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  • MIL-OSI Banking: Joint Press Statement of the Eight ASEAN-India Ministerial Meeting on Agriculture and Forestry (the 8th AIMMAF)

    Source: ASEAN

    The Eighth ASEAN India Ministerial Meeting on Agriculture and Forestry was held
    virtually on 25 October 2024. The Meeting was co-chaired by Myanmar and India.The Meeting commended the significant progress made in the implementation of the Medium-Term Plan of Action for ASEAN-India Cooperation in Agriculture and Forestry (2021–2025). This plan aims to promote investment, develop human resources in the food, agriculture, forestry, and fisheries sub-sectors by providing opportunities for the youth of ASEAN, and enhance the resilience of natural systems while improving the adaptive capacities of human communities to cope with environmental hazards. The Meeting noted that various projects to support these initiatives have been implemented as part of a regional strategy focusing on sustainable and regenerative agriculture between ASEAN and India.

    Download the full statement here.
    The post Joint Press Statement of the Eight ASEAN-India Ministerial Meeting on Agriculture and Forestry (the 8th AIMMAF) appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Joint Press Statement of the Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers of Agriculture of the People’s Republic of China, Japan and The Republic of Korea (24th AMAF Plus Three)

    Source: ASEAN

    The Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry Plus Three was held virtually on 25 October 2024 hosted and chaired by Myanmar.The Meeting focused on the accomplishments made in implementing the ASEAN Plus Three Cooperation Strategy (APTCS) for the period 2016-2025. This strategy focuses on several key areas, including sustainable agriculture, good agricultural practices, the integration and use of digital technologies, and strategies for adapting to and mitigating climate change. These priorities are vital for addressing regional challenges while fostering collaboration and strengthening ties between the ASEAN Member States and the Plus Three Countries. The discussions highlighted the importance of these areas in promoting sustainable development, improving food security, and ensuring ecological resilience, which are essential for the long-term prosperity and stability of the region.

    Download the full statement here.
    The post Joint Press Statement of the Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers of Agriculture of the People’s Republic of China, Japan and The Republic of Korea (24th AMAF Plus Three) appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Joint Press Statement of the Forty-Sixth Meeting of the ASEAN Ministers on Agriculture and Forestry (46th AMAF)

    Source: ASEAN

    The ASEAN Ministers on Agriculture and Forestry (AMAF) held its 46th Meeting on 24 October 2024 virtually, under the Chairmanship of Myanmar. The Meeting reaffirmed ASEAN’s commitment to promoting cooperation in the food, agriculture, and forestry sectors.Recognising the importance of sustainable agriculture, sustainable forest management, decarbonisation, and digitalisation in the ASEAN region, the Meeting urged all stakeholders, including academia, international organisations and the private sector to work with the ASEAN Member States, through the ASEAN Secretariat, the implementation of sustainable and circular food, agriculture and forestry policies, which have been adopted by ASEAN.

    Download the full statement here.
    The post Joint Press Statement of the Forty-Sixth Meeting of the ASEAN Ministers on Agriculture and Forestry (46th AMAF) appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Europe: How to strengthen women’s participation in organized crime prevention and exit initiatives focus of OSCE side event

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: How to strengthen women’s participation in organized crime prevention and exit initiatives focus of OSCE side event

    How to strengthen women’s participation in organized crime prevention and exit initiatives focus of OSCE side event | OSCE
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    MIL OSI Europe News –

  • MIL-OSI United Kingdom: IBCA Newsletter, 24 October 2024

    Source: United Kingdom – Executive Government & Departments

    Infected Blood Compensation Authority’s newsletter that was circulated on 24 October 2024

    Documents

    IBCA Newsletter, 24 October 2024

    HTML

    Details

    Infected Blood Compensation Authority’s newsletter that was circulated on 24 October 2024

    Updates to this page

    Published 25 October 2024

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Five Oxford leisure centres collecting books for children

    Source: City of Oxford

    Friday, 25 October 2024

    More Leisure Community Trust, which manages five leisure centres in Oxford, is partnering with national charity the Children’s Book Project to collect books for underprivileged children.

    More Leisure Community Trust (MLCT), which manages five leisure centres in Oxford, is partnering with national charity the Children’s Book Project to collect books for underprivileged children.  

    From 7th to 31st of October, the trust’s five centres will begin a charity book drive, so the local community can donate good-quality children’s books, which can then be distributed to children across the UK, who cannot afford their own books.  

    The Children’s Book Project is dedicated to tackling ‘book poverty’, with the aim to provide every child with the opportunity to own a book. The charity recognises that book ownership can significantly enhance a child’s reading fluency which impact’s their successful progression through education.    

    The participating facilties are:

    • Barton Leisure Centre
    • Leys Pools and Leisure Centre
    • Ferry Leisure Centre
    • Hinksey Outdoor Pool
    • Oxford Ice Rink

    Founded in 2019, The Children’s Book Project won the Queen’s Award for Volunteering in 2020 and has since donated over 1 million books across the UK.  

    “We’re delighted to be working with the Children’s Book Project. This is an important cause, so we would encourage everyone to bring their spare children’s books to our centres and play your part in giving a child the gift of reading!” 

    Brian Taylor, Chair of More Leisure Community Trust

    “We are proud to support this important initiative in our leisure centres which brings the community together to help tackle book poverty. Access to books is a vital part of a child’s development, and this drive offers an opportunity to make a real difference in the lives of young people.” 

    Councillor Chewe Munkonge, Cabinet Member for a Healthy Oxford

    “We are so pleased that More Leisure Community Trust in Oxford is collecting books for us, helping us on our mission to eradicate book poverty amongst children across the UK.  Families can make a huge impact by donating books they’ve grown out of will at their local centres. We promise that these books will get to the children who need them most. Thank you to everyone who takes the time to donate to us.” 

    Kirstin Knell, Corporate Partnerships Manager for the Children’s Book Project

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: CMA launches court action against Emma to protect UK consumers

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    CMA takes Emma to court after it fails to address all of the CMA’s concerns about misleading practices.

    iStock

    The Competition and Markets Authority (CMA) opened an investigation into Emma over concerns that some of its online sales practices – such as discounts and urgency claims, including countdown timers and high demand prompts – may mislead consumers.          

    The CMA called on the business to make changes and agree to commitments – known as ‘undertakings’ – to ensure its compliance with consumer protection law and ensure shoppers get a fair deal.

    Emma has failed to take the necessary action to address all of the CMA’s concerns relating to the use of reference pricing. As a result, the CMA has now launched court action.

    George Lusty, the CMA’s Interim Executive Director for Consumer Protection and Markets said:

    We have given Emma sufficient opportunity to alter the way it does business to address our concerns. They have failed to make all the changes that we require, which is why we’ve progressed to court action.

    We are concerned that when sales tactics such as discounts and countdown clocks are used in a misleading way, they can pressure shoppers into making quick purchases and spending more than they otherwise would, for fear of missing out.

    Emma can still agree to change its practices by consenting to an order or giving undertakings to the court ahead of the case being heard. It is for the court to determine a date for the hearing.

    The CMA is monitoring sales practice across the sector and this action is part of an ongoing programme of consumer enforcement work focused on so-called ‘Online Choice Architecture’. This aims to tackle potentially harmful online selling practices, including pressure selling tactics such as urgent time limited claims.

    Under this programme, the CMA has secured formal changes to the business practices of Simba Sleep. These included ensuring that any ‘was’ price is genuine – in other words, that a sufficient volume of product was sold at that price before using it as a ‘was’ price.

    From April 2025 the CMA expects to have the power to decide itself whether consumer law has been broken, and to fine companies up to 10% of their global turnover, if appropriate. Firms will have the right to appeal the CMA’s decision to the courts.

    For more information on today’s announcement, visit the  Emma case page.

    Notes to editors

    1. The CMA’s investigation concerns Emma Sleep GmbH, Emma Matratzen GmbH and Emma Sleep UK Limited (collectively ‘Emma’).
    2. In May 2024, Emma was issued with a letter before claim in relation to these possible breaches of consumer protection legislation.
    3. Find out more on the CMA’s consumer campaign on misleading online practices.
    4. The CMA has issued guidance for traders active in the online mattress sector on discount and reference pricing principles. The aim is to help them understand and comply with their existing obligations under consumer protection law when making price reduction claims online.
    5. An undertaking to the court has the same effect as a court order. At present, it should not be assumed that any business under investigation has broken consumer protection law which it will be for the court to decide.
    6. As an enforcer under Part 8 of the Enterprise Act 2002, the CMA cannot currently levy administrative fines for breaches of consumer law. However, parliament recently passed legislation to give the CMA stronger consumer powers, which will enable the CMA to decide when consumer law has been broken without first taking a case to court. The Digital Markets, Competition and Consumers Act 2024 will, once it comes into effect, empower the CMA to fine those firms that do break consumer law up to 10% of their global turnover. Firms will have a right to appeal to the High Court.  At present, the CMA can enforce consumer law through the courts, and where appropriate, seek additional measures to improve consumer choice, drive compliance with the law, or secure redress for consumers.
    7. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Tech and Retail – Samsung Launches New Odyssey OLED Monitor Range Delivering Incredible Immersive Entertainment

    Source: Samsung

    Welcome the new era of gaming and elevate your entertainment and multitasking with incredible deep immersion

    AUCKLAND, New Zealand – Oct. 25, 2024 – Samsung Electronics today announces the unveiling of its highly acclaimed Odyssey OLED line-up, which features the introduction of four new models: the Odyssey OLED G93SD, G91SD, G85SD and G61SD.

    Samsung Electronics continues to lead the global gaming monitor market, holding the No.1 brand position  since 2021[1]. Earlier this year, Samsung captured a 20.6%[2] global market share in this category and leads the New Zealand gaming monitor market with a 43%[3] share in the first half of 2024, according to International Data Corporation (IDC).

    “The OLED monitor market is highly competitive, so reaching the top spot requires unparalleled innovation and product quality,” said Jimmy Peng, Head of Visual Display Business at Samsung New Zealand. “Being the market leader in gaming monitors, we have built up an understanding of New Zealand gamers and always look to ensure that we give them the very best. Our latest Odyssey OLED monitors will build on this and provide a larger-than-life viewing experience with resolution which enables Kiwi gamers to have an immersive and real-life gaming experience.”

    Setting the new standard, the Samsung Odyssey OLED G9 series, including the G93SD and G91SD models, delivers an immersive experience with dual QHD (5,120 x 1,440) resolution, a 32:9 ultra-wide screen ratio, 1,800R curved design, a 240Hz refresh rate and a 0.03ms grey-to-grey (GTG) response time[4].

    The 34” Odyssey OLED G85SD offers ultra-wide QHD (3,440 x 1,440) resolution, a 21:9 screen ratio, 1,800R curved design, Smart Hub, a 175Hz refresh rate and a 0.03ms GTG response time. In addition to the successful of the larger screen sizes within the Odyssey OLED range, Samsung also offers a 27” OLED G6 series monitor, with the introduction of the G61SD, which further diversifies the comprehensive OLED portfolio and providing more options for Kiwi gamers.

    The new Odyssey OLED models incorporate Samsung’s proprietary OLED Safeguard to prevent burn-ins and OLED Glare Free technology to minimise light reflection, ensuring a superior viewing experience. As well as AMD FreeSync support which offers extremely smooth and fast action gameplay, reduces stuttering and input latency.

    Game, work and relax. For those who want a monitor that does it all, Samsung Electronics presents the Odyssey OLED series is the best for gaming and beyond.

    For more information on Samsung’s industry-leading monitor line-up, please visit www.samsung.com/nz/

    MIL OSI New Zealand News –

  • MIL-OSI: Awilco Drilling PLC: Minutes from Extraordinary General Meeting

    Source: GlobeNewswire (MIL-OSI)

    An Extraordinary General Meeting of Awilco Drilling PLC was held Friday 25 October 2024 at 11:00am (UK time), at the Company’s registered office, Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL, United Kingdom.

    The resolution set out in the Meeting Notice was duly passed. The signed minutes of meeting are attached hereto.

    The Meeting Notice is available on our website www.awilcodrilling.com, under ‘Investor Relations/General Meetings’.

