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  • MIL-Evening Report: What is stereotactic radiation therapy for prostate cancer? How does it compare to other treatments?

    Source: The Conversation (Au and NZ) – By Sathana Dushyanthen, Academic Specialist & Senior Lecturer in Cancer Sciences & Digital Health| Superstar of STEM| Science Communicator, The University of Melbourne

    Nenad Cavoski/Shutterstock

    Prostate cancer is Australia’s most commonly diagnosed cancer. One in six men will be diagnosed by the time they turn 85.

    Cancers are abnormal groups of cells that grow uncontrollably and start invading neighbouring sites. They can also spread to other organs in the body. This is known as metastases.

    Treatment of early disease, when cancer is confined to the original site, is focused on that single area, most often with surgery or radiation therapy. Treatment of advanced disease, when it has spread, often relies on treatments that can travel all around the body such as chemotherapy or immunotherapy.

    A more advanced form of radiation therapy, called stereotactic ablative radiotherapy, may be able to treat both early and advanced cancers. So how does it work? And how does it compare to existing therapies?

    It delivers a higher dose to a smaller target

    Stereotactic radiotherapy uses high doses of radiation to target and kill cancer cells. It uses newer machines that can deliver very focused radiation beams. Combined with advances in imaging and radiation planning software this allows clinicians to “track” and target cancers.

    This results in such high precision – with a targeting accuracy less than 1mm – that cancers can be safely treated with minimal risk of damaging surrounding healthy organs.

    Having a higher dose means radiotherapy can be delivered in fewer treatments (one to five sessions over one to two weeks) where it previously would have been divided into many small doses (20 to 40), delivered over weeks or even months.

    Stereotactic radiotherapy has increasingly been used to treat cancer in the brain and lungs. But new data has shown it can also effectively treat prostate cancer.

    What did the new study find?

    A study published this month in the New England Journal of Medicine compared two groups of patients with early prostate cancer with a median age of 69.8 years. Half (433 participants) received five sessions of stereotactic radiation therapy, the other half (431 participants) received standard radiation therapy consisting of at least 20 sessions.

    The researchers found no long-term difference in outcomes between the groups, with 95% of patients showing no evidence of disease five years after treatment. These cure rates are equivalent to patients who had their prostates surgically removed.

    Early evidence suggests that stereotactic radiation therapy appears to be as effective, less onerous and less invasive than currently available treatment options.

    The new therapy appears as effective as standard therapy but with fewer side effects.
    PeopleImages.com – Yuri A/Shutterstock

    Prostate cancer that has spread beyond its original site is, unfortunately, incurable in most circumstances. Treatments for this stage of disease are aimed at suppressing or controlling the cancer for as long as possible.

    However, studies have shown stereotactic radiation therapy can be used to target disease that has spread to distant sites in patients who have advanced prostate cancer.
    Researchers found stereotactic radiation therapy could render patients free of clinically evident disease for eight to 13 months, delaying the need for hormone therapy or chemotherapy.

    How do the side effects compare to other cancer treatments?

    Stereotactic radiation therapy is delivered daily, with painless radiation beams. In the weeks following delivery it is common to notice soreness and/or inflammation at the treated site. This reaches a level requiring medication in one-third of cases.

    Erectile function is frequently impacted during prostate cancer treatment, as the nerves and blood vessels responsible for erections are often damaged.

    Another recent study comparing stereotactic radiation therapy to surgery found 48% of patients treated with stereotactic radiation therapy had difficulties with their sexual function two years after treatment compared to 75% of patients who had surgery.

    Comparison of differences between traditional radiotherapy and stereotactic radiotherapy.
    Precision Radiation Oncology

    What are the costs? And who can access it?

    Newer and more advanced radiation treatment machines can deliver more precise treatments, but these are much more expensive than standard machines. They also have more complex maintenance and operational requirements.

    However, traditional radiotherapy machines can also be upgraded to provide stereotactic precision.

    While the initial investment costs can be high, cost-benefit analyses show stereotactic radiation therapy for lung cancer costs the health system less than other cancer treatments and conventional radiotherapy. This is in part because treatment is completed far more quickly. Formal cost-benefit analyses have not been completed for prostate cancer but are likely to be similar.

    Stereotactic radiation therapy is now widely available at most major Australian public hospitals for many cancer types, including selected lung cancers, kidney cancers, advanced brain cancers and bone cancers. This has no out-of-pocket costs for patients. It is also provided in many private centres.

    However, even when a centre can deliver stereotactic radiation therapy, there is still significant variation in the devices used to deliver the therapy.

    In addition, the actual planning and delivery of radiation therapy is a complex skill. Studies have shown that patients treated by clinicians with higher caseloads have better outcomes, due to their greater familiarity with these specialised techniques.

    Radiotherapy departments throughout the world have rapidly upgraded their capability over the past few years to provide stereotactic radiotherapy. After the recent clinical trial findings, it’s likely prostate cancer will be added to the list of cancers treated this way.

    David Kok has a clinical appointment at Peter MacCallum Cancer Centre which provides prostate cancer treatments including stereotactic radiotherapy, conventional radiotherapy and surgery.

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

    – ref. What is stereotactic radiation therapy for prostate cancer? How does it compare to other treatments? – https://theconversation.com/what-is-stereotactic-radiation-therapy-for-prostate-cancer-how-does-it-compare-to-other-treatments-241467

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Most Republican states have made voting harder since 2020. Our research shows how successful they’ve been

    Source: The Conversation (Au and NZ) – By Kathryn Schumaker, Senior Lecturer in American Studies, University of Sydney

    In late September, the governor of the state of Oklahoma, Kevin Stitt, boasted that election officials had removed 453,000 people from the state’s voter rolls since 2021. In a state with only 2.3 million registered voters, it appears that roughly one in six registered voters had been purged.

    While some of these people were dead or disfranchised owing to felony convictions, nearly 200,000 of them were removed for being “inactive voters”. This means they likely failed to respond to a postcard sent to their mailing address.

    Voters can re-register if they were incorrectly removed, but this “voter list maintenance” process still creates a barrier to democratic participation.

    Unsurprisingly, Oklahoma historically has one of the lowest voter turnout rates in the United States.

    This bucks the national trend. Overall, across the United States, electoral turnout has increased in presidential and midterm elections since 2018. Americans feel, now more than ever, that elections have high stakes.

    And some states have made it easier to vote. Minnesota, for example, allows voters to register online or at the polls on Election Day.

    In states like Oklahoma, however, voters are discouraged or demoralised by policies and laws meant to make voting difficult and time consuming. Legislatures in these states have been emboldened over the past decade by a series of Supreme Court rulings voiding key parts of the Voting Rights Act.

    These states are now the new fronts in the unfinished battle to secure one of the fundamental elements of democracy – the right to vote. We’ve analysed data on voter turnout and voting accessibility across the US and found states restricting access the most are overwhelmingly led by Republican legislatures.

    A long history of voter disenfranchisement

    US elections have always been the domain of the states. And state legislatures have long wielded this power to discriminate against marginalised groups.

    Prior to the Civil War, most states restricted the right to vote to white men. Then, in 1870, the 15th Amendment to the Constitution was ratified, which forbade states from restricting the right to vote on the basis of “race, color or previous condition of servitude”

    In practice, however, this didn’t change things in all states. In the South, where Jim Crow laws maintained segregation in many facets of public life, lawmakers found other ways to disenfranchise Black voters.

    These methods included poll taxes, literacy tests, and grandfather clauses. In some Southern states, Democrats also held all-white primaries to prohibit Black voters from participating. They claimed that political parties were private organisations and not subject to the 15th Amendment.

    When other methods failed, white people used violence and intimidation to discourage Black voters from showing up at the polls.

    Women made gains state by state in the decades following the Civil War, though Black women in the South were disenfranchised alongside Black men. This made white women the primary beneficiaries of the 19th Amendment, ratified in 1920. This dictated that states could not withhold voting rights “on account of sex”.

    It was not until the ratification of the 24th Amendment in 1964, which prohibited the use of the poll tax, and the 1965 Voting Rights Act, which outlawed the literacy tests, that American democracy could begin to live up to its name.

    How states are erecting more barriers

    However, even these landmark developments have not ensured that voting is easy or universally accessible to all Americans.

    In fact, many states have accelerated efforts to police voting rolls and enact hurdles to civic engagement in the wake of then-President Donald Trump’s false claims of voter fraud in the 2020 election. Republican-dominated states like Oklahoma have been particularly keen to adopt restrictive policies.

    According to the Center for Public Integrity, 26 states have made voting less accessible since 2020. These barriers include many tactics:

    Partisan redistricting also discourages members of minority parties from turning out on Election Day. By drawing district lines that clearly favour one party over another, such practices can make people feel it is pointless to vote.

    What our research found

    According to our calculations, out of the states that have made voting less accessible since 2020, most are located in the South (43%) or Midwest (31%). The data reveal the most significant losses in voting access have occurred in southern states with large populations of Black voters.

    And the most restrictive lawmaking has been spearheaded by Republican-dominated state legislatures, with 86% of such states passing inequitable voting barriers. In contrast, only 5% of Democratic-led states have made voting harder.

    In addition, according to our research, high barriers to voting are directly related to lower voter turnout rates.

    When all states are analysed, “high barrier” states had an average turnout rate of 45.8% compared to 49% for “low barrier” states in the 2022 election, a statistically significant difference. The average turnout rate across all US states in 2022 was 46.2%.

    In the South, most states (11 of 16) made voting more difficult after the 2020 election – and nearly all had voter turnout rates well below the national average in 2022. (Mississippi was the lowest at 32.5%.)

    High-barrier southern states with Republican-led legislatures had an average turnout rate of 40.6%, compared to 46.2% in high-barrier, Republican-led states in other regions.

    Three states in low-barrier states, meanwhile, had turnout rates above 60% – Oregon, Maine and Minnesota. All had Democratic-majority legislatures, or in the case of Minnesota, a divided legislature and Democratic governor.

    States should motivate voters, not demoralise them

    These policies to restrict voting accessibility, draped in the cloak of “election security”, will no doubt affect turnout in certain states in the upcoming November elections, as well.

    Research shows Americans choose to vote because they think it is their civic duty or they believe the outcome of an election matters for their community, nation or self.

    Yet, staying home on Election Day is also a rational behaviour since the chances of being the pivotal voter that decides an election is estimated at one in one million in a battleground state and much less in a noncompetitive state.

    With national voter turnout already low compared to other democracies, state legislatures should be doing what they can to motivate voters and make it easier for them to cast a ballot – not making it more difficult for them to do so.

    Kathryn Schumaker has received funding from the National Endowment for the Humanities.

    Allyson Shortle is affiliated with the Public Religion Research Institute.

    – ref. Most Republican states have made voting harder since 2020. Our research shows how successful they’ve been – https://theconversation.com/most-republican-states-have-made-voting-harder-since-2020-our-research-shows-how-successful-theyve-been-240667

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Astronomers just found complex carbon molecules in space – a step closer to deciphering the origins of life

    Source: The Conversation (Au and NZ) – By Maria Cunningham, Honorary Senior Lecturer, School of Physics, UNSW Sydney

    Part of the Taurus molecular cloud. ESA, CC BY-SA

    A team led by researchers at MIT in the United States has discovered large molecules containing carbon in a distant interstellar cloud of gas and dust.

    This is exciting for those of us who keep lists of known interstellar molecules in the hope that we might work out how life arose in the universe.

    But it’s more than just another molecule for the collection. The result, reported today in the journal Science, shows that complex organic molecules (with carbon and hydrogen) likely existed in the cold, dark gas cloud that gave rise to our Solar System.

    Furthermore, the molecules held together until after the formation of Earth. This is important for our understanding of the early origins of life on our planet.

    Difficult to destroy, hard to detect

    The molecule in question is called pyrene, a polycyclic aromatic hydrocarbon or PAH for short. The complicated-sounding name tells us these molecules are made of rings of carbon atoms.

    Carbon chemistry is the backbone of life on Earth. PAHs have long been known to be abundant in the interstellar medium, so they feature prominently in theories of how carbon-based life on Earth came to be.

    A pyrene molecule, consisting of carbon atoms (black) and hydrogen atoms (white).
    Jynto/Wikimedia Commons, CC BY

    We know there are many large PAHs in space because astrophysicists have detected signs of them in visible and infrared light. But we didn’t know which PAHs they might be in particular.

    Pyrene is now the largest PAH detected in space, although it’s what is known as a “small” or simple PAH, with 26 atoms. It was long thought such molecules could not survive the harsh environment of star formation when everything is bathed in radiation from the newborn suns, destroying complex molecules.

    In fact, it was once thought molecules of more than two atoms could not exist in space for this reason, until they were actually found.
    Also, chemical models show pyrene is very difficult to destroy once formed.

    Last year, scientists reported they found large amounts of pyrene in samples from the asteroid Ryugu in our own Solar System. They argued at least some of it must have come from the cold interstellar cloud that predated our Solar System.

    So why not look at another cold interstellar cloud to find some? The problem for astrophysicists is that we don’t have the tools to detect pyrene directly – it’s invisible to radio telescopes.

    Using a tracer

    The molecule the team has detected is called 1-cyanopyrene, what we call a “tracer” for pyrene. It is formed from pyrene interacting with cyanide, which is common in interstellar space.

    The researchers used the Green Bank Telescope in West Virginia to look at the Taurus molecular cloud or TMC-1, in the Taurus constellation. Unlike pyrene itself, 1-cyanopyrene can be detected by radio telescopes. This is because 1-cyanopyrene molecules act as small radio-wave emitters – tiny versions of earthly radio stations.

    As scientists know the proportions of 1-cyanopyrene compared to pyrene, they can then estimate the amount of pyrene in the interstellar cloud.

    The amount of pyrene they found was significant. Importantly, this discovery in the Taurus molecular cloud suggests a lot of pyrene exists in the cold, dark molecular clouds that go on to form stars and solar systems.

    A wide-field view of part of the Taurus molecular cloud ~450 light-years from Earth. Its relative closeness makes it an ideal place to study the formation of stars. Many dark clouds of obscuring dust are clearly visible against the background stars.
    ESO/Digitized Sky Survey 2. Acknowledgement: Davide De Martin.

    The complex birth of life

    We are gradually building a picture of how life on Earth evolved. This picture tells us that life came from space – well, at least the complex organic, pre-biological molecules needed to form life did.

    That pyrene survives the harsh conditions associated with the birth of stars, as shown by the findings from Ryugu, is an important part of this story.

    Simple life – consisting of a single cell – appeared in Earth’s fossil record almost immediately (in geological and astronomical terms) after the planet’s surface had cooled enough to not vaporise complex molecules. This happened more than 3.7 billion years ago in Earth’s approximately 4.5 billion history.

    For simple organisms to then appear so quickly in the fossil record, there’s just not enough time for chemistry to start with mere simple molecules of two or three atoms.

    The new discovery of 1-cyanopyrene in the Taurus molecular cloud shows complex molecules could indeed survive the harsh conditions of our Solar System’s formation. As a result, pyrene was available to form the backbone of carbon-based life when it emerged on the early Earth some 3.7 billion years ago.

    This discovery also links to another important finding of the last decade – the first chiral molecule in the interstellar medium, propylene oxide. We need chiral molecules to make the evolution of simple lifeforms work on the surface of the early Earth.

    So far, our theories that molecules for early life on Earth came from space are looking good.

    Maria Cunningham has received funding from The Australian Research Council. In the past she has collaborated with Anthony Remijan, one of the co-authors on the Science paper discussed in this publication. Their last co-authored paper was in 2015.

