NewzIntel Latest Reports – Page 5141

MIL-OSI Global: MAiD and marginalized people: Coroner’s reports shed light on assisted death in Ontario

Source: The Conversation – Canada – By Karandeep Sonu Gaind, Professor of Psychiatry, University of Toronto

People who chose medically assisted death when they were not terminally ill were more likely to be marginalized than those who chose MAiD when death was already imminent. (Shutterstock)

Earlier this month, the Office of the Chief Coroner for Ontario released new reports highlighting some of the reasons some Canadians have chosen medical assistance in dying (MAiD, which in Canada involves euthanasia — meaning medically-administered injection rather than self-administered — over 99.9 per cent of the time).

The reports have received international attention for what they highlight, including patients being euthanized despite untreated mental illness and addictions, unclear medical diagnoses and suffering fuelled by housing insecurity, poverty and social marginalization.

Some are shocked by what these reports reveal, but none should be surprised. This is what happens when you let the foxes run the henhouse, as Canada has arguably done by allowing right-to-die advocacy to shape policy and replace evidence.

Canada’s medical assistance in dying (MAiD) laws, introduced for those in terminal situations, were expanded by the Trudeau government in 2021 to allow death by MAiD via “Track 2” to Canadians struggling with disabilities who were not dying. In 2023, Track 2 represented 2.6 per cent of the 4,644 MAiD deaths in Ontario, or 116 people.

I am not a conscientious objector. I am a psychiatrist and previously chaired my former hospital’s MAiD team. However, I believe we’ve experienced a bait and switch: laws initially intended to compassionately help Canadians avoid suffering a painful death have metastasized into policies facilitating suicides of other Canadians seeking death to escape a painful life.

The coroner’s reports show how far over the cliff we’ve fallen with Track 2 MAiD.

Marginalization and MAiD

Many have warned for years that when facilitated suicide is expanded to those with disabilities who have decades left to live, it is impossible to filter out suffering due to poverty, loneliness and other marginalization fueling MAiD requests. The medical disability becomes the foot in the door to open eligibility for MAiD, but social suffering pushes the marginalized through that door to seek state-sponsored death for their life struggles.

The coroner’s report uses a marginalization index based on area of residence (similar to the way impacts on marginalized populations were identified during COVID-19) to divide the population into five levels, each representing 20 per cent of the population. The data shows a much higher proportion of Track 2 MAiD recipients come from highly marginalized categories than Track 1 MAiD recipients, or the general population.

People in the lowest “material resource” category (i.e. poverty) represent 20 per cent of the general population, but they make up 28.4 per cent of Track 2 MAiD recipients, compared to 21.5 per cent of Track 1 recipients.

People in the lowest 20 per cent of the population with the worst housing instability made up 48.3 per cent of Track 2 MAiD recipients, compared to 34.3 per cent of Track 1 recipients. Track 2 recipients were also far more likely to come from the most vulnerable 20 per cent of the population in terms of age and labour force participation, with 56.9 per cent of Track 2 MAiD recipients coming from this category compared to 41.8 per cent of Track 1 MAiD recipients.

Gender gaps of more women than men receiving Track 2 MAiD are also emerging.

Additionally the report shed light on specific cases of concern, including people receiving Track 2 MAiD for social and housing vulnerability, and for unclear reasons while still suffering from inadequately treated mental illness and addictions.

This includes a man with a history of suicidal ideation and untreated addictions whose psychiatrist asked during a session whether he was aware of MAiD. After being approved, he was “personally transported (by the MAiD provider) in their vehicle to an external location for the provision of MAiD”.

Denialism

Policy mistakes can occur, but these marginalized deaths result from wilful avoidance and denial of evidence-based cautions. I have previously written of the lack of safeguards and absence of evidence informing MAiD expansion.

Beyond the evidence in the coroner’s report, there are clear signs of this denial:

Leaders of the Canadian Psychiatric Association (CPA) supported euthanasia for depression and addictions without once mentioning suicide risks of mental illness or the need for suicide prevention in any of their consultations and testimony that led to Bill C-7’s “sunset clause” for introducing MAiD for mental illness, literally not once mentioning the words suicide, suicidal or any variant in these consultations on death and mental illness (in disclosure, I am a past president and distinguished fellow, but no longer a member, of the CPA);
The federally appointed chair of the MAiD expansion panel charged with recommending safeguards for psychiatric euthanasia recommended no additional legislative safeguards and said the gender gap of twice as many women as men being euthanized for mental illness in Europe “doesn’t concern” her, testifying:

“It doesn’t concern me, in the sense that I don’t think anybody knows what it means. We can make all sorts of hypotheses about what it might mean, but nobody really knows. What I would caution you about is drawing inferences, like the one in your question with respect to male-to-female suicide ratios, because we don’t know what it means.” (It should be noted that there is longstanding evidence of a 2:1 gender gap of more women than men attempting suicide when mentally ill, most of whom do not die by suicide and do not try again.)

Well-funded lobby groups like Dying With Dignity continue to claim that it is a “myth” that “vulnerable populations can be eligible for MAiD if they are suffering from inadequate social supports, including housing,” erasing Canadians who have literally said they chose MAiD precisely for those reasons — their disability made them eligible for MAiD, but it was the lack of social supports that led them to request it;
Groups presenting as experts continue providing false reassurances that their CAMAP (Canadian Association of MAiD Assessors and Providers) training guidelines filter out suicidality, despite criticisms their guidelines lack any evidence-based factors distinguishing motivations for expanded MAiD requests from traditional suicide

These repeated refusals to have our MAiD expansion be informed by evidence have led to a MAiD house of cards wilfully blind to suicide risks.

Denialism of all sorts is dangerous. Canada’s expanded MAiD policies have fallen prey to a new form of it: suicide denialism. What else can it be called when expansion ideologues repeatedly ignore and deny the fact that some Canadians are getting Track 2 MAiD fuelled not by illness suffering, but by known suicide risk factors of social deprivation?

‘Social murder’

People in the lowest ‘material resource’ category represent 20 per cent of the general population, but they make up 28.4 per cent of Track 2 MAiD recipients, compared to 21.5 per cent of Track 1 recipients.
(Shutterstock)

Some expansion advocates have already creatively dismissed concerns about the coroner reports. The head-scratching argument is that since marginalization leads to higher death rates of the marginalized anyway (gently referred to as “decedents”), the fact that Track 2 MAiD is provided to marginalized people at the same or slightly lower rates than their usual high “decedent” rates means MAiD is not a risk to the marginalized. There is even the bold suggestion that “MAiD narrows the gap between privileged and deprived.”

The remarkable blind spot of this privileged perspective is obvious: none of the marginalized receiving Track 2 MAiD would have died if they had not gotten MAiD; even their own MAiD assessors predicted they would have over another decade of life to live (otherwise they would have been Track 1).

Arguing that a higher proportion of marginalized people dying from Track 2 MAiD is acceptable because they die at similar rates anyway is disturbing and revealing. Most people in Canada are aware of the issue of Indigenous youth disenfranchisement and suicide. Consider the natural implications of this dangerous argument. Death rates for First Nations youth under 20 are three to five times higher than youth death rates for non-Indigenous populations, driven by suicide and unintentional injuries. Does MAiD expansionist logic suggest that it would be acceptable to provide high levels of Track 2 MAiD to First Nations 19-year-olds since their social disenfranchisement puts them at higher risk of death anyway?

Claiming that state-facilitated death fuelled by social deprivation is acceptable since more marginalized people die from social deprivation and structural inequities anyway is indistinguishable from eugenics.

During COVID-19, some suggested our social policies linked to marginalized deaths were enabling “social murder,” a term coined by Friedrich Engels in the 19th century describing working conditions causing premature deaths of English workers. How should we describe Canadian policy providing state facilitated deaths to non-dying marginalized individuals fuelled by social suffering?

I previously wrote about how our MAiD expansion is setting the stage for a future prime minister issuing a national apology. Beyond apologies, tobacco companies recently were held accountable for a $32.5 billion settlement resulting from claims they “knew their product was causing cancer and failed to warn consumers adequately.”

No medication comes to market without evidence of safety, yet policymakers have ignored known evidence and have instead expanded MAiD while failing to warn Canadians adequately of the risks of premature death posed by Track 2 MAiD to those suffering from social marginalization.

Social murder is a jarring term. If we don’t want to be charged with providing it, it’s time policymakers honestly acknowledged the suffering for which some marginalized Canadians are receiving state sponsored MAiD, rather than taking refuge behind “small numbers” justifications and suicide denial.

Karandeep Sonu Gaind is affiliated with the Ontario District Branch of the American Psychiatric Association (president).

– ref. MAiD and marginalized people: Coroner’s reports shed light on assisted death in Ontario – https://theconversation.com/maid-and-marginalized-people-coroners-reports-shed-light-on-assisted-death-in-ontario-241661

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Canada: Standing up for Alberta’s livestock industry

Source: Government of Canada regional news

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The federal government’s Bill C-293, An Act respecting pandemic prevention and preparedness, is currently moving through the Senate, despite the risks it brings to the agriculture and food industry. Alberta’s government is standing with industry members against this highly intrusive legislation that unfairly singles out the agriculture and food industry and encroaches on Section 95 of the Constitution, which sets agriculture within the exclusive jurisdiction of the province.

Under the proposed legislation, public health officials would have the authority during a pandemic to close facilities they consider “high risk,” such as livestock operations and meat processing plants, and even “mandate” the consumption of vegetable proteins by Canadians. Not only would this threaten global food security and the role Alberta and Canada play in feeding the world, but it would also open the door for the federal government to tell Canadians what they can eat.

“Farming is woven into the fabric of our national identity, with modern livestock agriculture playing a vital role. Bill C-293, however, goes so far as to pick winners and losers within the agriculture sector, with potentially wide-reaching, catastrophically damaging regulations and restriction of commercial freedoms for agricultural producers and processors.”

RJ Sigurdson, Minister of Agriculture and Irrigation

The proposed legislation also introduces several public health mitigation strategies that may not align with local health data and do not adequately reflect specific regional needs. Provinces and territories have exclusive jurisdiction over the planning, organization and management of their health care systems, including response to public health emergencies, and the federal bill would once again enable the federal government to overreach their constitutional jurisdiction.

“Local governing bodies are in the best position to create emergency preparedness plans that suit the unique needs of their province and territory. The federal government should be engaging meaningfully with each jurisdiction on any Pandemic Prevention and Preparedness Plan related to Bill C-293 before being implemented.”

Adriana LaGrange, Minister of Health

One of the bill’s most alarming aspects is the discretionary power it would grant to officials to shut down agricultural facilities without clear, objective criteria. Such uninformed actions could disrupt not only meat supply chains, but also the wider agricultural operations linked to them, including feed production. This threatens to destabilize related sectors and could trigger cascading effects throughout the entire food system.

Additionally, the bill seeks to regulate and possibly phase out certain farming practices considered high-risk for pandemic propagation. This could abruptly alter farm and ranch operations, significantly affect producers and processors livelihoods, and negatively impact our economic stability.

Key Canadian agricultural organizations representing the province’s agriculture sectors are echoing Alberta’s concerns about this bill.

“Our Alberta family farms are committed to producing safe, high-quality chicken while maintaining the highest standards of biosecurity. We support pandemic preparedness, but Bill C-293 unfairly targets animal agriculture and could threaten the livelihoods of our farm families. We are asking the federal government to ensure this bill is amended so farmers can continue to feed Canadians without facing unnecessary restrictions.”

David Hyink, chair, Alberta Chicken Producers

“Alberta Beef Producers supports the overall objective of pandemic preparedness. However, we are disappointed in the current wording of Bill C-293, as it unfairly singles out animal agriculture, despite the industry’s critical role in food security and rural economies. We urge policymakers to amend the bill to reflect a balanced and fair approach that supports emergency preparedness without unfairly targeting a single sector.”

Doug Roxburgh, vice-chair, Alberta Beef Producers

The legislation purports to examine pandemic preparedness and apply learnings from COVID-19, but it has dangerously imprecise language that is open to drastic interpretations. For example, the bill provides for measures to “regulate commercial activities that can help reduce pandemic risk, including industrial animal agriculture.” The bill also suggests phasing out “commercial activities that disproportionately contribute to pandemic risk,” which puts Alberta’s agriculture industry at risk, in addition to others.

Alberta has sent a letter to Alberta senators and the ministers of Agriculture and Agri-Food Canada and Health Canada to relay concerns with the bill’s content. Minister Sigurdson requested that the bill be amended with more flexible language to avoid unintended consequences.

Canada already has legislation, animal disease surveillance and action plans to ensure farm food safety and biosecurity programs reduce risks associated with zoonotic disease. This new legislation is therefore unnecessary, especially in its current form.

Quick facts

The bill would require the development of a human pandemic prevention and preparedness plan; however, after consultation with the Minister of Agriculture and Agri-Food Canada and provincial governments, the bill alludes to:
- regulating industrial animal agriculture to reduce any possible contribution to pandemic risk (zoonotic diseases);
- phasing out farming of livestock species that might pose a high risk; and
- promoting alternative protein sources for human consumption.
The bill also contains measures that would be redundant in noted areas of concern around disease surveillance, regulation of livestock production and antimicrobial resistance.
- Intensive livestock and poultry production carries some risk for zoonotic diseases like influenza in swine or poultry or coronaviruses in swine or cattle, but Canada’s on-farm food safety and biosecurity programs greatly reduce those risks.
- The notion of sacrificing Canadian production levels and exports without assessing the disease risk in a global context, by comparing to livestock markets and production systems in other countries, could result in wide-reaching economic and global food security implications.
The bill outlines the requirement to form an advisory committee within 90 days after being passed.
- This may provide some ability to influence the course of direction, but it is unclear what power the advisory committee would have.

Multimedia

Watch the news conference

MIL OSI Canada News –

January 25, 2025

MIL-OSI Canada: Minister Anandasangaree and Anishinabek Nation strengthen Indigenous-led education

Source: Government of Canada News

Please be advised that the Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations, along with Lise Kwekkeboom, Vice Chair of the Kinoomaadziwin Education Body Board, will make an announcement regarding self-governing, Anishinabek Nation-led education.

North Bay, Ontario — Please be advised that the Honourable Gary Anandasangaree, Minister of Crown-Indigenous Relations, along with Lise Kwekkeboom, Vice Chair of the Kinoomaadziwin Education Body Board, will make an announcement regarding self-governing, Anishinabek Nation-led education.

The event will begin at 1 p.m. (ET) with an opening prayer, followed by remarks by Anishinabek Nation Grand Council Chief Linda Debassige.

Minister Anandasangaree will make an announcement at 1:30 p.m. (ET). Followed by remarks from Lise Kwekkeboom, Vice Chair, Kinoomaadziwin Education Body Board and Chief Judy Desmoulin, Long Lake #58 First Nation.

Media participation:

Media may arrive at 12:30 p.m. to capture B-roll footage and are welcome to film remarks. Partners kindly ask the media to avoid filming the opening drum circle.

Following the announcement there will be a question-and-answer (Q&A) session for the media at 2 p.m.

Date: Friday, October 25, 2024

Time: 1 p.m. ET

Media Q&A: 2 p.m. ET

Where: Suite 100
132 Osprey Miikan Road
North Bay, ON P1B8G5

Gregory Frame
Press Secretary
Office of the Honourable Gary Anandasangaree
Minister of Crown-Indigenous Relations
gregory.frame@rcaanc-cirnac.gc.ca

Eva Brown
Communications Manager
Kinoomaadziwin Education Body
807-372-0270
eva.brown@a-e-s.ca

MIL OSI Canada News –

January 25, 2025

MIL-OSI Security: Springfield Man Sentenced to 54 months in Prison for Possessing a Firearm as a Felon

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

SPRINGFIELD, Ill. – A Springfield, Illinois, man, Alvin D. Billups, age 36, was sentenced on October 23, 2024, to 54 months’ imprisonment, to be followed by a three-year term of supervised release, for possessing a firearm as a felon.

At the sentencing hearing before U.S. District Judge Colleen R. Lawless, the government established that in June 2023 Springfield Police Officers were on foot patrol in an area where numerous people were having a large block party. The officers approached a car containing an open bottle of alcohol. Billups was in the driver’s seat. During a subsequent search, Billups, a felon, was found in possession of a Taurus G2 9mm pistol. During the hearing, Judge Lawless noted that Billups had a significant history of firearms offenses, which included multiple prior state firearms convictions.

Billups remains in the custody of the U.S. Marshals Service, where he has been since his federal arrest on August 23, 2023. He pleaded guilty to the one-count indictment in the case on May 9, 2024.

The statutory penalties for possession of a firearm by a prohibited person are up to 15 years’ imprisonment, up to three years of supervised release, and up to a $250,000 fine.

The Springfield Police Department investigated the firearms case with assistance from the Bureau of Alcohol, Tobacco, Firearms, and Explosives. The case against Billups is part of a committed effort to combat gun violence in Sangamon County, Illinois, by law enforcement including the Springfield Police Department, Sangamon County State’s Attorney’s Office, the Bureau of Alcohol, Tobacco, and Firearms, and the U.S. Attorney’s Office for the Central District of Illinois. Assistant U.S. Attorney Sarah E. Seberger represented the government in the prosecution.

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

MIL Security OSI –

January 25, 2025

MIL-OSI USA: Wyden, Merkley: Conservation Projects in Central, Eastern & Southern Oregon Earn $95.7 Million in Federal Investment

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)

October 24, 2024

Washington, D.C. – U.S. Sens. Ron Wyden and Jeff Merkley today announced that five rural Oregon conservation projects have secured a total of more than $95 million in federal investment to help farmers, ranchers, and forest landowners adopt and expand strategies that enhance natural resources while tackling the climate crisis. .

“These significant federal investments add up to huge benefits for Oregonians working to achieve a more sustainable future in rural counties by reducing the risk of wildfire, conserving water and strengthening ranching and farming,” Wyden said. “I’m gratified these federal resources are heading to Central, Eastern and Southern Oregon – and I’ll keep battling for similar federal funds that produce real results like these five standout projects.”

“We must continue to find creative ways to conserve and protect Oregon’s diverse lands, wildlife, and natural resources which are critical to our ecosystems and economy,” said Merkley, who serves on the Senate Appropriations Subcommittee that oversees funding for the USDA. “These huge, multi-million-dollar investments from the Regional Conservation Partnership Program will help fight climate chaos and make our rural communities stronger now and into the future.”

The $95.7 million for the five Oregon projects from the U.S. Agriculture Department’s Regional Conservation Partnership Program will be distributed as follows:

Pilot Butte Canal King Way Irrigation Modernization and Conservation, $25 million for the Deschutes River Conservancy: This project employs district canal piping, private lateral piping, on-farm efficiencies, and water marketing to save water in the Central Oregon Irrigation District. That water will be redirected to the North Unit Irrigation District in exchange for using stored water from Wickiup Reservoir to manage flows in the Upper Deschutes. Water savings generated will contribute directly to basin-wide goals of increasing flows in the Upper Deschutes to benefit listed species.
Greater Waterman Landscape Resiliency Project, $21.2 million for the Wheeler Soil and Water Conservation District: This 338,596-acre project will conserve, restore, and enhance more than 23,000 acres of critical range and forest lands for 92 producers in the Middle John Day Basin. The project area has experienced significant landscape degradation, specifically due to fire suppression and unsustainable grazing practices. Forest stand density has increased, leading to unhealthy stands more susceptible to wildfire, insects, and disease. This project will reverse these trends, and help landowners work toward a more resilient landscape that stores long-term carbon and is more resilient to climate change impacts; allowing producers to maintain the landscape as critical working lands for agriculture, forestry, and livestock grazing.
Rogue Bear All-Lands Restoration Project, $21.2 million for the Lomakatsi Restoration Project: This project aims to strategically reduce hazardous fuels and improve forest health on 8,500 to 10,000 acres of private non-industrial forestland across very high wildlife risk zone in the Rogue Basin of southwest Oregon. Additional project goals include improved forestland resilience and air quality, enhanced wildlife habitat and increased carbon sequestration.
Expanding Resilient Working Lands in Harney County, $18.4 million to the High Desert Partnership: This project will expand existing conservation efforts, implementing climate smart and other adaptive practices on a landscape scale to help producers and wildlife build resilience to increasingly frequent and severe drought. Partners will target practices in wetlands to enhance habitat and production in flood-irrigated grass hay meadows with benefits to wildlife and livestock. Partners will scale up practices that promote healthy sagebrush and forests to reduce impacts of catastrophic wildfires to benefit the community and wildlife, increasing their resiliency to a changing climate.
Project Ignite-Restore, $9.9 million for the Oregon Department of Forestry: This project will work to reduce fuel load hazards and improve forest health on 4,600 acres in underserved communities within Southern Oregon that connect with previous treatments.

“This award enables partners in the Deschutes Basin to implement major canal piping projects that permanently restore streamflows (3,900 acre-feet; 12 cubic feet per second) to the Deschutes River while helping relieve water scarcity for farmers,” said Deschutes River Conservancy Executive Director Kate Fitzpatrick. “It also enables complementary on-farm efficiency upgrades to increase water savings. We are grateful for Senators Wyden and Merkley for continuing to fund critical programs like the Regional Conservation Partnership Program, supporting collaborative water solutions in the Deschutes Basin that result in real and significant outcomes for rivers and farmers.”

“The award of our Greater Waterman RCPP project brings a renewed excitement following the devastation of the 2024 wildfire season in Wheeler County” said Cassi Newton, District Manager for the Wheeler Soil & Water Conservation District. “This project truly started at the local level with landowners eager to restore and protect the landscape. The project fosters future conditions that reduce catastrophic wildfire risk, return critical water to the basin, generate natural climate solutions that secure carbon, and meet the current and future economic and social needs of the basin. Wheeler SWCD is sincerely thankful for the support from Senators Wyden and Merkley in our efforts of restoring and protecting natural resources in the John Day Basin.”

“Lomakatsi is excited to continue our long-standing partnership with the Natural Resources Conservation Service, the US Fish & Wildlife Service, and other agency, municipal, and nonprofit partners—including through Rogue Forest Partners—to increase community and ecosystem resilience across the Rogue Valley of southwest Oregon. This investment through the Farm Bill and Inflation Reduction Act will expand on two decades of collaboration reducing wildfire risk and building climate adapted landscapes within and adjacent to communities at some of the highest wildlife risk in the entire state, while supporting local jobs,” said Lomakatsi Executive Director Marko Bey. “Lomakatsi is honored to serve as the lead on behalf of a robust partnership, as we scale our operations through this Alternative Funding Arrangement to strategically treat hazardous fuels on up to 10,000 acres of private land west of Medford and north of Jacksonville over the next five years, complementing resiliency work on adjacent federal and municipal lands in an all-lands approach.”

MIL OSI USA News –

January 25, 2025

MIL-OSI New Zealand: Public submissions are invited on the Mental Health Bill

Source: New Zealand Parliament

This bill would repeal and replace the Mental Health (Compulsory Assessment and Treatment) Act 1992. The bill aims to create a modern legislative framework for compulsory mental health care. It would:

· establish principles to guide decision-making about compulsory care

· enable patients to express their preferences and specify what care they agree to

· set out the rights of patients, children, and young people

· establish a complaints process

· update the processes for assessment and care of patients

· provide for people who enter compulsory mental health care through the justice system

· reduce restrictive practices such as seclusion

· set out how compulsory mental health care will be administered, monitored, and reported on.

