. 28, 2024 (GLOBE NEWSWIRE) — Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, announces the successful commencement of commercial operations for its largest energy storage facility, the Bottleneck project. This 80MW/320MWh Battery Energy Storage System (BESS), located in the Central Valley of California, will provide energy, capacity, and ancillary services to San Diego Gas & Electric (SDG&E) under a 15-year Power Purchase Agreement (also known as a Tolling Agreement) signed in 2022.

The Bottleneck project is expected to be eligible for a 40% Investment Tax Credit, which the Company plans to monetize by the end of the year. The project represents Ormat’s continued commitment to strategically growing its Energy Storage segment in the key California energy market.

Doron Blachar, CEO of Ormat Technologies, stated, “We are happy to announce the commencement of operations at Ormat’s Bottleneck Battery Storage Facility. This milestone reflects our dedication to expanding our energy storage portfolio in strategic U.S. markets while improving our profitability. With the addition of Bottleneck, we now operate 270MW/638MWh of storage projects and we have six additional projects currently under construction with a total capacity of 355MW/920MWh, demonstrating our strong development capabilities and commitment to achieving our 950MW-1050MW/2.5GWh-2.9GWh 2028 portfolio capacity target.”

Blachar continued, “The addition of the Bottleneck project, supported by a 15-year PPA, brings long-term contracted revenues with improved margins to our Storage segment. We look forward to continuing to support the state of California with our premium renewable power generation and energy storage solutions as the state continues to advance towards its clean energy goals.”

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,500MW with a 1,230MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 270MW energy storage portfolio that is located in the U.S.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.com

Investor Relations Agency Contact:
Alec Steinberg or Joseph Caminiti
Alpha IR Group
312-445-2870
ORA@alpha-ir.com

The MIL Network –

January 25, 2025

MIL-OSI Economics: Samsung TV Plus Hits 88 Million Monthly Active Users

Source: Samsung

As streaming expands consumer options and access to premium content, Samsung TV Plus, Samsung’s free ad-supported TV (FAST) and on-demand (AVOD) service, has seen remarkable growth. Now with 88 million monthly active users and an over 50% increase in global viewership YoY, Samsung TV Plus’ audience scale and engagement make it the #1 app in the U.S. on the #1 TV brand.
The service’s rapid expansion has been fueled by its core U.S. user base of Gen Zers, Millennials, and Gen Xers, who over-index in the key advertising 18-49 demographic. Samsung TV Plus continues to strengthen its global presence with recent launches in Singapore and the Philippines, and is soon to launch in Thailand, expanding its availability to 30 territories worldwide.
As viewers grow wary of rising subscription prices and continue to pour into free alternatives, major publishers and content owners have embraced the opportunities in FAST and AVOD. Samsung TV Plus has become a key pillar in the distribution strategies of many of the world’s most established media companies, sports leagues, independent studios, and creators.

With a wealth of free premium content, Samsung TV Plus has carved out a unique offering across a wide array of genres with more than 3,000 channels and tens of thousands of on-demand options that keep audiences coming back. The service’s viewership growth is propelled by increased consumption across both linear and AVOD, with on-demand viewing surging more than 400% YoY globally, and making it an even more powerful engine for audience engagement.
“The success of Samsung TV Plus reflects our commitment to delivering a superior user experience with high-quality content that resonates with consumers. When we embarked on this ambitious journey, our vision was to offer a premium streaming alternative that was both simple to use and free. The strategic bets we made nearly a decade ago have established a strong foundation for a service now enjoyed by 88 million streamers each month, and the path ahead is bright and promises continued growth well into the future,” said Salek Brodsky, Senior Vice President & General Manager at Samsung TV Plus.

For advertisers, Samsung TV Plus brings together curated fan-favorite content with the sophisticated audience targeting and full-funnel performance marketing and measurement capabilities of digital. In addition to over-indexing in the 18-49 demographic, Samsung TV Plus also over-indexes on primetime and late-night viewing in the U.S. Samsung Ads offers several innovative ad solutions on Samsung TV Plus, ranging from Contextual Audience Collectives around top-performing content genres to interactive shoppable ad and gaming experiences designed to drive outcomes.
“As the ad-supported streaming ecosystem continues to surge in popularity, Samsung TV Plus has emerged as a clear favorite among viewers across key demographics, with advertisers in prime verticals already leveraging its immense opportunity,” said Michael Scott, Vice President, Head of Ad Sales & Operations, Samsung Ads. “With today’s announcement, it’s evident that our viewers continue to be super leaned in and engaged, choosing to return time and time again. For advertisers looking to drive outcomes and prove results, Samsung TV Plus brings together the best of TV and streaming to offer an effective and measurable performance-driven solution.”