    – ref. Astronomers just found complex carbon molecules in space – a step closer to deciphering the origins of life – https://theconversation.com/astronomers-just-found-complex-carbon-molecules-in-space-a-step-closer-to-deciphering-the-origins-of-life-241889

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: NBC News: Democratic senators slam McDonald’s for menu price hikes they say have outpaced inflation

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 22, 2024
    Three Democratic senators are asking McDonald’s about its menu price hikes in recent years, arguing that the increases are higher than they should be – even with inflation and rising operating costs.
    In a letter sent late Monday afternoon, Sens. Elizabeth Warren of Massachusetts, Bob Casey of Pennsylvania and Ron Wyden of Oregon demanded that McDonald’s President and CEO Chris Kempczinski explain the chain’s pricing decisions.
    “McDonald’s own reports indicate that the company’s price increases may be outstripping inflation,” read the letter, which was shared first with NBC News. 
    …
    Read the full story here.
    By:  Elizabeth ChuckSource: NBC News

    MIL OSI USA News –

  • MIL-OSI USA: The Verge: Democrats want DOJ to prosecute tax prep companies for privacy violations

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 22, 2024
    A group of Democratic lawmakers are urging the Justice Department to prosecute tax prep companies accused of improperly sharing user information with Meta and Google through their advertising pixels.
    Sens. Elizabeth Warren (D-MA), Ron Wyden (D-OR), Richard Blumenthal (D-CT), and Rep. Katie Porter (D-CA), are calling on the DOJ to take action against tax prep companies that they say failed to protect taxpayer privacy. In a new letter shared exclusively with The Verge, the lawmakers advance their previous calls for law enforcers to investigate these companies.
    …
    Read the full story here.
    By:  Lauren FeinerSource: The Verge

    MIL OSI USA News –

  • MIL-OSI USA: Bloomberg Law: Democrats Urge Biden: Fix Migrant Work Permit Backlog This Year

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 23, 2024
    Congressional Democrats Tuesday pressed the Department of Homeland Security to clear a backlog of 1.4 million work permit applications for migrants before the end of the year.
    Despite several policy changes to address wait times at US Citizenship and Immigration Services, more than 900,000 immigrants seeking their first work permits and half a million more looking to renew the documents remain “at the mercy of USCIS’s bureaucratic processing delays,” according to a letter from 70 House and Senate Democrats led by Sen. Elizabeth Warren (D-Mass.).
    Many temporary visa holders and people with humanitarian protections like asylum seekers must apply for Employment Authorization Documents before they can legally work in the US. Lawmakers urged the administration to act before Biden leaves office at the beginning of next year.
    …
    Read the full story here.
    By:  Andrew KreighbaumSource: Bloomberg Law
    Previous Article

    MIL OSI USA News –

  • MIL-OSI Canada: Feds gets it wrong… again: Joint Statement

    Source: Government of Canada regional news

    “Alberta has a long history of welcoming newcomers, and we plan to maintain that reputation. 

    “However, the federal government’s reckless and irresponsible open-border immigration policies, permitting almost 2 million newcomers to enter Canada last year alone, have led to unsustainable financial pressures on all provinces.

    “With the cost of food, energy, housing and everything else in this country increasing, and with tens of thousands of new people moving to Alberta monthly, our hospitals and schools are at or above capacity. 

    “As a province, we need a reprieve from this explosive population growth so we can catch up with these pressures. So do all provinces. 

    “The federal government’s plan to cut a mere 105,000 new permanent residents will not solve these pressures when they are bringing in almost 2 million additional people annually.

    “We call on the government to cut the number of newcomers to Canada from almost 2 million to well under 500,000 annually until further notice. 

    “Ottawa’s priority should be on reducing the number of temporary foreign workers, international students and asylum seekers—not on reducing provincially selected economic migrants.”

    MIL OSI Canada News –

  • MIL-OSI USA: THOMPSON INTRODUCES RESOLUTION CELEBRATING 15 YEARS OF OUTDOOR AFRO

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Washington – Today, Rep. Mike Thompson (CA-04) announced the introduction of a resolution alongside Reps. Steve Horsford (NV-04), Barbara Lee (CA-12), John Garamendi (CA-08), Steve Cohen (TN-09), Jared Huffman (CA-02), Nanette Barragán (CA-44), Troy A. Carter, Sr. (LA-02), Rep. Marc Veasey (TX-33), and Jim Costa (CA-21) to mark the 15-year anniversary of Outdoor Afro, a national not-for-profit organization connecting Black Americans with nature and outdoor recreation.

    “For 15 years, Outdoor Afro has worked to restore Black-American leadership in nature and reconnect Black Americans to our nation’s lands, water, and wildlife.” said Rep. Thompson. “It’s great to join my colleagues to recognize Outdoor Afro’s profound impact and celebrate their ongoing work to conserve public lands and make outdoor recreation activities more accessible.” 

    “On behalf of Outdoor Afro, I am deeply grateful for this recognition commemorating our 15th anniversary,” said Outdoor Afro Founder and CEO, Rue Mapp. “Over the past decade and a half, our work to reconnect Black communities with the outdoors has been made possible through the steadfast support of many congressional House and Senate Members, and three presidential administrations. This recognition symbolizes not only a milestone in our journey, but also a testament to the collective efforts of all who have believed in our mission that is shaping a better outdoor experience in our public lands for all.”

    “As we mark the 15th anniversary of Outdoor Afro, I’m proud to recognize local groups in my district like Black People Hike LV for their commitment to making the outdoors accessible,” said Rep. Horsford. “I’ve had the opportunity to hike with them just outside Las Vegas, and their work to connect our community with nature is important for our communities. These efforts help ensure everyone can enjoy and benefit from the beautiful natural spaces that Nevada has to offer.”

    “I am pleased to cosponsor this resolution recognizing the 15th anniversary of Outdoor Afro, a nonprofit organization that has made outdoor spaces more inclusive and accessible for all. Over the past 15 years, Outdoor Afro has worked tirelessly to reconnect Black communities with nature, fostering leadership and environmental stewardship across the country. By breaking down barriers and promoting diversity in outdoor recreation, they’ve ensured that our public lands truly belong to everyone. I’m proud to support this effort to honor their mission and look forward to many more years of their continued success,” said Rep. Garamendi.

    “I am inspired by how Outdoor Afro has opened doors to natural spaces and empowered communities of color to lead in environmental stewardship,” said Rep. Barragán. “Outdoor Afro has fostered a deep sense of community, healing, and environmental responsibility in the Black community. Their efforts ensure that future generations—especially those from underserved communities—will have the opportunity to both enjoy and protect our natural world. Nature belongs to everyone, and we should all learn to appreciate, interact with, and help preserve it.”

    “The 15th anniversary of Outdoor Afro shows that we have made progress reconnecting Black Americans with nature through thousands of outdoor events across the United States, challenging stereotypes, increasing representation, and fostering community healing and environmental stewardship. Outdoor Afro has broken barriers in outdoor education, empowering Black Americans to develop lifelong skills in land and water-based activities while leading the way for greater inclusion in outdoor recreation and conservation for all,” said Rep. Carter.  

    “Celebrating 15 years of Outdoor Afro is not just a milestone; it’s a testament to the resilience and unity of our community. Our Fresno Chapter exemplifies this through activities like camping, yoga, hiking, and beyond—that inspire Black leadership and forge lasting connections as seen during my recent visit to Nova Farming in my district. I’m proud to join my colleagues in recognizing this incredible organization and its impact on our communities,” said Rep. Costa.

    BACKGROUND

    In 2009, Oakland-native Rue Mapp started Outdoor Afro as a blog about nature. It has since grown into a cutting-edge nationwide network guiding hundreds of outdoor events each year designed to celebrate and inspire Black-American connections to nature.

    Over the past 15 years, Outdoor Afro has cultivated and trained more than 1,000 outdoor leaders, leading thousands of outdoor events and reaching well over 150,000 participants. Today, Outdoor Afro has volunteer leaders in 33 states and the District of Columbia and promotes Black Americans to participate in recreational activities like camping, hiking, birding, fishing, gardening, skiing, biking, environmental education, conservation stewardship and more.

    Outdoor Afro not only promotes a healthy lifestyle, but it also helps communities connect to Black history found in many natural areas and promotes the protection of vulnerable public lands for all to enjoy.

    Read the full text of the resolution here. 

    MIL OSI USA News –

  • MIL-OSI USA: Carter lands rail improvement grant for Brunswick Port

    Source: United States House of Representatives – Congressman Earl L Buddy Carter (GA-01)

    Headline: Carter lands rail improvement grant for Brunswick Port

    SAVANNAH – Following Rep. Earl L. “Buddy” Carter’s (R-GA) letter of support, the Federal Railroad Administration today awarded $26.5 million to the Georgia Ports Authority for construction of a new rail yard at the Port of Brunswick’s Colonel Island Auto Terminal. 


    As the fastest growing Ro/Ro port in the nation, this funding will allow the Port of Brunswick to handle the increased volume of U.S. automotive exports and imports moving through it, while fostering sustainable growth, safety, and environmental stewardship.


    “The entire nation will benefit from this investment in one of the most efficiently run and heavily utilized ports in the country,”     said Rep. Carter. “Georgia’s ports are the economic engine of the southeast. By increasing their capacity to handle the growth of our state’s automotive industry, we will strengthen our economy, create jobs, and export American-made vehicles worldwide.”


    This grant is funded through the Consolidated Rail Infrastructure and Safety Improvements Program.

    Read Rep. Carter’s letter of support here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Kaptur Announces $18.57 Million in Awards From the Federal Rail Administration to Northern Ohio & Western Railway and Napoleon, Defiance & Western Railway

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Toledo, Ohio – Today, Congresswoman Marcy Kaptur (OH-09) announced a total of $18.57 Million in awards from the Federal Rail Administration secured alongside the Ohio Rail Development Commission (ORDC) for Northern Ohio & Western Railway and Napoleon, Defiance & Western Railway.

    The first award for critical safety upgrades for Napoleon, Defiance & Western Railway totals $12.17 Million and was secured alongside the Ohio Rail Development Commission (ORDC) through the Bipartisan Infrastructure law, also known as the Infrastructure Investment and Jobs Act. The project involves final design and construction activities to replace deteriorating and broken rail and ties and expanded capacity along the eastern half of the Napoleon, Defiance & Western Railway. The project is the third and final phase of the full corridor rehabilitation of Napoleon, Defiance & Western track. The project aligns with the selection criteria by enhancing safety as the project will improve safety, resilience, and operational efficiency with added benefit to Paulding and Defiance Counties. The Ohio Rail Development Commission and Napoleon, Defiance & Western Railway will contribute 25 percent of the total project cost.

    The second award for major rail upgrades for Northern Ohio & Western Railway totals $6.4 Million and was secured alongside the Ohio Rail Development Commission (ORDC) also through the Bipartisan Infrastructure law. This involves construction to upgrade track infrastructure across the approximately 24-mile rail line owned by the Sandusky County, Seneca County, and the City of Tiffin Port Authority and is operated by the Northern Ohio & Western Railway. The project aligns with the selection criteria by enhancing safety and improving system and service performance as the project will return the line to FRA standards. The Ohio Rail Development Commission and the Sandusky County-Seneca County-City of Tiffin Port Authority will contribute 20 percent of the total project cost.

    “I am encouraged to see these new investments in rail coming to Northern Ohio, and I know that this will be transformative for the people of Defiance County, Sandusky County, and so many across our region. This funding continues the lasting impact of the Bipartisan Infrastructure Law as an engine of economic development for the state of Ohio,” said Congresswoman Marcy Kaptur (OH-09). “Rail safety was a major impetus for our desire to pass the Infrastructure Investment and Jobs Act, and now we are seeing investment and opportunity coming back to our region in transformational ways. We are working together to make our communities safer, and bring back major investment that underscores rail as the spine of our Northern Ohio economy. I will never stop fighting to deliver for the people of Northern Ohio.”

    These investments follow a $10,792,157 award Congresswoman Kaptur announced on October 3, 2023 for major rail upgrades for Napoleon, Defiance, & Western Railway. On September 22, 2023 Congresswoman Kaptur hosted a roundtable discussion on the future of passenger rail in Northern Ohio and the Great Lakes Region with participants including international, national, regional, and local transit, labor, and civic leaders and included FRA Administrator Amit Bose, Amtrak CEO Stephen Gardner, and Eddie Hall, President of the Brotherhood of Locomotive Engineers and Trainmen.

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Defense Official Statement on AUKUS Pillar 2 and Exercise Maritime Big Play

    Source: United States Department of Defense

    The following statement can be attributed to Ms. Madeline Mortelmans who is currently performing the duties of the Assistant Secretary of Defense for Strategy, Plans and Capabilities. Her office is lead for both pillars of AUKUS within the department and is in close partnership with all of the DOD stakeholders.

    “Secretary Austin has said several times in the past that our alliances and partnerships are our greatest global strategic advantage. Specifically, AUKUS presents a unique opportunity for Australia, the United Kingdom and the United States to foster a more capable, more combined force of the future. And in so doing, we will strengthen deterrence in the Indo-Pacific.

    Through AUKUS, we are working across the full spectrum of capability development, generating requirements, co-developing new systems, deepening industrial based collaboration and ultimately delivering advanced capabilities to our forces. AUKUS Pillar 1 focuses these co-development efforts on delivering an advanced nuclear power submarine capability through the optimal pathway.

    Pillar 2 focuses on the development and delivery of emerging technology. AUKUS Pillar 2 is designed to harness the combined industrial and innovation bases of the tri-lateral partners to ensure that our forces are equipped with cutting edge interoperable military capabilities and prepared to face down aggression in whatever form it may take.

    In Pillar 2, we’re building a more capable combined joint force for the future, working across the full spectrum of capability development and we’re already delivering. This year, we’re advancing our undersea warfare capabilities by expanding our ability to launch and recover uncrewed underwater systems from torpedo tubes on current classes of British and US submarines, that will increase the range and capability of our undersea forces.

    We’re integrating the Stingray lightweight torpedo into the P-8A maritime patrol aircraft, which will support our forces in being more interchangeable while providing resilience to munitions stockpiles across AUKUS nations. At the same time, we’re also implementing a fundamental shift to more closely integrate our systems and break down barriers to collaboration at every stage and in every part of our systems.

    We’ve welcomed collaboration with the International Joint Requirements Oversight Council or I-JROC, a critical collaborative forum to identify and validate joint and combined requirements. The I-JROC will ensure that we have prioritized combined and joint solutions from the very start and that the capabilities we develop under Pillar 2 address some of the most pressing challenges our forces face.

    A cornerstone of AUKUS Pillar 2 remains the opportunity to leverage the best of our defense industrial bases in combined innovation communities. This year we executed the first office innovation challenge focused on electronic warfare. We announced the winners last month and our teams are working to develop a robust two-year plan to increase the collaboration between and among our innovation centers of excellence.

    By the end of the year, we’ll have convened meetings with the Advanced Capabilities Industry Forum in each country. Engagements provide an opportunity for representatives across government and industry to exchange ideas and deepen industrial based collaboration.

    This week we’re here in Jervis Bay to observe the Maritime Big Play, which is an important demonstration of AUKUS in action. The Maritime Big Play is a series of integrated trilateral experiments and exercises aimed at enhancing capability development, improving interoperability and increasing the sophistication and scale of autonomous systems in the maritime domain. These experiments address the need to expand the reach, capability and capacity of our forces in the maritime environment through the use of artificial intelligence and autonomous systems.

    Over the past several weeks, we’ve been testing and refining the ability to jointly operate uncrewed maritime systems, to share and process maritime data from all three nations, and to provide real time maritime domain awareness to support decision making. The Maritime Big Play allows AUKUS partners to practice fielding and maintaining thousands of uncrewed systems, gaining valuable experience operating in coalitions to solve realistic operational problems such as improving undersea situational awareness.

    Our work will inform AUKUS partners’ understanding of how crewed and uncrewed capabilities can be integrated to get an operational advantage, and where we can achieve cost savings and improved efficiencies in acquisition, maintenance and sustainment activities.

    Maritime Big Play isn’t just a demonstration for demonstration’s sake. It’s our goal to transition cutting edge technologies into capabilities that give our forces decisive advantage as quickly as we can. This year, Japan joined the Maritime Big Play as an observer. We look forward to deepening their participation in the coming years. All of this together underpins a more strategic approach to ensure that AUKUS and like-minded partners can operate new autonomous uncrewed systems more effectively as a coalition force from the start.

    This is only the first in our series of experiments and demonstrations. Over time, Maritime Big Play will grow and evolve to reflect the emerging technologies, new systems and new operational requirements. I want to emphasize that AUKUS is dynamic. It will grow, it will evolve as the world changes around us, and as we break down the old barriers to cooperation and inevitably discover new ones.

    AUKUS is building a foundation for deep defense industrial cooperation and delivering advanced capabilities that can and will ensure our defense forces succeed in enhancing peace and stability in the Indo-Pacific alongside UK and Australia partners both now and in the years ahead. Thank you.”

    MIL OSI USA News –

  • MIL-OSI USA: Public invited to send ornaments for North Dakota State Christmas Tree

    Source: US State of North Dakota

    The Office of the First Lady invites artists and craftspeople to provide handmade ornaments for the North Dakota State Christmas Tree. The tree will be on display in Memorial Hall at the state Capitol starting with a tree lighting ceremony on Dec. 5. 

    Submitted ornaments can vary from traditional to contemporary arts. Items that are commercially produced or made from kits are not eligible. This year’s theme, “Branches of Hope,” is inspired by First Lady Kathryn Burgum’s initiative to end the stigma surrounding the disease of addiction. Just as a tree’s branches extend outward, the theme symbolizes how hope reaches everyone impacted by addiction. Ornaments may reflect personal recovery journeys, support systems or community resources, showcasing how hope branches out in many meaningful ways. Designers are also free to create ornaments in any shape or medium of their choosing.