    Aberdeen, 25 October 2024

    For further information please contact:

    Eric Jacobs, Interim CEO
    Phone: +47 9529 2271

    Cathrine Haavind, Investor Relations
    Phone: +47 9342 8464
    Email: ch@awilcodrilling.com

    This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: BSTDB Supports Kernel Group with USD 25 million in Pre-Export Finance Facility

    Source: Black Sea Trade and Development Bank

    Press Release | 25-Oct-2024

    Enhancing Ukraine’s Agricultural Exports in Challenging Times 

    The Black Sea Trade and Development Bank (BSTDB) is providing up to USD 25 million to a pre-export finance facility for Kernel Group, a leading player in Ukraine’s agricultural sector and one of the world’s largest sunflower oil exporters.  The BSTDB funds will help the company have the necessary working capital to procure, process, store, and transport oilseeds and vegoils, ensuring their export to global markets.

    BSTDB’s financing is part of a USD 150 million syndicated facility, arranged by ING Bank NV and Coöperatieve Rabobank U.A.

    “We are pleased to extend our continued and unwavering support for Kernel’s operations during this critical and challenging times.  Agriculture remains an essential pillar of Ukraine’s economy despite the immense challenges posed by the conflict. By facilitating production and exports of vital agricultural goods, we are not only sustaining a vital industry that feeds millions, but we also actively contributing to the economic resilience and recovery of Ukraine. This partnership is a testament to our shared commitment to supporting the country’s long-term prosperity, even under the most testing circumstances”, said Dr. Serhat Köksal, BSTDB President.

    “In spite of the challenging political and economic environment, Kernel repaid its 2024 Notes on time and continues to meet its financial commitments. The strong credit history allowed the Company to attract new financing even during current unprecedented times. We are thankful to our partners, including the Black Sea Trade and Development Bank, for their support and willingness to continue our long-term cooperation. The facility is aimed to finance our working capital for procurement of sunflower seeds and beans for further processing and exporting of the vegetable oils and meals to the international market thus making an important contribution to the world food safety.”, commented Sergiy Volkov, the CFO of Kernel.

     

    Kernel is a leading vertically integrated Ukrainian agribusiness player with domestic and international operations. It is the largest oilseed crusher in Ukraine.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact:

    Haroula Christodoulou

    Phone: +30 2310 290533

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Africa: Angel investors commit US$350,000 to creative entrepreneurs at Afreximbank’s CANEX pitch session

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

    ALGIERS, Algeria, October 25, 2024/APO Group/ —

    African Export – Import Bank’s (Afreximbank) (www.Afreximbank.com) Angel investors participating in a pitch session at the just-concluded CANEX WKND 2024 in Algiers have committed a total of US$350,000 in investment into the three best pitches presented at the competition.

    The pitch session, dubbed “CANEX Presents the Angels”, featured 12 creative entrepreneurs from 10 African countries who were selected to present their businesses for review with a view to raising capital for growth and expansion.

    Moji Hunponu-Wusu, Founder of Woodhall Capital, made the leading commitment of US$250,000 in equity by issuing an investment term sheet to Cameroonian fashion designer Kibonen Nfi, the founder of the Kibonen brand.

    An additional commitment of US$100,000 was made by a consortium of three angel investors: Ibrahim Sagna, Chairman of Silverbacks Holdings, Moji Hunponu-Wusu, and Efe Ukala, Founder of ImpactHER. They jointly agreed to invest in the top three pitches of the competition.

    With that arrangement, the equity commitment will go to Zimbabwean Pam Samasuwo-Nyawiri of Vanhu Vamwe, whose pitch earned the top spot, Ms. Nfi, whose pitch was second, and another Zimbabwean, Thulani Ngazimbi of The Rad Black Kids, who had the third best pitch.

    Commenting on the pitch session, Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, said that the competition was aimed at catalysing financing to complement the capacity building and market access support that the CANEX platform provides African creatives.

    “Facilitating access to angel investment like this complements our existing efforts by providing the capital required for creative entrepreneurs to maximize the benefits of our capacity building and market access interventions,” said Mrs. Awani, adding, “The investments into the creative enterprises will enable them to expand their businesses, trade across borders, create new jobs and contribute to economic development.”

    The four-day CANEX WKND 2024 ran from 16 to 19 October and was held under the theme “One People, United in Culture, Creating for the World”. It was attended by almost 4,000 delegates representing a diversity of creative sectors from across Africa and featured live performances, speeches by industry leaders and experts, masterclass sessions, fashion shows, sporting events, high energy music concerts and gastronomical showcases alongside a vibrant market and exhibition.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: DUP caught out in more lies

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV leader Jim Allister:-

    “This week every available face of the DUP has been on show.

    “The love-in video by Ms Lyttle-Pengelly with Michelle O’Neill shows that the earlier posturing in challenging Sinn Fein hypocrisy was just part of its phoney war with its government bedfellows. And all this in the week the DUP was exposed as brazenly lying for years to its members and the public about not holding secret talks with IRA/Sinn Fein before they enthroned them in government, when all the time in 2006 and before leading MPs were meeting with IRA Commander McGuinness.

    “Little wonder the DUP struggles with public credibility. The exposure of the lies over secret meetings with McGuinness follows the lies earlier this year about their dud Donaldson Deal having got rid of the Irish Sea border.

    “Unionist people deserve to be treated with respect and honesty, not lied to!”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Mel Young MBE receives the Edinburgh Award 2024

    Source: Scotland – City of Edinburgh

    The Homeless World Cup co-founder and social entrepreneur, Mel Young MBE, was officially presented with the coveted Edinburgh Award by the Lord Provost, Robert Aldridge.

    The award was presented yesterday evening (October 24) at a civic reception at the City Chambers.

    Since 2007, the Edinburgh Award has celebrated individuals who have made a truly unique contribution to the city and brought the Capital to national and international attention.

    Alongside family, friends and invited guests, Young received an engraved Loving Cup from the Lord Provost, an official award certificate, and a set of his handprints preserved in stone in the City Chambers quadrangle was unveiled.

    The Lord Provost of the City of Edinburgh, and Chair of the Edinburgh Award Panel, Robert Aldridge said:

    It was a pleasure to present Mel Young with the Edinburgh Award yesterday evening. Mel’s handprints are now immortalised in stone at the City Chambers quadrangle, and he deservedly follows in the footsteps of some of the finest individuals associated with our great city.

    From The Homeless World Cup to The Big Issue in Scotland, his passion and dedication to changing lives and advocating for fairness is admirable and inspiring. Through his work he has represented the Capital with pride, dedication, and skill.

    I’d like to congratulate Mel on behalf of the city, and I’m sure he will continue to do great things, both here in Edinburgh and beyond.

    The Homeless World Cup co-founder, social entrepreneur and Recipient of the Edinburgh Award 2024, Mel Young MBE said:

    I am honoured to receive the Edinburgh Award this year. Edinburgh is a stunning capital city, and I am proud to be one its citizens. The Homeless World Cup Foundation headquarters is in Edinburgh and our tournament connects people all over the globe. I would like to share this Award with the many hard-working people who have contributed to making the Homeless World Cup so impactful and successful.

     Also, this Award belongs to the real heroes of our work, the homeless people themselves who change their own lives through their involvement with our tournament and our operations across the world.

    Published: October 25th 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Festival of Light gets off to a dazzling start

    Source: City of Sunderland

    Children have enjoyed a sneak peak of the Mowbray Park Festival of Light.

    The invitation-only preview allowed children and their families to visit the festival at a time when the park is quieter.

    Those attending were treated to stunning light projections created by international visual artists, a spectacular starscape and giant glitterballs in the Victorian bandstand.

    Councillor Beth Jones, Sunderland City Council’s Cabinet Member for Communities Culture and Tourism, said: “It was  lovely to see so many young people and their families having a fantastic time at the preview evening and enjoying the new displays.  

    “The Festival of Light has long been one of our best loved events. It’s always a really popular event and one that attracts generations of families.

    “We’ve got some fantastic new light installations this year. And the light projections especially, which have been created by world-class artists, are real showstoppers.

    “There’s also a brilliant new Laser Garden and some lovely atmospheric UV lighting among the trees. While there are also some really nice quirky things such as the giant glitter balls in the bandstand – which are the centrepiece of our nightly silent disco. So it’s definitely one to get in the diary.”

    Cllr Michael Mordey, Leader of Sunderland City Council, said: “Events like this are not only fantastic for residents and visitors alike but for also for our city centre.

    “Lots of people coming along to enjoy the Festival of Light will also take the opportunity to visit our city centre cafes, bars and restaurants while they’re here, or they might decide to do some early Christmas shopping. So it helps to boost the local economy and our city centre businesses

    “It’s also a great opportunity for anyone who hasn’t been into the city centre for a while to see the £2bn transformation that’s underway at the same time as enjoying an excellent event.”

    New lighting features introduced for 2024 include ‘The Mirror’ created by Poland based award-winning visual artist Ari Dykier and ‘Hypha’ by French award-winning multidisciplinary artist Sebastien Labrunie.

    Other new features include Starscape which will create the illusion of a brilliant white starfield, Cosmic Oasis which will see trees lit up with UV light, a laser garden and a giant glitter ball in the park’s historic Victorian bandstand.

    The Festival of Light begins today Friday 25 October and will then take place from 4.30pm – 10pm every day during half term Friday 25 October to Sunday 3 November and then 4.40 to 10pm every Thursday to Sunday until Sunday 24 November with the exception of Remembrance Sunday on 10 November. Last admission will be at 8.30pm, and the event will close at 10pm each night. This year’s event is being held in Mowbray Park, Burdon Road, SR1 1PP in Sunderland city centre, with access from the Toward Road entrance to the park (oppostie the Software Centre).  

    Tickets cost £5 each and must be bought online in advance. They can’t be bought at the gate. Children under two are free.

    Visitors to this year’s festival can also take advantage of 20 per cent off tickets for select performances of this year’s Jack and the Beanstalk panto at the Sunderland Empire.

    The offer will apply to price bands A – C for the following performances only: Fri 13 Dec – 7pm, Sat 14 Dec – 5.30pm, Sun 15 Dec – 5.30pm, Tue 17 Dec – 7pm & Thu 19 Dec – 7pm. To redeem the offer, make sure to opt in to hear from Sunderland City Council events when buying your tickets.

    For more information tickets and to buy tickets for the Festival of Light, visit: www.mysunderland.co.uk/fol

    MIL OSI United Kingdom –

  • MIL-OSI China: Drug regulator opens information center in Beijing E-Town

    Source: China State Council Information Office 2

    The Center for Information of the National Medical Products Administration (NMPA) officially opened on Oct. 23 in the BioPark of Beijing Economic and Technological Development Area, also known as Beijing E-Town. This marks the establishment of all six core NMPA centers in Beijing E-Town.
    The fix centers, including the Center for Drug Evaluation, Center for Food and Drug Inspection and Verification, Center for Drug Reevaluation Center (National Center for ADR Monitoring), and Center for Medical Device Evaluation, provide administrative approval and enterprise qualification certification, supporting the high-quality development of biotechnology and health industries.
    A Beijing E-Town official explained the significance of these centers. The Center for Drug Evaluation organizes technical reviews for drug registration, while the Center for Medical Device Evaluation handles applications for domestic third-class and imported medical devices. From the perspective of industry rules, review is a key node for industry entry. Integrating the regulatory resources of the NMPA can increase the service guidance for the registration and listing of innovative drugs and devices.
    The six centers are located in BioPark’s headquarters cluster area. BioPark is designed to provide a comprehensive ecosystem for biomedical companies, offering spaces for headquarters, R&D, medical and engineering integration, and pharmaceutical intelligent manufacturing.
    “We will systematically promote innovation in science, technology, applications and mechanisms,” a BioPark spokesperson said. “We’ll integrate policy measures from various departments in supervision, intellectual property protection and medical and human genetic resource management to form an industrial policy system aligned with international rules.”

    MIL OSI China News –

  • MIL-OSI China: Global pharma companies plan Beijing research centers

    Source: China State Council Information Office 2

    Beijing is emerging as a global hub for pharmaceutical innovation as eight international pharmaceutical companies plan to establish research and development centers in the city.
    The announcement came at the 2024 International Biomedical Industry Innovation Conference Beijing Forum yesterday. Eli Lilly and Company, Merck Sharp & Dohme, Pfizer, Bayer, AstraZeneca, Medtronic, Danaher Corporation and HUYA Bio International will invest in Beijing, bolstering the city’s position in life sciences.
    Six of these R&D centers will be located in the Beijing Economic and Technological Development Area, known as Beijing E-Town.
    “These newly established R&D institutions in Beijing E-Town are mostly the ‘first in Beijing’ or ‘first in China’ for these multinational pharmaceutical companies,” a Beijing E-Town official said.
    Eli Lilly, the world’s largest pharmaceutical company by market value, will establish a medical innovation center and an innovation incubator in Beijing E-Town.
    Beijing has designated pharmaceuticals as one of two “twin engines” driving city innovation. Since 2018, the city has introduced policies supporting pharmaceutical development, including the 32 Measures to Support High-Quality Development of Innovative Pharmaceuticals and policies to foster the growth of foreign-funded R&D centers. Currently, 40% of Beijing’s 149 foreign-funded R&D centers operate in pharmaceuticals and health care.
    To further attract foreign investment, Beijing has pledged comprehensive support services to these eight companies, including policy implementation, innovation promotion and logistical assistance.
    The Beijing Municipal Commission of Development and Reform will provide customized services to the newly invested companies, focusing on policy support, innovation facilitation and operational guarantees.

