Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada

MIL-OSI: AGF Investments Announces October 2024 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) today announced the October 2024 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on October 31, 2024 will receive cash distributions payable on November 6, 2024.

Details regarding the final “per unit” distribution amounts are as follows:

ETF	Ticker	Exchange	Cash Distribution Per Unit ($)
AGF Enhanced U.S. Equity Income Fund*	AENU	Cboe Canada Inc.	$0.138874
AGF Total Return Bond Fund*	ATRB	Cboe Canada Inc.	$0.123000
AGF Systematic Global Infrastructure ETF	QIF	Cboe Canada Inc.	$0.138692

*AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

Further information about the AGF ETFs can be found at AGF.com.

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $51 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

Media Contact
Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

January 25, 2025

MIL-OSI: TeraWulf Inc. Announces Upsize and Pricing of $425 Million Convertible Notes Offering

Source: GlobeNewswire (MIL-OSI)

EASTON, Md., Oct. 24, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced the upsize and pricing of its offering of $425 million aggregate principal amount of 2.75% Convertible Senior Notes due 2030 (the “Convertible Notes”). The Convertible Notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

Key Elements of the Transaction:

$425 million 2.75% Convertible Senior Notes offering (32.50% conversion premium)
Capped call transactions entered into in connection with the 2.75% Convertible Senior Notes due 2030 with an initial cap price of $12.80 per share of common stock, which represents a 100% premium to the closing sale price of TeraWulf’s common stock on October 23, 2024
Concurrent repurchase of approximately $115 million of common stock

TeraWulf has granted the initial purchasers of the Convertible Notes a 13-day option to purchase up to an additional $75 million aggregate principal amount of the Convertible Notes. The offering is expected to close on October 25, 2024, subject to satisfaction of customary closing conditions.

Use of Proceeds:

The Company anticipates that the aggregate net proceeds from the offering will be approximately $414.9 million (or approximately $488.1 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions payable by TeraWulf. The Company intends to use approximately $51 million of the net proceeds from the offering to pay the cost of the capped call transactions (as described below), $115 million to repurchase shares of the Company’s common stock (the “common stock”), and the remainder for general corporate purposes, which may include working capital, strategic acquisitions, expansion of data center infrastructure to support HPC activities and expansion of existing assets.

Additional Details of the Convertible Notes:

The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate of 2.75% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025. The Convertible Notes will mature on February 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to November 1, 2029, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

The Convertible Notes will be convertible into cash in respect of the aggregate principal amount of the Convertible Notes to be converted and cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The conversion rate will initially be 117.9245 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $8.48 per share of the common stock). The initial conversion price of the Convertible Notes represents a premium of approximately 32.50% to the $6.40 closing price per share of the common stock on The Nasdaq Capital Market on October 23, 2024. The conversion rate will be subject to adjustment in certain circumstances. In addition, upon conversion in connection with certain corporate events or a notice of redemption, the Company will increase the conversion rate.

The Company may not redeem the Convertible Notes prior to November 6, 2027. The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after November 6, 2027, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption to holders at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Holders of the Convertible Notes will have the right to require the Company to repurchase all or a portion of their Convertible Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) at a cash repurchase price of 100% of their principal amount plus any accrued and unpaid interest, if any, to, but excluding the applicable repurchase date.

Capped Call Transactions:

In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain financial institutions (the “option counterparties”). The cap price of the capped call transactions will initially be $12.80 per share of common stock, which represents a premium of 100% over the last reported sale price of the common stock of $6.40 per share on The Nasdaq Capital Market on October 23, 2024 and will be subject to customary anti-dilution adjustments. If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Convertible Notes to enter into additional capped call transactions with the option counterparties.

The capped call transactions are expected generally to reduce potential dilution to the common stock upon conversion of any Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.

In connection with establishing their initial hedges of the capped call transactions, the Company expects the option counterparties or their respective affiliates to purchase shares of the common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the Convertible Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling shares of the common stock or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so on each exercise date for the capped call transactions or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the Convertible Notes). This activity could also cause or avoid an increase or decrease in the market price of the common stock or the Convertible Notes, which could affect holders of the Convertible Notes’ ability to convert the Convertible Notes and, to the extent the activity occurs following conversion of the Convertible Notes or during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that holders of the Convertible Notes will receive upon conversion of such Convertible Notes.

Share Repurchases:

The Company entered into transactions to repurchase approximately 17.97 million shares of the common stock for an aggregate purchase price of approximately $115 million from purchasers of the Convertible Notes in privately negotiated transactions effected concurrently with the pricing of the Convertible Notes, and the purchase price per share of the common stock repurchased in such transactions will equal the $6.40 closing price per share of the common stock on The Nasdaq Capital Market on October 23, 2024.

The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, securities laws of any other jurisdiction, and the Convertibles Notes and such shares of common stock may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Convertible Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Convertible Notes, nor shall there be any sale of the Convertible Notes or common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts, such as statements concerning the terms of the notes and the capped call transactions, the completion, timing and size of the offering of the notes and the capped call transactions, and the anticipated use of proceeds from the offering (including the proposed share repurchases). All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Investors:
Investors@terawulf.com

Media:
media@terawulf.com

The MIL Network –

January 25, 2025

MIL-OSI: Orezone Provides Hard Rock Expansion Update for Its Bomboré Gold Mine

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Oct. 24, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone”) is pleased to provide an update on the hard rock expansion at its Bomboré Gold Mine. The hard rock expansion is forecasted to increase annual gold production to over 170,000 ounces, an approximate 50% increase from current levels, with first gold planned in Q4-2025.

Site works are well-advanced with the plant-site area cleared and all major earthworks complete. Laydown areas have been prepared and are ready to receive construction equipment, offices, and major plant deliveries. Camp upgrades for construction supervision and teams are also now operational.

Engineering and Procurement

Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and is ahead of schedule on both activities. Lycopodium was selected due to their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s Phase I oxide plant that is currently in operation and exceeding nameplate design.

In terms of procurement, the Company has placed over 50% of all packages including CIL tank platework and 95% of all process equipment. This includes the purchase of a 9MW 26’ diameter SAG mill. The SAG mill is a new, pre-owned mill that was never installed and carries a full warranty by the supplier. Substantial savings in costs and schedule are being realized from the purchase of this manufactured mill. The mill shells, heads and ring gear are now being packaged for shipment later this quarter which is well ahead of schedule.

Site Construction Activities

The concrete installation contract was recently awarded with mobilization of the batch plant and equipment scheduled for mid-November, three months ahead of schedule.

The tank platework supply was awarded in September, and bids for the structural steel and general platework are under evaluation and will be awarded in November.

The main Structural, Mechanical, and Piping installation contract is expected to be awarded in Q1-2025, which again will be ahead of schedule.

Mining Fleet and Explosives Magazine

The first shipment of the hard rock fleet by the mining contractor, which includes new trucks and excavators, has arrived in Burkina Faso and will be transported to site in late October. This early delivery will allow for systematic training of operators well ahead of the start of hard rock mining and will facilitate more cost-effective mining of the lower transition material in the near-term. The remaining hard rock fleet will be delivered to site over the coming six to eight months.

The explosives magazine is in the final stages of completion. Once in service, the Company will be able to purchase and store bulk explosives for mixing and preparation at site, eliminating the need for the more costly pre-mix batch deliveries. A full-service team from AECI will be on site to mix and supply the downhole explosives for blasting of transition and hard rock material.

Patrick Downey, President & CEO stated, “I am extremely pleased with the fast progress made to date on the hard rock expansion. The team has focused on critical areas to accelerate site activities and to meet or exceed key milestones. We look forward to sharing regular updates on this important expansion.”

Figure 1: Hard Rock Plant Area

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

Patrick Downey
President and Chief Executive Officer

Vanessa Pickering
Manager, Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com

For further information please contact Orezone at +1 (778) 945 8977 or visit the Company’s website at www.orezone.com.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

QUALIFIED PERSONS

Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. VP Technical Services of Orezone, are Qualified Persons under NI 43-101 and have reviewed and approved the scientific and technical information contained in this news release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the hard rock expansion including the increase in gold production.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a33214c6-4db5-42c0-8910-83291abd3045

The MIL Network –

January 25, 2025

MIL-OSI: Foodrella Tteokbokki Captivates Global Taste Buds

Source: GlobeNewswire (MIL-OSI)

SEOUL, KOREA, Oct. 24, 2024 (GLOBE NEWSWIRE) — Foodrella, a Korean food brand, has launched a product that allows global consumers to create authentic K-food with a simple recipe.

Once considered a casual snack, tteokbokki has now become deeply embedded in the culinary cultures of the U.S., Europe, and Asia, positioning itself as a pioneer in the globalization of Korean food. Driven by the rising popularity of K-pop and Korean dramas, interest in tteokbokki has surged, especially after K-pop stars were seen enjoying the dish. This has significantly increased demand among international fans eager to experience Korean culture.

In response to this trend, Foodrella’s tteokbokki mix was created to allow consumers to make the dish effortlessly, using just the mix without needing additional seasoning. Since its debut on Amazon, the product has received widespread acclaim from global consumers, offering them an easy way to enjoy K-food at home.

Hanmi F3 Co., Ltd., the manufacturer of Foodrella, was founded in 1987. Specializing in the production of sauces, seasonings, food coatings, beverage bases, bakery & dessert mixes, and pickles, the company primarily caters to the restaurant and cafe franchise sectors. Hanmi F3 is dedicated to quality and safety, earning recognition as a leading domestic food manufacturer, with growing attention in international markets.

Hanmi F3 uses only the finest premium ingredients, ensuring that even with simple processes, its products offer exceptional culinary experiences that add real value to customers’ businesses. The company focuses on providing customized solutions to meet diverse customer needs, while continuously improving products to maintain the highest quality standards.

A representative from Foodrella stated, “We will continue to focus on developing products tailored to global tastes, aiming to establish tteokbokki not just as a snack, but as a dish enjoyed in everyday life by consumers around the world. We plan to expand the market by diversifying both our recipes and product offerings.” The representative also added, “By adopting localized strategies based on the preferences of consumers in different regions, we aim to introduce new tteokbokki products that can be integrated with a variety of local cuisines.”

Instagram: https://www.instagram.com/foodrella.official/

Kakao: https://pf.kakao.com/_thqNC

Facebook: https://www.facebook.com/foodrella

Media Contact

Brand: Foodrella

Contact: Jason Shin

Email: ssw@foodrella.com

Website: https://foodrella.com

The MIL Network –

January 25, 2025

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $6.2 million, or $0.06 per basic and diluted share, for the quarter ended September 30, 2024, as compared to $9.1 million, or $0.09 per basic and diluted share, for the quarter ended September 30, 2023. The income for the quarter ended September 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, and higher provision for credit losses, partially offset by higher non-interest income and lower income tax expense.

For the nine months ended September 30, 2024, the Company reported net income of $9.6 million, or $0.09 per basic and diluted share, as compared to $29.5 million, or $0.29 per basic and diluted share, for the nine months ended September 30, 2023. Earnings for the nine months ended September 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, and higher provision for credit losses, partially offset by higher non-interest income and lower income tax expense. Non-interest income for the 2023 period included a $10.8 million loss on securities transactions.

Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “The third quarter earnings have been challenged by continuing pressure on funding costs. Our net interest margin, which has increased 9 basis points since the first quarter of 2024, and our expense management, we believe, will contribute to improved earnings on a go forward basis. The Company’s balance sheet and capital remain strong. We successfully closed the merger and performed the system conversion of Freehold Bank into Columbia Bank in October 2024. This was the final step of our fourth completed merger over the last five years.”

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

Net income of $6.2 million was recorded for the quarter ended September 30, 2024, a decrease of $2.9 million, or 32.3%, compared to $9.1 million for the quarter ended September 30, 2023. The decrease in net income was primarily attributable to a $3.2 million decrease in net interest income, and a $1.7 million increase in provision for credit losses, partially offset by a $376,000 increase in non-interest income, and a $1.6 million decrease in income tax expense.

Net interest income was $45.3 million for the quarter ended September 30, 2024, a decrease of $3.2 million, or 6.7%, from $48.5 million for the quarter ended September 30, 2023. The decrease in net interest income was primarily attributable to a $20.7 million increase in interest expense on deposits and borrowings, partially offset by a $17.5 million increase in interest income. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields due to market interest rate increases that occurred throughout 2023, and adjustable rate securities and loans tied to various indexes that repriced higher in the 2024 period. The 50 basis point decrease in market rates in September 2024 did not significantly impact the 2024 period results. The increase in interest expense on deposits was driven by the 2023 rate increases and an increase in the average balance of interest-bearing deposits, coupled with the continued intense competition for deposits in the market and the repricing of existing deposits into higher cost products. The increase in interest expense on borrowings was also impacted by an increase in the average balance of borrowings and the increase in interest rates for new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $171,000 for the quarter ended September 30, 2024, compared to $83,000 for the quarter ended September 30, 2023.

The average yield on loans for the quarter ended September 30, 2024 increased 53 basis points to 5.00%, as compared to 4.47% for the quarter ended September 30, 2023, as interest income was influenced by rising interest rates and the average balance of loans. The average yield on securities for the quarter ended September 30, 2024 increased 53 basis points to 2.90%, as compared to 2.37% for the quarter ended September 30, 2023, as new securities purchased during the 2024 period were at higher rates. The average yield on other interest-earning assets for the quarter ended September 30, 2024 increased 81 basis points to 6.72%, as compared to 5.91% for the quarter ended September 30, 2023, due to the rise in average balances and interest rates paid on cash balances and an increase in the dividend rate paid on Federal Home Loan Bank stock.

Total interest expense was $70.6 million for the quarter ended September 30, 2024, an increase of $20.7 million, or 41.6%, from $49.9 million for the quarter ended September 30, 2023. The increase in interest expense was primarily attributable to a 90 basis point increase in the average cost of interest-bearing deposits, coupled with an increase in the average balance of interest-bearing deposits, along with a 17 basis point increase in the average cost of borrowings, coupled with an increase in the average balance of borrowings. Interest expense on deposits increased $16.3 million, or 45.3%, and interest expense on borrowings increased $4.5 million, or 31.9%.

The Company’s net interest margin for the quarter ended September 30, 2024 decreased 22 basis points to 1.84%, when compared to 2.06% for the quarter ended September 30, 2023. The weighted average yield on interest-earning assets increased 53 basis points to 4.70% for the quarter ended September 30, 2024, as compared to 4.17% for the quarter ended September 30, 2023. The average cost of interest-bearing liabilities increased 82 basis points to 3.52% for the quarter ended September 30, 2024, as compared to 2.70% for the quarter ended September 30, 2023. The increase in yields for the quarter ended September 30, 2024 was due to the impact of market interest rate increases in 2023. The net interest margin decreased for the quarter ended September 30, 2024, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets. The Company’s net interest margin for the quarter ended September 30, 2024 when compared to the quarter ended March 31, 2024 increased 9 basis points from 1.75% to 1.84%.

The provision for credit losses for the quarter ended September 30, 2024 was $4.1 million, an increase of $1.7 million, from $2.4 million for the quarter ended September 30, 2023. The increase in provision for credit losses during the quarter was primarily attributable to net charge-offs totaling $2.7 million and an increase in the loan performance qualitative factors.

Non-interest income was $9.0 million for the quarter ended September 30, 2024, an increase of $376,000, from $8.6 million for the quarter ended September 30, 2023. The increase was primarily attributable to an increase of $347,000 in demand deposit account fees, mainly related to commercial account treasury services.

Non-interest expense was $42.8 million for the quarter ended September 30, 2024, a decrease of $76,000, from $42.9 million for the quarter ended September 30, 2023. The decrease was primarily attributable to a decrease in compensation and employee benefits expense of $1.0 million, partially offset by an increase in data processing fees of $666,000, and federal deposit insurance premiums of $317,000. The decrease in compensation and employee benefits expense was the result of workforce reduction and lower incentive compensation related to employee cost cutting strategies implemented during 2023 and 2024. Data processing and software expenses increased due to costs related to cybersecurity and technology enhancements, and federal deposit insurance premiums increased due to the 2024 quarter including an increase in a one-time special assessment charge.

Income tax expense was $1.1 million for the quarter ended September 30, 2024, a decrease of $1.6 million, as compared to income tax expense of $2.7 million for the quarter ended September 30, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 15.5% and 22.9% for the quarters ended September 30, 2024 and 2023, respectively. The effective tax rate for the 2024 quarter was primarily impacted by permanent income tax differences.

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

Net income of $9.6 million was recorded for the nine months ended September 30, 2024, a decrease of $19.9 million, or 67.6%, compared to $29.5 million for the nine months ended September 30, 2023. The decrease in net income was primarily attributable to a $29.0 million decrease in net interest income and a $7.9 million increase in provision for credit losses, partially offset by a $9.5 million increase in non-interest income and a $7.8 million decrease in income tax expense.

Net interest income was $131.6 million for the nine months ended September 30, 2024, a decrease of $29.0 million, or 18.1%, from $160.5 million for the nine months ended September 30, 2023. The decrease in net interest income was primarily attributable to a $79.4 million increase in interest expense on deposits and borrowings, partially offset by a $50.4 million increase in interest income. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields due to market interest rate increases that occurred throughout 2023, and adjustable rate securities and loans tied to various indexes that repriced higher in the 2024 period. The 50 basis point decrease in market rates in September 2024 did not significantly impact the 2024 period results. The increase in interest expense on deposits was driven by the 2023 rate increases and an increase in the average balance of interest-bearing deposits, coupled with the continued intense competition for deposits in the market and the repricing of existing deposits into higher cost products. The increase in interest expense on borrowings was also impacted by an increase in the average balance of borrowings and the increase in interest rates for new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $875,000 for the nine months ended September 30, 2024, compared to $339,000 for the nine months ended September 30, 2023.

The average yield on loans for the nine months ended September 30, 2024 increased 55 basis points to 4.91%, as compared to 4.36% for the nine months ended September 30, 2023, as interest income was influenced by higher interest rates and loan growth. The average yield on securities for the nine months ended September 30, 2024 increased 40 basis points to 2.82%, as compared to 2.42% for the nine months ended September 30, 2023, as a number of adjustable rate securities tied to various indexes repriced higher during the nine months, and new securities purchased during the 2024 period were at higher yields. The average yield on other interest-earning assets for the nine months ended September 30, 2024 increased 90 basis points to 6.35%, as compared to 5.45% for the nine months ended September 30, 2023, due to the rise in average balances and interest rates paid on cash balances and an increase in the dividend rate paid on Federal Home Loan Bank stock.