    Each ornament should include the name of the person entering it, their email address and a brief one- or two-line description of the ornament, including the art form used and the special circumstances through which it was created, such as a class or senior center project.

     

    Ornaments must be received in the Office of Management and Budget office no later than Dec. 4. The ornaments become the property of the Office of the First Lady and may be hung on the state tree in ensuing years. Mail ornaments to State of North Dakota, Office of Management and Budget, Julie Strom, 600 E. Boulevard Ave., Bismarck, N.D. 58505.

     

    Gov. Doug Burgum and the first lady encourage the public to join them for holiday readings, music and carols at the annual North Dakota State Christmas Tree Lighting ceremony at 5:30 p.m. Dec. 5 in Memorial Hall at the Capitol.

     

    MIL OSI USA News –

  • MIL-OSI USA: Rohr Chosen For Board of Public School Education

    Source: US State of North Dakota

    North Dakota School Superintendent Kirsten Baesler said Thursday that Jamestown school board member Jason Rohr has been appointed to the state Board of Public School Education.

    Gov. Doug Burgum appointed Rohr to complete the term of Burdell Johnson, who resigned in August. The term ends June 30, 2026. Burgum chose Rohr from a list of four candidates suggested by a nominating committee of education stakeholders.

    Rohr will represent Burleigh, Stutsman, Eddy, Foster, Kidder, McLean, Sheridan, and Wells counties on the board. Six of its members are appointed by the governor for six-year terms. They represent different groups of counties. Baesler is the seventh member and serves as the board’s executive secretary.

    Members of the Board of Public School Education are concurrent members of the state Board of Career and Technical Education, which supervises North Dakota’s Department of Career and Technical Education and its programs.

    The board also oversees North Dakota’s six regional education associations and the North Dakota K-12 Education Coordination Council, which encourages collaboration among education stakeholders, supports education innovation, and advises the state Legislature. 

    Most of the Board of Public School Education’s work involves deciding school district requests to transfer property, reorganize, or dissolve. It normally meets 10 times a year.

    MIL OSI USA News –

  • MIL-OSI USA: Burgum highlights impact of Destination Development program with ribbon cutting for Good Bear Bay Lodge

    Source: US State of North Dakota

    Gov. Doug Burgum along with North Dakota Department of Commerce Tourism and Marketing Director Sara Otte Coleman and others celebrated the opening today of the Good Bear Bay Lodge at Indian Hills Resort, a unique new lodging option on the shores of Lake Sakakawea. 

    The Good Bear Bay Lodge fills a gap in the area’s lodging options, offering a spacious 4-bedroom, 2.5-bath lodge ideal for families or larger groups. It boasts a full kitchen, a comfortable living area and, as a highlight, an extended covered outdoor patio that provides an additional gathering space.

    “North Dakota’s tourism industry continues to thrive, and the Good Bear Bay Lodge is a shining example of how expanding services at one of our state’s key destinations, Lake Sakakawea, can help us attract more visitors from across the country and address our workforce challenges,” Burgum said. “This new lodge provides a unique accommodation option for families and groups seeking a memorable escape on Lake Sakakawea.”

    The lodge was made possible with the help of the Commerce’s Destination Development Grant program, which was approved by the state Legislature in 2023 and signed into law by Burgum. The program awarded $25 million in matching grants to 14 projects last November. 

    “There was tremendous interest in the program, with 81 projects requesting more than $151.5 million in funding,” Otte Coleman said. “The Good Bear Bay Lodge stood out for its ability to fill a gap in family lodging and extend the time visitors spend in our state’s most scenic areas.”  

    The Good Bear Bay Lodge is built on a slab foundation, ensuring easy accessibility for guests of all abilities. The lodge is open year-round, allowing visitors to enjoy everything Lake Sakakawea has to offer, from ice fishing in the winter to summer water sports and fall hunting.

    “We are thrilled to open the Good Bear Bay Lodge and provide families and groups with a comfortable and convenient place to stay,” said Kelly Sorge, co-owner of Indian Hills Resort. “We’ve received a lot of interest already, and we’re excited to welcome guests and share the beauty of Lake Sakakawea.”

    Indian Hills Resort offers a variety of experiences for guests, including kayak and paddleboard rentals, a pontoon for rent, and guide services. The resort is also pet-friendly and caters to the needs of hunters, fishermen and families with children. 

    Today’s ribbon cutting marks the second opening of a project completed with Destination Development grant support in as many months. On Sept. 11, Lt. Gov. Tammy Miller attended the unveiling of Citizens Alley, a public space in downtown Minot for recreation and community engagement. Miller also attended the groundbreaking in August for a new events center at Woodland Resort on the shores of Devils Lake, another Destination Development project. 

    MIL OSI USA News –

  • MIL-OSI USA: North Dakota Development Fund Awards $5 Million to Support Automation Projects in 13 Communities

    Source: US State of North Dakota

    The North Dakota Development Fund (NDDF) received $5 million in American Rescue Plan Act (ARPA) funding during the 67th Legislative Assembly Special Session to create Automate ND, a grant program addressing workforce shortages by enabling companies to invest in automation equipment. This initiative helps companies increase productivity, improve working conditions, and drive revenue growth, all while contributing to North Dakota’s economic expansion. 

    “The Automate ND program received overwhelming interest, with 42 projects across 21 communities requesting over $11.8 million. We were able to fund 18 projects, showing a clear demand from businesses looking to leverage automation as a solution to workforce constraints,” said Shayden Akason, Deputy Director of Economic Development and Finance at Commerce. “To keep up with growing demand, it’s vital that we recruit and retain a qualified workforce while also supporting automation investments. North Dakota has a history of innovation, and this program is another step in helping businesses stay at the forefront of innovation. 

     

    The awarded projects span various industries, including manufacturing, agriculture, and advanced technology, focusing on automating essential processes. Notable recipients include: 

     

    • Precision Equipment Manufacturing, LLC (Fargo) – $97,386.79 for robotic welding and tooling equipment. This trailer manufacturer has been fabricating components in North Dakota for 20 years (total project cost: $207,616.87).  
    • Agri-Cover, Inc. (Jamestown) – $282,924.00 for robot arms and autonomous carts. Agri-Cover manufactures roll-up/hard covers for pickups, truck toppers, and pickup racks (total project cost: $709,783.00). 
    • Amber Waves, Inc. (Richardton) – $142,382.16 to automate a wash bay. Amber Waves specializes in hopper bottom grain bins (total project cost: $348,814.32). 
    • Marv Haugen Enterprises, Inc. (Casselton) – $267,862.50 for a robotic welding cell. This company manufactures over 100 types of telehandler, Skid-Steer, and wheel loader attachments (total project cost: $553,095.00). 
    • Northland Truss Systems, Inc. (Abercrombie) – $483,431.73 for an autonomous linear saw, jigging, and laser system. Northland Truss manufactures wood truss systems (total project cost: $1,016,606.46). 
    • ComDel Innovation, LLC (Wahpeton) – $500,000.00 for an autonomous mobile robot, automated cleaning equipment, and vision-guided robotics. ComDel is a contract manufacturer specializing in injection molding, metal stamping, and production machining (total project cost: $1,064,894.95). 
    • The Dairy Dozen (Milner) – $500,000.00 for a milking robot, automated manure collector, and automated feed pusher. This dairy operation is undergoing facility and process improvements (total project cost: $1,119,166.24). 
    • Killdeer Mountain Manufacturing, Inc. (KMM) (Killdeer/Dickinson) – $159,089.50 for automated parts storage and retrieval units. KMM is a third-generation, family-owned business specializing in aerospace and military-grade cable assemblies (total project cost: $318,179.00). 
    • YMI Industries, Inc. (Grand Forks) – $71,519.00 for an automatic bender and bar feeder. YMI provides precision machining services to OEM manufacturers and innovators (total project cost: $155,538.00). 
    • DR Millwork Company (dakBUILT) (Kindred) – $130,655.00 for a high-speed edge bander. This company provides custom woodwork and cabinetry (total project cost: $272,510.00). 
    • FlexTM, Inc. (Wahpeton) – $129,665.24 for a robotic welder. FlexTM supplies OEMs with complex weld assemblies and CNC machining (total project cost: $314,393.12). 
    • Integrity Steel Supply, LLC (Mapleton) – $500,000.00 for a robotic welder. Integrity Steel produces structural steel, joist, and deck systems (total project cost: $1,622,450.00). 
    • Malach USA, LLP (Valley City) – $500,000.00 for a robotic brake press. Malach is a metal and machining shop (total project cost: $1,205,500.00). 
    • Mid-Mac Marketing, Inc. (MidMach) (Jamestown) – $500,000.00 for three robotic welding cells. MidMach focuses on metal fabrication for the energy and agriculture sectors (total project cost: $1,227,600.00). 
    • Champ Industries USA, Inc. (Fargo) – $240,514.00 for an automated tool-loading brake press. Champ partners with OEMs and Tier One Suppliers in metal fabrication and assembly (total project cost: $489,288.00). 
    • Blue Flint Ethanol LLC (Underwood) – $28,500.00 to automate milling, liquefaction, and fermentation stages of ethanol production (total project cost: $175,609.00). 
    • PS Industries Incorporated (PSI) (Grand Forks) – $190,441.06 for an automated robotic press and CNC tube bender. PSI manufactures safety and fall-protection products for multiple industries, including the military and energy sectors (total project cost: $757,381.00). 
    • Wood Products, Inc. (dba American Woods) (Grand Forks) – $186,926.33 for automated material handling carts. American Woods manufactures residential furniture (total project cost: $347,036.00). 

     

    Applicants were required to conduct a feasibility study, assessing Smart Manufacturing readiness, with guidance from Impact Dakota. Jodie Mjoen, CEO of Impact Dakota, commended state leadership for their proactive approach to tackling workforce challenges, emphasizing the shift from offshoring to smarter advanced manufacturing solutions that create fulfilling job opportunities. 

     

    “Hats off to our state leadership, legislators, governor Burgum and Commerce team for leading the nation in addressing critical workforce challenges. Their efforts have been a driving force, sparking significant joint private industry & public policy investments in advanced manufacturing right here in North Dakota,” said Jodie Mjoen, CEO of Impact Dakota. He added, “For the past 30 years, the focus was on making products cheaper by offshoring. But in the next 30 years, it will be about making products smarter through advanced manufacturing. It’s incredibly rewarding to see the relief and excitement on the faces of our hardworking friends and neighbors in manufacturing, who now have vital solutions for filling and retaining challenging jobs. Workers previously tasked with dangerous, dull, and dirty jobs are being reallocated to higher paying, more fulfilling roles in programming and operating advanced manufacturing equipment in thriving factories across North Dakota. Now that’s what I call a win-win!” 

     

    Commerce, alongside Impact Dakota, remains dedicated to fostering automation and innovation in North Dakota businesses, continuing to support applicants in their pursuit of growth and success. 

     

    For further information about the Automate ND Grant Program, please visit the following link: ndgov /AutomateND. 

    MIL OSI USA News –

  • MIL-OSI Security: Southey — Southey RCMP investigating fatal collision

    Source: Royal Canadian Mounted Police

    October 24, 2024
    Southey, Saskatchewan

    News release

    On October 23, 2024 at approximately 6:30 p.m., Southey RCMP received a report of a collision on Highway #6 approximately 10 kilometres north of Regina.

    Officers immediately responded. The driver of one of the vehicles was declared deceased by EMS at the scene. He has been identified as a 35-year-old man from Piapot First Nation. An adult male passenger was taken to hospital with injuries described as non-life-threatening in nature.

    The adult male driver of the other vehicle was transported to hospital with injuries described as serious in nature.

    Highway #6 was closed during initial investigation but has since re-opened. Southey RCMP continues to investigate with the assistance of a Saskatchewan RCMP collision reconstructionist.

    –30–

    Backgrounder

    Southey RCMP: motorists can expect delays on Highway #6

    Southey RCMP are currently at the scene of a serious collision on Highway #6 about 10 kilometers north of Regina, SK.

    The highway is currently closed and detours are in place. Motorists should expect delays.

    Please slow down as you approach the area and follow the directions of emergency personnel on scene.

    As this investigation is in preliminary stages, we do not have additional details to share at this time.

    Please visit the Highway Hotline for road closure updates.

    MIL Security OSI –

  • MIL-OSI: First Western Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Summary

    • Net income available to common shareholders of $2.1 million in Q3 2024, compared to $1.1 million in Q2 2024
    • Diluted earnings per share of $0.22 in Q3 2024, compared to $0.11 in Q2 2024
    • Total deposits increased 3.7% from $2.41 billion in Q2 2024 to $2.50 billion in Q3 2024. Noninterest-bearing deposits increased 19% from $397 million in Q2 2024 to $474 million in Q3 2024
    • Loan-to-Deposit ratio decreased from 101.9% in Q2 2024 to 95.2% in Q3 2024

    DENVER, Oct. 24, 2024 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the third quarter ended September 30, 2024.

    Net income available to common shareholders was $2.1 million, or $0.22 per diluted share, for the third quarter of 2024. This compares to net income of $1.1 million, or $0.11 per diluted share, for the second quarter of 2024, and net income of $3.1 million, or $0.32 per diluted share, for the third quarter of 2023.

    Scott C. Wylie, CEO of First Western, commented, “We generated a higher level of profitability in the third quarter while continuing to prioritize prudent risk management and a conservative approach to new loan production. We continued to effectively control expense levels while also making investments in the business that will support our profitable growth in the future. We are executing well on our balance sheet management strategies, which resulted in further reduction in our loan-to-deposit ratio, primarily driven by a significant increase in noninterest-bearing deposits, which increased 19% from the end of the prior quarter. We also saw positive trends in asset quality, including a significant reduction in non-performing loans and classified loans, as well as increases in our book value per share and tangible book value per share, which further strengthened our balance sheet.”

    “With our successful efforts to reposition our balance sheet including increasing our liquidity with a lower loan-to-deposit ratio, we are well positioned to generate a higher level of loan growth in 2025 as loan demand increases. We also expect to see expansion in our net interest margin and an increase in non-interest income from our mortgage business as interest rates decline, which should further improve our level of profitability. We are seeing positive trends in a number of key areas that we expect to continue, which we believe should result in steady improvement in our financial performance, operating leverage, and further value created for our shareholders,” said Mr. Wylie.

      For the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except per share data)   2024       2024       2023  
    Earnings Summary          
    Net interest income $ 15,568     $ 15,778     $   16,766  
    Provision for credit losses   501       2,334       329  
    Total non-interest income   6,972       6,972       6,099  
    Total non-interest expense   19,368       19,001       18,314  
    Income before income taxes   2,671       1,415       4,222  
    Income tax expense   537       339       1,104  
    Net income available to common shareholders   2,134       1,076       3,118  
    Basic earnings per common share   0.22       0.11       0.33  
    Diluted earnings per common share   0.22       0.11       0.32  
               
    Return on average assets (annualized)   0.30 %     0.15 %     0.44 %
    Return on average shareholders’ equity (annualized)   3.43       1.73       5.08  
    Return on tangible common equity (annualized)(1)   3.93       2.00       5.82  
    Net interest margin   2.32       2.35       2.46  
    Efficiency ratio(1)   84.89       82.13       78.89  

    ____________________

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Operating Results for the Third Quarter 2024

    Revenue

    Total income before non-interest expense was $22.0 million for the third quarter of 2024, compared to $20.4 million for the second quarter of 2024. Gross revenue(1) was $22.7 million for the third quarter of 2024, compared to $23.1 million for the second quarter of 2024. The increase in total income before non-interest expense was primarily driven by a decrease in Provision for credit losses. Relative to the third quarter of 2023, total income before non-interest expense decreased 2.2% from $22.5 million. Gross revenue decreased 1.7% from $23.1 million for the third quarter of 2023. The decrease in total income before non-interest expense was driven by an increase in Interest expense due to higher deposit costs, offset partially by higher Interest income and Net mortgage gains.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Net Interest Income

    Net interest income for the third quarter of 2024 was $15.6 million, a decrease of 1.3% from $15.8 million in the second quarter of 2024. The decrease quarter over quarter was driven by an increase in interest expense due to an increase in interest-bearing deposits and partially due to having one additional day in the quarter. Interest income was negatively impacted by $0.4 million in the quarter due to the addition of a non-performing loan. Relative to the third quarter of 2023, net interest income decreased 7.1% from $16.8 million. The decrease compared to the prior year third quarter was due to higher Interest expense driven primarily by higher deposit costs, offset partially by higher Interest income.

    Net Interest Margin

    Net interest margin for the third quarter of 2024 decreased 3 basis points to 2.32% from 2.35% reported in the second quarter of 2024, primarily due to an unfavorable mix shift in average deposit balances. Net interest margin was negatively impacted by 6 basis points in the quarter due to the addition of a non-performing loan.