    MIL OSI China News –

  • MIL-OSI China: Beijing holds international biomedical conference

    Source: China State Council Information Office 2

    The 2024 International Biomedical Industry Innovation Conference Beijing Forum opened in Beijing yesterday, aiming to foster new quality productive forces in the pharmaceutical and healthcare industry.
    Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, highlighted the Chinese capital’s commitment to advancing biomedicine development, emphasizing the importance of innovation and international cooperation. He outlined Beijing’s strategic advantages, including its world-class health care system, medical institutions and leadership in patents and drug approvals.
    Beijing recently launched 32 measures to accelerate innovation and aims to establish a globally influential biomedicine cluster, focusing on technological advancements and collaboration.
    Zeng Yixin, deputy director of the National Health Commission (NHC), underscored the importance of the biopharmaceutical industry in improving public health.
    During the conference, eight foreign pharmaceutical companies were offered a comprehensive suite of services to support their operations and enhance collaboration in Beijing.

    MIL OSI China News –

  • MIL-OSI Europe: Mr Thani Mohamed-Soilihi, Minister of State for Francophonie and International Partnerships, attended the G7 Development Meeting in Pescara, Italy (24 Oct. 2024)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    In the framework of the Italian G7 Presidency, Mr Thani Mohamed-Soilihi, Minister of State for Francophonie and International Partnerships, attached to the Minister for Europe and Foreign Affairs, went to Pescara, Italy, on 22 October 2024.

    The Minister of State was able to signal France’s commitment to global public health, food security and the fight against malnutrition.

    The G7 Development Ministers’ Meeting concluded with the adoption of a joint statement highlighting the priorities of the G7 and France as regards development:

    • to encourage the G7 Apulia Initiative, which works towards establishing sustainable, resilient, inclusive food systems;
    • to support the call for innovative projects to combat malnutrition, known as the Innovation Challenge, which will be promoted ahead of the next Nutrition for Growth summit, to be held in Paris on 27 and 28 March 2025;
    • to strengthen global health systems, particularly the African Vaccine Manufacturing Accelerator (AVMA) initiative, which was launched in Paris in June 2024 and aims to produce in Africa 60% of the vaccines used on that continent;
    • to strengthen the G7’s cooperation with African countries to promote girls’ education;
    • to develop sustainable investment in sport, echoing the Paris appeal made on the eve of the Paris 2024 Olympic and Paralympic Games.

    Finally, with an International Conference in Support of Lebanon’s People and Sovereignty taking place in Paris today, the Minister of State called on the G7 partners to summon up the widest possible support for Lebanon and the civilian populations affected by the conflict.

    MIL OSI Europe News –

  • MIL-OSI Economics: Chairman’s Statement of the Twelfth ASEAN Miniterial Meeting on Disaster Management (AMMDM) and Thirteen Meeting of the Conference of the Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER)

    Source: ASEAN

    The 12th ASEAN Ministerial Meeting on Disaster Management (AMMDM) and the 13th Meeting of the Conference of Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) were convened on 24 October 2024, in Bandar Seri Begawan, Brunei Darussalam. The Meeting was chaired by H.E. Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs of Brunei Darussalam, as the Chair of AMMDM, and attended by Ministers in-charge of Disaster Management and representatives of ASEAN Member States, and Timor Leste as observer, as well as the ASEAN Secretariat and the ASEAN Coordinating Centre for Humanitarian Assistance on disaster management (AHA Centre).The Meeting appreciated the ASEAN Committee on Disaster Management (ACDM) in guiding and overseeing the implementation of the AADMER Work Programme 2021 2025, as well as the Governing Board of the AHA Centre in providing guidance on the operationalisation of the AHA Centre. Accomplishments in both policy and operational fronts are essential in achieving the aspirations of the ASEAN Agreement on Disaster Management and Emergency Response (AADMER), the ASEAN Declaration on One ASEAN, One Response: ASEAN Responding to Disasters as One in the Region and Outside the Region and the ASEAN Vision 2025 on Disaster Management; and in fulfilling the objectives of the ASEAN Socio-Cultural Community (ASCC) Blueprint 2025.

    Download the full statement here.
    The post Chairman’s Statement of the Twelfth ASEAN Miniterial Meeting on Disaster Management (AMMDM) and Thirteen Meeting of the Conference of the Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Suntera Escrow Services (IOM) Limited

    Source: Isle of Man

    Notice is hereby given that Suntera Escrow Services (IOM) Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/10/2024.

    MIL OSI Economics –

  • MIL-OSI Economics: Update of Island’s AML/CFT framework

    Source: Isle of Man

    Changes are being implemented to update key elements of the Island’s anti-money laundering and countering the financing of terrorism (AML/CFT) framework.

    The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs and Treasury, has led a revision of the Proceeds of Crime Act 2008 (POCA) and the Designated Business (Registration and Oversight) Act 2015 (DBROA).

    Those amendments take effect from today, Friday 25 October 2024, while the new Travel Rule (Transfer of Virtual Assets) Code 2024 comes into operation from Monday 28 October 2024.

    The intention is to achieve consistency across the Island’s AML/CFT legislation and ensure greater alignment with international standards and the definitions and terminology set by the Financial Action Task Force (FATF), the organisation that leads global action to counter money laundering, terrorist financing and proliferation financing.

    Further information will be published to explain the changes, with new guidance being produced to raise awareness of the obligations and expectations of the Travel Rule Code among firms in the Virtual Asset Service Provider (VASP) sector. This includes compliance with the requirement to transfer and retain certain customer information when conducting virtual asset transactions.

    The legislative updates reflect feedback to two public consultations issued earlier this year and are being made through:

    • The Proceeds of Crime (Business in the Regulated Sector) (Amendment) Order 2024, which amends Schedule 4 to the POCA.
    • The Designated Businesses (Amendment) Order 2024, which amends Schedule 1 to the DBROA.

    Ashley Whyte, Head of AML/CFT Supervision at the Authority, said: ‘We have worked in collaboration with the Department of Home Affairs and Treasury to modernise the Island’s AML/CFT framework and introduce the Travel Rule Code. Firms are encouraged to take note of the changes, which are aimed at keeping the Island in line with globally recognised standards. Guidance documents will be published shortly on the Authority’s website to provide additional support and clarity.’

    The Authority will also be publishing a recorded webinar to provide an overview of the Travel Rule (Transfer of Virtual Assets) Code 2024, how it aligns with international standards and what it means for the VASP sector in the Island.

    Notes:

    Feedback statements on the two public consultations can be found at:

    Travel Rule Code

    AML/CFT framework

    MIL OSI Economics –

  • MIL-OSI Africa: Mozambique’s 2024 elections: 9 major challenges that will face the new president

    Source: The Conversation – Africa – By David Matsinhe, Losophone Research Specialist/Adjunct Professor in African Studies, Carleton University

    Daniel Chapo, Mozambique’s incoming president, faces an array of interconnected problems deeply rooted in historical, socioeconomic, and political dynamics.

    Chapo (47), comes from Frelimo, the former liberation movemen which has been in power since independence in 1975. He must balance meeting immediate needs with long-term structural change.

    Can the resource-rich but impoverished nation of 35 million expect a redirection of policies and strategies under Chapo to address its multifaceted crises?

    Chapo was born after independence and promises to act with integrity. But the old guard placed him in power to protect and promote their interests.

    Mozambique’s crises stem largely from systemic corruption under Frelimo. It has prioritised political elites over national welfare. Its decades of mismanagement, embezzlement and patronage have left institutions weak and unable to address pressing social and economic issues.

    The country is fragmented. The government has neglected the development of inclusive, accountable governance and equitable infrastructure. Regional disparities are the result. This is especially so in Cabo Delgado province, where disenfranchised citizens have become vulnerable to extremist groups.

    This lack of unity and long-term planning has created a fragile state unable to withstand mounting internal and external pressures.

    As a Mozambican social scientist and human rights specialist, I have spent my adult life wrestling with my country’s complex economic, social, cultural and political dynamics.

    Read more: 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Mozambique stands at a critical point. The new president must confront the deep-rooted challenges with determination and comprehensive reforms.

    In my view, the new leader faces nine key challenges. These are a deep economic crisis, an Islamic insurgency in the north, climate change, drug trafficking, unemployment, corruption, poor infrastructure, kidnappings and unpaid public sector salaries.

    Economic crisis

    Mozambique’s economy has deteriorated, primarily because of structural imbalances and a dependence on extractive industries. GDP growth has declined sharply, from 7% in 2014 to 1.8% in 2023.

    Slower growth has resulted in over 62% of Mozambicans living in poverty.

    A public debt crisis was worsened by the “hidden debt scandal”: the discovery in 2016 of US$2 billion in previously undisclosed debts the government had guaranteed without the knowledge of parliament.

    This has limited the state’s capacity to invest in education, health and sanitation.

    Economic revival must be accompanied by targeted interventions to promote inclusive growth. All Mozambicans must benefit from economic activities to alleviate poverty.

    Insurgency

    Since 2017, extremist groups have used local grievances and regional disenfranchisement to destabilise northern Mozambique. Over 4,000 people have died. Nearly a million have been displaced.

    The conflict is rooted in socio-economic inequalities, made worse by the extraction of natural gas and rubies. Global and local actors compete for control.

    The new president’s role in mediating this crisis requires nuance. He must address the historical marginalisation of Cabo Delgado while balancing military and developmental responses.

    Read more: Between state and mosque: new book explores the turbulent history of Islamic politics in Mozambique

    He must also write a new chapter in the country’s deplorable human rights record. This is marked by widespread violations of the right to life, physical integrity, freedom from arbitrary detention, and freedoms of expression, assembly and the press.

    Climate change crisis

    Climate change intersects with Mozambique’s vulnerabilities. The country has been repeatedly struck by increasingly devastating severe cyclones, such as Idai and Kenneth in 2019.

    Deforestation has made it more fragile, reducing its capacity to mitigate flood and erosion risks.

    The new president will need to put in place policies that incorporate mitigation and adaptation strategies. He will also need to secure multilateral cooperation.

    Drug trafficking

    Drug trafficking networks have entrenched themselves. Porous borders, weak governance structures and endemic corruption have made Mozambique a corridor for heroin and cocaine trafficking.

    The United Nations Office on Drugs and Crime estimates that US$100 million worth of heroin passes through Mozambique annually. This fuels informal economies that sustain political patronage networks.

    Tackling the problem requires stronger state institutions. It also requires regional and global collaboration to disrupt the transnational flow of narcotics.

    Unemployment

    Joblessness stands at over 70%, affecting youth in particular. Youth disenfranchisement risks perpetuating cycles of poverty, social instability and potential radicalisation.

    Policies promoting vocational training and entrepreneurship are essential. So is investment in labour-intensive sectors, such as agriculture and manufacturing.

    Corruption

    Pervasive corruption erodes public trust and stifles economic innovation. New efforts to combat corruption must go beyond superficial reforms. They must uproot the power structures that sustain these systems.

    Poor infrastructure

    Infrastructure is in disrepair. Urban roads are crumbling, public services are inadequate and electricity blackouts are frequent. Rural regions lack basic services such as clean water and healthcare.

    The next president will need to launch an ambitious infrastructure overhaul to improve living conditions and stimulate economic growth.

    Kidnappings

    Kidnappings, especially targeting the wealthy and business people, have created widespread fear and instability. The crime disrupts business operations and deters foreign investment, further harming economic growth.

    The high-profile nature of kidnappings suggests collusion between criminal networks and law enforcement as well as inefficiencies in the justice system.

    The persistence of kidnappings reflects broader governance issues. These include limited state capacity to respond effectively to organised crime.

    Unpaid public servants

    Delays in salary payments for public servants have worsened economic and social problems. The delays reduce public workers’ purchasing power. This has affected household consumption and local economies.

