NewzIntel.com

Blog

  • MIL-OSI Asia-Pac: HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)

    Source: Hong Kong Government special administrative region

    HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)
    HKETO Jakarta presents “Made in Hong Kong” at Jakarta Film Week (with photos)
    ***************************************************************************************

         The Hong Kong Economic and Trade Office in Jakarta (HKETO Jakarta) and the Asian Film Awards Academy are jointly presenting the “Made in Hong Kong” film series at Jakarta Film Week in Jakarta, Indonesia, to promote the Hong Kong film industry.      Speaking at the “Hong Kong Night” this evening (October 26), the Director-General of HKETO Jakarta, Miss Libera Cheng, said that the Government of the Hong Kong Special Administrative Region is committed to bolstering its cultural and creative industries, with a view to facilitating Hong Kong’s development as an East-meets-West centre for international cultural exchange.      She highlighted the initiatives in promoting the development of the arts and culture and creative industries as announced in “The Chief Executive’s 2024 Policy Address” delivered by the Chief Executive last week, including subsidising around 50 projects under the CreateSmart Initiative per year, rolling out the Hong Kong‑Europe‑Asian Film Collaboration Funding Scheme, and continuing to implement the 10‑year development blueprint for arts and cultural facilities for their improvement and development.        With support from the Film Development Fund and the Cultural and Creative Industries Development Agency, the “Made in Hong Kong” film series features four Hong Kong movies and four Hong Kong short films, including “Time Still Turns the Pages”, “Twilight of the Warriors: Walled In”, “Love Lies” and “The Remnant”.      Hong Kong film directors including Nick Cheuk of “Time Still Turns the Pages”, winner of the Best New Director Award at the 17th Asian Film Awards, Ho Miu-ki of “Love Lies”, along with several short-film directors, also attended the post-screening sharing session.

     
    Ends/Saturday, October 26, 2024Issued at HKT 22:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Alice Mak meets youths

    Source: Hong Kong Information Services

    Secretary for Home & Youth Affairs Alice Mak today attended a dialogue event for Youth Link members, at which she outlined to more than 80 young people the key initiatives on youth development that were included in the latest Policy Address.

     

    Miss Mak also shared that the second edition of the Youth Development Summit will take place in the second half of 2025. She encouraged young people to participate in the summit and seize the opportunity to interact with youths from the Mainland and overseas.

     

    Highlighting that Youth Link currently has over 10,000 members, Miss Mak said the Home & Youth Affairs Bureau will continue to engage young people on a regular basis through dialogue sessions and other activities.

     

    She also invited the youths at the event to provide suggestions for the use of, and facilities to be provided at, a new interactive space that will be established at Youth Square in Chai Wan.

     

    Launched by the bureau in September 2023, Youth Link aims to connect participants in various government youth programmes and offer them opportunities to develop their talents, while building their levels of interaction and trust with the Government.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Nations: Statement attributable to the Spokesperson for the Secretary-General – on the Middle East

    Source: United Nations secretary general

    Following the attacks overnight by the Israel Defense Forces on targets in the Islamic Republic of Iran, the Secretary-General is deeply alarmed by the continued escalation in the Middle East. All acts of escalation are condemnable and must stop.
     
    The Secretary-General urgently reiterates his appeal to all parties to cease all military actions, including in Gaza and Lebanon, exert maximum efforts to prevent an all-out regional war and return to the path of diplomacy.
     

    MIL OSI United Nations News –

  • MIL-OSI USA: Scott Statement on Federal Judge Ordering Youngkin Administration to Reinstate more than 1,600 Voters to Virginia’s Voter Rolls

    Source: United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Statement on Federal Judge Ordering Youngkin Administration to Reinstate more than 1,600 Voters to Virginia’s Voter Rolls

    NEWPORT NEWS, VA – Congressman Bobby Scott (VA-03), co-chair of the Congressional Voting Rights Caucus and Dean of the Virginia Congressional Delegation, issued the following statement on U.S. District Court Judge Patricia Tolliver Giles’ order requiring the Youngkin Administration to reinstate more than 1,600 voters who may have been illegally purged from Virginia’s voter rolls in violation of the National Voter Registration Act of 1993:

    “I am pleased that a federal court has reinstated more than 1,600 voters to Virginia’s voter rolls. For the last three election cycles, I have been concerned that Governor Youngkin and his administration have arbitrarily removed eligible voters from the Commonwealth’s voter rolls, and I have been especially concerned that these purges have occurred so close to Election Day.

