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  • MIL-OSI Security: Defense News: US, Australian Naval Forces Conduct Bilateral Operations

    Source: United States Navy

    Participating ships included the USN Arleigh Burke-class guided-missile destroyer USS Dewey (DDG 105) and the RAN Anzac-class frigate HMAS Stuart (FFH 153). The two ships took part in exercise Malabar 2024 earlier in October.

    “This exercise further builds on our existing interoperability and combined readiness we have with the Royal Australian Navy,” said Vice Adm. Fred Kacher, commander, U.S. 7th Fleet. “Every time we operate together, we strengthen our capabilities and shared commitment to a free and open Indo-Pacific.”

    Over four days, the ships engaged in a formation sailing exercise, an air defense exercise, maritime communications training, personnel cross-decks and visit, board, search and seizure drills.

    “Conducting a joint sail with USS Dewey has been of great value, with multiple different activities conducted between the ships, including personnel exchange, boarding practices, manoeuvring in close company, and warfare drills,” said Cmdr. Warren Bechly, commanding officer, HMAS Stuart. “Whether it is large scale exercises, or ships in transit between the same ports, working with our allies and partners is always a valuable opportunity to build closer ties and enhance interoperability.”

    The U.S. Navy regularly operates alongside our allies in the Indo-Pacific region as a demonstration of our shared commitment to the rules-based international order.

    Bilateral operations such as this one provide valuable opportunities to train, exercise and develop tactical interoperability across allied navies in the Indo-Pacific.

    Dewey is forward-deployed and assigned to Destroyer Squadron (DESRON) 15, the Navy’s largest DESRON and the U.S. 7th Fleet’s principal surface force.

    U.S. 7th Fleet is the U.S. Navy’s largest forward-deployed numbered fleet, and routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.

    MIL Security OSI –

  • MIL-OSI Russia: The government will allocate more than a third of a billion rubles to provide water supply to residents of Kalmykia and Chuvashia

    Translation. Region: Russian Federation –

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

    The decision was made on the instructions of the President.

    The government continues to help regions develop public utility infrastructure. A total of more than 370 million rubles will be allocated for the construction of a water pipeline in Kalmykia and distribution water supply networks in Chuvashia. The orders to this effect were signed by Prime Minister Mikhail Mishustin.

    In Kalmykia, construction of the Verkhniy Yashkul-Elista water pipeline will begin in 2024 using federal funding. This structure will improve the quality of water supply for residents of Elista and suburban settlements.

    Commenting on the decision takenGovernment meeting on October 24, Mikhail Mishustin noted that the territory of Kalmykia is considered the driest in the country. This requires special attention from both regional and federal authorities. According to the Prime Minister, the topic of improving water supply was discussed in detail during his working visit to this region in February 2021.

    The implementation of the project in Chuvashia will provide high-quality drinking water to residents of two villages in the Batyrevsky municipal district. There, by the end of 2024, it is planned to complete the creation of several sections of distribution water supply networks in the settlements of Staroye Akhperdino and Novoye Bakhtiarovo.

    “We will continue to progressively solve the problems of organizing reliable water supply in all areas where people live,” Mikhail Mishustin emphasized.

    Providing the population of Chuvashia with clean drinking water is one of the instructions of the President, which concerned issues of the socio-economic development of the Chuvash Republic. Similar instructions were given by the head of state regarding the development of the communal infrastructure of Kalmykia. Both instructions appeared in April 2024.

    The documents will be published.

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

    MIL OSI Russia News –

  • MIL-OSI USA: Rep. Cuellar Participates in Panel Discussion on Colombia Bridge Expansion and International Trade

    Source: United States House of Representatives – Congressman Henry Cuellar (TX-28)

    LAREDO, TX – Today, Congressman Henry Cuellar (TX-28), Ph.D. participated in a panel discussion hosted by the Laredo Chamber of Commerce in Laredo, TX, on the Colombia Bridge expansion project and international trade.  

    “I’m pleased to have worked with Senator Cruz to include language in the FY24 National Defense Authorization Act (NDAA) to expedite the Presidential permit for the Colombia-Solidarity Bridge expansion project,” said Dr. Cuellar, a senior member of the House Appropriations Committee. “By expanding the bridge from 8 lanes to 16 lanes, this project will improve our supply chain, reduce congestion, and provide economic growth. I am thankful to the Laredo Chamber of Commerce for hosting this discussion on the Colombia Bridge expansion project and to Senator Cruz, Mayor Victor Trevino, City Manager Joseph Neeb, and Governor Samuel Garcia for being here today to discuss this important project.”  

    The panel discussion included panelists Rep. Cuellar, City of Laredo Mayor Victor Trevino, Senator Cruz, and Nuevo León Governor Samuel Garcia. The discussion covered the importance of the Colombia Bridge expansion project, trade between the United States and Mexico, and other developments impacting commerce in the district.  

    Presidential permits are required for construction projects at border crossings. Obtaining a permit currently requires an environmental review, which often takes years to complete. Dr. Cuellar’s language would direct the President to issue conditional permits for projects while environmental reviews required under the National Environmental Policy Act (NEPA) are ongoing. 

    Dr. Cuellar has long worked to streamline the Presidential permitting process for border bridges. As a senior member of the House Appropriations Committee, Dr. Cuellar secured language to reform the Presidential permit process for border bridges in the Fiscal Year 2024 State, Foreign Operations, and Related Programs House appropriations bill, which would expedite the Colombia-Solidarity expansion project in Laredo. 

    The National Defense Authorization Act (NDAA) is an annual law specifying the budget and expenditures for the U.S. Department of Defense. 

    MIL OSI USA News –

  • MIL-OSI China: BRICS countries enhance cooperation through close economic, trade exchanges

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

    BEIJING, Oct. 24 — Economic and trade ties among BRICS countries are becoming increasingly close, and China is playing an important role in driving mutually beneficial BRICS cooperation.

    The term BRIC was initially coined in 2001 as a concept referring to the emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

    Following last year’s expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world’s population, and one-fifth of global trade. It has become the world’s most important platform for solidarity and cooperation among emerging markets and developing countries.

    The 16th BRICS Summit, held Tuesday to Thursday in Kazan, Russia, has drawn global attention and is believed to bring new economic and trade cooperation opportunities between China and other BRICS nations.

    China’s foreign trade with other BRICS member countries reached 4.62 trillion yuan (648 billion U.S. dollars) in the first nine months of 2024, a year-on-year increase of 5.1 percent, customs data showed.

    The trade growth can be attributed to a high degree of economic complementarity, as well as China’s commitment to high-level opening up and the free trade agreements between China and other BRICS countries, said Hong Yong, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.

    In the industrial sector, China’s exports of steel and textile raw materials to other BRICS nations grew by 8.6 percent and 13.4 percent year on year in the first three quarters.

    During the same period, China’s exports of intermediate goods such as integrated circuits, tablet display modules and aircraft parts to other BRICS countries achieved double-digit growth, helping other BRICS members boost their emerging industries.

    Trade in agricultural products has also been robust. In the first three quarters, over 80 percent of poultry and frozen pollack and over 50 percent of crabs imported by China came from BRICS members.

    “For BRICS countries, trade cooperation is not only conducive to promoting technological exchanges and innovation but also to bringing more development opportunities for member countries and even the world,” Hong added.

    Regarding the financial sector, the New Development Bank is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the Shanghai-headquartered institution provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.

    Funding a raft of projects ranging from India’s urban rail to Brazil’s wind power complexes, the bank has cumulatively approved loans of 35 billion U.S. dollars for more than 100 projects to date.

    Building on its commitment to multilateralism, BRICS has taken practical steps to unlock the potential of economic and trade cooperation and create new growth areas. These include policy coordination and joint initiatives to enhance trade and investment opportunities among member states.

    At the 14th BRICS Economic and Foreign Trade Ministers’ Meeting held in Moscow in July, participants agreed to step up exchanges and cooperation in emerging areas such as global value chains, digital technologies and special economic zones, conduct practical cooperation in green product standards, electronic documentation and e-commerce, and strengthen policy exchanges, capacity building and best practice sharing.

    By enhancing economic and trade exchanges, BRICS countries have capitalized on their complementary advantages, serving as an important force to oppose trade protectionism and promote global economic growth, noted Liu Ying, a researcher with the Chongyang Institute for Financial Studies, Renmin University of China.

    MIL OSI China News –

  • MIL-OSI China: BRICS charts path at milestone summit, Xi offers five suggestions

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

    KAZAN, Russia, Oct. 24 — Heels clicked and shoes shuffled across the media center floors at the BRICS Kazan summit on Wednesday, as journalists from around the world rushed to cover the landmark first in-person summit since the group’s expansion.

    Amid global uncertainties, BRICS embarked on a new chapter, cementing its growing influence on the world stage. Chinese President Xi Jinping, addressing the leaders in an expanded format, put forward five suggestions: building a BRICS committed to peace, innovation, green development, justice, and closer people-to-people exchanges.

    “We must build on this milestone summit to set off anew and forge ahead with one heart and one mind,” Xi said. “China is willing to work with all BRICS countries to open a new horizon in the high-quality development of greater BRICS cooperation.”

    This year’s summit also marked another major progress with the decision to invite a number of nations as partner countries, further advancing the group’s development.

    The growing interest from countries seeking to join BRICS cooperation each year demonstrates that in today’s troubled world, BRICS is important and essential, said Bunn Nagara, director and senior fellow at Belt and Road Initiative Caucus for Asia-Pacific.

    “China, led by President Xi, has contributed significantly to BRICS’ success with a progressive and enlightened approach,” said Nagara.

    During Wednesday’s meetings, leaders exchanged views on BRICS cooperation and key international issues under the theme “Strengthening Multilateralism for Just Global Development and Security,” focusing on global and regional security, sustainable development, climate change, and reforms in global economic governance.

    A major emphasis of the summit was the call for increased funding to support sustainable development in developing countries. Egyptian President Abdel-Fattah al-Sisi said BRICS is set to “strengthen a multipolar international system,” particularly through “innovative and effective” financing for these countries.

    Russian President Vladimir Putin, who chaired the Kazan summit, said that “the trend for the BRICS’ leading role in the global economy will only strengthen.”

    He warned against the ongoing risks from geopolitical tensions and the rise of unilateral sanctions and protectionism, emphasizing “a key task is to promote the use of national currencies to finance trade and investment.”

    Brazilian President Luiz Inacio Lula da Silva, who participated in the summit via video link due to a head injury, echoed this sentiment. “It’s not about replacing our currencies, but we need to work so that the multipolar order we aim for is reflected in the international financial system,” said Lula.

    BRICS has already made strides with the New Development Bank (NDB), headquartered in Shanghai. The BRICS countries agreed on Wednesday to support the NDB in implementing its general strategy for 2022-2026 and in expanding local currency financing.

    In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.

    The BRICS countries are also encouraged to strengthen financial cooperation and promote local currency settlement, according to the declaration.

    During the summit, leaders also emphasized the need for a fairer global order for the Global South. South African President Cyril Ramaphosa said that BRICS is an inclusive formation capable of changing the trajectory of the Global South. “To do this we must realize the full potential of our economic partnership, to ensure sustainable development for all and not just for some,” he said.

    “The period of unilateralism is coming to an end,” added Iranian President Masoud Pezeshkian, calling for a more equitable global system.

    Several speakers also highlighted the need for differentiated responsibilities in addressing climate change, urging that developing nations’ emissions reduction efforts should align with their capacities.

    BRICS, initially known as “BRIC” when it was coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, originally represented emerging market economies of Brazil, Russia, India, and China. South Africa joined in 2010, officially forming BRICS.

    In a recent interview with Xinhua, O’Neill acknowledged the need for policymakers to collaborate in creating an optimal system that benefits all. “I think as we pass through time, we will find a new equilibrium where countries will be more at ease with what other countries are doing,” he said.

    Other than the new full members joining on Jan. 1, 2024, over 30 countries, including Thailand, Malaysia, Türkiye and Azerbaijan, have either formally applied for or expressed interest in BRICS membership. Many other developing countries are seeking deeper cooperation with the group.

    Observers view BRICS as a vital platform for developing countries to pursue growth. Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Center in Dubai, noted that BRICS aims to foster a more equitable, effective, and rational international system.

    It will play a crucial role in promoting development and growth opportunities for Global South countries while ensuring the sustainability of economic and social progress, said Al-Ali.

    Echoing that view, Sithembiso Bhengu, a senior research fellow with the Sociology Department, University of Johannesburg, said, “The BRICS mechanism presents real possibilities for making the globe a fairer community of nations, with possibilities for mutual support and cooperation towards our respective goals in modernization and development.”

    MIL OSI China News –

  • MIL-OSI China: Innovation and quality propel global confidence in Chinese products

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

    GUANGZHOU, Oct. 24 — After walking more than 10,000 steps through the exhibition halls of the 136th Canton Fair, officially known as the China Import and Export Fair, U.S. buyer Kristen Palacio sat comfortably in an armchair for a much-needed rest.

    The chair was so comfortable that she was reluctant to get up for another walk. Anji Longwin Furniture Co., Ltd showcased the armchairs. Yuan Fengyi, senior business manager at Longwin, noted that the American and European markets account for over 90 percent of the company’s sales.

    Having attended the Canton Fair for ten years, Yuan has met numerous buyers from around the world, forging close ties with major partners like e-commerce giant Amazon and retail leader Walmart.

    “We are committed to upgrading our factory for greater efficiency and strengthening quality control to better meet the demands of the U.S. and European markets,” Yuan said, adding that the company also focuses heavily on design, which helps their products stand out in an increasingly competitive market.

    As the second phase of the Canton Fair kicked off on Wednesday, international buyers flooded the exhibition hall in search of innovative ideas and products. Under the awnings and pergolas produced by Zhejiang Hooeasy Technology Co., Ltd., eager buyers inquired about prices and sizes for their new orders.

    Excited by his findings, Frans Davelaar, a buyer from Aruba in the southern Caribbean, stood in front of the booth for over 15 minutes. He noted that the products have great market potential, given the hot and humid climate of Caribbean countries like Aruba.

    “Awnings and pergolas originated in Europe, where they are used to provide shade from strong sunlight. As a Chinese company, we’ve enhanced these products with innovative ideas and superior quality,” said Li Tao, an export manager at Hooeasy.

    The latest products showcased by Hooeasy can be integrated with Amazon’s Alexa and Apple’s HomeKit through their proprietary app, Tuya Smart, allowing users to control the opening and closing of the awnings and pergolas via smartphone.

    Li added that over the past two decades at the Canton Fair, Hooeasy’s booth has moved from the exhibition hall’s edge to a central location, reflecting the company’s growing influence and market share. The company has also established design teams in France and Germany to offer customized products tailored to the European market.

    In another exhibition hall at the Canton Fair, U.S. buyer Rob Mons carried a backpack filled with leaflets, brochures, and samples. He attended the fair to source innovative, well-priced seasonal festival products.

    “It’s my first time at the fair, and I’ve already found some suppliers for the upcoming seasons. These products are new and very interesting, probably the most unique items we’ve seen,” Mons said.

    Regarding business in the U.S., Mons believes Chinese products will continue to hold a significant market share despite the trade tensions between the two countries.

    “I hope business will run more smoothly, because we need these fine products to make kids happy and enjoy the festivals,” he added.

    MIL OSI China News –

  • MIL-OSI China: 2024 East Asia Marine Expo opens in Qingdao, E China

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

    2024 East Asia Marine Expo opens in Qingdao, E China

    Updated: October 24, 2024 20:43 Xinhua
    A visitor takes photos of the model of a ship for marine farming at the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. The 2024 East Asia Marine Expo opened Thursday in Qingdao, a coastal city of east China’s Shandong Province, convening more than 500 exhibitors from home and abroad. [Photo/Xinhua]
    Equipment for marine emergency and rescue are displayed at the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. [Photo/Xinhua]
    A staff member (L) introduces a U-shaped smart life buoy at the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. [Photo/Xinhua]
    People visit the 2024 East Asia Marine Expo in Qingdao, east China’s Shandong Province, Oct. 24, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI USA: GAO Makes 2024 PTAC Appointments

    Source: US Government Accountability Office

    WASHINGTON, DC (October 24, 2024) – Gene L. Dodaro, Comptroller General of the United States and head of the U.S. Government Accountability Office (GAO), today announced the appointment of two new members to the Physician-Focused Payment Model Technical Advisory Committee (PTAC).

    “PTAC provides valuable information to the Department of Health and Human Services aimed at maximizing the value of the $1 trillion in annual Medicare spending,” Dodaro said. “I am pleased to announce the appointment of two new committee members with extensive knowledge and experience in value-based payment and care models.”

    PTAC was created by the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) to improve how the federal Medicare program pays physicians for the care they provide to Medicare beneficiaries. This independent advisory committee makes recommendations to the Secretary of HHS on physician payment models and related topics.

    The Comptroller General is responsible for appointing members to the committee.

    The newly appointed members are Henish Bhansali, MD, FACP and Krishna Ramachandran, MBA, MS. Their terms will expire in 2027. In addition, current members Lawrence R. Kosinski, MD, MBA and Soujanya R. Pulluru, MD have been reappointed. Their terms will also expire in 2027.

    Brief biographies of the new committee members follow:

    Henish Bhansali, MD, FACP, is Chief Medical Officer for Medical Home Network, a healthcare organization that partners with Federally Qualified Health Centers, Primary Care Associations, and Clinically Integrated Networks to build the capabilities to succeed in value-based care. He also serves on the National Association of ACOs (NAACOS) Board of Directors and as an Adjunct Professor at the University of Illinois at Chicago School of Public Health. Previously, he served as Senior Vice President and Medical Director of Medicare Advantage at Duly Health and Care and as Vice President and Senior Medical Director of Care Navigation at Oak Street Health. Board certified in internal medicine and obesity medicine, Dr. Bhansali received his medical degree from the University of Illinois at Chicago College of Medicine graduating with Honors (AOA) and trained in Internal Medicine at Washington University/Barnes Jewish Hospital in St. Louis.

    Krishna Ramachandran, MBA, MS, is Senior Vice President of Health Transformation and Provider Adoption at Blue Shield of California. In this position, he leads partnerships and innovations aimed at improving health care quality and affordability for members and providing tools and support for providers. Previously, he served as Divisional Senior Vice President of Health Care Delivery at Blue Cross and Blue Shield of Illinois, Chief Administrative Officer at Duly Health and Care, and as Director of Technical Services at Epic Systems Corporation. Mr. Ramachandran received his MBA from Northwestern University’s Kellogg School of Management and his Master of Science in Electrical and Computer Engineering from the University of Illinois at Chicago.

    For more information about PTAC, contact Lisa Shats, PTAC Designated Federal Officer, at PTAC@hhs.gov. Other calls should be directed to Sarah Kaczmarek in GAO’s Office of Public Affairs at (202) 512-4800.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: NJBPU Announces Adoption of Minimum Filing Requirements for Medium-and-Heavy-Duty Electric Vehicles

    Source: US State of New Jersey

    TRENTON – The New Jersey Board of Public Utilities (NJBPU) announced on Wednesday the adoption of minimum filing requirements (MFRs) that direct the state’s investor-owned electric distribution companies (EDCs) to propose programs to expand charging access for medium-and-heavy-duty (MHD) electric vehicles (EVs) and fleets. The expansion of New Jersey’s EV charging ecosystem will catalyze the ongoing clean transition of the state’s fleet, yielding significant greenhouse gas (GHG) emissions reductions within the state’s transportation sector and improving localized air quality.

    New Jersey’s transportation sector accounts for nearly 40% of the state’s net GHG emissions, with MHD trucks and busses emitting an outsized share of those emissions. Low-income neighborhoods and communities of color are more likely to be exposed to these pollutants due to their disproportionate proximity to freight corridors, ports, and distribution centers. The adopted MFRs allow utilities to provide additional “bonus” incentives for overburdened municipalities and overburdened communities adjacent to Freight EV Corridors, as well as small businesses.

    “Today’s announcement by the BPU is a key part of my Administration’s whole-of-government approach to reducing harmful emissions from the transportation sector that negatively impact the health of our residents,” said Governor Phil Murphy. “Along with New Jersey’s action on Advanced Clean Trucks and the Clean Corridors Coalition, we are building a robust charging infrastructure for a clean transportation future.”

    “Under Governor Murphy’s leadership and in coordination with New Jersey’s EDCs, the NJBPU remains at the forefront of advancing smart, clean transportation initiatives and infrastructure that provide considerable health and environmental benefits,” said NJBPU President Christine Guhl-Sadovy. “These benefits are especially vital to the overburdened communities that have borne the brunt of air pollution and its health effects for far too long.”

    The MFRs will allow EDCs to propose incentives for the “Make Ready” chargers for public-serving fleets and certain private fleets located in or serving overburdened municipalities and overburdened communities adjacent to Freight EV Corridors.

    To ensure that MHD EV charging is built in scalable ways that take capacity into account, the MFRs will connect applicants to utilities and require that utilities create and update capacity maps demonstrating where the grid is capable of supporting MHD charging. In addition, they provide the framework for proactive planning for public charging stations over 500 kW, fleets, and multi-unit dwellings. These planning and technical services will help ensure that these projects are connecting with utilities early and often, allowing for better grid planning and accelerating this critical piece of the 2019 Energy Master Plan.

    The MFRs also require that EDCs create managed charging programs to balance the demand on the grid and encourage users to charge at night.

    The adopted MFRs build upon the Murphy Administration’s ongoing efforts to promote clean transportation and expand EV charging infrastructure across the state. EDCs will be required to file their proposed programs with the Board within 120 days of the Order.

    In July, the U.S. Environmental Protection Agency announced the selection of the Clean Corridor Coalition, led by the New Jersey Department of Environmental Protection, to receive a nearly $250 million Climate Pollution Reduction Grant. The Clean Corridor Coalition – which includes the Connecticut Department of Energy and Environmental Protection, the Delaware Department of Transportation, and the Maryland Departments of the Environment and Transportation – aims to deploy EV charging infrastructure for commercial zero-emission MHD vehicles along the Interstate-95 freight corridor.

    On Wednesday, the U.S. EPA and NJDEP announced the arrival of this historic funding at the Vince Lombardi Service Area in Ridgefield, New Jersey.

    About New Jersey’s Clean Energy Program (NJCEP)
    NJCEP, established on January 22, 2003, in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the State’s residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers’ energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (NJBPU), and its website is www.NJCleanEnergy.com.

    About the New Jersey Board of Public Utilities (NJBPU) 
    NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.

    MIL OSI USA News –

  • MIL-OSI USA: Helping Students Enroll at Public Colleges and Universities

    Source: US State of New York

    Governor Kathy Hochul today announced the launch of the SUNY Top 10% Promise Program, creating a direct pathway for the highest-achieving New York high school seniors to gain admission and enroll at select SUNY colleges and universities. Governor Hochul first announced this plan as a part of her 2024 State of the State to help more New York students benefit from SUNY’s unparalleled combination of accessibility, affordability, and academic excellence.

    “Access to higher education has the potential to transform New Yorkers’ lives and change the trajectory of a student’s life,” Governor Hochul said. “Offering New York students graduating in the top 10 percent of their class direct admission to SUNY campuses will help reduce barriers to higher education while ensuring our students can continue their education and pursue their dreams right here in New York State.”

    The Top 10% Promise is a direct-admissions program that automatically grants acceptance to graduating high school students whose GPAs are in the top 10 percent of their class and meet specific academic readiness criteria to at least one selective, world-class SUNY campus. The program will take effect for select high school seniors preparing to enroll for the Fall 2025 semester.

    The nine initial participating campuses are: University at Albany, University at Buffalo, SUNY College of Environmental Science and Forestry, SUNY Geneseo, SUNY New Paltz, SUNY Oneonta, SUNY Polytechnic Institute, Purchase College, and Stony Brook University.

    Students in all New York State school districts will be eligible to participate when the SUNY Top 10% Promise is fully in place. In the first year, 68 school districts (and individual charter schools) from across the state were invited to participate based on serving rural, urban, and suburban communities with high levels of adversity or enrolling a significant share of students from low-income backgrounds. The initial participating high schools are representative of the diversity of New York State.

    This builds on Governor Hochul’s continued efforts to expand access to higher education and make college more affordable. Earlier this month, Governor Hochul announced that following the increase in income thresholds secured in the FY25 Enacted Budget, more than 40,000 newly eligible New York State students have already submitted Tuition Assistance Program applications for the 2024-25 academic year. Additionally, the Governor announced last week that SUNY, CUNY and over 50 private colleges and universities throughout New York State have come together to offer free application opportunities for high school seniors starting this week.