Total interest expense was $206.2 million for the nine months ended September 30, 2024, an increase of $79.4 million, 62.5%, from $126.9 million for the nine months ended September 30, 2023. The increase in interest expense was primarily attributable to a 134 basis point increase in the average cost of interest-bearing deposits, coupled with an increase in the average balance of interest-bearing deposits, along with a 25 basis point increase in the average cost of borrowings, and an increase in the average balance of borrowings. Interest expense on deposits increased $68.7 million, or 84.1%, and interest expense on borrowings increased $10.6 million, or 23.6%.

The Company’s net interest margin for the nine months ended September 30, 2024 decreased 47 basis points to 1.80%, when compared to 2.27% for the nine months ended September 30, 2023. The weighted average yield on interest-earning assets increased 55 basis points to 4.61% for the nine months ended September 30, 2024, as compared to 4.06% for the nine months ended September 30, 2023. The average cost of interest-bearing liabilities increased 118 basis points to 3.47% for the nine months ended September 30, 2024, as compared to 2.29% for the nine months ended September 30, 2023. The increase in yields for the nine months ended September 30, 2024 was due to the impact of market interest rate increases between periods. The net interest margin decreased for the nine months ended September 30, 2024, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets.

The provision for credit losses for the nine months ended September 30, 2024 was $11.6 million, an increase of $7.9 million, from $3.6 million for the nine months ended September 30, 2023. The increase in provision for credit losses was primarily attributable to net charge-offs totaling $8.2 million and an increase in the loan performance qualitative factors.

Non-interest income was $25.6 million for the nine months ended September 30, 2024, an increase of $9.5 million, from $16.1 million for the nine months ended September 30, 2023. The increase was primarily attributable to a decrease in the loss on securities transactions of $9.6 million.

Non-interest expense was $134.7 million for the nine months ended September 30, 2024, an increase of $321,000, from $134.4 million for the nine months ended September 30, 2023. The increase was primarily attributable to an increase in federal deposit insurance premiums of $2.1 million, due to the 2024 period including an increase in a one-time special assessment charge. In addition, there was an increase in professional fees of $4.9 million, an increase in data processing and software expenses of $1.1 million, an increase in merger-related expense of $457,000, and an increase in other non-interest expense of $1.2 million, partially offset by a decrease in compensation and employee benefits expense of $9.5 million. Professional fees included an increase in legal, regulatory and compliance-related costs while data processing and software expenses increased due to costs related to cybersecurity and technology enhancements. The decrease in compensation and employee benefits expense was the result of workforce reduction and lower incentive compensation related to employee cost cutting strategies implemented during 2023 and 2024.

Income tax expense was $1.3 million for the nine months ended September 30, 2024, a decrease of $7.8 million, as compared to income tax expense of $9.1 million for the nine months ended September 30, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 11.8% and 23.6% for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rate for the 2024 period was also impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $40.9 million, or 0.4%, to $10.7 billion at September 30, 2024 as compared to $10.6 billion at December 31, 2023. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $178.9 million, and an increase in other assets of $21.3 million, partially offset by a decrease in cash and cash equivalents of $139.7 million, and a decrease in loans receivable, net, of $20.7 million.

Cash and cash equivalents decreased $139.7 million, or 33.0%, to $283.5 million at September 30, 2024 from $423.2 million at December 31, 2023. The decrease was primarily attributable to purchases of securities of $283.5 million and repurchases of common stock under our stock repurchase program of $5.9 million, partially offset by proceeds from principal repayments on securities of $119.3 million, and repayments on loans receivable.

Debt securities available for sale increased $178.9 million, or 16.4%, to $1.3 billion at September 30, 2024 from $1.1 billion at December 31, 2023. The increase was attributable to the purchases of debt securities available for sale of $266.9 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in gross unrealized losses on securities of $34.3 million, partially offset by repayments on securities of $107.8 million, maturities of securities of $10.0 million, and the sale of one corporate debt security with a carrying value of $4.8 million, resulting in a loss of $1.3 million.

Loans receivable, net, decreased $20.7 million, or 0.3%, with a balance of $7.8 billion at both September 30, 2024 and December 31, 2023. One-to-four family real estate loans, multifamily loans, commercial real estate loans, and home equity loans and advances decreased $55.6 million, $10.2 million, $64.3 million, and $5.6 million, respectively, partially offset by increases in construction loans of $67.3 million and commercial business loans of $53.4 million. The allowance for credit losses for loans increased $3.4 million to $58.5 million at September 30, 2024 from $55.1 million at December 31, 2023.

Other assets increased $21.3 million or 6.9%, to $329.7 million at September 30, 2024 compared to $308.4 million at December 31, 2023, primarily due to a $10.4 million increase in the Company’s pension plan balance, as the return on plan assets outpaced the growth in the plan’s obligations and a $12.6 million increase in the Company’s collateral posting with certain of its derivative counterparties.

Total liabilities increased $2.1 million, or 0.02%, totaling $9.6 billion at both September 30, 2024 and December 31, 2023. The increase was primarily attributable to an increase in total deposits of $111.5 million, or 1.4%, partially offset by a decrease in borrowings of $108.1 million, or 7.1%. The increase in total deposits primarily consisted of an increase in certificates of deposit and interest-bearing demand deposits of $195.7 million, and $13.8 million, respectively, partially offset by decreases in non-interest-bearing demand deposits, money market accounts, and savings and club accounts of $31.2 million, $16.3 million, and $50.5 million, respectively. The Bank has priced select certificates of deposit accounts very competitively to the market to attract new customers. The $108.1 million decrease in borrowings was primarily driven by a net decrease in short-term borrowings of $167.8 million and repayments of $175.5 million in maturing long-term borrowings, partially offset by an increase in long-term borrowings of $235.2 million.

Total stockholders’ equity increased $38.8 million, or 3.7%, to $1.1 billion at September 30, 2024 as compared to $1.0 billion at December 31, 2023. The increase in total stockholders’ equity was primarily attributable to net income of $9.6 million, a $5.5 million increase in stock based compensation and an increase of $27.7 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income. These increases were partially offset by the repurchase of 365,116 shares of common stock at a cost of approximately $5.9 million, or $16.14 per share, under our stock repurchase program. Repurchases have been paused in order to retain capital.

Asset Quality

The Company’s non-performing loans at September 30, 2024 totaled $28.0 million, or 0.36% of total gross loans, as compared to $12.6 million, or 0.16% of total gross loans, at December 31, 2023. The $15.4 million increase in non-performing loans was primarily attributable to an increase in non-performing one-to-four family real estate loans of $4.2 million, an increase in non-performing commercial real estate loans of $6.7 million, and an increase in non-performing commercial business loans of $4.5 million. One borrower with an outstanding $5.7 million commercial real estate loan and a related $3.5 million commercial business loan was placed on non-accrual status, representing approximately 60% of the increase in non-performing loans during the 2024 period. This borrower is a healthcare facility that was acquired by another healthcare provider in 2024. The acquiring entity has strong cash flow, has guaranteed the commercial business loan and has provided cash collateral. The Company has the first lien on the healthcare facility which has a 2024 appraised value of approximately $18.5 million along with additional collateral. One commercial real estate loan for $2.0 million secured by a medical condominium was transferred to other real estate owned in May 2024, and a related commercial business loan to the same borrower for $54,000 was charged-off during the nine months ended September 30, 2024.

The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 17 non-performing loans at December 31, 2023 to 27 loans at September 30, 2024. Non-performing assets as a percentage of total assets totaled 0.28% and 0.12% at September 30, 2024 and December 31, 2023, respectively.

For the quarter ended September 30, 2024, net charge-offs totaled $2.7 million, as compared to $1.7 million in net charge-offs recorded for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, net charge-offs totaled $8.2 million, as compared to $2.3 million in net charge-offs recorded for the nine months ended September 30, 2023. Net charge-offs recorded for the nine months ended September 30, 2024 included charge-offs related to 15 commercial business loans totaling $7.7 million. The majority of these loans have continued making monthly payments, and management expects additional recoveries from these borrowers on a go forward basis.

The Company’s allowance for credit losses on loans was $58.5 million, or 0.75% of total gross loans, at September 30, 2024, compared to $55.1 million, or 0.70% of total gross loans, at December 31, 2023.

Additional Liquidity, Loan, and Deposit Information

The Company services a diverse retail and commercial deposit base through its 68 branches. With approximately 215,000 accounts, the average deposit account balance was approximately $37,000 at September 30, 2024.

Deposit balances are summarized as follows:

	At September 30, 2024					At June 30, 2024
	Balance		Weighted Average Rate			Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,406,152		—	%	$	1,405,441		—	%
Interest-bearing demand		1,980,298		2.41			1,904,483		2.37
Money market accounts		1,239,204		2.92			1,246,663		3.17
Savings and club deposits		649,858		0.79			673,031		0.83
Certificates of deposit		2,682,547		4.45			2,551,929		4.34
Total deposits	$	7,958,059		2.62	%	$	7,781,547		2.56	%

The Company continues to maintain strong liquidity and capital positions. The Company had no outstanding borrowings from the Federal Reserve Discount Window at September 30, 2024. As of September 30, 2024, the Company had immediate access to approximately $2.6 billion of funding, with additional unpledged loan collateral in excess of $1.8 billion.

At September 30, 2024, the Company’s non-performing commercial real estate loans totaled $9.4 million, or 0.12%, of the total loans receivable loan portfolio balance.

The following table presents multifamily real estate, owner occupied commercial real estate, and the components of investor owned commercial real estate loans included in the real estate loan portfolio.

	At September 30, 2024
	(Dollars in thousands)
	Balance		% of Gross Loans			Weighted Average Loan to Value Ratio			Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,399,000		17.8	%		61.0	%		1.62	x

Owner Occupied Commercial Real Estate	$	683,523		8.7	%		53.6	%		2.10	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	484,121		6.2	%		51.7	%		1.59	x
Mixed Use		211,853		2.7			58.1			1.61
Industrial / Warehouse		389,470		5.0			54.9			1.70
Non-Medical Office		197,768		2.5			54.2			1.64
Medical Office		126,947		1.6			57.9			1.50
Single Purpose		94,497		1.2			54.5			3.23
Other		124,580		1.6			52.0			1.67
Total	$	1,629,236		20.7	%		54.3	%		1.72	x

Total Multifamily and Commercial Real Estate Loans	$	3,711,759		47.2	%		56.7	%		1.75	x

As of September 30, 2024, the Company had less than $1.0 million in loan exposure to office or rent stabilized multifamily loans in New York City.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 68 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics,, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)

	September 30,		December 31,
	2024		2023
Assets	(Unaudited)
Cash and due from banks	$	283,391	$	423,140
Short-term investments		110		109
Total cash and cash equivalents		283,501		423,249

Debt securities available for sale, at fair value		1,272,464		1,093,557
Debt securities held to maturity, at amortized cost (fair value of $367,559, and $357,177 at September 30, 2024 and December 31, 2023, respectively)		401,331		401,154
Equity securities, at fair value		4,504		4,079
Federal Home Loan Bank stock		75,847		81,022

Loans receivable		7,857,190		7,874,537
Less: allowance for credit losses		58,495		55,096
Loans receivable, net		7,798,695		7,819,441

Accrued interest receivable		41,659		39,345
Office properties and equipment, net		82,248		83,577
Bank-owned life insurance		272,970		268,362
Goodwill and intangible assets		121,569		123,350
Other real estate owned		1,974		—
Other assets		329,741		308,432
Total assets	$	10,686,503	$	10,645,568

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	7,958,059	$	7,846,556
Borrowings		1,420,640		1,528,695
Advance payments by borrowers for taxes and insurance		42,793		43,509
Accrued expenses and other liabilities		185,861		186,473
Total liabilities		9,607,353		9,605,233

Stockholders’ equity:
Total stockholders’ equity		1,079,150		1,040,335
Total liabilities and stockholders’ equity	$	10,686,503	$	10,645,568

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Interest income:	(Unaudited)						(Unaudited)
Loans receivable	$	97,863		$	87,548		$	286,064		$	252,026
Debt securities available for sale and equity securities		9,592			6,147			26,618			21,043
Debt securities held to maturity		2,616			2,434			7,487			7,338
Federal funds and interest-earning deposits		3,850			747			11,872			3,360
Federal Home Loan Bank stock dividends		1,966			1,529			5,759			3,661
Total interest income		115,887			98,405			337,800			287,428
Interest expense:
Deposits		52,196			35,918			150,440			81,733
Borrowings		18,416			13,965			55,805			45,158
Total interest expense		70,612			49,883			206,245			126,891

Net interest income		45,275			48,522			131,555			160,537

Provision for credit losses		4,103			2,379			11,575			3,632

Net interest income after provision for credit losses		41,172			46,143			119,980			156,905

Non-interest income:
Demand deposit account fees		1,695			1,348			4,698			3,815
Bank-owned life insurance		1,669			2,014			5,253			5,670
Title insurance fees		688			629			1,935			1,840
Loan fees and service charges		951			969			3,290			3,366
Loss on securities transactions		—			—			(1,256	)		(10,847	)
Change in fair value of equity securities		(27	)		(81	)		425			249
Gain on sale of loans		459			397			825			1,060
Other non-interest income		3,543			3,326			10,440			10,977
Total non-interest income		8,978			8,602			25,610			16,130

Non-interest expense:
Compensation and employee benefits		27,738			28,765			82,910			92,383
Occupancy		5,594			5,845			17,621			17,337
Federal deposit insurance premiums		1,518			1,201			5,752			3,624
Advertising		766			834			2,053			2,307
Professional fees		2,454			2,490			11,597			6,741
Data processing and software expenses		4,125			3,459			12,006			10,885
Merger-related expenses		23			14			737			280
Other non-interest expense, net		616			302			2,063			861
Total non-interest expense		42,834			42,910			134,739			134,418

Income before income tax expense		7,316			11,835			10,851			38,617

Income tax expense		1,131			2,705			1,281			9,100

Net income	$	6,185		$	9,130		$	9,570		$	29,517

Earnings per share-basic	$	0.06		$	0.09		$	0.09		$	0.29
Earnings per share-diluted	$	0.06		$	0.09		$	0.09		$	0.29
Weighted average shares outstanding-basic		101,623,160			101,968,294			101,673,619			102,993,215
Weighted average shares outstanding-diluted		101,832,048			102,097,491			101,813,253			103,257,616

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Three Months Ended September 30,
	2024								2023
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,791,131		$	97,863		5.00	%	$	7,763,368		$	87,548		4.47	%
Securities		1,676,781			12,208		2.90	%		1,437,944			8,581		2.37	%
Other interest-earning assets		344,560			5,816		6.72	%		152,900			2,276		5.91	%
Total interest-earning assets		9,812,472			115,887		4.70	%		9,354,212			98,405		4.17	%
Non-interest-earning assets		870,155								844,884
Total assets	$	10,682,627							$	10,199,096

Interest-bearing liabilities:
Interest-bearing demand	$	1,970,444		$	14,581		2.94	%	$	2,054,464		$	10,274		1.98	%
Money market accounts		1,250,676			8,256		2.63	%		1,049,277			7,763		2.94	%
Savings and club deposits		658,628			1,313		0.79	%		758,999			691		0.36	%
Certificates of deposit		2,589,190			28,046		4.31	%		2,296,573			17,190		2.97	%
Total interest-bearing deposits		6,468,938			52,196		3.21	%		6,159,313			35,918		2.31	%
FHLB advances		1,497,580			18,249		4.85	%		1,142,484			13,508		4.69	%
Notes payable		—			—		—	%		29,925			297		3.94	%
Junior subordinated debentures		7,028			164		9.28	%		7,315			160		8.68	%
Other borrowings		217			3		5.50	%		—			—		—	%
Total borrowings		1,504,825			18,416		4.87	%		1,179,724			13,965		4.70	%
Total interest-bearing liabilities		7,973,763		$	70,612		3.52	%		7,339,037		$	49,883		2.70	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,411,622								1,498,726
Other non-interest-bearing liabilities		235,990								241,463
Total liabilities		9,621,375								9,079,226
Total stockholders’ equity		1,061,252								1,119,870
Total liabilities and stockholders’ equity	$	10,682,627							$	10,199,096

Net interest income				$	45,275							$	48,522
Interest rate spread							1.18	%							1.47	%
Net interest-earning assets	$	1,838,709							$	2,015,175
Net interest margin							1.84	%							2.06	%
Ratio of interest-earning assets to interest-bearing liabilities		123.06	%							127.46	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Nine Months Ended September 30,
	2024								2023
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,789,356		$	286,064		4.91	%	$	7,725,121		$	252,026		4.36	%
Securities		1,618,319			34,105		2.82	%		1,569,999			28,381		2.42	%
Other interest-earning assets		370,749			17,631		6.35	%		172,151			7,021		5.45	%
Total interest-earning assets		9,778,424			337,800		4.61	%		9,467,271			287,428		4.06	%
Non-interest-earning assets		864,036								835,459
Total assets	$	10,642,460							$	10,302,730

Interest-bearing liabilities:
Interest-bearing demand	$	1,972,520		$	41,673		2.82	%	$	2,244,978		$	25,465		1.52	%
Money market accounts		1,235,520			25,349		2.74	%		894,520			15,334		2.29	%
Savings and club deposits		673,930			3,920		0.78	%		819,804			1,384		0.23	%
Certificates of deposit		2,550,634			79,498		4.16	%		2,165,778			39,550		2.44	%
Total interest-bearing deposits		6,432,604			150,440		3.12	%		6,125,080			81,733		1.78	%
FHLB advances		1,507,045			55,316		4.90	%		1,254,637			43,806		4.67	%
Notes payable		—			—		—	%		30,148			895		3.97	%
Junior subordinated debentures		7,023			486		9.24	%		7,377			457		8.28	%
Other borrowings		73			3		5.49	%		—			—		—	%
Total borrowings		1,514,141			55,805		4.92	%		1,292,162			45,158		4.67	%
Total interest-bearing liabilities		7,946,745		$	206,245		3.47	%		7,417,242		$	126,891		2.29	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,406,666								1,572,497
Other non-interest-bearing liabilities		243,848								225,629
Total liabilities		9,597,259								9,215,368
Total stockholders’ equity		1,045,201								1,087,362
Total liabilities and stockholders’ equity	$	10,642,460							$	10,302,730