    Morale among employees is sapped, harming productivity and eroding trust in government institutions.

    Read more: Mozambique’s transgender history is on display in a powerful photo exhibition

    The new president must make public sector reforms. This includes auditing finances, improving revenue collection, enforcing fiscal discipline, promoting merit-based appointments, implementing probity laws, strengthening anti-corruption bodies, and diversifying the economy.

    The future of Mozambique rests on the ability of its next leader to address these profound and intertwined crises. It’s a huge task.

    Whoever it is will have to break from the Frelimo mould, reverse the damage done and set the country on a new path of clean governance, peace and inclusive economic growth.

    – Mozambique’s 2024 elections: 9 major challenges that will face the new president
    – https://theconversation.com/mozambiques-2024-elections-9-major-challenges-that-will-face-the-new-president-240923

    MIL OSI Africa –

  • MIL-OSI United Kingdom: White Helmets International Donor Group statement on 10 year anniversary of humanitarian efforts in Syria

    Source: United Kingdom – Executive Government & Departments

    International Government Donors from the UK, Canada, Denmark, France, Germany, Qatar and the United States have released a joint statement marking the 10th anniversary of the White Helmets in Syria.

    Statement from the UK, Canada, Denmark, France, Germany, Qatar and the United States on the 10th anniversary of the White Helmets:

    Today, the Syrian White Helmets mark their 10th anniversary. For a decade, the humanitarian organization has worked tirelessly and courageously to save the lives of those worst affected by the conflict in Syria. As Syria continues to face unprecedented humanitarian and human rights challenges, international government donors commend the tremendous efforts and courage of the 3,000 dedicated volunteers who work for the White Helmets.  

    The White Helmets’ work has been crucial in providing relief, assistance and hope to vulnerable populations in Syria, since the organisation’s official foundation in 2014. 

    The needs of Syrians remain at an all-time high. Communities in the northwest of the country affected by ongoing military attacks, depleted public services due to deliberate military targeting, forced displacement and the long-term impact of the 2023 earthquakes are in desperate need of relief. White Helmets volunteers have been a constant in uncertain times, and remain the primary search and rescue operator, and the largest provider of critical services like emergency medical care, demining and community resilience.  

    As members of the White Helmets International Donor Group, we recognize the incredible courage and commitment of these ordinary men and women who are doing extraordinary work each day. 

    Over the past decade, the White Helmets have evolved from a number of small, grassroots volunteer groups into a renowned Syrian-led institution. Their growth has been marked by a steadfast commitment to meeting the needs of the people of Syria. Amidst extremely difficult circumstances, the White Helmets continue to bear witness and strive for justice and accountability, for all violations of International Humanitarian Law. 

    Partnerships have been an important factor in this evolution, and we are proud to have supported the White Helmets work. Our collaboration with the White Helmets is part of our commitment to support the Syrian people more broadly, and to contribute to the building of lasting peace and stability in Syria in line with United Nations Security Council Resolution 2254.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Bus lane usage unchanged following PHV trial

    Source: City of Portsmouth

    A recent trial allowing Private Hire Vehicles (PHVs) to use a limited number of bus lanes in Portsmouth will not be extended, following a monitoring report presented at the Transport Cabinet Decision Meeting on 24 October 2024. PHVs, such as Aqua Cars and Uber, are pre-booked vehicles, unlike hackney carriages, which can be hailed at fixed taxi ranks.

    The Portsmouth City Council trial, which began in November 2022 and became permanent in January 2024, allowed PHVs licensed by the council to use five specific bus lanes across the city. However, with no demonstrated benefits to overall traffic flow, potential safety concerns for expanding the trial, and significant implementation costs, the council has decided not to expand this initiative further.

    In line with national guidance and like most cities, Portsmouth’s bus lanes are typically reserved for buses, cyclists, rental e-scooters, hackney carriages, and emergency vehicles. Unauthorised vehicles, including PHVs, face a £70 fine if improperly using these lanes. Reserving bus lanes for designated vehicles helps buses remain on schedule and improves general traffic flow across Portsmouth, where bus ridership is up 20% from last year, and approximately 12 million passengers use the bus network annually.

    Portsmouth has recently benefitted from a £48 million investment in a transformation of buses, which supports new electric buses, ticketing improvements, and enhancements to bus stops and signage. Additional improvements to further support the city’s bus infrastructure are planned over the next six months.

    Cllr Peter Candlish, Cabinet Member for Transport, said: “This trial aimed to explore how we might sensibly support private hire vehicles, which provide an important 24-hour on-demand travel option. While they can play a role in reducing congestion, there was insufficient evidence of traffic flow improvement, along with considerable costs and limited data to support expanding this initiative at this time. Given current pressures on council funds, we have other areas where this money can have a greater impact for the city.”

    The five bus lanes included in the original trial will remain accessible to Portsmouth City Council licensed Private Hire Vehicles, with ongoing monitoring to assess any future impacts.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Are you curious about the impact your log burner has on your air quality at home?

    Source: City of Coventry

    Do you have a wood-burning stove or an open fireplace?

    Do you live in Coventry? Are you over 18 years old?

    If so, we would like you to join our research looking at how we can reduce the impact of log burners and open fireplaces on the air quality in our homes and city.

    The research will involve:

    • having an air quality monitor installed in your home for a month
    • noting down when you use your stove or fireplace and your experience with the monitor
    • joining a group discussion towards the end of the project.

    To take part, you should be someone who uses your burner or fireplace regularly, but it should NOT be your main source of heating (for example, you also use central heating).

    Everyone who completes the research will receive a £50 high-street shopping voucher.

    If you’re interested in taking part, please complete the survey by 1 November to learn more and check your eligibility.

    The project is being conducted in partnership with Coventry City Council, West Midlands Combined Authority and WSP.

    Friday, 25th October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Inna Schmidt: “It is important not only to be a specialist, but also to contribute to the development of medicine”

    Translation. Region: Russian Federation –

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

    Leading doctors of St. Petersburg constantly improve their competencies, choosing the Polytechnic University for this. For example, Inna Schmidt successfully combines the work of the head of the clinical diagnostic laboratory of the Clinical Hospital of St. Luke with scientific and educational activities. Inna Olegovna received an education at the St. Petersburg State Medical Academy named after I. I. Mechnikov and has an impressive list of additional education. Now she is a second-year student at SPbPU in the field of “Biomedicine”. Inna Olegovna told about her path in medicine, what it is like to be a student again, and what significant projects for medicine and science will be implemented jointly with the Polytechnic. Read more in the interview.

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

    MIL OSI Russia News –

  • MIL-OSI: Silvaco Inc. Achieves ISO 9001 Certification for Comprehensive Suite of TCAD, EDA, and IP Products

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 25, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, is proud to announce that its wholly-owned subsidiary Silvaco, Inc. (“Silvaco” or the “Company”) has obtained ISO 9001 certification of its quality management system to support its TCAD, EDA software, and SIP solutions. The certification underscores Silvaco’s ongoing commitment to quality, customer satisfaction, and continuous improvement across its entire portfolio products. 

    The certification was performed by Schellman Compliance, LLC, an ANAB accredited Certification Body based in the United States. The details of Silvaco’s certification is publicly available at https://www.schellman.com/certificate-directory.

    Description of the ISO 9001 Standard

    ISO 9001 is a globally recognized standard for the establishment and certification of a quality management system (QMS). The standard specifies the requirements to plan, establish, implement, operate, monitor, review, maintain and continually improve a documented management system to protect against, reduce the likelihood of occurrence, prepare for, respond to, and recover from disruptive incidents when they arise. It is intended to be applicable to all organizations, or parts thereof, regardless of type, size and nature of the organization.

    The ISO 9001 certification signifies that Silvaco has implemented effective processes and controls to ensure the consistent quality of its products and services, from design and development to delivery and support. By achieving ISO 9001 certification, Silvaco is committed to developing and delivering high-quality solutions that enable semiconductor design and digital twin modeling through AI software and innovation.

    “We are thrilled to achieve ISO 9001 certification, which reflects our dedication to maintaining the highest standards of quality in every aspect of our business,” said Dr. Babak Taheri, CEO and Director of Silvaco. “This milestone reinforces our commitment to delivering innovative technology that meets international standards, and the evolving needs of our customers in the semiconductor and electronics industries.”

    “Silvaco’s achievement of ISO 9001 certification demonstrates the Company’s commitment in implementing a robust and effective quality management system,” said Danny Manimbo, Principal and ISO Practice Director, Schellman. “By meeting the requirements of ISO 9001, Silvaco has shown its dedication to operational excellence and delivering high-quality services to its customers. We commend Silvaco for reaching this important milestone and look forward to its continued success.”

    Silvaco’s suite of TCAD, EDA, and IP products supports the design, simulation and verification of advanced semiconductor devices and systems. The company’s solutions enable semiconductor and photonics companies to increase productivity, accelerate their products’ time-to-market and reduce their development and manufacturing costs.

    “This certification reflects the rigorous standards we uphold in developing and delivering our TCAD, EDA, and IP products and is an important step towards Silvaco’s broader strategy of maintaining leadership in those markets,” said Brian Bradburn, Sr. Vice President of Operations of Silvaco. “Not only does this highlight Silvaco’s commitment to continuous quality improvement and technological innovation, but this also ensures that our customers and partners can trust the superior support and consistency of the products we bring to the semiconductor industry.”

    About Schellman
    Schellman is a leading provider of attestation and compliance services. We are the only company in the world that is a CPA firm, a globally licensed PCI Qualified Security Assessor, an ISO Certification Body, HITRUST CSF Assessor, a FedRAMP 3PAO, and most recently, an APEC Accountability Agent. Renowned for expertise tempered by practical experience, Schellman’s professionals provide superior client service balanced by steadfast independence. Our approach builds successful, long-term relationships and allows our clients to achieve multiple compliance objectives through a single third-party assessor.

    About Silvaco 
    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan. 

    Safe Harbor Statement
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” provisions of those sections. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business, and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are typically identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” and similar expressions, although not all forward-looking statements contain these words. These statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties, and other factors, including those described in the Company’s most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. These factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    Media Contact
    Tyler Weiland
    press@silvaco.com

    Investor Relations:
    Greg McNiff
    investors@silvaco.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Announces Quarterly Index Performance and Rebalancing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated financial markets for 12,000 U.S. and global securities, today announced the third quarter 2024 performance and quarterly rebalancing of the OTCQX® and OTCQB® indexes, including the OTCQX Canada Index and the OTCQX Dividend Index.

    The OTCQX Composite Index (.OTCQX), a benchmark for the overall OTCQX Best Market, was up 7.5% in Q3 2024. 32 new companies joined the Index while 47 companies were removed. Talen Energy Corp (TLN) went to NASDAQ on 7/10/2024. FirstSun Capital Bancorp (FSUN) went to NASDAQ on 7/12/2024. Collective Mining Ltd (CNL) went to NYSE MKT on 7/22/2024. Grayscale Ethereum Trust (ETHE) went to NYSE ARCA on 7/23/2024.

    The OTCQX Billion+ Index (.OTCQXBIL), which tracks the performance of $1 billion-plus market cap OTCQX companies was up 7.7% in Q3 2024. 2 new companies joined the Index and 3 companies were removed.

    The OTCQX Dividend Index (.OTCQXDIV), which tracks dividend-paying U.S. and international OTCQX companies, was up 7.6% in Q3 2024. 15 new companies joined the Index, while 13 companies were removed.

    The OTCQX Banks Index (.OTCQXBK), comprised of OTCQX community and regional banks, was up 11.3% in Q3 2024. 9 companies joined the Index while 15 companies were removed.

    The OTCQX International Index (.OTCQXINT), a benchmark for international OTCQX companies, was up 7.5% in Q3 2024. 13 new companies joined the Index while 29 companies were removed.

    The OTCQX Canada Index (.OTCQXCAN), which tracks Canadian OTCQX companies index was up 9.5% in Q3 2024. 6 new companies joined the Index while 18 companies were removed.

    The OTCQX U.S. Index (.OTCQXUS), a benchmark for U.S. OTCQX companies, was up 4.4% in Q3 2024. 19 new companies joined the Index while 19 companies were removed.

    The OTCQX Cannabis Index (.OTCQXMJ), a benchmark for cannabis companies, was up slightly 0.8% in Q3 2024. 1 new company joined the Index while 3 companies were removed.

    The OTCQB Venture Index (.OTCQB), which tracks the overall OTCQB Venture Market, was up 4.0% in Q3 2024. 74 companies were added to the index while 107 companies were removed. RDE Inc (RSTN) went to NASDAQ on 8/7/2024.