    There is substantial evidence that high-achieving, low-income students apply to, and end up attending, less selective postsecondary institutions at higher rates than their higher income peers. Several states, including Texas and California, also offer direct admissions to the highest-achieving students, and have found this policy advances equity in their university systems. In California, for example, where students must also complete a college-ready curriculum to be eligible for the UC system, the admissions guarantee increased enrollment in selective universities for underrepresented students, increased graduation rates, and increased post-graduation earnings. 

    SUNY Chancellor John B. King Jr. said, “There is a place at SUNY for every New Yorker, and The SUNY Top 10% Promise will make it even easier for our highest-achieving high school students – particularly those from low-income backgrounds – to discover SUNY’s extraordinary value and academic excellence. With thanks to Governor Hochul for her leadership, this new direct admission program will advance educational equity and open the doors to higher education even wider.”

    State Senator Toby Ann Stavisky said, “Students who graduate in the top 10% of their high school class have demonstrated the ability to attend college. These are the future leaders of New York, and by offering direct admission we can help ensure they get the quality education they need to reach their full potential. This program will provide more opportunities for deserving students by providing a seamless entry to SUNY.”

    Assemblymember Patricia Fahy said, “The SUNY Top 10% program will provide top-performing students at select school districts direct admission top SUNY institutions they might not otherwise apply to. This is part of our ongoing commitment to revitalizing higher education and expanding access for more high school students. Coupled with our investments in Turning on the TAP in this year’s state budget, we’re paving the way for more students to finally achieve their dream of securing a higher education.”

    The Institute for College Access & Success Senior Director of New York Policy and Advocacy at Kirsten Keefe, J.D. said, “TICAS applauds Governor Hochul and Chancellor King for their leadership, helping to ensure that students across New York understand that college is a viable option for them. Alongside existing efforts to address financial need and offer students the supports they need to graduate, today’s announcement demonstrates how SUNY is helping to advance racial equity and economic mobility in the Empire State.”

    President of Complete College America Yolanda Watson Spiva said, “Among the first steps to earning a degree or credential of value is ensuring that every student has a clear path to and through higher education. The State of New York and SUNY, a committed and active member of the Complete College America Alliance since joining just under a year ago, have demonstrated their unwavering commitment to increasing the number of New Yorkers completing college, regardless of economic status. The Top 10% Promise Program is an important part of the larger fabric of efforts the system is making to create viable postsecondary pathways for every learner in the state.”

    Northeast Regional Director at Young Invincibles Sean Miller said, “The SUNY Top 10% Promise Program provides a vital opportunity for promising students, especially those from low-income backgrounds, to enroll and thrive at SUNY campuses. Using cumulative GPA, the most accurate measure of college preparedness, and automatically accepting students removes major financial and administrative barriers to being accepted at these superb state schools. Young Invincibles NY and our student network applaud SUNY Chancellor John B. King Jr. and Governor Hochul for launching this initiative—a significant milestone in expanding higher education access, equity, and economic mobility in New York.”

    About The State University of New York

    The State University of New York is the largest comprehensive system of higher education in the United States, and more than 95 percent of all New Yorkers live within 30 miles of any one of SUNY’s 64 colleges and universities. Across the system, SUNY has four academic health centers, five hospitals, four medical schools, two dental schools, a law school, the country’s oldest school of maritime, the state’s only college of optometry, and manages one US Department of Energy National Laboratory. In total, SUNY serves about 1.4 million students amongst its entire portfolio of credit- and non-credit-bearing courses and programs, continuing education, and community outreach programs. SUNY oversees nearly a quarter of academic research in New York. Research expenditures system-wide are nearly $1.1 billion in fiscal year 2023, including significant contributions from students and faculty. There are more than three million SUNY alumni worldwide, and one in three New Yorkers with a college degree is a SUNY alum. To learn more about how SUNY creates opportunities, visit their website here.

    MIL OSI USA News –

  • MIL-OSI: ACNB Corporation Reports 2024 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced net income of $7.2 million, or $0.84 diluted earnings per share, for the three months ended September 30, 2024 compared to net income of $9.0 million, or $1.06 diluted earnings per share, for the three months ended September 30, 2023 and net income of $11.3 million, or $1.32 diluted earnings per share, for the three months ended June 30, 2024. Financial results for the three months ended September 30, 2024 were impacted by $1.1 million in merger-related expense due to the pending acquisition of Traditions Bancorp, Inc. Financial results for the three month period ended June 30, 2024 were impacted by a $3.2 million reversal of the provisions for credit losses and unfunded commitments.

    2024 Third Quarter Highlights

    • Return on average assets was 1.17% and return on average equity was 9.63% for the three months ended September 30, 2024. Core return on average assets1 was 1.32% and core return on average equity1 was 10.81% for the three months ended September 30, 2024.
    • Fully taxable equivalent (“FTE”) net interest margin was 3.77% for the three months ended September 30, 2024 compared to 3.82% for the three months ended June 30, 2024 and 4.01% for the three months ended September 30, 2023.
    • Total non-performing loans to total loans, net of unearned income, was 0.39% at September 30, 2024 compared to 0.19% at June 30, 2024 and 0.22% at September 30, 2023. The increase in non-performing loans to total loans, net of unearned income, for the three months ended September 30, 2024 was the result of one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter.
    • Net charge-offs to average loans outstanding (annualized) were 0.01% for the three months ended September 30, 2024 and 0.00% for the three months ended June 30, 2024 compared to 0.03% for the three months ended September 30, 2023.
    • Tangible common equity to tangible assets ratio1 of 10.74% at September 30, 2024 compared to 9.84% at June 30, 2024 and 8.65% at September 30, 2023. The net unrealized loss on the available for sale securities portfolio was $36.8 million at September 30, 2024 compared to a net unrealized loss of $52.7 million at June 30, 2024 and a net unrealized loss of $75.2 million at September 30, 2023.
    • ACNB and ACNB Bank capital levels remain well in excess of ACNB’s internal minimums and those required to be categorized as a well-capitalized institution by our bank regulators.

    “We are once again pleased to share strong operating results for the third quarter of 2024. Our continued focus on profitability and asset quality as evidenced by our return on average assets and return on average equity are a testament to the continued focus on our strategic objectives,” said James P. Helt, ACNB Corporation President and Chief Executive Officer.

    “During the third quarter, we were also pleased to announce the strategic acquisition of Traditions Bancorp, Inc. This acquisition will create the largest community bank in Pennsylvania with assets less than $5 billion and enhances our presence in York County and expands our branch footprint in neighboring Lancaster County. We are excited to welcome Traditions as ACNB continues to expand our market presence. This strategic acquisition will complement our current operations with profitable growth opportunities in adjacent markets while contributing to the Corporation’s established commitment of enhancing long-term shareholder value.”

    Mr. Helt continued, “As we look forward to the remainder of 2024 and the start of a new year in 2025, we are excited that our strong foundation based on community banking principles combined with the growth opportunities now before us through our strategic planning objectives will enable us to continue to deliver on our commitment to our stakeholders.”

    Net Interest Income and Margin

    Net interest income for the three months ended September 30, 2024 totaled $20.9 million, a decrease of $803 thousand, or 3.7%, compared to the three months ended September 30, 2023 driven by a decrease in the FTE net interest margin over the same period. The FTE net interest margin for the three months ended September 30, 2024 was 3.77%, a decrease of 24 basis points from 4.01% for the three months ended September 30, 2023. The decrease in FTE net interest margin was driven primarily by an increase in long-term borrowings and promotional time deposit balances and costs. Total average borrowings increased $132.5 million for the three months ended September 30, 2024 compared to the same period in September 30, 2023. The average rate paid on total borrowings was 4.31% for the three months ended September 30, 2024, an increase of 48 basis points from the three months ended September 30, 2023. Total average interest-bearing deposits decreased $54.4 million, or 3.9%, for the three months ended September 30, 2024 compared to September 30, 2023; however, average time deposit balances increased $45.9 million due to ongoing promotions. The average rate paid on interest-bearing deposits was 0.92% for the three months ended September 30, 2024, an increase of 66 basis points from the three months ended September 30, 2023.

    Net interest income for the three months ended September 30, 2024 totaled $20.9 million, a decrease of $22 thousand, or 0.1%, compared to $21.0 million for the three months ended June 30, 2024 driven by a decrease in the FTE net interest margin over the same period. The FTE net interest margin for the three months ended September 30, 2024 decreased 5 basis points from 3.82% for the three months ended June 30, 2024. The decrease in FTE net interest margin was driven primarily by the recognition of nonaccrual interest income related to a specific large relationship during the three months ended June 30, 2024 and increases in the cost of average interest-bearing deposits during the three months ended September 30, 2024. Excluding nonaccrual interest income related to the payoff of a specific large relationship, the FTE net interest margin was 3.79% for the three months ended June 30, 2024. The average rate paid on interest-bearing deposits was 0.92% for the three months ended September 30, 2024, an increase of 13 basis points from the three months ended June 30, 2024.

    Noninterest Income

    Noninterest income for the three months ended September 30, 2024 was $6.8 million, an increase of $536 thousand, or 8.5%, from the three months ended September 30, 2023. Wealth management income for the three months ended September 30, 2024 was $1.2 million, an increase of $235 thousand from the three months ended September 30, 2023 driven primarily by portfolio market appreciation, estate income and new business generation. Insurance commissions for the three months ended September 30, 2024 were $2.8 million, an increase of $158 thousand from the three months ended September 30, 2023 driven primarily by growth in commissions on policy renewals and new business in the current quarter. Gain from mortgage loans held for sale totaled $112 thousand for the three months ended September 30, 2024 compared to none for the three months ended September 30, 2023.

    Noninterest income for the three months ended September 30, 2024 increased $406 thousand, or 6.3%, from the three months ended June 30, 2024. The increase was driven primarily by increases in wealth management income driven by higher estate income and other income driven by annual check ordering incentives received during the three months ended September 30, 2024. Additionally, there was a higher volume of mortgages sold in the current quarter, which resulted in a higher gain from mortgage loans held for sale for the three months ended September 30, 2024 compared to the three months ended June 30, 2024.

    Noninterest Expense

    Noninterest expense for the three months ended September 30, 2024 was $18.2 million, an increase of $1.9 million, or 11.7%, from the three months ended September 30, 2023. The increase was driven primarily by merger-related and salaries and employee benefits expenses. The increase in merger-related expense was driven primarily by professional service expenses incurred for the Traditions acquisition and totaled $1.1 million for the three months ended September 30, 2024. Salaries and employee benefits expense increased $948 thousand driven primarily by $682 thousand in higher employee health insurance expense and $273 thousand higher base wages. In addition, equipment expense increased $144 thousand driven primarily by higher core processing expenses and incremental purchases of office equipment. Partially offsetting these increases, professional services decreased $208 thousand for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 driven primarily by lower recruiting expenses for talent acquisition and consulting expenses. Marketing and corporate relations declined $60 thousand in the current quarter primarily due to rebranding expenses incurred for the three months ended September 30, 2023.

    Noninterest expense for the three months ended September 30, 2024 increased $1.9 million, or 11.3%, from the three months ended June 30, 2024. The increase was driven primarily by merger-related and salaries and employee benefits expenses. Merger-related expense totaled $1.1 million for the three months ended September 30, 2024 compared to $23 thousand for the three months ended June 30, 2024. Salaries and employee benefits expense increased $591 thousand during the three months ended September 30, 2024 compared to the three months ended June 30, 2024 driven primarily by higher employee health insurance expense of $519 thousand. Additionally, equipment expense increased $128 thousand driven primarily by higher core processing and software maintenance expenses coupled with incremental purchases of office equipment. Professional services expense decreased $120 thousand during the three months ended September 30, 2024 compared to the three months ended June 30, 2024 driven primarily by lower transfer agent and audit expenses.

    Loans and Asset Quality

    Total loans outstanding were $1.68 billion at September 30, 2024, a decrease of $2.5 million, or 0.1%, from June 30, 2024 and an increase of $61.1 million, or 3.8%, from September 30, 2023. The decrease from June 30, 2024 was driven primarily by real estate construction. The increase from September 30, 2023 was driven primarily by growth in the commercial real estate portfolio in our core markets. Growth in the commercial real estate portfolio was spread throughout the Bank’s geographic footprint and across various property types. The commercial real estate portfolio grew $59.2 million, or 6.6%, in 2024. The collateral for these loans is primarily spread across our Pennsylvania and Maryland market areas. Despite the intense competition in the Corporation’s market areas, management continues to focus on asset quality and disciplined underwriting standards in the loan origination process.

    Asset quality metrics continue to be stable. The provision for credit losses was $81 thousand and the provision for unfunded commitments was $40 thousand for the three months ended September 30, 2024 compared to a reversal to the provision for credit losses of $3.0 million and a reversal to the provision for unfunded commitments of $259 thousand for the three months ended June 30, 2024. For the three months ended September 30, 2023, there was a provision for credit losses of $250 thousand and a $171 thousand reversal to the provision for unfunded commitments. The increase in the provision for credit losses and unfunded commitments for the three months ended September 30, 2024 compared to the prior quarter was driven primarily by a $3.2 million reversal of the provision for credit losses and unfunded commitments in the prior quarter and one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter.

    Non-performing loans were $6.6 million, or 0.39%, of total loans, net of unearned income, at September 30, 2024 compared to $3.1 million, or 0.19%, of total loans at June 30, 2024 and $3.6 million, or 0.22%, of total loans at September 30, 2023. The increase in non-performing loans at September 30, 2024 compared to the prior quarter was primarily the result of one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter. Annualized net charge-offs for the three months ended September 30, 2024 were 0.01% of total average loans compared to 0.00% and 0.03% for the three months ended June 30, 2024 and September 30, 2023, respectively.

    Deposits and Borrowings

    Deposits totaled $1.79 billion at September 30, 2024, a decrease of $47.3 million, or 2.6%, since June 30, 2024 and a decrease of $160.0 million, or 8.2%, from September 30, 2023. Included in total deposits were $1.33 billion interest-bearing deposits at September 30, 2024 which decreased $31.0 million, or 2.3%, from June 30, 2024 and decreased $58.0 million, or 4.2%, from September 30, 2023. Time deposits, included in interest-bearing deposits, increased $1.3 million, or 0.5%, and $43.5 million, or 20.4%, since June 30, 2024 and September 30, 2023, respectively. Total noninterest-bearing deposits were $463.5 million at September 30, 2024 compared to $479.7 million at June 30, 2024 and $565.5 million at September 30, 2023.

    Total borrowings were $293.1 million at September 30, 2024, a decrease of $11.2 million, or 3.7%, compared to June 30, 2024 and an increase of $139.7 million, or 91.1%, compared to September 30, 2023. A $25.0 million short-term borrowing was paid off during the quarter. The average rate on total borrowings was 4.31% for the three months ended September 30, 2024 compared to 4.48% for the three months ended June 30, 2024 and 3.83% for the three months ended September 30, 2023.

    Stockholders’ Equity, Dividends and Share Repurchases

    Total stockholders’ equity was $306.8 million at September 30, 2024 compared to $289.3 million at June 30, 2024 and $255.6 million at September 30, 2023. Tangible book value2 per share was $29.90, $27.82 and $23.80 at September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

    As announced on Form 8-K on October 16, 2024, the Board of Directors approved and declared a regular quarterly cash dividend of $0.32 per share of ACNB Corporation common stock payable on December 13, 2024, to shareholders of record as of November 29, 2024. This per share amount reflects a $0.02, or 6.7%, increase over the same quarter of 2023.

    ACNB repurchased 2,642 shares of ACNB common stock during the three months ended September 30, 2024.

    About ACNB Corporation

    ACNB Corporation, headquartered in Gettysburg, PA, is the $2.42 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    SAFE HARBOR AND FORWARD-LOOKING STATEMENTS – Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and continuing financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation’s consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

    ACNB #2024-17
    October 24, 2024

     
    ACNB Corporation Financial Highlights
    Selected Financial Data by Respective Quarter End
    (Unaudited)
                       
    (Dollars in thousands, except per share data) September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    BALANCE SHEET DATA                  
    Assets $ 2,420,914     $ 2,457,753     $ 2,414,288     $ 2,418,847     $ 2,388,522  
    Investment securities   483,604       483,868       490,626       517,221       501,063  
    Total loans, net of unearned income   1,677,112       1,679,600       1,664,980       1,627,988       1,615,966  
    Allowance for credit losses   (17,214 )     (17,162 )     (20,172 )     (19,969 )     (19,264 )
    Deposits   1,791,317       1,838,588       1,835,224       1,861,813       1,951,359  
    Allowance for unfunded commitments   1,349       1,310       1,569       1,719       1,962  
    Borrowings   293,091       304,286       272,605       252,174       153,388  
    Stockholders’ equity   306,755       289,331       279,920       277,461       255,638  
    INCOME STATEMENT DATA                  
    Interest and dividend income $ 27,241     $ 26,869     $ 25,974     $ 25,284     $ 24,234  
    Interest expense   6,299       5,905       5,381       3,791       2,489  
    Net interest income   20,942       20,964       20,593       21,493       21,745  
    Provision for (reversal of ) credit losses   81       (2,990 )     223       786       250  
    Provision for (reversal of) unfunded commitments   40       (259 )     (151 )     (242 )     (171 )
    Net interest income after provisions for credit losses and unfunded commitments   20,821       24,213       20,521       20,949       21,666  
    Noninterest income   6,833       6,427       5,667       970       6,297  
    Noninterest expenses   18,244       16,391       17,662       17,173       16,336  
    Income before income taxes   9,410       14,249       8,526       4,746       11,627  
    Provision for income taxes   2,206       2,970       1,758       649       2,583  
    Net income $ 7,204     $ 11,279     $ 6,768     $ 4,097     $ 9,044  
    PROFITABILITY RATIOS                  
    Total loans, net of unearned income to deposits   93.62 %     91.35 %     90.72 %     87.44 %     82.81 %
    Return on average assets (annualized)   1.17       1.86       1.12       0.68       1.52  
    Return on average equity (annualized)   9.63       16.12       9.76       6.09       13.84  
    Efficiency ratio3   60.56       58.61       66.18       62.48       56.97  
    FTE Net interest margin   3.77       3.82       3.77       3.93       4.01  
    Yield on average earning assets   4.90       4.89       4.74       4.62       4.46  
    Yield on investment securities   2.59       2.65       2.70       2.36       2.24  
    Yield on total loans   5.56       5.53       5.37       5.29       5.16  
    Cost of funds   1.19       1.12       1.02       0.71       0.47  
    PER SHARE DATA                  
    Diluted earnings per share $ 0.84     $ 1.32     $ 0.80     $ 0.48     $ 1.06  
    Cash dividends paid per share   0.32       0.32       0.30       0.30       0.28  
    Tangible book value per share3   29.90       27.82       26.70       26.44       23.80  
    Tangible book value per share3 (excluding AOCI)4   33.87       33.28       32.21       31.74       31.43  
    CAPITAL RATIOS5                  
    Tier 1 leverage ratio   12.46 %     12.25 %     11.91 %     11.57 %     11.97 %
    Common equity tier 1 ratio   16.07       15.78       15.40       15.16       15.30  
    Tier 1 risk based capital ratio   16.36       16.07       15.69       15.45       15.59  
    Total risk based capital ratio   18.15       17.86       17.68       17.41       17.49  
    CREDIT QUALITY                  
    Net charge-offs to average loans outstanding (annualized)   0.01 %     0.00 %     0.00 %     0.02 %     0.03 %
    Total non-performing loans to total loans, net of unearned income6   0.39       0.19       0.24       0.26       0.22  
    Total non-performing assets to total assets7   0.29       0.14       0.18       0.19       0.17  
    Allowance for credit losses to total loans, net of unearned income   1.03       1.02       1.21       1.23       1.19  
                                           
     
    Consolidated Balance Sheet
    (Unaudited)
                 
    (Dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    ASSETS            
    Cash and due from banks   $ 24,636     $ 26,681     $ 17,395  
    Interest-bearing deposits with banks     33,456       59,593       35,740  
    Total Cash and Cash Equivalents     58,092       86,274       53,135  
    Equity securities with readily determinable fair values     947       919       918  
    Investment securities available for sale, at estimated fair value     418,079       418,364       425,114  
    Investment securities held to maturity, at amortized cost (fair value $59,038, $57,026, and $58,084)     64,578       64,585       64,594  
    Loans held for sale     1,080       1,801       88  
    Total loans, net of unearned income     1,677,112       1,679,600       1,664,980  
    Less: Allowance for credit losses     (17,214 )     (17,162 )     (20,172 )
    Loans, net     1,659,898       1,662,438       1,644,808  
    Premises and equipment, net     25,542       25,760       25,916  
    Right of use asset     2,110       2,278       2,447  
    Restricted investment in bank stocks     10,853       11,853       10,877  
    Investment in bank-owned life insurance     81,344       80,841       80,348  
    Investments in low-income housing partnerships     909       940       971  
    Goodwill     44,185       44,185       44,185  
    Intangible assets, net     8,142       8,446       8,761  
    Foreclosed assets held for resale     406       406       467  
    Other assets     44,749       48,663       51,659  
    Total Assets   $ 2,420,914     $ 2,457,753     $ 2,414,288  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Deposits:            
    Noninterest-bearing   $ 463,501     $ 479,726     $ 499,583  
    Interest-bearing     1,327,816       1,358,862       1,335,641  
    Total Deposits     1,791,317       1,838,588       1,835,224  
    Short-term borrowings     37,769       48,974       17,303  
    Long-term borrowings     255,322       255,312       255,302  
    Lease liability     2,110       2,278       2,447  
    Allowance for unfunded commitments     1,349       1,310       1,569  
    Other liabilities     26,292       21,960       22,523  
    Total Liabilities     2,114,159       2,168,422       2,134,368  
                 
    Stockholders’ Equity:            
    Preferred Stock, $2.50 par value; 20,000,000 shares authorized; no shares outstanding at September 30, 2024, June 30, 2024 and March 31, 2024     —       —       —  
    Common stock, $2.50 par value; 20,000,000 shares authorized; 8,940,133, 8,934,495, and 8,928,441 shares issued; 8,548,625, 8,545,629, and 8,539,575 shares outstanding at September 30, 2024, June 30, 2024 and March 31, 2024, respectively     22,344       22,330       22,315  
    Treasury stock, at cost; 391,508, at September 30, 2024, and 388,866 at both June 30, 2024 and March 31, 2024     (11,203 )     (11,101 )     (11,101 )
    Additional paid-in capital     98,697       98,230       97,818  
    Retained earnings     230,752       226,271       217,712  
    Accumulated other comprehensive loss     (33,835 )     (46,399 )     (46,824 )
    Total Stockholders’ Equity     306,755       289,331       279,920  
    Total Liabilities and Stockholders’ Equity   $ 2,420,914     $ 2,457,753     $ 2,414,288  
                             
     
    Consolidated Income Statements
    (Unaudited)
           
      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data) 2024
    		   2023   2024   2023
    INTEREST AND DIVIDEND INCOME              
    Loans, including fees              
    Taxable $ 23,108     $ 20,285     $ 67,253     $ 58,130  
    Tax-exempt   311       361       943       1,069  
    Investment securities:              
    Taxable   2,617       2,477       8,193       8,451  
    Tax-exempt   284       284       852       883  
    Dividends   251       104       739       196  
    Other   670       723       2,104       2,627  
    Total Interest and Dividend Income   27,241       24,234       80,084       71,356  
    INTEREST EXPENSE              
    Deposits   3,112       928       7,915       1,887  
    Short-term borrowings   204       439       847       564  
    Long-term borrowings   2,983       1,122       8,823       2,078  
    Total Interest Expense   6,299       2,489       17,585       4,529  
    Net Interest Income   20,942       21,745       62,499       66,827  
    Provision for (reversal of) credit losses   81       250       (2,686 )     74  
    Provision for (reversal of) unfunded commitments   40       (171 )     (370 )     226  
    Net Interest Income after Provisions for (Reversal of) Credit Losses and Unfunded Commitments   20,821       21,666       65,555       66,527  
    NONINTEREST INCOME              
    Insurance commissions   2,787       2,629       7,649       7,371  
    Service charges on deposits   1,048       1,000       3,060       2,951  
    Wealth management   1,188       953       3,219       2,772  
    ATM debit card charges   828       845       2,488       2,502  
    Earnings on investment in bank-owned life insurance   503       473       1,473       1,399  
    Gain from mortgage loans held for sale   112       —       194       31  
    Net gains (losses) on sales or calls of investment securities   —       —       69       (739 )
    Net gains (losses) on equity securities   28       (27 )     19       (22 )
    Gain on assets held for sale   —       14       —       337  
    Other   339       410       756       873  
    Total Noninterest Income   6,833       6,297       18,927       17,475  
    NONINTEREST EXPENSES              
    Salaries and employee benefits   11,017       10,069       32,611       30,335  
    Equipment   1,698       1,554       4,997       4,784  
    Net occupancy   945       942       3,066       2,981  
    Professional services   409       617       1,554       1,600  
    FDIC and regulatory   365       388       1,088       932  
    Other tax   360       323       1,086       965  
    Intangible assets amortization   304       352       940       1,072  
    Supplies and postage   236       229       610       633  
    Marketing and corporate relations   99       159       275       472  
    Merger-related   1,137       —       1,160       —  
    Other   1,674       1,703       4,910       5,125  
    Total Noninterest Expenses   18,244       16,336       52,297       48,899  
    Income Before Income Taxes   9,410       11,627       32,185       35,103  
    Provision for income taxes   2,206       2,583       6,934       7,512  
    Net Income $ 7,204     $ 9,044     $ 25,251     $ 27,591  
    PER SHARE DATA              
    Basic earnings $ 0.85     $ 1.06     $ 2.97     $ 3.24  
    Diluted earnings $ 0.84     $ 1.06     $ 2.96     $ 3.23  
    Weighted average shares basic   8,507,140       8,517,917       8,500,860       8,518,006  
    Weighted average shares diluted   8,545,578       8,551,545       8,532,691       8,544,732  
                                   