    “In the two weeks before the 2023 Virginia General Assembly elections, the Youngkin Administration improperly removed 3,400 qualified voters, possibly in violation of Section 2 of the Voting Rights Act. In his August 7, 2024 executive order, the Governor ordered daily systematic purges of voters resulting in the potential illegal purge of more eligible voters. The National Voter Registration Act requires all states to complete any systematic removal of ineligible voters no later than 90 days prior to a federal election for voters to have adequate time to remedy any improper removal. In its review of these 1,600 voters, the U.S. Department of Justice found multiple instances of incorrect removals due to bureaucratic errors or mistakes made by the individual when filling out forms. Judge Tolliver Giles’ order recognizes that the Plaintiffs in this case are likely to succeed on the merits and would have suffered irreparable harm by denying their ability to exercise their right to vote at the ballot box on November 5th.

    “These efforts by Governor Youngkin and Republicans across the country are squarely within former President Trump’s playbook to undermine confidence in our elections and call into question the results of this November’s election if he does not win. There is no evidence that non-citizens are voting in any meaningful numbers, and to suggest otherwise is dishonest and only serves to undermine faith in our elections. These efforts only disenfranchise actual citizens from being able to exercise their right to vote. I expect the Governor and his administration to immediately reinstate these voters and notify them per the U.S. District Court’s order. Additionally, the U.S. Department of Justice must vigorously investigate these matters to protect the right to vote for all who are eligible and hold accountable all who violate the law.”

     

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: FEMA is Hosting a Job Fair in Augusta

    Source: US Federal Emergency Management Agency

    Headline: FEMA is Hosting a Job Fair in Augusta

    FEMA is Hosting a Job Fair in Augusta

    ATLANTA – Are you interested in applying for a federal job? Join FEMA at a job fair on Wednesday, Oct. 30 in Augusta to learn how to navigate USAjobs.gov, the federal government’s official web-based employment webpage that lets you access thousands of job opportunities across hundreds of federal agencies and organizations. FEMA representatives will be on hand, providing training on how to navigate through usajobs.gov, create a profile, and build an effective resume in the resume builder tool. Computers will be available at the fair to help attendees access the website and create their online profile.  The fair will take place from 9:30 a.m. to 4 p.m. You do not need to register to attend.How to attend: Date and time: Wednesday, Oct. 30 from 9:30 a.m. – 4 p.m.Location: May Park Community Center, 622 4th Street. Augusta, Georgia 30901For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia and fema.gov/disaster/4821. Follow FEMA on X at x.com/femaregion4 or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Administrator Deanne Criswell on Twitter @FEMA_Deanne.
    minh.phan
    Sat, 10/26/2024 – 14:45

    MIL OSI USA News –

  • MIL-OSI Africa: Statement attributable to the Spokesperson for the Secretary-General – on the Middle East

    Source: United Nations – English

    ollowing the attacks overnight by the Israel Defense Forces on targets in the Islamic Republic of Iran, the Secretary-General is deeply alarmed by the continued escalation in the Middle East. All acts of escalation are condemnable and must stop.
     
    The Secretary-General urgently reiterates his appeal to all parties to cease all military actions, including in Gaza and Lebanon, exert maximum efforts to prevent an all-out regional war and return to the path of diplomacy.
     

    MIL OSI Africa –

  • MIL-OSI Canada: Canada formally apologizes to five Anishinaabeg First Nations

    Source: Government of Canada News

    News release

    October 26, 2024 — (Manitoulin Island, ON) — Crown–Indigenous Relations and Northern Affairs Canada and Aundeck Omni Kaning First Nation, M’Chigeeng First Nation, Sheguiandah First Nation, Sheshegwaning First Nation and Zhiibaahaasing First Nation

    Today, the Honourable Gary Anandasangaree, Minister of Crown–Indigenous Relations, on behalf of the Government of Canada, formally apologized to Aundeck Omni Kaning, M’Chigeeng, Sheguiandah, Sheshegwaning and Zhiibaahaasing First Nations for past wrongs relating to the Crown’s mismanagement of their monies in the late 1800s and the negative impacts experienced by the five communities as a result.

    This long-overdue apology was delivered at a ceremony held today with First Nations leadership, Elders, youth and community members at Aundeck Omni Kaning First Nation. Approximately 100 people were in attendance.

    At the ceremony, the Government of Canada and the First Nations also commemorated a claim settlement that provides a total of $447.9 million in compensation to be shared among the five First Nations. This financial settlement resolves three historical claims which date back to the late 1800s and are the focus of the apology delivered today.