    For a list of all index additions and deletions, visit
    https://www.otcmarkets.com/files/Quarterly_Index_Constituent_Changes.pdf

    All indexes are market capitalization-weighted and adjusted on a quarterly basis for additions and share changes over 5% during the months of March, June, September and December. In the case of ADRs, the DR ratio is considered. Dividends are re-invested as of the close of business the day before the ex-dividend date.

    The OTCQX Composite Index, OTCQX Billion+ Index, OTCQX Dividend Index, OTCQX International Index, OTCQX U.S. Index, OTCQX Banks Index, OTCQX Cannabis Index, and OTCQB Venture Index have minimum liquidity screens to ensure tradability.

    All index data is priced in real-time and is available on the OTC Markets Group website, www.otcmarkets.com, and via major financial data distributors and websites, including Bloomberg, Reuters and FT.com.

    Past performance does not guarantee future results. Investors cannot invest directly in any of these indexes.

    OTC Markets Group Inc. provides no advice, recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

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

    The MIL Network –

  • MIL-OSI: Lakeland Financial Reports Third Quarter Net Income of $23.3 Million, Organic Loan Growth of 5% and Organic Deposit Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., Oct. 25, 2024 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $23.3 million for the three months ended September 30, 2024, which represents a decrease of $1.9 million, or 8%, compared with net income of $25.3 million for the three months ended September 30, 2023. Diluted earnings per share were $0.91 for the third quarter of 2024 and decreased $0.07, or 7%, compared to $0.98 for the third quarter of 2023. On a linked quarter basis, net income increased $789,000, or 3%, from second quarter 2024 net income of $22.5 million. Diluted earnings per share increased $0.04, or 5%, from $0.87 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $30.8 million for the three months ended September 30, 2024, an increase of $666,000, or 2%, compared to $30.1 million for the three months ended September 30, 2023. On a linked quarter basis, pretax pre-provision earnings decreased $4.6 million, or 13%, compared to $35.4 million for the second quarter of 2024.

    The company further reported net income of $69.3 million for the nine months ended September 30, 2024, versus $64.1 million for the comparable period of 2023, an increase of $5.1 million, or 8%. Diluted earnings per share also increased 8% to $2.69 for the nine months ended September 30, 2024, versus $2.49 for the comparable period of 2023. Pretax pre-provision earnings were $95.5 million for the nine months ended September 30, 2024, an increase of $15.7 million, or 20%, compared to $79.8 million for the nine months ended September 30, 2023.

    “Our long-term track record of serving our clients and communities through organic loan and deposit growth continued during the third quarter of 2024 and we are pleased with our performance for the quarter,” commented David M. Findlay, Chairman and Chief Executive Officer. “We continue to be encouraged by the strength of economic activity in our Indiana markets and are really well positioned to take advantage of the ongoing growth and investment we are seeing throughout our footprint.”

    Quarterly Financial Performance

    Third Quarter 2024 versus Third Quarter 2023 highlights:

    • Tangible book value per share grew by $5.47, or 25%, to $27.07
    • Total risk-based capital ratio of 15.75%, compared to 15.13%
    • Tangible capital ratio improved to 10.47%, compared to 8.62%
    • Average loans grew by $214.6 million, or 4%, to $5.06 billion
    • Core deposit growth of $261.2 million, or 5%
    • Return on average equity of 13.85%, compared to 16.91%
    • Return on average assets of 1.39%, compared to 1.54%
    • Net interest margin of 3.16% versus 3.21%
    • Noninterest income growth of $1.1 million, or 10%
    • Revenue improved by 3% to $61.2 million
    • Noninterest expense increased by $1.3 million, or 4%
    • Provision expense of $3.1 million, compared to $400,000
    • Net charge offs of $143,000 versus $353,000
    • Watch list loans as a percentage of total loans increased to 5.27% from 3.83%

    Third Quarter 2024 versus Second Quarter 2024 highlights:

    • Tangible book value per share grew by $1.73, or 7%
    • Total risk-based capital ratio improved to 15.75% from 15.53%
    • Tangible capital ratio of 10.47%, compared to 9.91%
    • Core deposits increased by $138.3 million, or 2%
    • Average loans grew by $29.5 million, or 1%, to $5.06 billion
    • Net interest margin of 3.16% versus 3.17%
    • Return on average equity of 13.85%, compared to 14.19%
    • Return on average assets of 1.39%, compared to 1.37%
    • Noninterest income decreased by $8.5 million, or 42%
    • Noninterest expense decreased by $2.9 million, or 9%
    • Provision expense of $3.1 million compared to $8.5 million
    • Watch list loans as a percentage of total loans improved to 5.27% from 5.31%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.75% at September 30, 2024, compared to 15.13% at September 30, 2023 and 15.53% at June 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect a strengthening of the company’s strong capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.47% at September 30, 2024, compared to 8.62% at September 30, 2023 and 9.91% at June 30, 2024. Unrealized losses from available-for-sale investment securities improved to $154.5 million at September 30, 2024, compared to $266.4 million at September 30, 2023 and $194.9 million at June 30, 2024. When excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.29% at September 30, 2024, compared to 11.74% at September 30, 2023 and 12.18% at June 30, 2024.

    Kristin L. Pruitt, President, commented, “Our capital structure is a critical strength of our balance sheet, as it has been for a very long time. This exceptionally strong capital retention supports our plans for continued organic growth as well as total return to shareholders through our common stock dividend.”

    As announced on October 8, 2024, the board of directors approved a cash dividend for the third quarter of $0.48 per share, payable on November 5, 2024, to shareholders of record as of October 25, 2024. The third quarter dividend per share represents a 4% increase from the $0.46 dividend per share paid for the third quarter of 2023.

    Loan Portfolio

    Average total loans of $5.06 billion in the third quarter of 2024, increased $214.6 million, or 4%, from $4.85 billion for the third quarter of 2023, and increased $29.5 million, or 1%, from $5.03 billion for the second quarter of 2024.

    Average total loans for the nine months ended September 30, 2024 were $5.02 billion, an increase of $232.1 million, or 5%, from $4.79 billion for the nine months ended September 30, 2023.

    “Loan growth has been steady in 2024 and has been funded through healthy deposit growth. We are seeing increased activity with our manufacturing clients as we experienced $91 million, or 6%, of commercial and industrial loan growth as compared to September 30, 2023. In addition, commercial real estate loan balances increased as our relationships with in-market long-term clients expanded with projects moving forward supported by good demand and high-quality developments. As a result, commercial real estate and multi-family loans grew $128 million, or 5% year over year,” noted Findlay. “Our retail and consumer lending teams have also experienced healthy growth of $54 million or 9% in the last year. Our highly diverse loan portfolio growth continues, and it is gratifying to see both commercial and consumer lending positively impacting our balance sheet growth.”

    Total loans, net of deferred loan fees, increased by $211.0 million, or 4%, from $4.87 billion as of September 30, 2023 to $5.08 billion as of September 30, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $127.4 million, or 5%, our commercial and industrial loan portfolio growing by $90.7 million, or 6%, and our consumer 1-4 family mortgage loans portfolio growing by $36.3 million, or 8%. These increases were offset by a decrease to total agribusiness and agricultural loans of $22.1 million, or 6%, and a decrease to other commercial loans of $31.6 million, or 25%. On a linked quarter basis, total loans net of deferred loan fees increased by $29.6 million, or 1%, from $5.05 billion at June 30, 2024. The linked quarter increase was primarily a result of growth in construction and land development loans of $70.9 million, or 11%, and growth in total consumer loans of $21.7 million, or 4%. Offsetting this growth were declines in total commercial and industrial loans of $33.4 million, or 2%, and in owner occupied loans of $19.6 million, or 2%.

    Commercial loan originations for the third quarter included approximately $316.0 million in loan originations, offset by approximately $308.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of September 30, 2024, compared to 39% at September 30, 2023 and was unchanged from 41% as of June 30, 2024. Total available lines of credit contracted by $69.0 million, or 1%, as compared to a year ago, and line usage increased by $96.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $102.6 million for this sector represented 2% of total loans at September 30, 2024, an increase of $1.4 million, or 1%, from June 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 210% of total risk-based capital at September 30, 2024.

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

     
    DEPOSIT DETAIL
    (unaudited, in thousands)
     
      September 30, 2024   June 30, 2024   September 30, 2023
    Retail $ 1,709,899   29.3 %   $ 1,724,777   29.9 %   $ 1,761,235   31.1 %
    Commercial   2,304,041   39.5       2,150,127   37.3       2,154,853   38.1  
    Public funds   1,726,869   29.6       1,727,593   30.0       1,563,557   27.7  
    Core deposits   5,740,809   98.4       5,602,497   97.2       5,479,645   96.9  
    Brokered deposits   96,504   1.6       161,040   2.8       177,430   3.1  
    Total $ 5,837,313   100.0 %   $ 5,763,537   100.0 %   $ 5,657,075   100.0 %
                                       

    Total deposits increased $180.2 million, or 3%, from $5.66 billion as of September 30, 2023 to $5.84 billion as of September 30, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $261.2 million, or 5%. Total core deposits at September 30, 2024 were $5.74 billion and represented 98% of total deposits, as compared to $5.48 billion and 97% of total deposits at September 30, 2023. Brokered deposits were $96.5 million, or 2% of total deposits, at September 30, 2024, compared to $177.4 million, or 3% of total deposits, at September 30, 2023.

    The change in composition of core deposits since September 30, 2023 reflects growth in commercial deposits and public funds deposits. As of September 30, 2024, commercial deposits as a percentage of total deposits increased to 39%, from 38%, public fund deposits as a percentage of total deposits increased to 30%, from 28%, and retail deposits as a percentage of total deposits contracted to 29%, from 31%, compared to balances a year ago. Commercial deposits grew annually by $149.2 million, or 7%, to $2.30 billion. Public funds deposits grew annually by $163.3 million, or 10%, to $1.73 billion. Retail deposits contracted annually by $51.3 million, or 3%, to $1.71 billion. Growth in public funds was positively impacted by the addition of a new public funds customer in the Lake City Bank footprint which included the addition of its operating accounts. Net retail outflows since September 30, 2023, reflect the continued utilization of deposits from peak savings levels during 2021.

    Findlay noted, “We are pleased with annual core deposit growth of 5% or $261 million in 2024. The deposit mix shift that began in early 2023 has stabilized with growth in noninterest bearing deposits during the third quarter of 2024. Our retail banking team has done a terrific job continuing to drive market share growth in our core Indiana markets and we are pleased with our market share performance in all of our Indiana markets. Core deposit gathering is a strategic focus, continues to improve and today represents 98% of total deposits, up from 97% a year ago.”

    On a linked quarter basis, total deposits increased $73.8 million, or 1%, from $5.76 billion at June 30, 2024 to $5.84 billion at September 30, 2024. Core deposits increased by $138.3 million, or 2%, while brokered deposits decreased by $64.5 million, or 40%. Linked quarter growth in core deposits resulted from growth in commercial deposits of $153.9 million, or 7%. Offsetting the increase in commercial deposits was contraction in retail deposits of $14.9 million, or 1%, and contraction in public funds deposits of $724,000, or less than 1%.

    Average total deposits were $5.88 billion for the third quarter of 2024, an increase of $307.7 million, or 6%, from $5.57 billion for the third quarter of 2023. Average interest-bearing deposits drove the increase to average total deposits and increased by $481.2 million, or 12%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $422.1 million, or 15%, and growth in average time deposits of $108.4 million, or 11%. Offsetting these increases was a decrease to average savings deposits of $49.4 million, or 15%. Average noninterest-bearing demand deposits decreased by $173.5 million, or 12%.

    On a linked quarter basis, average total deposits increased by $60.2 million, or 1%, from $5.82 billion for the second quarter of 2024 to $5.88 billion for the third quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $46.9 million, or 1%. Contributing to the overall growth of interest-bearing deposits was an increase to total average time deposits of $35.5 million, or 3%, and an increase to interest bearing checking accounts of $20.4 million, or 1%. Offsetting these increases was a decrease to average savings deposits of $8.9 million, or 3%. Average noninterest-bearing demand deposits increased by $13.3 million, or 1%.