MIL OSI Economics –

January 25, 2025

MIL-OSI United Kingdom: Pavement Parking Ban to be enforced from January 2025

Source: Scotland – City of Perth

This initiative is part of a broader effort to enhance pedestrian safety and prevent damage to pavements.

The Transport (Scotland) Act 2019 prohibits pavement parking, double parking, and parking across dropped kerbs.

A national campaign has been underway to raise awareness of these new regulations. The law aims to improve the safety of pedestrians, particularly those with mobility issues, visual impairments, and parents or carers with pushchairs.

Additionally, pavements are not designed to bear the weight of vehicles, and persistent parking can cause significant damage.

Local authorities now have the power to enforce this law and issue fines through Penalty Charge Notices (PCNs) of £100, reduced to £50 if paid within 14 days.

Perth and Kinross Council will begin enforcing these new rules on January 6, 2025. However, advisory notices are now being issued to educate the public about the new legislation.

Councillor Eric Drysdale, convener of Perth and Kinross Council Economy and Infrastructure Committee said: “Vehicles parked on pavements stop people from walking safely down streets and can be particularly hazardous for people with disabilities or those pushing prams or buggies, especially if they are forced onto the road to get by.

“They can also cause damage to pavements, causing a trip hazard and are expensive to repair.

“Councils have been able to enforce the ban on pavement parking since last year. We’ve reviewed around 2,000 streets in Perth and Kinross and will be focusing our efforts on those area where we know it is a particular problem for residents.

“But our hope is that people will be aware of the new rules and will park appropriately and safely so there is little need to issue fines.”

Cindy Godfey-McKay, chair of the Centre for Inclusive Living in Perth, said: “Pavement parking is a complex problem that can cause real problems for pedestrians, but particularly for wheelchair users, people with mobility or visual impairments and those with prams or buggies.

“The difficulty for me, being registered blind, with approximately 15% residual vision, and regularly using a wheelchair, due to rheumatoid arthritis, is that if there is a vehicle is on the pavement, I don’t see it until the last minute, then I have the difficulty of knowing where the next drop kerb is, to go down and around the vehicle.

“This could mean me having to go along the road for quite a distance, as I can’t see where the drop kerb is to go back up onto the pavement, after the vehicle. This is a very difficult and dangerous thing to have to do.”

Certain exceptions to the ban are permitted under the Act. These include:

Police, ambulance, Scottish Fire and Rescue Services, HM Coastguard, or naval or air force purposes.
Roadworks, removal of traffic obstructions, waste collection by local authorities, or postal services.
Urgent or emergency health care by registered medical practitioners, nurses, or midwives.
Assistance at an accident or breakdown.
Delivering or collecting goods, provided the vehicle is parked for no longer than necessary (up to 20 minutes).

Incorrect parking on footways, double parking, and parking at dropped crossings can be reported using the My PKC service. While every report will be reviewed, the Council may not always be able to attend every street where incorrect parking is reported

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Canada: Parks Canada commemorates Construction of Prince Edward Island Railway as National Historic Event Historic Sites and Monuments Board of Canada plaque unveiled in Charlottetown at Founders’ Hall

Source: Government of Canada News (2)

Parks Canada commemorates Construction of Prince Edward Island Railway as National Historic Event

October 28, 2024 Charlottetown, Prince Edward Island Parks Canada

Today, Sean Casey, Member of Parliament for Charlottetown, on behalf of the Honourable Steven Guilbeault, Minister of Environment and Climate Change and Minister responsible for Parks Canada, and the Historic Sites and Monuments Board of Canada (HSMBC), unveiled a plaque highlighting the Construction of the Prince Edward Island Railway as a National Historic Event at Founders’ Hall in Charlottetown. Harry Holman, the HSMBC board member representing Prince Edward Island, was joined by Sean Casey and representatives of PEI’s tourism and heritage communities, to celebrate the designation and reflect upon this significant event that led to Prince Edward Island becoming a part of Canada.