Net interest income				$	131,555							$	160,537
Interest rate spread							1.15	%							1.77	%
Net interest-earning assets	$	1,831,679							$	2,050,029
Net interest margin							1.80	%							2.27	%
Ratio of interest-earning assets to interest-bearing liabilities		123.05	%							127.64	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Yield on interest-earning assets:
Loans		5.00	%		4.93	%		4.79	%		4.66	%		4.47	%
Securities		2.90			2.89			2.65			2.58			2.37
Other interest-earning assets		6.72			6.30			6.06			5.64			5.91
Total interest-earning assets		4.70	%		4.64	%		4.50	%		4.39	%		4.17	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits		3.21	%		3.14	%		3.02	%		2.76	%		2.31	%
Total borrowings		4.87			4.92			4.98			4.96			4.70
Total interest-bearing liabilities		3.52	%		3.49	%		3.38	%		3.18	%		2.70	%

Interest rate spread		1.18	%		1.15	%		1.12	%		1.21	%		1.47	%
Net interest margin		1.84	%		1.81	%		1.75	%		1.85	%		2.06	%

Ratio of interest-earning assets to interest-bearing liabilities		123.06	%		123.03	%		123.06	%		125.32	%		127.46	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
SELECTED FINANCIAL RATIOS ⁽¹⁾:
Return on average assets		0.23	%		0.17	%		(0.04	)%		0.25	%		0.36	%
Core return on average assets		0.23	%		0.20	%		0.02	%		0.38	%		0.36	%
Return on average equity		2.32	%		1.77	%		(0.45	)%		2.31	%		3.23	%
Core return on average equity		2.29	%		2.06	%		0.18	%		3.55	%		3.24	%
Core return on average tangible equity		2.58	%		2.34	%		0.20	%		3.99	%		3.64	%
Interest rate spread		1.18	%		1.15	%		1.12	%		1.21	%		1.47	%
Net interest margin		1.84	%		1.81	%		1.75	%		1.85	%		2.06	%
Non-interest income to average assets		0.33	%		0.35	%		0.28	%		0.42	%		0.33	%
Non-interest expense to average assets		1.60	%		1.74	%		1.74	%		1.80	%		1.67	%
Efficiency ratio		78.95	%		86.83	%		91.96	%		84.82	%		75.12	%
Core efficiency ratio		79.14	%		85.34	%		88.39	%		76.93	%		75.09	%
Average interest-earning assets to average interest-bearing liabilities		123.06	%		123.03	%		123.06	%		125.32	%		127.46	%
Net charge-offs to average outstanding loans		0.14	%		0.03	%		0.26	%		0.01	%		0.09	%

⁽¹⁾ Ratios are annualized when appropriate.

ASSET QUALITY DATA:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Dollars in thousands)

Non-accrual loans	$	28,014		$	25,281		$	22,935		$	12,618		$	15,150
90+ and still accruing		—			—			—			—			—
Non-performing loans		28,014			25,281			22,935			12,618			15,150
Real estate owned		1,974			1,974			—			—			—
Total non-performing assets	$	29,988		$	27,255		$	22,935		$	12,618		$	15,150

Non-performing loans to total gross loans		0.36	%		0.33	%		0.30	%		0.16	%		0.19	%
Non-performing assets to total assets		0.28	%		0.25	%		0.22	%		0.12	%		0.15	%
Allowance for credit losses on loans (“ACL”)	$	58,495		$	57,062		$	55,401		$	55,096		$	54,113
ACL to total non-performing loans		208.81	%		225.71	%		241.56	%		436.65	%		357.18	%
ACL to gross loans		0.75	%		0.73	%		0.71	%		0.70	%		0.69	%

LOAN DATA:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(In thousands)
Real estate loans:
One-to-four family	$	2,737,190		$	2,764,177		$	2,778,932		$	2,792,833		$	2,791,939
Multifamily		1,399,000			1,409,316			1,429,369			1,409,187			1,417,233
Commercial real estate		2,312,759			2,316,252			2,318,178			2,377,077			2,374,488
Construction		510,439			462,880			437,566			443,094			390,940
Commercial business loans		586,447			554,768			538,260			533,041			546,750
Consumer loans:
Home equity loans and advances		261,041			260,427			260,786			266,632			267,016
Other consumer loans		2,877			2,689			2,601			2,801			2,586
Total gross loans		7,809,753			7,770,509			7,765,692			7,824,665			7,790,952
Purchased credit deteriorated loans		11,795			12,150			14,945			15,089			15,228
Net deferred loan costs, fees and purchased premiums and discounts		35,642			36,352			34,992			34,783			34,360
Allowance for credit losses		(58,495	)		(57,062	)		(55,401	)		(55,096	)		(54,113	)
Loans receivable, net	$	7,798,695		$	7,761,949		$	7,760,228		$	7,819,441		$	7,786,427

CAPITAL RATIOS:
	September 30,			December 31,
	2024 ⁽¹⁾			2023
Company:
Total capital (to risk-weighted assets)		14.37	%		14.08	%
Tier 1 capital (to risk-weighted assets)		13.59	%		13.32	%
Common equity tier 1 capital (to risk-weighted assets)		13.50	%		13.23	%
Tier 1 capital (to adjusted total assets)		10.16	%		10.04	%

Columbia Bank:
Total capital (to risk-weighted assets)		14.44	%		14.02	%
Tier 1 capital (to risk-weighted assets)		13.61	%		13.22	%
Common equity tier 1 capital (to risk-weighted assets)		13.61	%		13.22	%
Tier 1 capital (to adjusted total assets)		9.62	%		9.48	%

Freehold Bank:
Total capital (to risk-weighted assets)		25.98	%		22.49	%
Tier 1 capital (to risk-weighted assets)		25.41	%		21.81	%
Common equity tier 1 capital (to risk-weighted assets)		25.41	%		21.81	%
Tier 1 capital (to adjusted total assets)		16.63	%		15.27	%

⁽¹⁾ Estimated ratios at September 30, 2024

Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	September 30,			December 31,
	2024			2023
	(Dollars in thousands)

Total stockholders’ equity	$	1,079,150		$	1,040,335
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(9,496	)		(11,155	)
Total tangible stockholders’ equity	$	958,939		$	918,465

Shares outstanding		104,725,436			104,918,905

Book value per share	$	10.30		$	9.92
Tangible book value per share	$	9.16		$	8.75

Reconciliation of Core Net Income
	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024		2023
	(In thousands)

Net income	$	6,185		$	9,130	$	9,570	$	29,517
Add: loss on securities transactions, net of tax		—			—		1,130		9,249
Less/add: FDIC special assessment, net of tax		(107	)		—		385		—
Add: severance expense from reduction in workforce, net of tax		—			—		67		1,390
Add: merger-related expenses, net of tax		19			11		691		241
Add: litigation expenses, net of tax		—			—		—		262
Core net income	$	6,097		$	9,141	$	11,843	$	40,659

Return on Average Assets
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Net income	$	6,185		$	9,130		$	9,570		$	29,517

Average assets	$	10,682,627		$	10,199,096		$	10,642,460		$	10,302,730

Return on average assets		0.23	%		0.36	%		0.12	%		0.38	%

Core net income	$	6,097		$	9,141		$	11,843		$	40,659

Core return on average assets		0.23	%		0.36	%		0.15	%		0.53	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Total average stockholders’ equity	$	1,061,252		$	1,119,870		$	1,045,201		$	1,087,362
Add: loss on securities transactions, net of tax		—			—			1,130			9,249
Less/add: FDIC special assessment, net of tax		(107	)		—			385			—
Add: severance expense from reduction in workforce, net of tax		—			—			67			1,390
Add: merger-related expenses, net of tax		19			11			691			241
Add: litigation expenses, net of tax		—			—			—			262
Core average stockholders’ equity	$	1,061,164		$	1,119,881		$	1,047,474		$	1,098,504

Return on average equity		2.32	%		3.23	%		1.22	%		3.63	%

Core return on core average equity		2.29	%		3.24	%		1.51	%		4.95	%

Return on Average Tangible Equity
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Total average stockholders’ equity	$	1,061,252		$	1,119,870		$	1,045,201		$	1,087,362
Less: average goodwill		(110,715	)		(110,715	)		(110,715	)		(110,715	)
Less: average core deposit intangible		(9,842	)		(12,109	)		(10,391	)		(12,989	)
Total average tangible stockholders’ equity	$	940,695		$	997,046		$	924,095		$	963,658

Core return on average tangible equity		2.58	%		3.64	%		1.71	%		5.64	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(Dollars in thousands)

Net interest income	$	45,275		$	48,522		$	131,555		$	160,537
Non-interest income		8,978			8,602			25,610			16,130
Total income	$	54,253		$	57,124		$	157,165		$	176,667

Non-interest expense	$	42,834		$	42,910		$	134,739		$	134,418

Efficiency ratio		78.95	%		75.12	%		85.73	%		76.09	%

Non-interest income	$	8,978		$	8,602		$	25,610		$	16,130
Add: loss on securities transactions		—			—			1,256			10,847
Core non-interest income	$	8,978		$	8,602		$	26,866		$	26,977

Non-interest expense	$	42,834		$	42,910		$	134,739		$	134,418
Add/less: FDIC special assessment, net		126			—			(439	)		—
Less: severance expense from reduction in workforce		—			—			(74	)		(1,605	)
Less: merger-related expenses		(23	)		(14	)		(737	)		(280	)
Less: litigation expenses		—			—			—			(317	)
Core non-interest expense	$	42,937		$	42,896		$	133,489		$	132,216

Core efficiency ratio		79.14	%		75.09	%		84.26	%		70.51	%

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

The MIL Network –

January 25, 2025

MIL-OSI: Independent Bank Corporation Reports 2024 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter Highlights

Highlights for the third quarter of 2024 include:

Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30, 2024;
An increase in tangible book value per share of $3.69 (22.3%) over the third quarter of 2023;
Net growth in core deposits of $100.1 million (or 8.9% annualized) from June 30, 2024;
Net growth in loans of $90.4 million (or 9.3% annualized) from June 30, 2024; and
The payment of a 24 cent per share dividend on common stock on August 15, 2024.

GRAND RAPIDS, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2024 net income of $13.8 million, or $0.65 per diluted share, versus net income of $17.5 million, or $0.83 per diluted share, in the prior-year period.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am proud of our team and very pleased with our third quarter 2024 results, driving organic growth on both sides of the balance sheet. Overall loans increased 9.3% (annualized), while core deposits are up 8.9% (annualized). We were able to generate net interest income growth on both a linked quarter basis and on a year over year quarterly basis. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. Our credit metrics continue to be excellent, with watch credits and non-performing assets near historic lows. These fundamentals continue to drive good growth in tangible book value per share (22%) compared to the prior year quarter. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the on-going strategic initiative to add talented bankers to our team, we are optimistic about continuing these growth trends for the remainder of the year and into 2025.”

Significant items impacting comparable third quarter 2024 and 2023 results include the following:

Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $(4.2) million ($(0.16) per diluted share, after taxes) for the three-month period ended September 30, 2024, as compared to $1.6 million ($0.06 per diluted share, after taxes) for the three-months ended September 30, 2023.

Operating Results

The Company’s net interest income totaled $41.9 million during the third quarter of 2024, an increase of $2.4 million, or 6.2% from the year-ago period, and an increase of $0.5 million, or 1.2%, from the second quarter of 2024. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.37% during the third quarter of 2024, compared to 3.23% in the year-ago period, and 3.40% in the second quarter of 2024. The year-over-year quarterly increase in net interest income was due to an increase in average interest-earning assets and the net interest margin. The increase in net interest income compared to the linked quarter was due to an increase in average interest earning assets that was partially offset by a decrease in the net interest margin. Average interest-earning assets were $4.99 billion in the third quarter of 2024, compared to $4.89 billion in the year ago quarter and $4.89 billion in the second quarter of 2024.

Non-interest income totaled $9.5 million for the third quarter of 2024, compared to $15.6 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues.

Net gains on mortgage loans in the third quarters of 2024 and 2023, were approximately $2.2 million and $2.1 million, respectively. The comparative quarterly increase in net gains on mortgage loans was primarily due to an increase in both gain on sale margin on mortgage loans sold and a increase in the volume of mortgage loans sold.

Mortgage loan servicing, net, generated income (expense) of $(3.1) million and $2.7 million in the third quarters of 2024 and 2023, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates. Mortgage loan servicing, net activity is summarized in the following table:

	Three months ended						Nine months ended
	9/30/2024			9/30/2023			9/30/2024			9/30/2023
	(In thousands)
Mortgage loan servicing, net:
Revenue, net	$	2,248		$	2,197		$	6,681		$	6,612
Fair value change due to price		(4,155	)		1,556			(1,979	)		3,364
Fair value change due to pay-downs		(1,223	)		(1,085	)		(3,016	)		(2,908	)
Total	$	(3,130	)	$	2,668		$	1,686		$	7,068

Non-interest expenses totaled $32.6 million in the third quarter of 2024, compared to $32.0 million in the year-ago period.

The Company recorded income tax expense of $3.5 million in the third quarter of 2024. This compares to an income tax expense of $4.1 million in the third quarter of 2023. The changes in income tax expense principally reflect changes in pre-tax earnings in 2024 relative to 2023.

Asset Quality

A breakdown of non-performing loans by loan type is as follows:

	9/30/2024			12/31/2023			9/30/2023
Loan Type	(Dollars in thousands)
Commercial	$	59		$	28		$	31
Mortgage		6,525			6,425			6,137
Installment		666			970			801
Sub total		7,250			7,423			6,969
Less – government guaranteed loans		2,102			2,191			2,254
Total non-performing loans	$	5,148		$	5,232		$	4,715
Ratio of non-performing loans to total portfolio loans		0.13	%		0.14	%		0.13	%
Ratio of non-performing assets to total assets		0.11	%		0.11	%		0.10	%
Ratio of allowance for credit losses to total non-performing loans		1115.85	%		1044.69	%		1176.99	%

The provision for credit losses was an expense of $1.49 million and $1.35 million in the third quarters of 2024 and 2023, respectively. We recorded loan net charge offs (recoveries) of $0.31 million and $(0.18) million in the third quarters of 2024 and 2023, respectively. At September 30, 2024, the allowance for credit losses for loans totaled $57.4 million, or 1.46% of total portfolio loans compared to $54.7 million, or 1.44% of total portfolio loans at December 31, 2023.

Balance Sheet, Capital and Liquidity

Total assets were $5.26 billion at September 30, 2024, a decrease of $4.5 million from December 31, 2023. Loans, excluding loans held for sale, were $3.94 billion at September 30, 2024, compared to $3.79 billion at December 31, 2023. Deposits totaled $4.63 billion at September 30, 2024, an increase of $4.0 million from December 31, 2023. This increase is primarily due to increases in savings and interest-bearing checking, reciprocal and time deposits that were partially offset by a decrease in non-interest bearings deposits and brokered time deposits.

Cash and cash equivalents totaled $121.6 million at September 30, 2024, versus $169.8 million at December 31, 2023. Securities available for sale (“AFS”) totaled $589.0 million at September 30, 2024, versus $679.4 million at December 31, 2023.

Total shareholders’ equity was $452.4 million at September 30, 2024, or 8.60% of total assets compared to $404.4 million or 7.68% at December 31, 2023. Tangible common equity totaled $422.5 million at September 30, 2024, or $20.22 per share compared to $374.1 million or $17.96 per share at December 31, 2023. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention and a decrease in accumulated other comprehensive loss.

The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

Regulatory Capital Ratios	9/30/2024			12/31/2023			Well Capitalized Minimum

Tier 1 capital to average total assets		9.36	%		8.80	%		5.00	%
Tier 1 common equity to risk-weighted assets		11.74	%		11.21	%		6.50	%
Tier 1 capital to risk-weighted assets		11.74	%		11.21	%		8.00	%
Total capital to risk-weighted assets		13.00	%		12.46	%		10.00	%

At September 30, 2024, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.11 billion and $471.7 million, respectively. We also had approximately $771.3 million in fair value of unpledged securities AFS and HTM at September 30, 2024 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $718.0 million.

Share Repurchase Plan

On December 19, 2023, the Board of Directors of the Company authorized the 2024 share repurchase plan. Under the terms of the 2024 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2024. The Company did not repurchase any shares of common stock during the first nine months of 2024.

Earnings Conference Call

Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, October 24, 2024.

To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 957797). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/824908063.

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 159381). The replay will be available through October 31, 2024.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

For more information, please visit our Web site at: IndependentBank.com.