    The apology relates to the Crown’s mismanagement of the First Nations’ monies from past land sales in the late 1800s following an agreement made with the First Nations in 1862. Instead of enabling these Anishinaabeg communities to thrive and economically benefit from the land sales, the Crown used the profits  – the monies intended for the First Nations – to build roads and open up Manitoulin Island for settlement. In doing so, the Crown failed to act honourably and uphold its relationship with the First Nations, going against the spirit and intent of the Treaties, breaking its promises and creating injustices which continue to be felt by the communities today.

    This formal statement of apology and co-developed settlement are key steps toward healing and reconciliation with Aundeck Omni Kaning, M’Chigeeng, Sheguiandah, Sheshegwaning and Zhiibaahaasing First Nations. This is also an opportunity for all people in Canada to learn about our shared history and the harmful legacies of colonialism so we can move toward greater understanding and respect.

    Confronting our history and addressing past wrongs is critical to advancing reconciliation in Canada and rebuilding trust with First Nations communities.

    Quotes

    “Acknowledging and apologizing for past wrongs is the right thing to do. This settlement with Aundeck Omni Kaning, M’Chigeeng, Sheguiandah, Sheshegwaning and Zhiibaahaasing pays a longstanding debt that is rightfully owed to the First Nations. Nothing can undo the past or the pain it has caused, but it is crucial that we listen to Indigenous communities on how to best move forward. It is our hope that today’s apology will be a turning point in our Nation-to-Nation relationships with these five First Nations as we continue to co-develop shared solutions and build a better future based on mutual respect and true partnership.”

    The Honourable Gary Anandasangaree
    Minister of Crown–Indigenous Relations

    “This has been a long time coming. It is good to finally see some compensation coming to the First Nations.”

    Chief Patsy Corbiere,
    Aundeck Omni Kaning

    “This is a long overdue moment. We look forward to a positive result for our First Nation.”

    Chief Morgan Hare,
    M’Chigeeng First Nation

    “Community partnerships have proven that working together on the Manitoulin Project is the best way to strengthen our communities, which creates a positive future for generations to come.”

    Chief Jason Aguonie,
    Sheguiandah First Nation

    “Sheshegwaning is glad that Canada has taken this important step to resolve such long-standing breaches of fiduciary duty.”

    Chief Alana Endanawas,
    Sheshegwaning First Nation

    “Our community suffered the loss of these funds for too many years. We look forward to finally building for our families and in line with our vision.”

    Chief Irene Kells,
    Zhiibaahaasing First Nation

    Quick facts

    • The five First Nations have long sought justice and fair compensation for the three historical claims (which are often called “the Manitoulin Project”).

    • The First Nations and Canada began talks in 2016 to find the common ground for resolving these claims outside of the courts.

    • Negotiators for the parties completed their work on the settlement in December 2023.

    • First Nations members approved the settlement in community votes held in March 2024, with 98 percent of those who voted voting in favour.

    • The settlement was signed by the First Nations and Canada in August 2024.

    • The United Chiefs and Councils of Mnidoo Mnising represented the five Anishinaabeg First Nations in the negotiations: Aundeck Omni Kaning, M’Chigeeng, Sheguiandah, Sheshegwaning and Zhiibaahaasing.

    Associated links

    Contacts

    For more information, media may contact:

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

    Media Relations
    Crown–Indigenous Relations and Northern Affairs Canada
    819-934-2302
    RCAANC.media.CIRNAC@sac-isc.gc.ca

    Chief Patsy Corbiere
    Aundeck Omni Kaning
    (705) 368-2228

    Chief Morgan Hare
    M’Chigeeng First Nation
    (705) 377-5362

    Chief Jason Aguonie
    Sheguiandah First Nation
    (705) 368-2781

    Chief Alana Endanawas
    Sheshegwaning First Nation
    (705) 283-3292

    Chief Irene Sagon Kells
    Zhiibaahaasing First Nation
    (705) 283-3963

    Stay connected

    Join the conversation about Indigenous Peoples in Canada:

    X: @GCIndigenous
    Facebook: @GCIndigenous
    Instagram: @gcindigenous

    You can subscribe to receive our news releases and speeches via RSS feeds. For more information or to subscribe, visit http://www.cirnac.gc.ca/RSS

    MIL OSI Canada News –

  • MIL-OSI Canada: Government of Yukon introduces 2023–24 Public Accounts to the Legislative Assembly

    Source: Government of Canada regional news

    Today the 2023–24 Public Accounts was tabled in the Yukon Legislative Assembly. The Public Accounts present the Government of Yukon’s financial statements and reflect the government’s finances for the previous fiscal year. The 2023–24 Public Accounts show the government’s financial position on March 31, 2024.