The construction of the Prince Edward Island Railway between 1871 and 1875 created a transportation link across the Island that stimulated employment and generated economic and commercial opportunities. The construction project quickly exceeded its budget, however, and this led to Prince Edward Island joining Confederation on 1 July 1873, with Canada assuming the Island’s railway debt as part of the agreement. The Island had originally hosted the 1864 Charlottetown Conference which resulted in the British North American colonies of New Brunswick, Nova Scotia, and the Province of Canada (now Ontario and Quebec) joining to form the Dominion of Canada on 1 July 1867, but Prince Edward Island had not joined Confederation in the original union.

The Government of Canada, through Parks Canada and the Historic Sites and Monuments Board of Canada, recognizes significant persons, places, and events that shaped our country as one way of helping Canadians connect with their past. The designation process under Parks Canada’s National Program of Historical Commemoration is largely driven by public nominations. To date, more than 2,260 designations have been made nationwide.

National historic designations illustrate the defining moments in the story of Canada. Together, they tell the stories of who we are and connect us to our past, enriching our understanding of ourselves, each other, and our country. Heritage places provide a wide range of cultural, social, economic, and environmental benefits to their communities.

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Hermine Landry
Press Secretary
Office of the Minister of Environment and Climate Change
873-455-3714
hermine.landry@ec.gc.ca

MIL OSI Canada News –

January 25, 2025

MIL-OSI Canada: Opportunity for media to see future Canadian lunar rover

Source: Government of Canada News

Media advisory

Longueuil, Quebec, October 28, 2024 — On October 30, 2024, media are invited to attend a demonstration of the future Canadian lunar rover. The event will take place from 6:15 to 7:15 p.m. ET on the analogue terrain outside the Canadian Space Agency’s (CSA‘s) John H. Chapman Space Centre.

The rover will undergo operational tests on an obstacle course, on a surface and in light conditions that replicate the Moon’s south pole. Media are welcome to take photos and videos during the demonstration. Representatives from the CSA and Canadensys will be available to answer questions.

Media are expected to arrive by 6:00 p.m. ET. Spots are limited: interested parties are required to register with the Media Relations Office. The event will proceed if weather conditions are favourable; registered media will receive confirmation on the day itself.

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Contact information

Canadian Space Agency
Media Relations Office
Telephone: 450-926-4370
Email: asc.medias-media.csa@asc-csa.gc.ca
Website: www.asc-csa.gc.ca
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MIL OSI Canada News –

January 25, 2025

MIL-OSI NGOs: Ecuador: One year into his term, president Noboa must avoid abuses and opacity in security policies

Source: Amnesty International –

On the eve of President Daniel Noboa’s first year in office, the evidence suggests that human rights have suffered under the current administration, Amnesty International said today in a briefing detailing its concerns, ahead of the UN Human Rights Committee’s review of Ecuador, which begins today in Geneva.

In the face of rising violence, the President has opted for a hardline approach to security policies, labelling drug-trafficking organizations as “terrorists”, declaring an “internal armed conflict”, and continuously renewing states of emergency, as part of the so-called “Plan Fenix.” Amnesty International is concerned about allegations of human rights violations committed in this context, including thousands of arrests with little evidence of due process, torture and other ill-treatment inside prisons, and extrajudicial executions and enforced disappearances, allegedly committed by the armed forces during security operations. These operations have been conducted with opacity, and human rights defenders denouncing violations have faced stigmatization by high-level authorities, including the president.

“Exceptional powers restricting human rights that were intended as temporary have become the new norm in Ecuador, and the negative impact has become clear. People in Ecuador deserve to live in safety without having to give up their human rights,” said Ana Piquer, Americas director at Amnesty International. “The international community has a key role in demanding transparency and accountability of Ecuadorian authorities, and the time to do so is now. The United States, which provides significant funding to Ecuador, must ensure that security assistance is not used to undermine human rights.”

Exceptional powers restricting human rights that were intended as temporary have become the new norm in Ecuador, and the negative impact has become clear. People in Ecuador deserve to live in safety without having to give up their human rights. The international community has a key role in demanding transparency and accountability of Ecuadorian authorities, and the time to do so is now.

Ana Piquer, Americas director at Amnesty International.

MIL OSI NGO –

January 25, 2025

MIL-OSI Global: Why donors should ask local communities what matters to them while deciding what success looks like

Source: The Conversation – USA – By Erin K. McFee, Professor of Practice of Climate Security, National Defense University

Members of the Leonor Cuadras cooperative sort nursery-grown oysters in La Reforma, Mexico, in December 2023. Jonathan Röders, CC BY-ND

Have you ever asked a teacher whether something will be on an upcoming test to decide whether to closely pay attention to a particular lesson? Taken the long way back from a lunch break to get enough exercise to meet a goal monitored by a fitness app? Logged on to a virtual meeting to be seen showing up, even as you worked on other tasks?