Forward-Looking Statements
This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2023 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Financial Condition

	September 30, 2024			December 31, 2023
	(Unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	61,503		$	68,208
Interest bearing deposits		60,057			101,573
Cash and Cash Equivalents		121,560			169,781
Securities available for sale		588,950			679,350
Securities held to maturity (fair value of $314,638 at September 30, 2024 and $318,606 at December 31, 2023)		343,362			353,988
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		16,099			16,821
Loans held for sale, carried at fair value		14,029			12,063
Loans
Commercial		1,825,247			1,679,731
Mortgage		1,511,400			1,485,872
Installment		605,640			625,298
Total Loans		3,942,287			3,790,901
Allowance for credit losses		(57,444	)		(54,658	)
Net Loans		3,884,843			3,736,243
Other real estate and repossessed assets, net		781			569
Property and equipment, net		35,250			35,523
Bank-owned life insurance		54,017			54,341
Capitalized mortgage loan servicing rights, carried at fair value		40,204			42,243
Other intangibles		1,617			2,004
Goodwill		28,300			28,300
Accrued income and other assets		130,256			132,500
Total Assets	$	5,259,268		$	5,263,726
Liabilities and Shareholders’ Equity
Deposits
Non-interest bearing	$	1,023,739		$	1,076,093
Savings and interest-bearing checking		1,947,571			1,905,701
Reciprocal		995,469			832,020
Time		620,446			524,325
Brokered time		39,650			284,740
Total Deposits		4,626,875			4,622,879
Other borrowings		—			50,026
Subordinated debt		39,567			39,510
Subordinated debentures		39,779			39,728
Accrued expenses and other liabilities		100,678			107,134
Total Liabilities		4,806,899			4,859,277

Shareholders’ Equity
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding		—			—
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,893,800 shares at September 30, 2024 and 20,835,633 shares at December 31, 2023		318,216			317,483
Retained earnings		192,405			159,108
Accumulated other comprehensive loss		(58,252	)		(72,142	)
Total Shareholders’ Equity		452,369			404,449
Total Liabilities and Shareholders’ Equity	$	5,259,268		$	5,263,726

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations

	Three Months Ended								Nine Months Ended
	September 30,			June 30,			September 30,		September 30,
	2024			2024			2023		2024			2023
	(Unaudited)
	(In thousands, except per share amounts)
Interest Income
Interest and fees on loans	$	58,410		$	56,786		$	51,419	$	170,239		$	143,392
Interest on securities
Taxable		4,502			4,713			5,865		14,466			17,668
Tax-exempt		3,404			3,400			3,409		10,195			9,775
Other investments		2,018			1,439			1,739		4,898			3,481
Total Interest Income		68,334			66,338			62,432		199,798			174,316
Interest Expense
Deposits		24,462			22,876			20,743		70,148			51,964
Other borrowings and subordinated debt and debentures		2,018			2,116			2,262		6,253			6,134
Total Interest Expense		26,480			24,992			23,005		76,401			58,098
Net Interest Income		41,854			41,346			39,427		123,397			116,218
Provision for credit losses		1,488			19			1,350		2,251			6,827
Net Interest Income After Provision for Credit Losses		40,366			41,327			38,077		121,146			109,391
Non-interest Income
Interchange income		4,146			3,401			4,100		10,698			10,660
Service charges on deposit accounts		3,085			2,937			3,309		8,894			9,300
Net gains (losses) on assets
Mortgage loans		2,177			1,333			2,099		4,874			5,475
Equity securities at fair value		(8	)		2,693			—		2,685			—
Securities available for sale		(145	)		—			—		(414	)		(222	)
Mortgage loan servicing, net		(3,130	)		2,091			2,668		1,686			7,068
Other		3,383			2,717			3,435		8,818			9,298
Total Non-interest Income		9,508			15,172			15,611		37,241			41,579
Non-interest Expense
Compensation and employee benefits		20,048			21,251			19,975		62,069			59,916
Data processing		3,379			3,257			3,071		9,891			8,953
Occupancy, net		1,893			1,886			1,971		5,853			5,975
Interchange expense		1,149			1,127			1,119		3,373			3,222
Furniture, fixtures and equipment		932			948			927		2,834			2,782
FDIC deposit insurance		664			695			677		2,141			2,209
Loan and collection		657			699			520		1,868			1,718
Advertising		581			788			360		1,860			1,286
Legal and professional		687			544			543		1,717			1,623
Communications		519			499			568		1,633			1,871
Costs (recoveries) related to unfunded lending commitments		113			(137	)		451		(676	)		76
Other		1,961			1,776			1,854		5,546			5,610
Total Non-interest Expense		32,583			33,333			32,036		98,109			95,241
Income Before Income Tax		17,291			23,166			21,652		60,278			55,729
Income tax expense		3,481			4,638			4,109		11,949			10,405
Net Income	$	13,810		$	18,528		$	17,543	$	48,329		$	45,324
Net Income Per Common Share
Basic	$	0.66		$	0.89		$	0.84	$	2.31		$	2.16
Diluted	$	0.65		$	0.88		$	0.83	$	2.29		$	2.14

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Net interest income	$	41,854		$	41,346		$	40,197		$	40,111		$	39,427
Provision for credit losses		1,488			19			744			(617	)		1,350
Non-interest income		9,508			15,172			12,561			9,097			15,611
Non-interest expense		32,583			33,333			32,193			31,878			32,036
Income before income tax		17,291			23,166			19,821			17,947			21,652
Income tax expense		3,481			4,638			3,830			4,204			4,109
Net income	$	13,810		$	18,528		$	15,991		$	13,743		$	17,543

Basic earnings per share	$	0.66		$	0.89		$	0.77		$	0.66		$	0.84
Diluted earnings per share		0.65			0.88			0.76			0.65			0.83
Cash dividend per share		0.24			0.24			0.24			0.23			0.23

Average shares outstanding		20,896,019			20,901,741			20,877,067			20,840,680			20,922,431
Average diluted shares outstanding		21,115,273			21,105,387			21,079,607			21,049,030			21,114,445

Performance Ratios
Return on average assets		1.04	%		1.44	%		1.24	%		1.04	%		1.34	%
Return on average equity		12.54			17.98			15.95			14.36			18.68
Efficiency ratio (1)		62.82			61.49			60.26			64.27			57.52

As a Percent of Average Interest-Earning Assets (1)
Interest income		5.48	%		5.45	%		5.34	%		5.29	%		5.10	%
Interest expense		2.11			2.05			2.04			2.03			1.87
Net interest income		3.37			3.40			3.30			3.26			3.23

Average Balances
Loans	$	3,909,954		$	3,849,199		$	3,810,526		$	3,764,752		$	3,694,534
Securities		933,750			944,435			999,140			1,027,240			1,071,211
Total earning assets		4,985,842			4,893,367			4,910,669			4,928,697			4,892,208
Total assets		5,275,623			5,181,317			5,201,452			5,233,666			5,192,114
Deposits		4,616,119			4,531,917			4,561,645			4,612,797			4,577,796
Interest bearing liabilities		3,689,684			3,611,972			3,627,446			3,635,771			3,554,179
Shareholders’ equity		438,077			414,549			403,225			379,614			372,667

(1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data (continued)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(unaudited)
	(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio		8.08	%		7.63	%		7.41	%		7.15	%		6.67	%
Tangible common equity ratio excluding accumulated other comprehensive loss		8.99			8.76			8.57			8.31			8.20
Average equity to average assets		8.30			8.00			7.75			7.25			7.18
Total capital to risk-weighted assets (2)		14.25			14.21			13.85			13.71			13.58
Tier 1 capital to risk-weighted assets (2)		12.06			12.01			11.65			11.50			11.37
Common equity tier 1 capital to risk-weighted assets (2)		11.16			11.09			10.73			10.58			10.44
Tier 1 capital to average assets (2)		9.63			9.59			9.29			9.03			8.94
Common shareholders’ equity per share of common stock	$	21.65		$	20.60		$	19.88		$	19.41		$	17.99
Tangible common equity per share of common stock		20.22			19.16			18.44			17.96			16.53
Total shares outstanding		20,893,800			20,899,358			20,903,677			20,835,633			20,850,455

Selected Balances
Loans	$	3,942,287		$	3,851,889		$	3,839,965		$	3,790,901		$	3,741,486
Securities		932,312			936,194			963,577			1,033,338			1,043,540
Total earning assets		4,964,784			4,979,555			4,949,496			4,954,696			4,884,720
Total assets		5,259,268			5,277,500			5,231,255			5,263,726			5,200,018
Deposits		4,626,875			4,614,328			4,582,414			4,622,879			4,585,612
Interest bearing liabilities		3,682,482			3,694,025			3,677,060			3,676,050			3,573,187
Shareholders’ equity		452,369			430,459			415,570			404,449			374,998

(2) September 30, 2024 are Preliminary.

Reconciliation of Non-GAAP Financial Measures
Independent Bank Corporation

Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Tangible common equity is used by the Company to measure the quality of capital.

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
	(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent (“FTE”)

Net interest income	$	41,854		$	39,427		$	123,397		$	116,218
Add: taxable equivalent adjustment		158			202			513			722
Net interest income – taxable equivalent	$	42,012		$	39,629		$	123,910		$	116,940
Net interest margin (GAAP) (1)		3.35	%		3.21	%		3.34	%		3.25	%
Net interest margin (FTE) (1)		3.37	%		3.23	%		3.35	%		3.26	%

(1) Annualized.

Tangible Common Equity Ratio

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Dollars in thousands)
Common shareholders’ equity	$	452,369		$	430,459		$	415,570		$	404,449		$	374,998
Less:
Goodwill		28,300			28,300			28,300			28,300			28,300
Other intangibles		1,617			1,746			1,875			2,004			2,141
Tangible common equity		422,452			400,413			385,395			374,145			344,557
Addition:
Accumulated other comprehensive loss for regulatory purposes		52,454			65,030			65,831			66,344			86,507
Tangible common equity excluding other comprehensive loss adjustments	$	474,906		$	465,443		$	451,226		$	440,489		$	431,064

Total assets	$	5,259,268		$	5,277,500		$	5,231,255		$	5,263,726		$	5,200,018
Less:
Goodwill		28,300			28,300			28,300			28,300			28,300
Other intangibles		1,617			1,746			1,875			2,004			2,141
Tangible assets		5,229,351			5,247,454			5,201,080			5,233,422			5,169,577
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax		52,454			65,030			65,831			66,344			86,507
Tangible assets excluding other comprehensive loss adjustments	$	5,281,805		$	5,312,484		$	5,266,911		$	5,299,766		$	5,256,084

Common equity ratio		8.60	%		8.16	%		7.94	%		7.68	%		7.21	%
Tangible common equity ratio		8.08	%		7.63	%		7.41	%		7.15	%		6.67	%
Tangible common equity ratio excluding other comprehensive loss		8.99	%		8.76	%		8.57	%		8.31	%		8.20	%

Tangible Common Equity per Share of Common Stock:

Common shareholders’ equity	$	452,369		$	430,459		$	415,570		$	404,449		$	374,998
Tangible common equity	$	422,452		$	400,413		$	385,395		$	374,145		$	344,557
Shares of common stock outstanding (in thousands)		20,894			20,899			20,904			20,836			20,850

Common shareholders’ equity per share of common stock	$	21.65		$	20.60		$	19.88		$	19.41		$	17.99
Tangible common equity per share of common stock	$	20.22		$	19.16		$	18.44		$	17.96		$	16.53

The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.

Contact:	William B. Kessel, President and CEO, 616.447.3933
	Gavin A. Mohr, Chief Financial Officer, 616.447.3929

The MIL Network –

January 25, 2025

MIL-OSI: NANO Nuclear Energy Announces Pricing of Upsized $36 Million Underwritten Offering

Source: GlobeNewswire (MIL-OSI)

New York, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced that it has priced an upsized firm commitment, registered underwritten public offering of 2,117,646 shares of common stock and common stock purchase warrants to purchase 1,058,823 shares of common stock.

Each share and associated warrant is being sold at a public offering price of $17.00, for gross proceeds of approximately $36 million, before deducting underwriting discounts and offering expenses. In addition, NANO Nuclear has granted the underwriter a 30-day overallotment option to purchase up to an additional 317,646 shares common stock and/or common stock purchase warrants to purchase 158,823 shares of common stock at the public offering price for gross proceeds of up to $5.4 million, less underwriting discounts and expenses.

While the shares and associated warrants were marketed as a unit, such units have no stand-alone rights and will not be certificated or issued as stand-alone securities.

The warrants are exercisable immediately, have a term of five years, and have an exercise price of $17.00 per share. The warrants will not trade on any market.

The Benchmark Company, LLC is acting as sole book-running manager for the offering.

NANO Nuclear intends to use the net proceeds from this offering for (i) research and development of its products and technologies, including its ‘ZEUS’ and ‘ODIN’ microreactors and nuclear fuel transportation design optimization, fuel facility investigations and development, test work and scoping studies, and other technology research and development; (ii) marketing, promotion and business development activities; and (iii) regulatory compliance, intellectual property protection, hiring additional employees, retaining additional contractors and building out NANO Nuclear’s new Nuclear Technology Headquarters in Oak Ridge, Tennessee. NANO Nuclear may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies, or additional businesses, although NANO Nuclear currently has no agreements or commitments with respect to any such transaction.

The offering is expected to close on or about October 25, 2024, subject to the satisfaction of customary closing conditions.

Registration statements relating to these securities were previously filed with the U.S. Securities and Exchange Commission (“SEC”) and have become effective. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from The Benchmark Company, LLC, 150 East 58th St., 17th Floor, New York, NY 10155, by telephone: (212) 312-6700, or by email at Prospectus@benchmarkcompany.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About NANO Nuclear Energy Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For further information, please contact:

Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the public offering, including the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment

NANO Nuclear Energy Inc.

The MIL Network –

January 25, 2025

MIL-OSI: Hanmi Financial Declares Cash Dividend of $0.25 per share

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 24, 2024 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today announced that its Board of Directors declared a cash dividend on its common stock for the 2024 fourth quarter of $0.25 per share. The dividend will be paid on November 20, 2024, to stockholders of record as of the close of business on November 4, 2024.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches and eight loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about our anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital and strategic plans, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that our forward-looking statements to be reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statements. These factors include the following:

a failure to maintain adequate levels of capital and liquidity to support our operations;
general economic and business conditions internationally, nationally and in those areas in which we operate, including any potential recessionary conditions;
volatility and deterioration in the credit and equity markets;
changes in consumer spending, borrowing and savings habits;
availability of capital from private and government sources;
demographic changes;
competition for loans and deposits and failure to attract or retain loans and deposits;
inflation and fluctuations in interest rates that reduce our margins and yields, the fair value of financial instruments, the level of loan originations or prepayments on loans we have made and make, the level of loan sales and the cost we pay to retain and attract deposits and secure other types of funding;
our ability to enter new markets successfully and capitalize on growth opportunities;
the current or anticipated impact of military conflict, terrorism or other geopolitical events;
the effect of potential future supervisory action against us or Hanmi Bank and our ability to address any issues raised in our regulatory exams;
risks of natural disasters;
legal proceedings and litigation brought against us;
a failure in or breach of our operational or security systems or infrastructure, including cyberattacks;
the failure to maintain current technologies;
risks associated with Small Business Administration loans;
failure to attract or retain key employees;
our ability to access cost-effective funding;
changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
fluctuations in real estate values;
changes in accounting policies and practices;
changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
the ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests;
strategic transactions we may enter into;
the adequacy of and changes in the methodology for computing our allowance for credit losses;
our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses;
changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements;
our ability to control expenses; and
cyber security and fraud risks against our information technology and those of our third-party providers and vendors.

In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Lisa Fortuna
Investor Relations
Financial Profiles, Inc.
lfortuna@finprofiles.com
310-622-8251

Source: Hanmi Bank

The MIL Network –

January 25, 2025

MIL-OSI: Key Advocates Urge CMS to Clarify that Fully Implanted Active Middle Ear Hearing Devices are Prosthetic Devices for Purposes of Medicare Coverage

Source: GlobeNewswire (MIL-OSI)

Twelve Members of the Independence Through Enhancement of Medicare and Medicaid (ITEM) Coalition Sign Letter to CMS Seeking Clarification of Prior Decision Making and Action to Bring Novel Hearing Technology to Medicare Beneficiaries

WHITE BEAR LAKE, Minnesota, Oct. 24, 2024 (GLOBE NEWSWIRE) — Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a hearing health company focused on fully implanted hearing systems, expresses gratitude to the Independence Through Enhancement of Medicare and Medicaid (“ITEM”) Coalition and the twelve ITEM member signatories for sending a strong letter to CMS supporting a reconsideration of the benefit category for fully implanted active middle ear hearing devices.

The letter states in part: “[W]e request that you please provide an explanation as to CMS’ reasoning for determining that fully implanted active middle ear hearing devices do not qualify as an exception to the hearing aid exclusion under statute. In addition, we believe CMS has the authority to reconsider their decision and urge you to clarify that this technology qualifies as a prosthetic device for purposes of Medicare coverage.”
ITEM is a national consumer- and clinician-led coalition advocating for access to and coverage of assistive devices, technologies, and related services for people with injuries, illnesses, disabilities, and chronic conditions of all ages. Members represent individuals with a wide range of disabling conditions, as well as the providers who serve them.

In the letter to CMS, ITEM referenced the profound impact that hearing loss has on quality of life of Medicare beneficiaries. The Hearing Loss Association of America (HLAA) and Alexander Graham Bell Association for the Deaf and Hard of Hearing (AGBA) were two of the twelve organizations willing to lend their voice and influence to the Medicare beneficiaries with significant hearing loss who want access to novel hearing implants.

“We are grateful that the ITEM Coalition took up such a critically important issue and that twelve coalition member organizations signed the letter urging CMS to do the right thing,” commented Brent Lucas, Envoy Medical CEO. “It especially hits home that the Coalition’s mission is in their name — ‘Independence Through Enhancement of Medicare and Medicaid’ – and we strongly believe that fully implanted hearing devices can help Medicare beneficiaries with hearing impairments significantly regain, or maintain, a level of independence that is good for them and for society as a whole.”

Envoy Medical is one of the few companies worldwide that has a fully implanted active middle ear implant and is currently the only company that has an FDA-approved, fully implanted active middle ear hearing device.

About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.

*Once activated, the external Esteem FI-AMEI Personal Programmer is not required for daily use.

Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

About the Fully Implanted Acclaim® Cochlear Implant

We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) will be a first-of-its-kind fully implanted cochlear implant. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.

The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019. We believe the Acclaim CI was the first hearing-focused device to receive Breakthrough Device Designation.

CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

Additional Information and Where to Find It

Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the potential for passage of legislation or change to CMS’ position related to reimbursement for active middle ear hearing devices; the impact that such proposed legislation might have on the hearing health market, reimbursement for the Esteem FI-AMEI device, and the Envoy Medical business, and future market conditions or economic performance, as well as any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.

###

Investor Contact:
CORE IR
516-222-2560
investorrelations@envoymedical.com

The MIL Network –

January 25, 2025

MIL-OSI: Equipment Leasing and Finance Association CapEx Finance Index: September 2024

Source: GlobeNewswire (MIL-OSI)

********************************************************************************************************
Note to readers: ELFA has updated the name of the Monthly Leasing and Finance Index (MLFI-25) to the CapEx Finance Index (CFI) to better reflect what it measures and how it impacts the broader U.S. economy.
********************************************************************************************************

WASHINGTON, Oct. 24, 2024 (GLOBE NEWSWIRE) —

Demand for equipment picked up. New business volume grew by $10.0 billion from August to September, a monthly increase of 2.2% before rounding. Growth in business volume has been uneven in 2024 but continues to hover around historic highs. The September release suggests that equipment investment continued to expand at a healthy pace at the end of the third quarter.