    The yield on interest-earning assets remained flat at 5.67% in the third quarter of 2024 versus 5.67% in the second quarter of 2024 and the cost of interest-bearing deposits remained flat at 4.19% in the third quarter of 2024 versus 4.19% in the second quarter of 2024.

    Relative to the third quarter of 2023, net interest margin decreased from 2.46%, primarily due to pricing pressure on interest-bearing deposits, offset partially by higher loan yields.

    Non-interest Income

    Non-interest income for the third quarter of 2024 remained flat at $7.0 million compared to $7.0 million in the second quarter of 2024. Activity throughout the quarter included an increase in Risk management and insurance fees, offset by decreased Net gain on mortgage loans.

    Relative to the third quarter of 2023, non-interest income increased 14.8% from $6.1 million. Increases were driven primarily by increases in net gain on mortgage loans and risk management and insurance fees.

    Non-interest Expense

    Non-interest expense for the third quarter of 2024 was $19.4 million compared to $19.0 million for the second quarter of 2024. The increase was primarily driven by increases in Salaries and employee benefits due to increased front office headcount and Marketing expenses, partially offset by a decrease in other operational expenses due to a partial recovery on a fraud loss from the first quarter.

    Relative to the third quarter of 2023, non-interest expense increased 6.0% from $18.3 million, driven primarily by an increase in Salaries and employee benefits, occupancy costs, and technology enhancements.

    The Company’s efficiency ratio(1) was 84.9% in the third quarter of 2024, compared with 82.1% in the second quarter of 2024 and 78.9% in the third quarter of 2023.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Income Taxes

    The Company recorded Income tax expense of $0.5 million for the third quarter of 2024, compared to Income tax expense of $0.3 million for the second quarter of 2024 and $1.1 million for the third quarter of 2023. The increase in the third quarter of 2024 compared to the second quarter of 2024 was attributable to the increase in Income before income taxes.        

    Loans

    Total loans held for investment were $2.39 billion as of September 30, 2024, a decrease of 2.85% from $2.46 billion as of June 30, 2024. The decline was primarily due to net decreases in the cash, securities and other and commercial and industrial portfolios, offset partially by net growth in the 1 – 4 family residential portfolio. Another contributing factor to the decline was the foreclosure of a property in the quarter, which decreased non-performing loans by $30 million and increased Other real estate owned (“OREO”) by $25.6 million. Relative to the third quarter of 2023, total loans held for investment decreased from $2.54 billion as of September 30, 2023.

    Deposits

    Total deposits were $2.50 billion as of September 30, 2024, compared to $2.41 billion as of June 30, 2024. The increase was driven primarily by an increase in Noninterest-bearing deposits. Relative to the third quarter of 2023, total deposits increased from $2.42 billion as of September 30, 2023, driven primarily by an increase in time deposits due to new and expanded deposit relationships.

    Borrowings

    Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $62.4 million as of September 30, 2024, a decrease of $129.1 million from $191.5 million as of June 30, 2024. The change when compared to June 30, 2024 was driven by a decrease in FHLB borrowing due to the deposit growth and loan balance decline that occurred in the quarter. Relative to the third quarter of 2023, borrowings decreased $197.5 million from $259.9 million as of September 30, 2023. The decrease in borrowings from September 30, 2023 is driven by an increase in deposits and decrease in loans.

    Subordinated notes were $52.5 million as of September 30, 2024, compared to $52.5 million as of June 30, 2024. Subordinated notes increased $0.2 million from $52.3 million as of September 30, 2023.

    Assets Under Management

    Assets Under Management (“AUM”) increased to $7.47 billion as of September 30, 2024, compared to $7.01 billion as of June 30, 2024 and $6.40 billion as of September 30, 2023. The increase when compared to June 30, 2024 and September 30, 2023 was primarily attributable to improving market conditions resulting in an increase in the value of AUM.

    Credit Quality

    Non-performing assets totaled $52.1 million, or 1.79% of total assets, as of September 30, 2024, compared to $49.3 million, or 1.68% of total assets, as of June 30, 2024. The increase in non-performing assets during the quarter was primarily due to the addition of a non-performing loan and foreclosed property, partially offset by non-performing loan pay downs, charge-offs, and the sale of a non-performing loan. As of September 30, 2023, non-performing assets totaled $56.1 million, or 1.87% of total assets. Relative to the third quarter of 2023, the decrease in non-performing assets was primarily driven by pay downs, charge-offs, and the sale of a non-performing loan, partially offset by additions to Other real estate owned (“OREO”) and non-performing loans. OREO totaled $37.0 million as of September 30, 2024 an increase of $25.6 million from $11.4 million as of June 30, 2024. As of September 30, 2023, the Company held no OREO.

    Non-performing loans totaled $15.0 million as of September 30, 2024, a decrease of $22.9 million from $37.9 million as of June 30, 2024. As of September 30, 2023, non-performing loans totaled $56.1 million. The decrease when compared to June 30, 2024 and September 30, 2023 was driven by the migration of one loan relationship out of non-performing loans and into OREO, pay downs, charge-offs, and the sale of a non-performing loan, partially offset by additions to non-performing loans.

    During the third quarter of 2024 the Company recorded a provision expense of $0.5 million, compared to a provision expense of $2.3 million in the second quarter of 2024 and $0.3 million in the third quarter of 2023. The decrease in provision expense recorded in the third quarter of 2024 compared to second quarter of 2024 was primarily driven by decreased provision on individually analyzed loans in the third quarter.

    Capital

    As of September 30, 2024, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of September 30, 2024, the Bank was classified as “well capitalized,” as summarized in the following table:

      September 30,
      2024  
    Consolidated Capital  
    Tier 1 capital to risk-weighted assets 10.06 %
    Common Equity Tier 1 (“CET1”) to risk-weighted assets 10.06  
    Total capital to risk-weighted assets 13.19  
    Tier 1 capital to average assets 8.04  
       
    Bank Capital  
    Tier 1 capital to risk-weighted assets 11.39 %
    CET1 to risk-weighted assets 11.39  
    Total capital to risk-weighted assets 12.13  
    Tier 1 capital to average assets 9.11  

    Book value per common share increased 0.8% from $25.55 as of June 30, 2024 to $25.75 as of September 30, 2024. Book value per common share decreased 0.04% from $25.76 as of September 30, 2023.

    Tangible book value per common share(1) increased 0.9% from $22.27 as of June 30, 2024, to $22.47 as of September 30, 2024. Tangible book value per common share increased 0.2% from $22.42 as of September 30, 2023.

    During the third quarter of 2024, the Company repurchased 5,501 shares of its common stock at an average price of $16.27 under its stock repurchase program, which authorized the repurchase of up to 200,000 shares of its common stock. As of September 30, 2024, the Company had up to 194,499 shares remaining under the current stock repurchase authorization.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Conference Call, Webcast and Slide Presentation

    The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, October 25, 2024. Telephone access: https://register.vevent.com/register/BI453d1a8caedc4cd7a7cc436a4d09c5c9.

    A slide presentation relating to the third quarter 2024 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.

    About First Western

    First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” “Gross Revenue,” and “Allowance for Credit Losses to Adjusted Loans”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

    Forward-Looking Statements

    Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the lack of soundness of other financial institutions or financial market utilities may adversely affect the Company; the Company’s ability to engage in routine funding and other transactions could be adversely affected by the actions and commercial soundness of other financial institutions; financial institutions are interrelated because of trading, clearing, counterparty or other relationships; defaults by, or even rumors or questions about, one or more financial institutions or financial market utilities, or the financial services industry generally, may lead to market-wide liquidity problems and losses of client, creditor and counterparty confidence and could lead to losses or defaults by other financial institutions, or the Company; integration risks and projected cost savings in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of competition for investment managers and professionals; the risk of fluctuation in the value of our debt securities; the risk of changes in interest rates; and the risk of the adequacy of our allowance for credit losses and the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2024 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    Contacts:
    Financial Profiles, Inc.
    Tony Rossi
    310-622-8221
    MYFW@finprofiles.com
    IR@myfw.com

    First Western Financial, Inc.
    Condensed Consolidated Statements of Income (unaudited)
      Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except per share amounts)   2024       2024       2023  
    Interest and dividend income:          
    Loans, including fees $ 35,353     $ 35,275     $ 34,141  
    Loans accounted for under the fair value option   141       168       300  
    Debt securities   708       651       607  
    Interest-bearing deposits in other financial institutions   1,754       1,855       1,292  
    Dividends, restricted stock   134       105       141  
    Total interest and dividend income   38,090       38,054       36,481  
               
    Interest expense:          
    Deposits   21,150       20,848       17,467  
    Other borrowed funds   1,372       1,428       2,248  
    Total interest expense   22,522       22,276       19,715  
    Net interest income   15,568       15,778       16,766  
    Less: provision for credit losses   501       2,334       329  
    Net interest income, after provision for credit losses   15,067       13,444       16,437  
               
    Non-interest income:          
    Trust and investment management fees   4,728       4,875       4,846  
    Net gain on mortgage loans   1,451       1,820       654  
    Bank fees   392       327       427  
    Risk management and insurance fees   367       109       145  
    Income on company-owned life insurance   108       106       96  
    Net loss on loans accounted for under the fair value option   (233 )     (315 )     (252 )
    Unrealized gain (loss) recognized on equity securities   24       (2 )     (19 )
    Other   135       52       202  
    Total non-interest income   6,972       6,972       6,099  
    Total income before non-interest expense   22,039       20,416       22,536  
               
    Non-interest expense:          
    Salaries and employee benefits   11,439       11,097       10,968  
    Occupancy and equipment   2,126       2,080       1,807  
    Professional services   1,893       1,826       1,867  
    Technology and information systems   1,045       1,042       906  
    Data processing   1,101       1,101       1,159  
    Marketing   374       243       355  
    Amortization of other intangible assets   57       56       62  
    Other   1,333       1,556       1,190  
    Total non-interest expense   19,368       19,001       18,314  
    Income before income taxes   2,671       1,415       4,222  
    Income tax expense   537       339       1,104  
    Net income available to common shareholders $ 2,134     $ 1,076     $ 3,118  
    Earnings per common share:          
    Basic $ 0.22     $ 0.11     $ 0.33  
    Diluted   0.22       0.11       0.32  
    First Western Financial, Inc.
    Condensed Consolidated Balance Sheets (unaudited)
      September 30,   June 30,   September 30,
    (Dollars in thousands)   2024       2024       2023  
    Assets          
    Cash and cash equivalents:          
    Cash and due from banks $ 18,979     $ 6,374     $ 6,439  
    Interest-bearing deposits in other financial institutions   257,243       239,425       265,045  
    Total cash and cash equivalents   276,222       245,799       271,484  
               
    Held-to-maturity debt securities (fair value of $70,826, $71,067 and $66,487, respectively), net of allowance for credit losses of $71   76,745       78,927       75,539  
    Correspondent bank stock, at cost   5,746       10,804       11,305  
    Mortgage loans held for sale, at fair value   12,324       26,856       12,105  
    Loans held for sale, at fair value   473       —       —  
    Loans (includes $8,646, $10,190, and $15,464 measured at fair value, respectively)   2,383,199       2,456,063       2,530,459  
    Allowance for credit losses   (18,796 )     (27,319 )             (23,175 )
    Loans, net   2,364,403       2,428,744       2,507,284  
    Premises and equipment, net   24,350       24,657       25,410  
    Accrued interest receivable   10,455       11,339       11,633  
    Accounts receivable   4,864       5,118       5,292  
    Other receivables   10,397       4,875       3,052  
    Other real estate owned, net   37,036       11,421       —  
    Goodwill and other intangible assets, net   31,684       31,741       31,916  
    Deferred tax assets, net   4,075       6,123       6,624  
    Company-owned life insurance   16,849       16,741       16,429  
    Other assets   36,325       34,410       24,680  
    Total assets $ 2,911,948     $ 2,937,555     $ 3,002,753  
               
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 473,576     $ 396,702     $ 476,308  
    Interest-bearing   2,029,478       2,014,190       1,943,688  
    Total deposits   2,503,054       2,410,892       2,419,996  
    Borrowings:          
    Federal Home Loan Bank and Federal Reserve borrowings   62,373       191,505       259,930  
    Subordinated notes   52,508       52,451       52,279  
    Accrued interest payable   3,339       2,243       3,203  
    Other liabilities   41,843       33,589       21,089  
    Total liabilities   2,663,117       2,690,680       2,756,497  
               
    Shareholders’ Equity          
    Total shareholders’ equity   248,831       246,875       246,256  
    Total liabilities and shareholders’ equity $ 2,911,948     $ 2,937,555     $ 3,002,753  
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited)
      September 30,   June 30,   September 30,
    (Dollars in thousands)   2024       2024       2023  
    Loan Portfolio          
    Cash, Securities, and Other(1) $ 116,856     $ 143,720     $ 148,669  
    Consumer and Other   14,978       15,645       23,975  
    Construction and Development   301,542       309,146       349,436  
    1-4 Family Residential   920,709       904,569       913,085  
    Non-Owner Occupied CRE   608,494       609,790       527,377  
    Owner Occupied CRE   176,165       189,353       208,341  
    Commercial and Industrial   239,660       277,973       349,515  
    Total   2,378,404       2,450,196       2,520,398  
    Loans accounted for under the fair value option   8,884       10,494       16,105  
    Total loans held for investment   2,387,288       2,460,690       2,536,503  
    Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net(2)   (4,089 )     (4,627 )     (6,044 )
    Loans (includes $8,646, $10,190, and $15,464 measured at fair value, respectively) $ 2,383,199     $ 2,456,063     $ 2,530,459  
    Mortgage loans held for sale   12,324       26,856       12,105  
    Loans held for sale   473       —       —  
               
    Deposit Portfolio          
    Money market deposit accounts $ 1,350,619     $ 1,342,753     $ 1,388,726  
    Time deposits   533,452       519,597       373,459  
    Interest checking accounts   130,255       135,759       164,000  
    Savings accounts   15,152       16,081       17,503  
    Total interest-bearing deposits   2,029,478       2,014,190       1,943,688  
    Noninterest-bearing accounts   473,576       396,702       476,308  
    Total deposits $ 2,503,054     $ 2,410,892     $ 2,419,996  

    ____________________
    (1) Includes PPP loans of $2.6 million as of September 30, 2024, $3.1 million as of June 30, 2024, and $4.9 million as of September 30, 2023.
    (2) Includes fair value adjustments on loans held for investment accounted for under the fair value option.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
      As of or for the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands)   2024       2024       2023  
    Average Balance Sheets          
    Assets          
    Interest-earning assets:          
    Interest-bearing deposits in other financial institutions $ 129,629     $ 141,600     $   102,510  
    Debt securities   79,007       75,461       78,057  
    Correspondent bank stock   6,281       4,801       7,162  
    Loans   2,429,927       2,443,937       2,485,704  
    Mortgage loans held for sale   18,423       20,254       12,680  
    Loans held at fair value   9,691       11,314       16,715  
    Total interest-earning assets   2,672,958       2,697,367       2,702,828  
    Allowance for credit losses   (27,236 )     (24,267 )     (22,122 )
    Noninterest-earning assets   161,072       143,514       125,774  
    Total assets $ 2,806,794     $ 2,816,614     $ 2,806,480  
               
    Liabilities and Shareholders’ Equity           
    Interest-bearing liabilities:           
    Interest-bearing deposits $ 2,007,265     $ 2,001,691     $ 1,846,318  
    FHLB and Federal Reserve borrowings   62,589       67,196       125,250  
    Subordinated notes   52,470       52,414       52,242  
    Total interest-bearing liabilities   2,122,324       2,121,301       2,023,810  
    Noninterest-bearing liabilities:          
    Noninterest-bearing deposits   395,755       412,741       512,956  
    Other liabilities   40,089       34,051       24,228  
    Total noninterest-bearing liabilities   435,844       446,792       537,184  
    Total shareholders’ equity   248,626       248,521       245,486  
    Total liabilities and shareholders’ equity $ 2,806,794     $ 2,816,614     $ 2,806,480  
               