You can request to make a private or anonymous submission

Any person can ask to make a private or anonymous submission to the committee. An anonymous submission means that your name would not be associated with your written submission. A private submission means that your submission would not be publicly available until after the committee finishes its consideration of the bill. You can also ask to make an oral submission without making a written submission first.

If you would like to have your submission received anonymously or privately, please mention this in your written submission. If you have any questions about making a submission, you can contact the Health Committee Secretariat by emailing health@parliament.govt.nz or phoning (04) 817 9520.

Tell the Health Committee what you think

Make a submission on the bill by midnight on Friday, 6 December 2024.

ENDS

For media enquiries contact:

Health Committee Secretariat

(04) 817 9520

MIL OSI

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI Australia: Interview with Leon Delaney, Canberra Live, 2CC

Source: Australian Treasurer

LEON DELANEY:

The federal government is encouraging businesses that supply stock to major supermarkets to submit feedback to the 2024 annual Food and Grocery Code Independent Reviewer Survey. To tell us what’s going on, Assistant Minister for Competition, Charities and Treasury and Employment, and of course, our local member here in the seat of Fenner, Dr Andrew Leigh. Good afternoon.

ANDREW LEIGH:

Good afternoon, Leon. Great to be with you.

DELANEY:

Well, thanks for joining us today. So, what’s going on with this independent survey?

LEIGH:

The Food and Grocery Code of Conduct governs the relationship between the big supermarkets and their suppliers. We’ve known that big supermarkets can squeeze their consumers, but also that suppliers can be put on the hook. When there’s only a couple of supermarkets and a lot of suppliers, then there’s a significant power imbalance. So, Labor has announced that the Food and Grocery Code of Conduct will be made mandatory, with significant penalties for breaching it. As part of that, we’re now reaching out to suppliers and saying, give us your feedback on how your relationship has been with the supermarkets in order to feed into the process.

DELANEY:

This question about suppliers being squeezed by the big supermarkets was one of the things that emerged from the Emerson inquiry, wasn’t it?

LEIGH:

That’s right. So, we asked Craig Emerson, the former competition minister, to have a careful look as to whether the voluntary code of conduct, the way it was set up by the Liberals, was good enough. He came back to us and said, no, voluntary isn’t good enough, it needs to be mandatory. So, we’re getting on with the job. The new code will have multimillion dollar penalties for the serious breaches, and it’ll also make sure the competition watchdog has powers to issue infringement notices. So, that’ll take effect from 1 April next year. What we’re doing alongside that is encouraging businesses to share their views with the independent code reviewer.

DELANEY:

It has been reported previously that some suppliers have been reluctant to speak up in the past for fear of reprisals. Is there any risk that businesses that submit to this particular survey might become targets for some sort of backlash?

LEIGH:

Not at all. The survey is fully anonymous and people will be able to raise complaints without any concerns about reprisals. And in terms of the code itself, we’ve listened to that feedback from farmers and we’ve now ensured that there is an anonymous complaints process that will work as part of that code, because no code is effective if the people who are being hurt are too scared to speak up.

DELANEY:

Now, of course, I know that the authorities are still looking into the question about supermarkets and so called fake discounts, but I’ve heard one of the arguments put forward by the supermarkets is that they’ve been pushed around by suppliers and the increase in costs of the goods that they’ve had to purchase, they’ve attempted to shift the blame. Is there some truth to that? Because obviously we’ve all experienced increasing prices. The cost‑of‑living crisis seems to be something that’s impacting across the board, isn’t it?

LEIGH:

Well, I need to be fairly careful about this because it’s a dispute that’s playing out in the courts at the moment, and the last thing I’d want to do is imperil that trial. But as I understand it, the claims that are being made have to do with what labelling was put on the shelf by the supermarkets. So, I guess it’ll be up to the supermarkets to explain whether or not the labelling that they put out was consistent with the consumer law.

DELANEY:

Okay. And we’ll have to wait and see what the court ultimately decides there this week. Also, we’ve heard from your colleague, the Assistant Treasurer Stephen Jones, that the government is pushing ahead with its plans to improve protections from scams, including funding for the creation of a single pathway for those who have been victims to seek some sort of compensation. How will that work?

LEIGH:

We’re going to make Australia the hardest target for scammers, making life better for consumers and worse for scammers. We know there are plenty of Australians who fall victim to scams every year. There’s about 11,000 scam related complaints made to the Australian Financial Complaints Authority, but people often aren’t sure who to go to. So, if there’s a scam on social media and you transfer money out of your bank, do you go to the bank or the social media platform or someone else? The single pathway, funded by almost $15 million in new money, will ensure that people have a one‑stop‑shop to go to if they do fall victim to these sorts of scams.

DELANEY:

Okay, so it’s one thing to have somewhere to go, somebody to call and say, look, I’ve got a problem here, but do we need to also increase the responsibilities of financial institutions such as banks? Because the regulation here in Australia is considerably less rigorous than it is in some other jurisdictions, for example, in the UK, where banks have no choice but to refund the victims of scams.

LEIGH:

The UK is unique in that regard. It’s the only jurisdiction that’s requiring that payback and it’s only just come into effect. We and the rest of the world are watching to see how that pans out. The concern that has been raised by some people is that you don’t want to let off other players, such as a social media platform that carried a misleading advertisement that sucked someone in. You don’t want to let them off the hook. So, we’re making sure that the banks are doing the right thing, but also ensuring that we’ve got a sender ID register. And so if there’s a name that’s appearing in the place of the mobile phone number that’s coming in, that that can can’t be somehow used in order to dupe people. We were doing everything we can. And Stephen Jones has been doing a lot of work in this area to make Australia a harder target for scammers, so the scammers go somewhere else.

DELANEY:

Yeah, you’re right about the social media platforms. If you have a problem with one of the big social media platforms, you don’t really have anybody you can pick up the phone and call. With the banks, at least they have a phone number you can ring and mechanisms in place to deal with people’s inquiries. But if you have a problem with Facebook, you might as well just give.

LEIGH:

Yeah, I mean, the social media platforms are very poor in terms of their dispute resolution mechanisms. Stephen Jones argues that redress from them is close to impossible. So, that’s why we’re giving this new resources to the Australian Financial Complaints Authority, allowing them to have a single pathway and also putting more pressure on the social media platforms to do the right thing. I mean, let’s face it, they’re making billions of dollars out of their operations. The very least they can do is to ensure that they’re not funnelling Australians’ hard‑earned money into the pockets of scammers.

DELANEY:

Indeed, the big tech platforms do seem to be making plenty of hay while the sun is shining, but they’re doing so without any kind of sense of social responsibility. Before we run out of time, there’s a couple of other things. We’ve just seen the King’s visit over the last few days, which overall went remarkably well. We haven’t turned on fantastically spectacular weather for the King and the Queen, which was good to see. I’m assuming that you had the opportunity to shake hands and say hello.

LEIGH:

I was involved in something else. Just next to me was Danny and Leila Abdallah, who lost 3 children to a driver who was under the influence and then extraordinarily set up a charity called ‘I4Give’ calling on people to be able to give back. So, myself and other Labor colleagues saw our only job has been to make sure that Danny and Leila had a chance to meet the King and to talk about the work their charity does. So, I didn’t get to shake his hand and that was all perfectly fine.

DELANEY:

Okay, content to sit back in the background, unlike a certain Senator who made a hell of a song and dance at the official reception at the Parliament House. A lot of people are asking if Lidia Thorpe can be removed from the senate because she appears to have broken her oath, which she now says she didn’t really properly swear in the first place.

LEIGH:

Well, I think that’ll be for others to judge. It’s for Senator Thorpe to account for her actions. It did seem somewhat strange to me that somebody who had argued against a voice for First Nations people was so keen on shouting in the Great Hall. But she can account for that to her voters.

DELANEY:

And finally, of course, I presume you’re pleased with the outcome of the ACT election, with Labor appearing now set to be returned with a reduced representation for the Greens, but we’re still not sure exactly how many seats they’re going to have in the new assembly. But the success of the independents, do you think that has a message for federal politics as we head into the election early next year bearing in mind that we’ve seen in Pittwater in NSW, another independent also be successful at the by‑election there, what do you think of this increased support for independents?

LEIGH:

Well, the Teal movement is real and it’s clearly not going away. And I think in this instance, as the Greens became more extreme and were focusing a bit more on foreign policy than local issues, then they made themselves pretty unattractive to many of their voters. And those voters naturally turned to independent voices. It’s pretty remarkable that Andrew Barr is able to again lead the Labor party to re‑election. This is a renewed government. It’s terrific to see people like Caitlin Tough and Taimus Werner‑Gibbings going into the Assembly. People who’ll be fresh voices for their communities.

DELANEY:

Any words of sympathy for Mick Gentleman?

LEIGH:

Oh, look, you certainly feel for everyone who misses out, particularly Mick, who’s been a stalwart of the Labor party, somebody who has worked so hard for so long for the values that we care about. I don’t think it’s completely over. I understand the counting there is still on the knife edge, but regardless of which way it goes, Mick has had an extraordinary career, a great contributor to Canberra.

DELANEY:

Andrew, thanks very much for your time today.

LEIGH:

Thanks so much, Leon.

MIL OSI News –

January 25, 2025

MIL-OSI: Meridian Corporation Reports Third Quarter 2024 Results and Announces a Quarterly Dividend of $0.125 per Common Share

Source: GlobeNewswire (MIL-OSI)

MALVERN, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — Meridian Corporation (Nasdaq: MRBK) today reported:

	Three Months Ended
(Dollars in thousands, except per share data) (Unaudited)	September 30, 2024		June 30, 2024		September 30, 2023
Income:
Net income	$	4,743	$	3,326	$	4,005
Diluted earnings per common share	$	0.42	$	0.30	$	0.35
Pre-tax, pre-provision income ⁽¹⁾	$	8,527	$	7,072	$	5,292
(1) See Non-GAAP reconciliation in the Appendix

Net income for the quarter ended September 30, 2024 was $4.7 million and pre-tax, pre-provision income was $8.5 million¹.
Return on average assets and return on average equity for the third quarter of 2024 were 0.80% and 11.41%, respectively.
Net interest margin was 3.20% for the third quarter of 2024, with a loan yield of 7.41%.
Total assets at September 30, 2024 were $2.4 billion, compared to $2.4 billion at June 30, 2024 and $2.2 billion at September 30, 2023.
Commercial loans, excluding leases, increased $30.0 million, or 2% for the quarter and $158.0 million, or 11% year over year.
Third quarter deposit growth was $63.5 million, or 3%, and $170.3 million, or 9.4% year over year.
Non-interest-bearing deposits were up $13.2 million or 6%, quarter over quarter.
On October 22, 2024, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable November 19, 2024 to shareholders of record as of November 12, 2024.

Christopher J. Annas, Chairman and CEO commented:

“Our third quarter earnings showed significant improvement from the second quarter, increasing by 42.6% to $4.7 million, or $0.42 per share. Key highlights include an improving net interest margin at 3.20% for the quarter, and strong results from our wealth and mortgage segments. Robust loan growth of 7.2% for the first nine months of the year reflects our strong sales culture and healthy economic conditions in our primary market areas. We have great systems for lenders to be more effective, and that same technology for our customers to bank entirely online, which leads to better efficiencies. Deposit growth is consistent, and we are evaluating deposit-rich segments to accelerate growth that is less reliant on branch networks.

Our wealth segment is benefiting from local disruption and the cross-selling from our commercial/industrial and CRE lending units. A recent hire from a large local bank has accelerated growth and has a pipeline for adding advisors. The mortgage segment has recovered from the rate shock, and despite a continued lack of homes for sale, is hitting volume levels similar to pre-2019. The hard decisions made to cut back expenses and reposition the business are paying off. And if mortgage rates fall in 2025, there are many refinance opportunities.

Since starting the bank in 2004, Meridian has built a great reputation for responsiveness and consistency. The business community heavily relies on these qualities in a bank to build and grow themselves. We are the go-to bank in the Philadelphia metro market, and in a great position to build ever larger market share.”

Select Condensed Financial Information

	As of or for the quarter ended (Unaudited)
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Dollars in thousands, except per share data)
Income:
Net income	$	4,743		$	3,326		$	2,676		$	571		$	4,005
Basic earnings per common share		0.43			0.30			0.24			0.05			0.36
Diluted earnings per common share		0.42			0.30			0.24			0.05			0.35
Net interest income		18,242			16,846			16,609			16,942			17,224

Balance Sheet:
Total assets	$	2,387,721		$	2,351,584		$	2,292,923		$	2,246,193		$	2,230,971
Loans, net of fees and costs		2,008,396			1,988,535			1,956,315			1,895,806			1,885,629
Total deposits		1,978,927			1,915,436			1,900,696			1,823,462			1,808,645
Non-interest bearing deposits		237,207			224,040			220,581			239,289			244,668
Stockholders’ equity		167,450			162,382			159,936			158,022			155,114

Balance Sheet Average Balances:
Total assets	$	2,373,261		$	2,319,295		$	2,269,047		$	2,219,340		$	2,184,385
Total interest earning assets		2,277,523			2,222,177			2,173,212			2,121,068			2,086,331
Loans, net of fees and costs		1,997,574			1,972,740			1,944,187			1,891,170			1,876,648
Total deposits		1,960,145			1,919,954			1,823,523			1,820,532			1,782,140
Non-interest bearing deposits		246,310			229,040			233,255			254,025			253,485
Stockholders’ equity		165,309			162,119			159,822			157,210			156,271

Performance Ratios (Annualized):
Return on average assets		0.80	%		0.58	%		0.47	%		0.10	%		0.73	%
Return on average equity		11.41	%		8.25	%		6.73	%		1.44	%		10.17	%

Income Statement – Third Quarter 2024 Compared to Second Quarter 2024

Third quarter net income increased $1.4 million, or 42.6%, to $4.7 million led by increased net interest income and a lower quarterly provision for credit losses, combined with an increase in net operating income from the mortgage division. Net interest income increased $1.4 million, or 8.3%, as the increase in interest income out-paced the increase in interest expense. Non-interest income increased $1.6 million or 17.2%, reflecting higher levels of mortgage banking income and an improvement in fair value changes of the pipeline as well as fair valued portfolio loans. Non-interest expense increased $1.5 million, or 8.0%, due primarily to an increase in salaries and employee benefits expense, professional fees and other expense. These increases were partially offset by a decrease in advertising and promotion expense. Detailed explanations of the major categories of income and expense follow below.

Net Interest income

The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.

	Quarter Ended
(dollars in thousands)	September 30, 2024		June 30, 2024		$ Change			% Change		Change due to rate			Change due to volume
Interest income:
Cash and cash equivalents	$	416	$	331	$	85		25.7	%	$	3		$	82
Investment securities – taxable		1,480		1,324		156		11.8	%		28			128
Investment securities – tax exempt ⁽¹⁾		397		403		(6	)	(1.5	)%		(3	)		(3	)
Loans held for sale		766		572		194		33.9	%		(5	)		199
Loans held for investment ⁽¹⁾		37,339		35,916		1,423		4.0	%		967			456
Total loans		38,105		36,488		1,617		4.4	%		962			655
Total interest income	$	40,398	$	38,546	$	1,852		4.8	%	$	990		$	862
Interest expense:
Interest-bearing demand deposits	$	1,390	$	1,279	$	111		8.7	%	$	118		$	(7	)
Money market and savings deposits		8,391		8,265		126		1.5	%		(494	)		620
Time deposits		9,532		9,447		85		0.9	%		(406	)		491
Total interest – bearing deposits		19,313		18,991		322		1.7	%		(782	)		1,104
Borrowings		1,985		1,851		134		7.2	%		21			113
Subordinated debentures		779		777		2		0.3	%		—			2
Total interest expense		22,077		21,619		458		2.1	%		(761	)		1,219
Net interest income differential	$	18,321	$	16,927	$	1,394		8.24	%	$	1,751		$	(357	)
(1) Reflected on a tax-equivalent basis.

Interest income increased $1.9 million quarter-over-quarter on a tax equivalent basis, driven by the level of average earning assets which increased by $55.3 million contributing $862 thousand to the interest income increase. In addition, the yield on earnings assets increased 8 basis points during the period.

Average total loans, excluding residential loans for sale, increased $25.0 million resulting in an increase due to volume in interest income of $456 thousand. The largest drivers of this increase were commercial, commercial real estate, and small business loans which on a combined basis increased $34.4 million on average, partially offset by a decrease in average leases of $11.6 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $2.1 million on average. The yield on total loans increased 10 basis points, helped by loan fees of $509 thousand, and the yield on cash and investments increased 3 basis points on a combined basis.

Total interest expense increased $458 thousand, quarter-over-quarter, due to higher levels of deposits, particularly money market and time deposits having a bigger impact than rate changes. Interest expense on total deposits increased $322 thousand and interest expense on borrowings increased $134 thousand. During the period, money market accounts and time deposits increased $15.1 million and $8.6 million on average, respectively, while interest-bearing demand deposits decreased $640 thousand on average. Borrowings increased $9.1 million on average. Overall increase in interest expense on deposits due to volume changes was $1.1 million.

The cost of interest-bearing deposits decreased 3 basis points driven by certain money market funds and wholesale time deposits which repriced at lower costs. The total decrease in interest expense on deposits attributable to rate changes was $782 thousand. Overall the net interest margin increased 14 basis points to 3.20% as the yield on earning assets improved, the cost of funds declined and non-interest bearing balances increased $18.7 million on average.

Provision for Credit Losses

The overall provision for credit losses for the third quarter decreased $398 thousand to $2.3 million, from $2.7 million in the second quarter. The provision for funded loans decreased $670 thousand and the provision on unfunded loan commitments increased $272 thousand during the current quarter. The third quarter provision for funded loans of $2.0 million declined from the prior quarter due largely to a decrease of $1.9 million in net charge-offs and was positively impacted by favorable changes in certain portfolio baseline loss rates.

Non-interest income

The following table presents the components of non-interest income for the periods indicated:

	Quarter Ended
(Dollars in thousands)	September 30, 2024			June 30, 2024			$ Change			% Change
Mortgage banking income	$	6,474		$	5,420		$	1,054		19.4	%
Wealth management income		1,447			1,444			3		0.2	%
SBA loan income		544			785			(241	)	(30.7	)%
Earnings on investment in life insurance		222			215			7		3.3	%
Net change in the fair value of derivative instruments		(102	)		203			(305	)	(150.2	)%
Net change in the fair value of loans held-for-sale		169			(29	)		198		(682.8	)%
Net change in the fair value of loans held-for-investment		965			(24	)		989		(4120.8	)%
Net loss (gain) on hedging activity		(197	)		(63	)		(134	)	212.7	%
Net loss on sale of investment securities available-for-sale		(57	)		—			(57	)	(100.0	)%
Other		1,366			1,293			73		5.6	%
Total non-interest income	$	10,831		$	9,244		$	1,587		17.2	%

Total non-interest income increased $1.6 million, or 17.2%, quarter-over-quarter as mortgage banking income increased $1.1 million, or 19.4%. Mortgage loan sales increased $47.8 million or 24.1% quarter over quarter driving higher gain on sale income at a slightly higher margin. SBA and other income decreased $168 thousand combined due largely to lower levels of SBA loan sales. SBA loans sold for the quarter-ended September 30, 2024 totaled $11.9 million, down $246 thousand, or 2.0%, compared to the quarter-ended June 30, 2024. The gross margin on SBA sales was 7.9% for the quarter, down from 8.8% for the previous quarter.

Non-interest expense

The following table presents the components of non-interest expense for the periods indicated:

	Quarter Ended
(Dollars in thousands)	September 30, 2024		June 30, 2024		$ Change			% Change
Salaries and employee benefits	$	12,829	$	11,437	$	1,392		12.2	%
Occupancy and equipment		1,243		1,230		13		1.1	%
Professional fees		1,106		1,029		77		7.5	%
Data processing and software		1,553		1,506		47		3.1	%
Advertising and promotion		717		989		(272	)	(27.5	)%
Pennsylvania bank shares tax		181		274		(93	)	(33.9	)%
Other		2,917		2,553		365		14.3	%
Total non-interest expense	$	20,546	$	19,018	$	1,528		8.0	%

Salaries and employee benefits increased $1.4 million overall, with bank and wealth segments combined having increased $588 thousand, and the mortgage segment increased $804 thousand. Mortgage segment salaries, commissions, and employee benefits are impacted by volume and therefore increased as originations increased $17.2 million over the prior quarter.

Professional fees increased $77 thousand during the current quarter due to an increased level of legal expense related to non-performing assets. Advertising and promotion expense decreased $272 thousand from the prior quarter as a result of a seasonal decrease in business development expenses. Other expense increased $365 thousand from the prior quarter due to an increase in employee travel and trainings, combined with an increase in loan fees.

Balance Sheet – September 30, 2024 Compared to June 30, 2024

Total assets increased $36.1 million, or 1.5%, to $2.4 billion as of September 30, 2024 from $2.4 billion at June 30, 2024. This increase was driven by strong loan growth and an increase in investments. Interest-bearing cash increased $4.2 million, or 26.9%, to $19.8 million as of September 30, 2024, from June 30, 2024.

Portfolio loan growth was $20.3 million, or 1.0% quarter-over-quarter. The portfolio growth was generated from commercial mortgage loans which increased $25.6 million, or 3.3%, commercial & industrial loans which increased $11.4 million, or 3.2%, and small business loans which increased $5.0 million despite the sale of $11.9 million in small business loan during the quarter. Lease financings decreased $10.9 million, or 11.2% from June 30, 2024, partially offsetting the above noted loan growth, but this decline was expected as we continue to refocus away from lease originations. Other assets increased by $7.1 million quarter-over-quarter, due largely to certain SBA loan sales that settled after quarter-end.

Total deposits increased $63.5 million, or 3.3% quarter-over-quarter, due largely to higher levels of money market accounts and time deposits to a lesser degree. Money market accounts and savings accounts increased a combined $35.4 million, while time deposits increased $11.6 million from largely wholesale efforts, and interest bearing demand deposits increased $3.4 million. Non-interest bearing deposits increased $13.2 million. Overall borrowings decreased $42.4 million, or 22.6% quarter-over-quarter.

Total stockholders’ equity increased by $5.1 million from June 30, 2024, to $167.5 million as of September 30, 2024. Changes to equity for the current quarter included net income of $4.7 million, less dividends paid of $1.4 million, plus an increase of $1.3 million in other comprehensive income due to the positive impact that declining interest rate environment had on the investment portfolio. The Community Bank Leverage Ratio for the Bank was 9.32% at September 30, 2024.

Asset Quality Summary

Non-performing loans increased $7.5 million to $45.1 million at September 30, 2024 compared to $37.6 million at June 30, 2024. As a result of the increase, the ratio of non-performing loans to total loans increased to 2.20% as of September 30, 2024, from 1.84% as of June 30, 2024, and the ratio of non-performing assets to total assets increased to 1.97% as of September 30, 2024, compared to 1.68% as of June 30, 2024. The increase in non-performing assets was led by a $4.2 million increase in non-performing residential mortgage loans and a $1.8 million increase in non-performing commercial loans as the bank repurchased at a discount of $574 thousand, the remaining balance of a commercial loan participation to another bank. The impact of this loan repurchase increased the balance of non-performing loans by $2.1 million and also increased the ACL by the amount of the discount.