    • Read more about Government of Yukon introduces 2023–24 Public Accounts to the Legislative Assembly
    • Add new comment

    MIL OSI Canada News –

  • MIL-OSI Canada: Statement from Premier Pillai on the Ta’an Kwäch’än Council election

    Source: Government of Canada regional news

    Premier Ranj Pillai has issued the following statement:

    “On behalf of the Government of Yukon, I offer congratulations to Ruth Massie on her election as Chief and to Michelle Telep on her election as Deputy Chief for the Ta’an Kwäch’än Council.

    “Chief Massie previously served as Chief of the Ta’an Kwäch’än Council as well as two terms as Grand Chief of the Council of Yukon First Nations and most recently served as Chair of her First Nation’s Elders Council.

    • Read more about Statement from Premier Pillai on the Ta’an Kwäch’än Council election
    • Add new comment

    MIL OSI Canada News –

  • MIL-OSI Security: Fort Worth Couple Tied to Two Overdose Deaths Sentenced to Combined 51 Years in Prison

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

    A Fort Worth couple linked to at least two overdose deaths was sentenced today to a combined 51 years in federal prison for trafficking fentanyl, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.

    Edward Taylor, 42, Tierrah “TT” Andrews, 29, were charged in March. Both pleaded guilty in May to conspiracy to distribute fentanyl. On Friday, Mr. Taylor was sentenced by U.S. District Judge Mark Pittman to 27 years in federal prison; Ms. Andrews was sentenced to just over 24 years in federal prison.

    “These drug traffickers callously disregarded the risks of the drugs they were selling, and as a result, two people died,” said U.S. Attorney Leigha Simonton. “Traffickers know that fentanyl does not discriminate. It takes the lives of first-time users and long-term addicts alike. These round blue pills are fueling a crisis that is ripping apart families across America. The Justice Department—including this U.S. Attorney’s Office—will not relent until we see each and every fentanyl trafficker held accountable for the lives they destroyed.”

    “Although today’s sentencings will provide little solace to the families of those lost to the fentanyl scourge, it is a promising triumph in law enforcement’s fight against its vile spread. As we witness in this case, while investigating Federal firearms violations, ATF will occasionally uncover other illicit acts, such as the sale of illegal narcotics. Unbeknownst to the bad guys, law enforcement communicates better than they do. Making these crimes sentenced here today even more monstrous is the fact that Ms. Andrews was carrying a firearm to protect her venture while dealing her filth.  Together with our local partners and the DEA, we are committed to putting the bad actors poisoning our streets with fentanyl and carrying firearms in prison through any means necessary,” stated ATF Dallas Field Division Special Agent in Charge Jeffrey C. Boshek II.   

    According to court documents, Mr. Taylor and Ms. Andrews admitted to trafficking cocaine and fentanyl pills out of a motel room and an apartment in Fort Worth’s Las Vegas Trail neighborhood.

    On Nov. 2, 2023, a 45-year-old man identified by the initials T.M. took a rideshare to the motel to purchase drugs from Mr. Taylor. Surveillance video showed the man briefly enter and exit Mr. Taylor’s room. Hours later, the victim’s mother found his body in his bedroom next to a crushed M-30 pill containing fentanyl.  Four additional M-30 pills were found in a nicotine box inside the victim’s room.

    Less than three months later, on Jan. 26, 2024, a 21-year-old man identified by the initials K.S. texted Ms. Andrews requesting “rocks n blues” (slag for crack cocaine and fentanyl pills). Cell phone data showed he took a rideshare to a gas station near her apartment, walked to her place, and paid her $77 via CashApp. Later that day, his sister found his body, where blue M-30 pills containing fentanyl, white powder, and a glass pipe were later found.

    That same month, a source of information reported to police he had purchased crack cocaine and fentanyl pills from a couple trafficking out of Fort Worth. He provided Ms. Andrews’ phone number and Mr. Taylor’s CashApp account. Another source of information confirmed that he too had purchased crack cocaine and “percs” (another slang term for pills) from Mr. Taylor and Ms. Andrews for several months. He reported that the couple generally had a “k-pack” of 1,000 blue M-30 pills in plain view.

    On Jan. 27,  law enforcement executed a search warrant at Ms. Andrews’ apartment,  where they found 270 blue M-30 pills, 2.8 grams of cocaine, 6.6 grams of methamphetamine, a drug ledger (also known as a “pay owe” book), and 50 rounds of 9mm ammunition. On Ms. Andrews’ person, agents found a privately manufactured firearm, or “ghost gun,” loaded with 13 rounds of ammunition. She explained to officers that she dealt drugs provided by Mr. Taylor and carried the pistol ”so no one does anything to me.”