    Yields/Cost of funds (annualized)          
    Interest-bearing deposits in other financial institutions   5.38 %     5.27 %     5.00 %
    Debt securities   3.57       3.47       3.09  
    Correspondent bank stock   8.49       8.80       7.81  
    Loans   5.74       5.75       5.42  
    Loan held at fair value   5.79       5.97       7.12  
    Mortgage loans held for sale   5.87       6.83       6.70  
    Total interest-earning assets   5.67       5.67       5.35  
    Interest-bearing deposits   4.19       4.19       3.75  
    Total deposits   3.50       3.47       2.94  
    FHLB and Federal Reserve borrowings   4.03       4.14       4.58  
    Subordinated notes   5.60       5.66       6.08  
    Total interest-bearing liabilities   4.22       4.22       3.86  
    Net interest margin   2.32         2.35       2.46  
    Net interest rate spread   1.45       1.45       1.49  
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
      As of or for the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except share and per share amounts)   2024       2024       2023  
    Asset Quality          
    Non-performing loans $ 15,031     $ 37,909     $ 56,146  
    Non-performing assets   52,067       49,330       56,146  
    Net charge-offs (recoveries)   9,319       (9 )     190  
    Non-performing loans to total loans   0.63 %     1.54 %     2.21 %
    Non-performing assets to total assets   1.79       1.68       1.87  
    Allowance for credit losses to non-performing loans   125.05       72.06       41.28  
    Allowance for credit losses to total loans   0.79       1.11       0.92  
    Allowance for credit losses to adjusted loans(1)   0.79       1.12       0.92  
    Net charge-offs to average loans   0.38     *     0.01  
               
    Assets Under Management $ 7,465,757     $ 7,011,796     $ 6,395,786  
               
    Market Data          
    Book value per share at period end $ 25.75     $ 25.55     $ 25.76  
    Tangible book value per common share(1)   22.47       22.27       22.42  
    Weighted average outstanding shares, basic   9,663,131       9,647,345       9,553,331  
    Weighted average outstanding shares, diluted   9,825,515       9,750,667       9,743,270  
    Shares outstanding at period end   9,664,101       9,660,548       9,560,209  
               
    Consolidated Capital          
    Tier 1 capital to risk-weighted assets   10.06 %     9.92 %     9.32 %
    CET1 to risk-weighted assets   10.06       9.92       9.32  
    Total capital to risk-weighted assets   13.19       13.44       12.45  
    Tier 1 capital to average assets   8.04       7.91       7.96  
               
    Bank Capital          
    Tier 1 capital to risk-weighted assets   11.39 %     11.22 %     10.42 %
    CET1 to risk-weighted assets   11.39       11.22       10.42  
    Total capital to risk-weighted assets   12.13       12.35       11.31  
    Tier 1 capital to average assets   9.11       8.95       8.88  

    ____________________
    (1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
    * Value results in an immaterial amount.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
    Reconciliations of Non-GAAP Financial Measures  
      As of or for the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except share and per share amounts)   2024       2024       2023  
    Tangible Common          
    Total shareholders’ equity $ 248,831     $ 246,875     $ 246,256  
    Less: goodwill and other intangibles, net   31,684       31,741       31,916  
    Tangible common equity $ 217,147     $ 215,134     $ 214,340  
               
    Common shares outstanding, end of period   9,664,101       9,660,548       9,560,209  
    Tangible common book value per share $ 22.47     $ 22.27     $ 22.42  
    Net income available to common shareholders   2,134       1,076       3,118  
    Return on tangible common equity (annualized)   3.93 %     2.00 %     5.82 %
               
    Efficiency          
    Non-interest expense $ 19,368     $ 19,001     $ 18,314  
    Less: amortization   57       56       62  
    Adjusted non-interest expense $ 19,311     $ 18,945     $ 18,252  
               
    Total income before non-interest expense $ 22,039     $ 20,416     $ 22,536  
    Less: unrealized (loss)/gain recognized on equity securities   24       (2 )     (19 )
    Less: net loss on loans accounted for under the fair value option   (233 )     (315 )     (252 )
    Plus: provision for credit losses   501       2,334       329  
    Gross revenue $ 22,749     $ 23,067     $ 23,136  
    Efficiency ratio   84.89 %     82.13 %     78.89 %
               
    Allowance for Credit Loss to Adjusted Loans          
    Total loans held for investment $ 2,387,288     $ 2,460,690     $ 2,536,503  
    Less: PPP loans   2,603       3,129       4,876  
    Less: loans accounted for under fair value   8,884       10,494       16,105  
    Adjusted loans $ 2,375,801     $ 2,447,067     $ 2,515,522  
               
    Allowance for credit losses $ 18,796     $ 27,319     $ 23,175  
    Allowance for credit losses to adjusted loans   0.79 %     1.12 %     0.92 %

    The MIL Network –

  • MIL-OSI: Dime Community Bancshares Declares Quarterly Cash Dividend for Series A Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (Nasdaq: DCOM, DCOMP and DCOMG) (the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.34375 per share on the Company’s 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on November 15, 2024 to holders of record as of November 8, 2024.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.7 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

     ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    The MIL Network –

  • MIL-OSI: Lake Shore Bancorp, Inc. Declares Third Quarter 2024 Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors declared a cash dividend of $0.18 per share on its outstanding common stock on October 23, 2024. The dividend is expected to be paid on November 8, 2024 to stockholders of record as of November 4, 2024. The Company received the written approval from the Federal Reserve Bank of Philadelphia (the “Reserve Bank”) on September 30, 2024 to pay a cash dividend of $0.18 per share to its stockholders.

    About Lake Shore
    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor
    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, compliance with the Bank’s Consent Order and an Individual Minimum Capital Requirement both issued by the Office of the Comptroller of the Currency, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Taylor M. Gilden
    Chief Financial Officer and Treasurer
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1065

    The MIL Network –

  • MIL-OSI: Athene Announces Fixed Income Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), a leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced it will host a Fixed Income Investor conference call on Thursday, November 14, 2024 at 10:00AM ET.

    The call will feature members of Athene’s senior management team, who will provide an update on current business trends, new business origination, the investment portfolio, and capital.

    An accompanying presentation, live webcast, and webcast replay will be available on the Investor Relations section of Athene’s website at ir.athene.com.

    Conference Call Details:
    Dial-in: Toll-free at 877-404-1236 (domestic) or + 1 215-268-9888 (international)

    About Athene
    Athene is a leading retirement services company with $330 billion of total assets as of June 30, 2024, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:

    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: IBEX Limited to Announce First Quarter 2025 Financial Results on November 7th, 2024

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Oct. 24, 2024 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”) (Nasdaq: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced it will report first quarter 2025 financial results after the market close on Thursday, November 7, 2024. Management will host a conference call and webcast to discuss the Company’s financial results, recent developments, and business outlook at 4:30 p.m. ET.

    What:   IBEX Limited Announces First Quarter 2025 Financial Results
    When:   Thursday, November 7, 2024
    Time:   4:30 p.m. ET
    Live Call:   (800) 715-9871 [USA & Canada Toll-Free]; Conference ID: 5528023
    Webcast:   https://investors.ibex.co/ 
         

    About ibex
    ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

    ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

    Investor Contact
    Michael Darwal
    ibex
    Michael.Darwal@ibex.co

    Media Contact
    Dan Burris
    ibex
    Daniel.Burris@ibex.co

    The MIL Network –

  • MIL-OSI: Ingersoll Rand Declares Regular Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    DAVIDSON, N.C., Oct. 24, 2024 (GLOBE NEWSWIRE) — The Board of Directors of Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, declared today a regular quarterly cash dividend of $0.02 (two cents) per share of common stock payable on December 5, 2024 to stockholders of record on November 14, 2024.

    About Ingersoll Rand Inc.
    Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit our Investor Relations website here.

    Investors:
    Matthew Fort
    Matthew.Fort@irco.com

    Media:
    Sara Hassell
    Sara.Hassell@irco.com

    The MIL Network –

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    3rd Quarter 2024 Highlights:

    • Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share.
    • Net income was $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent, from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the prior year third quarter net income of $52.4 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent.
    • Net interest income was $180 million for the current quarter, an increase of $13.8 million, or 8 percent, from the prior quarter net interest income of $166 million and an increase of $13.2 million, or 8 percent, from the prior year third quarter net interest income of $167 million.
    • The loan portfolio of $17.181 billion increased $329 million, or 2 percent, during the current quarter and organically increased $57.6 million, or 1 percent annualized, during the current quarter.
    • Total core deposits of $20.711 billion, increased $613 million, or 3 percent, during the current quarter and organically increased $216 million, or 4 percent annualized, during the current quarter.
    • Non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, during the current quarter and organically increased $221 million, or 14 percent annualized, during the current quarter.
    • The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.80 percent.
    • Stockholders’ equity of $3.245 billion increased $108 million, or 3 percent, during the current quarter and increased $370 million, or 13 percent, over the prior year third quarter.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 158 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million, total gross loans of $272 million and total deposits of $397 million.

    Year-to-date 2024 Highlights:

    • Net income for the first nine months of 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the prior year first nine months net income of $169 million.
    • Interest income for the first nine months of 2024 was $843 million, an increase of $98.7 million, or 13 percent, over the $744 million of interest income for the first nine months of 2023.
    • The loan portfolio increased $983 million, or 6 percent, during the first nine months of 2024 and organically increased $261 million, or 2 percent, during the first nine months of 2024.
    • The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
    • Dividends declared in the first nine months of 2024 were $0.99 per share.
    • The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

    Financial Summary  

      At or for the Three Months ended   At or for the Nine months ended
    (Dollars in thousands, except per share and market data) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2023
    Operating results                      
    Net income $ 51,055     44,708     32,627     52,445     128,390     168,611  
    Basic earnings per share $ 0.45     0.39     0.29     0.47     1.14     1.52  
    Diluted earnings per share $ 0.45     0.39     0.29     0.47     1.13     1.52  
    Dividends declared per share $ 0.33     0.33     0.33     0.33     0.99     0.99  
    Market value per share                      
    Closing $ 45.70     37.32     40.28     28.50     45.70     28.50  
    High $ 47.71     40.18     42.75     36.45     47.71     50.03  
    Low $ 35.57     34.35     34.74     26.84     34.35     26.77  
    Selected ratios and other data                      
    Number of common stock shares outstanding   113,394,786     113,394,092     113,388,590     110,879,365     113,394,786     110,879,365  
    Average outstanding shares – basic   113,394,758     113,390,539     112,492,142     110,877,534     113,093,583     110,857,788  
    Average outstanding shares – diluted   113,473,107     113,405,491     112,554,402     110,886,959     113,137,861     110,882,718  
    Return on average assets (annualized)   0.73 %   0.66 %   0.47 %   0.75 %   0.62 %   0.83 %
    Return on average equity (annualized)   6.34 %   5.77 %   4.25 %   7.12 %   5.47 %   7.72 %
    Efficiency ratio   64.92 %   67.97 %   74.41 %   63.31 %   68.98 %   62.10 %
    Loan to deposit ratio   83.16 %   84.03 %   82.04 %   79.25 %   83.16 %   79.25 %
    Number of full time equivalent employees   3,434     3,399     3,438     3,314     3,434     3,314  
    Number of locations   232     231     232     221     232     221  
    Number of ATMs   279     286     285     274     279     274  
     

    KALISPELL, Mont., Oct. 24, 2024 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the $52.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share and a decrease of 4 percent from the prior year third quarter diluted earnings per share of $0.47. The decrease in net income compared to the prior year third quarter was due to the increase in funding costs and the increased costs associated with the acquisitions of Wheatland and RMB over the prior year third quarter. “Our positive business trends through the third quarter. We were very pleased to see solid earnings, margin and deposit growth,” said Randy Chesler, President and Chief Executive Officer. “We finalized the acquisition of the Rocky Mountain Bank Montana branches from Heartland and welcome the employees to the Glacier team.”

    Net income for the nine months ended September 30, 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the $169 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2024 was $1.13 per share, a decrease of $0.39 per share from the prior year first nine months diluted earnings per share of $1.52. The decrease in net income for the first nine months of the current year compared to the prior year first nine months was primarily due to the significant increase in funding costs. In addition, the current year-to-date results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

    On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 23 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

      Wheatland   RMB    
    (Dollars in thousands) January 31,
    2024    		   July 19,
    2024    		   Total
    Total assets $ 777,659   $ 403,052   $ 1,180,711
    Cash and cash equivalents   12,926     76,781     89,707
    Debt securities   187,183     —     187,183
    Loans receivable   450,403     271,569     721,972
    Non-interest bearing deposits   277,651     93,534     371,185
    Interest bearing deposits   339,304     303,156     642,460
    Borrowings   58,500     4,305     62,805
    Core deposit intangible   16,936     9,794     26,730
    Goodwill   38,369     29,794     68,163
     

    Asset Summary

                      $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Cash and cash equivalents $ 987,833     800,779     1,354,342     1,672,094     187,054     (366,509 )   (684,261 )
    Debt securities, available-for-sale   4,436,578     4,499,541     4,785,719     4,741,738     (62,963 )   (349,141 )   (305,160 )
    Debt securities, held-to-maturity   3,348,698     3,400,403     3,502,411     3,553,805     (51,705 )   (153,713 )   (205,107 )
    Total debt securities   7,785,276     7,899,944     8,288,130     8,295,543     (114,668 )   (502,854 )   (510,267 )
    Loans receivable                          
    Residential real estate   1,837,697     1,771,528     1,704,544     1,653,777     66,169     133,153     183,920  
    Commercial real estate   10,833,841     10,713,964     10,303,306     10,292,446     119,877     530,535     541,395  
    Other commercial   3,177,051     3,066,028     2,901,863     2,916,785     111,023     275,188     260,266  
    Home equity   931,440     905,884     888,013     869,963     25,556     43,427     61,477  
    Other consumer   401,158     394,587     400,356     402,075     6,571     802     (917 )
    Loans receivable   17,181,187     16,851,991     16,198,082     16,135,046     329,196     983,105     1,046,141  
    Allowance for credit losses   (205,170 )   (200,955 )   (192,757 )   (192,271 )   (4,215 )   (12,413 )   (12,899 )
    Loans receivable, net   16,976,017     16,651,036     16,005,325     15,942,775     324,981     970,692     1,033,242  
    Other assets   2,456,643     2,453,581     2,094,832     2,153,149     3,062     361,811     303,494  
    Total assets $ 28,205,769     27,805,340     27,742,629     28,063,561     400,429     463,140     142,208  
     

    Total debt securities of $7.785 billion at September 30, 2024 decreased $115 million, or 1 percent, during the current quarter and decreased $510 million, or 6 percent, from the prior year third quarter. Debt securities represented 28 percent of total assets at September 30, 2024 compared to 30 percent at December 31, 2023 and 30 percent at September 30, 2023.

    The loan portfolio of $17.181 billion at September 30, 2024 increased $329 million, or 2 percent, during the current quarter. Excluding the RMB acquisition, the loan portfolio organically increased $57.6 million, or 1 percent annualized, during the current quarter. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $261 million, or 2 percent, during the first nine months of 2024 and increased $324 million, or 2 percent, from the prior year third quarter.

    Credit Quality Summary

      At or for the Nine Months ended   At or for the Six Months ended   At or for the Year ended   At or for the Nine Months ended
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Allowance for credit losses              
    Balance at beginning of period $ 192,757     192,757     182,283     182,283  
    Acquisitions   3     3     —     —  
    Provision for credit losses   21,138     14,157     20,790     16,609  
    Charge-offs   (12,406 )   (8,430 )   (15,095 )   (10,284 )
    Recoveries   3,678     2,468     4,779     3,663  
    Balance at end of period $ 205,170     200,955     192,757     192,271  
    Provision for credit losses              
    Loan portfolio $ 21,138     14,157     20,790     16,609  
    Unfunded loan commitments   (1,366 )   (2,390 )   (5,995 )   (4,827 )
    Total provision for credit losses $ 19,772     11,767     14,795     11,782  
    Other real estate owned $ 432     432     1,032     —  
    Other foreclosed assets   201     198     471     48  
    Accruing loans 90 days or more past due   11,551     4,692     3,312     3,855  
    Non-accrual loans   15,937     12,686     20,816     38,380  
    Total non-performing assets $ 28,121     18,008     25,631     42,283  
    Non-performing assets as a percentage of subsidiary assets   0.10 %   0.06 %   0.09 %   0.15 %
    Allowance for credit losses as a percentage of non-performing loans   730 %   1,116 %   799 %   455 %
    Allowance for credit losses as a percentage of total loans   1.19 %   1.19 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.05 %   0.04 %   0.06 %   0.04 %
    Accruing loans 30-89 days past due $ 56,213     49,678     49,967     15,253  
    U.S. government guarantees included in non-performing assets $ 1,802     1,228     1,503     1,057  
     

    Non-performing assets as a percentage of subsidiary assets at September 30, 2024 was 0.10 percent compared to 0.06 percent in the prior quarter and 0.15 percent in the prior year third quarter. Non-performing assets of $28.1 million at September 30, 2024 increased $10.1 million, or 56 percent, over the prior quarter and decreased $14.2 million, or 33 percent, over the prior year third quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2024 were 0.33 percent compared to 0.29 percent for the prior quarter end and 0.09 percent for the prior year third quarter. Early stage delinquencies of $56.2 million at September 30, 2024 increased $6.5 million from the prior quarter and increased $41.0 million from prior year third quarter.