     
    Average Balances, Income and Expenses, Yields and Rates
                         
        Three months ended   Three months ended   Three months ended   Three months ended   Three months ended
        September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    (Dollars in thousands)   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate
    ASSETS                                                            
    Loans:                                                            
    Taxable   $ 1,618,879     $ 23,108     5.68 %   $ 1,612,380     $ 22,675     5.66 %   $ 1,573,109     $ 21,470     5.49 %   $ 1,559,411     $ 21,303     5.42 %   $ 1,520,134     $ 20,285     5.29 %
    Tax-exempt     62,401       394     2.51       64,276       396     2.48       65,825       404     2.47       69,058       425     2.44       73,995       457     2.45  
    Total Loans9     1,681,280       23,502     5.56       1,676,656       23,071     5.53       1,638,934       21,874     5.37       1,628,469       21,728     5.29       1,594,129       20,742     5.16  
    Investment Securities:                                                            
    Taxable     441,135       2,868     2.59       442,390       2,913     2.65       467,466       3,151     2.71       453,713       2,669     2.33       466,402       2,581     2.20  
    Tax-exempt     54,549       359     2.62       54,644       359     2.64       54,740       359     2.64       54,835       361     2.61       55,027       359     2.59  
    Total Investments10     495,684       3,227     2.59       497,034       3,272     2.65       522,206       3,510     2.70       508,548       3,030     2.36       521,429       2,940     2.24  
    Interest-bearing deposits with banks     48,794       670     5.46       50,851       684     5.41       54,156       750     5.57       50,225       691     5.46       53,324       723     5.38  
    Total Earning Assets     2,225,758       27,399     4.90       2,224,541       27,027     4.89       2,215,296       26,134     4.74       2,187,242       25,449     4.62       2,168,882       24,405     4.46  
    Cash and due from banks     21,684               21,041               20,540               21,578               23,783          
    Premises and equipment     25,716               25,903               26,102               25,983               25,980          
    Other assets     184,105               187,937               187,075               191,329               165,821          
    Allowance for credit losses     (17,147 )             (20,124 )             (19,963 )             (19,232 )             (19,101 )        
    Total Assets   $ 2,440,116             $ 2,439,298             $ 2,429,050             $ 2,406,900             $ 2,365,365          
    LIABILITIES                                                            
    Interest-bearing demand deposits   $ 518,368     $ 552     0.42 %   $ 513,163     $ 275     0.22 %   $ 512,701     $ 264     0.21 %   $ 560,510     $ 275     0.19 %   $ 571,314     $ 185     0.13 %
    Money markets     246,653       692     1.12       248,191       613     0.99       248,297       536     0.87       274,226       707     1.02       245,899       312     0.50  
    Savings deposits     318,291       26     0.03       327,274       30     0.04       335,215       29     0.03       348,244       28     0.03       366,398       30     0.03  
    Time deposits     258,053       1,842     2.84       263,045       1,725     2.64       244,481       1,331     2.19       221,778       798     1.43       212,159       401     0.75  
    Total Interest-Bearing Deposits     1,341,365       3,112     0.92       1,351,673       2,643     0.79       1,340,694       2,160     0.65       1,404,758       1,808     0.51       1,395,770       928     0.26  
    Short-term borrowings     38,666       204     2.10       37,256       304     3.28       47,084       339     2.90       56,872       334     2.33       66,942       439     2.60  
    Long-term borrowings     255,316       2,983     4.65       255,305       2,958     4.66       248,701       2,882     4.66       137,026       1,649     4.77       94,554       1,122     4.71  
    Total Borrowings     293,982       3,187     4.31       292,561       3,262     4.48       295,785       3,221     4.38       193,898       1,983     4.06       161,496       1,561     3.83  
    Total Interest-Bearing Liabilities     1,635,347       6,299     1.53       1,644,234       5,905     1.44       1,636,479       5,381     1.32       1,598,656       3,791     0.94       1,557,266       2,489     0.63  
    Noninterest-bearing demand deposits     477,350               485,351               486,648               519,797               541,995          
    Other liabilities     29,946               28,348               26,904               21,648               6,820          
    Stockholders’ Equity     297,473               281,365               279,019               266,799               259,284          
    Total Liabilities and Stockholders’ Equity   $ 2,440,116             $ 2,439,298             $ 2,429,050             $ 2,406,900             $ 2,365,365          
    Taxable Equivalent Net Interest Income         21,100               21,122               20,753               21,658               21,916      
    Taxable Equivalent Adjustment         (158 )             (158 )             (160 )             (165 )             (171 )    
    Net Interest Income       $ 20,942             $ 20,964             $ 20,593             $ 21,493             $ 21,745      
    Cost of Funds           1.19 %           1.12 %           1.02 %           0.71 %           0.47 %
    FTE Net Interest Margin           3.77 %           3.82 %           3.77 %           3.93 %           4.01 %
                                                                           
     
    Average Balances, Income and Expenses, Yields and Rates
           
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
    (Dollars in thousands) Average
    Balance    		   Interest11   Yield/
    Rate    		   Average
    Balance    		   Interest11   Yield/
    Rate
    ASSETS                      
    Loans:                      
    Taxable $ 1,601,520     $ 67,253     5.61 %   $ 1,479,690     $ 58,130     5.25 %
    Tax-exempt   64,161       1,194     2.49       75,657       1,353     2.39  
    Total Loans12   1,665,681       68,447     5.49       1,555,347       59,483     5.11  
    Investment Securities:                      
    Taxable   450,297       8,932     2.65       507,061       8,647     2.28  
    Tax-exempt   54,644       1,078     2.64       55,307       1,118     2.70  
    Total Investments13   504,941       10,010     2.65       562,368       9,765     2.32  
    Interest-bearing deposits with banks   51,258       2,104     5.48       71,645       2,627     4.90  
    Total Earning Assets   2,221,880       80,561     4.84       2,189,360       71,875     4.39  
    Cash and due from banks   21,091               30,891          
    Premises and equipment   25,939               26,415          
    Other assets   186,330               159,544          
    Allowance for credit losses   (19,071 )             (18,807 )        
    Total Assets $ 2,436,169             $ 2,387,403          
    LIABILITIES                      
    Interest-bearing demand deposits $ 514,757     $ 1,092     0.28 %   $ 580,180     $ 690     0.16 %
    Money markets   247,710       1,841     0.99       276,154       277     0.13  
    Savings deposits   326,895       84     0.03       385,753       94     0.03  
    Time deposits   255,203       4,898     2.56       234,951       826     0.47  
    Total Interest-Bearing Deposits   1,344,565       7,915     0.79       1,477,038       1,887     0.17  
    Short-term borrowings   40,993       847     2.76       47,852       564     1.58  
    Long-term borrowings   253,116       8,823     4.66       58,333       2,078     4.76  
    Total Borrowings   294,109       9,670     4.39       106,185       2,642     3.33  
    Total Interest-Bearing Liabilities   1,638,674       17,585     1.43       1,583,223       4,529     0.38  
    Noninterest-bearing demand deposits   483,095               550,206          
    Other liabilities   28,406               (2,552 )        
    Stockholders’ Equity   285,994               256,526          
    Total Liabilities and Stockholders’ Equity $ 2,436,169             $ 2,387,403          
    Taxable Equivalent Net Interest Income       62,976               67,346      
    Taxable Equivalent Adjustment       (477 )             (519 )    
    Net Interest Income     $ 62,499             $ 66,827      
    Cost of Funds         1.11 %           0.28 %
    FTE Net Interest Margin         3.79 %           4.11 %
                               

    Non-GAAP Reconciliation
    Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

        Three Months Ended
    (Dollars in thousands, except per share data)   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Tangible book value per share                    
    Stockholders’ equity   $ 306,755     $ 289,331     $ 279,920     $ 277,461     $ 255,638  
    Less: Goodwill and intangible assets     (52,327 )     (52,631 )     (52,946 )     (53,267 )     (53,619 )
    Tangible common stockholders’ equity (numerator)   $ 254,428     $ 236,700     $ 226,974     $ 224,194     $ 202,019  
    Shares outstanding, less unvested shares, end of period (denominator)     8,510,187       8,507,191       8,501,137       8,478,460       8,488,446  
    Tangible book value per share   $ 29.90     $ 27.82     $ 26.70     $ 26.44     $ 23.80  
    Tangible book value per share (excluding AOCI)                    
    Tangible common stockholders’ equity   $ 254,428     $ 236,700     $ 226,974     $ 224,194     $ 202,019  
    Less: AOCI     (33,835 )     (46,399 )     (46,824 )     (44,909 )     (64,767 )
    Tangible equity (excluding AOCI)   $ 288,263     $ 283,099     $ 273,798     $ 269,103     $ 266,786  
    Tangible book value per share (excluding AOCI)   $ 33.87     $ 33.28     $ 32.21     $ 31.74     $ 31.43  
    Tangible common equity to tangible assets (TCE/TA Ratio)                    
    Tangible common stockholders’ equity (numerator)   $ 254,428     $ 236,700     $ 226,974     $ 224,194     $ 202,019  
    Total assets   $ 2,420,914     $ 2,457,753     $ 2,414,288     $ 2,418,847     $ 2,388,522  
    Less: Goodwill and intangible assets     (52,327 )     (52,631 )     (52,946 )     (53,267 )     (53,619 )
    Total tangible assets (denominator)   $ 2,368,587     $ 2,405,122     $ 2,361,342     $ 2,365,580     $ 2,334,903  
    Tangible common equity to tangible assets     10.74 %     9.84 %     9.61 %     9.48 %     8.65 %
    Efficiency Ratio                    
    Noninterest expense   $ 18,244     $ 16,391     $ 17,662     $ 17,173     $ 16,336  
    Less: Intangible amortization     304       315       321       352       352  
    Less: Merger-related expense     1,137       23       —       —       —  
    Noninterest expense (numerator)   $ 16,803     $ 16,053     $ 17,341     $ 16,821     $ 15,984  
    Net interest income   $ 20,942     $ 20,964     $ 20,593     $ 21,493     $ 21,745  
    Plus: Total noninterest income     6,833       6,427       5,667       970       6,297  
    Less: Net gains (losses) on sales or calls of securities     —       —       69       (4,501 )     —  
    Less: Net gains (losses) on equity securities     28       1       (10 )     40       (27 )
    Less: Gain on assets held for sale     —       —       —       —       14  
    Total revenue (denominator)   $ 27,747     $ 27,390     $ 26,201     $ 26,924     $ 28,055  
    Efficiency ratio     60.56 %     58.61 %     66.18 %     62.48 %     56.97 %
                                             

    Non-GAAP Reconciliation

    Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

    (Dollars in thousands)   Three Months Ended
    September 30, 2024
    Core return on average assets    
    Net income   $ 7,204  
    Merger-related expense, net of taxes     879  
    Core net income (numerator)   $ 8,083  
    Average assets (denominator)   $ 2,440,116  
    Core return on average assets     1.32 %
         
    Core return on average equity    
    Core net income (numerator)   $ 8,083  
    Average equity (denominator)   $ 297,473  
    Core return on average equity     10.81 %
             

    1 Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
    2 Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
    3 Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
    4 Accumulated Other Comprehensive Loss.
    5 Regulatory capital ratios as of September 30, 2024 are preliminary.
    6 Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest.
    7 Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.
    8 Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the 21% federal income tax statutory rate.
    9 Average balances include non-accrual loans and are net of unearned income.
    10 Average balances of investment securities is computed at fair value.
    11 Income on interest-earning assets has been computed on a fully taxable equivalent basis (FTE) using the 21% federal income tax statutory rate.
    12 Average balances include non-accrual loans and are net of unearned income.
    13 Average balances of investment securities is computed at fair value.

       
    Contact: Jason H. Weber
      EVP/Treasurer &
      Chief Financial Officer
      717.339.5090
      jweber@acnb.com
       

    The MIL Network –

  • MIL-OSI: Real Estate Split Corp. Class A Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Real Estate Split Corp. (TSX: RS) (the “Fund”), is pleased to announce that a distribution for October 2024 will be payable to Class A shareholders of Real Estate Split Corp. as follows:

    Record Date Payable Date Distribution Per
    Equity Share
    October 31, 2024 November 15, 2024 $0.13
         

    The equity shares trade on the Toronto Stock Exchange under the symbol RS.

    For further information, please visit our website at www.middlefield.com or contact our Sales and Marketing Department at 1.888.890.1868.

    This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains.  The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

    The MIL Network –

  • MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the Third Quarter of the Year Ending December 31, 2024 and an Increase in the Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., Oct. 24, 2024 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the third quarter of the year ending December 31, 2024 and an increase in its quarterly cash dividend.

    For the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024:

    • net income was $13.1 million compared to $12.4 million;
    • diluted earnings per share (“EPS”) were $0.76 compared to $0.73;
    • annualized return on assets (“ROA”) was 1.17% compared to 1.13%;
    • annualized return on equity (“ROE”) was 9.76% compared to 9.58%;
    • net interest margin was 4.00% compared to 4.08%;
    • provision for credit losses was $3.0 million compared to $4.3 million; and
    • quarterly cash dividends continued at $0.11 per share totaling $1.9 million for both periods.

    For the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023:

    • net income was $40.6 million compared to $36.6 million;
    • diluted EPS were $2.37 compared to $2.18;
    • annualized ROA was 1.22% compared to 1.15%;
    • annualized ROE was 10.39% compared to 10.56%;
    • net interest margin was 4.03% compared to 4.29%;
    • provision for credit losses was $8.4 million compared to $11.7 million;
    • tax-free death benefit proceeds from life insurance were $1.1 million for both periods; and
    • cash dividends of $0.33 per share totaling $5.6 million compared to $0.30 per share totaling $5.1 million.

    Results for the nine months ended September 30, 2023 include the impact of the merger of Quantum Capital Corp. (“Quantum”) into the Company effective February 12, 2023. The addition of Quantum contributed total assets of $656.7 million, including loans of $561.9 million, and $570.6 million of deposits, all reflecting the impact of purchase accounting adjustments. Merger-related expenses of $4.7 million were recognized during the nine months ended September 30, 2023, while a $5.3 million provision for credit losses was recognized during the same period to establish allowances for credit losses on both Quantum’s loan portfolio and off-balance-sheet credit exposure.

    The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share, reflecting a $0.01, or 9.0%, increase over the previous quarter’s dividend. This is the sixth increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on November 27, 2024 to shareholders of record as of the close of business on November 14, 2024.

    “We are pleased to report another quarter of strong financial results,” said Hunter Westbrook, President and Chief Executive Officer. “We maintained our top quartile net interest margin, our ninth straight quarter at 4.00% or more. In addition, noninterest income and expense were both in line with prior quarters. Our provision for credit losses of $3.0 million included an additional $2.2 million as a reserve build for the potential impact of Hurricane Helene upon our loan portfolio. We have begun working with our loan customers on payment deferrals of up to six months, and although we aren’t currently aware of any collectability issues, we will continue assessing the impact of the storm upon our customer base.

    “As you know, many of the communities we serve were affected by this storm, impacting both our employees and customers. I’d first like to thank our employees who have assisted in maintaining bank operations while also tending to their personal and familial responsibilities. It has been amazing to watch the teamwork, collaboration and personal sacrifice across all areas of the Bank as we remained functionally operational throughout the storm, including our electronic banking services and online operations. Currently, all of our banking locations are open with most of the affected areas in our markets recovering well and operating close to normal. As for our customers in the affected areas, it will take time to assess, react and recover from Hurricane Helene. We are committed to working with them to provide the banking support needed for their businesses and homes.

    “Lastly, I am thankful for the Company’s financial strength and geographic diversification which we have built over the last decade, with respect to both our employees and customer base, which provides the foundation to overcome unforeseen events such as this storm. We remain optimistic as we work together to continue the recovery.”

    WEBSITE: WWW.HTB.COM

    Comparison of Results of Operations for the Three Months Ended September 30, 2024 and June 30, 2024
    Net Income.  Net income totaled $13.1 million, or $0.76 per diluted share, for the three months ended September 30, 2024 compared to $12.4 million, or $0.73 per diluted share, for the three months ended June 30, 2024, an increase of $694,000, or 5.6%. Results for the three months ended September 30, 2024 were positively impacted by a decrease of $1.3 million in the provision for credit losses. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Three Months Ended
      September 30, 2024   June 30, 2024
    (Dollars in thousands) Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate    		   Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,899,460     $ 63,305   6.46 %   $ 3,885,222     $ 62,161   6.43 %
    Debt securities available for sale   140,246       1,616   4.58       134,334       1,495   4.48  
    Other interest-earning assets(2)   144,931       1,728   4.74       140,376       1,758   5.04  
    Total interest-earning assets   4,184,637       66,649   6.34       4,159,932       65,414   6.32  
    Other assets   264,579               266,983          
    Total assets $ 4,449,216             $ 4,426,915          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 548,024     $ 1,278   0.93 %   $ 586,396     $ 1,445   0.99 %
    Money market accounts   1,335,798       10,757   3.20       1,298,177       10,221   3.17  
    Savings accounts   182,618       40   0.09       188,028       41   0.09  
    Certificate accounts   1,012,765       11,617   4.56       902,864       9,976   4.44  
    Total interest-bearing deposits   3,079,205       23,692   3.06       2,975,465       21,683   2.93  
    Junior subordinated debt   10,079       235   9.28       10,054       234   9.36  
    Borrowings   40,399       648   6.38       87,315       1,331   6.13  
    Total interest-bearing liabilities   3,129,683       24,575   3.12       3,072,834       23,248   3.04  
    Noninterest-bearing deposits   719,710               769,016          
    Other liabilities   65,097               63,503          
    Total liabilities   3,914,490               3,905,353          
    Stockholders’ equity   534,726               521,562          
    Total liabilities and stockholders’ equity $ 4,449,216             $ 4,426,915          
    Net earning assets $ 1,054,954             $ 1,087,098          
    Average interest-earning assets to average interest-bearing liabilities   133.71 %             135.38 %        
    Non-tax-equivalent                      
    Net interest income     $ 42,074           $ 42,166    
    Interest rate spread         3.22 %           3.28 %
    Net interest margin(3)         4.00 %           4.08 %
    Tax-equivalent(4)                      
    Net interest income     $ 42,442           $ 42,520    
    Interest rate spread         3.25 %           3.32 %
    Net interest margin(3)         4.03 %           4.11 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $368 and $354 for the three months ended September 30, 2024 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the three months ended September 30, 2024 increased $1.2 million, or 1.9%, compared to the three months ended June 30, 2024, which was driven by a $1.1 million, or 1.8%, increase in loan interest income primarily due to the difference in the number of days in each quarter. Accretion income on acquired loans of $640,000 and $678,000 was recognized during the same periods, respectively, and was included in interest income on loans.

    Total interest expense for the three months ended September 30, 2024 increased $1.3 million, or 5.7%, compared to the three months ended June 30, 2024. The increase was primarily the result of increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to    		   Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 916     $ 228     $ 1,144  
    Debt securities available for sale   83       38       121  
    Other interest-earning assets   76       (106 )     (30 )
    Total interest-earning assets   1,075       160       1,235  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (81 )     (86 )     (167 )
    Money market accounts   413       123       536  
    Savings accounts   (1 )     —       (1 )
    Certificate accounts   1,341       300       1,641  
    Junior subordinated debt   3       (2 )     1  
    Borrowings   (708 )     25       (683 )
    Total interest-bearing liabilities   967       360       1,327  
    Decrease in net interest income         $ (92 )


    Provision for Credit Losses.      The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

    The following table presents a breakdown of the components of the provision for credit losses:

      Three Months Ended      
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Provision for credit losses                
    Loans $ 2,990     $ 4,300     $ (1,310 )   (30 )%
    Off-balance-sheet credit exposure   (15 )     (40 )     25     63  
    Total provision for credit losses $ 2,975     $ 4,260     $ (1,285 )   (30 )%

    For the quarter ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $4.1 million during the quarter:

    • $0.4 million benefit driven by changes in the loan mix.
    • $1.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments. Included in this change was the addition of a $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio.
    • $1.9 million decrease in specific reserves on individually evaluated loans as we charged-off specific reserves which had previously been established.

    For the quarter ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $2.6 million during the quarter:

    • $0.1 million provision driven by changes in the loan mix.
    • $0.4 million benefit due to changes in the projected economic forecast and changes in qualitative adjustments.
    • $2.0 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.3 million to $16.3 million quarter-over-quarter, concentrated in the equipment finance and SBA portfolios.

    For the quarters ended September 30, 2024 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the three months ended September 30, 2024 increased $169,000, or 2.1%, when compared to the quarter ended June 30, 2024. Changes in the components of noninterest income are discussed below:

      Three Months Ended    
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 2,336     $ 2,354     $ (18 )   (1 )%
    Loan income and fees   684       647       37     6  
    Gain on sale of loans held for sale   1,900       1,828       72     4  
    Bank owned life insurance (“BOLI”) income   828       807       21     3  
    Operating lease income   1,637       1,591       46     3  
    Other   897       886       11     1  
    Total noninterest income $ 8,282     $ 8,113     $ 169     2 %
                                 
    • Gain on sale of loans held for sale: The increase was primarily driven by residential mortgage loans sold during the period. There were $21.7 million of residential mortgage loans originated for sale which were sold during the current quarter with gains of $479,000 compared to $21.3 million sold with gains of $351,000 in the prior quarter, with the improvement in profitability due to movement in interest rates. There were $54.6 million of HELOCs sold for a gain of $414,000 compared to $32.9 million sold with gains of $457,000 in the prior quarter. There were $12.9 million in sales of the guaranteed portion of SBA commercial loans with gains of $1.0 million for the quarter compared to $12.7 million sold and gains of $1.1 million for the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $18,000 for the quarter ended September 30, 2024 versus a loss of $58,000 for the quarter ended June 30, 2024.

    Noninterest Expense.  Noninterest expense for the three months ended September 30, 2024 increased $375,000, or 1.2%, when compared to the three months ended June 30, 2024. Changes in the components of noninterest expense are discussed below:

      Three Months Ended    
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 17,082     $ 16,608     $ 474     3 %
    Occupancy expense, net   2,436       2,419       17     1  
    Computer services   3,192       3,116       76     2  
    Telephone, postage and supplies   547       580       (33 )   (6 )
    Marketing and advertising   408       606       (198 )   (33 )
    Deposit insurance premiums   589       531       58     11  
    Core deposit intangible amortization   567       567       —     —  
    Other   5,764       5,783       (19 )   —  
    Total noninterest expense $ 30,585     $ 30,210     $ 375     1 %
                                 
    • Salaries and employee benefits: The quarter-over-quarter increase was primarily the result of executive pay increases effective this quarter and additional stock incentive expense associated with the vesting of performance-based equity awards.
    • Marketing and advertising: The decrease in expense was the result of both differences in the timing of when expenses were incurred quarter-over-quarter as well as a reduction in traditional media advertising (print, billboards, etc.) in favor of digital platforms at lower costs.

    Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2024 and June 30, 2024 were 21.9% and 21.4%, respectively.

    Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023
    Net Income.  Net income totaled $40.6 million, or $2.37 per diluted share, for the nine months ended September 30, 2024 compared to $36.6 million, or $2.18 per diluted share, for the nine months ended September 30, 2023, an increase of $4.0 million, or 11.0%. The results for the nine months ended September 30, 2024 were positively impacted by a decrease of $3.3 million in the provision for credit losses, a $1.4 million increase in noninterest income, and a $2.6 million decrease in noninterest expense, partially offset by a $2.0 million decrease in net interest income and a $1.3 million increase in income tax expense. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Nine Months Ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate    		   Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,883,040     $ 185,418   6.38 %   $ 3,684,518     $ 162,526   5.90 %
    Debt securities available for sale   133,779       4,424   4.42       155,884       3,780   3.24  
    Other interest-earning assets(2)   138,956       5,576   5.36       137,065       5,356   5.22  
    Total interest-earning assets   4,155,775       195,418   6.28       3,977,467       171,662   5.77  
    Other assets   276,516               266,867          
    Total assets $ 4,432,291             $ 4,244,334          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 574,954     $ 4,149   0.96 %   $ 627,200     $ 3,241   0.69 %
    Money market accounts   1,305,217       30,642   3.14       1,206,119       18,604   2.06  
    Savings accounts   187,447       124   0.09       218,683       143   0.09  
    Certificate accounts   934,702       30,778   4.40       649,755       14,967   3.08  
    Total interest-bearing deposits   3,002,320       65,693   2.92       2,701,757       36,955   1.83  
    Junior subordinated debt   10,054       705   9.37       8,428       563   8.93  
    Borrowings   76,823       3,550   6.17       158,965       6,634   5.58  
    Total interest-bearing liabilities   3,089,197       69,948   3.02       2,869,150       44,152   2.06  
    Noninterest-bearing deposits   766,110               857,315          
    Other liabilities   55,217               54,513          
    Total liabilities   3,910,524               3,780,978          
    Stockholders’ equity   521,767               463,356          
    Total liabilities and stockholders’ equity $ 4,432,291             $ 4,244,334          
    Net earning assets $ 1,066,578             $ 1,108,317          
    Average interest-earning assets to average interest-bearing liabilities   134.53 %             138.63 %        
    Non-tax-equivalent                      
    Net interest income     $ 125,470           $ 127,510    
    Interest rate spread         3.26 %           3.71 %
    Net interest margin(3)         4.03 %           4.29 %
    Tax-equivalent                      
    Net interest income     $ 126,542           $ 128,413    
    Interest rate spread         3.30 %           3.74 %
    Net interest margin(3)         4.07 %           4.32 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $1,072 and $903 for the nine months ended September 30, 2024 and September 30, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the nine months ended September 30, 2024 increased $23.8 million, or 13.8%, compared to the nine months ended September 30, 2023, which was driven by a $22.9 million, or 14.1%, increase in interest income on loans. Accretion income on acquired loans of $2.0 million and $1.7 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall increase in average yield on interest-earning assets was the result of both higher average balances and rising interest rates.

    Total interest expense for the nine months ended September 30, 2024 increased $25.8 million, or 58.4%, compared to the nine months ended September 30, 2023. The change was primarily the result of increases in the cost of funds across all funding sources driven by higher market interest rates and increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to    		   Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 8,927     $ 13,965     $ 22,892  
    Debt securities available for sale   (532 )     1,176       644  
    Other interest-earning assets   79       141       220  
    Total interest-earning assets   8,474       15,282       23,756  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (266 )     1,174       908  
    Money market accounts   1,557       10,481       12,038  
    Savings accounts   (20 )     1       (19 )
    Certificate accounts   6,592       9,219       15,811  
    Junior subordinated debt   109       33       142  
    Borrowings   (3,425 )     341       (3,084 )
    Total interest-bearing liabilities   4,547       21,249       25,796  
    Decrease in net interest income         $ (2,040 )

    Provision for Credit Losses.  The following table presents a breakdown of the components of the provision for credit losses:

      Nine Months Ended      
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Provision for credit losses                
    Loans $ 8,435     $ 12,120     $ (3,685 )   (30 )%
    Off-balance-sheet credit exposure   (35 )     (385 )     350     91  
    Total provision for credit losses $ 8,400     $ 11,735     $ (3,335 )   (28 )%

    For the nine months ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of net charge-offs of $8.9 million during the period, partially offset by a $0.4 million benefit due to changes in the loan mix.

    For the nine months ended September 30, 2023, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $3.9 million during the period:

    • $4.9 million provision to establish an allowance on Quantum’s loan portfolio.
    • $3.0 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
    • $0.3 million increase in specific reserves on individually evaluated credits.

    For the nine months ended September 30, 2024 and September 30, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the nine months ended September 30, 2024 increased $1.4 million, or 5.8%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

      Nine Months Ended    
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 6,839     $ 6,967     $ (128 )   (2 )%
    Loan income and fees   2,009       1,913       96     5  
    Gain on sale of loans held for sale   5,185       4,213       972     23  
    BOLI income   3,470       2,844       626     22  
    Operating lease income   5,087       4,515       572     13  
    Gain (loss) on sale of premises and equipment   (9 )     982       (991 )   (101 )
    Other   2,625       2,391       234     10  
    Total noninterest income $ 25,206     $ 23,825     $ 1,381     6 %
                                 
    • Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by residential mortgage and SBA loans sold during the period. During the nine months ended September 30, 2024, there were $58.3 million of residential mortgage loans originated for sale which were sold with gains of $1.1 million compared to $48.7 million sold with gains of $633,000 for the corresponding period in the prior year, with the improvement in profitability due to movement in interest rates. There were $38.5 million of sales of the guaranteed portion of SBA commercial loans with gains of $3.1 million compared to $41.1 million sold and gains of $2.6 million for the corresponding period in the prior year. There were $95.4 million of HELOCs sold during the current period for a gain of $887,000 compared to $66.4 million sold and gains of $552,000 for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $15,000 for the nine months ended September 30, 2024 versus a gain of $426,000 for the nine months ended September 30, 2023.
    • BOLI income: The increase was due to higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
    • Operating lease income: The increase in operating lease income was the result of $1.7 million in additional contractual earnings on a higher average outstanding balance of the associated contracts, partially offset by losses incurred on previously leased equipment, where we recognized a net loss of $1.3 million for the nine months ended September 30, 2024 versus a net loss of $210,000 in the same period last year.
    • Gain (loss) on sale of premises and equipment: During the nine months ended September 30, 2023, two properties were sold for a combined gain of $982,000. No material disposal activity occurred during the nine months ended September 30, 2024.

    Noninterest Expense.  Noninterest expense for the nine months ended September 30, 2024 decreased $2.6 million, or 2.8%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

      Nine Months Ended    
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 50,666     $ 49,436     $ 1,230     2 %
    Occupancy expense, net   7,292       7,556       (264 )   (3 )
    Computer services   9,396       9,386       10     —  
    Telephone, postage and supplies   1,712       1,942       (230 )   (12 )
    Marketing and advertising   1,659       1,555       104     7  
    Deposit insurance premiums   1,674       1,878       (204 )   (11 )
    Core deposit intangible amortization   1,896       2,324       (428 )   (18 )
    Merger-related expenses   —       4,741       (4,741 )   (100 )
    Other   16,364       14,490       1,874     13  
    Total noninterest expense $ 90,659     $ 93,308     $ (2,649 )   (3 )%
                               
    • Salaries and employee benefits: The increase was primarily the result of pay increases, partially offset by reductions in incentive pay.
    • Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
    • Merger-related expenses: The prior period included expenses associated with the Company’s merger with Quantum. No such expenses were incurred in the nine months ended September 30, 2024.
    • Other: The increase period-over-period was primarily driven by $1.7 million of additional depreciation expense on equipment subject to operating leases.

    Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the nine months ended September 30, 2024 and September 30, 2023 were 21.3% and 21.0%, respectively.

    Balance Sheet Review
    Total assets decreased by $35.3 million to $4.6 billion and total liabilities decreased by $75.5 million to $4.1 billion, respectively, at September 30, 2024 as compared to December 31, 2023. The majority of these changes were the result of an increase in deposits, which, combined with the collection of BOLI redemption proceeds and cash and cash equivalents, were used to fund growth in loans and pay down borrowings.

    Stockholders’ equity increased $40.1 million to $540.0 million at September 30, 2024 as compared to December 31, 2023. Activity within stockholders’ equity included $40.6 million in net income and $4.5 million in stock-based compensation and stock option exercises, partially offset by $5.6 million in cash dividends declared. In addition, the improvement in the accumulated other comprehensive income was driven by a $1.6 million reduction of the unrealized loss on available for sale securities as a result of a decrease in market interest rates.

    As of September 30, 2024, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

    Asset Quality
    The ACL on loans was $48.1 million, or 1.30% of total loans, at September 30, 2024 compared to $48.6 million, or 1.34% of total loans, at December 31, 2023. The drivers of this change are discussed in the “Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023 – Provision for Credit Losses” section above.

    Net loan charge-offs totaled $8.9 million for the nine months ended September 30, 2024 compared to $3.9 million for the same period last year. As discussed in previous quarters, the increase in net charge-offs has been concentrated in our equipment finance portfolio, primarily smaller over-the-road truck loans, with net charge-offs of $5.1 million during the nine months ended September 30, 2024. In response, during the first quarter of calendar year 2024 the Company elected to cease further originations within the transportation sector of equipment finance loans. In spite of the increase, annualized net charge-offs as a percentage of average assets for the loan portfolio as a whole were 0.31% for the nine months ended September 30, 2024, in line with the Company’s historical experience, as compared to 0.14% for the nine months ended September 30, 2023.

    Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $10.4 million, or 54.0%, to $29.8 million, or 0.64% of total assets, at September 30, 2024 compared to $19.3 million, or 0.41% of total assets, at December 31, 2023. Consistent with the change in net charge-offs, equipment finance loans made up the largest portion of nonperforming assets at $8.5 million and $6.5 million, respectively, at these same dates. In addition, owner occupied commercial real estate totaled $7.2 million and $912,000, respectively, at these same dates. These increases were mainly the result of a $3.1 million medical equipment relationship and $5.1 million owner occupied commercial real estate (OO CRE) relationship; however, in both cases losses are not currently anticipated. The ratio of nonperforming loans to total loans was 0.78% at September 30, 2024 compared to 0.53% at December 31, 2023.

    The ratio of classified assets to total assets increased to 0.99% at September 30, 2024 from 0.90% at December 31, 2023 as classified assets increased $4.1 million, or 9.8%, to $46.1 million at September 30, 2024 compared to $42.0 million at December 31, 2023. The largest portfolios of classified assets at September 30, 2024 included $11.7 million of non-owner occupied commercial real estate loans, $8.4 million of equipment finance loans, $7.1 million of SBA loans, $6.0 million of 1-4 family residential real estate loans, and $6.0 million of OO CRE loans.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. is the holding company for the Bank. As of September 30, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Consolidated Balance Sheets (Unaudited)

    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    (1)    		   September 30,
    2023
    Assets                  
    Cash $ 18,980     $ 18,382     $ 16,134     $ 18,307     $ 18,090  
    Interest-bearing deposits   274,497       275,808       364,359       328,833       306,924  
    Cash and cash equivalents   293,477       294,190       380,493       347,140       325,014  
    Certificates of deposit in other banks   29,290       32,131       33,625       34,722       35,380  
    Debt securities available for sale, at fair value   140,552       134,135       120,807       126,950       134,348  
    FHLB and FRB stock   18,384       19,637       13,691       18,393       19,612  
    SBIC investments, at cost   15,489       15,462       14,568       13,789       14,586  
    Loans held for sale, at fair value   2,968       1,614       2,764       3,359       4,616  
    Loans held for sale, at the lower of cost or fair value   189,722       224,976       220,699       198,433       200,834  
    Total loans, net of deferred loan fees and costs   3,698,892       3,701,454       3,648,152       3,640,022       3,659,914  
    Allowance for credit losses – loans   (48,131 )     (49,223 )     (47,502 )     (48,641 )     (47,417 )
    Loans, net   3,650,761       3,652,231       3,600,650       3,591,381       3,612,497  
    Premises and equipment, net   69,603       69,880       70,588       70,937       72,463  
    Accrued interest receivable   17,523       18,412       16,944       16,902       16,513  
    Deferred income taxes, net   10,100       10,512       11,222       11,796       9,569  
    BOLI   90,021       89,176       88,369       88,257       106,059  
    Goodwill   34,111       34,111       34,111       34,111       34,111  
    Core deposit intangibles, net   7,162       7,730       8,297       9,059       9,918  
    Other assets   68,130       66,667       67,183       107,404       56,477  
    Total assets $ 4,637,293     $ 4,670,864     $ 4,684,011     $ 4,672,633     $ 4,651,997  
    Liabilities and stockholders’ equity                  
    Liabilities                  
    Deposits $ 3,761,588     $ 3,707,779     $ 3,799,807     $ 3,661,373     $ 3,640,961  
    Junior subordinated debt   10,096       10,070       10,045       10,021       9,995  
    Borrowings   260,013       364,513       291,513       433,763       452,263  
    Other liabilities   65,592       64,874       69,473       67,583       64,367  
    Total liabilities   4,097,289       4,147,236       4,170,838       4,172,740       4,167,586  
    Stockholders’ equity                  
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding   —       —       —       —       —  
    Common stock, $0.01 par value, 60,000,000 shares authorized(2)   175       175       175       174       174  
    Additional paid in capital   175,495       172,907       172,919       172,366       171,663  
    Retained earnings   368,383       357,147       346,598       333,401       321,799  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (4,099 )     (4,232 )     (4,364 )     (4,497 )     (4,629 )
    Accumulated other comprehensive income (loss)   50       (2,369 )     (2,155 )     (1,551 )     (4,596 )
    Total stockholders’ equity   540,004       523,628       513,173       499,893       484,411  
    Total liabilities and stockholders’ equity $ 4,637,293     $ 4,670,864     $ 4,684,011     $ 4,672,633     $ 4,651,997  

    (1)  Derived from audited financial statements.
    (2)  Shares of common stock issued and outstanding were 17,514,922 at September 30, 2024; 17,437,326 at June 30, 2024; 17,444,787 at March 31, 2024; 17,387,069 at December 31, 2023; and 17,380,307 at September 30, 2023.

    Consolidated Statements of Income (Unaudited)

      Three Months Ended   Nine Months Ended
    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Interest and dividend income              
    Loans $ 63,305     $ 62,161     $ 185,418     $ 162,526  
    Debt securities available for sale   1,616       1,495       4,424       3,780  
    Other investments and interest-bearing deposits   1,728       1,758       5,576       5,356  
    Total interest and dividend income   66,649       65,414       195,418       171,662  
    Interest expense              
    Deposits   23,692       21,683       65,693       36,955  
    Junior subordinated debt   235       234       705       563  
    Borrowings   648       1,331       3,550       6,634  
    Total interest expense   24,575       23,248       69,948       44,152  
    Net interest income   42,074       42,166       125,470       127,510  
    Provision for credit losses   2,975       4,260       8,400       11,735  
    Net interest income after provision for credit losses   39,099       37,906       117,070       115,775  
    Noninterest income              
    Service charges and fees on deposit accounts   2,336       2,354       6,839       6,967  
    Loan income and fees   684       647       2,009       1,913  
    Gain on sale of loans held for sale   1,900       1,828       5,185       4,213  
    BOLI income   828       807       3,470       2,844  
    Operating lease income   1,637       1,591       5,087       4,515  
    Gain (loss) on sale of premises and equipment   —       —       (9 )     982  
    Other   897       886       2,625       2,391  
    Total noninterest income   8,282       8,113       25,206       23,825  
    Noninterest expense              
    Salaries and employee benefits   17,082       16,608       50,666       49,436  
    Occupancy expense, net   2,436       2,419       7,292       7,556  
    Computer services   3,192       3,116       9,396       9,386  
    Telephone, postage and supplies   547       580       1,712       1,942  
    Marketing and advertising   408       606       1,659       1,555  
    Deposit insurance premiums   589       531       1,674       1,878  
    Core deposit intangible amortization   567       567       1,896       2,324  
    Merger-related expenses   —       —       —       4,741  
    Other   5,764       5,783       16,364       14,490  
    Total noninterest expense   30,585       30,210       90,659       93,308  
    Income before income taxes   16,796       15,809       51,617       46,292  
    Income tax expense   3,684       3,391       11,020       9,712  
    Net income $ 13,112     $ 12,418     $ 40,597     $ 36,580  

    Per Share Data

        Three Months Ended    Nine Months Ended
        September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Net income per common share(1)                
    Basic   $ 0.77     $ 0.73     $ 2.38     $ 2.19  
    Diluted   $ 0.76     $ 0.73     $ 2.37     $ 2.18  
    Average shares outstanding                
    Basic     16,931,793       16,883,028       16,891,619       16,532,335  
    Diluted     17,027,824       16,904,098       16,938,328       16,553,319  
    Book value per share at end of period   $ 30.83     $ 30.03     $ 30.83     $ 27.87  
    Tangible book value per share at end of period(2)   $ 28.57     $ 27.73     $ 28.57     $ 25.47  
    Cash dividends declared per common share   $ 0.11     $ 0.11     $ 0.33     $ 0.30  
    Total shares outstanding at end of period     17,514,922       17,437,326       17,514,922       17,380,307  

    (1)  Basic and diluted net income per common share have been prepared in accordance with the two-class method.
    (2)  See Non-GAAP reconciliations below for adjustments.

    Selected Financial Ratios and Other Data

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Performance ratios(1)          
    Return on assets (ratio of net income to average total assets) 1.17 %   1.13 %   1.22 %   1.15 %
    Return on equity (ratio of net income to average equity) 9.76     9.58     10.39     10.56  
    Yield on earning assets 6.34     6.32     6.28     5.77  
    Rate paid on interest-bearing liabilities 3.12     3.04     3.02     2.06  
    Average interest rate spread 3.22     3.28     3.26     3.71  
    Net interest margin(2) 4.00     4.08     4.03     4.29  
    Average interest-earning assets to average interest-bearing liabilities 133.71     135.38     134.53     138.63  
    Noninterest expense to average total assets 2.73     2.74     2.73     2.94  
    Efficiency ratio 60.74     60.08     60.17     61.66  
    Efficiency ratio – adjusted(3) 60.30     59.66     60.19     58.98  

    (1)  Ratios are annualized where appropriate.
    (2)  Net interest income divided by average interest-earning assets.
    (3)  See Non-GAAP reconciliations below for adjustments.

      At or For the Three Months Ended
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Asset quality ratios                  
    Nonperforming assets to total assets(1) 0.64 %   0.54 %   0.43 %   0.41 %   0.25 %
    Nonperforming loans to total loans(1) 0.78     0.68     0.55     0.53     0.32  
    Total classified assets to total assets 0.99     0.91     0.80     0.90     0.76  
    Allowance for credit losses to nonperforming loans(1) 166.51     194.80     235.18     251.60     400.41  
    Allowance for credit losses to total loans 1.30     1.33     1.30     1.34     1.30  
    Net charge-offs to average loans (annualized) 0.42     0.27     0.24     0.29     0.27  
    Capital ratios                  
    Equity to total assets at end of period 11.64 %   11.21 %   10.96 %   10.70 %   10.41 %
    Tangible equity to total tangible assets(2) 10.88     10.44     10.18     9.91     9.60  
    Average equity to average assets 12.02     11.78     11.51     11.03     10.84  

    (1)  Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At September 30, 2024, $8.7 million, or 30.4%, of nonaccruing loans were current on their loan payments as of that date.
    (2)  See Non-GAAP reconciliations below for adjustments.

    Loans

    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Commercial real estate loans                  
    Construction and land development $ 300,905     $ 316,050     $ 304,727     $ 305,269     $ 352,143  
    Commercial real estate – owner occupied   544,689       545,631       532,547       536,545       526,534  
    Commercial real estate – non-owner occupied   881,340       892,653       881,143       875,694       880,348  
    Multifamily   114,155       92,292       89,692       88,623       83,430  
    Total commercial real estate loans   1,841,089       1,846,626       1,808,109       1,806,131       1,842,455  
    Commercial loans                  
    Commercial and industrial   286,809       266,136       243,732       237,255       237,366  
    Equipment finance   443,033       461,010       462,649       465,573       470,387  
    Municipal leases   158,560       152,509       151,894       150,292       147,821  
    Total commercial loans   888,402       879,655       858,275       853,120       855,574  
    Residential real estate loans                  
    Construction and land development   63,016       70,679       85,840       96,646       103,381  
    One-to-four family   627,845       621,196       605,570       584,405       560,399  
    HELOCs   194,909       188,465       184,274       185,878       185,289  
    Total residential real estate loans   885,770       880,340       875,684       866,929       849,069  
    Consumer loans   83,631       94,833       106,084       113,842       112,816  
    Total loans, net of deferred loan fees and costs   3,698,892       3,701,454       3,648,152       3,640,022       3,659,914  
    Allowance for credit losses – loans   (48,131 )     (49,223 )     (47,502 )     (48,641 )     (47,417 )
    Loans, net $ 3,650,761     $ 3,652,231     $ 3,600,650     $ 3,591,381     $ 3,612,497  

    Deposits

    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Core deposits                  
    Noninterest-bearing accounts $ 684,501     $ 683,346     $ 773,901     $ 784,950     $ 827,362  
    NOW accounts   534,517       561,789       600,561       591,270       602,804  
    Money market accounts   1,345,289       1,311,940       1,308,467       1,246,807       1,195,482  
    Savings accounts   179,762       185,499       191,302       194,486       202,971  
    Total core deposits   2,744,069       2,742,574       2,874,231       2,817,513       2,828,619  
    Certificates of deposit   1,017,519       965,205       925,576       843,860       812,342  
    Total $ 3,761,588     $ 3,707,779     $ 3,799,807     $ 3,661,373     $ 3,640,961  

    Non-GAAP Reconciliations
    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

        Three Months Ended   Nine Months Ended
    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Noninterest expense   $ 30,585     $ 30,210     $ 90,659     $ 93,308  
    Less: merger expense     —       —       —       4,741  
    Noninterest expense – adjusted   $ 30,585     $ 30,210     $ 90,659     $ 88,567  
                     
    Net interest income   $ 42,074     $ 42,166     $ 125,470     $ 127,510  
    Plus: tax-equivalent adjustment     368       354       1,072       903  
    Plus: noninterest income     8,282       8,113       25,206       23,825  
    Less: BOLI death benefit proceeds in excess of cash surrender value     —       —       1,143       1,092  
    Less: loss (gain) on sale of premises and equipment     —       —       (9 )     982  
    Net interest income plus noninterest income – adjusted   $ 50,724     $ 50,633     $ 150,614     $ 150,164  
    Efficiency ratio   60.74 %   60.08 %   60.17 %   61.66 %
    Efficiency ratio – adjusted   60.30 %   59.66 %   60.19 %   58.98 %
                             

    Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

        As of
    (Dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Total stockholders’ equity   $ 540,004     $ 523,628     $ 513,173     $ 499,893     $ 484,411  
    Less: goodwill, core deposit intangibles, net of taxes     39,626       40,063       40,500       41,086       41,748  
    Tangible book value   $ 500,378     $ 483,565     $ 472,673     $ 458,807     $ 442,663  
    Common shares outstanding     17,514,922       17,437,326       17,444,787       17,387,069       17,380,307  
    Book value per share   $ 30.83     $ 30.03     $ 29.42     $ 28.75     $ 27.87  
    Tangible book value per share   $ 28.57     $ 27.73     $ 27.10     $ 26.39     $ 25.47  

    Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

        As of
    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Tangible equity(1)   $ 500,378     $ 483,565     $ 472,673     $ 458,807     $ 442,663  
    Total assets     4,637,293       4,670,864       4,684,011       4,672,633       4,651,997  
    Less: goodwill, core deposit intangibles, net of taxes     39,626       40,063       40,500       41,086       41,748  
    Total tangible assets   $ 4,597,667     $ 4,630,801     $ 4,643,511     $ 4,631,547     $ 4,610,249  
    Tangible equity to tangible assets   10.88 %   10.44 %   10.18 %   9.91 %   9.60 %

    (1)  Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.

    The MIL Network –

  • MIL-OSI: Turtle Beach Corporation to Report Third Quarter 2024 Financial Results on Thursday, November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: HEAR) a leading gaming headset and accessories brand, today announced it will report financial results for the third quarter 2024 on Thursday, November 7, 2024 after the close of trading on the Nasdaq Stock Market.

    The Company will also host a conference call and audio webcast at 5:00p.m. ET / 2:00p.m. PT that same day to review the results. The call will be hosted by Cris Keirn, Chief Executive Officer, and John Hanson, Chief Financial Officer.

    Conference Call Information
    The live webcast of the call will be available on the “Events & Presentations” page of the Company’s website at www.turtlebeachcorp.com. Interested individuals may also join by dialing 1-800-717-1738 or 1-646-307-1865. To avoid delays, participants are encouraged to dial into the conference call 15-minutes ahead of the scheduled start time.

    A telephone replay of the call will be available through November 21, 2024 and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 1165333. A replay of the webcast will also be available on the investor relations website for a limited time.

    About Turtle Beach Corporation
    Turtle Beach Corporation (the “Company”) (www.turtlebeachcorp.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: HEAR.