Meridian realized net charge-offs of 0.11% of total average loans for the quarter ended September 30, 2024, down from 0.20% for the quarter ended June 30, 2024. Net charge-offs decreased to $2.3 million for the quarter ended September 30, 2024, compared to net charge-offs of $4.1 million for the quarter ended June 30, 2024. Third quarter charge-offs were comprised of $1.2 million from small ticket equipment leases which are charged-off after becoming more than 120 days past due, and $1.1 million in SBA loans. Overall there were recoveries of $153 thousand, largely related to leases and small business loans.

The ratio of allowance for credit losses to total loans held for investment, excluding loans at fair value (a non-GAAP measure, see reconciliation in the Appendix), was 1.10% as of September 30, 2024, consistent with the coverage ratio of 1.10% as of June 30, 2024. As of September 30, 2024 there were specific reserves of $6.8 million against individually evaluated loans, a decrease of $394 thousand from $7.2 million in specific reserves as of June 30, 2024. The specific reserve decline over the prior quarter was the result of a drop in SBA loan related reserves driven by charge-offs during the current quarter, partially offset by an increase in specific reserve as the result of repurchasing a commercial loan participation from another bank as discussed above.

About Meridian Corporation

Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through its 17 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.

“Safe Harbor” Statement

In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

MERIDIAN CORPORATION AND SUBSIDIARIES
FINANCIAL RATIOS (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)

	Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Earnings and Per Share Data:
Net income	$	4,743		$	3,326		$	2,676		$	571		$	4,005
Basic earnings per common share	$	0.43		$	0.30		$	0.24		$	0.05		$	0.36
Diluted earnings per common share	$	0.42		$	0.30		$	0.24		$	0.05		$	0.35
Common shares outstanding		11,229			11,191			11,186			11,183			11,178

Performance Ratios:
Return on average assets ⁽²⁾		0.80	%		0.58	%		0.47	%		0.10	%		0.73	%
Return on average equity ⁽²⁾		11.41			8.25			6.73			1.44			10.17
Net interest margin (tax-equivalent) ⁽²⁾		3.20			3.06			3.09			3.18			3.29
Yield on earning assets (tax-equivalent) ⁽²⁾		7.06			6.98			6.90			6.81			6.76
Cost of funds ⁽²⁾		4.05			4.10			4.00			3.81			3.63
Efficiency ratio		70.67	%		72.89	%		73.90	%		78.63	%		79.09	%

Asset Quality Ratios:
Net charge-offs (recoveries) to average loans		0.11	%		0.20	%		0.12	%		0.11	%		0.05	%
Non-performing loans to total loans		2.20			1.84			1.93			1.76			1.53
Non-performing assets to total assets		1.97			1.68			1.74			1.58			1.38
Allowance for credit losses to:
Total loans and other finance receivables		1.09			1.09			1.18			1.17			1.04
Total loans and other finance receivables (excluding loans at fair value) ⁽¹⁾		1.10			1.10			1.19			1.17			1.05
Non-performing loans		48.66	%		57.66	%		60.59	%		65.48	%		67.61	%

Capital Ratios:
Book value per common share	$	14.91		$	14.51		$	14.30		$	14.13		$	13.88
Tangible book value per common share	$	14.58		$	14.17		$	13.96		$	13.78		$	13.53
Total equity/Total assets		7.01	%		6.91	%		6.98	%		7.04	%		6.95	%
Tangible common equity/Tangible assets – Corporation ⁽¹⁾		6.87			6.76			6.82			6.87			6.79
Tangible common equity/Tangible assets – Bank ⁽¹⁾		8.95			8.85			8.93			8.94			8.89
Tier 1 leverage ratio – Bank		9.32			9.33			9.42			9.46			9.65
Common tier 1 risk-based capital ratio – Bank		10.17			9.84			9.87			10.10			10.82
Tier 1 risk-based capital ratio – Bank		10.17			9.84			9.87			10.10			10.82
Total risk-based capital ratio – Bank		11.22	%		10.84	%		10.95	%		11.17	%		11.85	%
(1) See Non-GAAP reconciliation in the Appendix
(2) Annualized

MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest income:
Loans and other finance receivables, including fees	$	38,103		$	36,486		$	33,980		$	109,928		$	95,612
Securities – taxable		1,480			1,324			901			4,055			2,853
Securities – tax-exempt		320			324			333			969			1,038
Cash and cash equivalents		416			331			245			1,047			741
Total interest income		40,319			38,465			35,459			115,999			100,244
Interest expense:
Deposits		19,313			18,991			15,543			55,696			41,013
Borrowings and subordinated debentures		2,764			2,628			2,692			8,606			7,230
Total interest expense		22,077			21,619			18,235			64,302			48,243
Net interest income		18,242			16,846			17,224			51,697			52,001
Provision for credit losses		2,282			2,680			82			7,828			2,186
Net interest income after provision for credit losses		15,960			14,166			17,142			43,869			49,815
Non-interest income:
Mortgage banking income		6,474			5,420			4,819			15,528			13,143
Wealth management income		1,447			1,444			1,258			4,208			3,689
SBA loan income		544			785			982			2,315			3,463
Earnings on investment in life insurance		222			215			201			644			585
Net change in the fair value of derivative instruments		(102	)		203			103			176			217
Net change in the fair value of loans held-for-sale		169			(29	)		111			138			(88	)
Net change in the fair value of loans held-for-investment		965			(24	)		(570	)		766			(673	)
Net loss (gain) on hedging activity		(197	)		(63	)		82			(279	)		81
Net loss on sale of investment securities available-for-sale		(57	)		—			(3	)		(57	)		(58	)
Other		1,366			1,293			1,103			4,620			3,489
Total non-interest income		10,831			9,244			8,086			28,059			23,848
Non-interest expense:
Salaries and employee benefits		12,829			11,437			12,420			34,839			35,633
Occupancy and equipment		1,243			1,230			1,226			3,706			3,610
Professional fees		1,106			1,029			1,104			3,633			2,930
Data processing and software		1,553			1,506			1,652			4,591			4,764
Advertising and promotion		717			989			848			2,454			2,799
Pennsylvania bank shares tax		181			274			244			729			735
Other		2,917			2,553			2,524			7,786			6,951
Total non-interest expense		20,546			19,018			20,018			57,738			57,422
Income before income taxes		6,245			4,392			5,210			14,190			16,241
Income tax expense		1,502			1,066			1,205			3,445			3,568
Net income	$	4,743		$	3,326		$	4,005		$	10,745		$	12,673

Basic earnings per common share	$	0.43		$	0.30		$	0.36		$	0.97		$	1.14
Diluted earnings per common share	$	0.42		$	0.30		$	0.35		$	0.96		$	1.11

Basic weighted average shares outstanding		11,110			11,096			11,058			11,098			11,129
Diluted weighted average shares outstanding		11,234			11,150			11,363			11,198			11,449

MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets:
Cash and due from banks	$	12,542		$	8,457		$	8,935		$	10,067		$	12,734
Interest-bearing deposits at other banks		19,805			15,601			14,092			46,630			47,025
Cash and cash equivalents		32,347			24,058			23,027			56,697			59,759
Securities available-for-sale, at fair value		171,568			159,141			150,996			146,019			122,218
Securities held-to-maturity, at amortized cost		33,833			35,089			35,157			35,781			36,232
Equity investments		2,166			2,088			2,092			2,121			2,019
Mortgage loans held for sale, at fair value		46,602			54,278			29,124			24,816			23,144
Loans and other finance receivables, net of fees and costs		2,008,396			1,988,535			1,956,315			1,895,806			1,885,629
Allowance for credit losses		(21,965	)		(21,703	)		(23,171	)		(22,107	)		(19,683	)
Loans and other finance receivables, net of the allowance for credit losses		1,986,431			1,966,832			1,933,144			1,873,699			1,865,946
Restricted investment in bank stock		8,542			10,044			8,560			8,072			8,309
Bank premises and equipment, net		12,807			13,114			13,451			13,557			13,310
Bank owned life insurance		29,489			29,267			29,051			28,844			28,641
Accrued interest receivable		10,012			9,973			9,864			9,325			8,984
Other real estate owned		1,862			1,862			1,703			1,703			1,703
Deferred income taxes		3,537			3,950			4,339			4,201			4,993
Servicing assets		4,364			11,341			11,573			11,748			11,835
Servicing assets held for sale		6,609			—			—			—			—
Goodwill		899			899			899			899			899
Intangible assets		2,818			2,869			2,920			2,971			3,022
Other assets		33,835			26,779			37,023			25,740			39,957
Total assets	$	2,387,721		$	2,351,584		$	2,292,923		$	2,246,193		$	2,230,971

Liabilities:
Deposits:
Non-interest bearing	$	237,207		$	224,040		$	220,581		$	239,289		$	244,668
Interest bearing
Interest checking		133,429			130,062			121,204			150,898			156,537
Money market and savings deposits		822,837			787,479			797,525			747,803			746,599
Time deposits		785,454			773,855			761,386			685,472			660,841
Total interest-bearing deposits		1,741,720			1,691,396			1,680,115			1,584,173			1,563,977
Total deposits		1,978,927			1,915,436			1,900,696			1,823,462			1,808,645
Borrowings		144,880			187,260			145,803			174,896			177,959
Subordinated debentures		49,928			49,897			49,867			49,836			50,079
Accrued interest payable		7,017			7,709			8,350			10,324			7,814
Other liabilities		39,519			28,900			28,271			29,653			31,360
Total liabilities		2,220,271			2,189,202			2,132,987			2,088,171			2,075,857

Stockholders’ equity:
Common stock		13,232			13,194			13,189			13,186			13,181
Surplus		81,002			80,639			80,487			80,325			79,731
Treasury stock		(26,079	)		(26,079	)		(26,079	)		(26,079	)		(26,079	)
Unearned common stock held by employee stock ownership plan		(1,204	)		(1,204	)		(1,204	)		(1,204	)		(1,403	)
Retained earnings		107,765			104,420			102,492			101,216			102,043
Accumulated other comprehensive loss		(7,266	)		(8,588	)		(8,949	)		(9,422	)		(12,359	)
Total stockholders’ equity		167,450			162,382			159,936			158,022			155,114
Total liabilities and stockholders’ equity	$	2,387,721		$	2,351,584		$	2,292,923		$	2,246,193		$	2,230,971

MERIDIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)

	Three Months Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Interest income	$	40,319	$	38,465	$	37,215	$	36,346	$	35,459
Interest expense		22,077		21,619		20,606		19,404		18,235
Net interest income		18,242		16,846		16,609		16,942		17,224
Provision for credit losses		2,282		2,680		2,866		4,628		82
Non-interest income		10,831		9,244		7,984		8,117		8,086
Non-interest expense		20,546		19,018		18,174		19,703		20,018
Income before income tax expense		6,245		4,392		3,553		728		5,210
Income tax expense		1,502		1,066		877		157		1,205
Net Income	$	4,743	$	3,326	$	2,676	$	571	$	4,005

Basic weighted average shares outstanding		11,110		11,096		11,088		11,070		11,058
Basic earnings per common share	$	0.43	$	0.30	$	0.24	$	0.05	$	0.36

Diluted weighted average shares outstanding		11,234		11,150		11,201		11,206		11,363
Diluted earnings per common share	$	0.42	$	0.30	$	0.24	$	0.05	$	0.35

	Segment Information
	Three Months Ended September 30, 2024												Three Months Ended September 30, 2023
(dollars in thousands)	Bank			Wealth			Mortgage			Total			Bank			Wealth			Mortgage			Total
Net interest income	$	18,151		$	46		$	45		$	18,242		$	17,205		$	(15	)	$	34		$	17,224
Provision for credit losses		2,282			—			—			2,282			82			—			—			82
Net interest income after provision		15,869			46			45			15,960			17,123			(15	)		34			17,142
Non-interest income		1,358			1,447			8,026			10,831			1,758			1,258			5,070			8,086
Non-interest expense		13,287			840			6,419			20,546			12,564			826			6,628			20,018
Income (loss) before income taxes	$	3,940		$	653		$	1,652		$	6,245		$	6,317		$	417		$	(1,524	)	$	5,210
Efficiency ratio		68	%		56	%		80	%		71	%		66	%		66	%		130	%		79	%

	Nine Months Ended September 30, 2024												Nine Months Ended September 30, 2023
(dollars in thousands)	Bank			Wealth			Mortgage			Total			Bank			Wealth			Mortgage			Total
Net interest income	$	51,528		$	76		$	93		$	51,697		$	51,928		$	(12	)	$	85		$	52,001
Provision for credit losses		7,828			—			—			7,828			2,186			—			—			2,186
Net interest income after provision		43,700			76			93			43,869			49,742			(12	)		85			49,815
Non-interest income		4,908			4,207			18,944			28,059			5,696			3,689			14,463			23,848
Non-interest expense		37,962			2,479			17,297			57,738			35,608			2,704			19,110			57,422
Income (loss) before income taxes	$	10,646		$	1,804		$	1,740		$	14,190		$	19,830		$	973		$	(4,562	)	$	16,241
Efficiency ratio		67	%		58	%		91	%		72	%		62	%		74	%		131	%		76	%

MERIDIAN CORPORATION AND SUBSIDIARIES
APPENDIX: NON-GAAP MEASURES (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)

Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

	Pre-tax, Pre-provision Reconciliation
	Three Months Ended						Nine Months Ended
(Dollars in thousands, except per share data, Unaudited)	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Income before income tax expense	$	6,245	$	4,392	$	5,210	$	14,190	$	16,241
Provision for credit losses		2,282		2,680		82		7,828		2,186
Pre-tax, pre-provision income	$	8,527	$	7,072	$	5,292	$	22,018	$	18,427

	Pre-tax, Pre-provision Reconciliation
	Three Months Ended							Nine Months Ended
(Dollars in thousands, except per share data, Unaudited)	September 30, 2024		June 30, 2024		September 30, 2023			September 30, 2024		September 30, 2023
Bank	$	6,222	$	5,851	$	6,399		$	18,474	$	22,016
Wealth		653		676		417			1,804		973
Mortgage		1,652		545		(1,524	)		1,740		(4,562	)
Pre-tax, pre-provision income	$	8,527	$	7,072	$	5,292		$	22,018	$	18,427

	Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Allowance for credit losses (GAAP)	$	21,965		$	21,703		$	23,171		$	22,107		$	19,683

Loans and other finance receivables (GAAP)		2,008,396			1,988,535			1,956,315			1,895,806			1,885,629
Less: Loans at fair value		(13,965	)		(12,900	)		(13,139	)		(13,726	)		(13,231	)
Loans and other finance receivables, excluding loans at fair value (non-GAAP)	$	1,994,431		$	1,975,635		$	1,943,176		$	1,882,080		$	1,872,398

ACL to loans and other finance receivables (GAAP)		1.09	%		1.09	%		1.18	%		1.17	%		1.04	%
ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)		1.10	%		1.10	%		1.19	%		1.17	%		1.05	%

	Tangible Common Equity Ratio Reconciliation – Corporation
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity (GAAP)	$	167,450		$	162,382		$	159,936		$	158,022		$	155,114
Less: Goodwill and intangible assets		(3,717	)		(3,768	)		(3,819	)		(3,870	)		(3,921	)
Tangible common equity (non-GAAP)		163,733			158,614			156,117			154,152			151,193

Total assets (GAAP)		2,387,721			2,351,584			2,292,923			2,246,193			2,230,971
Less: Goodwill and intangible assets		(3,717	)		(3,768	)		(3,819	)		(3,870	)		(3,921	)
Tangible assets (non-GAAP)	$	2,384,004		$	2,347,816		$	2,289,104		$	2,242,323		$	2,227,050
Tangible common equity to tangible assets ratio – Corporation (non-GAAP)		6.87	%		6.76	%		6.82	%		6.87	%		6.79	%

	Tangible Common Equity Ratio Reconciliation – Bank
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity (GAAP)	$	217,028		$	211,308		$	208,319		$	204,132		$	201,996
Less: Goodwill and intangible assets		(3,717	)		(3,768	)		(3,819	)		(3,870	)		(3,921	)
Tangible common equity (non-GAAP)		213,311			207,540			204,500			200,262			198,075

Total assets (GAAP)		2,385,994			2,349,600			2,292,894			2,244,893			2,232,297
Less: Goodwill and intangible assets		(3,717	)		(3,768	)		(3,819	)		(3,870	)		(3,921	)
Tangible assets (non-GAAP)	$	2,382,277		$	2,345,832		$	2,289,075		$	2,241,023		$	2,228,376
Tangible common equity to tangible assets ratio – Bank (non-GAAP)		8.95	%		8.85	%		8.93	%		8.94	%		8.89	%

	Tangible Book Value Reconciliation
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Book value per common share	$	14.91		$	14.51		$	14.30		$	14.13		$	13.88
Less: Impact of goodwill /intangible assets		0.33			0.34			0.34			0.35			0.35
Tangible book value per common share	$	14.58		$	14.17		$	13.96		$	13.78		$	13.53

Contact:
Christopher J. Annas
484.568.5001
CAnnas@meridianbanker.com

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Six towns and cities to pilot clean heating innovation

Source: United Kingdom – Executive Government & Departments 2

Government announces England’s first-ever heat network zones, supporting businesses and building owners to benefit from low-cost, low-carbon heating.

More businesses and building owners to benefit from low-cost, low-carbon heating, with the first heat network zones in England to be developed
Tens of thousands of jobs to be created through development of heat networks across the country

Businesses and building owners across England are set to benefit from low-cost, low-carbon heating as six towns and cities have been selected to develop the country’s first heat network zones.

Developing zones for heat networks in urban areas is the cheapest and most efficient way of delivering the technology, which recycles excess heat – generated for example by data centres or from factories – to enable the heating of several buildings at once.

The ground-breaking schemes in Leeds, Plymouth, Bristol, Stockport, Sheffield, and two in London will receive a share of £5.8 million of government funding to develop the zones, with construction expected to start from 2026. This will help to create tens of thousands of jobs including engineering, planning, manufacturing and construction roles.

Heat network zones use data to identify the best spots and help to plan and build the technology at scale. They require suitable buildings, such as hotels and large offices, to connect when it is cost-effective for them to do so.

Minister for Energy Consumers Miatta Fahnbulleh said:

Heat network zones will play an important part in our mission to deliver clean power for the country, helping us take back control of our energy security.

As well as energy independence, they will support millions of businesses and building owners for years to come, with low-cost, low carbon heating – driving down energy bills.

Tens of thousands of green jobs will be created across the country, and that’s why we’re investing in developing these fantastic and innovative projects – developing the first zones in cities and towns across England.

The new schemes will provide heating using trailblazing sources. Excess heat from data centres – which would otherwise be wasted – will provide heating in the Old Oak and Park Royal Development, while the system planned in Leeds will take heat from a nearby glass factory to warm connected buildings.

Developing heat networks across the country has the potential to create tens of thousands of jobs through delivering a low-carbon heating transformation.

Types of buildings that could connect to a network include those that are already communally heated, and large non-domestic buildings over a certain size, such as hospitals, universities, hotels, supermarkets, and office blocks.

The six selected towns and cities are part of the government’s plan to accelerate the delivery of heat networks across England in areas where zones are likely to be designated in the future. The learnings from these pilots will inform the work to reduce bills, enhance energy security, and achieve net zero by 2050.

CEO of the Association for Decentralised Energy Caroline Bragg said:

We are delighted to see Government maintaining its support for the heat network sector.

Heat network zones are crucial for a just transition for our communities – putting the UK on the lowest cost pathway to decarbonising our heat, attracting more than £3 of private investment for every £1 of public funding given and creating tens of thousands of local jobs.

As we begin to deliver zoning at scale, it is crucial that the Government and industry continue to work together to ensure heat networks can truly unleash their potential.

Notes to editors:

After the passing of the Energy Act 2023, Ofgem was named as a provisional regulator for communal heat networks.
The government is planning to introduce secondary legislation to set out the commencement date for Ofgem regulation, provided for in the Energy Act 2023, with plans to also consult on proposals including complaints handling, protections for vulnerable people and fair pricing in due course.
Ofgem’s regulatory power will apply to both new and existing heat networks.
Consumer Advocacy bodies (Citizens Advice in England and Wales, Consumer Scotland in Scotland), who will provide advisory and advocacy services for heat network consumers.
The cities that are part of Advanced Zoning Programme have been identified as those which are further developed around their planning and thinking of heat network development and are ready to deliver at pace and scale.

Published 25 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI New Zealand: Burglars bagged – jewellery thieves caught by Waikato Police.

Source: New Zealand Police (National News)

Please attribute to: Waikato Police Tactical Crime Unit Detective Senior Sergeant Ian Foster.

Two men, aged 41 and 37, are facing 37 charges of burglary, with more charges likely following the execution of two warrants at homes in Hamilton and Huntly area on Friday last week, October 18.

They first appeared in Hamilton District Court on Saturday and were remanded in custody to reappear this week.

Last Friday Police executed two warrants at properties in the Rototuna and Huntly area.

At the first property, a large volume of stolen goods was located, with bags of pearls, rings, necklaces – sometimes whole jewellery boxes full of items, and large amounts of gold.

At the second property police located a raft of stolen items including a rubbish sack full of designer bags.

Alongside jewellery and heirlooms at both properties were watches, Louis Vuitton, Gucci, Chanel and Prada handbags, and Givenchy and Hermes items in original packaging.

There was also a large array of other heirlooms and jewellery that no doubt has significance and value to their owners, the victims of the burglaries.

The 37 charges relate to burglaries that have occurred since May this year, however we believe that this offending in the Hamilton and Auckland areas, dates back further. Some of these items have then been on-sold.

There is a large volume of recovered items to work our way through and we are currently in the process of informing the victims that have been identified and we are still arranging for the return of some precious items.

“It is a really great result to be able to recover this volume of stolen items and make these arrests.

A lot of hard work has gone into this investigation by our teams and there is a lot more hard work to come.

We will continue to work our way through the items attempting to identify and return all the jewellery which will have significant sentimental value to the victims of these burglaries.”