Bank lending drove new business growth. The sub-index for business volume at banks grew by 10.9% from August to September, which was more than enough to offset the contraction in activity at captives and independents, which declined by 2.3% and 9.8%, respectively. The figure below shows that bank activity has lagged other sources over the last few years, but the latest data suggests that banks may be easing back into the lending and leasing market.

Lenders continue to add headcount. The 12-month change in employment was just over 1.0%, slightly slowing from the 1.2% pace recorded in August. Employment has been a source of strength this year, following nearly five years of persistent declines in headcount.

Credit approvals remained steady. The percentage of credit applications approved ticked down 0.7 percentage points to 75.6%. The approval rate has been hovering around 75% for most of 2024.

Lender balance sheets improved for a second consecutive month. The percentage of credit lines over 30 days past due and charge-offs declined. Both have been trending up over the last two years as borrowing conditions tightened due to the rapid increase in interest rates.

Industry Confidence
The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, is 61.8 in October, steady with the September index of 61.9, which was the highest level since January 2022.

Industry Voices

“Our latest CapEx Finance Survey showed that equipment demand continued to defy high interest rates in September. The uptick in bank lending was particularly encouraging and is something I will be watching closely as we approach the end of the year. I wouldn’t be surprised if the next few surveys show a cooling in lending volumes as election uncertainty peaks and some businesses wait for rates to drop further. That said, balance sheets continued to improve, and the percentage of approved new credit applications remained healthy, signs that lenders and borrowers are in a great position to weather any gusts that might come along in the fourth quarter.”
ELFA President and CEO, Leigh Lytle

“A healthy increase in YOY business volume, especially in August and September, validates our 12-month increase in headcount as we continue strengthening our value proposition for all of CEFI’s stakeholders. A decreasing interest rate environment driving increased business volume and net interest margin will enhance bottom-line returns for CEFI and the industry until competitors become more aggressive.” Ricardo E. Rios, CFA, CLFP, President & COO, Commercial Equipment Finance, Inc (CEFI)

About ELFA’s CFI
The CFI is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The CFI consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/CFI.

About ELFA
The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at http://www.elfaonline.org.

Media/Press Contact: Amy Vogt, Vice President, Communications and Marketing, ELFA, avogt@elfaonline.org

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cee789e6-c777-4190-9b5d-4361b6712379

https://www.globenewswire.com/NewsRoom/AttachmentNg/721cf1e0-33c3-4767-882b-bceb720b01b1

The MIL Network –

January 25, 2025

MIL-OSI: CareCloud To Announce Third Quarter 2024 Results on November 12, 2024

Source: GlobeNewswire (MIL-OSI)

SOMERSET, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, will release its financial results for the quarter ended September 30, 2024 before the market opens on Tuesday, November 12, 2024. The Company will follow with a conference call for investors at 8:30 a.m. Eastern Time.

The live webcast of the conference call and related presentation slides can be accessed at ir.carecloud.com/events. An audio-only option is available by dialing 201-389-0920 and referencing “CareCloud Third Quarter 2024 Earnings Call.” Investors who opt for audio-only will need to download the related slides at ir.carecloud.com/events.

A replay of the conference call and related presentation slides will be available approximately one hour after conclusion of the call at the same link. An audio-only option can also be accessed by dialing 412-317-6671 and providing the access code 13749163.

About CareCloud

CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation and generative AI solutions to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at www.carecloud.com.

Follow CareCloud on LinkedIn, X and Facebook.

For additional information, please visit our website at www.carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

SOURCE CareCloud

Company Contact:
Norman Roth
Interim Chief Financial Officer and Corporate Controller
CareCloud, Inc.
nroth@carecloud.com

Investor Contact:
Stephen Snyder
President
CareCloud, Inc.
ir@carecloud.com

The MIL Network –

January 25, 2025

MIL-OSI: authID to Report Third Quarter 2024 Financial Results on November 7, 2024

Source: GlobeNewswire (MIL-OSI)

DENVER, Oct. 24, 2024 (GLOBE NEWSWIRE) — authID^® (Nasdaq: AUID) (“authID”), a leading provider of secure identity verification and authentication solutions, today announced the Company will report financial results for the third quarter ended September 30, 2024 on Thursday, November 7, 2024. Following issuance of the results release, authID Chief Executive Officer, Rhon Daguro and Chief Financial Officer, Ed Sellitto will host a conference call and webcast at 5:00 p.m. EDT to discuss the financial results and provide a corporate update.

To participate on the live conference call, please dial: (646) 968-2525 in the U.S. or +1 (888) 596-4144 internationally and reference the conference ID 8624132. To avoid delays, participants are encouraged to dial into the conference call 15-minutes ahead of the scheduled start time. A live webcast of the call will be available on the “Events & Presentations” page of the Company’s website at investors.authid.ai. Only participants on the live conference call will be able to ask questions.

A replay of the event and a copy of the presentation will also be available for 90 days at authID’s Investor Relations Events.

About authID Inc.

authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover at www.authID.ai.

Investor Relations Contact

Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com

The MIL Network –

January 25, 2025

MIL-OSI: Nasdaq Giants and Rising Innovators Face Critical Earnings Reports This Quarter

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group Market Commentary – Investors Brace for a High-Stakes Earnings Season as Key Players in Tech, EVs, and AI Reveal Their Performance. As earnings season heats up, several companies listed on the Nasdaq exchange are under the microscope. From emerging innovators to established market leaders, each faces unique challenges that will be revealed in their quarterly reports. The stakes are high, with market sentiment, stock prices, and future growth trajectories hanging in the balance. This quarter, Siyata Mobile (NASDAQ: SYTA), Rivian (NASDAQ: RIVN), Tesla (NASDAQ: TSLA), and Nvidia (NASDAQ: NVDA) are at critical junctures that could shift the momentum of their stocks and influence broader market trends.

Siyata Mobile (NASDAQ: SYTA), a growing micro-cap, is set to take center stage on November 14 when it releases earnings. The company’s aggressive strategy of partnering with major wireless carriers is being put to the test following a recently inked deal with T-Mobile (NASDAQ: TMUS). Siyata’s push-to-talk (PTT) technology promises to disrupt traditional communication methods, and investors are watching closely to see if these efforts result in significant revenue growth. CEO Marc Seelenfreund has touted the potential for transformation, but the company now faces its most pivotal moment. The upcoming earnings will reveal whether the capital raised to meet carrier demands will pay off or leave investors disappointed. To read a recent MicroCapReports article on Siyata Mobile, please visit: https://microcapreports.com/lander/siyata-mobile/

Rivian (NASDAQ: RIVN) is a company striving to balance growth and cost control. As a prominent name in the electric vehicle (EV) market, Rivian has rapidly scaled its operations, but the rising costs of production are raising questions about long-term profitability. This quarter, the pressure is on for Rivian to deliver strong financial results that reassure investors about its capacity to manage expenses while continuing to grow its EV footprint. Rivian’s performance will be scrutinized as the company seeks to maintain its valuation and prove it can stand alongside giants like Tesla in the competitive EV space.

Tesla (NASDAQ: TSLA), a leader in the global EV market, faces increasing competition from both established automakers and new entrants. Despite being a market darling for years, Tesla’s margins are under pressure due to the rising costs of materials, increased production, and the need to invest in new technologies like autonomous driving and battery development. Investors will be looking for signs of resilience in Tesla’s earnings report, particularly in how the company manages competition and continues to grow its international market share while staying profitable.

Nvidia (NASDAQ: NVDA), a heavyweight in the tech sector, has enjoyed an extraordinary run as demand for its advanced chips surged alongside the rise of AI applications. However, recent regulatory pressures and slowing growth in consumer-facing products have placed Nvidia at a crossroads. This quarter, Nvidia must demonstrate that its strength in AI and data centers will continue to drive revenue growth, even as global chip demand cools. Investors are particularly eager to see whether Nvidia’s strategic investments in AI can maintain its dominant position in the semiconductor industry.

For each of these Nasdaq-listed companies, the upcoming earnings reports are far more than just financial check-ins—they are critical milestones that could determine the trajectory of these businesses in the near term. Whether they meet or exceed expectations will shape not only their individual stock movements but also broader market trends in sectors like technology, EVs, and AI.

As investor sentiment builds, market participants should prepare for a high-stakes season filled with opportunity, risk, and potential surprises.

About FN Media Group:

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DISCLAIMER: MicroCapReports is the originator of the content set forth above. References to any issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has not been compensated by any publicly listed company listed herein. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

SOURCE: FN Media Group

The MIL Network –

January 25, 2025

MIL-OSI: Oma Savings Bank Plc’s Financial reporting and AGM in 2025

Source: GlobeNewswire (MIL-OSI)

OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 24 OCTOBER 2024 AT 15.00 P.M. EET, FINANCIAL CALENDAR

Oma Savings Bank Plc’s Financial reporting and AGM in 2025

Oma Savings Bank Plc (OmaSp) will publish financial information in 2025 as follows:

10 February 2025 Financial Statements Release for 2024
5 May 2025 Interim Report January-March 2025
4 August 2025 Interim Report January-June 2025
3 November 2025 Interim Report January-September 2025

The 2024 Financial Statements, Annual Report, Sustainability Report and Auditor’s Report will be published week 11. The Annual General Meeting is planned to be held on Tuesday 8 April in 2025. The Board of Directors will convene the Annual General Meeting separately.

Oma Savings Bank Plc

Additional information:
Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

DISTRIBUTION
Nasdaq Helsinki Ltd
Major media
www.omasp.fi

OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 46 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

The MIL Network –

January 25, 2025

MIL-OSI: Outbrain to Release Third Quarter 2024 Financial Results on November 7, 2024

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB) announced today that the company will release its third quarter 2024 results before the market opens on Thursday, November 7, 2024, followed by a conference call at 8:30 a.m. (Eastern Time) that same day to discuss the company’s results and business outlook.

The conference call can be accessed live over the phone by dialing 1-866-682-6100 or for international callers, 1-862-298-0702. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13749250. The replay will be available until November 21, 2024.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company’s website at https://investors.outbrain.com/. The online replay will be available for a limited time shortly following the call.

About Outbrain

Outbrain (Nasdaq: OB) is a leading technology platform that drives business results by engaging people across the open internet. Outbrain predicts moments of engagement to drive measurable outcomes for advertisers and publishers using AI and machine learning across more than 8,000 online properties globally. Founded in 2006, Outbrain is headquartered in New York with offices in Israel and across the United States, Europe, Asia-Pacific, and South America. To learn more, visit www.outbrain.com.

Media Contact

press@outbrain.com

Investor Relations Contact

IR@outbrain.com

(332) 205-8999

The MIL Network –

January 25, 2025

MIL-OSI: Paycor Welcomes Industry Leader Dru Armstrong, CEO of AffiniPay, to Board of Directors

Source: GlobeNewswire (MIL-OSI)

CINCINNATI, Oct. 24, 2024 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced the election of Dru Armstrong to its Board of Directors, effective October 23, 2024.

Ms. Armstrong brings a wealth of leadership experience to Paycor’s board, currently serving as Chief Executive Officer of AffiniPay, a leading provider of practice management software, integrated payments, and embedded fintech solutions. Her expertise spans software-as-a-service (SaaS), embedded technology, and adjacent payment industries, aligning closely with Paycor’s current and potential growth strategies.

“Dru’s proven track record in driving technology companies to exponential growth, coupled with her strategic financial leadership, will be invaluable to our board,” said Raul Villar, Jr., CEO of Paycor. “Her deep industry knowledge and experience in scaling SaaS businesses will be crucial as we continue to innovate and expand our HCM offerings. Additionally, Dru’s commitment to fostering diverse, inclusive workplaces aligns perfectly with our company values.”

With over 20 years of experience in the technology sector, Ms. Armstrong has proven success in building high-performing teams, driving product innovation and accelerating growth. She has been named a Top 25 Women Leader in PE-Backed Software Companies for 2024 by Calibre One and featured in American Banker’s 2024 list of Most Influential Women in Fintech. Additionally, she is widely regarded as a thought leader on innovation, diversity, equity and inclusion, and verticalized software.

“Paycor is at the forefront of transforming how leaders leverage HCM technology to drive success,” said Armstrong. “I’m thrilled to join the board at this pivotal time and look forward to contributing my experience in scaling SaaS companies and navigating complex financial landscapes. Together, we’ll push the boundaries of innovation in HCM solutions, helping organizations build high-performing teams and achieve their full potential in today’s dynamic business environment.”

About Paycor
Paycor’s HR, payroll, and talent platform connects leaders to people, data, and expertise. We help leaders drive engagement and retention by giving them tools to coach, develop, and grow employees. We give them unprecedented insights into their operational data with a unified HCM experience that can seamlessly connect to other mission-critical technology. By providing expert guidance and consultation, we help them achieve business results and become an extension of their teams. Learn more at paycor.com.

Investor Relations:
Rachel White
513-954-7388
IR@paycor.com

Media Relations:
Carly Pennekamp
513-954-7282
PR@paycor.com

The MIL Network –

January 25, 2025

MIL-OSI: First Merchants Corporation Announces Third Quarter 2024 Earnings per Share

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., Oct. 24, 2024 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

Third Quarter 2024 Highlights:

Net income available to common stockholders was $48.7 million and diluted earnings per common share totaled $0.84, compared to $55.9 million and $0.94 in the third quarter of 2023, and $39.5 million and $0.68 in the second quarter of 2024. Excluding the loss from repositioning of the available for sale securities portfolio, adjusted net income was $55.6 million or $0.95 per share for the third quarter of 2024.
Strong capital position with Common Equity Tier 1 Capital Ratio of 11.25% and Tangible Common Equity to Tangible Assets Ratio of 8.76%.
Net interest margin was 3.23% compared to 3.16% on a linked quarter basis.
Total loans grew $15.5 million, or 0.5% annualized, on a linked quarter basis, and $385.1 million, or 3.1% during the last twelve months.
Total deposits grew by $83.7 million, or 2.3% annualized, on a linked quarter basis after normalizing for $287.7 million of deposits reclassified to held for sale.
Nonperforming assets to total assets were 35 basis points compared to 36 basis points on a linked quarter basis.
The efficiency ratio totaled 53.76% for the quarter.
Announced sale of five Illinois branches and certain loans and deposits to Old Second National Bank on August 27, 2024.

“We are pleased with our third quarter results and the focused momentum that we are building,” said Mark Hardwick, Chief Executive Officer. “The pending sale of five non-core Illinois branches, restructure of the securities portfolio, and successful completion of four major technology initiatives provides us with the opportunity to reprioritize our core markets and introduce innovative customer acquisition strategies.”

Third Quarter Financial Results:

First Merchants Corporation (the “Corporation”) has reported third quarter 2024 net income available to common stockholders of $48.7 million compared to $55.9 million during the same period in 2023. Diluted earnings per common share for the period totaled $0.84 compared to the third quarter of 2023 result of $0.94. Excluding the $9.1 million pre-tax loss from repositioning of the available for sale securities portfolio, adjusted net income was $55.6 million, or $0.95 diluted earnings per common share for the third quarter of 2024.

During the quarter, the Corporation signed a definitive agreement to sell five Illinois branches along with certain loans and deposits, representing an exit from suburban Chicago markets. Loans of $9.2 million, deposits of $287.7 million and fixed assets of $3.4 million have been moved to held for sale categories as of September 30, 2024. The transaction is expected to close in the fourth quarter of this year.

Total assets equaled $18.3 billion as of quarter-end and loans totaled $12.7 billion. During the past twelve months, total loans grew by $385.1 million, or 3.1%. On a linked quarter basis, loans grew $15.5 million, or 0.5%, with growth primarily in commercial & industrial loans.

Investments totaling $3.7 billion decreased $51.6 million, or 1.4%, during the last twelve months and decreased $90.9 million, or 9.7% annualized, on a linked quarter basis. The decline during the quarter was due to $158.9 million in sales of available for sale securities with a weighted average tax-equivalent yield of 2.85%, partially offset by an increase in the securities portfolio valuation.

Total deposits were $14.4 billion as of quarter-end and decreased by $281.5 million, or 1.9%, over the past twelve months. The decline was primarily due to $287.7 million of deposits being reclassified to held for sale. Excluding this impact, deposits increased by $6.2 million. On a linked quarter basis, deposits grew organically by $83.7 million or 2.3%. The loan to deposit ratio increased to 88.0% at period end from 86.8% in the prior quarter, primarily due to the reclassification of deposits to held for sale as previously described.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $187.8 million as of quarter-end, or 1.48% of total loans, a decrease of $1.7 million from prior quarter. Loan charge-offs, net of recoveries totaled $6.7 million and provision for loans of $5.0 million was recorded during the quarter. Reserves for unfunded commitments totaled $19.5 million and remained unchanged from the prior quarter. Non-performing assets to total assets were 35 basis points for the third quarter of 2024, a decrease of one basis point compared to 36 basis points in the prior quarter.

Net interest income totaled $131.1 million for the quarter, an increase of $2.5 million, or 2.0%, compared to prior quarter and a decrease of $2.3 million, or 1.7%, compared to the third quarter of 2023. Fully-tax equivalent net interest margin was 3.23%, an increase of 7 basis points compared to the second quarter of 2024, and a decrease of 6 basis points compared to the third quarter of 2023. The increase in net interest margin compared to the second quarter was due to higher earning asset yields.

Non-interest income totaled $24.9 million for the quarter, a decrease of $6.5 million, or 20.6%, compared to the second quarter of 2024 and a decrease of $3.0 million, or 6.7% from the third quarter of 2023. The decrease from second quarter of 2024 was driven by realized losses on sales of available for sale securities associated with the repositioning of the bond portfolio, partially offset by increases in gains on sales of mortgage loans and earnings on cash surrender value of life insurance.

Non-interest expense totaled $94.6 million for the quarter, an increase of $3.2 million from the second quarter of 2024 and an increase of $0.8 million from the third quarter of 2023. The increase from the linked quarter was from higher salaries and employee benefits primarily driven by higher incentives.