    Checking account trends compared to September 30, 2023, include growth of $181.7 million, or 14%, in aggregate public fund checking account balances and growth of $144.7 million, or 7%, in aggregate commercial checking account balances, and a contraction of $2.5 million, or less than 1%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 14% for public funds accounts, 3% for commercial accounts and 2% for retail accounts.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 61% as of September 30, 2024, compared to 54% at both June 30, 2024 and September 30, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of September 30, 2024, compared to 29% at June 30, 2024, and 28% as of September 30, 2023. As of September 30, 2024, 98% of deposit accounts had deposit balances less than $250,000.

    Liquidity Overview

    The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, Federal Funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of September 30, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.3 billion at both September 30, 2023 and June 30, 2024. Utilization from these sources totaled $96.5 million at September 30, 2024, compared to $267.4 million at September 30, 2023 and $161.0 million at June 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 98% of total deposits and purchased funds.

    Investment Portfolio Overview

    Total investment securities were $1.15 billion at September 30, 2024, reflecting an increase of $42.8 million, or 4%, as compared to $1.11 billion at September 30, 2023. On a linked quarter basis, investment securities increased $24.0 million, or 2%, due primarily to improvement in the fair market value of available-for-sale securities of $40.4 million and partially offset by portfolio cash flows of $15.1 million. Investment securities represented 17% of total assets on September 30, 2024, September 30, 2023 and June 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan portfolio growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.3 years at September 30, 2024, compared to 6.7 years and 6.5 years at September 30, 2023 and June 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the increased rate environment. The company anticipates receiving principal and interest cash flows of approximately $26.4 million throughout the remainder of 2024 and $104.7 million during 2025 from its investment securities portfolio.

    Net Interest Margin

    Net interest margin was 3.16% for the third quarter of 2024, representing a 5 basis point decrease from 3.21% for the third quarter of 2023. Earning assets yields increased by 23 basis points to 6.04% for the third quarter of 2024 from 5.81% for the third quarter of 2023. The increase in earning asset yields was offset by an increase in the company’s funding costs of 28 basis points as interest expense as a percentage of average earning assets increased to 2.88% for the third quarter of 2024 from 2.60% for the third quarter of 2023. Increased industry competition for deposits has driven funding costs as a percentage of average earning assets to rise more aggressively than earning asset yields since the third quarter of 2023. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits encountered by the company during the recent monetary tightening cycle has stabilized with noninterest bearing deposits representing 22% of total deposits at September 30, 2024, compared to 24% at September 30, 2023 and 21% at June 30, 2024. In 2019, prior to the pandemic and the related stimulus plans, the ratio of noninterest bearing deposits to total deposits stood at 24% as of December 31, 2019.

    Linked quarter net interest margin contracted by 1 basis point to 3.16% for the third quarter of 2024, compared to 3.17% for the second quarter of 2024. Average earning asset yields decreased by 3 basis points from 6.07% during the second quarter of 2024 to 6.04% during the third quarter of 2024 and were partially offset by a 2 basis point decrease in interest expense as a percentage of average earning assets from 2.90% to 2.88%.

    “Net interest margin has stabilized and has responded well to the first federal fund rate decrease of 50 basis points late in the third quarter. The bank’s net interest margin expanded by 4 basis points on a linked quarter basis, excluding the impact of increased nonperforming loans. In addition, noninterest bearing deposits grew modestly during the quarter as compared to June 30, 2024. While our balance sheet continues to be assets sensitive, we are encouraged by the impact of the Federal Reserve Bank rate action,” commented Lisa M. O’Neill, Executive Vice President and Chief Financial Officer.

    The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle, compared to 61% during the prior tightening cycle from 2016 through 2019. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle, compared to 45% during the prior tightening cycle.

    Net interest income was $49.3 million for the third quarter of 2024, representing an increase of $880,000, or 2%, as compared to $48.4 million for the third quarter of 2023. On a linked quarter basis, net interest income increased $977,000, or 2%, from $48.3 million for the second quarter of 2024. Net interest income decreased by $3.5 million, or 2%, from $148.4 million for the nine months ended September 30, 2023, to $145.0 million for the nine months ended September 30, 2024.

    Asset Quality

    The company recorded a provision for credit losses of $3.1 million in the third quarter of 2024, an increase of $2.7 million, as compared to $400,000 in the third quarter of 2023. On a linked quarter basis, the provision expense decreased by $5.4 million, from $8.5 million for the second quarter of 2024. The elevated provision expense during the second quarter of 2024 was primarily attributable to an increase in the specific reserve allocation from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana in conjunction with the relationship’s placement on nonperforming status. Additional specific reserves of $4.7 million were allocated to this credit during the third quarter of 2024.

    The ratio of allowance for credit losses to total loans was 1.65% at September 30, 2024, up from 1.48% at September 30, 2023, and 1.60% at June 30, 2024. Net charge offs in the third quarter of 2024 were $143,000, compared to $353,000 in the third quarter of 2023 and $949,000 during the linked second quarter of 2024. Annualized net charge offs to average loans were 0.01% for the third quarter of 2024, compared to 0.03% for the third quarter of 2023 and 0.08% for the linked second quarter of 2024.

    Nonperforming assets increased $41.3 million, or 247%, to $58.1 million as of September 30, 2024, versus $16.7 million as of September 30, 2023. On a linked quarter basis, nonperforming assets increased $427,000, or 1%, compared to $57.6 million as of June 30, 2024. The ratio of nonperforming assets to total assets at September 30, 2024 increased to 0.87% from 0.26% at September 30, 2023 and declined from 0.88% at June 30, 2024. The increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

    Total individually analyzed and watch list loans increased by $81.2 million, or 44%, to $267.6 million as of September 30, 2024, versus $186.4 million as of September 30, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $687,000, or less than 1%, from $268.3 million at June 30, 2024. Watch list loans as a percentage of total loans increased by 144 basis points to 5.27% at September 30, 2024, compared to 3.83% at September 30, 2023, and decreased by 4 basis points from 5.31% at June 30, 2024. The increase in individually analyzed and watch list loans between September 30, 2024 and September 30, 2023 was primarily driven by downgrades to four commercial relationships individually greater than $10.0 million, net of paydowns, payoffs and upgrades to other relationships.

    “Overall, we continue to observe stable economic conditions in our Lake City Bank footprint. The commencement of the Federal Reserve Bank easing cycle will provide some interest relief to variable rate borrowers, in particular for commercial real estate clients. We believe that loan demand could accelerate for our commercial and industrial sector if the Federal Reserve Bank takes additional easing actions,” stated Findlay.

    Noninterest Income

    The company’s noninterest income increased $1.1 million, or 10%, to $11.9 million for the third quarter of 2024, compared to $10.8 million for the third quarter of 2023. Wealth advisory fees increased $420,000, or 18%, driven by growth in customers and favorable market performance. Other income increased $429,000, or 72%, primarily from an improvement to income from the company’s limited partnership investments. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $11.9 million for the third quarter of 2024, an increase of $1.1 million, or 10%, compared to $10.8 million for the third quarter of 2023.

    Noninterest income for the third quarter of 2024 decreased by $8.5 million, or 42%, on a linked quarter basis from $20.4 million during the second quarter of 2024. Second quarter noninterest income benefited from the net gain recognized on the exchange and partial redemption of the company’s Visa shares of $9.0 million. The company’s remaining Visa Class C shares were redeemed during the third quarter of 2024 for a net loss of $15,000. Offsetting this linked quarter decrease was an increase to other income of $333,000, or 48%, and an increase to bank owned life insurance income of $178,000, or 20%. Adjusted core noninterest income increased by $504,000, or 4%, compared to $11.4 million for the linked second quarter of 2024.

    Noninterest income increased by $12.3 million, or 38%, to $45.0 million for the nine months ended September 30, 2024, compared to $32.7 million for the prior year nine-month period. The increase in noninterest income was driven primarily by the net gain on Visa shares of $9.0 million. Additionally, other income increased $2.0 million, or 105%, wealth advisory fees increased $1.0 million, or 15%, bank owned life insurance income increased $601,000, or 25%, and mortgage banking income increased $252,000. Other income increased primarily due to improved performance from limited partnership investment income and the receipt of a $1.0 million insurance recovery related to the 2023 wire fraud loss. Improved market performance of the company’s variable bank owned life insurance policies, which are tied to the performance of the equity markets, drove the increase to bank owned life insurance income. Mortgage banking income increased from pipeline expansion and a related positive impact to mortgage rate lock income. Offsetting these increases was a decrease to interest rate swap fee income of $794,000, or 100%, due to no new swap fee activity during the period. Adjusted core noninterest income for the nine months ended September 30, 2024 was $35.0 million, an increase of $2.3 million, or 7%, compared to $32.7 million for the nine months ended September 30, 2023.

    “While not robust, we are pleased to report that revenue growth for the nine months ended September 30, 2024, was $8.9 million, or 5% as compared to the same period in 2023. Noninterest income, and in particular, wealth advisory fees are positively impacting the improvement in revenue,” stated Findlay. “It is rewarding to see this important part of the business growing and positively impacting revenue growth at the bank.”

    Noninterest Expense

    Noninterest expense increased $1.3 million, or 4%, to $30.4 million for the third quarter of 2024, compared to $29.1 million during the third quarter of 2023. Driving the third quarter 2024 increase to noninterest expense were increases to salaries and benefits expense of $499,000, or 3%, data processing fees and supplies expense of $389,000, or 12%, and corporate and business development expense of $168,000, or 14%, as compared to the third quarter of 2023. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $30.4 million for the third quarter of 2024, an increase of $1.3 million, or 4%, compared to $29.1 million for the third quarter of 2023.

    On a linked quarter basis, noninterest expense decreased by $2.9 million, or 9%, from $33.3 million during the second quarter of 2024. Other expense decreased by $3.6 million, or 58%, primarily due to the recognition of a $4.5 million legal accrual in the second quarter 2024. Offsetting the decrease to noninterest expense was an increase in salaries and employee benefits of $318,000, or 2%. Adjusted core noninterest expense increased by $1.6 million, or 6%, compared to $28.8 million for the linked second quarter of 2024.

    Noninterest expense decreased by $6.8 million, or 7%, for the nine months ended September 30, 2024 to $94.4 million compared to $101.3 million for the nine months ended September 30, 2023. The $18.1 million wire fraud loss recorded during the second quarter of 2023 was the primary driver of the decrease between these periods. Offsetting this decrease were increases to salaries and employee benefits expense of $6.1 million, or 14%, other expense of $3.2 million, or 41%, data processing fees of $1.1 million, or 11%, and professional fees of $391,000, or 6%. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $2.3 million, performance-based incentive compensation of $2.2 million, health insurance expense of $695,000 and variable deferred compensation related to the company’s variable bank owned life insurance of $536,000. The increase for data processing fees resulted from continued investment in customer-facing and operational technology solutions. Professional fees increased due to higher costs to implement technology solutions. Adjusted core noninterest expense was $89.9 million for the nine months ended September 30, 2024, an increase of $4.8 million, or 6%, from $85.1 million recorded during the comparable period of 2023.

    The company’s efficiency ratio was 49.7% for the third quarter of 2024, compared to 49.1% for the third quarter of 2023 and 48.5% for the linked second quarter of 2024. The company’s adjusted core efficiency ratio, a non-GAAP measure that excludes the impact of certain non-routine operating events, was 49.7% for the third quarter of 2024, compared to 48.2% for the linked second quarter of 2024 and 49.1% for the third quarter of 2023.

    The company’s efficiency ratio was 49.7% for the nine months ended September 30, 2024, compared to 55.9% for the comparable period in 2023. The company’s adjusted core efficiency ratio was 50.0% for the nine months ended September 30, 2024, compared to 47.0% for the comparable period in 2023.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.6 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and quarterly reports on Form 10-Q.