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: FEMA Is Working To Place Temporary Housing Units on Privately Owned Vacant Lots

Source: US Federal Emergency Management Agency

Headline: FEMA Is Working To Place Temporary Housing Units on Privately Owned Vacant Lots

FEMA Is Working To Place Temporary Housing Units on Privately Owned Vacant Lots

LAHAINA, Hawaiʻi – FEMA is working to return individuals and families occupying Direct Lease units outside of West Maui back to the Lahaina area. To further expand housing options in West Maui for wildfire survivors, FEMA is working with Maui County and Lahaina property owners to place Alternative Transportable Temporary Housing Units on secondary private properties. These properties will house individuals and families who were displaced by the August 2023 wildfires.FEMA is seeking to lease vacant lots from property owners who do not intend to rebuild on them within the next two to three years. The property will be assessed for use by the U.S. Army Corps of Engineers and reviewed by FEMA. Properties must meet lot size requirements and be outside of the high hazard coastal floodplain. If the property meets all requirements, FEMA may lease the vacant land to place temporary housing for wildfire survivors. The property must allow for the placement of two or more temporary units. Properties must be within the West Maui area.Alternative Transportable Temporary Housing Units are prefabricated, furnished one-, two-, or three-bedroom units and will meet all county, state, and federal requirements. FEMA will determine the number of units on the property and the placement of survivors. To install temporary housing on secondary private property, the property owner must verify ownership and give FEMA right-of-entry permissions. Right-of-entry permissions allow FEMA to safely deliver, install and remove the unit, and ensure it meets local zoning requirements. The site must also be properly cleared of debris and other obstacles for the placement of units. Properties with established utilities (such as potable water and electric) in the impact zone of Lahaina are preferred; however, FEMA will also consider other properties. All will be assessed on a case-by-case basis. Interested West Maui secondary property owners should contact FEMA at fema-r9-housing@fema.dhs.gov. For the latest information on the Maui wildfire recovery efforts, visit mauicounty.gov, mauirecovers.org, fema.gov/disaster/4724 and Hawaii Wildfires – YouTube. Follow FEMA on social media: @FEMARegion9 and facebook.com/fema. You may also get disaster assistance information and download applications at sba.gov/hawaii-wildfires.
shannon.carley
Thu, 10/24/2024 – 22:30

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: FEMA Administrator Meets Officials and Survivors in South Carolina and Checks on Helene Recovery Efforts as Assistance to Survivors Surpasses $1 Billion

Source: US Federal Emergency Management Agency

Headline: FEMA Administrator Meets Officials and Survivors in South Carolina and Checks on Helene Recovery Efforts as Assistance to Survivors Surpasses $1 Billion

FEMA Administrator Meets Officials and Survivors in South Carolina and Checks on Helene Recovery Efforts as Assistance to Survivors Surpasses $1 Billion

WASHINGTON – FEMA Administrator Deanne Criswell traveled to South Carolina to meet with local and state officials today and check-in on long-term recovery efforts. She surveyed areas affected by Hurricane Helene in Aiken, South Carolina. Criswell, who is directing the federal response to Helene, visited a Disaster Recovery Center in Aiken and met with survivors. There are nearly 60 centers open across states affected by Helene and Milton where survivors can speak with representatives from states, FEMA and the U.S. Small Business Administration that can assist them with their recovery. Survivors can find their closest center at FEMA.gov/DRC. So far, FEMA has approved more than $1 billion in assistance for individuals and families affected by hurricanes Helene and Milton to help pay for housing repairs, personal property replacement, and other recovery efforts. Over 5,000 FEMA personnel are supporting communities across the Southeast where they’re coordinating with local officials, conducting damage assessments and helping individuals apply for disaster assistance programs.Additionally, the U.S. Army Corps of Engineers announced Operation Blue Roof which is a free service to homeowners for 25 counties in Florida impacted by Hurricane Milton. Residents can sign-up at www.blueroof.gov or by calling 888-ROOF-BLU (888-766-3258). The sign-up period deadline is Nov. 5.FEMA encourages Helene and Milton survivors to apply for disaster assistance online as this remains the quickest way to start your recovery. Individuals can apply for federal assistance by: Applying online at disasterassistance.govCalling 800-621-3362, Staffed daily from 7 a.m.-10 p.m. local timeUsing the FEMA AppVisiting a Disaster Recovery Center to talk with FEMA and state agency officials and apply for assistancePresident Joseph R. Biden has approved major disaster declarations in six states–Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia–affected by Helene. He has also approved a major disaster declaration for Florida following Hurricane Milton.These photos highlight response and recovery efforts across states impacted by hurricanes Helene and Milton.

AUGUSTA, Georgia – FEMA Administrator Deanne Criswell talks with a hurricane survivor during her visit to the impacted area to learn more about the ongoing recovery efforts. (Photo credit: FEMA)

AUGUSTA, Georgia – FEMA Administrator Deanne Criswell visits a Disaster Recovery Center where staff are helping survivors jumpstart their recovery following Hurricane Helene. (Photo credit: FEMA)

PUNTA GORDA, Florida – FEMA Disaster Survivor Assistance Team members conduct outreach in affected communities to inform survivors about local and FEMA resources for their recovery. (Photo Credit: FEMA)

CALDWELL COUNTY, North Carolina – FEMA Disaster Survivor Assistance teams are in North Carolina visiting areas affected by Helene to help survivors apply for federal disaster assistance. (Photo Credit: FEMA)

JONESBOROUGH, Tennessee – FEMA Disaster Survivor Assistance teams assist survivors of Helene in their recovery efforts at Fender’s Farm. (Photo Credit: FEMA)

ORANGE COUNTY, Florida – Disaster Survivor Assistance Teams register survivors for disaster assistance at the Bithlo Community Center following Hurricane Milton. (Photo Credit: FEMA)

FEMA’s Disaster Multimedia Toolkit page provides graphics, social media copy and sample text in multiple languages. In addition, FEMA has set up a rumor response web page to reduce confusion about its role in the Helene response.
annie.bond
Thu, 10/24/2024 – 19:57

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: Accolade’s proposed acquisition of Pernod Ricard’s BrandCo wine business not opposed

Source: Australian Competition and Consumer Commission

The ACCC will not oppose the proposed acquisition of Pernod Ricard Winemakers by Australian Wine HoldCo Limited, through its subsidiary Accolade.

Accolade’s acquisition relates to Pernod Ricard Winemakers’ BrandCo division, which owns and manages a portfolio of Australian, New Zealand and Spanish wines including Campo Viejo, St Hugo, Church Road, Stoneleigh, and Jacob’s Creek.

Accolade owns wine brands including Berri Estates, Grant Burge, Petaluma, Hardys and St Hallett.

“Based on our investigation, we consider the proposed acquisition is unlikely to substantially lessen competition in wine processing and packaging services, and similarly is unlikely to substantially impact competition in the wholesale supply of wine,” Dr Philip Williams said.

“We considered that if the acquisition went ahead, a number of other businesses will continue to offer competing processing services and also wine,” Dr Williams said.

Information and feedback gathered during the ACCC’s investigation also indicated that the acquisition is unlikely to substantially lessen competition in the market for the purchase of wine grapes.

“We found that the acquisition would not materially alter competition in grape acquisition markets where Accolade and Pernod Ricard currently overlap,” Dr Williams said.

Concerns relating to whether Accolade, following the acquisition, could disadvantage rival winemakers’ access to processing or packaging services were also examined by the ACCC.

The ACCC concluded that Accolade is unlikely to have the incentive or ability to engage in this conduct, and that even if such conduct occurred it would be unlikely to substantially lessen competition in the wholesale supply of wine.

The ACCC heard from a range of market participants, including grape growers, competing winemakers, wine retailers, and industry bodies during its investigation.

Notes to editors

In considering the proposed acquisition, the ACCC applies the legal test set out in section 50 of the Competition and Consumer Act.

In general terms, section 50 prohibits acquisitions that would have the effect, or be likely to have the effect, of substantially lessening competition in any market.

Background

Accolade

Australian Wine Holdco seeks to acquire Pernod Ricard Winemakers Pty Ltd, through its subsidiary Accolade Wines Australia Limited (Accolade).

Australian Wine Holdco Limited is owned by a consortium of institutional investors, led by Bain Capital Special Situations.

Accolade is one of the largest acquirers of wine grapes in South Australia. Accolade owns large wine brands including Berri Estates, Grant Burge, Petaluma, Hardys and St Hallett. It also owns wine processing and packaging facilities in South Australia.

Pernod Ricard

Pernod Ricard is an international wine and spirits producer and wholesaler that owns wine brands through its subsidiaries, including Pernod Ricard Winemakers in Australia.

Pernod Ricard Winemakers supplies prominent wine brands including Campo Viejo, St Hugo, Church Road, Stoneleigh, and Jacob’s Creek. Pernod Ricard also supplies wine processing and packaging services in South Australia.

Grape acquisition regions

In assessing this acquisition, the ACCC examined the regions in which both parties have historically acquired grapes in South Australia. This included warm climate regions such as the Riverland, Murray Valley, and Riverina as well as cool climate regions such as the Adelaide Hills, Barossa Valley, and Langhorne Creek.

MIL OSI News –

January 25, 2025

MIL-OSI: Provident Financial Holdings Announces Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

RIVERSIDE, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B., today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Company’s common stock at the close of business on November 14, 2024 will be entitled to receive the cash dividend. The cash dividend will be payable on December 5, 2024.

Safe-Harbor Statement

Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.


Contact:	Donavon P. Ternes	TamHao B. Nguyen
	President and	Senior Vice President and
	Chief Executive Officer	Chief Financial Officer
	(951) 686-6060	(951) 686-6060

The MIL Network –

January 25, 2025

MIL-OSI Economics: Transcript of Press Briefing: Middle East and Central Asia Department Regional Economic Outlook October 2024

Source: International Monetary Fund

October 24, 2024

PARTICIPANTS:

JIHAD AZOUR, Director of Middle East and Central Asia Department, International Monetary Fund

ANGHAM AL SHAMI, Communications Officer, International Monetary Fund

* * * * *

MS. AL SHAMI: Good morning. Good afternoon to those of you in the region. Thank you for joining us to this press briefing on the Regional Economic Outlook for the Middle east and Central Asia. I’m Angham Al Shami from the Communications Department here at the IMF. If you’re joining us online, we do have Arabic and French interpretations on the IMF Regional Economic Outlook page and IMF Press Center. So please join us there and we have interpretations also in the room. I’m joined here today by Jihad Azour, the Director of the Middle East and Central Asia Department here at the IMF and he’s going to give us an overview of the outlook for the region. Jihad over to you.

MR. AZOUR: Angham, thank you very much. Good morning everyone and welcome to the 2024 Annual Meetings. Before taking your questions, I will make few brief remarks to highlight three key messages regarding the economic outlook for the Middle East and North Africa (MENA), as well as the Caucasus and Central Asia (CCA). First, regarding the outlook, growth is set to strengthen in the near term in both MENA and the CCA regions. However, exposure to broader geoeconomic developments is adding to uncertainty. Hence, our 2025 forecasts come with important caveats.

Let me start with the Middle East and North Africa. This year has been challenging, with conflicts causing devastating human suffering and economic damage. Oil production cuts are contributing to sluggish growth in many economies, too. The recent escalation in Lebanon has increased uncertainty in the MENA region. The second important issue is on growth. For 2024, growth is projected at 2.1 percent, a downgrade revision of 0.6 percent from the April WEO forecast, and this is largely due to the impact of the conflict and the prolonged OPEC+ production cuts. To the extent that these gradually abate, we anticipate stronger growth of 4 percent in 2025. However, uncertainty about when these factors will ease is still very high.

MENA oil exporters are expected to see growth rise from 2.3 percent this year to 4 percent in 2025, contingent on the expiration of the voluntary oil production cuts. Growth in oil importers is projected to recover from 1.5 percent in 2024 to 3.9 percent in 2025, assuming conflicts ease. Let me now turn to the outlook for Caucasus and Central Asia. The CCA regions continue to show robust growth, which was revised up to 4.3 percent in 2024, with growth of 4.5 percent expected for next year. However, some economies are seeing tentative signs of slower trade and other inflows, especially on the remittance side. Subdued oil production is weighing on the medium-term growth prospect for CCA oil exporters. And for oil importers, growth projects depend on the reform implementation. The disinflation process is continuing and is continuing across both MENA and CCA region with headline inflation coming down significantly compared to the peak levels over the past two years. However, inflation remains elevated in few cases due to country specific challenges.

My second point is on the medium-term growth prospects. Medium-term growth prospects have faded over the past two decades and are now relatively weak in many economies. Changing these dynamics requires steady reform implementation. Priorities are for the MENA and CCA regions include governance improvement, job creation, especially for women and youth, investment promotion and financial development. Achieving stronger and more resilient growth will not only foster job creation and greater inclusion, but will also help reduce elevated debt levels and enable progress toward the development of social spending goals.

My third point is on the uncertainty. High uncertainty means that the economic outlook is fraught with risks. The recent intensification of conflict in Lebanon has increased uncertainty and risks to a further level, and the risk of further escalation in the MENA region is the main issue here in terms of increase in risks. This fluid situation is not yet factored in our analysis, and downside risks could be material depending on the extent of the escalation. We are closely monitoring the situation and assessing the potential economic impacts. Overall, the impact will depend on the severity of any potential escalation. The conflict could impact the region through multiple channels. Beyond the impact on output, other key channels of transmissions could include tourism, trade, potential refugee and migration flows, oil and gas market volatility, financial markets and social unrest.

Concern is also high about the possibility of prolonged conflict in Sudan, increased geoeconomic fragmentation, volatility in commodity prices, especially for the oil exporting countries, high debt and financing needs for emerging markets and recurrent climate shocks. In the CCA, risks are primarily associated with potential financial instability resulting from sudden shift in trade and financial flows, and for both regions, failure to implement sufficient reform could constrain already muted prospects for medium term growth.

Before opening the floor to your questions, let me emphasize the Fund’s commitment to supporting economies across the region. Our engagement remains strong in terms of financing and presence. Since early 2020, the Fund has approved $47.7 billion in financing to countries across MENA and CCA and we have carried out capacity development projects for 31 countries only in the last fiscal years. Thank you very much for being here today and I’m now happy to take your questions.

MS. AL SHAMI: So, we’ll now turn to your questions. If you’re on Webex, please turn on your camera and raise your hand and we will call on you. And if you’re in the room, please raise your hand. So let’s start with maybe the middle right here, the gentleman.

QUESTIONER: Hello and good morning, Jihad. I wanted to bring you back to your comments about the risks of an escalation in the region. Obviously, the human toll of this would be horrific, but in terms of the impact on the economies in the region, particularly Egypt, which is already suffering from an extreme loss of revenues from the Suez Canal, and then Lebanon, which you’ve had discussions with in the past, those really never went anywhere because of lack of commitment to do reforms. What are the prospects of having to either redo some of the programs or create new ones if there’s an escalation? Thank you.

MS. AL SHAMI: Thank you, Dave. Maybe we’ll take another question on the conflict. Kyle, second row here.

QUESTIONER: Hi, good morning. Thank you for taking my question. Earlier this morning, the Managing Director said the outlook for the MENA is significantly downgraded and she cited mostly the geopolitical conflict. So could you walk us through, like, where exactly the economic impact has been felt since the April release?

MS. AL SHAMI: Maybe we’ll take those two questions, Jihad, on the conflict.

AZOUR: Thank you very much. Well, first of all, the conflict is inflicting heavy human toll, and our hearts goes to all the victims and those who were, in their life and livelihoods were affected by the escalation of the conflict. Of course, the impact of the conflict is to be differentiated between countries who are at the epicenter. The group of countries who are severely affected by the conflict, Gaza, West Bank, the whole Palestinian economy has been severely affected. Lebanon also. And the Lebanese economy was severely affected, with more than 1.2 million people displaced, which represent almost 25 percent of the population, destruction of livelihoods in a broad region that is mainly agriculture, and the impact on some key sectors like tourism and trade. Therefore, the severely affected countries are seeing a large drop in their economic activity, and they will face contraction in their economies in the context of high inflation.

The second group I would call the group of partially affected countries. And here we have countries like Jordan, Syria and Egypt. And you have mentioned Egypt. The main channel of impact on Egypt is trade. The reduction in trade volume going through the Suez Canal has affected revenues by more than 60 to 70 percent on average for the Suez Canal, which would represent between 4 and a half to , $5 billion of loss in revenues. For Jordan, the impact is mainly on tourism, which is not the case for Egypt. Those are the two main countries affected. Syria of course, is affected, but we have very little information on that. This second group of partially affected countries, authorities have already started to take actions to protect their economies against that. And we have the indirectly affected countries. And here we have to look at the channels of transmission. Trade is one. The other one is the impact on tourism. The impact on oil and gas has been relatively muted so far, except high volatility in the short term. We did not see a major impact on the oil and gas sector yet. I think one has to recognize that it’s a highly uncertain moment and therefore things are changing constantly and we are ourselves updating regularly our assessment of the situation. Our numbers, for example, for the outlook do not report the latest development in the last months or so and therefore we will be updating our numbers. This high level of uncertainty is affecting countries with vulnerabilities. And this is where the Fund is in fact acting in providing support to countries in order to help them go through these severe shocks.

MS. AL SHAMI: Thank you, Jihad. We’ll go for another round of questions. Maybe we’ll go to the first gentleman in the first row, please.

QUESTIONER: Many Arab countries have taken on significant debt to fund infrastructure and economic reforms. What the strategies does the IMF recommend for managing the tracing debt levels, particularly for non-oil economies and taking into consideration what’s happening in the region with all the conflicts.

MS. AL SHAMI: Thank you. We have another question that we received that’s also on debt. What are the projections of the Fund concerning the region’s debt levels amid the ongoing regional tensions?

MR. AZOUR: Thank you for your questions. Well, of course the high level of debt has been one of the main issues that several economies in the region, especially the middle income and the emerging economies of the region are facing. And here I would address the issue in three levels. The level of debt that constitute a major macroeconomic stability issue. And we recommend countries to address this by having an inclusive but sustained fiscal consolidations in order to reduce the risk level, in order to strengthen their capacity to raise revenues and reduce the overall macroeconomic risk. And when the Fund is asked, the Fund is providing support to many countries on that front.

The second dimension is the financing dimension. The overall financing need for this year are going to be around $286 billion, almost $6 billion higher for the whole region in terms of financing need. Compared to last year, this include not only, I would say all importing middle income countries, but the whole region and therefore securing enough financing is another issue. And the third one that is becoming a challenging issue that requires a combination of measures is the cost of debt service. The cost of debt service because of the increase in interest rate has become one of the main, I would say, fiscal issue that countries are facing.

The last point, I would add, is the fact that recently we were witnessing a greater reliance on local markets when it comes to financing the local debt. Therefore, the nexus between the governor, the government and the market and the local market has increased. And this is why it’s important to have a clear medium term reform agenda in order to reduce the weight of the debt, to improve fiscal space, but also to provide more comfort to investors to broaden the finance space.

MS. AL SHAMI: Thank you, Jihad. We’ll turn now to the online questions, and we have Fatima Ibrahim. Fatima, if you’re online, you can come in. Okay. Otherwise we’ll take some questions from the floor. We’ll start maybe with the gentleman in the middle. Yeah.

QUESTIONER: Good morning, this is Adil from Daily Business Recorder, Pakistan. Thank you for taking my question. So the World Economic Outlook projects Pakistan’s growth rate at a higher rate compared to last year, 3.2 percent. The modest growth of 2.4 percent last year was predominantly driven by the agriculture sector, which had its best performance in the last two decades, right. The services sector also benefited from agriculture success while the manufacturing was negative. The agriculture sector faces significant downside risks this time. While manufacturing is also highly constrained by high energy tariffs and weak demand locally. Do you think a higher growth rate can be achieved without fiscal expansion the way Pakistan has primed the pump in the past after securing an IMF program? Or do you think it can happen sustainably? Thank you.

MS. AL SHAMI: Thank you. Any other questions on Pakistan before we — any other questions on Pakistan? Okay.

MR. AZOUR: Thank you very much. Yes, the projections are showing that the Pakistani economy will grow at 2.4 percent this year compared to minus 0.2 percent last year and expected for next year to grow at 3.2 percent. This constitutes an improvement at a time where we are seeing also inflation going down from 29 percent last year to 12.6 percent this year and we expect inflation to go down to 10.6 percent next year.

Of course, the reform package that the government of Pakistan has put together has several objectives. One is to achieve fiscal sustainability by addressing some of the long awaited fiscal issues, especially on increasing the share of revenues in order to reduce the deficit, but also to improve the quality of the revenues by addressing some of the issues that existed in terms of tax collection and also in terms of special regimes. Reforming the SOEs is also an important priority that will increase the capacity of Pakistan to provide a greater space for the private sector, level the playing field and increase FDIs by doing so. This will allow the Pakistani economy to be more export driven and also to be ready to attract additional investment.

The monetary policy is also helping by tackling the issue of inflation and also by reducing any construction constraints on capital flows as well as also on the exchange transfers which also with the broad context of reforms will allow additional predictability and will reduce the risks or the constraints on the current account. Therefore, the package of reform that has been set has not only the ambition to strengthen stability in terms of macroeconomic stability and reduced financing risks, but also has the ambition to reform some of the key sectors including the energy and the SOEs, improve the business environment, attract more FDRs and allow the economy to be more export driven which will unleash the potential of the Pakistani economy without having an impact on the current account.

MS. AL SHAMI: Thank you Jihad. We’ll turn now online. I’m going to read your questions because I have them here. Two questions on Egypt. Question is regarding negotiations that Egypt will start with the IMF regarding the timing of implementing the economic reforms. Does the IMF see that any of these can be delayed? And the second point how does the IMF see the situation of the Egyptian economy in light of the recent developments? And have you tested that during your projections regarding growth and energy prices?

If those that want to ask on Egypt we’ll start here — many hands. Yes, the gentleman here.

QUESTIONER: I will speak in Arabic. It’s a technical point, Mr. Jihad. I wanted to ask you about the policies of the Fund that they aim at improving the living standards of the citizens and to reach the most vulnerable population. And during the negotiations, some of those negotiations they contradict with these principles I mean increasing the price of energy. I mean again for floating the price of the pound and adjustment of some prices of the commodities such as power. And this is part of the reform program. Does this apply to the current situation in Egypt in general? Whether I speak about improving the standards of living especially as these put more pressures on the vulnerable population.

MS. AL SHAMI: Please any other questions? We’ll take the gentleman please be brief so we can take other questions.

QUESTIONER: My question like Mrs. Georgieva said today that she’s going to visit Egypt in like within 10 days for like discussing the maybe reassessment in the program and that came in context with President he said that the economic situation it might lead Egypt to like rethinking about the reform program with the IMF. Can you highlight in which points might like Mrs. Georgieva is going to discuss? Are you going to change the program? Are you going to change your condition for reforming program or it’s just going to be trying to convince Egyptian regime that the reform program that you have already agreed is going as usual and as you see like this came in contact with my colleague from Egypt about suffering of increasing price for gas and many other goods and stuff in Egypt. So like what’s going on exactly in this meeting between Ms. Georgieva and President Sisi Thank you.

MS. AL SHAMI: Thank you. We’ll take one last question on Egypt and then we’ll move on the second, third row please.

QUESTIONER: My question is, is there any possibility of increasing the size of Egypt’s long given the widening of the conflict in the Middle east in recent weeks? Thank you.

MS. AL SHAMI: We’ll turn to you Jihad.

MR. AZOUR: Okay. In fact there are three levels of the different questions. One is on the economic situation in Egypt. The second is on the program and the relationship between the Fund and Egypt and also on some of the specific measures. Well, first of all, and I will answer part in Arabic and part in English for the question that came from the online audience. Like other countries in the region, Egypt has been subjected to the impact of the increase in tension due to the conflict. I mentioned earlier, Egypt is a country that is partially affected and mainly the impact was on the revenues from the Suez Canal. Luckily, the impact on tourism was almost muted. We did not see any drop for a sector that employs a large part of the population. Therefore, there are two levels of impact. The direct impact of the conflict and the high level of uncertainty that affects Egypt as much as affect other countries in the region, especially in terms of attracting direct investment and attracting inflows.

On the other side, there are certain number of internal issues that the authorities are dealing with. The high level of inflation is one. Inflation has reached last year35 percent and it’s important if we want to preserve the purchasing power of the people, especially the low- and middle-income people, is to address inflation. The best way to protect the livelihood of people is by reducing the level of price increase. Therefore, the first pillar of the program was to strengthen stability and also protect the economy from external shocks. This economy has been subjected to external shocks over the last four years Covid and then the war in Ukraine and then the recent conflict in the region. And this is where the importance, for example of the flexibility of the exchange rate. The flexibility of the exchange rate will reduce the impact of external shocks that could destabilize the local economy, would give more predictability in terms of capital flows and will reduce the risk of using other type of measures that would have an impact on economic activity.