The Corporation’s total risk-based capital ratio equaled 13.18%, common equity tier 1 capital ratio equaled 11.25%, and the tangible common equity ratio totaled 8.76%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

CONFERENCE CALL

First Merchants Corporation will conduct a third quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, October 24, 2024.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register.vevent.com/register/BI34430e309ed545808c7c8195f36e86b6)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/6grv3upw) during the time of the call. A replay of the webcast will be available until October 24, 2025.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	September 30,
		2024			2023
ASSETS
Cash and due from banks	$	84,719		$	125,173
Interest-bearing deposits		359,126			348,639
Investment securities, net of allowance for credit losses of $245,000 and $245,000		3,662,145			3,713,724
Loans held for sale		40,652			30,972
Loans		12,646,808			12,271,422
Less: Allowance for credit losses – loans		(187,828	)		(205,782	)
Net loans		12,458,980			12,065,640
Premises and equipment		129,582			132,441
Federal Home Loan Bank stock		41,716			41,797
Interest receivable		92,055			90,011
Goodwill and other intangibles		733,601			741,283
Cash surrender value of life insurance		304,613			306,106
Other real estate owned		5,247			6,480
Tax asset, deferred and receivable		86,732			135,521
Other assets		348,384			340,476
TOTAL ASSETS	$	18,347,552		$	18,078,263
LIABILITIES
Deposits:
Noninterest-bearing	$	2,334,197		$	2,554,984
Interest-bearing		12,030,903			12,091,592
Total Deposits		14,365,100			14,646,576
Borrowings:
Federal funds purchased		30,000			—
Securities sold under repurchase agreements		124,894			152,537
Federal Home Loan Bank advances		832,629			713,384
Subordinated debentures and other borrowings		93,562			158,665
Total Borrowings		1,081,085			1,024,586
Deposits and other liabilities held for sale		288,476			—
Interest payable		18,089			16,473
Other liabilities		292,429			297,984
Total Liabilities		16,045,179			15,985,619
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 58,117,115 and 59,398,022 shares		7,265			7,425
Additional paid-in capital		1,192,683			1,234,402
Retained earnings		1,229,125			1,132,962
Accumulated other comprehensive loss		(151,825	)		(307,270	)
Total Stockholders’ Equity		2,302,373			2,092,644
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,347,552		$	18,078,263


CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended						Nine Months Ended
(Dollars In Thousands, Except Per Share Amounts)	September 30,						September 30,
		2024			2023			2024			2023
INTEREST INCOME
Loans receivable:
Taxable	$	206,680		$	191,705		$	606,116		$	550,314
Tax-exempt		8,622			8,288			25,242			23,757
Investment securities:
Taxable		9,263			8,590			27,062			26,563
Tax-exempt		13,509			13,947			40,733			44,296
Deposits with financial institutions		2,154			5,884			11,642			9,685
Federal Home Loan Bank stock		855			719			2,569			2,281
Total Interest Income		241,083			229,133			713,364			656,896
INTEREST EXPENSE
Deposits		98,856			85,551			296,292			209,437
Federal funds purchased		329			—			455			1,420
Securities sold under repurchase agreements		700			797			2,377			2,624
Federal Home Loan Bank advances		8,544			6,896			21,715			20,775
Subordinated debentures and other borrowings		1,544			2,506			5,781			7,303
Total Interest Expense		109,973			95,750			326,620			241,559
NET INTEREST INCOME		131,110			133,383			386,744			415,337
Provision for credit losses		5,000			2,000			31,500			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,110			131,383			355,244			413,337
NONINTEREST INCOME
Service charges on deposit accounts		8,361			7,975			24,482			23,147
Fiduciary and wealth management fees		8,525			7,394			25,550			22,653
Card payment fees		5,121			4,716			14,360			14,425
Net gains and fees on sales of loans		6,764			5,517			15,159			11,548
Derivative hedge fees		736			516			1,488			2,336
Other customer fees		344			384			1,231			1,643
Earnings on cash surrender value of life insurance		2,755			1,761			6,276			5,145
Net realized losses on sales of available for sale securities		(9,114	)		(1,650	)		(9,165	)		(4,613	)
Other income		1,374			1,229			3,457			2,874
Total Noninterest Income		24,866			27,842			82,838			79,158
NONINTEREST EXPENSES
Salaries and employee benefits		55,223			55,566			165,730			167,778
Net occupancy		6,994			6,837			21,052			20,770
Equipment		6,949			5,698			19,774			18,005
Marketing		1,836			2,369			4,807			4,780
Outside data processing fees		7,150			6,573			21,111			19,290
Printing and office supplies		378			333			1,085			1,150
Intangible asset amortization		1,772			2,182			5,500			6,561
FDIC assessments		3,720			2,981			11,285			7,117
Other real estate owned and foreclosure expenses		942			677			1,849			1,575
Professional and other outside services		3,035			3,833			10,809			12,191
Other expenses		6,630			6,805			19,975			20,950
Total Noninterest Expenses		94,629			93,854			282,977			280,167
INCOME BEFORE INCOME TAX		56,347			65,371			155,105			212,328
Income tax expense		7,160			9,005			18,052			31,021
NET INCOME		49,187			56,366			137,053			181,307
Preferred stock dividends		468			468			1,406			1,406
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	48,719		$	55,898		$	135,647		$	179,901
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.84		$	0.95		$	2.32		$	3.04
Diluted Net Income Available to Common Stockholders	$	0.84		$	0.94		$	2.31		$	3.03
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.34		$	1.04		$	1.00
Average Diluted Common Shares Outstanding (in thousands)		58,289			59,503			58,629			59,465


FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023
NET CHARGE-OFFS	$	6,709		$	20,365		$	48,606		$	22,495

AVERAGE BALANCES:
Total Assets	$	18,360,580		$	18,152,239		$	18,374,370		$	18,115,504
Total Loans		12,680,166			12,287,632			12,592,907			12,264,787
Total Earning Assets		16,990,358			16,947,669			17,042,540			16,913,965
Total Deposits		14,702,454			14,735,592			14,826,056			14,627,448
Total Stockholders’ Equity		2,251,547			2,154,232			2,232,419			2,126,005

FINANCIAL RATIOS:
Return on Average Assets		1.07	%		1.24	%		0.99	%		1.33	%
Return on Average Stockholders’ Equity		8.66			10.38			8.10			11.28
Return on Tangible Common Stockholders’ Equity		13.39			16.54			12.64			18.10
Average Earning Assets to Average Assets		92.54			93.36			92.75			93.37
Allowance for Credit Losses – Loans as % of Total Loans		1.48			1.67			1.48			1.67
Net Charge-offs as % of Average Loans (Annualized)		0.21			0.66			0.51			0.24
Average Stockholders’ Equity to Average Assets		12.26			11.87			12.15			11.74
Tax Equivalent Yield on Average Earning Assets		5.82			5.55			5.72			5.32
Interest Expense/Average Earning Assets		2.59			2.26			2.56			1.90
Net Interest Margin (FTE) on Average Earning Assets		3.23			3.29			3.16			3.42
Efficiency Ratio		53.76			53.91			55.54			52.60
Tangible Common Book Value Per Share	$	26.64		$	22.43		$	26.64		$	22.43


NONPERFORMING ASSETS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
Nonaccrual Loans	$	59,088		$	61,906		$	62,478		$	53,580		$	53,102
Other Real Estate Owned and Repossessions		5,247			4,824			4,886			4,831			6,480
Nonperforming Assets (NPA)		64,335			66,730			67,364			58,411			59,582
90+ Days Delinquent		14,105			1,686			2,838			172			89
NPAs & 90 Day Delinquent	$	78,440		$	68,416		$	70,202		$	58,583		$	59,671

Allowance for Credit Losses – Loans	$	187,828		$	189,537		$	204,681		$	204,934		$	205,782
Quarterly Net Charge-offs		6,709			39,644			2,253			3,148			20,365
NPAs / Actual Assets %		0.35	%		0.36	%		0.37	%		0.32	%		0.33	%
NPAs & 90 Day / Actual Assets %		0.43	%		0.37	%		0.38	%		0.32	%		0.33	%
NPAs / Actual Loans and OREO %		0.51	%		0.53	%		0.54	%		0.47	%		0.48	%
Allowance for Credit Losses – Loans / Actual Loans (%)		1.48	%		1.50	%		1.64	%		1.64	%		1.67	%
Net Charge-offs as % of Average Loans (Annualized)		0.21	%		1.26	%		0.07	%		0.10	%		0.66	%


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
ASSETS
Cash and due from banks	$	84,719		$	105,372		$	100,514		$	112,649		$	125,173
Interest-bearing deposits		359,126			168,528			410,497			436,080			348,639
Investment securities, net of allowance for credit losses		3,662,145			3,753,088			3,783,574			3,811,364			3,713,724
Loans held for sale		40,652			32,292			15,118			18,934			30,972
Loans		12,646,808			12,639,650			12,465,582			12,486,027			12,271,422
Less: Allowance for credit losses – loans		(187,828	)		(189,537	)		(204,681	)		(204,934	)		(205,782	)
Net loans		12,458,980			12,450,113			12,260,901			12,281,093			12,065,640
Premises and equipment		129,582			133,245			132,706			133,896			132,441
Federal Home Loan Bank stock		41,716			41,738			41,758			41,769			41,797
Interest receivable		92,055			97,546			92,550			97,664			90,011
Goodwill and other intangibles		733,601			735,373			737,144			739,101			741,283
Cash surrender value of life insurance		304,613			306,379			306,028			306,301			306,106
Other real estate owned		5,247			4,824			4,886			4,831			6,480
Tax asset, deferred and receivable		86,732			107,080			101,121			99,883			135,521
Other assets		348,384			367,845			331,006			322,322			340,476
TOTAL ASSETS	$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887		$	18,078,263
LIABILITIES
Deposits:
Noninterest-bearing	$	2,334,197		$	2,303,313		$	2,338,364		$	2,500,062		$	2,554,984
Interest-bearing		12,030,903			12,265,757			12,546,220			12,321,391			12,091,592
Total Deposits		14,365,100			14,569,070			14,884,584			14,821,453			14,646,576
Borrowings:
Federal funds purchased		30,000			147,229			—			—			—
Securities sold under repurchase agreements		124,894			100,451			130,264			157,280			152,537
Federal Home Loan Bank advances		832,629			832,703			612,778			712,852			713,384
Subordinated debentures and other borrowings		93,562			93,589			118,612			158,644			158,665
Total Borrowings		1,081,085			1,173,972			861,654			1,028,776			1,024,586
Deposits and other liabilities held for sale		288,476			—			—			—			—
Interest payable		18,089			18,554			19,262			18,912			16,473
Other liabilities		292,429			329,302			327,500			289,033			297,984
Total Liabilities		16,045,179			16,090,898			16,093,000			16,158,174			15,985,619
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,265			7,256			7,321			7,428			7,425
Additional paid-in capital		1,192,683			1,191,193			1,208,447			1,236,506			1,234,402
Retained earnings		1,229,125			1,200,930			1,181,939			1,154,624			1,132,962
Accumulated other comprehensive loss		(151,825	)		(211,979	)		(198,029	)		(175,970	)		(307,270	)
Total Stockholders’ Equity		2,302,373			2,212,525			2,224,803			2,247,713			2,092,644
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887		$	18,078,263


CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
INTEREST INCOME
Loans receivable:
Taxable	$	206,680		$	201,413		$	198,023		$	197,523		$	191,705
Tax-exempt		8,622			8,430			8,190			8,197			8,288
Investment securities:
Taxable		9,263			9,051			8,748			8,644			8,590
Tax-exempt		13,509			13,613			13,611			13,821			13,947
Deposits with financial institutions		2,154			2,995			6,493			8,034			5,884
Federal Home Loan Bank stock		855			879			835			771			719
Total Interest Income		241,083			236,381			235,900			236,990			229,133
INTEREST EXPENSE
Deposits		98,856			99,151			98,285			96,655			85,551
Federal funds purchased		329			126			—			1			—
Securities sold under repurchase agreements		700			645			1,032			827			797
Federal Home Loan Bank advances		8,544			6,398			6,773			6,431			6,896
Subordinated debentures and other borrowings		1,544			1,490			2,747			3,013			2,506
Total Interest Expense		109,973			107,810			108,837			106,927			95,750
NET INTEREST INCOME		131,110			128,571			127,063			130,063			133,383
Provision for credit losses		5,000			24,500			2,000			1,500			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,110			104,071			125,063			128,563			131,383
NONINTEREST INCOME
Service charges on deposit accounts		8,361			8,214			7,907			7,690			7,975
Fiduciary and wealth management fees		8,525			8,825			8,200			8,187			7,394
Card payment fees		5,121			4,739			4,500			4,437			4,716
Net gains and fees on sales of loans		6,764			5,141			3,254			4,111			5,517
Derivative hedge fees		736			489			263			1,049			516
Other customer fees		344			460			427			237			384
Earnings on cash surrender value of life insurance		2,755			1,929			1,592			3,202			1,761
Net realized losses on sales of available for sale securities		(9,114	)		(49	)		(2	)		(2,317	)		(1,650	)
Other income (loss)		1,374			1,586			497			(152	)		1,229
Total Noninterest Income		24,866			31,334			26,638			26,444			27,842
NONINTEREST EXPENSES
Salaries and employee benefits		55,223			52,214			58,293			60,967			55,566
Net occupancy		6,994			6,746			7,312			9,089			6,837
Equipment		6,949			6,599			6,226			6,108			5,698
Marketing		1,836			1,773			1,198			2,647			2,369
Outside data processing fees		7,150			7,072			6,889			5,875			6,573
Printing and office supplies		378			354			353			402			333
Intangible asset amortization		1,772			1,771			1,957			2,182			2,182
FDIC assessments		3,720			3,278			4,287			7,557			2,981
Other real estate owned and foreclosure expenses		942			373			534			1,743			677
Professional and other outside services		3,035			3,822			3,952			3,981			3,833
Other expenses		6,630			7,411			5,934			7,552			6,805
Total Noninterest Expenses		94,629			91,413			96,935			108,103			93,854
INCOME BEFORE INCOME TAX		56,347			43,992			54,766			46,904			65,371
Income tax expense		7,160			4,067			6,825			4,425			9,005
NET INCOME		49,187			39,925			47,941			42,479			56,366
Preferred stock dividends		468			469			469			469			468
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	48,719		$	39,456		$	47,472		$	42,010		$	55,898
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.84		$	0.68		$	0.80		$	0.71		$	0.95
Diluted Net Income Available to Common Stockholders	$	0.84		$	0.68		$	0.80		$	0.71		$	0.94
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.35		$	0.34		$	0.34		$	0.34
Average Diluted Common Shares Outstanding (in thousands)		58,289			58,328			59,273			59,556			59,503
FINANCIAL RATIOS:
Return on Average Assets		1.07	%		0.87	%		1.04	%		0.92	%		1.24	%
Return on Average Stockholders’ Equity		8.66			7.16			8.47			7.89			10.38
Return on Tangible Common Stockholders’ Equity		13.39			11.29			13.21			12.75			16.54
Average Earning Assets to Average Assets		92.54			92.81			92.91			93.62			93.36
Allowance for Credit Losses – Loans as % of Total Loans		1.48			1.50			1.64			1.64			1.67
Net Charge-offs as % of Average Loans (Annualized)		0.21			1.26			0.07			0.10			0.66
Average Stockholders’ Equity to Average Assets		12.26			12.02			12.17			11.58			11.87
Tax Equivalent Yield on Average Earning Assets		5.82			5.69			5.65			5.64			5.55
Interest Expense/Average Earning Assets		2.59			2.53			2.55			2.48			2.26
Net Interest Margin (FTE) on Average Earning Assets		3.23			3.16			3.10			3.16			3.29
Efficiency Ratio		53.76			53.84			59.21			63.26			53.91
Tangible Common Book Value Per Share	$	26.64		$	25.10		$	25.07		$	25.06		$	22.43


LOANS
(Dollars In Thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
Commercial and industrial loans	$	4,041,217		$	3,949,817		$	3,722,365		$	3,670,948		$	3,490,953
Agricultural land, production and other loans to farmers		238,743			239,926			234,431			263,414			233,838
Real estate loans:
Construction		814,704			823,267			941,726			957,545			1,022,261
Commercial real estate, non-owner occupied		2,251,351			2,323,533			2,368,360			2,400,839			2,360,596
Commercial real estate, owner occupied		1,152,751			1,174,195			1,137,894			1,162,083			1,153,707
Residential		2,366,943			2,370,905			2,316,490			2,288,921			2,257,385
Home equity		641,188			631,104			618,258			617,571			609,352
Individuals’ loans for household and other personal expenditures		158,480			162,089			161,459			168,388			176,523
Public finance and other commercial loans		981,431			964,814			964,599			956,318			966,807
Loans		12,646,808			12,639,650			12,465,582			12,486,027			12,271,422
Allowance for credit losses – loans		(187,828	)		(189,537	)		(204,681	)		(204,934	)		(205,782	)
NET LOANS	$	12,458,980		$	12,450,113		$	12,260,901		$	12,281,093		$	12,065,640


DEPOSITS
(Dollars In Thousands)	September 30,		June 30,		March 31,		December 31,		September 30,
		2024		2024		2024		2023		2023
Demand deposits	$	7,678,510	$	7,757,679	$	7,771,976	$	7,965,862	$	7,952,040
Savings deposits		4,302,236		4,339,161		4,679,593		4,516,433		4,572,162
Certificates and other time deposits of $100,000 or more		1,277,833		1,415,131		1,451,443		1,408,985		1,280,607
Other certificates and time deposits		802,949		889,949		901,280		849,906		761,196
Brokered certificates of deposits¹		303,572		167,150		80,292		80,267		80,571
TOTAL DEPOSITS²	$	14,365,100	$	14,569,070	$	14,884,584	$	14,821,453	$	14,646,576