It’s human nature to adapt your behavior to meet evaluation criteria – even when meeting those targets comes at the expense of attaining more meaningful goals. Most donors, whether they are governments providing foreign aid, foundations making grants or individual people who give nonprofits money, expect or demand reports on what was accomplished with their funding. And what is measured for that purpose and how it’s measured tend to shape entire programs – often missing the mark on what truly matters to the communities involved.

While spending years conducting fieldwork everywhere from Colombia to the Kenya-Uganda border as a political anthropologist and a political scientist, we’ve witnessed firsthand the absurdities of the bureaucratic hoops people must jump through to access vital aid. We’ve watched both genuine efforts to abide by the guidelines donors set and the cynical exploitation of them. We have also spent years engaged in international development efforts, both with and through nonprofits that sought to resolve some of the world’s most intractable problems.

There’s a glaring and crucial question we’ve rarely heard asked when projects are being designed: What does success look like to the people meant to benefit from development funding?

Promoting environmental sustainability

We conducted an exploratory field study in La Reforma, a small coastal town located in the Mexican state of Sinaloa.

We focused on the Leonor Cuadras Oyster Aquaculture Cooperative, a locally led initiative supported by the seafood company Marine Edén and SUCEDE, a Mexican nongovernmental organization that’s dedicated to promoting individual, social and environmental well-being in La Reforma and other nearby communities.

This particular project sought to create jobs for women in La Reforma, while promoting environmental sustainability through oyster farming. The cooperative’s objectives included empowering women, fostering collective work and contributing to local environmental restoration by improving water quality through oyster filtration. Traditional metrics for projects like this would tally labor hours, harvest size and jobs created – all important but incomplete insights into the whole story.

Our study was unusual because it was designed as an exploratory effort to help shape future metrics in a participatory manner. We sought to understand the cooperative’s internal dynamics and challenges so we could create metrics that reflected what the cooperative members wanted and needed.

After several weeks of fieldwork, multiple focus group discussions and eight interviews with people involved in the cooperative in the last quarter of 2023, we found that success is not solely defined by the number of oysters they produce or the dollar signs next to their names in a report submitted to donors.

In their view, success is framed around dignity, gender equity and the well-being of their families and the environment. We also learned that their work together had increased a sense of collective commitment to the project and each other.

Measuring success in terms that make sense to locals

Most donors love numbers. They want to know how many people attended an event, how much money was spent, how many widgets were produced. But while such outcomes are easily measurable, they are not always meaningful.

In La Reforma, the women who belong to the Leonor Cuadras cooperative told us that they define success differently. Their primary goal isn’t just to grow oysters. They see their co-op as a tool for social transformation, not just a source of income.

One woman we’ll call Aurelia to protect her anonymity proudly shared that working with the cooperative has proved that “we can do things on par with men.”

Julia, another cooperative member, put it this way: “We are not just working for ourselves – we are working for the future of our families and our community.”

This version of success includes improving their family’s prospects and safeguarding their marine environment for future generations. As the oysters they grow naturally filter and clean the bay’s waters, so too does their collaborative work improve the social fabric of this violence-affected community in ways that won’t show up on a balance sheet.

Finding participatory approaches

When donors impose their own frameworks and set their own goals for the projects they fund, they usually miss what truly defines success for local communities. In La Reforma, the women are acquiring technical skills related to oyster farming, but they seem to see more value in the empowerment that comes with leading a project that reflects their realities and needs.

If the cooperative’s donors had chosen to focus on traditional production metrics, such as the number of participants, the scale of the harvest and the hours of labor involved, they would have surely overlooked the deeper social shifts, such as women’s leadership in a male-dominated profession or a greater commitment to collective well-being.

What if, instead of dictating outcomes from the start, donors worked collaboratively with communities to define success? The cooperative’s members want independence. They hope that someday they will run their own oyster farms or support other aquaculture initiatives. These are aspirations that don’t fit into traditional donor checkboxes. But that kind of approach is critical for the project’s sustainability.

Some donors and development agencies are beginning to integrate this approach. For example, the International Organization for Migration consults with community members when writing performance reviews. Some donors have embraced an approach called trust-based philanthropy, which largely removes reporting burdens altogether. They focus instead on collaborative relationships with their grantees.