Therefore, it’s very important to preserve it because it’s the best way to reduce the impact of external shocks on the local economy. Of course, it has to go hand in hand with monetary policy that works on addressing inflation. Inflation is going down and I think this is a positive news. We expect it next year to reach 16 percent. Of course, there are some short term hikes when some of the measures are introduced, but those are usually short lived impact. Therefore, monetary policy is also a priority in order to reduce the macro instability, but also reduce the pressure on the low middle income people. Three is we need to create growth. Also, we’re happy to see that the growth prospects for next year are improving 4 percent for the fiscal year 2025. But I think we can do more. How to do more is by allowing the private sector to be investing, creating jobs. And the best way to do it is for the state to give more space to the private sector and also for the state to be, I would say allowing them the competition to take place. And this requires to accelerate some of the reforms of the SOEs, including increasing the private sector share in those investments.

The program has been built based on those objectives and when shocks occurred, the Fund responded very quickly. We have increased the size of the program from $3 billion to $8 billion in the last review that took place in April. Taking into consideration that Egypt has been subjected to the shock of the conflict. The other also positive element that FDIs have increased with 35, 34 billion dollars of investment from UAE. I think this provided additional needed investment and also needed inflow. And we hope that this investment will be one of the elements that will bring growth to Egypt. Therefore, in terms of inflows Egypt has been receiving, in addition to what the Fund has provided, what the UAE has provided also additional financing from bilateral and multilateral institutions. The World Bank, the EU have increased their financing to Egypt and therefore, going back to the question, should we revisit the size of the program? I think the macroeconomic conditions today are showing that the program as it’s designed and its finance is still appropriate.

On the question of some of the specific. The impact of some of the specific measures here, I think we have to differentiate between two dimensions. There are certain measures who have impact and those need to be countered by some other measures, especially on the social front. And we are happy to see that the various programs that exist, Takaful and Karama and other programs are activated in order to address some of these issues. Whenever you introduce those kind of fiscal measures, you need to protect the most vulnerable. You need to allow the mostly affected and those who have limited capacity to be protected. And therefore, when you do so, it allows you to create fiscal buffers, especially on the revenue side, to make it fairer and more effective i.e.not to have all the tax burden on the low income or middle-income people through consumption tax to increase the progressivity in the tax system, but also on the other hand, to provide more on the social protection level the program has in it.And the Fund team is working with authorities on the way to make sure that what is in the program is sufficient enough and what needs to be done to improve the outreach of the social program. And during the visit of the MD, this will be one of the priority issues that the MD will raise and will discuss is how effective the social protection programs are. Therefore, I think whenever you have to address imbalances that have been there for some time, there are some consolidation. But you want to make sure that this consolidation is growth friendly, is inclusive and also it provides sustainable economic transformation.

This is how the program has been designed. It has been designed to live in a shock prone world. It has been designed in order to allow the economy to be more geared toward growth that is driven by export and create more opportunities. Of course the uncertainty in the region is high. We take this into consideration and earlier I mentioned that we are constantly looking at the impact. We’re looking also at the potential escalations and what does it mean for our countries.

But again, I think it’s important in the case of Egypt as well as also in Jordan. Those programs provide an anchor of stability at a time of uncertainty. I think there is a great value of those programs. We saw it in Jordan with the upgrade of Jordan in terms of rating. Those programs provide an anchor of stability, and I think what the region needs today is stability. And this is on that premise that we are engaging with countries in the region, and we are in fact we’re ready to engage and to provide more support.

MS. AL SHAMI: Thank you, Jihad. Let’s turn to the room. Maybe we’ll go to the gentleman in the back. Yes, right here. Thank you.

QUESTIONER: He will ask the question in Arabic. In light of the environment in the GCC region, what are your projections for growth and specifically the Kingdom of Saudi Arabia, your projections for growth?

MR. AZOUR: No doubt, no doubt that the GCC countries have managed over the past years to adapt to a large number of shocks and challenges that are being witnessed in the region and the whole world. Starting from COVID pandemic and oil shocks. And oil countries and GCC countries have maintained a certain level of growth despite the fact that there was the OPEC+ and its agreements.

For 2024, our projections are better than 2023. The growth is about 1.2 percent in 2024 and will improve in 2025 to reach 4.2 percent in 25. And this is very important if we put this in the framework of the fact that the main driving force behind the growth in the GCC countries is the development of non-oil economy. And this is a very important element. The development of non-oil economy was a main leverage for growth and the Gulf countries maintained a good level of growth ranging between 3 to 4 percent for non-oil growth under our investments that are aimed to develop other economic sectors in the future such as renewable energy as well as technology which contribute to increasing the capacity of these countries to increase the revenue, to diversify the sources of revenue for the economy and to adapt to the economic changes all over the world.

With regard to economy of Saudi Arabia, we expect that this year the growth will be 1.5 percent which is an improvement as compared to growth last year which was minus 0.2 percent. And for next year it will be 4.6 percent for Saudi Arabia. What has contributed to this in the first place? The economic development, non-oil economy in the Kingdom of Saudi Arabia and also the production which has been improving and also the unwinding of the OPEC agreement. And again the question.

MS. AL SHAMI: If not, we’ll turn to the room. Maybe the — yes. . Yes, we can hear you now.

QUESTIONER: Good evening. Thank you and good evening. Mr. Jihad, I would like to ask in Arabic my question. What made the IMF expect that the growth will be 2.9 percent for Jordan next year compared to 2.5 percent this year. In light of the continuing war in the Middle East. This is first. Second question. The IMF in its last review has said that the revenue of Jordan have decreased, whereas other estimates would say that the revenue have increased. How would you interpret these different estimates or different numbers? And what can Jordan do to increase its revenues? Thank you,Also a few questions.

MS. AL SHAMI: Please be brief. Thank you.

QUESTIONER: Hello, can you hear me well?

MS. AL SHAMI: Yes, we can hear you.

QUESTIONER: Thank you for this opportunity. First of all, to ask my questions. I would like to ask you about the upcoming COP 29 conference which is scheduled to be held in Azerbaijan very soon. And what are specific initiatives that the IMF plans to support during the conference to promote sustainable development?

MS. AL SHAMI: We lost — okay, I think we can’t hear you, but we’ll come back. Maybe we’ll take one in the room. Yes, please.

QUESTIONER: I’m from Kazakhstan. So my question is, how do you evaluate the effect of the war in Ukraine on the economies of Central Asian region, specifically my country, Kazakhstan? Because we’re located too close to Russia and my country has the same border with it, and we are tied economically.

MS. AL SHAMI: Thank you. So that was a question on Kazakhstan and we had an earlier question, Azerbaijan. You want to have one final question before we turn to you, Jihad.

QUESTIONER: I have a question about the main obstacles to foreign investment in Saudi Arabia and what the authorities can do in order to improve that. Thank you.

MR. AZOUR: Thank you. The first question I think is about the economic impact in Jordan of the war. Of course, the Jordanian economy is close to the hot area. Jordan was affected in tourism, as I said before. And this impact on tourism also affected the economy in Jordan. Also trade and the Aqaba port. The impact continues, but no doubt the uncertainty and the fluidity is very high. However, last year and this year Jordan managed to maintain economic stability and to achieve an acceptable growth rate, 2.3. This year we expect it to improve to 2.5 percent if the situation continues as it is and there was no more escalation in the region. We attribute this to the measures taken by the government in the previous years in order to improve the performance of the economy and to achieve stabilization.

The Jordanian economy proved to be resilient despite the tensions. The additional good factor is that inflation is low. And the Central bank of Jordan managed to keep low inflation at 1.8 percent this year, which contributes to the easing of monetary policy. With regard to the point about the revenues, the amount of revenues, I’ll go back to you when I talk with the team. But what I want to say is that in the past few years Jordan achieved successes in raising revenues which contributed to lower deficits and better stability, which enabled Jordan to secure the main financial needs and to keep stability and to increase investments and financial flows. And we’ve seen this improvement at the beginning of this year in the form of the higher rating agencies rating for Jordan.

The COP 29 the COP 29 the Fund has been an important partner to Azerbaijan for the preparation of the COP 29. As you know, last year and before, the Fund has been extremely involved and the Fund has scaled up its support to members on the climate side by providing programs to help countries accelerate their transformation and finance long term climate priorities. The Fund is also mainstreaming the climate issues in the surveillance and is providing a wealth of knowledge on the priorities, including for the Caucasus and Central Asia region where the Fund has recently produced a series of analytical pieces about the importance of adaptation for the region as well as also how to tackle the issue of mitigation and climate finance. And I would encourage you and others to look at those. Those are important pieces that will be featured during the COP 29. Of course, we had recently during this week meetings with the authorities and the Fund is looking forward to maintain its active partnership with the authorities and play an important role in COP 29.

The last question was impact of the conflict between Russia and Ukraine on CCA countries and in particular on Kazakhstan. Of course, let me say a few words on that. Countries in the CCA in general have been able over the last four years and specifically over the last two years to protect their economies from the negative impact of the war in Ukraine and at the same time they were able to address the other risk that was coming from the increase in inflation or inflationary pressure. When it comes to Kazakhstan, we project growth this year to be at 3.5 percent and we expect it to improve next year and reach 4.6 percent. Of course, part of it is also due to the new investments in energy and in the new the new oil and gas fields, but also to the good performance of the non-oil sector.

Clearly here also the level of uncertainty is high, and we recommend countries to maintain on one hand their reform drive to preserve macroeconomic stability and on the other hand to accelerate structural reforms to regain levels of growth that would be needed in order to allow economic convergence between Central Asia and Caucasus countries with their peers to this gap to widen. And this afternoon we will. Sorry. Tomorrow we will have a special session on the medium-term growth priorities, including the structural reforms. And we will tackle some of the priorities for Kazakhstan as well as also other Central Asian countries.

The last question is obstacles to investment in Saudi Arabia. This is the last question. You want it in Arabic or English? In Arabic. If we look at the past few years under Vision 2030, you will see that there are some reforms that have contributed primarily to the improvement of the investment climate and to increase the growth rate outside of the government scope. There was lower unemployment, especially among the youth, and also an increase in the participation of women. And this has improved things despite all the volatilities and all the oil production cuts. These reforms and investment projects that were adopted improve the size of the economy and make it more able to attract investments in the oil sector and also other like entertainment and technology.

In the past year there was a revisiting of the priorities, and the priority was more priority was given to technology, AI, climate. All of this opens the door for more direct investment from abroad as in Saudi Arabia, also in the region. Direct investment in the past 10 years was not as aspired. There are internal reasons and also regional reasons because of the volatility and also because the global economic development reduced direct investments in the region.

MS. AL SHAMI: Today’s briefing. Thank you very much all for joining us today. Jihad, any final words on the launch?

MR. AZOUR: One, I would like to thank you very much again, I would like to ask you to remain tuned. I mentioned in my opening that the volatility of the situation requires from us and the high level of uncertainty to keep ourselves updated and to keep updating you. This afternoon we will. Sorry. Tomorrow afternoon we will have an interesting session that looks into not the short-term where the level of uncertainty is extremely high, but the medium-term. What are the priorities in terms of growth? What are the priorities also in terms of investment? We will launch officially with the details with the tables the outlook in Dubai next week. It will be on October 31st and then immediately also we will launch the outlook for Caucuses and Central Asia.

Tomorrow at 3pm I would like to invite you all for an interesting session where we are going to discuss one of our key analytical chapters that has to focus on medium term growth. With that, thank you very much. I’m sure there are follow up questions. Myself and the team who is here will be ready to provide you with additional answers to your questions.

MS. AL SHAMI: Thank you all. Thank you very much.

* * * * *

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Angham Al Shami

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

MIL OSI Economics –

January 25, 2025

MIL-OSI United Kingdom: Access to historic eForms data

Source: United Kingdom – Executive Government & Departments

The eForms service is no longer available.

From 23:59 on Friday 25 October 2024, the eForms Service is no longer available.

If you require access to a historic eForm, you should e-mail all requests to online-support@justice.gov.uk and include the USN, defendant name, firm account number, approximate date the form was submitted and the form type required, such as CRM14 and CRM4.

Our team aim to process all requests within 5 working days.

For more information please visit: https://www.gov.uk/government/news/reminder-criminal-legal-aid-eforms-replacement

Published 25 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI USA: SBA Offers Disaster Assistance to California Businesses and Residents Affected by the Bridge Fire

Source: United States Small Business Administration

“As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” saidAdministrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

SACRAMENTO, Calif. – Low-interest federal disaster loans are available to California businesses and residents affected by the Bridge Fire that began Sept. 8, announced Administrator Isabel Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Gavin Newsom’s authorized representative, Director Nancy Ward of the California Office of Emergency Services, on Oct. 21.

The disaster declaration makes SBA assistance available in Kern, Los Angeles, Orange, San Bernardino and Ventura counties in California.

“When disasters strike, our Disaster Loan Outreach Centers are key to helping business owners and residents get back on their feet,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “At these centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

SBA held discussions with Los Angeles County Emergency Management Officials. The majority of the structures damaged or destroyed were in Mount Baldy Village (San Bernardino County) and Wrightwood (Los Angeles County). Therefore, SBA will open two Disaster Loan Outreach Centers in these affected areas to make it easier for survivors to access the disaster recovery assistance offered by SBA.

“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” continued Sánchez. “Beginning Monday, Oct. 28, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Sánchez added. The centers will be open on the days and times indicated below. No appointment is necessary.

LOS ANGELES/SAN BERNARDINO COUNTIES
Disaster Loan Outreach Center
Mt. Baldy Village Church
6757 Bear Canyon Rd.
Mt. Baldy, CA 91759

Opens 1 p.m. Monday, Oct. 28

Mondays – Fridays, 9 a.m. – 5 p.m.

Closed on Monday, Nov. 11, for Veterans Day

Closes 5 p.m. Tuesday, Nov. 19

LOS ANGELES/SAN BERNARDINO COUNTIES
Disaster Loan Outreach Center
Wrightwood Library – Community Room
6011 Pine St.
Wrightwood, CA 92397

Opens 1 p.m. Monday, Oct. 28

Mondays – Wednesdays, 11 a.m. – 7 p.m.

Thursdays – Fridays, 9 a.m. – 6 p.m.

Closed on Monday, Nov. 11, for Veterans Day

Closes 7 p.m. Tuesday, Nov. 19

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez said. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to apply for property damage is Dec. 23, 2024. The deadline to apply for economic injury is July 23, 2025.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

January 25, 2025

MIL-OSI: First Savings Financial Group, Inc. Reports Financial Results for the Fiscal Year Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

JEFFERSONVILLE, Ind., Oct. 24, 2024 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $13.6 million, or $1.98 per diluted share, for the year ended September 30, 2024, compared to net income of $8.2 million, or $1.19 per diluted share, for the year ended September 30, 2023. The core banking segment reported net income of $16.9 million, or $2.47 per diluted share for the year ended September 30, 2024, compared to $14.9 million, or $2.18 per diluted share for the year ended September 30, 2023.

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “Fiscal 2024 was, in many ways, a year of rebuilding, repositioning and refinement. A summary of these enhancement actions is provided below. While we’re not entirely pleased with the financial performance in fiscal 2024, we are confident that the Company is well positioned to better perform in fiscal 2025 and the years thereafter regardless of the economic environment. For fiscal 2025 we’ll remain focused on core banking; strong asset quality; selective high-quality lending; core deposit growth; increased SBA lending volume; continued improvement of liquidity, capital and interest rate sensitivity positions; and strategic opportunities. We believe the efforts of fiscal 2024 along with the focus for fiscal 2025 will deliver enhanced shareholder value. Additionally, we’ll continue to evaluate options and strategies that we believe will further position the Company for future success and deliver shareholder value.”

Enhancements Actions During Fiscal Year Ended September 30, 2024

Converted the core operating system immediately prior to the beginning of fiscal 2024 and committed to effectively adapt to the new system and gain efficiencies and expense reductions therewith.
Ceased national mortgage banking operations in the first fiscal quarter, including sale of the residential mortgage servicing rights portfolio.
Implemented additional expense reduction and containment strategies, which were effective.
Experienced the net interest margin floor in the second fiscal quarter and recognized expansion in the subsequent quarters, in addition to a slowed paced of deposit migration to higher cost types.
Maintained a balance sheet position that is expected to benefit in a potential decreasing rate environment but having limited exposure to potential increasing rates.
Remained disciplined in our lending philosophy with respect to both rate expectations and credit quality.
Enhanced our review of asset quality, which remains strong, in order to prepare for any potential financial downturn that may occur.
Enhanced SBA Lending business development staff with new and replacement hires throughout the fiscal year, plus decreased surplus support staff at the end of the fourth fiscal quarter.

Results of Operations for the Fiscal Years Ended September 30, 2024 and 2023

Net interest income decreased $3.5 million, or 5.7%, to $58.1 million for the year ended September 30, 2024 as compared to the prior year. The tax equivalent net interest margin for the year ended September 30, 2024 was 2.68% as compared to 3.10% for the prior year. The decrease in net interest income was due to a $22.3 million increase in interest expense, partially offset by an $18.8 million increase in interest income. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a provision for credit losses for loans of $3.5 million, a credit for unfunded lending commitments of $421,000, and a provision for credit losses for securities of $21,000 for the year ended September 30, 2024, compared to a provision for loan losses of $2.6 million only for the prior year. The provision for credit losses for loans increased primarily due to loan growth and the effects of adopting the Current Expected Credit Loss (CECL) methodology during the year ended September 30, 2024. The Company recognized net charge-offs totaling $527,000 during the year, of which $104,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $1.1 million during the prior year, of which $872,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, increased $3.0 million from $13.9 million at September 30, 2023 to $16.9 million at September 30, 2024.

Noninterest income decreased $12.8 million for the year ended September 30, 2024 as compared to the prior year. The decrease was due primarily to a $14.1 million decrease in mortgage banking income due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

Noninterest expense decreased $23.2 million for the year ended September 30, 2024 as compared to the prior year. The decrease was due primarily to decreases in compensation and benefits, data processing expense and other operating expenses of $12.0 million, $2.2 million and $7.8 million, respectively. The decrease in compensation and benefits expense was due primarily to a reduction in staffing related to the cessation of national mortgage banking operations in the quarter ended December 31, 2023. The decrease in data processing expense was due primarily to expenses recognized in the prior year related to the implementation of the new core operating system in August 2023. The decrease in other operating expense was due primarily to a $1.9 decrease in net loss on captive insurance operations due to the dissolution of the captive insurance company in September 2023; a decrease in loss contingency accrual for SBA-guaranteed loans of $754,000 in 2024 compared to an increase of $1.5 million in 2023; a decrease in the loss contingency accrual for restitution to mortgage borrowers of $283,000 in 2024 compared to an increase of $609,000 in 2023; and a decrease of $853,000 in loan expense for 2024 as compared to 2023 due primarily to lower mortgage loan originations related to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

The Company recognized income tax expense of $1.0 million for the year ended September 30, 2024 compared to tax expense of $10,000 for the prior year. The increase is primarily due to higher taxable income in the 2024 period. The effective tax rate for 2024 was 7.0%, which was an increase from the effective tax rate of 0.1% in 2023. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2024 and 2023 periods.

Results of Operations for the Three Months Ended September 30, 2024 and 2023

The Company reported net income of $3.7 million, or $0.53 per diluted share, for the three months ended September 30, 2024, compared to a net loss of $747,000, or $0.11 per diluted share, for the three months ended September 30, 2023. The core banking segment reported net income of $4.1 million, or $0.60 per diluted share, for the three months ended September 30, 2024, compared to $2.3 million, or $0.33 per diluted share, for the three months ended September 30, 2023.

Net interest income decreased $459,000, or 3.0%, to $15.1 million for the three months ended September 30, 2024 as compared to the same period in 2023. The tax equivalent net interest margin was 2.72% for the three months ended September 30, 2024 as compared to 3.03% for the same period in 2023. The decrease in net interest income was due to a $4.5 million increase in interest expense, partially offset by a $4.1 million increase in interest income. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a provision for credit losses for loans of $1.8 million, a credit for unfunded lending commitments of $262,000, and a credit for credit losses for securities of $86,000 for the three months ended September 30, 2024, compared to a provision for loan losses of $815,000 only for the same period in 2023. The provision for credit losses for loans increased primarily due to loan growth and the effects of adopting the Current Expected Credit Loss (CECL) methodology during the year ended September 30, 2024. The Company recognized net charge-offs totaling $304,000 during the 2024 period, of which $120,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $753,000 during the 2023 period, of which $609,000 was related to unguaranteed portions of SBA loans.

Noninterest income decreased $2.6 million for the three months ended September 30, 2024 as compared to the same period in 2023. The decrease was due primarily to a $3.0 million decrease in mortgage banking income due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

Noninterest expense decreased $9.0 million for the three months ended September 30, 2024 as compared to the same period in 2023. The decrease was due primarily to decreases in compensation and benefits expense, data processing expense, and other operating expenses of $4.5 million, $1.5 million and $3.5 million, respectively. The decrease in compensation and benefits expense was due primarily to a reduction in staffing related to the cessation of national mortgage banking operations in the quarter ended December 31, 2023. The decrease in data processing expense was due primarily to expenses recognized in the prior year period related to the implementation of the new core operating system in August 2023. The decrease in other operating expense was due primarily to a $978,000 decrease in the net loss on captive insurance operations due to the dissolution of the captive insurance company in September 2023; a decrease in loss contingency accrual for SBA-guaranteed loans of $14,000 in 2024 compared to an increase of $1.0 million in 2023; and a decrease of $270,000 in loan expense for 2024 as compared to 2023 due primarily to lower mortgage loan originations related to the cessation of the national mortgage banking operations in the quarter ended December 31, 2023.

The Company recognized income tax expense of $145,000 for the three months ended September 30, 2024 compared to income tax benefit of $737,000 for the same period in 2023. The increase was primarily due to higher taxable income in the 2024 period.

Comparison of Financial Condition at September 30, 2024 and September 30, 2023

Total assets increased $161.5 million, from $2.29 billion at September 30, 2023 to $2.45 billion at September 30, 2024. Net loans held for investment increased $193.6 million during the year ended September 30, 2024 due primarily to growth in residential real estate, residential construction, and commercial real estate loans. Loans held for sale decreased by $20.1 million from $45.9 million at September 30, 2023 to $25.7 million, primarily due to the winddown of the national mortgage banking operations. Residential mortgage loan servicing rights decreased $59.8 million during the year ended September 30, 2024, due to the sale of the entire residential mortgage loan servicing rights portfolio during the year.