^{1 –} Total brokered deposits of $838.3 million, which includes brokered CD’s of $303.6 million at September 30, 2024.
² – Total deposits at September 30, 2024 excludes $287.7 million of deposits reclassified to Deposits and other liabilities held for sale related to the pending Illinois branch sale.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Three Months Ended
	September 30, 2024						September 30, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	252,113	$	2,154	3.42	%	$	502,967	$	5,884	4.68	%
Federal Home Loan Bank stock		41,730		855	8.20			41,826		719	6.88
Investment Securities: ⁽¹⁾
Taxable		1,789,526		9,263	2.07			1,817,219		8,590	1.89
Tax-exempt ⁽²⁾		2,226,823		17,100	3.07			2,298,025		17,655	3.07
Total Investment Securities		4,016,349		26,363	2.63			4,115,244		26,245	2.55
Loans held for sale		31,991		483	6.04			24,227		386	6.37
Loans: ⁽³⁾
Commercial		8,699,733		164,922	7.58			8,456,527		153,993	7.28
Real estate mortgage		2,183,095		24,333	4.46			2,079,067		21,618	4.16
Installment		832,222		16,942	8.14			827,318		15,708	7.59
Tax-exempt ⁽²⁾		933,125		10,914	4.68			900,493		10,491	4.66
Total Loans		12,680,166		217,594	6.86			12,287,632		202,196	6.58
Total Earning Assets		16,990,358		246,966	5.82	%		16,947,669		235,044	5.55	%
Total Non-Earning Assets		1,370,222						1,204,570
TOTAL ASSETS	$	18,360,580					$	18,152,239
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,455,298	$	40,450	2.97	%	$	5,425,829	$	37,780	2.79	%
Money market deposits		2,974,188		25,950	3.49			2,923,798		23,607	3.23
Savings deposits		1,425,047		4,208	1.18			1,641,338		3,844	0.94
Certificates and other time deposits		2,499,655		28,248	4.52			2,106,910		20,320	3.86
Total Interest-Bearing Deposits		12,354,188		98,856	3.20			12,097,875		85,551	2.83
Borrowings		1,071,440		11,117	4.15			1,032,180		10,199	3.95
Total Interest-Bearing Liabilities		13,425,628		109,973	3.28			13,130,055		95,750	2.92
Noninterest-bearing deposits		2,348,266						2,637,717
Other liabilities		335,139						230,235
Total Liabilities		16,109,033						15,998,007
STOCKHOLDERS’ EQUITY		2,251,547						2,154,232
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,360,580		109,973			$	18,152,239		95,750
Net Interest Income (FTE)			$	136,993					$	139,294
Net Interest Spread (FTE) ⁽⁴⁾					2.54	%					2.63	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.82	%					5.55	%
Interest Expense / Average Earning Assets					2.59	%					2.26	%
Net Interest Margin (FTE) ⁽⁵⁾					3.23	%					3.29	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $5,883 and $5,911 for the three months ended September 30, 2024 and 2023, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Nine Months Ended
	September 30, 2024						September 30, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	383,007	$	11,642	4.05	%	$	340,887	$	9,685	3.79	%
Federal Home Loan Bank stock		41,748		2,569	8.20			41,160		2,281	7.39
Investment Securities: ⁽¹⁾
Taxable		1,787,119		27,062	2.02			1,872,267		26,563	1.89
Tax-exempt ⁽²⁾		2,237,759		51,561	3.07			2,394,864		56,071	3.12
Total Investment Securities		4,024,878		78,623	2.60			4,267,131		82,634	2.58
Loans held for sale		27,735		1,242	5.97			22,398		1,046	6.23
Loans: ⁽³⁾
Commercial		8,659,088		484,979	7.47			8,515,148		444,422	6.96
Real estate mortgage		2,159,738		70,489	4.35			2,008,852		60,354	4.01
Installment		825,060		49,406	7.98			833,133		44,492	7.12
Tax-exempt ⁽²⁾		921,286		31,952	4.62			885,256		30,072	4.53
Total Loans		12,592,907		638,068	6.76			12,264,787		580,386	6.31
Total Earning Assets		17,042,540		730,902	5.72	%		16,913,965		674,986	5.32	%
Total Non-Earning Assets		1,331,830						1,201,539
TOTAL ASSETS	$	18,374,370					$	18,115,504
LIABILITIES
Interest-Bearing deposits:
Interest-bearing deposits	$	5,487,106	$	120,935	2.94	%	$	5,412,482	$	97,016	2.39	%
Money market deposits		3,018,526		80,563	3.56			2,812,891		55,868	2.65
Savings deposits		1,497,620		11,485	1.02			1,730,110		10,693	0.82
Certificates and other time deposits		2,447,684		83,309	4.54			1,821,408		45,860	3.36
Total Interest-Bearing Deposits		12,450,936		296,292	3.17			11,776,891		209,437	2.37
Borrowings		990,022		30,328	4.08			1,144,368		32,122	3.74
Total Interest-Bearing Liabilities		13,440,958		326,620	3.24			12,921,259		241,559	2.49
Noninterest-bearing deposits		2,375,120						2,850,557
Other liabilities		325,873						217,683
Total Liabilities		16,141,951						15,989,499
STOCKHOLDERS’ EQUITY		2,232,419						2,126,005
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,374,370		326,620			$	18,115,504		241,559
Net Interest Income (FTE)			$	404,282					$	433,427
Net Interest Spread (FTE) ⁽⁴⁾					2.48	%					2.83	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.72	%					5.32	%
Interest Expense / Average Earning Assets					2.56	%					1.90	%
Net Interest Margin (FTE) ⁽⁵⁾					3.16	%					3.42	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $17,538 and $18,090 for the nine months ended September 30, 2024 and 2023, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.


ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Net Income Available to Common Stockholders – GAAP	$	48,719		$	39,456		$	47,472		$	42,010		$	55,898		$	135,647		$	179,901
Adjustments:
PPP loan income		—			—			—			(7	)		(8	)		—			(42	)
Net realized losses on sales of available for sale securities		9,114			49			2			2,317			1,650			9,165			4,613
Non-core expenses^1,2		—			—			3,481			12,682			—			3,481			—
Tax on adjustments		(2,220	)		(12	)		(848	)		(3,652	)		(403	)		(3,081	)		(1,121	)
Adjusted Net Income Available to Common Stockholders – Non-GAAP	$	55,613		$	39,493		$	50,107		$	53,350		$	57,137		$	145,212		$	183,351

Average Diluted Common Shares Outstanding (in thousands)		58,289			58,328			59,273			59,556			59,503			58,629			59,465

Diluted Earnings Per Common Share – GAAP	$	0.84		$	0.68		$	0.80		$	0.71		$	0.94		$	2.31		$	3.03
Adjustments:
PPP loan income		—			—			—			—			—			—			—
Net realized losses on sales of available for sale securities		0.15			—			—			0.04			0.03			0.16			0.07
Non-core expenses^1,2		—			—			0.06			0.21			—			0.06			—
Tax on adjustments		(0.04	)		—			(0.01	)		(0.06	)		(0.01	)		(0.05	)		(0.02	)
Adjusted Diluted Earnings Per Common Share – Non-GAAP	$	0.95		$	0.68		$	0.85		$	0.90		$	0.96		$	2.48		$	3.08

¹ – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.
² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.


NET INTEREST MARGIN (“NIM”), ADJUSTED
(Dollars in Thousands, Except Per Share Amounts)
	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Net Interest Income (GAAP)	$	131,110		$	128,571		$	127,063		$	130,063		$	133,383		$	386,744		$	415,337
Fully Taxable Equivalent (“FTE”) Adjustment		5,883			5,859			5,795			5,853			5,911			17,538			18,090
Net Interest Income (FTE) (non-GAAP)	$	136,993		$	134,430		$	132,858		$	135,916		$	139,294		$	404,282		$	433,427

Average Earning Assets (GAAP)	$	16,990,358		$	17,013,984		$	17,123,851		$	17,222,714		$	16,947,669		$	17,042,540		$	16,913,965
Net Interest Margin (GAAP)		3.09	%		3.02	%		2.97	%		3.02	%		3.15	%		3.03	%		3.27	%
Net Interest Margin (FTE) (non-GAAP)		3.23	%		3.16	%		3.10	%		3.16	%		3.29	%		3.16	%		3.42	%


RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
(Dollars In Thousands)	Three Months Ended															Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Total Average Stockholders’ Equity (GAAP)	$	2,251,547		$	2,203,361		$	2,242,139		$	2,130,993		$	2,154,232		$	2,232,419		$	2,126,005
Less: Average Preferred Stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Average Intangible Assets, Net of Tax		(729,581	)		(730,980	)		(732,432	)		(734,007	)		(735,787	)		(730,993	)		(737,476	)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,496,841		$	1,447,256		$	1,484,582		$	1,371,861		$	1,393,320		$	1,476,301		$	1,363,404

Net Income Available to Common Stockholders (GAAP)	$	48,719		$	39,456		$	47,472		$	42,010		$	55,898		$	135,647		$	179,901
Plus: Intangible Asset Amortization, Net of Tax		1,399			1,399			1,546			1,724			1,724			4,345			5,182
Tangible Net Income (Non-GAAP)	$	50,118		$	40,855		$	49,018		$	43,734		$	57,622		$	139,992		$	185,083

Return on Tangible Common Equity (Non-GAAP)		13.39	%		11.29	%		13.21	%		12.75	%		16.54	%		12.64	%		18.10	%

For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

The MIL Network –

January 25, 2025

MIL-OSI: 53% of U.S. Tenants Face Housing Affordability Crisis

Source: GlobeNewswire (MIL-OSI)

FORT COLLINS, Colo., Oct. 24, 2024 (GLOBE NEWSWIRE) — A recent study from all-in-one landlord software TurboTenant reveals that over half of renters spend more than 30% of their gross income on rent, meaning they are cost burdened. Though classical wisdom dictates spending no more than 30% of gross income on rent, as cited by industry leaders like Business Insider and Nerdwallet, most renters can’t abide by this advice.

Worse still, 19% of respondents are severely cost burdened, dedicating 50% or more of their income to housing expenses in August 2024. These findings highlight a growing challenge for renters as the average monthly rent has climbed to $1,739 with median rents across the U.S. hitting $2,075, according to Zillow.

“It’s frustrating that rents keep going up. I’d like to buy a home—the payments would be significantly cheaper than renting—but I can never hope to save up for a down payment with rent taking up such a huge portion of my income!” said Amber H. of Kansas, who reported paying 40-49% of her income in rent.

To address this mounting issue, TurboTenant partners with Livble, a flexible rent payment solution that empowers renters to take control of their largest expense by breaking it into more affordable installments—while guaranteeing each landlord receives their rent payment on time and in full.

“With over half of renters cost burdened, it’s essential to provide solutions that benefit both sides of the equation. We’re proud that our partnership with Livble improves renters’ financial security while maintaining financial stability for housing providers,” said Seamus Nally, TurboTenant’s CEO.

Renters looking to take advantage of TurboTenant and Livble’s partnership should create a free TurboTenant account, then invite their landlord to do the same. Landlords collect rent at no cost through the leading rental property management platform and can easily set up a recurring charge. Then, the tenant should navigate to the “Payments” tab of their account, where eligible renters will see the option to learn more about Livble, and all can set up automatic payments to make rent that much less stressful.

About TurboTenant
More than 700,000 independent landlords across the U.S. enjoy TurboTenant’s all-in-one online property management solutions, including rental applications, tenant screening, rent payments, and lease agreements. Please contact press@turbotenant.com or visit turbotenant.com for more information.

The MIL Network –

January 25, 2025

MIL-OSI: Form 8.3 – AXA INVESTMENT MANAGERS: PRS REIT plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	AXA Investment Managers S.A.
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	PRS REIT plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	23 October 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	NO

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	18,647,391	3.40
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	18,647,391	3.40

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	24 October 2024
Contact name:	Sabrina AID
*Telephone number:**	+33 1 44 45 59 79

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

The MIL Network –

January 25, 2025

MIL-OSI Video: Press Secretary Karine Jean-Pierre and Deb Haaland Gaggle Aboard Air Force One

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

Press Secretary Karine Jean-Pierre and Secretary of the Interior Deb Haaland Will Gaggle Aboard Air Force One En Route to Phoenix, Arizona

Air Force One

https://www.youtube.com/watch?v=MYtADHPRNqc

MIL OSI Video –

January 25, 2025

MIL-OSI Video: Leave No One Behind! | U.S. Army

Source: US Army (video statements)

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #Army

https://www.youtube.com/watch?v=lff-H-CrSYs

MIL OSI Video –

January 25, 2025

MIL-OSI Video: National Guard Airmen, Soldiers train for the duty of caring for fallen comrades

Source: US National Guard (video statements)

U.S. National Guard fatality search and recovery team Airmen and mortuary affairs Soldiers practice skills during an exercise that focused on the storage and temporary interment of simulated contaminated human remains at Fort Gregg-Adams, Virginia, Sept. 8-20, 2024. The exercise was part of a quick reaction test, led by the Joint Mortuary Affairs Center and evaluated by members of the Joint Test and Evaluation Program, to refine the techniques, tactics and procedures for managing and caring for the remains of fallen service members. (U.S. Air National Guard photo by Master Sgt. Brandy Fowler)

https://www.youtube.com/watch?v=QpYL-VXP8bo

MIL OSI Video –

January 25, 2025

MIL-OSI United Kingdom: Inspection report published: An inspection of contingency asylum accommodation (November 2023 – June 2024)

Source: United Kingdom – Executive Government & Departments

This inspection examined the Home Office’s use of contingency asylum accommodation for asylum seekers.

This inspection examined the Home Office’s strategies for dealing with an increasing demand for contingency asylum accommodation while needing to reduce the associated costs, in particular the costs of using hotels to accommodate those seeking asylum. In addition, it explored the Home Office’s processes and practices for assuring the performance of the private companies contracted to provide asylum accommodation, and the delivery of support and services to the “service users”.

The inspection was initiated by my predecessor, David Neal, and the bulk of the evidence was gathered between November 2023 and January 2024. However, it was not possible to complete the inspection in the usual manner as there was no Independent Chief Inspector in post from 21 February to 3 June 2024.

In June 2024, I asked the Home Office for some additional information and updated evidence. I also visited the Bibby Stockholm, Wethersfield and Napier Barracks to see the accommodation at first-hand and to talk to those working and accommodated at those sites.

My report identifies improvements I believe the Home Office can and should make, including in relation to strategies and plans, stakeholder engagement, governance, contract compliance and assurance checks, record-keeping and data quality, the provision of purposeful activities, safeguarding vulnerable people, organisational learning, and communication.

In most cases, the underlying issues, such as poor or non-existent data, are not unique to contingency asylum accommodation and have featured in many previous inspection reports. In the case of assurance checks, previous recommendations have not been implemented. Aside from not holding the accommodation providers effectively to account, this means that “service users” have widely differing experiences of contingency asylum accommodation.

However, I would like to draw particular attention to one long-standing, systemic issue that this inspection has again exposed.

Lack of meaningful engagement with stakeholders and poor communication (“one-way”, telling rather than listening) from the Home Office about policies, practices and plans has been a recurring theme of inspections over many years. It is clear that the Home Office still has a long way to go to build trust and confidence in its willingness to be open and honest about its intentions and performance and any reluctance to share information, whether real or perceived, will be seen as evidence that it is not. Timing is all-important, and while there are risks in engaging early, it must avoid any hint of “too little, too late”.

The need for effective engagement and communication also extends to the “service users”. Others have reported on the impact on the mental health and wellbeing of asylum seekers, and in particular those accommodated at Wethersfield and on the Bibby Stockholm, of not knowing what will happen to them. This was all too evident through this inspection.

In 2021, I wrote to the Home Office recommending that it create the means to keep individuals who had claimed asylum informed about where their claim was in the process. This was what each of them wanted to know more than anything else, and it has become even more of an issue with the removal of the six-month Service Level Agreement (SLA) for asylum decisions, backlogs and lengthening decision times, and legislative changes.

I accept that with the numbers now in the asylum system this is a difficult time to introduce a new service that provides updates on individual claims, for example through text messages, a ‘hotline’, or an indicator on GOV.UK of current average waiting times. However, it is something that the Home Office should be striving to do as soon as it is practicable. The reintroduction of an SLA would be a start.

This report makes nine recommendations. I am pleased that these have all been accepted, either in full or in part, and that in the latter cases the department has provided a clear explanation of why it is not accepting the recommendation fully and what it is doing towards addressing the spirit of the recommendation if not the letter. This is a complex area with lots of moving parts, and the ICIBI will no doubt wish to return to it at some point to consider and report on the various initiatives identified in the government’s response.

Concerns over delays in the publication of ICIBI reports are well-known. I am therefore particularly pleased that this report has been published promptly. It was sent to the Home Secretary on 3 September 2024, so publication today is within the agreed 8-week timeframe. I am hopeful that this will continue.

David Bolt, Independent Chief Inspector of Borders and Immigration

24 October 2024

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Security: Abraham Lincoln Carrier Strike Group Conducts Second Multi-Large Deck Event with Italian ITS Cavour CSG

Source: United States Naval Central Command

U.S. CENTRAL COMMAND AREA OF RESPONSIBILITY —

The Abraham Lincoln Carrier Strike Group (CSG) conducted a Multi-Large Deck Event (MLDE) with the Italian Navy’s ITS Cavour CSG, Oct. 18.

MLDE provide the ships and aircrafts of the two naval forces, comprised of more than 7,500 U.S. and Italian Sailors and Marines, an opportunity to advance interoperability by carrying out integrated planning and coordination, communications, cross-deck leadership exchanges, a fast-roping exercise, and an air defense exercise to strengthen combined maritime operations and combat readiness.

“The opportunity to exercise our interoperability with our Cavour CSG counterparts for a second time in our deployment, highlights our strategic advantage inherent to our network of strong alliances,” said Rear Adm. Adan Cruz, commander, Carrier Strike Group (CSG) 3. “We have seized every opportunity to fly and sail with our Italian counterparts to deepen our combined operational capacity anywhere in international waters.”

During the event, Rear Adm. Giancarlo Ciappina, commander, Cavour Carrier Strike Group, hosted Cruz, aboard the ITS Cavour for a visit focused on building relationships.

“We are proud to work once again alongside Lincoln Carrier Strike Group, after almost two months from our first interaction in the Pacific Ocean,” said Ciappina. “[It] has represented another precious opportunity to train together and to exchange experiences and knowledge, highlighting the versatility and flexibility of Navies operating on a global scale, wherever a presence is required to keep maritime lines of communication open and safe to strengthen our bonds and to enhance levels of cooperation with commitment to security.”