What is measured matters. It can shape the goals and the limits of projects long before a single dollar is spent.

Setting goals that are more relevant to local conditions requires a radical shift in how development projects are designed and evaluated. Rather than imposing predetermined outcomes, we believe that it is crucial to ask of the communities and individuals on the ground: What does success look like to you?

Erin McFee is the founder and president of the Corioli Institute, which conducted this study. The research for this article was funded by the UK Research and Innovation Future Leader Fellows Program. The views expressed in this article are those of the author and do not reflect official policies or positions of the National Defense University, the Department of Defense or the U. S. government.

Jonathan Röders is Director of Projects & Programs at the Corioli Institute, which conducted this study. His contribution to this research was funded by UK Research and Innovation.

– ref. Why donors should ask local communities what matters to them while deciding what success looks like – https://theconversation.com/why-donors-should-ask-local-communities-what-matters-to-them-while-deciding-what-success-looks-like-241196

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: US math teachers view student performance differently based on race and gender

Source: The Conversation – USA – By Yasemin Copur-Gencturk, Associate Professor of Education, University of Southern California

Teachers hold different views on why girls are good at math than they do for boys. Maskot via Getty Images

Teachers report thinking that if girls do better in math than boys, it is probably because of their innate ability and effort. But they also report that when boys do well in math, it is more likely due to parental support and society’s higher expectations for their success.

That’s what we discovered from 400 elementary and middle school math teachers we surveyed across the country for our new study. The purpose of the study was to learn more about how teachers explain students’ success and failure in math.

We found that the variation in views among educators is not limited to the gender of students. Teachers also hold contrasting views about math performance when it comes to students’ race and ethnicity, our study found.

More specifically, we found that when Black and Hispanic students outperform Asian and white students, teachers are more likely to think it’s because of effort and differences in their cognitive abilities. In contrast, when Asian and white students outperform others, teachers attribute it to the support and expectations of others, such as from parents and society as well as cultural differences that value math learning.

To reach these conclusions, we conducted an experiment. In the experiment, teachers were first asked to help us by reviewing student responses to items on a math test we were developing. After they rated the student responses, we randomly assigned teachers to conditions telling them that one group – either boys or girls, Black and Hispanic or Asian and white – performed better on this test. Then, we asked the teachers to rate their agreement with a set of potential explanations for the disparity. These potential explanations included statements such as, “Boys often pay more attention and follow directions in class compared with girls.”

After teachers had rated their agreement with these explanations, we asked them about their personal beliefs and experiences with gender and racial discrimination in math classrooms. We analyzed how these beliefs related to their explanations of performance differences.

We found that teachers were more likely to attribute the success of girls and Black and Hispanic students to internal factors, such as ability and effort, whereas they were more likely to attribute boys’ and Asian and white students’ success to external factors, such as parental involvement and cultural differences.

We also observed that teachers who reported personally experiencing racial discrimination in math classrooms when they were students were more likely to agree that ability was responsible for Black and Hispanic students’ higher performance.

Why it matters

How teachers explain student performance can affect their expectations of students. It can also affect how they teach and how they emotionally respond to student needs.

For example, research has shown that when teachers attribute students’ failure to a lack of effort, they tend to maintain higher expectations of students and encourage them to expend more effort next time. When they attribute student failure to a lack of ability, however, evidence shows that teachers are more likely to lower their expectations and express more pity. Lowered expectations and feelings of pity can be internalized by students. This can in turn lead them to assume that they have low ability and expect to fail more often in the future.

Findings from our study show that teachers tend to explain students’ failures and successes differently based on which social group performed better than another. Sometimes, these attributions were consistent with stereotypes, such as attributing the higher performance of white and Asian students to their parents and culture.

What still isn’t known

Our research, along with that of others, shows that implicit biases exist in math classrooms. These biases influence how teachers view students’ abilities and explain their performance. However, most existing anti-bias training interventions are not very effective.

Researchers need to develop new types of training to combat these biases in math classrooms, which could help improve teaching and reduce cognitive and emotional burdens that students experience.

Yasemin Copur-Gencturk receives funding from the NSF, IES, and Herman & Raseij Math Initiative.

Ian Thacker receives funding from the Spencer Foundation and the U.S. Department of Agriculture, National Institute of Food and Agriculture.