    Cautionary Note on Forward-Looking Statements
    This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

    While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to logistic and supply chain challenges, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

    CONTACTS

    Investors:
    hear@icrinc.com
    (646) 277-1285

    Public Relations & Media:
    MacLean Marshall
    Sr. Director, Global Communications
    Turtle Beach Corporation
    (858) 914-5093
    maclean.marshall@turtlebeach.com

    The MIL Network –

  • MIL-OSI: ConnectM Launches Intelligent AI-Driven Heat Pump Following AHRI Cold Climate Certification

    Source: GlobeNewswire (MIL-OSI)

    MARLBOROUGH, Mass., Oct. 24, 2024 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced its groundbreaking AI-powered heat pump has received the prestigious AHRI (Air-Conditioning Heating and Refrigeration Institute) Cold Climate Certification, representing a significant milestone in energy-efficient heating solutions. This certification follows the previously announced launch and underscores ConnectM’s commitment to delivering state-of-the-art technology that meets the highest standards for performance in even the harshest of winter conditions.

    The AHRI Cold Climate Certification is awarded to products that demonstrate superior heating efficiency, especially in cold environments where traditional heat pumps struggle. ConnectM’s heat pump excels in maintaining warmth without the energy consumption spikes which are typically associated with extreme cold weather. By achieving this certification, our system stands out as a reliable, eco-friendly solution for homes in colder regions, aligning perfectly with global decarbonization and sustainability goals.

    Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, commented, “Receiving AHRI Cold Climate Certification validates the Company’s AI-driven heat pump’s ability to operate efficiently and effectively in temperatures as low as -15°F. This certification is crucial as it provides consumers with the assurance that ConnectM’s heat pump not only meets but exceeds the industry benchmarks, specifically 5ºF and below, for energy savings and comfort. Homeowners in colder climates can now benefit from cutting-edge technology that drastically reduces their energy consumption, lowers heating costs, and helps to decrease their carbon footprint.”

    As part of the Company’s ongoing efforts to make advanced heating technology accessible, ConnectM is proud to announce that its certified heat pump will be available through its nationwide network of ConnectM Service providers in Q4 2024. Customers can now enjoy the benefits of this intelligent heat pump, powered by advanced AI algorithms that optimize performance based on real-time environmental data. These features ensure not only energy efficiency but also peak performance during the most challenging cold weather conditions.

    About ConnectM Technology Solutions, Inc.   

    ConnectM is a technology company focused on advancing the electrification economy by integrating electrified energy assets with its AI-powered technology solutions platform. The Company provides residential and light commercial buildings and all-electric original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to solar and all-electric heating, cooling, and transportation. Leveraging technology, data, artificial intelligence, contemporary design, and behavioral economics, ConnectM aims to make electrification more user-friendly, affordable, precise, and socially impactful. As a vertically integrated company with wholly owned service networks and a comprehensive technology stack, ConnectM empowers customers to reduce their reliance on fossil fuels, lower overall energy costs, and minimize their carbon footprint.

    For more information, please visit: https://www.connectm.com/

    Contact:

    MZ North America
    (203) 741-8811

    ConnectM@mzgroup.us

    The MIL Network –

  • MIL-OSI: Jackery Introduces Solar Generator 5000 Plus – “Most Trusted Whole-Home Backup Power”

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — Jackery, a global leader of innovative solar generators and green off-grid energy solutions, has launched its newest and most advanced product yet – the Jackery Solar Generator 5000 Plus. Powerful, portable and compact, the 5000 Plus is the lightest generator in its class and ensures people will stay connected, powered and secure, even in the most difficult and unexpected circumstances.

    “Safety, sustainability and convenience are at the forefront of every solar generator we produce, and the 5000 Plus delivers at every turn,” said Jack Sun, CEO of Jackery. “Whether you need to power your entire home during an outage or emergency, need additional power while embracing outdoor living or reliable everyday power, the 5000 Plus provides the performance, safety and convenience that people need.”        

    With LFP battery cells, the 5000 Plus offers 4,000 life cycles, ensuring long-term reliability. It operates quietly and requires no maintenance, making it a better option for indoor use compared to traditional gas generators, especially during extreme weather conditions. The UPS feature allows for instantaneous switching to backup power during an outage, ensuring sensitive equipment like computers and other essential devices keep running without interruption and with zero downtime.

    When paired with Jackery’s Smart Transfer Switch (STS), a single 5000 Plus delivers up to 7200W of power. And, when connected to a second unit, users can get up to 14400W, making it more than sufficient to power a home in the most unpredictable situation. When equipped with all modular extensions and add-ons available, the full 5000 Plus ecosystem capability reaches an impressive 60kWh – enough power to sustain the average American household necessities for up to several days (based on an average daily usage of 30kWh/day).

    The modular design of the 5000 Plus ensures users can extend power capacity to fit their individual needs. This flexibility also offers users complete control over the power usage, capacity, spending, and savings, making it a truly personalized backup power solution. The Jackery 5000 Plus not only meets 120V load demands, but can also power 240V appliances, such as dryers, water pumps, ovens, and high-power electric tools. It is also capable of recharging RVs and electric vehicles.

    The 5000 Plus is also equipped with dual-voltage solar charging, meaning that the system can recharge through a high voltage rooftop solar system and with Jackery’s portable solar panels. The 5000 Plus is compatible with most solar panels that use an MC4 connector, supporting up to 4000W of charging power for fast and efficient recharging. Compatible with up to six Jackery SolarSaga 200W portable solar panels or two new Jackery SolarSaga 500W portable solar panels, it is an eco-friendly, cost-saving solution for long-term use.

    For added convenience, users can utilize smart app control to activate UPS mode, schedule charging, and more. This convenient app control also provides quick access to the 5000 Plus’s status with easy-to-set charge/discharge parameters and modes.

    Further, the 5000 Plus is built to last, with fireproof, shockproof and IPX4 water-resistant certifications. Combined with Jackery’s 5+2 year warranty, the 5000 Plus is an investment in safety, sustainability, and convenience, ensuring long-term peace of mind.

    Jackery is dedicated to developing reliable technology and offers the industry’s exclusive ChargeShield 2.0 and Class B standard, providing up to 62 layers of protection for charging, discharging, and battery management systems (BMS). The Company’s AI-driven variable speed charging technology ensures dependable power usage every time.

    Whether for emergencies, off-grid living, or reliable everyday power, the 5000 Plus delivers the performance, safety, and ease that people need and have come to rely on from Jackery’s solar generators.

    Finally, while designed with whole-home backup in mind, the 5000 Plus is also perfect for off-grid living and grid arbitrage, offering features like peak shaving and valley lifting to balance energy consumption, reduce energy bills, and alleviate pressure on the grid. Whether you need power for an off-grid cabin, RV, job site, or even film production, the 5000 Plus is the perfect green-energy solution.

    For more information on Jackery, the 5000 Plus and other products, please visit www.jackery.com. Be sure to follow Jackery on social media at @JackeryUSA for the latest updates in real time.

    ABOUT JACKERY
    Founded in California in 2012, Jackery is the world’s leading provider of innovative solar generators and off-grid green energy solutions. As a global top-selling solar generator brand, Jackery is driven by its mission to “Bring Green Energy to All.” By integrating with Geneverse in 2024, Jackery has expanded its product offerings and is able to deliver a comprehensive range of energy solutions, from portable solar generators for outdoor use to whole-home backup systems, furthering its commitment to making green energy accessible for all. Jackery has consistently fulfilled its social responsibility on a global scale, maintaining long-term partnerships with global public welfare organizations such as WWF, NFF, and IRC. Through these collaborations, Jackery continues to contribute to global sustainable development and other public welfare initiatives, reinforcing its dedication to creating a greener, more sustainable future.

    MEDIA CONTACTS
    ICR
    jackery@icrinc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/910a7380-9682-4ba7-acd6-8c69fba4e929

    The MIL Network –

  • MIL-OSI: Ozop Energy Solutions, Inc. Selected as National Field Service Partner for Leviton through Ozop Engineering and Design

    Source: GlobeNewswire (MIL-OSI)

    Warwick, NY, Oct. 24, 2024 (GLOBE NEWSWIRE) — Ozop Energy Solutions, Inc. (OZSC) is proud to announce that its subsidiary, Ozop Engineering and Design (OED), has been selected by Leviton Manufacturing Co., Inc. to serve as field service technicians for their advanced lighting control systems. This significantly enhances OED’s profile within the lighting industry, positioning it as a go-to service provider for sophisticated control systems across the United States.

    Elevating OED’s National Presence

    The agreement marks a major expansion of OED’s role in the lighting controls market. As a field service representative, OED is responsible for installation verification, system commissioning, troubleshooting, and ongoing maintenance across a broad range of Leviton projects nationwide. This role extends OED’s footprint, providing access to new territories and reinforcing its presence on a national level.

    This partnership not only elevates OED’s reach but also demonstrates its capability to support high-demand, large-scale operations. By being entrusted with this critical role, OED is solidifying its reputation as a trusted partner capable of meeting rigorous standards in the lighting control industry.

    Specialized Training for GreenMAX and DRC Systems

    In preparation for this role, OED’s technicians have received specialized training and have been certified on Leviton’s GreenMAX and GreenMAX DRC systems. This training included in-depth technical education on system installation, programming, and troubleshooting, enabling OED to deliver best-in-class service quality. Such training underlines OED’s commitment to continuous improvement and its focus on staying ahead in a rapidly evolving industry. With these certifications, OED is well-equipped to manage Leviton’s sophisticated systems, ensuring reliable performance for clients nationwide.

    A Strategic Growth Opportunity for OED

    This collaboration with Leviton represents a strategic growth opportunity for OED, allowing the company to diversify and enhance its revenue streams by taking on a role of national significance. It supports OED’s vision to grow as a premier provider of lighting controls commissioning and field services, building upon its established expertise in handling complex systems. This partnership highlights OED’s technical expertise and underscores its capacity to collaborate with major industry players.

    Brian Conway, CEO of Ozop Energy Solutions, commented:

    “We are extremely proud to have been selected by Leviton as a national field service representative. This is a significant step forward for Ozop Engineering and Design, expanding our capabilities and our footprint across the country. Our technicians are trained and ready to handle the most sophisticated lighting control systems. This marks a major milestone in OED’s growth trajectory. We see this as an opportunity to demonstrate our expertise and dedication to high-quality field service across the industry.”

    Tom Leonard, Vice President and General Manager of Leviton Lighting & Controls, noted:

    “Leviton is pleased to have OZOP Engineering and Design join our team of Field Service Centers. Their proven experience and technical expertise make them ideal partners to support Leviton’s commitment to delivering exceptional customer experiences. We are certain this partnership will enhance our service capabilities nationwide and contribute to the success of our projects.”

    Supporting OED’s Broader Vision

    This partnership aligns with Ozop Engineering and Design’s broader vision of becoming a dominant player in the lighting control industry, known for reliability and technical excellence. By partnering with one of the leading manufacturers in the sector, OED gains the opportunity to showcase its capabilities on a larger stage, reinforcing its standing as an expert provider of comprehensive field services.

    About Ozop Energy Solutions.

    Ozop Energy Solutions (Ozop Energy Solutions (http://ozopenergy.com/) is the flagship company that oversees a wide variety of products in various stages of development in the renewable energy sector. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

    About Automated Room Controls, Inc.

    Also known as ARC, Inc. its mission is to deliver cutting-edge technology that simplifies complex control needs, ensuring seamless integration and exceptional performance. We aim to lead the industry by continuously innovating and providing solutions that meet the evolving demands of our customers. Our vision is to make control systems smarter, more efficient, and more accessible to everyone.

    www.ARControl.com

    About Ozop Energy Systems, Inc.

    Ozop Energy Systems is a manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

    About Ozop Engineering and Design

    Ozop Engineering and Design engineers’ energy efficient, easy to install and use, digital lighting controls solutions for commercial buildings, campuses, and sports complexes throughout North America. Products include relays panels, controllers, occupancy/vacancy sensors, daylight sensors and wall switch stations. Ozop has a dedicated design team that produces system drawings and a technical support group for product questions and onsite system commissioning. Our mission is to be recognized for our deep understanding of power management systems and ability to provide the right solution for each facility.

    www.ozopengineering.com

    About Ozop Capital Partners

    Ozop Capital Partners, Inc. is a wholly owned subsidiary of the Company, and wholly owns EV Insurance Company, Inc. (“EVIC”). EVIC, DBA Ozop Plus is licensed as a captive insurer that reinsures. www.OzopPlus.com

    https://twitter.com/OzopEnergy

    https://www.facebook.com/OzopEnergy/

    About Leviton Lighting + Controls

    Leviton Lighting & Controls brings innovative lighting solutions to life in commercial, healthcare, industrial, and residential buildings with an extensive lighting and controls designed towards enhancing people’s lives. With a collection of five of the most well-respected lighting brands on the market bolstered by a commitment to continuously improving the controls and technology that power them, Leviton Lighting & Controls exceeds customers’ expectations every day. Leviton is a single-source partner of highly innovative and energy-efficient products, backed by unsurpassed customer service and support. For more information, visit https://www.leviton.com/en/solutions/commercial-lighting-and-controls.

    About Leviton

    Every day, Leviton is engineering possibilities that make the future happen, meeting the needs of today’s residential, commercial, and industrial customers globally. From electrical, to lighting, to data networks, and energy management, Leviton develops thoughtful solutions that help make its customers’ lives easier, safer, more efficient and more productive. Driven by its commitment to its customers, the ingenuity of its employees and the safety and quality of its products and solutions, with Leviton, the FUTURE IS ON. For more information, visit www.leviton.com, www.facebook.com/leviton, www.twitter.com/leviton, or www.youtube.com/Levitonmfg.

    Safe Harbor Statement

    “This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or 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, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

    Investor Relations Contact – Ozop
    The Waypoint Refinery, LLC
    845-397-2956
    Visit our Discord:
    https://discord.gg/waypoint

    The MIL Network –

  • MIL-OSI: West Bancorporation, Inc. Announces Third Quarter 2024 Financial Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported third quarter 2024 net income of $6.0 million, or $0.35 per diluted common share, compared to second quarter 2024 net income of $5.2 million, or $0.31 per diluted common share, and third quarter 2023 net income of $5.9 million, or $0.35 per diluted common share. On October 23, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on November 20, 2024, to stockholders of record on November 6, 2024.

    David Nelson, President and Chief Executive Officer of the Company, commented, “Our third quarter results include moderate growth in loans and core deposits along with an increase in quarterly net interest income and net interest margin. Our credit quality remains pristine as a result of our disciplined loan growth and credit risk management practices. The ratio of nonperforming assets to total assets remains negligible at 0.01%.”

    David Nelson added, “West Bank is focused on initiatives that will drive sustained core profitability. Those initiatives are centered around our culture of building strong relationships and providing exceptional personal service to drive growth in both commercial and consumer banking services.”

    Third Quarter 2024 Financial Highlights

        Quarter Ended
    September 30, 2024    		   Nine Months Ended
    September 30, 2024
      Net income (in thousands) $5,952     $16,953  
      Return on average equity   10.41%       10.18%  
      Return on average assets   0.60%       0.59%  
      Efficiency ratio (a non-GAAP measure)   63.28%       64.16%  
      Nonperforming assets to total assets   0.01%       0.01%  
                     

    Third Quarter 2024 Compared to Second Quarter 2024 Overview

    • Loans increased $22.4 million in the third quarter of 2024, or 3.0 percent annualized. The increase is primarily due to the funding of previously committed construction loans.
    • A provision for credit losses on loans of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. A negative provision for credit losses on unfunded commitments of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. The provision for loans in the third quarter of 2024 was primarily due to changes in the forecasted loss rates due to increases in forecasted unemployment rates. The negative provision for unfunded commitments was primarily due to the decline in unfunded commitments resulting primarily from the funding of construction loans.
    • The allowance for credit losses to total loans was 0.97 percent and 0.95 percent at September 30, 2024 and June 30, 2024, respectively. Nonaccrual loans at September 30, 2024 consisted of two loans with a total balance of $233 thousand, compared to three loans with a balance of $521 thousand at June 30, 2024.
    • Deposits increased $97.6 million, or 3.1 percent, in the third quarter of 2024. Brokered deposits totaled $425.9 million at September 30, 2024, compared to $370.3 million at June 30, 2024, an increase of $55.6 million. Excluding brokered deposits, deposits increased $42.0 million during the third quarter of 2024. As of September 30, 2024, estimated uninsured deposits, which exclude deposits in the IntraFi® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 27.8 percent of total deposits.
    • Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $525.5 million at June 30, 2024. The decrease was primarily due to the balance of federal funds purchased and other short-term borrowings decreasing to $0 as of September 30, 2024, from $85.5 million as of June 30, 2024 as a result of growth in deposits.
    • The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 67.14 percent for the second quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income. In the third quarter of 2024, the increase in interest income on loans outpaced the increase in interest expense on deposits and borrowed funds.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for the third quarter of 2024, compared to 1.86 percent for the second quarter of 2024. Net interest income for the third quarter of 2024 was $18.0 million, compared to $17.2 million for the second quarter of 2024.
    • The tangible common equity ratio was 5.90 percent as of September 30, 2024, compared to 5.65 percent as of June 30, 2024. The increase in the tangible common equity ratio was driven by retained net income and the decrease in accumulated other comprehensive loss, which was primarily the result of the increase in the market value of our available for sale investment portfolio.

    Third Quarter 2024 Compared to Third Quarter 2023 Overview

    • Loans increased $171.4 million at September 30, 2024, or 6.0 percent, compared to September 30, 2023. The increase is primarily due to increases in commercial real estate loans and the funding of previously committed construction loans.
    • Deposits increased to $3.3 billion at September 30, 2024, compared to $2.8 billion at September 30, 2023. Included in deposits were brokered deposits totaling $425.9 million at September 30, 2024, compared to $237.0 million at September 30, 2023. Brokered deposits were used to reduce short-term borrowed funds and to fund loan growth. Excluding brokered deposits, deposits increased $334.2 million, or 13.3 percent, as of September 30, 2024, compared to September 30, 2023. Deposit growth included a mix of public funds and commercial and consumer deposits.
    • Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $705.1 million at September 30, 2023. The decrease was primarily attributable to a decrease of $261.5 million in federal funds purchased and other short-term borrowings as a result of growth in deposits.
    • The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 60.83 percent for the third quarter of 2023. The increase in the efficiency ratio in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to the increase in noninterest expense, partially offset by an increase in net interest income. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for both the third quarter of 2024 and the third quarter of 2023. Net interest income for the third quarter of 2024 was $18.0 million, compared to $16.6 million for the third quarter of 2023.

    The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

    The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, October 24, 2024. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until November 7, 2024, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

    About West Bancorporation, Inc. (Nasdaq: WTBA)

    West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

    Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including the level and impact of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in recent bank failures; changes in legal and regulatory requirements, limitations and costs including in response to the recent bank failures; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    For more information contact:
    Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                    
    (in thousands)                    
        As of
    CONDENSED BALANCE SHEETS   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Assets                    
    Cash and due from banks   $ 34,157     $ 27,994     $ 27,071     $ 33,245     $ 18,819  
    Interest-bearing deposits     123,646       121,825       120,946       32,112       1,802  
    Securities available for sale, at fair value     597,745       588,452       605,735       623,919       609,365  
    Federal Home Loan Bank stock, at cost     17,195       21,065       26,181       22,957       26,691  
    Loans     3,021,221       2,998,774       2,980,133       2,927,535       2,849,777  
    Allowance for credit losses     (29,419 )     (28,422 )     (28,373 )     (28,342 )     (28,147 )
    Loans, net     2,991,802       2,970,352       2,951,760       2,899,193       2,821,630  
    Premises and equipment, net     106,771       101,965       95,880       86,399       75,675  
    Bank-owned life insurance     44,703       44,416       44,138       43,864       43,589  
    Other assets     72,547       89,046       90,981       84,069       104,329  
    Total assets   $ 3,988,566     $ 3,965,115     $ 3,962,692     $ 3,825,758     $ 3,701,900  
                         
    Liabilities and Stockholders’ Equity                    
    Deposits   $ 3,278,553     $ 3,180,922     $ 3,065,030     $ 2,973,779     $ 2,755,529  
    Federal funds purchased and other short-term borrowings     —       85,500       198,500       150,270       261,510  
    Other borrowings     438,814       439,998       441,183       442,367       443,552  
    Other liabilities     35,846       34,812       34,223       34,299       37,376  
    Stockholders’ equity     235,353       223,883       223,756       225,043       203,933  
    Total liabilities and stockholders’ equity   $ 3,988,566     $ 3,965,115     $ 3,962,692     $ 3,825,758     $ 3,701,900  
                         
        For the Quarter Ended
    AVERAGE BALANCES   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Assets   $ 3,973,824     $ 3,964,109     $ 3,812,199     $ 3,706,497     $ 3,679,541  
    Loans     2,991,272       2,994,492       2,949,672       2,857,594       2,813,213  
    Deposits     3,258,669       3,123,282       2,956,635       2,878,676       2,764,184  
    Stockholders’ equity     227,513       219,771       219,835       201,920       215,230  
                                             
                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                    
    (in thousands)                    
        As of
    LOANS   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Commercial   $ 512,884     $ 526,589     $ 544,293     $ 531,594     $ 529,293  
    Real estate:                    
    Construction, land and land development     520,516       496,864       465,247       413,477       399,253  
    1-4 family residential first mortgages     89,749       92,230       108,065       106,688       89,713  
    Home equity     17,140       15,264       14,020       14,618       12,429  
    Commercial     1,870,132       1,856,301       1,839,580       1,854,510       1,812,816  
    Consumer and other     14,261       15,234       12,844       10,930       10,123  
          3,024,682       3,002,482       2,984,049       2,931,817       2,853,627  
    Net unamortized fees and costs     (3,461 )     (3,708 )     (3,916 )     (4,282 )     (3,850 )
    Total loans   $ 3,021,221     $ 2,998,774     $ 2,980,133     $ 2,927,535     $ 2,849,777  
    Less: allowance for credit losses     (29,419 )     (28,422 )     (28,373 )     (28,342 )     (28,147 )
    Net loans   $ 2,991,802     $ 2,970,352     $ 2,951,760     $ 2,899,193     $ 2,821,630  
                         
    CREDIT QUALITY                    
    Pass   $ 3,016,493     $ 2,994,310     $ 2,983,618     $ 2,931,377     $ 2,853,100  
    Watch     7,956       7,651       142       144       184  
    Substandard     233       521       289       296       343  
    Doubtful     —       —       —       —       —  
    Total loans   $ 3,024,682     $ 3,002,482     $ 2,984,049     $ 2,931,817     $ 2,853,627  
                         
    DEPOSITS                    
    Noninterest-bearing demand   $ 525,332     $ 530,441     $ 521,377     $ 548,726     $ 551,688  
    Interest-bearing demand     438,402       443,658       449,946       481,207       417,802  
    Savings and money market – non-brokered     1,481,840       1,483,264       1,315,698       1,315,741       1,249,309  
    Money market – brokered     123,780       97,259       119,840       124,335       99,282  
    Total nonmaturity deposits     2,569,354       2,554,622       2,406,861       2,470,009       2,318,081  
    Time – non-brokered     407,109       353,269       381,646       322,694       299,683  
    Time – brokered     302,090       273,031       276,523       181,076       137,765  
    Total time deposits     709,199       626,300       658,169       503,770       437,448  
    Total deposits   $ 3,278,553     $ 3,180,922     $ 3,065,030     $ 2,973,779     $ 2,755,529  
                         
    BORROWINGS                    
    Federal funds purchased and other short-term borrowings   $ —     $ 85,500     $ 198,500     $ 150,270     $ 261,510  
    Subordinated notes, net     79,828       79,762       79,697       79,631       79,566  
    Federal Home Loan Bank advances     315,000       315,000       315,000       315,000       315,000  
    Long-term debt     43,986       45,236       46,486       47,736       48,986  
    Total borrowings   $ 438,814     $ 525,498     $ 639,683     $ 592,637     $ 705,062  
                         
    STOCKHOLDERS’ EQUITY                    
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     3,000       3,000       3,000       3,000       3,000  
    Additional paid-in capital     34,960       34,322       33,685       34,197       33,487  
    Retained earnings     275,724       273,981       272,997       271,369       271,025  
    Accumulated other comprehensive loss     (78,331 )     (87,420 )     (85,926 )     (83,523 )     (103,579 )
    Total stockholders’ equity   $ 235,353     $ 223,883     $ 223,756     $ 225,043     $ 203,933  
                                             