     
    LAKELAND FINANCIAL CORPORATION
    THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
     
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    END OF PERIOD BALANCES 2024   2024   2023   2024   2023
    Assets $ 6,645,371     $ 6,568,807     $ 6,426,844     $ 6,645,371     $ 6,426,844  
    Investments   1,147,806       1,123,803       1,105,026       1,147,806       1,105,026  
    Loans   5,081,990       5,052,341       4,870,965       5,081,990       4,870,965  
    Allowance for Credit Losses   83,627       80,711       72,105       83,627       72,105  
    Deposits   5,837,313       5,763,537       5,657,075       5,837,313       5,657,075  
    Brokered Deposits   96,504       161,040       177,430       96,504       177,430  
    Core Deposits (1)   5,740,809       5,602,497       5,479,645       5,740,809       5,479,645  
    Total Equity   699,181       654,590       557,184       699,181       557,184  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   695,378       650,787       553,381       695,378       553,381  
    Adjusted Tangible Common Equity (2)   832,813       820,534       780,756       832,813       780,756  
    AVERAGE BALANCES                  
    Total Assets $ 6,656,464     $ 6,642,954     $ 6,498,984     $ 6,618,102     $ 6,448,316  
    Earning Assets   6,329,287       6,295,281       6,145,894       6,280,677       6,103,538  
    Investments   1,128,705       1,118,776       1,171,426       1,135,304       1,210,540  
    Loans   5,064,348       5,034,851       4,849,758       5,023,556       4,791,431  
    Total Deposits   5,880,177       5,819,962       5,572,466       5,777,234       5,537,379  
    Interest Bearing Deposits   4,635,993       4,589,059       4,154,825       4,527,524       4,028,087  
    Interest Bearing Liabilities   4,649,745       4,666,136       4,382,380       4,616,129       4,246,648  
    Total Equity   670,160       638,999       592,510       651,457       594,063  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 49,273     $ 48,296     $ 48,393     $ 144,985     $ 148,436  
    Net Interest Income-Fully Tax Equivalent   50,383       49,493       49,712       148,558       152,436  
    Provision for Credit Losses   3,059       8,480       400       13,059       5,550  
    Noninterest Income   11,917       20,439       10,835       44,968       32,650  
    Noninterest Expense   30,393       33,333       29,097       94,431       101,265  
    Net Income   23,338       22,549       25,252       69,288       64,141  
    Pretax Pre-Provision Earnings (2)   30,797       35,402       30,131       95,522       79,821  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 0.91     $ 0.88     $ 0.99     $ 2.70     $ 2.51  
    Diluted Net Income Per Common Share   0.91       0.87       0.98       2.69       2.49  
    Cash Dividends Declared Per Common Share   0.48       0.48       0.46       1.44       1.38  
    Dividend Payout   52.75 %     55.17 %     46.94 %     53.53 %     36.95 %
    Book Value Per Common Share (equity per share issued) $ 27.22     $ 25.49     $ 21.75     $ 27.22     $ 21.75  
    Tangible Book Value Per Common Share (2)   27.07       25.34       21.60       27.07       21.60  
    Market Value – High $ 72.25     $ 66.62     $ 57.00     $ 73.22     $ 77.07  
    Market Value – Low   57.45       57.59       44.46       57.45       43.05  
                                           
                                           
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    Basic Weighted Average Common Shares Outstanding   25,684,407       25,678,231       25,613,456       25,673,275       25,601,493  
    Diluted Weighted Average Common Shares Outstanding   25,767,739       25,742,871       25,693,535       25,754,357       25,709,841  
    KEY RATIOS                  
    Return on Average Assets   1.39 %     1.37 %     1.54 %     1.40 %     1.33 %
    Return on Average Total Equity   13.85       14.19       16.91       14.21       14.44  
    Average Equity to Average Assets   10.07       9.62       9.12       9.84       9.21  
    Net Interest Margin   3.16       3.17       3.21       3.16       3.33  
    Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)   49.67       48.49       49.13       49.71       55.92  
    Loans to Deposits   87.06       87.66       86.10       87.06       86.10  
    Investment Securities to Total Assets   17.27       17.11       17.19       17.27       17.19  
    Tier 1 Leverage (3)   12.18       11.98       11.64       12.18       11.64  
    Tier 1 Risk-Based Capital (3)   14.50       14.28       13.88       14.50       13.88  
    Common Equity Tier 1 (CET1) (3)   14.50       14.28       13.88       14.50       13.88  
    Total Capital (3)   15.75       15.53       15.13       15.75       15.13  
    Tangible Capital (2)   10.47       9.91       8.62       10.47       8.62  
    Adjusted Tangible Capital (2)   12.29       12.18       11.74       12.29       11.74  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 829     $ 1,615     $ 1,782     $ 829     $ 1,782  
    Loans Past Due 90 Days or More   95       26       19       95       19  
    Nonaccrual Loans   57,551       57,124       16,290       57,551       16,290  
    Nonperforming Loans   57,646       57,150       16,309       57,646       16,309  
    Other Real Estate Owned   384       384       384       384       384  
    Other Nonperforming Assets   21       90       45       21       45  
    Total Nonperforming Assets   58,051       57,624       16,738       58,051       16,738  
    Individually Analyzed Loans   77,654       78,533       16,739       77,654       16,739  
    Non-Individually Analyzed Watch List Loans   189,918       189,726       169,621       189,918       169,621  
    Total Individually Analyzed and Watch List Loans   267,572       268,259       186,360       267,572       186,360  
    Gross Charge Offs   231       1,076       480       1,811       6,766  
    Recoveries   88       127       127       407       715  
    Net Charge Offs/(Recoveries)   143       949       353       1,404       6,051  
    Net Charge Offs/(Recoveries) to Average Loans   0.01 %     0.08 %     0.03 %     0.04 %     0.17 %
    Credit Loss Reserve to Loans   1.65       1.60       1.48       1.65       1.48  
    Credit Loss Reserve to Nonperforming Loans   145.07       141.23       442.11       145.07       442.11  
    Nonperforming Loans to Loans   1.13       1.13       0.33       1.13       0.33  
    Nonperforming Assets to Assets   0.87       0.88       0.26       0.87       0.26  
    Total Individually Analyzed and Watch List Loans to Total Loans   5.27 %     5.31 %     3.83 %     5.27 %     3.83 %
                       
                       
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    OTHER DATA                  
    Full Time Equivalent Employees   639       653       614       639       614  
    Offices   54       53       53       54       53  

    ___________________
    (1)  Core deposits equals deposits less brokered deposits.
    (2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)  Capital ratios for September 30, 2024 are preliminary until the Call Report is filed.

           
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    ​ September 30,
    2024    		   December 31,
    2023
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 86,785     $ 70,451  
    Short-term investments   73,405       81,373  
    Total cash and cash equivalents   160,190       151,824  
    ​      
    Securities available-for-sale, at fair value   1,016,649       1,051,728  
    Securities held-to-maturity, at amortized cost (fair value of $118,861 and $119,215, respectively)   131,157       129,918  
    Real estate mortgage loans held-for-sale   3,148       1,158  
    ​      
    Loans, net of allowance for credit losses of $83,627 and $71,972   4,998,363       4,844,562  
    ​      
    Land, premises and equipment, net   59,987       57,899  
    Bank owned life insurance   112,075       109,114  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,471       30,011  
    Goodwill   4,970       4,970  
    Other assets   108,941       121,425  
    Total assets $ 6,645,371     $ 6,524,029  
    ​      
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,284,527     $ 1,353,477  
    Interest bearing deposits   4,552,786       4,367,048  
    Total deposits   5,837,313       5,720,525  
           
    Federal Funds purchased   30,000       0  
    Federal Home Loan Bank advances   0       50,000  
    Total borrowings   30,000       50,000  
           
    Accrued interest payable   14,784       20,893  
    Other liabilities   64,093       82,818  
    Total liabilities   5,946,190       5,874,236  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    25,974,017 shares issued and 25,506,084 outstanding as of September 30, 2024      
    25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023   128,346       127,692  
    Retained earnings   724,550       692,760  
    Accumulated other comprehensive income (loss)   (138,136 )     (155,195 )
    Treasury stock, at cost (467,933 shares and 473,120 shares as of September 30, 2024 and December 31, 2023, respectively)   (15,668 )     (15,553 )
    Total stockholders’ equity   699,092       649,704  
    Noncontrolling interest   89       89  
    Total equity   699,181       649,793  
    Total liabilities and equity $ 6,645,371     $ 6,524,029  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
     
    ​ Three Months Ended September 30,   Nine Months Ended September 30,
    ​   2024       2023       2024       2023  
    NET INTEREST INCOME              
    Interest and fees on loans              
    Taxable $ 86,118     $ 78,910     $ 252,386     $ 223,499  
    Tax exempt   298       1,008       1,830       2,869  
    Interest and dividends on securities              
    Taxable   2,908       3,077       9,051       9,966  
    Tax exempt   3,921       4,023       11,800       12,387  
    Other interest income   1,773       1,605       4,721       3,604  
    Total interest income   95,018       88,623       279,788       252,325  
    ​ ​   ​   ​   ​
    Interest on deposits   45,556       37,108       131,083       95,637  
    Interest on short-term borrowings   189       3,122       3,720       8,252  
    Total interest expense   45,745       40,230       134,803       103,889  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME   49,273       48,393       144,985       148,436  
    ​ ​   ​   ​   ​
    Provision for credit losses   3,059       400       13,059       5,550  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   46,214       47,993       131,926       142,886  
    ​ ​   ​   ​   ​
    NONINTEREST INCOME              
    Wealth advisory fees   2,718       2,298       7,770       6,769  
    Investment brokerage fees   438       408       1,438       1,370  
    Service charges on deposit accounts   2,835       2,735       8,332       8,091  
    Loan and service fees   2,955       2,934       8,855       8,782  
    Merchant and interchange fee income   898       938       2,653       2,744  
    Bank owned life insurance income   1,068       1,009       2,994       2,393  
    Interest rate swap fee income   0       0       0       794  
    Mortgage banking income (loss)   (7 )     (50 )     68       (184 )
    Net securities gains (losses)   0       (35 )     (46 )     (16 )
    Net gain (loss) on Visa shares   (15 )     0       8,996       0  
    Other income   1,027       598       3,908       1,907  
    Total noninterest income   11,917       10,835       44,968       32,650  
    ​ ​   ​   ​   ​
    NONINTEREST EXPENSE              
    Salaries and employee benefits   16,476       15,977       49,467       43,414  
    Net occupancy expense   1,721       1,621       5,159       4,874  
    Equipment costs   1,452       1,325       4,207       4,189  
    Data processing fees and supplies   3,768       3,379       11,419       10,305  
    Corporate and business development   1,369       1,201       4,015       3,930  
    FDIC insurance and other regulatory fees   966       871       2,571       2,469  
    Professional fees   2,089       2,114       6,675       6,284  
    Wire fraud loss   0       0       0       18,058  
    Other expense   2,552       2,609       10,918       7,742  
    Total noninterest expense   30,393       29,097       94,431       101,265  
    ​ ​   ​   ​   ​
    INCOME BEFORE INCOME TAX EXPENSE   27,738       29,731       82,463       74,271  
    Income tax expense   4,400       4,479       13,175       10,130  
    NET INCOME $ 23,338     $ 25,252     $ 69,288     $ 64,141  
    ​ ​   ​   ​   ​
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,684,407       25,613,456       25,673,275       25,601,493  
    ​ ​   ​   ​   ​
    BASIC EARNINGS PER COMMON SHARE $ 0.91     $ 0.99     $ 2.70     $ 2.51  
    ​              
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,767,739       25,693,535       25,754,357       25,709,841  
    ​              
    DILUTED EARNINGS PER COMMON SHARE $ 0.91     $ 0.98     $ 2.69     $ 2.49  
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 678,079     13.3 %   $ 697,754     13.8 %   $ 589,345     12.1 %
    Non-working capital loans   814,804     16.0       828,523     16.4       812,875     16.7  
    Total commercial and industrial loans   1,492,883     29.3       1,526,277     30.2       1,402,220     28.8  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   729,293     14.3       658,345     13.0       633,920     13.0  
    Owner occupied loans   810,453     15.9       830,018     16.4       811,175     16.6  
    Nonowner occupied loans   766,821     15.1       762,365     15.1       740,783     15.2  
    Multifamily loans   243,283     4.8       252,652     5.0       236,581     4.8  
    Total commercial real estate and multi-family residential loans   2,549,850     50.1       2,503,380     49.5       2,422,459     49.6  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   157,413     3.1       161,410     3.2       183,241     3.8  
    Loans for agricultural production   200,971     4.0       199,654     4.0       197,287     4.0  
    Total agri-business and agricultural loans   358,384     7.1       361,064     7.2       380,528     7.8  
              ​            
    Other commercial loans   94,309     1.9       96,703     1.9       125,939     2.6  
    Total commercial loans   4,495,426     88.4       4,487,424     88.8       4,331,146     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   261,462     5.1       259,094     5.1       247,114     5.1  
    Open end and junior lien loans   210,275     4.1       197,861     3.9       189,611     3.9  
    Residential construction and land development loans   14,200     0.3       12,952     0.3       12,888     0.3  
    Total consumer 1-4 family mortgage loans   485,937     9.5       469,907     9.3       449,613     9.3  
      ​       ​            
    Other consumer loans   103,547     2.1       97,895     1.9       93,737     1.9  
    Total consumer loans   589,484     11.6       567,802     11.2       543,350     11.2  
    Subtotal   5,084,910     100.0 %     5,055,226     100.0 %     4,874,496     100.0 %
    Less:  Allowance for credit losses   (83,627 )         (80,711 )   ​     (72,105 )   ​
        Net deferred loan fees   (2,920 )         (2,885 )   ​     (3,531 )   ​
    Loans, net $ 4,998,363         $ 4,971,630     ​   $ 4,798,860     ​
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Noninterest bearing demand deposits $ 1,284,527   $ 1,212,989   $ 1,377,650
    Savings and transaction accounts:          
    Savings deposits   276,468     283,809     315,651
    Interest bearing demand deposits   3,273,405     3,274,179     2,891,683
    Time deposits:          
    Deposits of $100,000 or more   787,095     776,314     756,107
    Other time deposits   215,818     216,246     315,984
    Total deposits $ 5,837,313   $ 5,763,537   $ 5,657,075
    FHLB advances and other borrowings   30,000     55,000     90,000
    Total funding sources $ 5,867,313   $ 5,818,537   $ 5,747,075
     