    The current quarter credit loss expense of $8.0 million included $2.8 million of provision for credit losses on loans and $799 thousand of provision for credit losses on unfunded commitments from the acquisition of RMB. Excluding the acquisition of RMB, the current quarter credit loss expense was $4.4 million, including $4.2 million of credit loss expense from loans and $225 thousand of credit loss expense from unfunded loan commitments.

    For the first nine months of the current year, the provision for credit losses of $19.8 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

    The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs   ACL
    as a Percent
    of Loans    		   Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans    		   Non-Performing
    Assets to
    Total Subsidiary
    Assets
    Third quarter 2024 $ 6,981   $ 2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
    Second quarter 2023   5,254     2,473   1.19 %   0.16 %   0.12 %
    First quarter 2023   6,260     1,939   1.20 %   0.16 %   0.12 %
    Fourth quarter 2022   6,060     1,968   1.20 %   0.14 %   0.12 %
     

    Net charge-offs for the current quarter were $2.8 million compared to $2.9 million in the prior quarter and $2.2 million for the prior year third quarter. Net charge-offs of $2.8 million included $1.9 million in deposit overdraft net charge-offs and $815 thousand of net loan charge-offs.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                      $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Deposits                          
    Non-interest bearing deposits $ 6,407,728   6,093,430   6,022,980   6,465,353   314,298     384,748     (57,625 )
    NOW and DDA accounts   5,363,476   5,219,838   5,321,257   5,253,367   143,638     42,219     110,109  
    Savings accounts   2,801,077   2,862,034   2,833,887   2,872,362   (60,957 )   (32,810 )   (71,285 )
    Money market deposit accounts   2,854,540   2,858,850   2,831,624   2,994,631   (4,310 )   22,916     (140,091 )
    Certificate accounts   3,284,609   3,064,613   2,915,393   2,742,017   219,996     369,216     542,592  
    Core deposits, total   20,711,430   20,098,765   19,925,141   20,327,730   612,665     786,289     383,700  
    Wholesale deposits   3,334   2,994   4,026   67,434   340     (692 )   (64,100 )
    Deposits, total   20,714,764   20,101,759   19,929,167   20,395,164   613,005     785,597     319,600  
    Repurchase agreements   1,831,501   1,629,504   1,486,850   1,499,696   201,997     344,651     331,805  
    Deposits and repurchase agreements, total   22,546,265   21,731,263   21,416,017   21,894,860   815,002     1,130,248     651,405  
    Federal Home Loan Bank advances   1,800,000   2,350,000   —   —   (550,000 )   1,800,000     1,800,000  
    FRB Bank Term Funding   —   —   2,740,000   2,740,000   —     (2,740,000 )   (2,740,000 )
    Other borrowed funds   84,168   88,149   81,695   73,752   (3,981 )   2,473     10,416  
    Subordinated debentures   133,065   133,024   132,943   132,903   41     122     162  
    Other liabilities   397,221   365,459   351,693   347,452   31,762     45,528     49,769  
    Total liabilities $ 24,960,719   24,667,895   24,722,348   25,188,967   292,824     238,371     (228,248 )
     

    Total core deposits of $20.711 billion at September 30, 2024 increased $613 million, or 3 percent, from the prior quarter and increased $786 million, or 4 percent, from the prior year end. Total core deposits organically increased $217 million, or 4 percent annualized, during the current quarter and decreased $227 million, or 1 percent, from the prior year end.

    Total non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, from the prior quarter and increased $385 million, or 6 percent, from the prior year end. Non-interest bearing deposits organically increased $221 million, or 14 percent annualized, during the current quarter and increased $13.6 million, or 23 basis points, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at June 30, 2024, compared to 30 percent at December 31, 2023 and 32 percent at September 30, 2023.

    FHLB borrowings of $1.800 billion decreased $550 million, or 23 percent, during the current quarter. Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

    Stockholders’ Equity Summary

                      $ Change from
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Common equity $ 3,507,356     3,492,096     3,394,394     3,374,961     15,260     112,962     132,395  
    Accumulated other comprehensive loss   (262,306 )   (354,651 )   (374,113 )   (500,367 )   92,345     111,807     238,061  
    Total stockholders’ equity   3,245,050     3,137,445     3,020,281     2,874,594     107,605     224,769     370,456  
    Goodwill and intangibles, net   (1,106,336 )   (1,066,790 )   (1,017,263 )   (1,019,690 )   (39,546 )   (89,073 )   (86,646 )
    Tangible stockholders’ equity $ 2,138,714     2,070,655     2,003,018     1,854,904     68,059     135,696     283,810  
    Stockholders’ equity to total assets   11.50 %   11.28 %   10.89 %   10.24 %            
    Tangible stockholders’ equity to total tangible assets   7.89 %   7.74 %   7.49 %   6.86 %            
    Book value per common share $ 28.62     27.67     27.24     25.93     0.95   1.38   2.69
    Tangible book value per common share $ 18.86     18.26     18.06     16.73     0.60   0.80   2.13
     

    Tangible stockholders’ equity of $2.139 billion at September 30, 2024 increased $68.1 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities which was partially offset by the increase in goodwill and core deposit intangibles associated with the acquisition of RMB. Tangible stockholders’ equity at September 30, 2024 increased $136 million, or 7 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and the decrease in the unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.86 at the current quarter end increased $0.80 per share, or 4 percent, from the prior year end and increased $2.13 per share, or 13 percent, from the prior year third quarter.

    Cash Dividends
    On September 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 17, 2024 to shareholders of record on October 8, 2024. The dividend was the Company’s 158th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended September 30, 2024 
    Compared to June 30, 2024, March 31, 2024 and September 30, 2023
     
    Income Summary
      Three Months ended   $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023
    Net interest income                          
    Interest income $ 289,578     273,834     279,402     264,906     15,744   10,176     24,672
    Interest expense   109,347     107,356     112,922     97,852     1,991   (3,575 )   11,495
    Total net interest income   180,231     166,478     166,480     167,054     13,753   13,751     13,177
    Non-interest income                          
    Service charges and other fees   20,587     19,422     18,563     19,304     1,165   2,024     1,283
    Miscellaneous loan fees and charges   4,970     4,821     4,362     4,322     149   608     648
    Gain on sale of loans   4,898     4,669     3,362     4,046     229   1,536     852
    Gain (loss) on sale of securities   26     (12 )   16     (65 )   38   10     91
    Other income   4,223     3,304     3,686     2,633     919   537     1,590
    Total non-interest income   34,704     32,204     29,989     30,240     2,500   4,715     4,464
    Total income $ 214,935     198,682     196,469     197,294     16,253   18,466     17,641
    Net interest margin (tax-equivalent)   2.83 %   2.68 %   2.59 %   2.58 %            
     

    Net Interest Income
    The current quarter interest income of $290 million increased $15.7 million, or 6 percent, over the prior quarter and increased $24.7 million, or 9 percent, over the prior year third quarter, with both increases being primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.

    The current quarter interest expense of $109 million increased $2.0 million, or 2 percent, over the prior quarter and was primarily attributable to the increase in average deposit balances. The current quarter interest expense increased $11.5 million, or 12 percent, over the prior year third quarter and was primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.37 percent for the current quarter compared to 1.36 percent in the prior quarter and 1.03 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter. The current quarter cost of funds increased 21 basis points from the prior year third quarter which was primarily the result of the increased deposit rates.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent and was primarily driven by an increase in loan yields. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 25 basis points from the prior year third quarter net interest margin of 2.58 percent and was primarily driven by an increase in loan yields which more than offset the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 4 basis points from discount accretion, the core net interest margin was 2.79 percent in the current quarter compared to 2.63 percent in the prior quarter and 2.55 in the prior year third quarter. “The growth in the loan portfolio at higher yields was funded primarily by the remix of lower yield cash flow from the securities portfolio,” said Ron Copher, Chief Financial Officer. “In addition, the growth in non-interest bearing deposits and the reduction in wholesale funding contributed to the improvement in the current quarter net interest margin.”

    Non-interest Income
    Non-interest income for the current quarter totaled $34.7 million, which was an increase of $2.5 million, or 8 percent, over the prior quarter and an increase of $4.5 million, or 15 percent, over the prior year third quarter. Service charges and other fees of $20.6 million for the current quarter increased $1.2 million, or 6 percent, compared to the prior quarter and increased $1.3 million, or 7 percent, compared to the prior year third quarter. Gain on the sale of residential loans of $4.9 million for the current quarter increased $229 thousand, or 5 percent, compared to the prior quarter and increased $852 thousand, or 21 percent, from the prior year third quarter. Other income of $4.2 million increased $919 thousand, or 28 percent, over the prior quarter and increased $1.6 million, or 60 percent, over the prior year third quarter, with both increases being driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023
    Compensation and employee benefits $ 85,083   84,434   85,789   77,387   649     (706 )   7,696  
    Occupancy and equipment   11,989   11,594   11,883   10,553   395     106     1,436  
    Advertising and promotions   4,062   4,362   3,983   4,052   (300 )   79     10  
    Data processing   9,196   9,387   9,159   8,730   (191 )   37     466  
    Other real estate owned and foreclosed assets   13   149   25   15   (136 )   (12 )   (2 )
    Regulatory assessments and insurance   5,150   5,393   7,761   6,060   (243 )   (2,611 )   (910 )
    Intangibles amortization   3,367   3,017   2,760   2,428   350     607     939  
    Other expenses   25,848   22,616   30,483   20,351   3,232     (4,635 )   5,497  
    Total non-interest expense $ 144,708   140,952   151,843   129,576   3,756     (7,135 )   15,132  
     

    Total non-interest expense of $145 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $15.1 million, or 12 percent, over the prior year third quarter. Compensation and employee benefits increased $7.7 million, or 10 percent, from the prior year third quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB.

    Other expenses of $25.8 million increased $3.2 million, or 14 percent, from the prior quarter, which was attributable to several miscellaneous category increases including an increase of $1.2 million in outside consulting services. In addition, the current quarter other expenses included $586 thousand of gains from the sale of former branch facilities and disposal of fixed assets compared to $1.5 million in the prior quarter. Other expenses increased $5.5 million, or 27 percent, from the prior year third quarter as a result of several miscellaneous category increases including an increase of $2.7 million in outside consulting services and an increase of $1.6 million in acquisition-related expenses. Acquisition-related expense was $1.9 million in the current quarter compared to $1.8 million in the prior quarter and $279 thousand in the prior year third quarter.

    Federal and State Income Tax Expense
    Tax expense during the third quarter of 2024 was $11.2 million, an increase of $1.7 million, or 18 percent, compared to the prior quarter and a decrease of $567 thousand, or 5 percent, from the prior year third quarter. The effective tax rate in the current quarter was 17.9 percent compared to 17.5 percent in the prior quarter and 18.3 percent in the prior year third quarter.

    Efficiency Ratio
    The efficiency ratio was 64.92 percent in the current quarter compared to 67.97 percent in the prior quarter and 63.31 percent in the prior year third quarter. The decrease from the prior quarter was principally driven by the increase in net interest income that more than offset the increase in non-interest expense.

    Operating Results for Nine Months Ended September 30, 2024
    Compared to September 30, 2023
     
    Income Summary
      Nine months ended    
    (Dollars in thousands) Sep 30,
    2024    		   Sep 30,
    2023    		   $ Change   % Change
    Net interest income              
    Interest income $ 842,814     $ 744,159     $ 98,655     13  %
    Interest expense   329,625       218,933       110,692     51  %
    Total net interest income   513,189       525,226       (12,037 )   (2 )%
    Non-interest income              
    Service charges and other fees   58,572       56,042       2,530     5  %
    Miscellaneous loan fees and charges   14,153       12,451       1,702     14  %
    Gain on sale of loans   12,929       9,974       2,955     30  %
    Gain (loss) on sale of securities   30       (202 )     232     (115  )%
    Other income   11,213       8,949       2,264     25  %
    Total non-interest income   96,897       87,214       9,683     11  %
    Total Income $ 610,086     $ 612,440     $ (2,354 )   —  %
    Net interest margin (tax-equivalent)   2.70 %     2.79 %        
     

    Net Interest Income
    Net-interest income of $513 million for the first nine months of 2024 decreased $12.0 million, or 2 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $843 million for 2024 increased $98.7 million, or 13 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.58 percent during the first nine months of 2024, an increase of 44 basis points from the prior year first nine months loan yield of 5.14 percent.

    Interest expense of $330 million for the first nine months of 2024 increased $111 million, or 51 percent, over the same period in the prior year and was primarily the result of higher interest rates on deposits. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the first nine months of 2024 compared to 0.62 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2024 was 1.81 percent, which was an increase of 59 basis points over the first nine months of the prior year funding cost of 1.22 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2024 was 2.70 percent, a 9 basis points decrease from the net interest margin of 2.79 percent for the first nine months of the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.65 percent in the first nine months of the current year compared to 2.77 percent in the prior year first nine months.

    Non-interest Income  
    Non-interest income of $96.9 million for the first nine months of 2024 increased $9.7 million, or 11 percent, over the same period last year. Gain on sale of residential loans of $12.9 million for the first nine months of 2024 increased by $3.0 million, or 30 percent, over the first nine months of the prior year. Other income of $11.2 million for the first nine months of 2024 increased $2.3 million, or 25 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

    Non-interest Expense Summary

      Nine months ended        
    (Dollars in thousands) Sep 30,
    2024    		   Sep 30,
    2023    		   $ Change   % Change
    Compensation and employee benefits $ 255,306   $ 237,628   $ 17,678   7 %
    Occupancy and equipment   35,466     33,045     2,421   7 %
    Advertising and promotions   12,407     12,020     387   3 %
    Data processing   27,742     25,241     2,501   10 %
    Other real estate owned and foreclosed assets   187     41     146   356 %
    Regulatory assessments and insurance   18,304     16,277     2,027   12 %
    Core deposit intangibles amortization   9,144     7,304     1,840   25 %
    Other expenses   78,947     63,606     15,341   24 %
    Total non-interest expense $ 437,503   $ 395,162   $ 42,341   11 %
     

    Total non-interest expense of $438 million for the first nine months of 2024 increased $42.3 million, or 11 percent, over the same period in the prior year. Compensation and employee benefits expense of $255 million in the first nine months of 2024 increased $17.7 million, or 7 percent, over the same period in the prior year and was driven by annual salary increases and the acquisitions of Wheatland and RMB. Data processing expenses of $27.7 million for the first nine months of 2024 increased $2.5 million, or 10 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $18.3 million for the first nine months of 2024 increased $2.0 million, or 12 percent, over the same period in the prior year which was principally due to the accrual adjustment for the FDIC special assessment. Other expenses of $78.9 million for the first nine months of 2024 increased $15.3 million, or 24 percent, from the first nine months of the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses, which was partially offset by gains of $3.1 million from the sale of former branch facilities and disposal of fixed assets.

    Provision for Credit Losses
    The provision for credit loss expense was $19.8 million for the first nine months of 2024, an increase of $8.0 million, or 68 percent, over the same period in the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for the first nine months of 2024 were $8.7 million compared to $6.6 million in the first nine months of 2023.

    Federal and State Income Tax Expense
    Tax expense of $24.4 million for the first nine months of 2024 decreased $12.5 million, or 34 percent, over the prior year. The effective tax rate for the first nine months of 2024 was 16.0 percent compared to 17.9 percent for the same period in the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 68.98 percent for the first nine months of 2024 compared to 62.10 percent for the same period of 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense.