                     
    WEST BANCORPORATION, INC. AND SUBSIDIARY                
    Financial Information (unaudited)                    
    (in thousands)                    
        For the Quarter Ended
    CONSOLIDATED STATEMENTS OF INCOME   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Interest income:                    
    Loans, including fees   $ 42,504     $ 41,700     $ 40,196     $ 38,208     $ 36,756  
    Securities:                    
    Taxable     3,261       3,394       3,416       3,521       3,427  
    Tax-exempt     806       808       810       869       880  
    Interest-bearing deposits     2,041       1,666       148       85       29  
    Total interest income     48,612       47,568       44,570       42,683       41,092  
    Interest expense:                    
    Deposits     26,076       23,943       21,559       20,024       17,156  
    Federal funds purchased and other short-term borrowings     115       1,950       2,183       2,024       3,165  
    Subordinated notes     1,112       1,105       1,108       1,114       1,113  
    Federal Home Loan Bank advances     2,748       2,718       2,325       2,482       2,329  
    Long-term debt     601       622       645       678       695  
    Total interest expense     30,652       30,338       27,820       26,322       24,458  
    Net interest income     17,960       17,230       16,750       16,361       16,634  
    Credit loss expense     —       —       —       500       200  
    Net interest income after credit loss expense     17,960       17,230       16,750       15,861       16,434  
    Noninterest income:                    
    Service charges on deposit accounts     459       462       460       476       463  
    Debit card usage fees     500       490       458       488       495  
    Trust services     828       794       776       782       831  
    Increase in cash value of bank-owned life insurance     287       278       274       275       262  
    Loan swap fees     —       —       —       —       431  
    Realized securities losses, net     —       —       —       (431 )     —  
    Other income     285       322       331       308       340  
    Total noninterest income     2,359       2,346       2,299       1,898       2,822  
    Noninterest expense:                    
    Salaries and employee benefits     6,823       7,169       6,489       6,468       6,696  
    Occupancy and equipment     1,926       1,852       1,447       1,499       1,359  
    Data processing     771       754       714       723       703  
    Technology and software     722       731       700       676       573  
    FDIC insurance     711       631       519       475       439  
    Professional fees     239       244       257       235       254  
    Director fees     223       236       199       240       196  
    Other expenses     1,477       1,577       1,543       1,845       1,685  
    Total noninterest expense     12,892       13,194       11,868       12,161       11,905  
    Income before income taxes     7,427       6,382       7,181       5,598       7,351  
    Income taxes     1,475       1,190       1,372       1,073       1,445  
    Net income   $ 5,952     $ 5,192     $ 5,809     $ 4,525     $ 5,906  
                         
    Basic earnings per common share   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35  
    Diluted earnings per common share   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35  
                                             
         
    WEST BANCORPORATION, INC. AND SUBSIDIARY    
    Financial Information (unaudited)        
    (in thousands)        
        For the Nine Months Ended
    CONSOLIDATED STATEMENTS OF INCOME   September 30, 2024   September 30, 2023
    Interest income:        
    Loans, including fees   $ 124,400     $ 104,715  
    Securities:        
    Taxable     10,071       10,175  
    Tax-exempt     2,424       2,648  
    Interest-bearing deposits     3,855       84  
    Total interest income     140,750       117,622  
    Interest expense:        
    Deposits     71,578       46,772  
    Federal funds purchased and other short-term borrowings     4,248       7,508  
    Subordinated notes     3,325       3,328  
    Federal Home Loan Bank advances     7,791       5,212  
    Long-term debt     1,868       2,132  
    Total interest expense     88,810       64,952  
    Net interest income     51,940       52,670  
    Credit loss expense     —       200  
    Net interest income after credit loss expense     51,940       52,470  
    Noninterest income:        
    Service charges on deposit accounts     1,381       1,383  
    Debit card usage fees     1,448       1,492  
    Trust services     2,398       2,286  
    Increase in cash value of bank-owned life insurance     839       769  
    Loan swap fees     —       431  
    Gain from bank-owned life insurance     —       691  
    Other income     938       1,116  
    Total noninterest income     7,004       8,168  
    Noninterest expense:        
    Salaries and employee benefits     20,481       20,592  
    Occupancy and equipment     5,225       4,008  
    Data processing     2,239       2,067  
    Technology and software     2,153       1,665  
    FDIC insurance     1,861       1,275  
    Professional fees     740       791  
    Director fees     658       652  
    Other expenses     4,597       5,400  
    Total noninterest expense     37,954       36,450  
    Income before income taxes     20,990       24,188  
    Income taxes     4,037       4,576  
    Net income   $ 16,953     $ 19,612  
             
    Basic earnings per common share   $ 1.01     $ 1.17  
    Diluted earnings per common share   $ 1.00     $ 1.17  
                     
                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                            
                                 
        As of and for the Quarter Ended   For the Nine Months Ended
    COMMON SHARE DATA   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Earnings per common share (basic)   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35     $ 1.01     $ 1.17  
    Earnings per common share (diluted)     0.35       0.31       0.35       0.27       0.35       1.00       1.17  
    Dividends per common share     0.25       0.25       0.25       0.25       0.25       0.75       0.75  
    Book value per common share(1)     13.98       13.30       13.31       13.46       12.19          
    Closing stock price     19.01       17.90       17.83       21.20       16.31          
    Market price/book value(2)     135.98 %     134.59 %     133.96 %     157.50 %     133.80 %        
    Price earnings ratio(3)     13.65       14.36       12.77       19.79       11.75          
    Annualized dividend yield(4)     5.26 %     5.59 %     5.61 %     4.72 %     6.13 %        
                                 
    REGULATORY CAPITAL RATIOS                            
    Consolidated:                            
    Total risk-based capital ratio     11.95 %     11.85 %     11.78 %     11.88 %     11.96 %        
    Tier 1 risk-based capital ratio     9.39       9.30       9.23       9.30       9.37          
    Tier 1 leverage capital ratio     8.15       8.08       8.36       8.50       8.58          
    Common equity tier 1 ratio     8.83       8.74       8.67       8.74       8.80          
    West Bank:                            
    Total risk-based capital ratio     12.73 %     12.66 %     12.63 %     12.76 %     12.89 %        
    Tier 1 risk-based capital ratio     11.86       11.79       11.76       11.89       12.01          
    Tier 1 leverage capital ratio     10.29       10.25       10.65       10.86       11.00          
    Common equity tier 1 ratio     11.86       11.79       11.76       11.89       12.01          
                                 
    KEY PERFORMANCE RATIOS AND OTHER METRICS                            
    Return on average assets(5)     0.60 %     0.53 %     0.61 %     0.48 %     0.64 %     0.59 %     0.72 %
    Return on average equity(6)     10.41       9.50       10.63       8.89       10.89       10.18       12.22  
    Net interest margin(7)(13)     1.91       1.86       1.88       1.87       1.91       1.88       2.05  
    Yield on interest-earning assets(8)(13)     5.16       5.13       4.99       4.87       4.70       5.10       4.56  
    Cost of interest-bearing liabilities     3.84       3.83       3.70       3.60       3.38       3.79       3.09  
    Efficiency ratio(9)(13)     63.28       67.14       62.04       64.66       60.83       64.16       59.52  
    Nonperforming assets to total assets(10)     0.01       0.01       0.01       0.01       0.01          
    ACL ratio(11)     0.97       0.95       0.95       0.97       0.99          
    Loans/total assets     75.75       75.63       75.20       76.52       76.98          
    Loans/total deposits     92.15       94.27       97.23       98.44       103.42          
    Tangible common equity ratio(12)     5.90       5.65       5.65       5.88       5.51          
                                                     
    (1) Includes accumulated other comprehensive loss.
    (2) Closing stock price divided by book value per common share.
    (3) Closing stock price divided by annualized earnings per common share (basic).
    (4) Annualized dividend divided by period end closing stock price.
    (5) Annualized net income divided by average assets.
    (6) Annualized net income divided by average stockholders’ equity.
    (7) Annualized tax-equivalent net interest income divided by average interest-earning assets.
    (8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
    (9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
    (10) Total nonperforming assets divided by total assets.
    (11) Allowance for credit losses on loans divided by total loans.
    (12) Common equity less intangible assets (none held) divided by tangible assets.
    (13) A non-GAAP measure.
       

    NON-GAAP FINANCIAL MEASURES

    This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

             
    (in thousands)   For the Quarter Ended   For the Nine Months Ended
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:                            
    Net interest income (GAAP)   $ 17,960     $ 17,230     $ 16,750     $ 16,361     $ 16,634     $ 51,940     $ 52,670  
    Tax-equivalent adjustment (1)     29       55       82       95       113       166       396  
    Net interest income on a FTE basis (non-GAAP)     17,989       17,285       16,832       16,456       16,747       52,106       53,066  
    Average interest-earning assets     3,749,688       3,731,674       3,595,954       3,487,799       3,478,053       3,692,647       3,458,606  
    Net interest margin on a FTE basis (non-GAAP)     1.91 %     1.86 %     1.88 %     1.87 %     1.91 %     1.88 %     2.05 %
                                 
    Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:                            
    Net interest income on a FTE basis (non-GAAP)   $ 17,989     $ 17,285     $ 16,832     $ 16,456     $ 16,747     $ 52,106     $ 53,066  
    Noninterest income     2,359       2,346       2,299       1,898       2,822       7,004       8,168  
    Adjustment for realized securities losses, net     —       —       —       431       —       —       —  
    Adjustment for losses on disposal of premises and equipment, net     26       21       —       24       3       47       5  
    Adjusted income     20,374       19,652       19,131       18,809       19,572       59,157       61,239  
    Noninterest expense     12,892       13,194       11,868       12,161       11,905       37,954       36,450  
    Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)     63.28 %     67.14 %     62.04 %     64.66 %     60.83 %     64.16 %     59.52 %
                                                             
    (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
    (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

    The MIL Network –

  • MIL-OSI: Kearny Financial Corp. Announces First Quarter Fiscal 2025 Results and Declaration of Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FAIRFIELD, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended September 30, 2024 of $6.1 million, or $0.10 per diluted share, compared to a GAAP net loss of $90.1 million, or $1.45 per diluted share, for the quarter ended June 30, 2024. The net loss for the quarter ended June 30, 2024 included a goodwill impairment of $95.3 million, as previously disclosed. Excluding this item, net income for the quarter ended September 30, 2024 increased $496,000 from adjusted net income of $5.6 million for the quarter ended June 30, 2024.

    The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on November 20, 2024, to stockholders of record as of November 6, 2024.

    Craig L. Montanaro, President and Chief Executive Officer, commented, “I’m pleased to report that this quarter saw our net interest margin reach its inflection point and begin to ascend. Despite four basis points of quarterly compression, each successive month of the quarter reflected an increase in our net interest margin. The recent fed funds rate reduction of 50 basis points has already begun translating into a cost of funds benefit in October. Additional fed funds rate cuts, which the market is anticipating, will be a positive catalyst for our liability-sensitive balance sheet.”

    Mr. Montanaro continued, “Regarding asset quality, our loan portfolio remains strong. Minimal exposure to New York City rent-regulated multifamily and office real estate, coupled with our robust commercial real estate ACL coverage ratios and peer-leading charge-off ratios, leaves us well-positioned in the current environment.”

    Balance Sheet

    • Total assets were $7.77 billion at September 30, 2024, an increase of $88.9 million, or 1.2%, from June 30, 2024.
    • Investment securities totaled $1.20 billion at September 30, 2024, a decrease of $5.5 million, or 0.5%, from June 30, 2024.
    • Loans receivable totaled $5.78 billion at September 30, 2024, an increase of $51.5 million, or 0.9%, from June 30, 2024, primarily reflecting growth in one- to four-family residential mortgage loans and construction loans.
    • Deposits were $5.47 billion at September 30, 2024, an increase of $312.4 million, or 6.1%, from June 30, 2024. This increase was largely the result of a reallocation from Federal Home Loan Bank (“FHLB”) advances into brokered certificates of deposits, due to the relatively more favorable economics of brokered deposits compared to advances.
    • Borrowings were $1.48 billion at September 30, 2024, a decrease of $229.9 million, or 13.4%, from June 30, 2024, primarily reflecting a decrease in FHLB borrowings offset by an increase in brokered certificates of deposits, as noted above.
    • At September 30, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.06 billion, an increase of $240.0 million from June 30, 2024, and represents 26.5% of total assets.

    Earnings

    Net Interest Income and Net Interest Margin

    • Net interest margin contracted four basis points to 1.80% for the quarter ended September 30, 2024. The decrease for the quarter was driven by increases in the cost and average balances of interest-bearing deposits and a decrease in the average balance of interest-earning assets, partially offset by decreases in the average balances of interest-bearing borrowings and higher yields on interest-earning assets.
    • For the quarter ended September 30, 2024, net interest income decreased $830,000 to $32.4 million from $33.3 million for the quarter ended June 30, 2024. Included in net interest income for the quarters ended September 30, 2024 and June 30, 2024, respectively, was purchase accounting accretion of $649,000 and $612,000, and loan prepayment penalty income of $52,000 and $366,000.

    Non-Interest Income

    • Non-interest income decreased $1.2 million to income of $4.6 million for the quarter ended September 30, 2024, from $5.8 million for the quarter ended June 30, 2024. Included in non-interest income for the quarter ended June 30, 2024 was a non-recurring contract renewal bonus of $750,000 and $1.1 million in non-recurring payments on two life insurance policies, partially offset by a $392,000 non-recurring exchange charge related to the December 2023 Bank Owned Life Insurance (“BOLI”) restructure. No such non-recurring items were recorded during the quarter ended September 30, 2024.
    • Income from BOLI decreased $642,000 to $2.6 million for the quarter ended September 30, 2024 from $3.2 million for the quarter ended June 30, 2024, primarily driven by the non-recurring items recorded for the quarter ended June 30, 2024, as disclosed above.

    Non-Interest Expense

    • For the quarter ended September 30, 2024, non-interest expense decreased $96.8 million, or 76.5%, to $29.8 million from $126.6 million for the quarter ended June 30, 2024, driven by a non-cash goodwill impairment recognized in the prior comparative period. Excluding the goodwill impairment, adjusted non-interest expense increased $605,000 from $29.2 million, primarily driven by increases in salary and benefits expense and other expense.
    • Salary and benefits expense increased $232,000 primarily driven by annual merit increases and higher payroll taxes, partially offset by a non-recurring decrease in stock-based compensation.
    • Other expense increased $344,000 primarily driven by an increase of $243,000 in the provision for credit losses on off balance sheet commitments.

    Income Taxes

    • Income tax expense totaled $1.1 million for the quarter ended September 30, 2024, compared to an income tax benefit of $917,000 for the quarter ended June 30, 2024. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter, coupled with a partial reversal of the deferred tax liability associated with the previously recorded goodwill impairment in the prior quarter.

    Asset Quality

    • The balance of non-performing assets remained steady at $39.9 million, or 0.51% of total assets, at September 30, 2024, and $39.9 million, or 0.52% of total assets, at June 30, 2024, respectively.
    • Net charge-offs totaled $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024, compared to $3.5 million, or 0.25% of average loans, on an annualized basis, for the quarter ended June 30, 2024.
    • For the quarter ended September 30, 2024, the Company recorded a provision for credit losses of $108,000, compared to $3.5 million for the quarter ended June 30, 2024. The provision for credit loss expense for the quarter ended September 30, 2024 was primarily driven by loan growth.
    • The allowance for credit losses (“ACL”) was $44.9 million, or 0.78% of total loans, at September 30, 2024 and remained unchanged from June 30, 2024.

    Capital

    • For the quarter ended September 30, 2024, book value per share decreased $0.06, or 0.5%, to $11.64 while tangible book value per share decreased $0.05, or 0.5%, to $9.85.
    • At September 30, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $76.0 million, partially offset by after-tax unrealized gains on derivatives of $11.0 million. After-tax net unrecognized losses on securities held to maturity of $8.2 million were not reflected in total stockholders’ equity.
    • At September 30, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.31% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

    This earnings release should be read in conjunction with Kearny Financial Corp.’s Q1 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

    Category: Earnings

    For further information contact:
    Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
    Sean Byrnes, Executive Vice President and Chief Financial Officer
    Kearny Financial Corp.
    (973) 244-4500

     
    Linked-Quarter Comparative Financial Analysis
     
    Kearny Financial Corp.
    Consolidated Balance Sheets
    (Unaudited)
     
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 September 30,
    2024    		 June 30,
    2024    		 Variance
    or Change    		 Variance
    or Change Pct.
    Assets        
    Cash and cash equivalents $ 155,574   $ 63,864   $ 91,710   143.6 %
    Securities available for sale   1,070,811     1,072,833     (2,022 ) -0.2 %
    Securities held to maturity   132,256     135,742     (3,486 ) -2.6 %
    Loans held-for-sale   8,866     6,036     2,830   46.9 %
    Loans receivable   5,784,246     5,732,787     51,459   0.9 %
    Less: allowance for credit losses on loans   (44,923 )   (44,939 )   (16 ) —%
    Net loans receivable   5,739,323     5,687,848     51,475   0.9 %
    Premises and equipment   45,189     44,940     249   0.6 %
    Federal Home Loan Bank stock   57,706     80,300     (22,594 ) -28.1 %
    Accrued interest receivable   29,467     29,521     (54 ) -0.2 %
    Goodwill   113,525     113,525     —   — %
    Core deposit intangible   1,805     1,931     (126 ) -6.5 %
    Bank owned life insurance   300,186     297,874     2,312   0.8 %
    Deferred income taxes, net   50,131     50,339     (208 ) -0.4 %
    Other assets   67,540     98,708     (31,168 ) -31.6 %
    Total assets $ 7,772,379   $ 7,683,461   $ 88,918   1.2 %
             
    Liabilities        
    Deposits:        
    Non-interest-bearing $ 592,099   $ 598,366   $ (6,267 ) -1.0 %
    Interest-bearing   4,878,413     4,559,757     318,656   7.0 %
    Total deposits   5,470,512     5,158,123     312,389   6.1 %
    Borrowings   1,479,888     1,709,789     (229,901 ) -13.4 %
    Advance payments by borrowers for taxes   17,824     17,409     415   2.4 %
    Other liabilities   52,618     44,569     8,049   18.1 %
    Total liabilities   7,020,842     6,929,890     90,952   1.3 %
             
    Stockholders’ Equity        
    Common stock   646     644     2   0.3 %
    Paid-in capital   493,523     493,680     (157 ) — %
    Retained earnings   342,522     343,326     (804 ) -0.2 %
    Unearned ESOP shares   (20,430 )   (20,916 )   486   2.3 %
    Accumulated other comprehensive loss   (64,724 )   (63,163 )   (1,561 ) -2.5 %
    Total stockholders’ equity   751,537     753,571     (2,034 ) -0.3 %
    Total liabilities and stockholders’ equity $ 7,772,379   $ 7,683,461   $ 88,918   1.2 %
             
    Consolidated capital ratios        
    Equity to assets   9.67 %   9.81 %   -0.14 %  
    Tangible equity to tangible assets (1)   8.31 %   8.43 %   -0.12 %  
             
    Share data        
    Outstanding shares   64,580     64,434     146   0.2 %
    Book value per share $ 11.64   $ 11.70   $ (0.06 ) -0.5 %
    Tangible book value per share (2) $ 9.85   $ 9.90   $ (0.05 ) -0.5 %
                         
    _________________________
    (1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.
     
     
    Kearny Financial Corp.
    Consolidated Statements of Income (Loss)
    (Unaudited)
     
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 Three Months Ended Variance
    or Change    		 Variance
    or Change Pct.
    September 30,
    2024    		 June 30,
    2024
    Interest income        
    Loans $ 66,331   $ 65,819   $ 512   0.8 %
    Taxable investment securities   14,384     14,802     (418 ) -2.8 %
    Tax-exempt investment securities   71     80     (9 ) -11.3%
    Other interest-earning assets   2,466     2,289     177   7.7 %
    Total interest income   83,252     82,990     262   0.3 %
             
    Interest expense        
    Deposits   35,018     32,187     2,831   8.8 %
    Borrowings   15,788     17,527     (1,739 ) -9.9 %
    Total interest expense   50,806     49,714     1,092   2.2 %
    Net interest income   32,446     33,276     (830 ) -2.5 %
    Provision for credit losses   108     3,527     (3,419 ) -96.9 %
    Net interest income after provision for credit losses   32,338     29,749     2,589   8.7 %
             
    Non-interest income        
    Fees and service charges   635     580     55   9.5 %
    Gain on sale of loans   200     111     89   80.2 %
    Income from bank owned life insurance   2,567     3,209     (642 ) -20.0 %
    Electronic banking fees and charges   391     1,130     (739 ) -65.4 %
    Other income   833     776     57   7.3 %
    Total non-interest income   4,626     5,806     (1,180 ) -20.3 %
             
    Non-interest expense        
    Salaries and employee benefits   17,498     17,266     232   1.3 %
    Net occupancy expense of premises   2,798     2,738     60   2.2 %
    Equipment and systems   3,860     3,785     75   2.0 %
    Advertising and marketing   342     480     (138 ) -28.8 %
    Federal deposit insurance premium   1,563     1,532     31   2.0 %
    Directors’ compensation   361     360     1   0.3 %
    Goodwill impairment   —     97,370     (97,370 ) -100.0 %
    Other expense   3,364     3,020     344   11.4 %
    Total non-interest expense   29,786     126,551     (96,765 ) -76.5 %
    Income (loss) before income taxes   7,178     (90,996 )   98,174   107.9 %
    Income taxes   1,086     (917 )   2,003   -218.4 %
    Net income (loss) $ 6,092   $ (90,079 ) $ 96,171   106.8 %
             
    Net income (loss) per common share (EPS)        
    Basic $ 0.10   $ (1.45 ) $ 1.55    
    Diluted $ 0.10   $ (1.45 ) $ 1.55    
             
    Dividends declared        
    Cash dividends declared per common share $ 0.11   $ 0.11   $ —    
    Cash dividends declared $ 6,896   $ 6,903   $ (7 )  
    Dividend payout ratio   113.2 %   -7.7 %   120.9 %  
             
    Weighted average number of common shares outstanding        
    Basic   62,389     62,254     135    
    Diluted   62,420     62,254     166    
                         
     
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
     
    (Dollars in Thousands) Three Months Ended Variance
    or Change    		 Variance
    or Change Pct.
    September 30,
    2024    		 June 30,
    2024
    Assets        
    Interest-earning assets:        
    Loans receivable, including loans held for sale $ 5,761,593   $ 5,743,008   $ 18,585   0.3 %
    Taxable investment securities   1,314,945     1,343,541     (28,596 ) -2.1 %
    Tax-exempt investment securities   12,244     13,737     (1,493 ) -10.9 %
    Other interest-earning assets   131,981     128,257     3,724   2.9 %
    Total interest-earning assets   7,220,763     7,228,543     (7,780 ) -0.1 %
    Non-interest-earning assets   467,670     466,537     1,133   0.2 %
    Total assets $ 7,688,433   $ 7,695,080   $ (6,647 ) -0.1 %
             
    Liabilities and Stockholders’ Equity        
    Interest-bearing liabilities:        
    Deposits:        
    Interest-bearing demand $ 2,282,608   $ 2,310,521   $ (27,913 ) -1.2 %
    Savings   668,240     631,622     36,618   5.8 %
    Certificates of deposit   1,755,589     1,613,798     141,791   8.8 %
    Total interest-bearing deposits   4,706,437     4,555,941     150,496   3.3 %
    Borrowings:        
    Federal Home Loan Bank advances   1,325,583     1,507,192     (181,609 ) -12.0 %
    Other borrowings   237,011     228,461     8,550   3.7 %
    Total borrowings   1,562,594     1,735,653     (173,059 ) -10.0 %
    Total interest-bearing liabilities   6,269,031     6,291,594     (22,563 ) -0.4 %
    Non-interest-bearing liabilities:        
    Non-interest-bearing deposits   599,095     589,438     9,657   1.6 %
    Other non-interest-bearing liabilities   69,629     62,978     6,651   10.6 %
    Total non-interest-bearing liabilities   668,724     652,416     16,308   2.5 %
    Total liabilities   6,937,755     6,944,010     (6,255 ) -0.1 %
    Stockholders’ equity   750,678     751,070     (392 ) -0.1 %
    Total liabilities and stockholders’ equity $ 7,688,433   $ 7,695,080   $ (6,647 ) -0.1 %
             
    Average interest-earning assets to average interest-bearing liabilities   115.18 %   114.89 %   0.29 % 0.3 %
     
     
    Kearny Financial Corp.
    Performance Ratio Highlights
    (Unaudited)
      Three Months Ended Variance
    or Change
      September 30,
    2024    		 June 30,
    2024
    Average yield on interest-earning assets:      
    Loans receivable, including loans held for sale 4.61 % 4.58 % 0.03 %
    Taxable investment securities 4.38 % 4.41 % -0.03 %
    Tax-exempt investment securities (1) 2.32 % 2.32 % — %
    Other interest-earning assets 7.47 % 7.14 % 0.33 %
    Total interest-earning assets 4.61 % 4.59 % 0.02 %
           