This marks the second time the Abraham Lincoln CSG participated in an MLDE with the Italian Navy during the 2024 deployment. The previous event in August marked the first-ever MLDE between U.S. and Italian Navies in the Indo-Pacific.

Participating ships in the MLDE included Nimitz-Class aircraft carrier USS Abraham Lincoln (CVN 72), Integrated Air and Missile Defense Commander (IAMDC) USS Frank E. Petersen, Jr. (DDG 121), Arleigh Burke-class guided-missile destroyers USS O’Kane (DDG 77) & USS Michael Murphy (DDG 111), assigned to Destroyer Squadron 21, Italian aircraft carrier ITS Cavour (CVH 550), Italian Frigate ITS Alpino (F 594), and Italian Multipurpose Combat Ship Raimondo Montecuccoli (P 432).

Participating aircraft included MH-60S and MH-60R Sea Hawks, F/A-18E & F Super Hornets, E/A-18G Growlers, F-35C Lightning II, and E-2D Hawkeye, all assigned to Carrier Air Wing 9; and Italian F-35B Lightning II and AV-8B Harrier II assigned to Cavour CSG.

Cruz and Ciappina conducted a conditions check via virtual teleconference prior to the commencement to ensure all participants were ready, Oct. 17. The exercise started with personnel exchanges where key Abraham Lincoln CSG leadership toured Cavour and Italian officers toured the USS Abraham Lincoln. USS O’Kane and ITS Raimondo Montecuccoli conducted a joint live-fire exercise, while the embarked U.S. explosive ordnance disposal team conducted a subject matter expert exchange and fast rope exercise with Italian counterparts. The event concluded with a complex air defense exercise involving both CSG’s tactical aircraft.

“It is an honor to once again have the opportunity to work jointly with our NATO Allies,” said Cruz. “I am grateful to Rear Adm. Ciappina and his entire crew of the ITS Cavour for their gracious hospitality aboard their ship. I am also grateful to continue training and operating together to drive interoperability forward.”

Ciappina responded with his reflection on the MLDE.

“I am very grateful to Adm. Cruz and to the whole crew of ABE CSG for their great effort and professionalism continuously shown during these challenging times for peace and international stability and that clearly confirm their strong commitment towards own common values, which are shared within the allied and partner Navies on a global scale,” concluded Ciappina.

The Abraham Lincoln Carrier Strike Group stands ready to successfully conduct any mission essential to U.S. National security, spanning combat operations to integrated maritime operations with our allies and partners to maritime security and stability in the U.S. Central Command area of responsibility. It also operates postured to deliver unfaltering maritime force to deter, defend, and if necessary, defeat coercive behavior from those who seek to challenge the rules-based international order.

The Abraham Lincoln Carrier Strike Group consists of USS Abraham Lincoln (CVN 72), embarked staffs of Carrier Strike Group (CSG) Three and Destroyer Squadron (DESRON) 21, squadrons of Carrier Air Wing (CVW) Nine, IAMDC USS Frank E. Petersen Jr. (DDG 121), and USS O’Kane (DDG 77), USS Spruance (DDG 111), and USS Michael Murphy (DDG 112).

CVW-9 consists of an F-35C squadron, the “Black Knights” of Marine Fighter Attack Squadron (VMFA) 314; three F/A-18E/F Super Hornet squadrons, the “Tophatters” of Strike Fighter Squadron (VFA) 14; “Black Aces” of Strike Fighter Squadron (VFA) 41, the “Vigilantes” of Strike Fighter Squadron (VFA) 151; “Wizards” of Electronic Attack Squadron (VAQ) 133, operating the EA-18G Growler; “Wallbangers” of Carrier Airborne Early Warning Squadron (VAW) 117, operating the E-2D Advanced Hawkeye; “Chargers” of Helicopter Sea Combat Squadron (HSC) 14 operating the MH-60S Sea Hawk; and “Raptors” of Helicopter Maritime Strike Squadron (HSM) 71, operating the MH-60R Sea Hawk.

For more news from CSG-3, http://www.dvidshub.net/unit/USSAL-CVN72#

MIL Security OSI –

January 25, 2025

MIL-OSI Africa: Cassava Republic Press named the inaugural winner of Afreximbank’s CANEX Prize for Publishing in Africa, 2024

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

ALGIERS, Algeria, October 24, 2024/APO Group/ —

Afreximbank’s (www.Afreximbank.com) CANEX Prize for Publishing in Africa, a partnership between the CANEX Book Factory and the Narrative Landscape Press Limited announced Cassava Republic Press, Nigeria as its inaugural winner for the 2024 CANEX Prize for Publishing in Africa.

The award, which celebrates excellence in African publishing, recognised Cassava Republic Press for their book Female Fear Factory: Unveiling Patriarchy’s Culture of Violence by Pumla Dineo Gqola. The book was recognised for its striking cover design, elegant layout, and reader-friendly text. It was also lauded for its imaginative approach to gender issues, offering a compelling contribution to feminist literature.

Female Fear Factory explores how patriarchal society fosters violence against women, providing both a sobering account of this violence and a hopeful vision for the work of feminists worldwide. The award, which included a $20,000 prize, was presented at CANEX WKND 2024 in Algiers, Algeria, during a dinner hosted by the Honourable Soraya Mouloudji, Algeria’s Minister of Culture and Arts.

The CANEX Prize for Publishing in Africa, launched in Cairo in November 2023 on the sidelines of the Intra African Trade Fair (IATF2023), aims to promote a vibrant literary culture across Global Africa and foster a sustainable business ecosystem in the literary sector. CANEX, initiated by Afreximbank in 2020, serves as a key driver for development and job creation in Africa, recognising the opportunities within the creative and cultural industries.

The award evaluates entries based on the quality of writing, editing, and production, with particular emphasis on books printed and produced in Africa, as well as those published in indigenous African languages. This year, 85 entries were received from 49 publishers across Africa, representing a diverse range of languages, including English, French, Portuguese, and Swahili. From these submissions, the prize administrators selected five finalists for their exceptional work. The finalists included:

Cassava Republic Press (Nigeria), shortlisted for Female Fear Factory: Unravelling Patriarchy’s Culture of Violence by Pumla Dineo Gqola, was praised for its “solid cover design, elegant layout, and contribution to feminist literature.” Layla Mohamed, Editor at Cassava Republic, received the award on behalf of the publishing house.
Jacana Media (South Africa) was honoured for Paperless by Buntu Siwisa, which the judges described as “a beautifully written story of the hidden lives of migrant workers in Africa.” Kelly Mawa, Publishing Assistant at Jacana Media, accepted the award on behalf of the company.
Kachifo Limited (Nigeria), recognised for Half Hour Hara by Ugo Anidi, was celebrated for being “a delightful and engaging children’s story” with “well-crafted illustrations.” Coco Anetor-Sokei, Managing Editor, collected the award for Kachifo Limited.
La Case des Lucioles (Côte d’Ivoire), shortlisted for Reine Or by Fatou Sy, was praised for its “brave design and theatrical presentation.”
Masobe Books (Nigeria) was shortlisted for When We Were Fireflies by Abubakar Adam Ibrahim, which the judges commended for its “meticulous writing and eye-catching cover design.” Othuke Ominiabohs, Managing Director, received the medal for Masobe Books.

The awards were presented to the finalists by Honourable Mouloudji and Mrs. Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank.

Speaking at the award ceremony, the Chair of The Judges, Dr Wale Okediran said;

“In line with our mandate to ‘judge the book as a physical object while also paying attention to its editorial work, including topical relevance and editorial risk’, the judges recognised the selected books as having met the required standard of ‘exceptional work and professionalism.”

The CANEX Prize for Publishing in Africa rewards the best trade book publishers in Africa. A prize of $20,000 is awarded to the publisher – selected from a shortlist of five (5) finalists – of the best trade book (defined as books published for a general audience, including fiction, non-fiction, and poetry; and excluding textbooks and academic books) published in the year in question. Additionally, the remaining four (4) finalists in the shortlist are awarded the amount of $2,000 each.

MIL OSI Africa –

January 25, 2025

MIL-OSI Africa: Secretary-General’s remarks to the 16th BRICS Summit [as delivered]

Source: United Nations – English

xcellencies, ladies and gentlemen,

I am grateful to participate in the 16th BRICS Summit.

Collectively, your countries represent nearly half of the world’s population.

And I salute your valuable commitment and support for international problem-solving as clearly reflected in your theme this year.

But no single group and no single country can act alone or in isolation.

It takes a community of nations, working as one global family, to address global challenges.

Challenges like the rising number of conflicts.

The devastation of climate change, pollution and biodiversity loss…

Rising inequalities and lingering poverty and hunger…

A debt crisis that threatens to smother plans for the future of many vulnerable countries…

The fact that fewer than one-fifth of the Sustainable Development Goals are on-track…

A growing digital divide, and a lack of guardrails for artificial intelligence and other frontier technologies…

And a lack of representation and voice for developing countries at global decision-making tables. From the Security Council to the Bretton-Woods institution and beyond. This must change.

September’s Summit of the Future offered a roadmap for strengthening multilateralism, and advancing peace, sustainable development and human rights.

I see four areas for action.

First — finance.

Today’s international financial system is not offering many vulnerable countries the safety net or level of support they need.

The Pact for the Future calls for accelerating reform of the international financial architecture that is outdated, ineffective and unfair.

And it includes a commitment to move forward with an SDG Stimulus to change the business model to substantially increase the lending capacity of Multilateral Development Banks to developing countries.

To recycle more Special Drawing Rights…

To restructure loans for countries drowning in debt…

And to mobilize more international and domestic resources, public and private, for vital investments in developing countries.

Next year’s Conference on Financing for Development and the Summit on Social Development are two milestones to carry these efforts forward.

We must also recognize the importance of South-South cooperation.

It doesn’t replace the commitments and obligations of developed countries.

But it is providing a growing contribution to supporting developing countries in overcoming obstacles to reaching the SDGs.

Second — climate.

Every country has committed to limit temperature rise to 1.5 degrees Celsius.

That requires dramatic action to reduce emissions now — with the G20 in the lead.

COP29 is just weeks away.

That starts the clock for countries to produce new Nationally Determined Contributions plans with 2035 targets that are aligned with the 1.5 degree goal.

COP29 must deliver an ambitious and credible outcome on the new climate finance goal.

Developed countries must also keep promises to double adaptation finance, and ensure meaningful contributions to the Loss and Damage Fund, which was not the case when it was created.

Third — technology.

Every country must be able to access the benefits of technology.

The Global Digital Compact commits to enhanced global cooperation and capacity-building.

It includes the first truly universal agreement on the international governance of Artificial Intelligence to give every country a seat at the AI table.

It calls for an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations with the participations of all countries.

And it requests options for innovative financing for AI capacity-building in developing countries.

And fourth — peace.

We must strengthen and update the machinery of peace.

This includes reforms to make the United Nations Security Council reflective of today’s world.

The Pact for the Future includes important steps on disarmament — including the first multilateral agreement on nuclear disarmament in more than a decade — and steps that address the weaponization of outer space and the use of lethal autonomous weapons.

Across the board, we need peace.

We need peace in Gaza with an immediate cease-fire, the immediate and unconditional release of all hostages, the effective delivery of humanitarian aid without obstacles, and we need to make irreversible progress to end the occupation and establish the two state solution, as it was recently reaffirmed once again by a UN General Assembly resolution.

We need peace in Lebanon with an immediate cessation of hostilities, moving to the full implementation of Security Council resolution 1701.

We need peace in Ukraine. A just peace in line with the UN Charter, international law and General Assembly resolutions.

We need peace in Sudan, with all parties silencing their guns and committing to a path towards sustainable peace.

Those were the messages I have delivered to the High-Level segment of the General Assembly in September in New York. Unfortunately, they remain valid here and now.

Everywhere, we must uphold the values of the UN Charter, the rule of law, and the principles of sovereignty, territorial integrity and political independence of all States.

Excellencies, ladies and gentlemen,

The Summit of the Future charted a course to strengthen multilateralism for global development and security.

Now we must turn words into deeds and we believe BRICS can play a very important role in this direction.

Thank you.

MIL OSI Africa –

January 25, 2025

MIL-OSI Russia: The government has allocated more than one billion rubles to support businesses in a number of border regions

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

More than 1 billion rubles will be sent to the Ministry of Labor to provide subsidies to legal entities and individual entrepreneurs in the Belgorod, Bryansk and Kursk regions. The order to this effect was signed by Prime Minister Mikhail Mishustin.

The funds will be used to partially compensate for the costs of paying employees for forced downtime.

The decision was made on the instructions of the President. The head of state gave it following a meeting on the situation in the border regions on August 22.

Mikhail Mishustin, commenting on the question onGovernment meeting on October 24, recalled that the Government had previously allocated resources for payments to residents of three border regions in need of support. A mechanism for creating a free economic zone regime in certain territories for private companies has also been launched. They will be able to enjoy tax breaks on profits, property, and insurance premiums.

The Prime Minister emphasized that the new decision will reduce the costs of enterprises and preserve production and employees.

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

MIL OSI Russia News –

January 25, 2025

MIL-OSI Canada: Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada

Source: Bank of Canada

October 29, 2024

OTTAWA – On Tuesday, October 29, 2024, the Governor of the Bank of Canada, Tiff Macklem, will appear before the House of Commons Standing Committee on Finance. He will be accompanied by Senior Deputy Governor Carolyn Rogers.

Time: 15:30 (Eastern Time)
Place: Parliament of Canada
West Block, Room 025-B
Ottawa, Ontario
Distribution: The Governor’s opening statement will be published on the Bank’s website at 15:30 (ET).
Media Availability: There will be no media activity following the appearance.
Webcast: Audio and video webcasts of the appearance will be accessible from the Parliament of Canada’s website.
Note: For more information, please contact Media Relations.

MIL OSI Canada News –

January 25, 2025

MIL-OSI Security: The dark side of fake goods

Source: Europol

As consumers prepare for year-end festivities, many are looking for great deals. But a new report from Europol and the European Union Intellectual Property Office (EUIPO) is warning that scammers and organised crime networks use legal entities and loopholes to avoid detection by authorities, and profit from consumers’ appetite for low prices with fake products.The report, ‘Uncovering the Ecosystem of…

MIL Security OSI –

January 25, 2025

MIL-OSI Economics: Samsung’s Commitment To Advancing the Global Goals Through Open Collaboration

Source: Samsung

Samsung Electronics believes small efforts can make a big impact, especially when collaborating with like-minded partners. For the past five years, Samsung and the United Nations Development Programme (UNDP) have worked together with one shared goal — harnessing technology to effect global change.
Central to this mission is the belief in the potential of young people, particularly millennials and Gen Z. As tech-savvy global citizens, their optimism and conviction drive progress on issues like climate change and social equity. With the right tools and platforms, they have the power to influence policymakers and businesses toward a more sustainable future.

As the 2030 deadline for the United Nations Sustainable Development Goals (SDGs) approaches, Samsung and UNDP remain committed to the Global Goals. Both organizations have made significant strides in creating real-world impact by prioritizing innovation. In celebration of United Nations Day, Samsung has released a report that marks our five-year relationship, highlighting progress in raising awareness of the Global Goals through initiatives like the Samsung Global Goals app and Generation17.
“We believe in the power of collective effort to create a better future for upcoming generations and using technology for the greater good,” said Stephanie Choi, EVP & Head of Marketing, Mobile eXperience Business at Samsung Electronics. “Our partnership with UNDP over the past five years has been a meaningful step in this journey, as we’ve worked together to support young changemakers and raise awareness of the Global Goals. We’re grateful for the opportunity to contribute to a better future for all, and we look forward to continuing our journey to 2030 with the Galaxy community.”
“The only way we are going to confront the world’s biggest challenges is through cooperation. Our partnership with Samsung shows the power of true collaboration between the public and private sectors,” added Achim Steiner, Administrator of UNDP. “We are proud of the progress that we’ve seen in both the Samsung Global Goals app and the Generation17 initiative to empower youth to advance the SDGs. We look forward to continuing and exploring new frontiers in our partnership to drive sustainable development in the years ahead.”
The Samsung Global Goals app allows Galaxy users to work toward the Global Goals in an easy, collaborative way.
Samsung and UNDP partnered in 2019 to launch the Samsung Global Goals app 1 — a platform that educates Galaxy users about the 17 Global Goals and allows them to generate donations through in-app ads, using wallpapers to increase their earnings and direct contributions. Samsung then matches all proceeds from the in-app ads, maximizing our collaborative efforts to support UNDP’s work in advancing the Global Goals and contributing to their achievement.
To further engage Galaxy users, we introduced new interactive features such as the Donation Leader Board in 2023. In 2024, we launched limited-edition wallpapers as “Thank-you Gifts” as a token of appreciation to active users. The wallpapers, available on Samsung Galaxy smartphones and watches, highlight different endangered species supported by UNDP Global Goals initiatives.
The Samsung Global Goals app has engaged millions of Galaxy users and raised substantial funds to support UNDP’s work in advancing the Global Goals and contributing to their achievements.
Since its launch, the Samsung Global Goals app has reached nearly 300 million Galaxy users 2 and raised more than $20 million3 for UNDP. Users have identified Goal 1 (No Poverty), Goal 2 (Zero Hunger) and Goal 6 (Clean Water and Sanitation) as their top priorities, offering valuable insights into the global issues that matter most to them.

Galaxy users have identified Goal 1 (No Poverty), Goal 2 (Zero Hunger) and Goal 6 (Clean Water and Sanitation) as their top priorities.
Looking ahead, we are dedicated to expanding the app’s impact to inspire collective action and create lasting change.
Generation17
In 2020, Samsung and UNDP launched Generation17 to support young changemakers advancing the Global Goals with the belief in the power of youth to create meaningful change. The initiative provides technology, mentorship and networking opportunities to Young Leaders worldwide — supporting 16 such individuals across six regions to date and sharing their stories through Samsung and UNDP’s global platforms.
Through the initiative, the Generation17 Young Leaders have been able to attend major global events such as the Mobile World Congress, the UN Economic and Social Council Youth Forum and the UN Summit of the Future Action Days. These engagements give them a platform to collaborate with global decision-makers across different sectors.

MIL OSI Economics –

January 25, 2025

Blog

David Bolt, Independent Chief Inspector of Borders and Immigration

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