    Forward-Looking Statements  
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
    • costs or difficulties related to the completion and integration of pending or future acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 25, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI32ee03ea65c34bd794e0027768d383d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/9bh88vfv.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Assets              
    Cash on hand and in banks $ 342,105     271,107     246,525     264,067  
    Interest bearing cash deposits   645,728     529,672     1,107,817     1,408,027  
    Cash and cash equivalents   987,833     800,779     1,354,342     1,672,094  
    Debt securities, available-for-sale   4,436,578     4,499,541     4,785,719     4,741,738  
    Debt securities, held-to-maturity   3,348,698     3,400,403     3,502,411     3,553,805  
    Total debt securities   7,785,276     7,899,944     8,288,130     8,295,543  
    Loans held for sale, at fair value   46,126     39,745     15,691     29,027  
    Loans receivable   17,181,187     16,851,991     16,198,082     16,135,046  
    Allowance for credit losses   (205,170 )   (200,955 )   (192,757 )   (192,271 )
    Loans receivable, net   16,976,017     16,651,036     16,005,325     15,942,775  
    Premises and equipment, net   466,977     451,515     421,791     415,343  
    Other real estate owned and foreclosed assets   633     630     1,503     48  
    Accrued interest receivable   114,121     102,279     94,526     104,476  
    Deferred tax asset   125,432     155,834     159,070     203,745  
    Intangibles, net   52,780     43,028     31,870     34,297  
    Goodwill   1,053,556     1,023,762     985,393     985,393  
    Non-marketable equity securities   98,285     121,810     12,755     11,330  
    Bank-owned life insurance   188,971     187,793     171,101     170,175  
    Other assets   309,762     327,185     201,132     199,315  
    Total assets $ 28,205,769     27,805,340     27,742,629     28,063,561  
    Liabilities              
    Non-interest bearing deposits $ 6,407,728     6,093,430     6,022,980     6,465,353  
    Interest bearing deposits   14,307,036     14,008,329     13,906,187     13,929,811  
    Securities sold under agreements to repurchase   1,831,501     1,629,504     1,486,850     1,499,696  
    FHLB advances   1,800,000     2,350,000     —     —  
    FRB Bank Term Funding   —     —     2,740,000     2,740,000  
    Other borrowed funds   84,168     88,149     81,695     73,752  
    Subordinated debentures   133,065     133,024     132,943     132,903  
    Accrued interest payable   35,382     31,000     125,907     91,874  
    Other liabilities   361,839     334,459     225,786     255,578  
    Total liabilities   24,960,719     24,667,895     24,722,348     25,188,967  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,134     1,134     1,109     1,109  
    Paid-in capital   2,447,200     2,445,479     2,350,104     2,348,305  
    Retained earnings – substantially restricted   1,059,022     1,045,483     1,043,181     1,025,547  
    Accumulated other comprehensive loss   (262,306 )   (354,651 )   (374,113 )   (500,367 )
    Total stockholders’ equity   3,245,050     3,137,445     3,020,281     2,874,594  
    Total liabilities and stockholders’ equity $ 28,205,769     27,805,340     27,742,629     28,063,561  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Nine months ended
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2023
    Interest Income                      
    Investment securities $ 46,371   42,165     56,218   53,397     144,754   144,697  
    Residential real estate loans   23,118   21,754     20,764   18,594     65,636   51,508  
    Commercial loans   196,901   188,326     181,472   173,437     566,699   493,706  
    Consumer and other loans   23,188   21,589     20,948   19,478     65,725   54,248  
    Total interest income   289,578   273,834     279,402   264,906     842,814   744,159  
    Interest Expense                      
    Deposits   70,607   67,852     67,196   54,697     205,655   98,942  
    Securities sold under agreements to
    repurchase    		   14,737   13,566     12,598   10,972     40,901   24,185  
    Federal Home Loan Bank advances   22,344   24,179     4,249   —     50,772   26,910  
    FRB Bank Term Funding   —   —     27,097   30,229     27,097   63,160  
    Other borrowed funds   252   353     344   489     949   1,428  
    Subordinated debentures   1,407   1,406     1,438   1,465     4,251   4,308  
    Total interest expense   109,347   107,356     112,922   97,852     329,625   218,933  
    Net Interest Income   180,231   166,478     166,480   167,054     513,189   525,226  
    Provision for credit losses   8,005   3,518     8,249   3,539     19,772   11,782  
    Net interest income after provision for credit losses   172,226   162,960     158,231   163,515     493,417   513,444  
    Non-Interest Income                      
    Service charges and other fees   20,587   19,422     18,563   19,304     58,572   56,042  
    Miscellaneous loan fees and charges   4,970   4,821     4,362   4,322     14,153   12,451  
    Gain on sale of loans   4,898   4,669     3,362   4,046     12,929   9,974  
    Gain (loss) on sale of securities   26   (12 )   16   (65 )   30   (202 )
    Other income   4,223   3,304     3,686   2,633     11,213   8,949  
    Total non-interest income   34,704   32,204     29,989   30,240     96,897   87,214  
    Non-Interest Expense                      
    Compensation and employee benefits   85,083   84,434     85,789   77,387     255,306   237,628  
    Occupancy and equipment   11,989   11,594     11,883   10,553     35,466   33,045  
    Advertising and promotions   4,062   4,362     3,983   4,052     12,407   12,020  
    Data processing   9,196   9,387     9,159   8,730     27,742   25,241  
    Other real estate owned and foreclosed assets   13   149     25   15     187   41  
    Regulatory assessments and insurance   5,150   5,393     7,761   6,060     18,304   16,277  
    Intangibles amortization   3,367   3,017     2,760   2,428     9,144   7,304  
    Other expenses   25,848   22,616     30,483   20,351     78,947   63,606  
    Total non-interest expense   144,708   140,952     151,843   129,576     437,503   395,162  
    Income Before Income Taxes   62,222   54,212     36,377   64,179     152,811   205,496  
    Federal and state income tax expense   11,167   9,504     3,750   11,734     24,421   36,885  
    Net Income $ 51,055   44,708     32,627   52,445     128,390   168,611  
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      September 30, 2024   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,850,066   $ 23,118   5.00 %   $ 1,796,787   $ 21,754   4.84 %
    Commercial loans 1   13,957,304     198,556   5.66 %     13,740,455     189,939   5.56 %
    Consumer and other loans   1,324,142     23,188   6.97 %     1,290,587     21,589   6.73 %
    Total loans 2   17,131,512     244,862   5.69 %     16,827,829     233,282   5.58 %
    Tax-exempt debt securities 3   1,660,643     14,710   3.54 %     1,707,269     15,111   3.54 %
    Taxable debt securities 4, 5   7,073,967     34,001   1.92 %     7,042,885     29,461   1.67 %
    Total earning assets   25,866,122     293,573   4.52 %     25,577,983     277,854   4.37 %
    Goodwill and intangibles   1,092,632             1,068,250        
    Non-earning assets   836,878             754,491        
    Total assets $ 27,795,632           $ 27,400,724        
    Liabilities                      
    Non-interest bearing deposits $ 6,237,166   $ —   — %   $ 6,026,709   $ —   — %
    NOW and DDA accounts   5,314,459     16,221   1.21 %     5,221,883     15,728   1.21 %
    Savings accounts   2,829,203     5,699   0.80 %     2,914,538     6,014   0.83 %
    Money market deposit accounts   2,887,173     15,048   2.07 %     2,904,438     14,467   2.00 %
    Certificate accounts   3,211,842     33,597   4.16 %     3,037,638     31,593   4.18 %
    Total core deposits   20,479,843     70,565   1.37 %     20,105,206     67,802   1.36 %
    Wholesale deposits 6   3,122     42   5.47 %     3,726     50   5.50 %
    Repurchase agreements   1,723,553     14,738   3.40 %     1,597,887     13,566   3.41 %
    FHLB advances   1,828,533     22,344   4.78 %     2,007,747     24,179   4.76 %
    Subordinated debentures and other borrowed funds   219,472     1,658   3.01 %     224,778     1,759   3.15 %
    Total funding liabilities   24,254,523     109,347   1.79 %     23,939,344     107,356   1.80 %
    Other liabilities   336,906             344,105        
    Total liabilities   24,591,429             24,283,449        
    Stockholders’ Equity                      
    Stockholders’ equity   3,204,203             3,117,275        
    Total liabilities and stockholders’ equity $ 27,795,632           $ 27,400,724        
    Net interest income (tax-equivalent)     $ 184,226           $ 170,498    
    Net interest spread (tax-equivalent)         2.73 %           2.57 %
    Net interest margin (tax-equivalent)         2.83 %           2.68 %

    ______________________________

    1 Includes tax effect of $1.7 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and June 30, 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $2.1 million and $2.2 million on tax-exempt debt securities income for the three months ended September 30, 2024 and June 30, 2024, respectively.
    4 Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $357.0 million and $0.14 billion for the three months ended September 30, 2024 and June 30, 2024, respectively.
    5 Includes tax effect of $203 thousand and $211 thousand on federal income tax credits for the three months ended September 30, 2024 and June 30, 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Three Months ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,850,066   $ 23,118   5.00 %   $ 1,649,947   $ 18,594   4.51 %
    Commercial loans 1   13,957,304     198,556   5.66 %     13,120,479     174,822   5.29 %
    Consumer and other loans   1,324,142     23,188   6.97 %     1,263,775     19,478   6.11 %
    Total loans 2   17,131,512     244,862   5.69 %     16,034,201     212,894   5.27 %
    Tax-exempt debt securities 3   1,660,643     14,710   3.54 %     1,732,227     14,486   3.34 %
    Taxable debt securities 4, 5   7,073,967     34,001   1.92 %     8,485,157     41,052   1.94 %
    Total earning assets   25,866,122     293,573   4.52 %     26,251,585     268,432   4.06 %
    Goodwill and intangibles   1,092,632             1,020,868        
    Non-earning assets   836,878             528,145        
    Total assets $ 27,795,632           $ 27,800,598        
    Liabilities                      
    Non-interest bearing deposits $ 6,237,166   $ —   — %   $ 6,461,350   $ —   — %
    NOW and DDA accounts   5,314,459     16,221   1.21 %     5,231,741     12,906   0.98 %
    Savings accounts   2,829,203     5,699   0.80 %     2,840,620     3,492   0.49 %
    Money market deposit accounts   2,887,173     15,048   2.07 %     3,039,177     12,646   1.65 %
    Certificate accounts   3,211,842     33,597   4.16 %     2,462,266     23,151   3.73 %
    Total core deposits   20,479,843     70,565   1.37 %     20,035,154     52,195   1.03 %
    Wholesale deposits 6   3,122     42   5.47 %     188,523     2,502   5.27 %
    Repurchase agreements   1,723,553     14,738   3.40 %     1,401,765     10,972   3.11 %
    FHLB advances   1,828,533     22,344   4.78 %     —     —   — %
    FRB Bank Term Funding   —     —   — %     2,740,000     30,229   4.38 %
    Subordinated debentures and other borrowed funds   219,472     1,658   3.01 %     208,336     1,954   3.72 %
    Total funding liabilities   24,254,523     109,347   1.79 %     24,573,778     97,852   1.58 %
    Other liabilities   336,906             302,564        
    Total liabilities   24,591,429             24,876,342        
    Stockholders’ Equity                      
    Stockholders’ equity   3,204,203             2,924,256        
    Total liabilities and stockholders’ equity $ 27,795,632           $ 27,800,598        
    Net interest income (tax-equivalent)     $ 184,226           $ 170,580    
    Net interest spread (tax-equivalent)         2.73 %           2.48 %
    Net interest margin (tax-equivalent)         2.83 %           2.58 %

    ______________________________

    1 Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
    4 Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
    5 Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 30, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Nine Months ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,798,202   $ 65,636   4.87 %   $ 1,570,911   $ 51,508   4.37 %
    Commercial loans 1   13,737,866     571,540   5.56 %     12,910,691     498,152   5.16 %
    Consumer and other loans   1,299,463     65,725   6.76 %     1,236,158     54,248   5.87 %
    Total loans 2   16,835,531     702,901   5.58 %     15,717,760     603,908   5.14 %
    Tax-exempt debt securities 3   1,695,965     44,978   3.54 %     1,745,764     44,978   3.44 %
    Taxable debt securities 4, 5   7,429,971     106,939   1.92 %     8,240,041     107,338   1.74 %
    Total earning assets   25,961,467     854,818   4.40 %     25,703,565     756,224   3.93 %
    Goodwill and intangibles   1,071,024             1,023,274        
    Non-earning assets   734,681             510,332        
    Total assets $ 27,767,172           $ 27,237,171        
    Liabilities                      
    Non-interest bearing deposits $ 6,077,392   $ —   — %   $ 6,770,242   $ —   — %
    NOW and DDA accounts   5,270,842     47,866   1.21 %     5,140,668     22,606   0.59 %
    Savings accounts   2,881,273     17,368   0.81 %     2,930,420     5,070   0.23 %
    Money market deposit accounts   2,913,206     43,907   2.01 %     3,253,138     28,654   1.18 %
    Certificate accounts   3,083,866     96,365   4.17 %     1,638,163     34,613   2.82 %
    Total core deposits   20,226,579     205,506   1.36 %     19,732,631     90,943   0.62 %
    Wholesale deposits 6   3,603     149   5.49 %     213,465     7,999   5.01 %
    Repurchase agreements   1,612,021     40,901   3.39 %     1,238,139     24,185   2.61 %
    FHLB advances   1,397,258     50,772   4.77 %     738,004     26,910   4.81 %
    FRB Bank Term Funding   824,672     27,097   4.39 %     1,929,322     63,160   4.38 %
    Subordinated debentures and other borrowed funds   220,835     5,200   3.15 %     208,891     5,737   3.67 %
    Total funding liabilities   24,284,968     329,625   1.81 %     24,060,452     218,934   1.22 %
    Other liabilities   345,822             256,022        
    Total liabilities   24,630,790             24,316,474        
    Stockholders’ Equity                      
    Stockholders’ equity   3,136,382             2,920,697        
    Total liabilities and stockholders’ equity $ 27,767,172           $ 27,237,171        
    Net interest income (tax-equivalent)     $ 525,193           $ 537,290    
    Net interest spread (tax-equivalent)         2.59 %           2.71 %
    Net interest margin (tax-equivalent)         2.70 %           2.79 %

    ______________________________

    1 Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
    4 Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
    5 Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 30, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Custom and owner occupied construction $ 235,915     $ 233,978     $ 290,572     $ 306,106     1  %   (19) %   (23) %
    Pre-sold and spec construction   203,610       198,219       236,596       287,048     3  %   (14) %   (29) %
    Total residential construction   439,525       432,197       527,168       593,154     2  %   (17) %   (26) %
    Land development   205,704       209,794       232,966       234,995     (2) %   (12) %   (12) %
    Consumer land or lots   189,705       190,781       187,545       184,685     (1) %   1  %   3  %
    Unimproved land   109,237       108,763       87,739       87,089     —  %   25  %   25  %
    Developed lots for operative builders   67,140       57,140       56,142       62,485     18  %   20  %   7  %
    Commercial lots   98,644       99,036       87,185       84,194     —  %   13  %   17  %
    Other construction   689,638       810,536       900,547       982,384     (15) %   (23) %   (30) %
    Total land, lot, and other construction   1,360,068       1,476,050       1,552,124       1,635,832     (8) %   (12) %   (17) %
    Owner occupied   3,121,900       3,087,814       3,035,768       2,976,821     1  %   3  %   5  %
    Non-owner occupied   4,001,430       3,941,786       3,742,916       3,765,266     2  %   7  %   6  %
    Total commercial real estate   7,123,330       7,029,600       6,778,684       6,742,087     1  %   5  %   6  %
    Commercial and industrial   1,387,538       1,400,896       1,363,479       1,363,198     (1) %   2  %   2  %
    Agriculture   1,047,320       962,384       772,458       785,208     9  %   36  %   33  %
    1st lien   2,462,885       2,353,912       2,127,989       2,054,497     5  %   16  %   20  %
    Junior lien   77,029       56,049       47,230       47,490     37  %   63  %   62  %
    Total 1-4 family   2,539,914       2,409,961       2,175,219       2,101,987     5  %   17  %   21  %
    Multifamily residential   921,138       1,027,962       796,538       714,822     (10) %   16  %   29  %
    Home equity lines of credit   1,004,300       974,000       979,891       950,204     3  %   2  %   6  %
    Other consumer   221,517       220,755       229,154       233,980     —  %   (3) %   (5) %
    Total consumer   1,225,817       1,194,755       1,209,045       1,184,184     3  %   1  %   4  %
    States and political subdivisions   993,871       777,426       834,947       833,618     28  %   19  %   19  %
    Other   188,792       180,505       204,111       209,983     5  %   (8) %   (10) %
    Total loans receivable, including
    loans held for sale    		   17,227,313       16,891,736       16,213,773       16,164,073     2  %   6  %   7  %
    Less loans held for sale 1   (46,126 )     (39,745 )     (15,691 )     (29,027 )   16  %   194  %   59  %
    Total loans receivable $ 17,181,187     $ 16,851,991     $ 16,198,082     $ 16,135,046     2  %   6  %   6  %