Total liabilities increased $135.4 million due primarily to increases in total deposits of $199.1 million, which included an increase in brokered deposits of $70.8 million, partially offset by a decrease in FHLB borrowings of $61.5 million. As of September 30, 2024, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 30.1% of total deposits and 13.7% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

Common stockholders’ equity increased $26.1 million, from $151.0 million at September 30, 2023 to $177.1 million at September 30, 2024, due primarily to a $18.4 million decrease in accumulated other comprehensive loss and an increase in retained net income of $7.0 million. The decrease in accumulated other comprehensive loss was due primarily to decreasing long term market interest rates during the year ended September 30, 2024, which resulted in an increase in the fair value of securities available for sale. At September 30, 2024 and September 30, 2023, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724

FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)


	Three Months Ended						Years Ended
OPERATING DATA:	September 30,						September 30,
(In thousands, except share and per share data)		2024			2023			2024			2023

Total interest income	$	32,223		$	28,137		$	121,988		$	103,229
Total interest expense		17,146			12,601			63,926			41,655

Net interest income		15,077			15,536			58,062			61,574

Provision for credit losses – loans		1,808			815			3,492			2,612
Provision (credit) for unfunded lending commitments		(262	)		–			(421	)		–
Provision (credit) for credit losses – securities		(86	)		–			21			–

Total provision for credit losses		1,460			815			3,092			2,612

Net interest income after provision for credit losses		13,617			14,721			54,970			58,962

Total noninterest income		2,842			5,442			12,530			25,342
Total noninterest expense		12,642			21,647			52,890			76,122

Income (loss) before income taxes		3,817			(1,484	)		14,610			8,182
Income tax expense (benefit)		145			(737	)		1,018			10

Net income (loss)	$	3,672		$	(747	)	$	13,592		$	8,172

Net income (loss) per share, basic	$	0.54		$	(0.11	)	$	1.99		$	1.19
Weighted average shares outstanding, basic		6,833,376			6,817,365			6,830,466			6,848,311

Net income (loss) per share, diluted	$	0.53		$	(0.11	)	$	1.98		$	1.19
Weighted average shares outstanding, diluted		6,877,518			6,837,919			6,856,520			6,880,072


Performance ratios (annualized)
Return on average assets		0.61	%		(0.13	%)		0.58	%		0.37	%
Return on average equity		8.52	%		(1.82	%)		8.31	%		5.04	%
Return on average common stockholders’ equity		8.52	%		(1.82	%)		8.31	%		5.04	%
Net interest margin (tax equivalent basis)		2.72	%		3.03	%		2.68	%		3.10	%
Efficiency ratio		70.55	%		103.19	%		74.92	%		87.58	%


							QTD						FYTD
FINANCIAL CONDITION DATA:	September 30,			June 30,			Increase			September 30,			Increase
(In thousands, except per share data)		2024			2024		(Decrease)				2023		(Decrease)

Total assets	$	2,450,368		$	2,393,491		$	56,877		$	2,288,854		$	161,514
Cash and cash equivalents		52,142			42,423			9,719			30,845			21,297
Investment securities		249,719			238,785			10,934			229,039			20,680
Loans held for sale		25,716			125,859			(100,143	)		45,855			(20,139	)
Gross loans		1,985,146			1,846,769			138,377			1,787,143			198,003
Allowance for credit losses (1)		21,294			19,789			1,505			16,900			4,394
Interest earning assets		2,277,512			2,239,109			38,403			2,083,397			194,115
Goodwill		9,848			9,848			–			9,848			–
Core deposit intangibles		398			438			(40	)		561			(163	)
Loan servicing rights		2,754			2,860			(106	)		62,819			(60,065	)
Noninterest-bearing deposits		191,528			201,854			(10,326	)		242,237			(50,709	)
Interest-bearing deposits (customer)		1,180,196			1,111,143			69,053			1,001,238			178,958
Interest-bearing deposits (brokered)		509,157			399,151			110,006			438,319			70,838
Federal Home Loan Bank borrowings		301,640			425,000			(123,360	)		363,183			(61,543	)
Subordinated debt and other borrowings		48,603			48,563			40			48,444			159
Total liabilities		2,273,253			2,225,491			47,762			2,137,873			135,380
Accumulated other comprehensive loss		(11,195	)		(17,415	)		6,220			(29,587	)		18,392
Stockholders’ equity		177,115			168,000			9,115			150,981			26,134

Book value per share	$	25.72		$	24.41		$	1.31		$	21.99		$	3.73
Tangible book value per share – Non-GAAP (2)		24.23			22.91			1.32			20.47			3.76

Non-performing assets:
Nonaccrual loans – SBA guaranteed	$	5,036		$	5,049		$	(13	)	$	5,091		$	(55	)
Nonaccrual loans		11,906			11,705			201			8,857			3,049
Total nonaccrual loans	$	16,942		$	16,754		$	188		$	13,948		$	2,994
Accruing loans past due 90 days		–			–			–			–			–
Total non-performing loans		16,942			16,754			188			13,948			2,994
Foreclosed real estate		444			444			–			474			(30	)
Troubled debt restructurings classified as performing loans		–			–			–			1,266			(1,266	)
Total non-performing assets	$	17,386		$	17,198		$	188		$	15,688		$	1,698

Asset quality ratios:
Allowance for credit losses as a percent of total gross loans		1.07	%		1.07	%		0.00	%		0.95	%		0.13	%
Allowance for credit losses as a percent of nonperforming loans		125.69	%		118.12	%		7.57	%		121.16	%		4.52	%
Nonperforming loans as a percent of total gross loans		0.85	%		0.91	%		(0.05	%)		0.78	%		0.07	%
Nonperforming assets as a percent of total assets		0.71	%		0.72	%		(0.01	%)		0.69	%		0.02	%

(1) The Company adopted ASU 2016-13 Topic 326 on October 1, 2023. Allowance was determined using current expected credit loss methodology (CECL) for the quarters ended September, June, and March 2024 and December 2023. Allowance was determined using the previous incurred loss methodology as of September 30, 2023.
(2) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of these figures.

RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.

	Three Months Ended						Fiscal Year Ended
	September 30,						September 30,
		2024			2023			2024			2023
Net Income (In thousands)
Net income attributable to the Company (non-GAAP)	$	3,660		$	2,824		$	11,674		$	12,731
Plus: Reversal of contingent liability, net of tax effect		–			–			212			–
Plus: Record Visa Class C shares, net of tax effect		15			–			342			–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		–			–			492			–
Plus: Adjustment to MSR valuation allowance, net of tax effect		–			–			583			–
Plus: Gain (loss) on premises and equipment, net of tax effect		(3	)		–			87			–
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		–			–			117			–
Plus: Distribution from equity investment, net of tax effect		–			–			85			–
Plus: Gain from repurchase of subordinated debt, net of tax effect		–			–			–			513
Less: Net loss on sales of available for sale securities and time deposits, net of tax effect		–			–			–			(429	)
Less: Data processing system conversion, net of tax effect		–			(979	)		–			(1,119	)
Less: MSR valuation allowance for intended sale, net of tax effect		–			(598	)		–			(598	)
Less: Loss contingency for SBA-guaranteed loans, net of tax effect		–			(779	)		–			(1,160	)
Less: Mortgage banking loss contingencies, net of tax effect		–			(296	)		–			(847	)
Less: Professional fees related to mortgage banking loss contingencies, net of tax effect		–			(919	)		–			(919	)
Net income attributable to the Company (GAAP)	$	3,672		$	(747	)	$	13,592		$	8,172

Net Income per Share, Diluted
Net income per share, diluted (non-GAAP)	$	0.53		$	0.41		$	1.70		$	1.85
Plus: Reversal of contingent liability, net of tax effect		–			–			0.03			–
Plus: Record Visa Class C shares, net of tax effect		–			–			0.05			–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		–			–			0.07			–
Plus: Adjustment to MSR valuation allowance, net of tax effect		–			–			0.09			–
Plus: Gain (loss) on premises and equipment, net of tax effect		–			–			0.01			–
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		–			–			0.02			–
Plus: Distribution from equity investment, net of tax effect		–			–			0.01			–
Plus: Gain from repurchase of subordinated debt, net of tax effect		–			–			–			0.07
Less: Net loss on sales of available for sale securities and time deposits, net of tax effect		–			–			–			(0.06	)
Less: Data processing system conversion, net of tax effect		–			(0.14	)		–			(0.16	)
Less: MSR valuation allowance for intended sale, net of tax effect		–			(0.09	)		–			(0.09	)
Less: Loss contingency for SBA-guaranteed loans, net of tax effect		–			(0.11	)		–			(0.17	)
Less: Mortgage banking loss contingencies, net of tax effect		–			(0.05	)		–			(0.12	)
Less: Professional fees related to mortgage banking loss contingencies, net of tax effect		–			(0.13	)		–			(0.13	)
Net income per share, diluted (GAAP)	$	0.53		$	(0.11	)	$	1.98		$	1.19

Core Banking Net Income (In thousands)
Net income attributable to the Core Bank (non-GAAP)	$	4,081		$	5,046		$	15,449		$	18,338
Plus: Reversal of contingent liability, net of tax effect		–			–			212			–
Plus: Record Visa Class C shares, net of tax effect		15			–			342			–
Plus: Adjustment to MSR valuation allowance, net of tax effect		–			–			583			–
Plus: Gain (loss) on premises and equipment, net of tax effect		(3	)		–			87			–
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		–			–			117			–
Plus: Distribution from equity investment, net of tax effect		–			–			85			–
Plus: Gain from repurchase of subordinated debt, net of tax effect		–			–			–			513
Less: Net loss on sales of available for sale securities and time deposits, net of tax effect		–			–			–			(429	)
Less: Data processing system conversion, net of tax effect		–			(979	)		–			(1,119	)
Less: MSR valuation allowance for intended sale, net of tax effect		–			(598	)		–			(598	)
Less: Mortgage banking loss contingencies, net of tax effect		–			(296	)		–			(847	)
Less: Professional fees related to mortgage banking loss contingencies, net of tax effect		–			(919	)		–			(919	)
Net income (loss) attributable to the Core Bank (GAAP)	$	4,093		$	2,254		$	16,875		$	14,939

Core Bank Net Income per Share, Diluted
Core Bank net income per share, diluted (non-GAAP)	$	0.60		$	0.74		$	2.26		$	2.67
Plus: Reversal of contingent liability, net of tax effect		–			–			0.03			–
Plus: Record Visa Class C shares, net of tax effect		–			–			0.05			–
Plus: Adjustment to MSR valuation allowance, net of tax effect		–			–			0.09			–
Plus: Gain (loss) on premises and equipment, net of tax effect		–			–			0.01			–
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		–			–			0.02			–
Plus: Distribution from equity investment, net of tax effect		–			–			0.01			–
Plus: Gain from repurchase of subordinated debt, net of tax effect		–			–			–			0.07
Less: Net loss on sales of available for sale securities and time deposits, net of tax effect		–			–			–			(0.06	)
Less: Data processing system conversion, net of tax effect		–			(0.14	)		–			(0.16	)
Less: MSR valuation allowance for intended sale, net of tax effect		–			(0.09	)		–			(0.09	)
Less: Mortgage banking loss contingencies, net of tax effect		–			(0.05	)		–			(0.12	)
Less: Professional fees related to mortgage banking loss contingencies, net of tax effect		–			(0.13	)		–			(0.13	)
Core Bank net income per share, diluted (GAAP)	$	0.60		$	0.33		$	2.47		$	2.18

Efficiency Ratio (In thousands)
Net interest income (GAAP)	$	15,077		$	15,536		$	58,062		$	61,574

Noninterest income (GAAP)		2,842			5,442			12,530			25,342

Noninterest expense (GAAP)		12,646			21,647			52,890			76,122

Efficiency ratio (GAAP)		70.55	%		103.19	%		74.92	%		87.58	%

Noninterest income (GAAP)	$	2,842		$	5,442		$	12,530		$	25,342
Plus: Record Visa Class C shares		20			–			456			–
Plus: Adjustment to MSR valuation allowance		–			–			777			–
Plus: Gain (loss) on premises and equipment		(4	)		–			116			–
Plus: Distribution from equity investment		–			–			113			–
Plus: Gain from repurchase of subordinated debt		–			–			–			684
Less: Net loss on sales of available for sale securities and time deposits		–			–			–			(572	)
Less: MSR valuation allowance for intended sale		–			(797	)		–			(797	)
Noninterest income (Non-GAAP)		2,858			4,645			13,992			24,657

Noninterest expense (GAAP)	$	12,642		$	21,647		$	52,890		$	76,122
Plus: Reversal of contingent liability		–			–			283			–
Plus: Decrease in loss contingency for SBA-guaranteed loans		–			–			656			–
Plus: Adjustment to previous data processing contract termination accrual		–			–			156			–
Less: Data processing system conversion		–			(1,305	)		–			(1,492	)
Less: Loss contingency for SBA-guaranteed loans		–			(1,039	)		–			(1,547	)
Less: Mortgage banking loss contingencies		–			(395	)		–			(1,129	)
Less: Professional fees related to mortgage banking loss contingencies		–			(1,225	)		–			(1,225	)
Noninterest expense (Non-GAAP)		12,642			17,683			53,985			70,729

Efficiency ratio (excluding nonrecurring items) (non-GAAP)		70.49	%		87.62	%		74.92	%		82.02	%


Tangible Book Value Per Share	September 30,			June 30,			Increase			September 30,			Increase
(In thousands, except share and per share data)		2024			2024		(Decrease)				2023		(Decrease)

Stockholders’ equity, net of noncontrolling interests (GAAP)	$	177,115		$	168,000		$	9,115		$	150,981		$	26,134
Less: goodwill and core deposit intangibles		(10,246	)		(10,286	)		40			(10,409	)		163
Tangible equity (non-GAAP)	$	166,869		$	157,714		$	9,155		$	140,572			26,297

Outstanding common shares		6,887,106			6,883,656		$	3,450			6,867,121			19,985

Tangible book value per share (non-GAAP)	$	24.23		$	22.91		$	1.32		$	20.47		$	3.76

Book value per share (GAAP)	$	25.72		$	24.41		$	1.31		$	21.99		$	3.73


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):	As of
Summarized Consolidated Balance Sheets	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except per share data)		2024			2024			2023			2023			2023

Total cash and cash equivalents	$	52,142		$	42,423		$	62,969		$	33,366		$	30,845
Total investment securities		249,719			238,785			240,142			246,801			229,039
Total loans held for sale		25,716			125,859			19,108			22,866			45,855
Total loans, net of allowance for credit losses		1,963,852			1,826,980			1,882,458			1,841,953			1,770,243
Loan servicing rights		2,754			2,860			3,028			3,711			62,819
Total assets		2,450,368			2,393,491			2,364,983			2,308,092			2,288,854

Customer deposits	$	1,371,724		$	1,312,997		$	1,239,271		$	1,180,951		$	1,243,475
Brokered deposits		509,157			399,151			548,175			502,895			438,319
Total deposits		1,880,881			1,712,148			1,787,446			1,683,846			1,681,794
Federal Home Loan Bank borrowings		301,640			425,000			315,000			356,699			363,183

Common stock and additional paid-in capital	$	27,725		$	27,592		$	27,475		$	27,397		$	27,064
Retained earnings – substantially restricted		173,337			170,688			167,648			163,753			166,306
Accumulated other comprehensive income (loss)		(11,195	)		(17,415	)		(17,144	)		(13,606	)		(29,587	)
Unearned stock compensation		(901	)		(999	)		(1,096	)		(1,194	)		(1,015	)
Less treasury stock, at cost		(11,851	)		(11,866	)		(11,827	)		(11,827	)		(11,787	)
Total stockholders’ equity		177,115			168,000			165,056			164,523			150,981

Outstanding common shares		6,887,106			6,883,656			6,883,160			6,883,160			6,867,121


	Three Months Ended
Summarized Consolidated Statements of Income	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except per share data)		2024			2024			2023			2023			2023

Total interest income	$	32,223		$	31,094		$	30,016		$	28,655		$	28,137
Total interest expense		17,146			16,560			15,678			14,542			12,601
Net interest income		15,077			14,534			14,338			14,113			15,536
Provision for credit losses – loans		1,808			501			713			412			815
Provision (credit) for unfunded lending commitments		(262	)		158			(259	)		–			–
Provision (credit) for credit losses – securities		(86	)		84			23			–			–
Net interest income after provision for credit losses		13,617			13,791			13,861			13,701			14,721

Total noninterest income		2,842			3,196			3,710			2,782			5,442
Total noninterest expense		12,642			12,431			11,778			16,039			21,647
Income (loss) before income taxes		3,817			4,556			5,793			444			(1,484	)
Income tax expense (benefit)		145			483			866			(476	)		(737	)
Net income (loss)	$	3,672		$	4,073		$	4,927		$	920		$	(747	)


Net income (loss) per share, basic	$	0.54		$	0.60		$	0.72		$	0.13		$	(0.11	)
Weighted average shares outstanding, basic		6,833,376			6,832,452			6,832,130			6,823,948			6,817,365

Net income (loss) per share, diluted	$	0.53		$	0.60		$	0.72		$	0.13		$	(0.11	)
Weighted average shares outstanding, diluted		6,877,518			6,842,336			6,859,611			6,839,704			6,837,919


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Noninterest Income Detail	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands)		2024			2024			2023			2023			2023

Service charges on deposit accounts	$	552		$	538		$	387		$	473		$	479
ATM and interchange fees		642			593			585			449			816
Net loss on sales of available for sale securities		–			–			–			–			(11	)
Net unrealized gain on equity securities		28			419			6			38			11
Net gain on sales of loans, Small Business Administration		647			581			951			834			538
Mortgage banking income		6			49			53			89			3,018
Increase in cash surrender value of life insurance		363			353			333			329			311
Commission income		294			220			220			222			182
Real estate lease income		122			154			115			115			116
Net gain on premises and equipment		(4	)		–			120			–			20
Other income		192			289			940			233			(38	)
Total noninterest income	$	2,842		$	3,196		$	3,710		$	2,782		$	5,442


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Consolidated Performance Ratios (Annualized)		2024			2024			2023			2023			2023

Return on average assets		0.61	%		0.69	%		0.92	%		0.16	%		(0.13	%)
Return on average equity		8.52	%		9.86	%		13.06	%		2.42	%		(1.82	%)
Return on average common stockholders’ equity		8.52	%		9.86	%		13.06	%		2.42	%		(1.82	%)
Net interest margin (tax equivalent basis)		2.72	%		2.67	%		2.66	%		2.69	%		3.03	%
Efficiency ratio		70.55	%		70.11	%		65.26	%		94.93	%		103.19	%


	As of or for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Consolidated Asset Quality Ratios		2024			2024			2023			2023			2023

Nonperforming loans as a percentage of total loans		0.85	%		0.91	%		0.82	%		0.83	%		0.78	%
Nonperforming assets as a percentage of total assets		0.71	%		0.72	%		0.68	%		0.69	%		0.69	%
Allowance for credit losses as a percentage of total loans		1.07	%		1.07	%		1.02	%		1.01	%		0.95	%
Allowance for credit losses as a percentage of nonperforming loans		125.69	%		118.12	%		124.01	%		121.16	%		121.16	%
Net charge-offs to average outstanding loans		0.02	%		0.01	%		0.01	%		0.00	%		0.04	%


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands)		2024			2024			2023			2023			2023

Core Banking Segment:
Net interest income	$	14,083		$	13,590		$	13,469		$	13,113		$	14,167
Provision (credit) for credit losses – loans		1,339			320			909			(49	)		1,266
Provision (credit) for unfunded lending commitments		78			64			(259	)		–			–
Provision (credit) for credit losses – securities		(86	)		84			23			–			–
Net interest income after provision for credit losses		12,752			13,122			12,796			13,162			12,901
Noninterest income		2,042			2,474			2,537			1,679			2,136
Noninterest expense		10,400			10,192			10,093			10,252			13,559
Income before income taxes		4,394			5,404			5,240			4,589			1,478
Income tax expense		301			689			729			541			3
Net income	$	4,093		$	4,715		$	4,511		$	4,048		$	1,475

SBA Lending Segment (Q2 Business Capital, LLC):
Net interest income	$	994		$	944		$	869		$	1,003		$	990
Provision (credit) for credit losses – loans		469			181			(196	)		461			(451	)
Provision (credit) for unfunded lending commitments		(340	)		94			–			–			–
Net interest income after provision for credit losses		865			669			1,065			542			1,441
Noninterest income		800			722			1,173			1,003			367
Noninterest expense		2,242			2,239			1,685			2,146			2,907
Income (loss) before income taxes		(577	)		(848	)		553			(601	)		(1,099	)
Income tax expense (benefit)		(156	)		(206	)		137			(131	)		(273	)
Net income (loss)	$	(421	)	$	(642	)	$	416		$	(470	)	$	(826	)

Mortgage Banking Segment: (3)
Net interest income (loss)	$	–		$	–		$	–		$	(3	)	$	379
Provision for credit losses – loans		–			–			–			–			–
Provision for unfunded lending commitments		–			–			–			–			–
Net interest income (loss) after provision for credit losses		–			–			–			(3	)		379
Noninterest income		–			–			–			100			2,939
Noninterest expense		–			–			–			3,641			5,181
Loss before income taxes		–			–			–			(3,544	)		(1,863	)
Income tax benefit		–			–			–			(886	)		(467	)
Net loss	$	–		$	–		$	–		$	(2,658	)	$	(1,396	)

(3) National mortgage banking operations were ceased in the quarter ended December 31, 2023 and subsequent immaterial mortgage lending activity is reported within the Core Banking segment.


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except percentage data)		2024			2024			2023			2023			2023

Net Income (Loss) Per Share by Segment
Net income per share, basic – Core Banking	$	0.60		$	0.69		$	0.66		$	0.59		$	0.22
Net income (loss) per share, basic – SBA Lending (Q2 Business Capital, LLC)		(0.06	)		(0.09	)		0.06			(0.07	)		(0.12	)
Net income (loss) per share, basic – Mortgage Banking		0.00			0.00			0.00			(0.40	)		(0.21	)
Total net income (loss) per share, basic	$	0.54		$	0.60		$	0.72		$	0.12		$	(0.11	)

Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted – Core Banking	$	0.60		$	0.69		$	0.66		$	0.59		$	0.22
Net income (loss) per share, diluted – SBA Lending (Q2 Business Capital, LLC)		(0.06	)		(0.09	)		0.06			(0.07	)		(0.12	)
Net loss per share, diluted – Mortgage Banking		0.00			0.00			0.00			(0.40	)		(0.21	)
Total net income (loss) per share, diluted	$	0.54		$	0.60		$	0.72		$	0.12		$	(0.11	)

Return on Average Assets by Segment (annualized) (4)
Core Banking		0.71	%		0.83	%		0.80	%		0.73	%		0.28	%
SBA Lending		(1.71	%)		(2.91	%)		1.81	%		(2.11	%)		(3.81	%)

Efficiency Ratio by Segment (annualized) (4)
Core Banking		64.50	%		63.45	%		63.06	%		69.31	%		83.17	%
SBA Lending		124.97	%		134.39	%		82.52	%		106.98	%		214.22	%


	Three Months Ended
Noninterest Expense Detail by Segment	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands)		2024			2024			2023			2023			2023

Core Banking Segment:
Compensation	$	5,400		$	5,587		$	5,656		$	5,691		$	6,528
Occupancy		1,554			1,573			1,615			1,481			1,418
Advertising		399			253			205			189			404
Other		3,047			2,779			2,617			2,891			5,209
Total Noninterest Expense	$	10,400		$	10,192		$	10,093		$	10,252		$	13,559

SBA Lending Segment (Q2 Business Capital, LLC):
Compensation	$	1,854		$	1,893		$	1,933		$	1,826		$	1,533
Occupancy		55			51			58			91			68
Advertising		17			12			7			10			10
Other		316			283			(313	)		219			1,296
Total Noninterest Expense	$	2,242		$	2,239		$	1,685		$	2,146		$	2,907

Mortgage Banking Segment: (4)
Compensation	$	–		$	–		$	–		$	2,146		$	3,647
Occupancy		–			–			–			469			395
Advertising		–			–			–			119			129
Other		–			–			–			907			1,010
Total Noninterest Expense	$	–		$	–		$	–		$	3,641		$	5,181

(4) Ratios for Mortgage Banking Segment are not considered meaningful due to cessation of national mortgage banking operations in the quarter ended December 31, 2023.