Joseph Cimpian receives funding from the Institute of Education Sciences, the National Science Foundation, and the Spencer Foundation.

– ref. US math teachers view student performance differently based on race and gender – https://theconversation.com/us-math-teachers-view-student-performance-differently-based-on-race-and-gender-241418

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Why do we use gasoline for small vehicles and diesel fuel for big vehicles?

Source: The Conversation – USA – By Michael Leamy, Woodruff Endowed Professor of Mechanical Engineering, Georgia Institute of Technology

Green pump for diesel, blue for gas – but what’s the difference? Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.

Why do we use gasoline for small vehicles and diesel fuel for big vehicles? – Methdini, age 15, Sri Lanka

Gasoline fuels most light-duty vehicles, such as passenger cars and pickup trucks. Heavy-duty vehicles, like buses, delivery trucks and long-haul tractor-trailers, typically run on diesel.

Both fuel types are needed because gasoline and diesel engines have different strengths. As my automotive engineering students learn, this makes them suitable for different uses.

Let’s start with what they have in common. Gas and diesel engines both work through a process called internal combustion.

First, they mix fuel with air because the fuel needs oxygen from the air to burn.
Next, they compress the fuel-air mixture, which makes the mixture hot enough to burn.
Then the engine burns the mix of fuel and air, releasing heat. This creates high pressure, which moves internal parts that make the car move.
Finally, the car releases spent combustion gases to the atmosphere through its tailpipe. These gases contain pollutants, such as carbon monoxide, nitrogen oxides and unburned fuel, that are harmful to human health, as well as carbon dioxide, which warms Earth’s atmosphere.

How a gas-powered internal combustion engine converts chemical energy in gasoline into kinetic energy that makes the car move.

Different engines for different jobs

Gasoline and diesel fuel are both made from crude oil, a fossil-based energy source. But they have different chemical properties that require different types of engines.

In a gas engine, a small device called a spark plug ignites the compressed fuel-air mixture. It uses hundreds of thousands of volts to create an electrical arc that can start the burn, much like striking a flint rock against another stone.

Diesel fuel is harder to ignite and slower to burn than gasoline. But if it is compressed enough, it will ignite without a spark. And this higher compression results in higher efficiency, so vehicles powered with diesel get more miles per gallon. That’s important for transporting goods and people as economically as possible – one reason why most buses, trains and large trucks run on diesel.

Diesel engines tend to be more expensive than gas engines, since they need sturdier parts to withstand the higher temperatures and pressures they produce. But they also last longer than gasoline engines. This is a plus for vehicles such as long-haul trucks that need to go many hundreds of thousands of miles between engine overhauls.

So why do passenger cars use gas? One reason is that diesel engines’ higher compression and temperature make them noisier, especially at higher frequencies that humans find annoying. Diesel engines also produce higher levels of fine particle pollution, known as PM 2.5, that has been linked to many human health risks.

These trade-offs typically lead consumers to prefer cheaper, quieter gasoline engines in cars they drive for work and pleasure. Efficient, long-lasting diesel engines are more attractive to companies hauling goods and transporting large numbers of people.

Beyond internal combustion engines

In the future, transportation may not use gas or diesel at all. Some cars and light trucks – models known as hybrids – already use gas or diesel together with batteries and electric motors, or run entirely on electricity. And cities across the U.S. are investing in electric school buses, which are lower-polluting and cheaper to maintain than diesel buses.

Hybrid, plug-in hybrid and battery electric vehicles promise to result in far fewer emissions of toxic gases and carbon dioxide – especially if they are recharged with electricity produced from renewable sources like wind and solar power. These vehicles will be quieter than gasoline and diesel models and also cheaper to maintain, since they have fewer moving parts. Gasoline and diesel vehicles will remain in use for years to come, but they no longer represent the forefront of transportation innovation.

Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live.

And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.

Michael Leamy receives funding from the National Science Foundation, the Department of Energy, General Motors, and other government agencies and corporations.

– ref. Why do we use gasoline for small vehicles and diesel fuel for big vehicles? – https://theconversation.com/why-do-we-use-gasoline-for-small-vehicles-and-diesel-fuel-for-big-vehicles-235084

MIL OSI – Global Reports –

January 25, 2025

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Updates to this page

Media advisory

Contact information

Promoting environmental sustainability

Measuring success in terms that make sense to locals

Finding participatory approaches

Why it matters

What still isn’t known

Different engines for different jobs

Beyond internal combustion engines