    ______________________________

    1 Loans held for sale are primarily 1st lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2024    		   Sep 30,
    2024
    Custom and owner occupied construction $ 202   206   214   219   202   —   —
    Pre-sold and spec construction   3,705   2,908   763   763   2,942   763   —
    Total residential construction   3,907   3,114   977   982   3,144   763   —
    Land development   583   —   35   80   22   561   —
    Consumer land or lots   458   429   96   314   241   217   —
    Unimproved land   —   —   —   36   —   —   —
    Developed lots for operative builders   531   608   608   608   —   531   —
    Commercial lots   47   47   47   188   —   47   —
    Other construction   —   25   —   12,884   —   —   —
    Total land, lot and other construction   1,619   1,109   786   14,110   263   1,356   —
    Owner occupied   1,903   1,992   1,838   1,445   662   809   432
    Non-owner occupied   1,335   257   11,016   15,105   1,335   —   —
    Total commercial real estate   3,238   2,249   12,854   16,550   1,997   809   432
    Commercial and Industrial   2,455   2,044   1,971   1,367   1,408   1,047   —
    Agriculture   6,040   2,442   2,558   2,450   2,164   3,876   —
    1st lien   6,065   2,923   2,664   2,766   3,724   2,341   —
    Junior lien   279   492   180   363   279   —   —
    Total 1-4 family   6,344   3,415   2,844   3,129   4,003   2,341   —
    Multifamily residential   392   385   395   —   392   —   —
    Home equity lines of credit   2,867   2,145   2,043   1,612   1,903   964   —
    Other consumer   1,111   1,089   1,187   942   663   247   201
    Total consumer   3,978   3,234   3,230   2,554   2,566   1,211   201
    Other   148   16   16   1,141   —   148   —
    Total $ 28,121   18,008   25,631   42,283   15,937   11,551   633
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans,  by Loan Type   % Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Custom and owner occupied construction $ 13   $ 1,323   $ 2,549   $ —   (99) %   (99) %   n/m
    Pre-sold and spec construction   1,250     816     1,219     599   53  %   3  %   109  %
    Total residential construction   1,263     2,139     3,768     599   (41) %   (66) %   111  %
    Land development   157     —     163     44   n/m   (4) %   257  %
    Consumer land or lots   747     411     624     528   82  %   20  %   41  %
    Unimproved land   39     158     —     87   (75) %   n/m   (55) %
    Commercial lots   —     —     2,159     1,245   n/m   (100) %   (100) %
    Other construction   —     21     —     —   (100) %   n/m   n/m
    Total land, lot and other construction   943     590     2,946     1,904   60  %   (68) %   (50) %
    Owner occupied   5,641     4,326     2,222     652   30  %   154  %   765  %
    Non-owner occupied   13,785     8,119     14,471     213   70  %   (5) %   6,372  %
    Total commercial real estate   19,426     12,445     16,693     865   56  %   16  %   2,146  %
    Commercial and industrial   3,125     17,591     12,905     2,946   (82) %   (76) %   6  %
    Agriculture   16,932     5,288     594     604   220  %   2,751  %   2,703  %
    1st lien   6,275     2,637     3,768     1,006   138  %   67  %   524  %
    Junior lien   13     17     1     355   (24) %   1,200  %   (96) %
    Total 1-4 family   6,288     2,654     3,769     1,361   137  %   67  %   362  %
    Home equity lines of credit   4,567     5,432     4,518     3,638   (16) %   1  %   26  %
    Other consumer   2,227     2,192     3,264     1,821   2  %   (32) %   22  %
    Total consumer   6,794     7,624     7,782     5,459   (11) %   (13) %   24  %
    Other   1,442     1,347     1,510     1,515   7  %   (5) %   (5) %
    Total $ 56,213   $ 49,678   $ 49,967   $ 15,253   13  %   13  %   269  %

    ______________________________

    n/m – not measurable
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		   Charge-Offs   Recoveries
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2024
    Pre-sold and spec construction $ (4 )   (4 )   (15 )   (12 )   —   4
    Land development   (21 )   (1 )   (135 )   (134 )   —   21
    Consumer land or lots   (21 )   (22 )   (19 )   (14 )   —   21
    Unimproved land   5     5     —     —     5   —
    Commercial lots   319     319     —     —     319   —
    Other construction   —     —     889     —     —   —
    Total land, lot and other construction   282     301     735     (148 )   324   42
    Owner occupied   (73 )   (73 )   (59 )   (104 )   —   73
    Non-owner occupied   (3 )   (2 )   799     500     —   3
    Total commercial real estate   (76 )   (75 )   740     396     —   76
    Commercial and industrial   1,272     644     364     (11 )   1,839   567
    Agriculture   65     68     —     —     68   3
    1st lien   (34 )   (22 )   66     98     —   34
    Junior lien   (60 )   (55 )   24     32     10   70
    Total 1-4 family   (94 )   (77 )   90     130     10   104
    Multifamily residential   —     —     (136 )   —     —   —
    Home equity lines of credit   (31 )   1     (6 )   20     35   66
    Other consumer   753     493     1,097     816     1,056   303
    Total consumer   722     494     1,091     836     1,091   369
    Other   6,561     4,611     7,447     5,430     9,074   2,513
    Total $ 8,728     5,962     10,316     6,621     12,406   3,678
     

    Visit our website at www.glacierbancorp.com

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706

    The MIL Network –

  • MIL-OSI: Red River Bancshares, Inc. Announces Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    ALEXANDRIA, La., Oct. 24, 2024 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (Nasdaq: RRBI) (the “Company”) announced today that on October 24, 2024, its board of directors declared a quarterly cash dividend in an amount equal to $0.09 per share of common stock. The cash dividend is payable on December 19, 2024, to shareholders of record as of the close of business on December 9, 2024.

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

    Contact:
    Julia E. Callis
    Senior Vice President, General Counsel & Corporate Secretary
    318-561-4042
    julia.callis@redriverbank.net

    The MIL Network –

  • MIL-OSI: Advent Convertible and Income Fund (NYSE: AVK) Announces Final Results of Rights Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Advent Convertible and Income Fund (NYSE: AVK) (the “Fund”) today announced the final results of its transferable rights offering (the “Offer”). The Offer expired on October 17, 2024 (the “Expiration Date”). The Rights no longer trade on the New York Stock Exchange (“NYSE”).

    The final subscription price per share was $11.28, which was equal to 90% of the net asset value per Common Share as of the Expiration Date. The Offer resulted in the issuance of 9,540,946 Common Shares. The gross proceeds of the Offer were approximately $108 million.

    The Common Shares subscribed for were issued after completion of the allocation of the over-subscription Common Shares and receipt of all shareholder payments. The Common Shares subscribed for were issued on or about October 23, 2024. The Subscription Agent for the Offer will return to subscribing rights holders the full amount of any excess payments.

    ***

    This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus supplement and accompanying prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The Fund’s prospectus supplement and accompanying prospectus contain this and additional information about the Fund. 

    Additional Information About the Fund

    The Fund is a diversified, closed-end management investment company with an investment objective of providing total return through a combination of capital appreciation and current income. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of convertible securities and non-convertible income producing securities. The Fund’s shares are traded on the New York Stock Exchange under the symbol “AVK.”

    About Advent Capital Management, LLC

    Advent is an SEC-registered investment adviser headquartered in New York, NY. Advent’s investment discipline emphasizes capital structure research, encompassing equity fundamentals as well as credit research, with a focus on cash flow and asset values while seeking to maximize total return.

    About Guggenheim Investments

    Guggenheim Investments includes Guggenheim Funds Distributors, LLC (the servicing agent for the Fund). Advent Capital Management, LLC serves as Adviser for the Fund and is not affiliated with Guggenheim.

    Contact:

    William T. Korver

    cefs@guggenheiminvestments.com

    NOT FDIC INSURED                 NO BANK GUARANTEE                 MAY LOSE VALUE

    The MIL Network –

  • MIL-OSI: Ninepoint Partners Announces Estimated October 2024 Cash Distributions for Ninepoint Cash Management Fund – ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the estimated October 2024 cash distribution for the ETF Series of Ninepoint Cash Management Fund (the “Fund”). Ninepoint Partners expects to issue a press release on or about October 30, 2024, which will provide the final distribution rate. The record date for the cash distribution is October 31, 2024, payable on November 7, 2024.

    All estimates in this document are based on the accounting data as of October 24, 2024. Due to subscriptions and/or redemptions and/or other factors, the final October 2024 distribution may differ from these estimates and the difference could be material. The information included in this letter is for reference purposes only. Please reconcile all information against your official client statements. This is not intended to be a statement for official tax reporting purposes or any form of tax advice.

    The actual taxable amounts of distributions for 2024, including the tax characteristics of the distributions, will be reported to CDS Clearing and Depository Services Inc. in early 2025. Securityholders can contact their brokerage firm for this information.

    The per-unit estimated October distribution is detailed below:

    Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP
    Ninepoint Cash Management Fund NSAV $0.18966 $0.00000 65443X105


    About Ninepoint Partners

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including Alternative Income and Real Assets, in addition to North American and Global Equities.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or please contact us at 416.362.7172 or 1.888.362.7172 or invest@ninepoint.com.

    Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

    Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

    The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

  • MIL-OSI: H&R Block to Release Fiscal 2025 First Quarter Results on November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Oct. 24, 2024 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) will report fiscal 2025 first quarter results on Thursday, November 7, 2024, after the New York Stock Exchange market close. At that time, a copy of the press release and presentation will be available on the company’s investor relations website at https://investors.hrblock.com/.

    A conference call for analysts, institutional investors, and shareholders will be held at 4:30 p.m. Eastern time on Thursday, November 7, 2024. During the conference call the company will discuss fiscal 2025 first quarter results, outlook, and give a general business update. To join live, participants must register at https://register.vevent.com/register/BI46d8067507a543a1803367b08bae03f8. Once registered, the participant will receive a dial-in number and unique PIN to access the call. Please join approximately 5 minutes prior to the scheduled start time.

    The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and public. The webcast can be accessed directly at https://edge.media-server.com/mmc/p/qdeqpgfd and will be available for replay 2 hours after the call is concluded and continuing for 90 days.

    About H&R Block
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    For Further Information

    The MIL Network –

  • MIL-OSI: Archrock Increases Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today announced that its Board of Directors has declared an increased quarterly dividend of $0.175 per share of common stock, or $0.70 per share on an annualized basis. The third quarter 2024 dividend will be paid on November 13, 2024 to all stockholders of record on November 6, 2024.

    The third quarter 2024 dividend per share amount represents an increase of 6 percent over the Archrock second quarter 2024 dividend level and an increase of 13 percent over the Archrock third quarter 2023 dividend level.

    “We are implementing the second increase in Archrock’s quarterly cash dividend for 2024 and fourth increase in the last two years reflecting our confidence in enduring demand growth for natural gas and our transformed platform, which are delivering excellent and consistent results. In addition, the recent acquisition of TOPS was immediately accretive to our cash available for dividend,” said Brad Childers, Archrock’s President and Chief Executive Officer.

    “We remain committed to investing in high-return investments required to support our customers and increasing cash returns to shareholders, while maintaining prudent dividend and leverage coverage ratios. We look forward to updating you on our results and integration progress on our third quarter 2024 earnings call in November,” concluded Childers.    

    About Archrock

    Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICATM, visit www.archrock.com.

    Forward-Looking Statements

    This press release contains forward-looking statements, which include statements about Archrock’s future financial performance and dividends. These statements are not guarantees of future performance or actions. Forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Archrock expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in Archrock’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Archrock’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and as set forth from time to time in Archrock’s filings with the Securities and Exchange Commission. These filings are available online at www.sec.gov and www.archrock.com.

    For information, contact:

    Megan Repine
    Vice President, Investor Relations
    (281) 836-8360
    investor.relations@archrock.com

    The MIL Network –

  • MIL-OSI Economics: Inside an AI-native ad agency

    Source: Microsoft

    Headline: Inside an AI-native ad agency

    To grasp the future of business, look to AI-native organizations: from processes to products, these companies are infusing every facet of their operations with AI. In a previous newsletter, I wrote about common ways that AI natives work differently. Today I’m zooming in on one company I find particularly compelling: Supernatural AI, a 30-employee creative agency that’s inventing a more efficient, strategic way of doing business.  

    Founded in 2021, Supernatural bills itself as “a place where people and machines work together to make advertising better.” It uses AI to weave data into all its offerings, from consumer research and brand strategy to creative ideation, and clients have included US Bank, Kayak, and Zipcar. Like many AI natives we talked to, Supernatural leverages AI to play both offense (unlocking new business opportunities and delivering value to clients) and defense (reducing costs). 

    Deploy AI to uncover new business value  
    Traditionally, only major brands—like national fast-food chains—have been able to localize their advertising to specific cities. It’s time-consuming and expensive to create so many iterations on the creative, let alone to ensure that every variation is grounded in local knowledge and data.  

    Supernatural is using AI to bring this capability to brands of all sizes. Employees can use AI to help generate hyperlocal social media ads in minutes rather than days, even when working with modest budgets. Humans then touch up what AI produces.  

    “Humans and AI need each other,” Supernatural co-founder Mike Barrett told us. “AI doesn’t always have good judgment, but that’s okay—I have good judgment. AI has the ability to endlessly version assets. People don’t.”  

    That combination—human creativity and judgment paired with AI’s ability to brainstorm, iterate, and ground ideas in relevant data at great speed—is a powerful advantage. In advertising, “you have massive upward pressure on costs, and competition means you have downward pressure on pricing,” Barrett says. “The only way to resolve the margin squeeze is productivity. And we knew that the way to solve productivity was AI. We would use AI to claw back margin.”  

    Focus on what sets you apart 
    AI helps Supernatural with margins, but clients benefit too because the agency can deliver strategically driven results faster. Supernatural uses a data-and-AI platform—employees call it “The Superconductor”—built on more than two decades of research on advertising effectiveness, along with data about target audiences and competitors.  

    The platform keeps track of those many considerations, saving human energy and creating competitive advantage by leveraging data more effectively. Supernatural uses it to test messaging on AI avatars of customers instead of human focus groups, saving time and money. 

    With those capabilities, Supernatural is speeding up its process to create a competitive advantage over bigger, more established agencies. One client, US Bank, hired the agency to do a national campaign—choosing Supernatural over a longstanding partner that has decades of history and thousands of employees. The campaign went from brief to creative rollout in under four months, a process that previously would have taken nine.  

    Build a more fluid organization 
    Supernatural’s approach aligns with what my team and I have found in our research about AI-native organizations generally. For instance, AI natives tend to have more fluid org charts. At Supernatural, creative work is shared by people across roles, not just those with creative titles. The agency has hired people from many walks of life, including a former journalist, an investment banker, and a financial services marketer. Since AI scales data-informed advertising expertise across the staff, the company can hire for special perspectives, not just standard skills.  

    Getting the right staffing mix has required trial and error. At first, Supernatural envisioned hiring mostly experienced leaders to “manage” AI, but that didn’t always work. Barrett says it’s not only about experience: you have to find “tinkerers” who like to experiment with technology. 

    AI can be a sensitive subject in creative circles. Barrett tells creatives, “AI is no more coming for your job than circular saws came for the jobs of carpenters. The idea that you’re going to turn on some power tools, leave them in a room by themselves, and come back to fully finished furniture? It’s ludicrous.” Instead, he asks people to think of AI as “a power tool for creative people.” 

    Supernatural’s founders have deep experience in advertising, and they understand the industry’s challenges and how AI can solve them. We often talk about how AI can level the playing field for employees with less experience or skill, but we shouldn’t forget that it also empowers people who are already at the top of their game to reach new heights. 

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Fitzgerald Attends Judiciary Committee Field Hearing in Milwaukee

    Source: United States House of Representatives – Congressman Scott Fitzgerald (WI-05)

    WASHINGTON, DC – Today, Congressman Scott Fitzgerald (WI-05) attended a House Judiciary Committee field hearing in Milwaukee titled: “The Biden-Harris Border Crisis: Wisconsin Perspectives.”

    “President Biden and Vice President Kamala Harris’ open-border policies have enabled our southern border crisis and have negatively impacted Wisconsin communities. Take Whitewater, for example, where the local police department estimates nearly 800-1,000 foreign nationals have settled since just 2022. These kinds of numbers have a tremendous strain on a community whose population is just 15,000,” said Rep. Fitzgerald. “Today’s Judiciary Committee field hearing in Milwaukee allowed us members, and the public, to cut through the noise and hear directly from local experts about the difficulties this crisis has brought upon our nation’s communities. It was an important conversation, and I appreciate every single witness for sharing their unique testimony.”

    To watch Rep. Scott Fitzgerald’s full Q&A at the field hearing click here.

    The committee hearing welcomed the following witnesses to testify:

    • Jacob “Jake” J. Curtis, General Counsel and Director of Center for Investigative Oversight, Institute for Reforming Government.
    • Rick Rachwal, Co-Founder and Vice-President of the Board, Love, Logan Foundation.
    • Dale J. Schmidt, Sheriff, Dodge County Sheriff’s Department.
    • The Honorable Eric Toney, District Attorney, Fon du Lac County, Wisconsin.
    • Henri Kinson, Former School Board Member, Whitewater Unified School District, Whitewater, Wisconsin

     ###

    MIL OSI USA News –