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):
	Three Months Ended
SBA Lending (Q2 Business Capital, LLC) Data	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except percentage data)		2024			2024			2023			2023			2023

Final funded loans guaranteed portion sold, SBA	$	10,880		$	7,515		$	15,144		$	14,098		$	8,431

Gross gain on sales of loans, SBA	$	1,029		$	811		$	1,443		$	1,303		$	809
Weighted average gross gain on sales of loans, SBA		9.46	%		10.79	%		9.53	%		9.24	%		9.60	%

Net gain on sales of loans, SBA (5)	$	647		$	581		$	951		$	834		$	538
Weighted average net gain on sales of loans, SBA		5.95	%		7.73	%		6.28	%		5.92	%		6.38	%

(5) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Average Balance Sheets	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands)		2024			2024			2023			2023			2023
Interest-earning assets
Average balances:
Interest-bearing deposits with banks	$	16,841		$	26,100		$	24,587		$	20,350		$	21,631
Loans		1,988,997			1,943,716			1,914,609			1,857,654			1,796,749
Investment securities – taxable		99,834			101,350			102,699			103,728			105,393
Investment securities – nontaxable		158,917			157,991			157,960			159,907			160,829
FRB and FHLB stock		24,986			24,986			24,986			24,968			24,939
Total interest-earning assets	$	2,289,575		$	2,254,143		$	2,224,841		$	2,166,607		$	2,109,541

Interest income (tax equivalent basis):
Interest-bearing deposits with banks	$	209		$	324		$	261		$	249		$	266
Loans		29,450			28,155			27,133			26,155			25,214
Investment securities – taxable		910			918			923			942			969
Investment securities – nontaxable		1,685			1,665			1,662			1,687			1,695
FRB and FHLB stock		471			519			499			74			428
Total interest income (tax equivalent basis)	$	32,725		$	31,581		$	30,478		$	29,107		$	28,572

Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks		4.96	%		4.97	%		4.25	%		4.89	%		4.92	%
Loans		5.92	%		5.79	%		5.67	%		5.63	%		5.61	%
Investment securities – taxable		3.65	%		3.62	%		3.59	%		3.63	%		3.68	%
Investment securities – nontaxable		4.24	%		4.22	%		4.21	%		4.22	%		4.22	%
FRB and FHLB stock		7.54	%		8.31	%		7.99	%		1.19	%		6.86	%
Total interest-earning assets		5.72	%		5.60	%		5.48	%		5.37	%		5.42	%

Interest-bearing liabilities
Interest-bearing deposits	$	1,563,258		$	1,572,871		$	1,549,012		$	1,389,384		$	1,385,994
Fed funds purchased		–			–			–			–			76
Federal Home Loan Bank borrowings		378,956			351,227			333,275			440,786			353,890
Subordinated debt and other borrowings		48,576			48,537			48,497			48,458			48,406
Total interest-bearing liabilities	$	1,990,790		$	1,972,635		$	1,930,784		$	1,878,628		$	1,788,366

Interest expense:
Interest-bearing deposits	$	12,825		$	12,740		$	12,546		$	9,989		$	9,457
Fed funds purchased		–			–			–			–			1
Federal Home Loan Bank borrowings		3,521			3,021			2,298			3,769			2,459
Subordinated debt and other borrowings		800			799			833			784			684
Total interest expense	$	17,146		$	16,560		$	15,677		$	14,542		$	12,601

Weighted average cost (annualized):
Interest-bearing deposits		3.28	%		3.24	%		3.24	%		2.88	%		2.73	%
Fed funds purchased		0.00	%		0.00	%		0.00	%		0.00	%		5.26	%
Federal Home Loan Bank borrowings		3.72	%		3.44	%		2.76	%		3.42	%		2.78	%
Subordinated debt and other borrowings		6.59	%		6.58	%		6.87	%		6.47	%		5.65	%
Total interest-bearing liabilities		3.45	%		3.36	%		3.25	%		3.10	%		2.82	%

Net interest income (taxable equivalent basis)	$	15,579		$	15,021		$	14,801		$	14,565		$	15,971
Less: taxable equivalent adjustment		(502	)		(487	)		(463	)		(452	)		(435	)
Net interest income	$	15,077		$	14,534		$	14,338		$	14,113		$	15,536

Interest rate spread (tax equivalent basis, annualized)		2.27	%		2.24	%		2.23	%		2.27	%		2.60	%

Net interest margin (tax equivalent basis, annualized)		2.72	%		2.67	%		2.66	%		2.69	%		3.03	%

The MIL Network –

January 25, 2025

MIL-OSI China: China’s police chief meets Italian interior minister on security cooperation

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

BEIJING, Oct. 24 — China is willing to work with Italy on drug control and combating transnational organized crime, Chinese State Councilor and Minister of Public Security Wang Xiaohong said in Beijing on Thursday while meeting with Italian Interior Minister Matteo Piantedosi.

Noting that this year marks the 20th anniversary of the establishment of the China-Italy comprehensive strategic partnership, Wang said that under the guidance of the important consensus reached by the leaders of the two countries, China is willing to work with Italy to carry forward the traditional friendship, enhance strategic mutual trust, maintain exchanges through mechanisms, and enrich cooperation on law enforcement.

Wang noted that China stands ready to deepen practical cooperation with Italy in areas such as drug control and cracking down on telecom fraud and transnational organized crime, to effectively protect each other’s national security interests and promote bilateral relations to a higher level.

Piantedosi said Italy is willing to enhance law-enforcement and security cooperation with China to jointly address security issues.

MIL OSI China News –

January 25, 2025

MIL-OSI USA: Cantwell Celebrates 67 New Affordable Homes At Airway Heights Ribbon-Cutting Ceremony

US Senate News:

Source: United States Senator for Washington Maria Cantwell

10.24.24

Cantwell Celebrates 67 New Affordable Homes At Airway Heights Ribbon-Cutting Ceremony

In addition to 51 new rental units, Highland Village Phase II will include 16 for-sale affordable homes; A Cantwell-championed federal program covered $13.2 million, or 62% of total project cost

AIRWAY HEIGHTS, WA – Today, U.S. Senator Maria Cantwell (D-WA) joined Community Frameworks, Habitat for Humanity-Spokane, and other community leaders in celebrating the grand opening of Highland Village Phase II. The project will add 67 affordable homes to an affordable apartment complex in Airway Heights focused on providing a mixed-income community of multifamily rental and homeownership homes.

Highland Village Phase II was paid for in part by the Low-Income Housing Tax Credit (LIHTC), a federal housing program championed by Sen. Cantwell. LIHTC funds covered $13.198 million of the total project cost.

“It’s all about just having a place to call home. We sometimes take that for granted, but then we meet individuals who don’t have that opportunity, and you see how precious it really is — it gives people a start. It gives people an opportunity to get back on their feet, to have the life that they want to have,” Sen. Cantwell said. “I think most people in America get it: Build more supply, and you’ll drive down price. But here we’re building more in Highland Village, so that we can bring down the price and give people options.”

The Highland Village development is a multi-year effort. The second phase included a mix of 51 apartment homes completed by Community Frameworks and 16 single family homes for affordable homeownership completed by Habitat for Humanity. The rental homes will be available this fall, and the Habitat homes will be available by December of 2024, with the families moving in throughout the fall and winter. Additional phases of Highland Village will continue through 2026.

Sen. Cantwell has been a longtime supporter of affordable housing and the Low-Income Housing Tax Credit and is currently the leading Senate proponent of a pending tax package that would significantly boost the LIHTC program. That legislation was approved by the House earlier this year on an overwhelming bipartisan vote and includes two provisions authored by Sen. Cantwell to enhance LIHTC, which together represent the most significant investment in affordable housing in the last 35 years.

Since its creation in 1986, LIHTC has helped pay for 90% of the federally-funded affordable housing construction across the country, and has financed over 3.8 million affordable homes, including more than 100,000 in Washington state. The economic activity that the credit generated has supported nearly 170,000 jobs and generated more than $19 billion in wages.

More information about Sen. Cantwell’s work to include an expansion to the LIHTC program in the bipartisan tax package is available HERE.

Photos of today’s grand opening are HERE; video of Sen. Cantwell’s remarks are HERE; and a transcript is HERE

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Cantwell, Law Enforcement, & Elected Leaders Talk New Tools to Fight Spokane’s Fentanyl Epidemic

US Senate News:

Source: United States Senator for Washington Maria Cantwell
10.24.24
Cantwell, Law Enforcement, & Elected Leaders Talk New Tools to Fight Spokane’s Fentanyl Epidemic
Spokane Fire Station 1 is busiest in the state & responds to triple the typical number of calls, driven largely by drug overdoses; Bill intro’d by Cantwell – and endorsed by SPD chief and Spokane sheriff – could help halt the flow of fentanyl into Spokane
SPOKANE, WA – Today, U.S. Senator Maria Cantwell (D-WA) joined Spokane Mayor Lisa Brown, Spokane Police Department Chief Kevin Hall, Spokane County Commissioner Chris Jordan, and Spokane County Sheriff John Nowels for a press conference focused on new legislation introduced by Sen. Cantwell — the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act — that would empower local law enforcement with new tools to halt the flow of fentanyl into the region.
The press conference was held at Spokane Fire Station 1, which is the busiest fire station in the state. The station currently responds to around 6,300 calls per year – more than triple the norm for a comparable station.
“We want people to know that these resources are worth fighting for,” Sen. Cantwell said. “Congress [must] put more focus onto this. We think that if we all work with these resources at the federal and state level and at the local level — and give local law enforcement and our first responders more tools — it will help.”
Sen. Cantwell’s new bill would crack down on smugglers using the U.S. transportation network to traffic illicit synthetic drugs, like fentanyl. The bill would create first-ever inspection strategies to stop drug smuggling by commercial aircraft, railroads, vehicles and ships. The legislation would also boost state, local, and tribal local law enforcement resources, deploy K9s and next generation non-intrusive detection technologies, and increase inspections at ports of entry.
The Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act has been endorsed by both SPD Chief Kevin Hall and Sheriff Nowels, along with numerous elected officials and law enforcement leaders from across the State of Washington.
Photos of today’s press conference are HERE; video is HERE; and a transcript of Sen. Cantwell’s remarks is HERE.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Washington Rail Systems to Receive $115M in Infrastructure Upgrades

US Senate News:

Source: United States Senator for Washington Maria Cantwell

10.24.24

Washington Rail Systems to Receive $115M in Infrastructure Upgrades

Nine projects awarded include $37.7M for RR that moves Eastern WA wheat, $26.3M for Port of Kalama rail expansion to load grain exports faster; Awards also go to projects in Tacoma, Moses Lake, Chewelah, Rainier, Ferry County, and Puget Sound Rail Corridor

SPOKANE, WA – Today, U.S. Senators Maria Cantwell (D-WA), chair of the Senate Committee on Commerce, Science, and Transportation, and Patty Murray (D-WA), chair of the Senate Appropriations Committee, announced nine major investments in Washington state’s rail system infrastructure, totaling $115,577,598.

The improvements will boost railroad capacity all across the state, helping move freight and agricultural products quickly and more safely between our communities and on to international markets.

The grants come from the Federal Railroad Administration’s (FRA) Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which funds projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail.

The Washington State Department of Transportation (WSDOT) received $37,700,000 million for final design and construction of rehabilitation of the Palouse River & Coulee City Railroad (PCC). This is in addition to a $72.8 million CRISI grant for the railroad project that WSDOT received last year.

“Wheat farmers in the state rely heavily on the Washington State Grain Train to help export 90 percent of the product they grow. This funding will replace lightweight, 100-year-old, worn rail with 34 miles of upgraded heavyweight track to accommodate heavy railcars, allowing train speeds to double, helping farmers get their goods to market more efficiently,” Sen. Cantwell said.

“Washington state growers need fast and reliable transportation systems to get their products to market, especially if they want to compete in tough international markets—this is critical for our wheat growers and this major federal investment will help ensure Washington state farmers have the kind of infrastructure they need to succeed,” said Sen. Murray. “This is the Bipartisan Infrastructure Law at work—strengthening supply chains and upgrading our infrastructure so that America can compete and win the 21^st century.”

This PCC project is part of a multi-phase effort to improve the railroad system so it can handle heavier, faster rail cars and better withstand extreme weather conditions. Grant funding will help replace light-weight worn rail and rotten railroad ties, as well as rebuild dilapidated roadway crossings and surface tracks. Federal funds will cover 65% of the total project cost.

The PCC serves a critical part of the wheat supply chain in Eastern Washington. This project will help ensure rural Eastern Washington agricultural products remain competitive in the global marketplace, by helping products reach customers faster. Rehabilitation of this freight corridor is important to maintain the region’s economic viability. By keeping rail shipments available and competitive, this project will reduce road maintenance, enhance economic development, improve the environment, and bring long-term jobs to rural communities.

The Port of Kalama received $26,323,386 for a rail expansion project.

“The Port of Kalama is already one of the largest grain export terminals on the West Coast. This funding will increase the port’s grain terminal efficiency by 25-30 percent meaning that farmers not just from Washington, but as far east as Wisconsin, can get their products to market faster,” Sen. Cantwell said.

“These new replacement tracks are going to help the Port of Kalama transport even more goods, including grain, from rail to ship, faster than ever by allowing it to store empty trains at the port,” said Sen. Murray. “This is going to be a real boost for trade in the region, and it is exactly what the Bipartisan Infrastructure Law looks like at work—strengthening supply chains and upgrading our infrastructure so that America can compete and win the 21st century.”

The proposed project will replace rail tracks at the Port of Kalama in Washington. The replacement tracks will support storage of two loaded and two empty trains simultaneously at the port. The project is expected to increase loading efficiency in the direct loading of grain from rail to ship by up to 30 percent. The Port of Kalama will contribute a 20 percent match. Sen. Cantwell wrote a letter in support of the project to U.S. Secretary of Transportation Pete Buttigieg, that letter is available HERE. Sen. Murray wrote a letter of support for the project to U.S. Secretary of Transportation Pete Buttigieg.

The St. Paul & Pacific Northwest Railroad Company received $23,469,151 to improve track along the railroad’s main line in northeast Washington.

“The St. Paul & Pacific Northwest railroad transports two million tons of lumber and other goods annually across Eastern Washington. With this funding, the railroad will upgrade and rehabilitate over 80 miles of mainline track, speeding products to market more safely and reliably,” Sen. Cantwell said.

“This funding is going to help update outdated rail infrastructure that Washington state businesses and consumers rely on—this means safer, more efficient rails while creating good paying jobs,” said Sen. Murray. “This is the Bipartisan Infrastructure Law at work—strengthening supply chains and upgrading our infrastructure so that America can compete and win the 21st century.”

The proposed project on this line between Chewelah, WA and Columbia Gardens, British Columbia, will replace approximately 18 miles (in two sections) of older jointed rail with 136 lb. continuous welded rail and install approximately 85,000 new concrete and steel rail ties along the entire line. This will upgrade the line to meet FRA Class 3 classification requirements, which improves safety and reliability. St. Paul & Pacific Northwest will contribute a 21 percent match. Sen. Cantwell wrote a letter in support of the project to Sec. Buttigieg, that letter is available HERE. Sen. Murray wrote a letter of support for the project to U.S. Secretary of Transportation Pete Buttigieg.

The Columbia Basin Railroad Company, which operates between Moses Lake and Connell in central Washington, received $11,552,000 to rehabilitate approximately 10 miles of their railroad line.

“The Columbia Basin Railroad serves over 50 businesses and is a lifeline for Washington farmers and exporters across Grant, Lincoln, Spokane, Adams, and Whitman counties. This funding will facilitate critically needed track repairs which will enable increased freight capacity and operating speeds,” Sen. Cantwell said.

“When it comes to the rails our trains travel every day—and which connect companies and communities across Washington state with crucial goods, services, and opportunities—it is important we have safe, reliable tracks,” said Sen. Murray. “By helping to replace some 8,000 cross ties, and 10 miles of rail, this funding will help us make sure the tracks serving the Columbia Basin are in tip top shape and will safely increase operating speeds and capacity. This is the Bipartisan Infrastructure Law at work—strengthening supply chains and upgrading our infrastructure so that America can compete and win the 21st century.”

The proposed project will replace approximately ten miles of rail and approximately 8,000 cross ties on the Columbia Basin Railroad. This will enhance safety and improve system performance as the project will return the line to a state of good repair, increase operating speeds, and allow for increased capacity to move freight, benefitting over 50 customers served by the Columbia Basin Railroad. Columbia Basin Railroad will contribute a 20 percent match.

Tacoma Rail received $8,316,000 to replace the engines of four old locomotive with new Tier 4 diesel electric engines that will reduce harmful NOx emissions by about 90 percent. This is in addition to $4.095 million the railroad received last year to replace two high-polluting diesel electric switcher locomotives with two zero-emission battery-electric switcher locomotives. Sen. Murray wrote a letter of support for the project to U.S. Secretary of Transportation Pete Buttigieg.

“With this grant funding, Tacoma Rail will replace the engines of four old locomotives with new clear diesel electric engines. This will reduce emissions by 200 tons per year and reduce fuel consumption by more than 18,000 gallons of diesel fuel annually. A significant step in contributing to the region’s climate action goals and reducing shipping costs for farmers,” Sen. Cantwell said.

“This investment will help ensure we reduce carbon emissions while still moving freights as quickly and efficiently as possible—and creating good-paying jobs in the process,” said Sen. Murray. “This is the Bipartisan Infrastructure Law at work—helping us build a stronger clean energy economy while upgrading our national infrastructure.”

Tier 0 project locomotives are equipped with diesel engines that were built between 1973 and 1992 – before the first federal EPA emission standards for locomotives were developed in 1997. The new engines will eliminate the consumption of more than 18,000 gallons of diesel fuel a year, which is expected to reduce up to 200 short tons of greenhouse gas emissions. These new locomotives will help the City of Tacoma and Port of Tacoma achieve local, county, regional, and state air quality and climate goals.

WSDOT’s Puget Sound Rail Corridor Improvement Project received $6,451,894.25 to improve safety and help prevent winter weather delays.

“The Puget Sound Rail Corridor Improvement Project will upgrade rail switches between Everett and Vancouver, lowering maintenance costs and reducing weather delays for the two million passengers that ride Amtrak and Sound Transit each year,” Sen. Cantwell said.

“I’m pleased to see this funding come back to Washington state to help keep trains running through our Puget Sound Corridor quickly, smoothly, and safely. Steps to tackle issues like eliminating gaps and preventing ice and snow build up are crucial to keep our tracks open and trains running full steam ahead—which is why this funding is so important. This is the Bipartisan Infrastructure Law at work—strengthening supply chains and upgrading our infrastructure so that America can compete and win the 21st century,” said Sen. Murray.

The proposed project will eliminate potentially dangerous gaps between rails and install electrically powered heaters on turnouts to prevent ice and snow buildup. This will enhance resilience, safety, and performance. The Washington State Department of Transportation and BNSF will contribute a 50 percent match.

Rainier Rail received $1,765,167 to improve four bridges in Western Washington, including the Minnesota St. Bridge in Rainier, WA.

“Rainier Rail provides important transportation connections for goods including aircraft materials and animal feed moving through western Washington. This project will improve their track capacity and replace aging rail ties to ensure they can continue serving customers in our state,” Sen. Cantwell said.

“This investment will help modernize existing infrastructure so that Rainier Rail can accommodate more freight, getting more goods to where they need to go more quickly,” said Sen. Murray. “This is the Bipartisan Infrastructure Law at work—strengthening supply chains and upgrading our infrastructure so that America can compete and win the 21^st century.”

The bridge improvements include replacement of structural components, increasing clearance on the Minnesota St. Bridge, installing larger rail to accommodate 286,000 lb. railcars, and replacing aging rail ties. The project will create a safer, more resilient, and environmentally sustainable rail network in the region as it will address safety concerns, environmental preservation, capacity limitations, climate resilience, and supply chain efficiency. Rainier Rail will contribute a 21 percent match.

A portion of two other grants announced today will fund rail upgrades in Washington state.

OmniTRAX received $50,570,400 to replace of railroad ties on four OmniTRAX-owned short lines across four states – including a line in Ferry County.

“Kettle Falls Railroad is a strategic rail asset in Ferry County, supporting millions of dollars in economic activity in Washington state. This funding will install new ties along nearly 30 miles of rail enabling freight to move more reliably and efficiently in Northeast Washington,” Sen. Cantwell said.

“This funding will help deliver timely infrastructure updates in Washington state—meaning safer, more efficient, and more resilient railways,” said Sen. Murray. “This is the Bipartisan Infrastructure Law at work—strengthening supply chains and upgrading our infrastructure so that America can compete and win the 21^st century.”

OmniTRAX will install 24,513 ties on approximately 29.9 miles of the KFR San Poil Subdivision near Danville, Washington. The line connects Kettle Falls to Grand Forks, Canada. The project will harden rail assets and update infrastructure, which will benefit rail users served by the short lines. OmniTRAX will contribute a 20 percent match. Sen. Cantwell wrote a letter in support of the project to Sec. Buttigieg, that letter is available HERE. Sen. Murray wrote a letter of support for the project to U.S. Secretary of Transportation Pete Buttigieg.

Watco Companies received $19,843,062 to replace diesel locomotives with battery electric, zero emission locomotives at their facilities, including the Packaging Corporation of America in Washington.

“With this funding we are replacing old diesel locomotives with clean battery electric, zero emission locomotives—that helps us cut down on harmful emissions and unhealthy pollution from diesel,” said Sen. Murray. “This is the Bipartisan Infrastructure Law at work—helping us build a stronger clean energy economy while upgrading our national infrastructure.”

The U.S. Department of Transportation is providing $2.477 billion in CRISI grants to 122 projects across the nation this year.

Sen. Cantwell secured $5 billion over 5 years for the CRISI program in her Surface Transportation Investment Act which was included in the 2021 Bipartisan Infrastructure Law, tripling annual funding for the program.

The funding for the CRISI program comes from a mixture of annual appropriations and the Bipartisan Infrastructure Law—as Senate Appropriations Chair, Sen. Murray authors the annual appropriations bills and, as then Assistant Majority Leader, she played a critical role in passing the Bipartisan Infrastructure Law. Sen. Murray secured a total of $2.97 billion for the Federal Railroad Administration in the fiscal year 2024 government funding bill she negotiated and passed into law and set aside $100,000,000 specifically for the competitive CRISI grants.

Sen. Murray also passed into law major reforms and oversight provisions to address the rail safety deficiencies identified in the East Palestine, Ohio, train derailment, providing a $27.3 million increase for FRA’s safety and operations budget for rail safety inspectors in the Fiscal Year 2024 government funding bills. Murray also included language directing specific research requirements for: (1) wayside detection technology, operational alert thresholds, and rail carrier response protocols to inform and verify the technologies capabilities and establish industry-wide standards; and (2) long-train operational safety to evaluate equipment safety standards for brake systems and wheel performance to inform the development of continuous component monitoring. Sen. Murray also increased funding for the Pipeline and Hazardous Materials Safety Administration’s (PHMSA) emergency preparedness grants to $46.825 million and required the agency to conduct research to improve the survivability of placards identifying hazardous materials on trains. Sen. Murray is currently negotiating and working to pass into law Fiscal Year 2025 funding bills and the Senate funding bill Sen. Murray passed out of committee builds on these efforts to improve rail safety and strengthen rail safety funding.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Cotton, Colleagues to DOJ and FTC: Systemic, Weaponized Leaks Violate Ethics Rules

US Senate News:

Source: United States Senator for Arkansas Tom Cotton

FOR IMMEDIATE RELEASE
Contact: Caroline Tabler or Patrick McCann (202) 224-2353
October 24, 2024

Cotton, Colleagues to DOJ and FTC: Systemic, Weaponized Leaks Violate Ethics Rules

Washington, D.C. — Senator Tom Cotton (R-Arkansas) today led four of his colleagues in a letter to Department of Justice Inspector General Michael Horowitz and Federal Trade Commissioner Inspector General Andrew Katsaros, demanding an investigation into systemic media leaks. These leaks, all to the same media outlet, resulted in negative headlines about the Biden-Harris administration’s antitrust targets and potentially violated ethics rules.