    Average cost of interest-bearing liabilities:      
    Deposits:      
    Interest-bearing demand 3.13 % 3.06 % 0.07 %
    Savings 1.05 % 0.63 % 0.42 %
    Certificates of deposit 3.51 % 3.35 % 0.16 %
    Total interest-bearing deposits 2.98 % 2.83 % 0.15 %
    Borrowings:      
    Federal Home Loan Bank advances 3.82 % 3.86 % -0.04 %
    Other borrowings 5.28 % 5.24 % 0.04 %
    Total borrowings 4.04 % 4.04 % — %
    Total interest-bearing liabilities 3.24 % 3.16 % 0.08 %
           
    Interest rate spread (2) 1.37 % 1.43 % -0.06 %
    Net interest margin (3) 1.80 % 1.84 % -0.04 %
           
    Non-interest income to average assets (annualized) 0.24 % 0.30 % -0.06 %
    Non-interest expense to average assets (annualized) 1.55 % 6.58 % -5.03 %
           
    Efficiency ratio (4) 80.35 % 323.81 % -243.46 %
           
    Return on average assets (annualized) 0.32 % -4.68 % 5.00 %
    Return on average equity (annualized) 3.25 % -47.97 % 51.22 %
    Return on average tangible equity (annualized) (5) 3.89 % 3.33 % 0.56 %
     
    _________________________
    (1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3) Net interest income divided by average interest-earning assets.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income.
    (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
     
     
    Five-Quarter Financial Trend Analysis
     
    Kearny Financial Corp.
    Consolidated Balance Sheets
     
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
      (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited)
    Assets          
    Cash and cash equivalents $ 155,574   $ 63,864   $ 71,027   $ 73,860   $ 57,219  
    Securities available for sale   1,070,811     1,072,833     1,098,655     1,144,175     1,215,633  
    Securities held to maturity   132,256     135,742     139,643     141,959     143,730  
    Loans held-for-sale   8,866     6,036     4,117     14,030     3,934  
    Loans receivable   5,784,246     5,732,787     5,758,336     5,745,629     5,736,049  
    Less: allowance for credit losses on loans   (44,923 )   (44,939 )   (44,930 )   (44,867 )   (46,872 )
    Net loans receivable   5,739,323     5,687,848     5,713,406     5,700,762     5,689,177  
    Premises and equipment   45,189     44,940     45,053     45,928     46,868  
    Federal Home Loan Bank stock   57,706     80,300     81,347     83,372     81,509  
    Accrued interest receivable   29,467     29,521     31,065     30,258     29,766  
    Goodwill   113,525     113,525     210,895     210,895     210,895  
    Core deposit intangible   1,805     1,931     2,057     2,189     2,323  
    Bank owned life insurance   300,186     297,874     296,493     256,064     294,491  
    Deferred income taxes, net   50,131     50,339     47,225     46,116     56,500  
    Other real estate owned   —     —     —     11,982     12,956  
    Other assets   67,540     98,708     100,989     136,242     129,865  
    Total assets $ 7,772,379   $ 7,683,461   $ 7,841,972   $ 7,897,832   $ 7,974,866  
               
    Liabilities          
    Deposits:          
    Non-interest-bearing $ 592,099   $ 598,366   $ 586,089   $ 584,130   $ 595,141  
    Interest-bearing   4,878,413     4,559,757     4,622,961     4,735,500     4,839,027  
    Total deposits   5,470,512     5,158,123     5,209,050     5,319,630     5,434,168  
    Borrowings   1,479,888     1,709,789     1,722,178     1,667,055     1,626,933  
    Advance payments by borrowers for taxes   17,824     17,409     17,387     16,742     16,907  
    Other liabilities   52,618     44,569     44,279     46,427     47,324  
    Total liabilities   7,020,842     6,929,890     6,992,894     7,049,854     7,125,332  
               
    Stockholders’ Equity          
    Common stock   646     644     644     645     652  
    Paid-in capital   493,523     493,680     493,187     493,297     497,269  
    Retained earnings   342,522     343,326     440,308     439,755     460,464  
    Unearned ESOP shares   (20,430 )   (20,916 )   (21,402 )   (21,889 )   (22,375 )
    Accumulated other comprehensive loss   (64,724 )   (63,163 )   (63,659 )   (63,830 )   (86,476 )
    Total stockholders’ equity   751,537     753,571     849,078     847,978     849,534  
    Total liabilities and stockholders’ equity $ 7,772,379   $ 7,683,461   $ 7,841,972   $ 7,897,832   $ 7,974,866  
               
    Consolidated capital ratios          
    Equity to assets   9.67 %   9.81 %   10.83 %   10.74 %   10.65 %
    Tangible equity to tangible assets (1)   8.31 %   8.43 %   8.34 %   8.26 %   8.20 %
               
    Share data          
    Outstanding shares   64,580     64,434     64,437     64,445     65,132  
    Book value per share $ 11.64   $ 11.70   $ 13.18   $ 13.16   $ 13.04  
    Tangible book value per share (2) $ 9.85   $ 9.90   $ 9.87   $ 9.85   $ 9.77  
     
    _________________________
    (1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.
     
     
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
     
    (Dollars in Thousands) September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Loan portfolio composition:          
    Commercial loans:          
    Multi-family mortgage $ 2,646,187   $ 2,645,851   $ 2,645,195   $ 2,651,274   $ 2,699,151  
    Nonresidential mortgage   950,771     948,075     965,539     947,287     946,801  
    Commercial business   145,984     142,747     147,326     144,134     149,229  
    Construction   227,327     209,237     229,457     221,933     230,703  
    Total commercial loans   3,970,269     3,945,910     3,987,517     3,964,628     4,025,884  
    One- to four-family residential mortgage   1,768,230     1,756,051     1,741,644     1,746,065     1,689,051  
    Consumer loans:          
    Home equity loans   44,741     44,104     42,731     43,517     42,896  
    Other consumer   2,965     2,685     3,198     2,728     2,644  
    Total consumer loans   47,706     46,789     45,929     46,245     45,540  
    Total loans, excluding yield adjustments   5,786,205     5,748,750     5,775,090     5,756,938     5,760,475  
    Unaccreted yield adjustments   (1,959 )   (15,963 )   (16,754 )   (11,309 )   (24,426 )
    Loans receivable, net of yield adjustments   5,784,246     5,732,787     5,758,336     5,745,629     5,736,049  
    Less: allowance for credit losses on loans   (44,923 )   (44,939 )   (44,930 )   (44,867 )   (46,872 )
    Net loans receivable $ 5,739,323   $ 5,687,848   $ 5,713,406   $ 5,700,762   $ 5,689,177  
               
    Asset quality:          
    Nonperforming assets:          
    Accruing loans – 90 days and over past due $ —   $ —   $ —   $ —   $ —  
    Nonaccrual loans   39,854     39,882     39,546     28,089     37,912  
    Total nonperforming loans   39,854     39,882     39,546     28,089     37,912  
    Nonaccrual loans held-for-sale   —     —     —     9,700     —  
    Other real estate owned   —     —     —     11,982     12,956  
    Total nonperforming assets $ 39,854   $ 39,882   $ 39,546   $ 49,771   $ 50,868  
               
    Nonperforming loans (% total loans)   0.69 %   0.70 %   0.69 %   0.49 %   0.66 %
    Nonperforming assets (% total assets)   0.51 %   0.52 %   0.50 %   0.63 %   0.64 %
               
    Classified loans $ 119,534   $ 118,700   $ 115,772   $ 94,676   $ 98,616  
               
    Allowance for credit losses on loans (ACL):          
    ACL to total loans   0.78 %   0.78 %   0.78 %   0.78 %   0.81 %
    ACL to nonperforming loans   112.72 %   112.68 %   113.61 %   159.73 %   123.63 %
    Net charge-offs $ 124   $ 3,518   $ 286   $ 4,110   $ 2,107  
    Average net charge-off rate (annualized)   0.01 %   0.25 %   0.02 %   0.29 %   0.15 %
     
     
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
     
    (Dollars in Thousands) September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Funding composition:          
    Deposits:          
    Non-interest-bearing deposits $ 592,099   $ 598,367   $ 586,089   $ 584,130   $ 595,141  
    Interest-bearing demand   2,247,685     2,308,915     2,349,032     2,347,262     2,236,573  
    Savings   681,709     643,481     630,456     646,182     689,163  
    Certificates of deposit (retail)   1,215,746     1,199,127     1,235,261     1,283,676     1,300,382  
    Certificates of deposit (brokered and listing service)   733,273     408,234     408,212     458,380     612,909  
    Interest-bearing deposits   4,878,413     4,559,757     4,622,961     4,735,500     4,839,027  
    Total deposits   5,470,512     5,158,124     5,209,050     5,319,630     5,434,168  
               
    Borrowings:          
    Federal Home Loan Bank advances   1,209,888     1,534,789     1,457,178     1,432,055     1,456,933  
    Overnight borrowings   270,000     175,000     265,000     235,000     170,000  
    Total borrowings   1,479,888     1,709,789     1,722,178     1,667,055     1,626,933  
               
    Total funding $ 6,950,400   $ 6,867,913   $ 6,931,228   $ 6,986,685   $ 7,061,101  
               
    Loans as a % of deposits   105.1 %   110.4 %   109.8 %   107.4 %   104.8 %
    Deposits as a % of total funding   78.7 %   75.1 %   75.2 %   76.1 %   77.0 %
    Borrowings as a % of total funding   21.3 %   24.9 %   24.8 %   23.9 %   23.0 %
               
    Uninsured deposits:          
    Uninsured deposits (reported) (1) $ 1,799,726   $ 1,772,623   $ 1,760,740   $ 1,813,122   $ 1,734,288  
    Uninsured deposits (adjusted) (2) $ 773,375   $ 764,447   $ 718,026   $ 694,510   $ 683,265  
     
    _________________________
    (1) Uninsured deposits of Kearny Bank.
    (2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.
     
     
    Kearny Financial Corp.
    Consolidated Statements of Income (Loss)
    (Unaudited)
     
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Interest income          
    Loans $ 66,331   $ 65,819   $ 64,035   $ 63,384   $ 62,769  
    Taxable investment securities   14,384     14,802     15,490     16,756     16,265  
    Tax-exempt investment securities   71     80     85     84     87  
    Other interest-earning assets   2,466     2,289     2,475     2,401     2,047  
    Total interest income   83,252     82,990     82,085     82,625     81,168  
               
    Interest expense          
    Deposits   35,018     32,187     32,320     30,340     27,567  
    Borrowings   15,788     17,527     15,446     16,446     14,441  
    Total interest expense   50,806     49,714     47,766     46,786     42,008  
    Net interest income   32,446     33,276     34,319     35,839     39,160  
    Provision for credit losses   108     3,527     349     2,105     245  
    Net interest income after provision for credit losses   32,338     29,749     33,970     33,734     38,915  
               
    Non-interest income          
    Fees and service charges   635     580     657     624     748  
    Loss on sale and call of securities   —     —     —     (18,135 )   —  
    Gain (loss) on sale of loans   200     111     (712 )   104     215  
    Loss on sale of other real estate owned   —     —     —     (974 )   —  
    Income from bank owned life insurance   2,567     3,209     3,039     1,162     1,666  
    Electronic banking fees and charges   391     1,130     464     396     367  
    Other income   833     776     755     811     1,014  
    Total non-interest income   4,626     5,806     4,203     (16,012 )   4,010  
               
    Non-interest expense          
    Salaries and employee benefits   17,498     17,266     16,911     17,282     17,761  
    Net occupancy expense of premises   2,798     2,738     2,863     2,674     2,758  
    Equipment and systems   3,860     3,785     3,823     3,814     3,801  
    Advertising and marketing   342     480     387     301     228  
    Federal deposit insurance premium   1,563     1,532     1,429     1,495     1,524  
    Directors’ compensation   361     360     360     393     393  
    Goodwill impairment   —     97,370     —     —     —  
    Other expense   3,364     3,020     3,286     3,808     3,309  
    Total non-interest expense   29,786     126,551     29,059     29,767     29,774  
    Income (loss) before income taxes   7,178     (90,996 )   9,114     (12,045 )   13,151  
    Income taxes   1,086     (917 )   1,717     1,782     3,309  
    Net income (loss) $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 ) $ 9,842  
               
    Net income (loss) per common share (EPS)          
    Basic $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 ) $ 0.16  
    Diluted $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 ) $ 0.16  
               
    Dividends declared          
    Cash dividends declared per common share $ 0.11   $ 0.11   $ 0.11   $ 0.11   $ 0.11  
    Cash dividends declared $ 6,896   $ 6,903   $ 6,844   $ 6,882   $ 6,989  
    Dividend payout ratio   113.2 %   -7.7 %   92.5 %   -49.8 %   71.0 %
               
    Weighted average number of common shares outstanding          
    Basic   62,389     62,254     62,205     62,299     63,014  
    Diluted   62,420     62,254     62,211     62,299     63,061  
                                   
     
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
     
      Three Months Ended
    (Dollars in Thousands) September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Assets          
    Interest-earning assets:          
    Loans receivable, including loans held-for-sale $ 5,761,593   $ 5,743,008   $ 5,752,477   $ 5,726,321   $ 5,788,074  
    Taxable investment securities   1,314,945     1,343,541     1,382,064     1,509,165     1,516,393  
    Tax-exempt investment securities   12,244     13,737     14,614     15,025     15,483  
    Other interest-earning assets   131,981     128,257     125,155     139,740     130,829  
    Total interest-earning assets   7,220,763     7,228,543     7,274,310     7,390,251     7,450,779  
    Non-interest-earning assets   467,670     466,537     577,411     554,335     568,723  
    Total assets $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586   $ 8,019,502  
               
    Liabilities and Stockholders’ Equity          
    Interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand $ 2,282,608   $ 2,310,521   $ 2,378,831   $ 2,301,169   $ 2,245,831  
    Savings   668,240     631,622     635,226     664,926     719,508  
    Certificates of deposit   1,755,589     1,613,798     1,705,513     1,824,316     1,968,512  
    Total interest-bearing deposits   4,706,437     4,555,941     4,719,570     4,790,411     4,933,851  
    Borrowings:          
    Federal Home Loan Bank advances   1,325,583     1,507,192     1,428,801     1,513,497     1,386,473  
    Other borrowings   237,011     228,461     210,989     142,283     158,098  
    Total borrowings   1,562,594     1,735,653     1,639,790     1,655,780     1,544,571  
    Total interest-bearing liabilities   6,269,031     6,291,594     6,359,360     6,446,191     6,478,422  
    Non-interest-bearing liabilities:          
    Non-interest-bearing deposits   599,095     589,438     581,870     597,294     612,251  
    Other non-interest-bearing liabilities   69,629     62,978     65,709     62,387     66,701  
    Total non-interest-bearing liabilities   668,724     652,416     647,579     659,681     678,952  
    Total liabilities   6,937,755     6,944,010     7,006,939     7,105,872     7,157,374  
    Stockholders’ equity   750,678     751,070     844,782     838,714     862,128  
    Total liabilities and stockholders’ equity $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586   $ 8,019,502  
               
    Average interest-earning assets to average
    interest-bearing liabilities    		   115.18 %   114.89 %   114.39 %   114.65 %   115.01 %
                                   
     
    Kearny Financial Corp.
    Performance Ratio Highlights
      Three Months Ended
      September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Average yield on interest-earning assets:          
    Loans receivable, including loans held-for-sale 4.61 % 4.58 % 4.45 % 4.43 % 4.34 %
    Taxable investment securities 4.38 % 4.41 % 4.48 % 4.44 % 4.29 %
    Tax-exempt investment securities (1) 2.32 % 2.32 % 2.32 % 2.25 % 2.25 %
    Other interest-earning assets 7.47 % 7.14 % 7.91 % 6.87 % 6.26 %
    Total interest-earning assets 4.61 % 4.59 % 4.51 % 4.47 % 4.36 %
               
    Average cost of interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand 3.13 % 3.06 % 3.08 % 2.91 % 2.58 %
    Savings 1.05 % 0.63 % 0.46 % 0.44 % 0.47 %
    Certificates of deposit 3.51 % 3.35 % 3.11 % 2.82 % 2.49 %
    Total interest-bearing deposits 2.98 % 2.83 % 2.74 % 2.53 % 2.23 %
    Borrowings:          
    Federal Home Loan Bank advances 3.82 % 3.86 % 3.55 % 3.82 % 3.54 %
    Other borrowings 5.28 % 5.24 % 5.22 % 5.65 % 5.46 %
    Total borrowings 4.04 % 4.04 % 3.77 % 3.97 % 3.74 %
    Total interest-bearing liabilities 3.24 % 3.16 % 3.00 % 2.90 % 2.59 %
               
    Interest rate spread (2) 1.37 % 1.43 % 1.51 % 1.57 % 1.77 %
    Net interest margin (3) 1.80 % 1.84 % 1.89 % 1.94 % 2.10 %
               
    Non-interest income to average assets (annualized) 0.24 % 0.30 % 0.21 % -0.81 % 0.20 %
    Non-interest expense to average assets (annualized) 1.55 % 6.58 % 1.48 % 1.50 % 1.49 %
               
    Efficiency ratio (4) 80.35 % 323.81 % 75.43 % 150.13 % 68.97 %
               
    Return on average assets (annualized) 0.32 % -4.68 % 0.38 % -0.70 % 0.49 %
    Return on average equity (annualized) 3.25 % -47.97 % 3.50 % -6.59 % 4.57 %
    Return on average tangible equity (annualized) (5) 3.89 % 3.33 % 4.68 % -8.84 % 6.07 %
                         
    _________________________
    (1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3) Net interest income divided by average interest-earning assets.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income.
    (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
     

    The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.

     
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
     
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Adjusted net income:          
    Net income (loss) (GAAP) $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 ) $ 9,842  
    Non-recurring transactions – net of tax:          
    Net effect of sale and call of securities   —     —     —     12,876     —  
    Net effect of bank-owned life insurance restructure   —     392     —     6,286     —  
    Goodwill impairment   —     95,283     —     —     —  
    Adjusted net income $ 6,092   $ 5,596   $ 7,397   $ 5,335   $ 9,842  
               
    Calculation of pre-tax, pre-provision net revenue:          
    Net income (loss) (GAAP) $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 ) $ 9,842  
    Adjustments to net income (GAAP):          
    Provision for income taxes   1,086     (917 )   1,717     1,782     3,309  
    Provision for credit losses   108     3,527     349     2,105     245  
    Pre-tax, pre-provision net revenue (non-GAAP) $ 7,286   $ (87,469 ) $ 9,463   $ (9,940 ) $ 13,396  
               
    Adjusted earnings per share:          
    Weighted average common shares – basic   62,389     62,254     62,205     62,299     63,014  
    Weighted average common shares – diluted   62,420     62,330     62,211     62,367     63,061  
               
    Earnings per share – basic (GAAP) $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 ) $ 0.16  
    Earnings per share – diluted (GAAP) $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 ) $ 0.16  
               
    Adjusted earnings per share – basic (non-GAAP) $ 0.10   $ 0.09   $ 0.12   $ 0.09   $ 0.16  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.10   $ 0.09   $ 0.12   $ 0.09   $ 0.16  
               
    Pre-tax, pre-provision net revenue per share:          
    Pre-tax, pre-provision net revenue per share – basic
      (non-GAAP)    		 $ 0.12   $ (1.41 ) $ 0.15   $ (0.16 ) $ 0.21  
    Pre-tax, pre-provision net revenue per share – diluted
      (non-GAAP)    		 $ 0.12   $ (1.40 ) $ 0.15   $ (0.16 ) $ 0.21  
               
    Adjusted return on average assets:          
    Total average assets $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586   $ 8,019,502  
               
    Return on average assets (GAAP)   0.32 %   -4.68 %   0.38 %   -0.70 %   0.49 %
    Adjusted return on average assets (non-GAAP)   0.32 %   0.29 %   0.38 %   0.27 %   0.49 %
               
    Adjusted return on average equity:          
    Total average equity $ 750,678   $ 751,070   $ 844,782   $ 838,714   $ 862,128  
               
    Return on average equity (GAAP)   3.25 %   -47.97 %   3.50 %   -6.59 %   4.57 %
    Adjusted return on average equity (non-GAAP)   3.25 %   2.98 %   3.50 %   2.54 %   4.57 %
                                   
     
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
     
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023
    Adjusted return on average tangible equity:          
    Total average equity $ 750,678   $ 751,070   $ 844,782   $ 838,714   $ 862,128  
    Less: average goodwill   (113,525 )   (113,525 )   (210,895 )   (210,895 )   (210,895 )
    Less: average other intangible assets   (1,886 )   (2,006 )   (2,138 )   (2,277 )   (2,411 )
    Total average tangible equity $ 635,267   $ 635,539   $ 631,749   $ 625,542   $ 648,822  
               
    Return on average tangible equity (non-GAAP)   3.89 %   3.33 %   4.68 %   -8.84 %   6.07 %
    Adjusted return on average tangible equity (non-GAAP)   3.89 %   3.58 %   4.68 %   3.41 %   6.07 %
               
    Adjusted non-interest expense ratio:          
    Non-interest expense (GAAP) $ 29,786   $ 126,551   $ 29,059   $ 29,767   $ 29,774  
    Non-recurring transactions:          
    Goodwill impairment   —     (97,370 )   —     —     —  
    Non-interest expense (non-GAAP) $ 29,786   $ 29,181   $ 29,059   $ 29,767   $ 29,774  
               
    Non-interest expense ratio (GAAP)   1.55 %   6.58 %   1.48 %   1.50 %   1.49 %
    Adjusted non-interest expense ratio (non-GAAP)   1.55 %   1.52 %   1.48 %   1.50 %   1.49 %
               
    Adjusted efficiency ratio:          
    Non-interest expense (non-GAAP) $ 29,786   $ 29,181   $ 29,059   $ 29,767   $ 29,774  
               
    Net interest income (GAAP) $ 32,446   $ 33,276   $ 34,319   $ 35,839   $ 39,160  
    Total non-interest income (GAAP)   4,626     5,806     4,203     (16,012 )   4,010  
    Non-recurring transactions:          
    Net effect of sale and call of securities   —     —     —     18,135     —  
    Net effect of bank-owned life insurance restructure   —     392     —     573     —  
    Total revenue (non-GAAP) $ 37,072   $ 39,474   $ 38,522   $ 38,535   $ 43,170  
               
    Efficiency ratio (GAAP)   80.35 %   323.81 %   75.43 %   150.13 %   68.97 %
    Adjusted efficiency ratio (non-GAAP)   80.35 %   73.92 %   75.43 %   77.25 %   68.97 %

    The MIL Network –

  • MIL-OSI: E Split Corp. Class A Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — E Split Corp. (TSX: ENS) (the “Fund”) is pleased to announce that a distribution for October 2024 will be payable to Class A shareholders of E Split Corp. as follows:

    Record Date Payable Date Distribution Per
    Equity Share
    October 31, 2024 November 15, 2024 $0.13


    The equity shares trade on the Toronto Stock Exchange under the symbol ENS.

    For further information, please visit our website at www.middlefield.com or contact our Sales and Marketing Department at 1.888.890.1868.

    This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains.  The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

    The MIL Network –

  • MIL-OSI: Pineapple Energy Subsidiary SUNation Completes Foundational Engineering Work on 8.46 MW Commercial Installations Valued at $11 Million

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — SUNation, the New York-based subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY) (Pineapple Energy) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, has completed the foundational engineering work for an 8.46 MW series of commercial projects on Long Island collectively valued at $11 million.

    The work was performed as part of an exclusive Letter of Intent on the engineering portion of the project. SUNation is working with the project principals to finalize details for contracts that would have the Company perform installation of photovoltaic modules and racking systems across their various sites. Any future work agreed upon via letters of intent between the two parties is non-binding and subject to normal closing conditions.

    As is typical with commercial contracts in the solar space, the client wishes to remain anonymous. While the next scope-of-work is being fine-tuned, if things proceed, the company expects construction to begin in 2025.

    “The commercial side of the business is the solar success story of 2024,” Scott Maskin, Pineapple Energy’s interim CEO noted. “But these projects are quite complex. Still, we continue to see how benefits for both business owners who go solar and the expansion of green energy options to the broader community make these efforts well-worth it.”

    “The engineering work behind projects like these often evolve over time to reflect subtle shifts in approach,” John Mucci, SUNation’s General Manager of New York Operations, noted. “We’re seeing more and more projects come in as distinct ‘packages’ of sites for us to work on, instead of simply targeting one individual structure. Based on the trends, we expect this type of bundling to continue well into next year.”