    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended September 30, 2024   Three Months Ended June 30, 2024   Three Months Ended September 30, 2023
    (fully tax equivalent basis, dollars in thousands)   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate    		   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate    		   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,037,855     $ 86,118   6.80 %   $ 4,993,270     $ 84,226   6.78 %   $ 4,791,156     $ 78,910   6.53 %
    Tax exempt (1)     26,493       366   5.50       41,581       783   7.57       58,602       1,258   8.52  
    Investments: (1)                                    
    Securities     1,128,705       7,871   2.77       1,118,776       8,082   2.91       1,171,426       8,169   2.77  
    Short-term investments     2,841       35   4.90       2,836       35   4.96       2,533       29   4.54  
    Interest bearing deposits     133,393       1,738   5.18       138,818       1,807   5.24       122,177       1,576   5.12  
    Total earning assets   $ 6,329,287     $ 96,128   6.04 %   $ 6,295,281     $ 94,933   6.07 %   $ 6,145,894     $ 89,942   5.81 %
    Less:  Allowance for credit losses     (81,353 )             (74,166 )             (71,997 )        
    Nonearning Assets                                    
    Cash and due from banks     63,744               64,518               68,669          
    Premises and equipment     59,493               58,702               58,782          
    Other nonearning assets     285,293               298,619               297,636          
    Total assets   $ 6,656,464             $ 6,642,954             $ 6,498,984          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 280,180     $ 45   0.06 %   $ 289,107     $ 48   0.07 %   $ 329,557     $ 57   0.07 %
    Interest bearing checking accounts     3,295,911       33,822   4.08       3,275,502       33,323   4.09       2,873,795       27,891   3.85  
    Time deposits:                                    
    In denominations under $100,000     215,020       1,914   3.54       217,146       1,871   3.47       211,039       1,507   2.83  
    In denominations over $100,000     844,882       9,775   4.60       807,304       9,121   4.54       740,434       7,654   4.10  
    Miscellaneous short-term borrowings     13,752       189   5.48       77,077       1,077   5.62       227,555       3,121   5.44  
    Total interest bearing liabilities   $ 4,649,745     $ 45,745   3.91 %   $ 4,666,136     $ 45,440   3.92 %   $ 4,382,380     $ 40,230   3.64 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,244,184               1,230,903               1,417,641          
    Other liabilities     92,375               106,916               106,453          
    Stockholders’ Equity     670,160               638,999               592,510          
    Total liabilities and stockholders’ equity   $ 6,656,464             $ 6,642,954             $ 6,498,984          
    Interest Margin Recap                                    
    Interest income/average earning assets         96,128   6.04 %         94,933   6.07 %         89,942   5.81 %
    Interest expense/average earning assets         45,745   2.88           45,440   2.90           40,230   2.60  
    Net interest income and margin       $ 50,383   3.16 %       $ 49,493   3.17 %       $ 49,712   3.21 %
                                                     

    (1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.20 million and $1.32 million in the three-month periods ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
    (2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, are included as taxable loan interest income.
    (3)  Nonaccrual loans are included in the average balance of taxable loans.

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Nine Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
    Total Equity $ 699,181     $ 654,590     $ 557,184     $ 699,181     $ 557,184  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   695,378       650,787       553,381       695,378       553,381  
    Market Value Adjustment in AOCI   137,435       169,747       227,375       137,435       227,375  
    Adjusted Tangible Common Equity   832,813       820,534       780,756       832,813       780,756  
                       
    Assets $ 6,645,371     $ 6,568,807     $ 6,426,844     $ 6,645,371     $ 6,426,844  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,641,568       6,565,004       6,423,041       6,641,568       6,423,041  
    Market Value Adjustment in AOCI   137,435       169,747       227,375       137,435       227,375  
    Adjusted Tangible Assets   6,779,003       6,734,751       6,650,416       6,779,003       6,650,416  
                       
    Ending Common Shares Issued   25,684,916       25,679,066       25,614,163       25,684,916       25,614,163  
                       
    Tangible Book Value Per Common Share $ 27.07     $ 25.34     $ 21.60     $ 27.07     $ 21.60  
                       
    Tangible Common Equity/Tangible Assets   10.47 %     9.91 %     8.62 %     10.47 %     8.62 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.29 %     12.18 %     11.74 %     12.29 %     11.74 %
                       
    Net Interest Income $ 49,273     $ 48,296     $ 48,393     $ 144,985     $ 148,436  
    Plus:  Noninterest Income   11,917       20,439       10,835       44,968       32,650  
    Minus:  Noninterest Expense   (30,393 )     (33,333 )     (29,097 )     (94,431 )     (101,265 )
                       
    Pretax Pre-Provision Earnings $ 30,797     $ 35,402     $ 30,131     $ 95,522     $ 79,821  
                                           

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Nine Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
    Noninterest Income $ 11,917     $ 20,439     $ 10,835     $ 44,968     $ 32,650  
    Less: Net (Gain) Loss on Visa Shares   15       (9,011 )     0       (8,996 )     0  
    Less: Insurance Recoveries   0       0       0       (1,000 )     0  
    Adjusted Core Noninterest Income $ 11,932     $ 11,428     $ 10,835     $ 34,972     $ 32,650  
                       
    Noninterest Expense $ 30,393     $ 33,333     $ 29,097     $ 94,431     $ 101,265  
    Less: Legal Accrual   0       (4,537 )     0       (4,537 )     0  
    Less: Wire Fraud Loss   0       0       0       0       (18,058 )
    Plus: Salaries and Employee Benefits (1)   0       0       0       0       1,850  
    Adjusted Core Noninterest Expense $ 30,393     $ 28,796     $ 29,097     $ 89,894     $ 85,057  
                       
    Earnings Before Income Taxes $ 27,738     $ 26,922     $ 29,731     $ 82,463     $ 74,271  
    Adjusted Core Impact:                  
    Noninterest Income   15       (9,011 )     0       (9,996 )     0  
    Noninterest Expense   0       4,537       0       4,537       16,208  
    Total Adjusted Core Impact   15       (4,474 )     0       (5,459 )     16,208  
    Adjusted Earnings Before Income Taxes   27,753       22,448       29,731       77,004       90,479  
    Tax Effect   (4,404 )     (3,261 )     (4,479 )     (11,817 )     (14,123 )
    Core Operational Profitability (2) $ 23,349     $ 19,187     $ 25,252     $ 65,187     $ 76,356  
                       
    Diluted Earnings Per Common Share $ 0.91     $ 0.87     $ 0.98     $ 2.69     $ 2.49  
    Impact of Adjusted Core Items   0.00       (0.13 )     0.00       (0.16 )     0.48  
    Core Operational Diluted Earnings Per Common Share $ 0.91     $ 0.74     $ 0.98     $ 2.53     $ 2.97  
                       
    Adjusted Core Efficiency Ratio   49.66 %     48.22 %     49.13 %     49.95 %     46.97 %
                                           

    (1)  In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
    (2)  Core operational profitability was $11,000 higher and $3.4 million lower than reported net income for the three months ended September 30, 2024 and June 30, 2024, respectively. Core operational profitability was $4.1 million lower and $12.2 million higher than reported net income for the nine months ended September 30, 2024 and 2023, respectively.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI Economics: ASEAN and partners enhance disaster resilience, commemorate 20th Anniversary of Indian Ocean Tsunami

    Source: ASEAN

    BANDAR SERI BEGAWAN, 25 October 2024 — ASEAN, together with partners, reaffirmed the commitment to strengthen cooperation in enhancing disaster resilience in the region at the 12th ASEAN Ministerial Meeting on Disaster Management (AMMDM) and 13th Meeting of Conference of the Parties to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER), and their related meetings.

    The meetings took place on 24-25 October, hosted by Brunei Darussalam as the Chair of AMMDM in 2024, and chaired by H.E. Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs of Brunei Darussalam, and vice-chaired by H.E. General Kun Kim, Senior Minister and First Vice President of the National Committee of Disaster Management of the Kingdom of Cambodia.

    The ASEAN Commemorative Event of the 20th Anniversary of the Indian Ocean Tsunami in Brunei Darussalam, ASEAN Day on Disaster Management 2024 and the International Day for Disaster Risk Reduction were also held at the sidelines of the meetings.

    Taking place as a joint session, the 12th AMMDM and 13th Meeting of COP to AADMER noted with satisfaction the progress in the implementation of the AADMER Work Programme 2021-2025. Under theme of Brunei Darussalam’s AMMDM Chairmanship “Building a Resilient ASEAN through Inclusive and Sustainable Disaster Recovery”, the Meeting launched the ASEAN Ministerial Declaration on Building a Resilient ASEAN through Inclusive and Sustainable Disaster Recovery. As 2024 marks the 20th Anniversary of the Indian Ocean Tsunami, the ASEAN Ministerial Statement on the Commemoration of the 20th Anniversary of Indian Ocean Tsunami was also issued.

    The Meeting noted the achievements in 2024 across all Priority Programmes of the AADMER Work Programme (AWP) 2021-2025, such as the ASEAN Capacity Building Roadmap 2025-2030 on Disaster Management, the ASEAN Disaster Risk Communication Framework (ADRCF), the continued strengthening of the Disaster Emergency Logistics System for ASEAN (DELSA), the ASEAN Emergency Response and Assessment Team (ASEAN-ERAT) trainings, the AHA Centre Executive Leadership in Emergency and Disaster Management for ASEAN Programme (ACE-LEDMP) trainings, the ASEAN Strategic Policy Dialogue on Disaster Management (SPDDM) 2024, and the first ASEAN Standards and Certification for Experts in Disaster Management (ASCEND) Competency Assessment.

    The Meetings exchanged views towards full and effective implementation of the AADMER Work Programme (AWP) 2021-2025, and advancing the implementation of the ASEAN Declaration on ‘One ASEAN, One Response’ particularly through the roles of the ASEAN Coordinating Centre for Humanitarian Assistance on disaster management (AHA Centre), and developing a new AWP 2026-2030.

    The meetings with dialogue partners, i.e. the 4th AMMDM Plus China, 4th AMMDM Plus Japan and the 3rd AMMDM Plus Republic of Korea (ROK), were held on 24 October, reiterated commitment and resolve to intensify collaboration with ASEAN in building disaster resilience and advancing disaster risk reduction in the region.

    The ministerial meetings were preceded by the 45th Meeting of ASEAN Committee on Disaster Management (ACDM), 20th Meeting of the Governing Board of the AHA Centre, 6th Meeting of ASEAN Disaster Resilience Platform (ADRP), 8th Meeting of the ACDM Plus China, 8th Meeting of the ACDM Plus Japan, 7th Meeting of the ACDM Plus ROK.

    The next AMMDM and COP to AADMER Meeting will be hosted by Cambodia as the Chair of AMMDM in 2025.

    ***

    More details:

    The Chairman’s Statement for the 12th AMMDM and 13th COP to AADMER, here.The video of the ASEAN Commemoration of the 20th Year of Indian Ocean Tsunami, hereThe video for the ASEAN Magazine Special Issue No. 39–40, “20 Years Since the Indian Ocean Tsunami.” hereThe video of the Commemoration of the International Day for Disaster Risk Reduction (IDDR), here.The post ASEAN and partners enhance disaster resilience, commemorate 20th Anniversary of Indian Ocean Tsunami appeared first on ASEAN Main Portal.

    MIL OSI Economics –