Co-signers to the letter included Senate Republican Leader Mitch McConnell (R-Kentucky), Senators Thom Tillis (R-North Carolina), Bill Cassidy (R-Louisiana), and Pete Ricketts (R-Nebraska).

In part, the senators wrote:

“These leaks result in negative headlines about the administration’s targets while the targeted companies have no way to respond, as they haven’t yet seen the potential lawsuits. Both DOJ and FTC have ethics rules that prohibit leaking civil cases before the cases are filed.”

Full text of the letter may be found here and below.

October 24, 2024

The Honorable Michael Horowitz
United States Department of Justice
Office of the Inspector General
950 Pennsylvania Avenue, NW
Washington, DC 20530

Mr. Andrew Katsaros Inspector General
Federal Trade Commission

600 Pennsylvania Avenue, NW

Washington, DC 20580

Dear Inspectors General Horowitz and Katsaros,

We write asking you to investigate whether the Department of Justice and the Federal Trade Commission have violated their own ethics rules by systematically leaking potential antitrust cases to a specific media outlet.

Since 2023, Bloomberg News has broken the news in at least twelve instances that DOJ or FTC was “preparing” or “poised” to take legal action before a lawsuit was filed. Indeed, the same journalist reported on eleven of these cases. This pattern strongly suggests that certain officials at DOJ and FTC are intentionally publicizing legal action days or weeks before filing.

These leaks result in negative headlines about the administration’s targets while the targeted companies have no way to respond, as they haven’t yet seen the potential lawsuits. Both DOJ and FTC have ethics rules that prohibit leaking civil cases before the cases are filed.^[*]

Bloomberg News reporting DOJ and FTC antitrust actions before the filing of a lawsuit

January 23, 2023: DOJ Poised to Sue Google Over Digital Ad Market Dominance
February 23, 2023: DOJ Preps Antitrust Suit to Block Adobe’s $20 Billion Figma Deal
May 15, 2023: Amgen’s $28 Billion Horizon Deal Faces Unexpected FTC Hurdle
June 29, 2023: Lina Khan Is Coming for Amazon, Armed With an FTC Antitrust Suit
October 16, 2023: Real Estate Brokers Pocketing Up to 6% in Fees Draw Antitrust Scrutiny
February 20, 2024: FTC, States to Sue Over Kroger-Albertsons Deal Next Week
March 20, 2024: Justice Department to Sue Apple for Antitrust Violations
April 10, 2024: Nippon Steel Bid to Buy US Steel Gets Extended Antitrust Review
April 17, 2024: Tapestry’s $8.5 Billion Capri Deal Faces Planned FTC Lawsuit
May 22, 2024: US Justice Department to Seek Breakup of Live Nation-Ticketmaster
July 10, 2024: FTC Preparing Suit Against Drug Middlemen Over Insulin Rebates
September 23, 2024: Visa Faces Justice Department Antitrust Case on Debit Cards

These leaks aren’t just unethical, but they harm these companies’ employees, shareholders, and others. If the companies have engaged in wrongdoing, by all means the government should try them in a court of law. But the Biden-Harris administration shouldn’t try them in the liberal media. These leaks appear to be simply one more instance of this administration weaponizing the administrative state against politically disfavored opponents and critics, much like DOJ investigating parents at school-board meetings or the FTC targeting Elon Musk and Twitter for insufficient censorship of conservatives.

We urge you to investigate promptly these systematic, unethical, and potentially illegal leaks.

Sincerely,

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Murphy, Blumenthal, Congressional Democrats File Amicus Brief Urging Ninth Circuit Court To Affirm EMTALA Requires Hospitals To Provide Emergency Stabilizing Care, Preempts Draconian Abortion Ban

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

October 24, 2024

WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) joined 257 Democratic members of Congress in submitting an amicus brief to the U.S. Court of Appeals for the Ninth Circuit in Moyle v. United States and Idaho v. United States, two consolidated cases concerning the Emergency Medical Treatment and Labor Act (EMTALA) under consideration by the en banc Ninth Circuit. EMTALA is a federal law that requires hospitals that receive Medicare funding to provide necessary “stabilizing treatment” to patients experiencing medical emergencies, which can include abortion care.

After the Dobbs decision in 2022, a draconian anti-abortion law in Idaho went into effect that makes it a felony for a doctor to terminate a patient’s pregnancy unless it is “necessary” to prevent the patient’s death. The United States sued the State of Idaho, arguing that the state’s law is preempted by EMTALA in those circumstances in which abortion may not be necessary to prevent imminent death, but still constitutes the necessary stabilizing treatment for a patient’s emergency medical condition. The district court agreed; it held that in those limited, but critically important situations, EMTALA requires Medicare-participating hospitals to provide abortion as an emergency medical treatment. Idaho Republicans appealed that ruling to the Supreme Court, which lifted the injunction and took the case in January—in March, Murphy and Blumenthal joined 256 other members of Congress in filing an amicus brief asking the Supreme Court to affirm the district court decision. In June, the Supreme Court dismissed the case but without a ruling on the merits, sending the case back to the Ninth Circuit Court and reinstating the district court’s injunction.

In their brief in support of the Justice Department, the lawmakers ask the Ninth Circuit to uphold the district court’s ruling. They argue that the congressional intent, text, and history of EMTALA make clear that covered hospitals must provide abortion care when it is the necessary stabilizing treatment for a patient’s emergency medical condition, and that EMTALA preempts Idaho’s abortion ban in emergency situations that present a serious threat to a patient’s health.

“Respecting the supremacy of federal law is about more than just protecting our system of government; it is about protecting people’s lives,” the members wrote. “If this Court allows Idaho’s near-total abortion ban to supersede federal law, pregnant patients in Idaho will continue to be denied appropriate medical treatment, placing them at heightened risk for medical complications and severe adverse health outcomes… And health care providers, unwilling to let Idaho’s law override their medical judgment regarding their patients’ best interests, will continue their exile from Idaho, creating maternity-care ‘deserts’ all over the state.” The members point to numerous reports of OB/GYNs leaving Idaho en masse since the state’s abortion ban went into effect—Idaho has since lost fifty-five percent of its maternal-fetal medicine specialists and three rural hospitals have shut down maternity services altogether.

“These are not hypothetical scenarios. Because Idaho’s abortion ban contains no clear exceptions for the ‘emergency medical conditions’ covered by EMTALA, it forces physicians to wait until their patients are on the verge of death before providing abortion care. The result in other states with similar laws has been ‘significant maternal morbidity,’” the members continued, highlighting harrowing reports of pregnant women with severe health complications being denied necessary abortion care, including an Idaho woman who was flown to Utah for an abortion while hemorrhaging, leaking amniotic fluid, and terrified that she would not survive to care for her two other children. “Federal law does not allow Idaho to endanger the lives of its residents in this way.”

In their brief, the members also clarify that the references to “unborn child” in EMTALA were intended to expand hospitals’ obligations with respect to providing stabilizing treatment—not contract them or take away the obligation to provide abortion care in certain circumstances.

The members’ brief also counters an argument from Idaho and its amici that the Supremacy Clause does not apply in this case because EMTALA was passed using Spending Clause authority, and therefore acts only as a condition on Medicare funding. The members make clear that all laws passed by Congress are entitled to preemption—regardless of their source of constitutional authority—and states cannot pass laws that make it impossible for private parties to accept federal funding, inhibiting the purpose of the federal law.

“EMTALA requires abortion when necessary to stabilize a patient with an emergency medical condition, Idaho’s near-total abortion ban is preempted to the extent that it prevents doctors from providing that care,” the members added. “This Court should reject Appellants’ novel theory that EMTALA is not entitled to preemptive effect because it was enacted pursuant to Congress’s spending power. Under the Supremacy Clause, all ‘the constitutional laws enacted by congress,’ constitute ‘the supreme Law of the Land,’. As the Supreme Court has repeatedly held, the principle of federal supremacy applies to laws passed pursuant to Congress’s spending authority no less than it does to laws effectuating other enumerated powers.”

The members conclude by asking the Ninth Circuit to affirm the district court’s decision that EMTALA requires Medicare-participating hospitals to provide abortion care when it is necessary as emergency medical treatment.

U.S. Senators Chuck Schumer (D-N.Y.), Patty Murray (D-Wash.), Ron Wyden (D-Ore.), Dick Durbin (D-Ill.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Cory Booker (D-N.J.), Sherrod Brown (D-Ohio), Laphonza Butler (D-Calif.), Maria Cantwell (D-Wash.), Ben Cardin (D-Md.), Tom Carper (D-Del.), Bob Casey Jr. (D-Pa.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), Paul Helmy (D-Calif.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Angus King Jr. (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Jeanne Shaheen (D-N.H.), Kyrsten Sinema (I-Ariz.), Tina Smith (D-Minn.), Debbie Stabenow (D-Mich.), Jon Tester (D-Mont.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.) also signed the amicus brief.

In the House, the brief was signed by 211 U.S. Representatives.

The members’ amicus brief to the Supreme Court can be read in full HERE.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Manchin Announces $49.7 Million to Upgrade West Virginia’s Water Infrastructure

US Senate News:

Source: United States Senator for West Virginia Joe Manchin

October 24, 2024

Charleston, WV – Today, U.S. Senator Joe Manchin (I-WV), member of the Senate Appropriations Committee, announced $49,700,000 from the Environmental Protection Agency (EPA) to upgrade water and wastewater infrastructure across West Virginia. The funding will promote the safe management of wastewater, protect local freshwater resources and deliver clean drinking water to homes, schools and businesses.

“The Bipartisan Infrastructure Law continues to deliver historic investments for West Virginia,” said Senator Manchin. “I’m pleased the EPA is awarding more than $49 million to upgrade water infrastructure across our state, which will promote public health and strengthen economic development. I look forward to seeing the positive impacts of this funding and, as a member of the Senate Appropriations Committee, I will continue working with the EPA to ensure every West Virginian across the Mountain State has access to clean, reliable water.”

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Manchin Announces $29.7 Million to Strengthen and Improve West Virginia Railroad Infrastructure

US Senate News:

Source: United States Senator for West Virginia Joe Manchin

October 24, 2024

Charleston, WV – Today, U.S. Senator Joe Manchin (I-WV), member of the Senate Appropriations Committee, announced $29,708,000 from the U.S. Department of Transportation (DOT) Federal Railroad Administration (FRA) for two railroad infrastructure projects in West Virginia. The funding will help complete critical repairs to the Winchester & Western Railroad and the Belpre Industrial Parkersburg Railroad.

“I’m pleased the Department of Transportation is awarding more than $29.7 million to improve service, safety and efficiency along the Winchester & Western and Belpre Industrial Parkersburg railroad lines,” said Senator Manchin. “The robust funding announced today is a great investment in further connecting West Virginia communities, and I am confident that it will bring more visitors to our great state and spur substantial economic development. As a member of the Senate Appropriations Committee, I will continue advocating for resources that strengthen and improve transportation infrastructure across the Mountain State.”

Individual awards listed below:

$22,796,000 – Winchester & Western Railroad (WWRR) Acquisition: Panhandle Rail Industrial Development Expansion Project

This funding will support final design and construction activities to rehabilitate segments of the WWRR mainline in West Virginia and Maryland to eliminate all remaining legacy rail and old tie structure.

$6,912,000 – Belpre Industrial Parkersburg (BIP) Railroad: BIP Railroad Regional Connectivity Improvements Project

This project will complete final design and construction activities to repair two bridges on the Belpre Industrial Parkersburg BIP Railroad in Ohio and West Virginia.

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: More Government services under one roof on the Gold Coast

Source: Ministers for Social Services

25 October 2024

Joint with:

THE HON BILL SHORTEN MP
MINISTER FOR THE NATIONAL DISABILITY INSURANCE SCHEME
MINISTER FOR GOVERNMENT SERVICES

THE HON JULIAN HILL MP
ASSISTANT MINISTER FOR CITIZENSHIP AND MULTICULTURAL AFFAIRS

Government services are now more accessible for people on the Gold Coast, with citizenship testing now available at Services Australia’s Biggera Waters Service Centre.

Biggera Waters is the first citizenship testing site for the Gold Coast, and the first Services Australia service centre to deliver such large-scale testing – offering up to 100 tests a week.

The service is now available at 44 service centres across the country, with Services Australia delivering more than 2,800 tests every month.

Citizenship testing at the Biggera Waters Service Centre is a partnership between Services Australia and the Department of Home Affairs.

The test consists of 20 multiple choice questions to demonstrate an applicants’ knowledge of Australia, the English language, understanding of what it means to become an Australian citizen and their commitment to Australian values.

Biggera Waters Service Centre is located at 97-99 Brisbane Road Biggera Waters, and is open from 8:30am – 4:30pm, Monday to Friday.

The Department of Home Affairs allocates the date, time and place of appointments, which can be rescheduled through the Department online.

More information on citizenship testing can be found at the Department of Home Affairs website, and more information on Biggera Waters Service Centre can be found at the Services Australia website.

Quotes attributable to Minister for Government Services the Hon. Bill Shorten MP

“Bringing multiple services together under one roof is the kind of sensible approach to government services people expect, and we’re delivering on that.”

“Thanks to this fantastic partnership between Services Australia and the Department of Home Affairs, more than 2,800 citizenship tests are happening at Services Australia service centres nationally every month.”

“Before the Biggera Waters Service Centre offered citizenship testing, people living on the Gold Coast or Logan had to travel up the M1 to the Brisbane CBD, or to Tweed Heads, to sit a test.”

“Not only are we saving South East Queenslanders time, we’re ensuring they have easily accessible, face-to-face government services when they need it.”

“This is just one of the many ways we’re making face-to-face government services easier to access for all Australians.”

Quotes attributable to Assistant Minister for Citizenship and Multicultural Affairs, the Hon. Julian Hill MP

“Citizenship is the common legal bond that binds, protects and empowers Australians as a people.”

“Citizenship testing is an integral part of the Citizenship process, and this partnership with Services Australia makes it more accessible for people on the Gold Coast.”

“More than 150,000 people complete a Citizenship test nationally each year, with Services Australia facilitating almost 20 per cent of those tests last financial year.”

“These numbers demonstrate Services Australia’s critical role in the citizenship process, with thousands expected to benefit from this new service at Biggera Waters.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Reduce crime – new laws introduced

Source: Australia – Northern Territory Government

25 October 2024

The Territory Government has introduced new laws to reduce crime and improve safety.

They include:

stronger bail laws
mandatory minimum sentences for assaulting workers
offences for ram raids and posting and boasting online
lowering the age of criminal responsibility from 12 to 10
additional powers to tackle nuisance public drinking and knife crime.

The laws aim to target people doing the wrong thing without negatively impacting everyday Territorians.

Reduced crime means improved safety, a better lifestyle and stronger economy for all Territorians and visitors.

What happens now

Now the bills have passed in the October parliamentary sittings, they will progress to the Administrator of the Northern Territory (NT) for assent. Once law, the following will commence:

new nuisance public drinking offence
the age of criminal responsibility is lowered to 10 (meaning youths are 10 to 17 year olds)
new ram raid offence
new posting and boasting offence
mandatory sentencing for assaulting workers
more police powers to detect knife crime.

The remaining changes to bail reform (Declan’s Law) will commence by January 2025. This allows adequate time for the necessary operational changes in the justice system and corrections.

Declan’s Law is named after Declan Laverty, who was killed on 19 March 2023, after being attacked while at work.

For more information on the crime reduction laws, go to the Chief Minister and Cabinet website.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Additional humanitarian assistance to Lebanon

Source: Australian Government – Minister of Foreign Affairs

Australia will provide a further $10 million in humanitarian assistance to conflict-affected civilians in Lebanon.

Around 800,000 people have been displaced in Lebanon by the conflict between Israel and Hizballah. Emergency shelters have been overwhelmed and humanitarian workers killed.

Australia’s humanitarian assistance will be delivered through United Nations partners to address immediate and emerging needs, including access to food, shelter, healthcare and other critical services.

This will support international efforts, including through the International Conference in Support of Lebanon’s People and Sovereignty, convened in Paris overnight.

Since 7 October 2023, we have committed $94.5 million in humanitarian assistance to support civilians impacted by conflicts in Gaza and Lebanon and to respond to the refugee crisis in the region worsened by those conflicts.

Australia has been clear in its call for ceasefires in both Lebanon and in Gaza. We continue to call for all parties to uphold international law and protect civilians and humanitarian workers.

We continue to advise Australians not to travel to Lebanon. Australians in Lebanon should leave. Australians in Lebanon can register on DFAT’s Crisis Portal or by calling the Australian Government’s 24-hour Consular Emergency Centre on +61 2 6261 3305.

Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:

“The conflict in Lebanon is taking a heavy toll on civilians, including women and children, with around 800,000 people having now been displaced.

“Australia and our partners continue to press for ceasefires in Lebanon and in Gaza. This additional contribution will help those in urgent need, through access to food, shelter and healthcare.”

Quotes attributable to Minister for International Development and The Pacific, the Hon Pat Conroy MP:

“Civilians and humanitarian workers must be protected, and humanitarian personnel must be able to access all individuals in need of assistance.”

“Australia’s humanitarian funding will provide critical services for people displaced or affected by these conflicts and help protect the most vulnerable.”

MIL OSI News –

January 25, 2025

MIL-OSI New Zealand: Zero Waste Champions lead the way at the 2024 Tāmaki Makaurau Awards

Source: Auckland Council

Wonky cherries transformed into cola, discarded fishing nets repurposed into kitchen panels, a waste waka cleaning the streets, and community composting efforts were all celebrated at the 2024 Tāmaki Makaurau Zero Waste Awards.

The awards night, held on Thursday 24 October, honoured outstanding contributions to zero waste initiatives from people right across Auckland. Among the guests were the 170 individuals, groups, schools, marae, businesses, and social enterprises that were nominated for their dedication to reducing waste and championing sustainability across the region.

“We celebrate the work and success of Zero Waste Award winners and nominees in reducing waste and supporting a circular economy. We had a record number of nominations this year which is testament to the ingenuity and aspirations of every Aucklander working in this space. Auckland Council congratulates the winners and thanks everyone who is striving for a Zero-Waste future,” says Parul Sood, Deputy Director Resilience and Infrastructure at Auckland Council.

Judges Charmaine Bailie (Uru Whakaaro), Ngarimu Blair (Ngāti Whātua Ōrākei), Parul Sood (Auckland Council) and Carla Gee (EcoMatters) selected winners as well as highly commending several other entries in each of the six categories.

Rangatahi Leadership Award – Rangatahi, rangawhenua, rangatangata

The winner is Pacific Vision Aotearoa’s Food Hub Gang. The self-named trio of young volunteers – Nazihah Buksh, Ayla Brockes, and Alena Lui – collects food scraps from New World supermarket to create compost at the Papatoetoe Food Hub. Despite their busy schedules, they contribute weekly with dedication, diverting 1.5 tonnes of waste from landfills. Each member has a unique role, with their efforts supporting community gardens and highlighting the importance of reducing waste.

Growing the Movement Award – Whakakanohi i te kaupapa para kore

The winner is Brigitte Sistig, co-founder of Repair Cafe Aotearoa NZ and a key figure since 2013. She launched the Repair Café in 2016 with Auckland Council funding, delivering 18 events with 12 community partners across Tāmaki Makaurau. Now largely volunteering, she helps manage 22 regular Repair Cafes in Auckland, at both permanent and pop-up locations, with the first Repair Festival having taken place in September 2024. Brigitte also leads the Right to Repair Aotearoa Coalition, advocating for the Consumer Guarantees (Right to Repair) Amendment Bill Campaign.

Community Collaboration Award – Hā ora, Hāpori

The winner is Junk2Go, a rubbish collection business in Avondale that focuses on diverting usable items to people in need instead of sending them to landfill. Collected items like furniture, clothing, appliances, and e-waste are sorted and donated through the “Junk2Go turning Junk2Good” initiative. Nothing is sold. Their depot opens weekly to charity partners, allowing them and the families they support to freely take what they need, helping to turn houses into homes.

Cultural Connection Award – Whīria te ahurea, whīria te kaitīakitanga

The winner is PlanetFM, a not-for-profit community radio station, that amplifies the voices of Tāmaki Makaurau’s minority and special interest groups. It has supported the zero waste campaign by broadcasting programmes and ads in multiple languages, including Arabic, Nepali, and Tamil, to reach ethnically diverse communities. Volunteers were trained to promote zero waste and used their networks to extend the campaign’s impact, delivering messages in culturally relevant ways through trusted community leaders.

Innovation Award – Anga whakamua

The winner is Clevaco. Clevaco created New Zealand’s first circular building foundation with its CLEVA POD® system, made from 100% recycled plastic. This system replaces polystyrene pods and can be fully recovered during demolition, avoiding landfill waste. CLEVA POD® offers the building industry an easy, sustainable alternative. Clevaco partners with companies committed to environmental practices, helping them adopt circular construction and sustainable building methods.

Community Engagement – Food Scraps Service Rollout – Rukenga kai

The joint winners are A Fool’s Company and the EcoMatters Food Scraps team.

A Fool’s Company helped roll out the food scraps service with an interactive theatre show for primary schools in Tāmaki Makaurau. “Freddie’s Food Scraps Quest: A Rukenga Kai Story” is a 45-minute performance combining storytelling, comedy, music, and audience participation. Teaching children the importance of rukenga kai, 75 shows have reached over 11,000 children and 500 adults since August 2023. The success has led to renewed funding, allowing free performances across the region and expansion into recycling education.

The EcoMatters Food Scraps team received six individual nominations. They spent 10 months educating Tāmaki Makaurau residents on using the rukenga kai service. A team of 25 canvassers held over 35,000 conversations across 98 areas, putting in 3000 hours. They engaged the public at community events, door-knocking, and even beside sports fields.

This year’s awards were organised by EcoMatters Environment Trust, in partnership with Auckland Council, as part of its aspirational goal for Tāmaki Makaurau to be zero waste by 2040.

MIL OSI New Zealand News –

January 25, 2025

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Cantwell Celebrates 67 New Affordable Homes At Airway Heights Ribbon-Cutting Ceremony

In addition to 51 new rental units, Highland Village Phase II will include 16 for-sale affordable homes; A Cantwell-championed federal program covered $13.2 million, or 62% of total project cost

Washington Rail Systems to Receive $115M in Infrastructure Upgrades

Nine projects awarded include $37.7M for RR that moves Eastern WA wheat, $26.3M for Port of Kalama rail expansion to load grain exports faster; Awards also go to projects in Tacoma, Moses Lake, Chewelah, Rainier, Ferry County, and Puget Sound Rail Corridor

What happens now

Rangatahi Leadership Award – Rangatahi, rangawhenua, rangatangata

Growing the Movement Award – Whakakanohi i te kaupapa para kore

Community Collaboration Award – Hā ora, Hāpori

Cultural Connection Award – Whīria te ahurea, whīria te kaitīakitanga

Innovation Award – Anga whakamua

Community Engagement – Food Scraps Service Rollout – Rukenga kai