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: LNG Energy Group Announces Release of Its Sustainability Report

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: E26) (the “Company” or “LNG Energy Group”) today released its 2023 Sustainability Report (the “Sustainability Report”).

    “I am pleased to report that LNG Energy Group has released its Sustainability Report and has taken a leading role in ESG and sustainability initiatives in Colombia,” comments Pablo Navarro, Chairman and Chief Executive Officer of the Company. “Our Sustainability Report highlights all of our important activities in Colombia and our approach to minimizing our environmental impact while improving the living standards of our local communities.”

    The Sustainability Report presents the Company’s sustainability initiatives in 2023 and into 2024. The Sustainability Report can be accessed on the Company’s website at: https://www.lngenergygroup.com/sustainability.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    About LNG Energy Group

    The Company is focused on the acquisition and development of oil and gas exploration and production assets in Latin America.

    For more information, please see below:

    Website:
    www.lngenergygroup.com

    Investor Relations:
    James Morris, Vice-President, Business Development and Investor Relations
    Email: investor.relations@lngenergygroup.com
    Telephone: 205-835-0676

    Find us on social media:
    LinkedIn: https://www.linkedin.com/company/lng-energy-group-inc/  
    Instagram: @lngenergygroup
    X: @LNGEnergyCorp

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “should”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, factors may occur which impede or prevent LNG Energy Group’s future business plans; and other factors beyond the control of LNG Energy Group. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, LNG Energy Group assumes no obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

    The MIL Network –

  • MIL-OSI: Billion Dollar Commercial Drone Market Poised for Continued Growth, Driven by A.I. Technological Advances

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The commercial drone market is experiencing significant growth due to increasing demand from various industries such as construction, agriculture, security, military applications and so much more. Drones offer benefits like cost savings, improved efficiency, and enhanced safety for businesses. Market size is projected to reach USD12.3 billion by 2025, driven by technological advancements and regulatory approvals. AI is driving market transformation… The global commercial drones market size is estimated to grow by USD $126.87 billion from 2024-2028, according to a report from Technavio. The market is estimated to grow at a CAGR of 57.74% during the forecast period. Rising applications of drones is driving market growth, with a trend towards new developments and launches of commercial drones. The report continued: “The commercial drones market is experiencing significant growth due to the continuous introduction of new drones, components, and software solutions by vendors. Companies across various industries are integrating drones into their operations for managing assets, monitoring sites, inspecting facilities, and capturing real-time data… featuring advanced autonomous flight technology and Artificial Intelligence, ensuring safe and stable flight in challenging environments. Such innovations increase the availability of advanced drone products and software solutions, fueling the adoption of commercial drones in the forecast period.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), C3 AI (NYSE: AI), NVIDIA Corporation (NASDAQ: NVDA), SoundHound AI, Inc. (NASDAQ: SOUN), AeroVironment (NASDAQ: AVAV).

    “The Commercial Drone Market is experiencing significant growth, particularly in sectors like… Agriculture. Drones equipped with high-quality Cameras are trending, with VAPOR Helicopter leading the way. Artificial Intelligence and Machine Learning are revolutionizing Decision making in industries, from Inspection activities to Farm management. Hybrid drones, combining features of Quadcopters, Octocopters, and Hexacopters, are gaining popularity. In Agriculture, drones help reduce costs, increase Yield, and monitor crops using services like Raptor Maps. Filmmakers and Ecommerce sectors also benefit from aerial photography and warehouse management. The Commercial Drone Market is experiencing significant growth as Quadcopters, Octocopters, and Hexacopters find increasing applications in various sectors. Challenges in flight control, firmware, middleware, computer vision, and environmental awareness are being addressed through technological advances in electronics, computing, microcontrollers, and processors.”

    ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

    Additional Groundbreaking ZenaTech Inc. Developments this week include:

    ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

    “Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

    Other recent developments in the technology industry include:

    C3 AI (NYSE: AI) recently announced the newly re-branded C3 AI Asset Performance Suite, a collection of powerful, purpose-built AI applications that work together to help enterprises maximize value and improve sustainability performance. The C3 AI Asset Performance Suite includes C3 AI Reliability, C3 AI Process Optimization, and C3 AI Energy Management. These applications offer enterprises optimized asset performance through improvements in operational efficiency across business units.

    “C3 AI is the leader in AI-powered predictive maintenance, and our customers are some of the most satisfied in the industry because our technology makes a positive impact on their bottom line and continually maximizes their investments,” said Thomas M. Siebel, CEO, C3 AI. “This re-brand of the C3 AI Asset Performance Suite is in recognition that customers realize the most value by deploying applications that work in concert together and address entire value chains; in this case, with predictive maintenance, process optimization, and energy management.”

    SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced its SoundHound Chat AI voice assistant has launched new customization tools to help transform how automotive brands interact with their customers within the vehicle. The new features are currently being piloted with some of SoundHound’s OEM partners.

    In addition to the core features offered from SoundHound Chat AI’s best-in-class voice assistant – which integrates generative AI capabilities with car controls and real-time domains like flight times, navigation, and weather – OEMs will be able to take control with customizations that work for their loyal consumers and align closely with their identity as an automaker. This new layer of customization will provide drivers with a more engaging and informative experience, allowing them to explore vehicle features and functionalities with greater ease and effectiveness.

    AeroVironment (NASDAQ: AVAV) recently announced that the U.S. Army has awarded a $54.9 million delivery order for the production of Switchblade® loitering munition systems. The recently announced award includes an additional contract ceiling of $743 million with $54.9 million in new funding. This contract is issued as part of a broader, previously executed, indefinite delivery, indefinite quantity contract, and ensures continued support for both the U.S. Army and several allied partners, including Lithuania, Romania, and Sweden.

    Work on this contract will be performed in Simi Valley, California, with an estimated completion date of June 30, 2026. The award, which leverages fiscal 2023 and 2024 Army funds along with Foreign Military Sales, highlights AV’s ongoing commitment to delivering proven, battlefield-ready technology that meets the evolving needs of modern armed forces.

    NVIDIA Corporation (NASDAQ: NVDA) recently announced that it has contributed foundational elements of its NVIDIA Blackwell accelerated computing platform design to the Open Compute Project (OCP) and broadened NVIDIA Spectrum-X™ support for OCP standards.

    At this year’s OCP Global Summit, NVIDIA will be sharing key portions of the NVIDIA GB200 NVL72 system electro-mechanical design with the OCP community — including the rack architecture, compute and switch tray mechanicals, liquid-cooling and thermal environment specifications, and NVIDIA NVLink™ cable cartridge volumetrics — to support higher compute density and networking bandwidth.

    NVIDIA has already made several official contributions to OCP across multiple hardware generations, including its NVIDIA HGX™ H100 baseboard design specification, to help provide the ecosystem with a wider choice of offerings from the world’s computer makers and expand the adoption of AI.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: 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 been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. 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 –

  • MIL-OSI: MINT Income Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — MINT Income Fund (TSX: MID.UN) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of MINT Income Fund as follows:

    Record Date Payable Date Distribution Per Trust Unit
    October 31, 2024 November 15, 2024 $0.04
    November 30, 2024 December13, 2024 $0.04
    December 31, 2024 January 15, 2025 $0.04


    The trust units trade on the Toronto Stock Exchange under the symbol MID.UN.

    The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

    Middlefield

    Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning the distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

    The MIL Network –

  • MIL-OSI Economics: The Managing Director’s Global Policy Agenda, Annual Meeting 2024: Secure A Soft Landing And Break From The Low Growth–High Debt Path

    Source: International Monetary Fund

    Summary

    The global economy has proven resilient, and a soft landing is within reach. Inflation has moderated thanks to tight monetary policy and fading supply shocks, and growth is expected to remain steady. But uncertainty remains significant, with risks tilted to the downside; medium-term growth prospects are lackluster; public debt has reached record highs and is expected to approach 100 percent of GDP by 2030; and geoeconomic fragmentation threatens to undo decades of gains from cross-border economic integration. At the same time, transformative changes—the green transition, demographic shifts, and digitalization, including artificial intelligence—are poised to reshape the global economy, creating challenges but also opportunities. Against this background, the key policy priorities are to secure a soft landing and break from the low growth-high debt path, and address other medium-term challenges. Monetary policy should ensure inflation returns durably to the target, and fiscal policy needs to decisively pivot toward consolidation to rebuild buffers and safeguard debt sustainability. Growth-enhancing reforms are urgently needed to lift growth prospects by boosting investment, job creation, and productivity. Domestic policies must be complemented by multilateral efforts to support countries with debt vulnerabilities, protect gains from economic integration, accelerate climate action, and harness benefits of new technologies while mitigating the risks. As it has done since its founding 80 years ago, the IMF will continue to adapt to serve its members with tailored policy advice, financial lifelines when needed, and capacity development. The Fund will remain a strong advocate for multilateralism and economic integration as foundations on which to build a resilient and inclusive global economy.

    Subject: Artificial intelligence, Balance of payments, Capital flows, Climate change, Credit, Debt sustainability, Digitalization, Environment, External debt, Fiscal policy, Inflation, Money, Poverty, Poverty reduction strategy, Prices, Revenue mobilization, Technology

    Keywords: Republic of, Advanced Economies, Artificial intelligence, Artificial intelligence, Capital flows, Capital flows, Climate change, Climate change, Credit, Debt sustainability, Debt sustainability, Digitalization, Digitalization, Economic integration, Economic integration, Global, Growth, Inflation, Inflation, Integrated Policy Framework, Integrated Policy Framework, Moldova, Poverty reduction strategy, Poverty reduction strategy, Reforms, Revenue mobilization, Revenue mobilization, Senegal

    MIL OSI Economics –

  • MIL-Evening Report: Want to build healthier cities? Make room for bird and tree diversity

    Source: The Conversation (Au and NZ) – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

    More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

    The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

    When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

    Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

    The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.



    Read more:
    How the health of honeybee hives can inform environmental policies in Canadian cities

    Birds, trees and human connection

    Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

    There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

    People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

    When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

    Birds and trees as promoters of urban wellness

    Contact with nature and greenspace have a suite of mental health benefits.

    Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

    For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

    People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

    To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

    Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

    We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

    Importance of urban birds and trees

    The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

    Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.



    Read more:
    Eco-anxiety: climate change affects our mental health – here’s how to cope

    We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

    By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

    Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

    Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

    Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

    – ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Want to build healthier cities? Make room for bird and tree diversity

    Source: The Conversation – Canada – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

    More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

    The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

    When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

    Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

    The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.



    Read more:
    How the health of honeybee hives can inform environmental policies in Canadian cities

    Birds, trees and human connection

    Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

    There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

    People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

    When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

    Birds and trees as promoters of urban wellness

    Contact with nature and greenspace have a suite of mental health benefits.

    Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

    For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

    People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

    To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

    Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

    We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

    Importance of urban birds and trees

    The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

    Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.



    Read more:
    Eco-anxiety: climate change affects our mental health – here’s how to cope

    We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

    By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

    Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

    Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

    Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

    – ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

    MIL OSI – Global Reports –

  • MIL-OSI Global: Your politics can affect whether you click on sponsored search results, new research shows

    Source: The Conversation – USA – By Alexander Davidson, Associate Professor of Marketing, Wayne State University

    Good news for digital marketers. Boy Wirat/Getty Images

    American businesses spend close to US$100 billion each year to secure top advertising spots in search engine results – even though it’s not exactly a secret that most online shoppers scroll right past them.

    In fact, organic links – results that aren’t sponsored advertisements – can receive up to 10 times as many clicks as search ads, industry data shows.

    I refer to this phenomenon as “search ad avoidance,” and it’s a big problem for the multibillion-dollar industry. But it turns out that not all groups are equally averse to clicking on sponsored search results.

    According to my newly published peer-reviewed research, people with conservative political views are more likely to click on sponsored search results.

    Republican-leaning brands such as Black Rifle Coffee Company might want to take note.

    Conservatives are more likely to click search ads

    To explore the relationship between politics and search engine behavior, I conducted several studies.

    First, I examined data from more than 500,000 visitors to a nationwide retailer’s website. I analyzed the percentage of visitors from each U.S. state who arrived at the website by clicking a search ad versus an organic link. Then I looked at the share of each state’s residents who describe themselves as conservative.

    I found that more conservative states were associated with more clicks for search ads over organic links. Specifically, a 10% increase in a state’s conservative identity was associated with a 6.4% increase in search ad clicks.

    Given that, on average, conservatives are older and have higher incomes than liberals, I also looked at each state’s median age and per-capita personal income. Again, the data confirmed the relationship between conservatism and search ad clicks. Neither age nor income had any significant impact.

    To better understand what was going on, I conducted additional studies where I could monitor people’s searches in a more controlled setting using online surveys.

    I asked online participants to search for a product the same way they would using Google. Then, I brought them to a search results page and asked them to indicate how likely they would be to click on a search ad versus an organic link.

    I also measured their political orientation in two different ways: through self-identification and attitudes toward political issues. Once again, I found that regardless of age or income, more conservative people were more likely to click on search ads.

    Why the promotional is political

    The decision to click on an ad – or not – might seem quite minor. But I believe ad avoidance is strongly rooted in people’s core beliefs and values.

    While conservatives tend to trust and justify the role of marketplace systems, liberals are more skeptical. Within the marketplace of online information search, I argue that conservatives are likely to be more trusting of sponsored communications than liberals, who lean toward organic content.

    The importance of values becomes clear in a final analysis I conducted. In this real-world experiment, I created search ads for a website built specifically for this research and found that conservatives were more likely to click ads in response to broad searches, such as “Buy headphones.” But for more specific, detailed searches – for example, “Buy headphones with microphone that reduces background noise” – there was no relationship between politics and clicks.

    I suspect this is because broad searches are less cognitively demanding – in other words, they require less brainpower. This allows our core beliefs to influence our decisions. In fact, this is consistent with research on information processing that shows broad thinking leads to stronger political attitudes.

    On the other hand, I argue that specific searches require us to pay close attention to the information we are processing, which disables our core beliefs from being the primary influence on our decisions.

    Why advertisers should take note

    These findings have obvious benefits for advertisers who want to better understand who’s most likely to click on search ads. This can help them generate campaign strategies that account for consumers’ political orientations, which I have shown to be a better predictor of click behavior than typical segmentation variables such as age or income.

    Given that liberals are less likely to click search ads, it also suggests advertisers should be thinking about alternative ways to reach them. It’s possible that liberals could be persuaded to click search ads through a greater inclusion of trust symbols in advertising communications, such as star ratings or endorsements from credible influencers.

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

    – ref. Your politics can affect whether you click on sponsored search results, new research shows – https://theconversation.com/your-politics-can-affect-whether-you-click-on-sponsored-search-results-new-research-shows-239800

    MIL OSI – Global Reports –

  • MIL-OSI Global: Colorado’s Amendment 80 wants to make school choice ‘a right’ when it already is – an expert in educational policy explains the disconnect

    Source: The Conversation – USA – By Christopher Lubienski, Professor of Education Policy, Indiana University

    In November, Colorado voters will decide whether the state’s constitution should be amended to specify a right to school choice.

    But school choice is already guaranteed by state statute and federal courts. So why is this initiative being posed at all?

    Even the initiative’s backers acknowledge that Colorado already has “one of the best school choice statutes in the nation.” Moreover, the ability for parents to choose private schools has been affirmed by the U.S. Supreme Court for at least a century.

    I have been studying school choice for almost three decades and can say Amendment 80 raises serious questions about the strategies being used by the school choice advocates who put it on the ballot.

    School choice in Colorado

    School choice options have expanded rapidly across the U.S. in recent years. Currently, it is estimated that over 3.5 million students now attend charter schools, and in the past three years, nine states have approved new programs that provide public funds for private schooling.

    In 1993, Colorado became one of the first states to authorize charter schools. Charter schools are publicly funded but privately or independently managed. They are now legal in 45 states.

    Likewise, Colorado law enables parents to choose public schools outside their district — an open-enrollment option that is also quite common throughout the U.S., permitted in 43 states.

    But a new wave of school choice policies is emerging from conservative legislatures. Several red states, like Utah, Iowa and Indiana, recently created policies to fund universal or near-universal private school choice. These programs – vouchers or education savings accounts – use taxpayer funds to pay for private school tuition and, with education savings accounts, other educational expenses as well. Unlike charter schools, which are technically public schools and accountable to public authorities, these programs funding private schools have few if any regulations on the schools receiving taxpayer dollars.

    Colorado is in a different category altogether.

    Indeed, Colorado voters have repeatedly rejected ballot measures to implement private school choice. That mirrors voters across the country, who tend to reject these intiatives, often resoundingly.

    Moreover, Colorado’s original state constitution explicitly prohibits sending public funds to private schools.

    In essence, Colorado is a trailblazer when it comes to funding school choice in the public sector – but not the private sector. Like all Americans, Coloradans have every right under federal law to choose a private school at their own expense.

    Amendment 80 would give children the ‘right’ to choose from neighborhood, charter, private and home schools, as well as ‘future innovations in education.’
    Ed Andrieski/AP Photo

    Who supports Amendment 80

    Amendment 80 reflects a familiar political divide when it comes to school choice policies.

    Republicans largely support more parental prerogatives to choose schools, including private schools, and fewer restrictions on those schools.

    Democrats tend to oppose unregulated choice and programs that fund private schools, and support accountability measures for schools that receive public funds.

    There are, of course, exceptions to this partisan divide.

    Some Democrats, including Colorado Gov. Jared Polis, who founded two charter schools, have objected to efforts to regulate charters.

    Meanwhile, some conservatives, including Christian homeschoolers, have expressed concerns about government involvement in private schooling, which they fear could lead to regulation.

    The proposal frames school choice as a child’s right, leading some to worry it will give a student’s wishes legal predominance over their parents’.

    Those skeptics may have a point. Rather than push directly for school vouchers, backers of Amendment 80 simply make the seemingly innocuous assertion that school choice is a “right.”

    School choice as a ‘right’

    The fact that advocates for this measure are framing the issue this way – rather than as an effective taxpayer-funded policy, for example – is telling.

    While there are different forms of school choice, like charter and magnet schools, the modern private school choice movement emerged as a way for Southern segregationists to avoid integration.

    The movement gained momentum in the 1990s by asserting that choice leads to better educational outcomes, and that it gives low-income students an equitable opportunity to attend better schools.

    Those claims have not stood up.

    Every rigorous study of statewide voucher programs in the past 10 years has shown that they do not improve student outcomes. In fact, they have led to some of the largest learning losses ever measured — comparable to the losses from the COVID-19 pandemic.

    Rather than simply giving low-income students opportunities beyond their segregated schools, charter schools lead to higher levels of segregation.

    Additionally, statewide private school choice programs, such as what one might envision arising from Amendment 80, are budget-busters for state treasuries and for rural schools as they channel public funds away from high-need areas to affluent families using these programs.

    In light of that track record, it is not surprising to see choice advocates move away from their earlier equity claims and focus instead on “rights” — even when such a right can lead to worse educational outcomes for kids.

    But even if the rhetorical strategy around Amendment 80 is clear, the question still stands: Why push to enshrine rights that are already effectively available through both Colorado law and U.S. Supreme Court rulings?

    The full text of Amendment 80 that appears on the November 2024 ballot in Colorado.
    Colorado Secretary of State

    Public funds for private schools

    Michael Fields, the president of Advance Colorado, the organization that promoted the proposal, noted that the idea is to “preserve” and “protect families’ ability to choose the best educational options for themselves.”

    Elsewhere, he said, “It’s really just cementing the school choice laws that we have in Colorado right now into the constitution.”

    Essentially he is arguing that Amendment 80 would confirm the status quo in Colorado.

    But the actual language of the initiative tells a different story.

    Rather than simply affirming an existing right to choose a public, charter or homeschool, the more important issue here is the right to choose a private school.

    Of course, this right already exists. Since at least 1925, parents across the U.S. have been guaranteed the right to choose private schools for their children, but at their own expense.

    If Amendment 80 passes, I expect we will see the argument that such a right is meaningless without funding to support the choice of private schools. After all, when people talk about the right to public education or health care, the underlying assumption is that there is no cost barrier to exercising that right, which is funded by taxpayers.

    Recent rulings by the U.S. Supreme Court suggest Colorado’s prohibition on the use of public funds for “church or sectarian” schools could be challenged in court. Adding a right to private school choice to the state’s constitution through Amendment 80 appears to be designed to provide the basis for such a challenge.

    Early voting is happening now in Colorado. Find your polling place here.

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

    – ref. Colorado’s Amendment 80 wants to make school choice ‘a right’ when it already is – an expert in educational policy explains the disconnect – https://theconversation.com/colorados-amendment-80-wants-to-make-school-choice-a-right-when-it-already-is-an-expert-in-educational-policy-explains-the-disconnect-240896

    MIL OSI – Global Reports –

  • MIL-OSI Global: Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state

    Source: The Conversation – USA – By Shao Lin, Professor of Public Health, University at Albany, State University of New York

    Ultrafine particles stem from a variety of natural and human-made sources, including vehicle exhaust. Joe Raedle/Getty Images

    Long-term high ultrafine particle concentrations in New York state neighborhoods are linked to higher numbers of deaths. That is the key finding of our new research, published in the Journal of Hazardous Materials.

    Our study shows that high levels of ultrafine particles in the atmosphere over long periods of time are significantly associated with increased non-accidental deaths, particularly from cardiovascular and respiratory diseases.

    Ultrafine particles are aerosols less than 0.1 micrometers, or 100 nanometers, in diameter — about one-thousandth the width of a human hair. Due to their tiny size, they can be easily inhaled into the distal branches of lungs, quickly absorbed into the bloodstream and even pass through organ barriers.

    We also found that certain underserved populations, including Hispanics, non-Hispanic Black people, children under 5, older adults and non-New York City residents, are more susceptible to the adverse effects of ultrafine particles. The disparities our study uncovered underscore the necessity for public health agencies to focus on and protect high-risk populations.

    We quantified the long-term health impacts of exposure to these pollutants by combining mortality data from vital records in New York state and using a model that tracks how particles move and change through the air.

    Because ultrafine particles are so small, they are difficult to study, and more research is needed to determine how unsafe they are.

    Why it matters

    Air pollution is now ranked the second-leading risk factor for death, accounting for about 8.1 million deaths globally and about 600,000 deaths in the United States in 2021.

    Most air pollution standards and regulations have been focused on larger particulate matter, such as PM2.5 – which includes organic compounds and metal particulates – and PM10, a category that includes dust, pollen and mold.

    In comparison, ultrafine particles are typically much greater in number and have a much larger surface area-to-volume ratio, allowing them to carry substantial amounts of hazardous metals and organic compounds. Furthermore, because of their smaller size, ultrafine particles can follow the air flow and get deep into the lungs when inhaled. These unique characteristics make ultrafine particles particularly dangerous, leading to a range of adverse health problems.

    Despite this understanding, ultrafine particles remain largely unregulated, while larger particulates are regulated under the National Ambient Air Quality Standards.

    Due to their unique characteristics, ultrafine particles require additional, tailored attention.

    Ultrafine particles, not shown, are about one-thousandth the width of a human hair.
    U.S. Environmental Protection Agency

    Ultrafine particles stem from both natural sources and human activity – primarily from combustion processes such as motor vehicles, power plants, wood burning and wildfires. A large share of ultrafine particles is created by chemical reactions in the atmosphere involving acidic gases from fossil fuel burning and ammonia from farming and residential wastes.

    As cities continue to expand and urban populations grow, people’s exposure to these harmful particles is likely to increase. Both PM2.5 and ultrafine particles come from similar sources and can also form through chemical reactions in the atmosphere, but their trends diverge.

    PM2.5 mass has been declining in many places, including New York, thanks to air quality regulations. However, recent research suggests that ultrafine particle numbers are not going down and have been increasing since 2017.

    What still isn’t known

    There are currently no large-scale monitoring sites in the U.S. dedicated to tracking ultrafine particles in the environment. This limits the ability of researchers like us to comprehend the extent of ultrafine particle exposure and its impact on public health.

    What’s more, the exact biological mechanisms through which ultrafine particles cause harm are not yet fully understood. Increasing research evidence suggests that ultrafine particles can affect heart function, causing hardening of arteries, lung inflammation and systemic inflammation.

    There have been few prior studies looking at death rates related to ultrafine particle exposure by demographics and seasonality. By understanding which groups are most vulnerable to ultrafine particle exposure, interventions can be more effectively tailored to lower the risks and protect those who are disproportionately affected. Our study, which is funded by the New York State Energy Research and Development Authority, helps fill in these critical knowledge gaps.

    The Research Brief is a short take on interesting academic work.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state – https://theconversation.com/tiny-airborne-particles-within-air-pollution-could-be-a-silent-killer-new-study-uncovers-hidden-risks-and-reveals-whos-most-at-risk-in-new-york-state-236299

    MIL OSI – Global Reports –