    On Feb. 29, 2024, an ATF undercover agent and a confidential informant purchased approximately 6.28 grams of blue M-30 pills containing fentanyl from Ms. Andrews at her apartment for $275. They observed Mr. Taylor asking Ms. Andrews about the transaction while she bagged up the blue M-30 pills inside the apartment. The transaction was completed outside, in the undercover agent’s vehicle. The defendants were arrested a week later in possession of additional blue M-30 pills and firearms, despite both being convicted felons prohibited from possessing firearms.

    When confronted with photos of the victims, Mr. Taylor admitted to selling to T.M. and Ms. Andrews admitted to selling to K.S. Autopsies later confirmed both men suffered fatal drug overdoses.

    The Bureau of Alcohol, Tobacco, Firearms, & Explosives Dallas Field Division – Fort Worth Resident Agency conducted the investigation as part of a Fort Worth Violent Crime Initiative, with the assistance of the Fort Worth Police Department and the Parker County Sheriff’s Office. Assistant U.S. Attorney Levi Thomas is prosecuting the case. 

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning: Shri Shivraj Singh Chouhan

    We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management: Union Minister

    The department has approved the National Geo-Spatial Knowledge Based Land Survey of Urban Habitations pilot project for creation of land records in urban areas: Shri Chouhan

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    Union Minister for Rural Development Shri Shivraj Singh Chouhan inaugurated the International Workshop on the use of “Modern Technologies in Survey-Resurvey for Urban Land Records” at Dr. Ambedkar International Centre in New Delhi today through video conferencing. Shri Shivraj Singh Chouhan, in his keynote address as the Chief Guest reaffirmed the commitment of Govt. of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, Minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning. He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and States. Minister emphasized the need for close coordination in the Central and State Governments and requested the Department of Land Resources and State Governments to work in close coordination.  

    He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create Land Records in Urban Areas. The Pilot project will be started in more than 100 cities/towns in all the States / UTs and it is expected to be completed in one year’s time. This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years.   Shri Chouhan added that he is happy to report that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas. 

    Shri Shivraj Singh Chouhan said that he is happy to inform that his department is making tireless efforts in this direction.  He wanted to consult with experts from other countries on creation and reconciliation of land records and this two-day conference is an effort to discuss and understand global best practices in the use of new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

    Union minister extended his best wishes for successful organization of this event and he hope that the information gained from the workshop will help the government in formulating policies to further strengthen the urban local bodies.

    Secretary, Department of Land Resources, Ministry of Rural Development, Shri Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

    In the inaugural session, Shri Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Shri Abedelrazq Khalil, World Bank’s Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

    The first session of the Workshop on International Best Practices in Establishing and Maintaining Urban Digital Land Record was chaired by Shri Manoj Joshi, Secretary, Department of Land Resources and moderated by Mr. Klaus Deininger, Lead Economist, World Bank. This session had global participation from the land registration/survey departments of South Korea, Spain, Netherlands, France, United Kingdom, Australia, Japan, USA, Germany.  The importance of registration laws, land surveying, aerial mapping and the integration and implementation of GIS was discussed extensively, during this session.

    The workshop is a unique gathering of the stakeholders from the Ministries/Departments of the Government of India, Revenue and Urban Development Secretaries of 34 States/UTs, the Municipal Commissioners, international experts, Municipal officers /CEOs of around 120 Urban Local Bodies which are taking part in the Pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for Modernization of Urban Land records and industry &technology partners from India and abroad.

    Further, a Technology Exhibition on survey and resurvey featuring more than 30 Technology Companies from India as well as abroad was inaugurated by Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

    *****

     

    SS

    (Release ID: 2066731) Visitor Counter : 53

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: U.S. Marshals Capture Memphis Murder Suspect in Minneapolis

    Source: US Marshals Service

    Memphis, TN – The U.S. Marshals Service (USMS) in the Western District of Tennessee and the District of Minnesota coordinated to capture a fugitive, Jaylon Remus, 25, of Memphis. Remus was wanted for first degree murder, aggravated assault, especially aggravated robbery, and reckless endangerment out of Shelby County, Tennessee.

    On September 4, 2024, a warrant was issued for the arrest of Remus out of Shelby County. The USMS Two Rivers Violent Fugitive Task Force (TRVFTF) in Memphis adopted the case the same day. The TRVFTF developed information that Remus had fled to the Minneapolis area and requested the USMS in Minnesota for help in locating him.

    On October 21st, deputy marshals from the North Star Fugitive Task Force in Minneapolis tracked Remus to a family member’s house in the City of Medina outside the Minneapolis area. Remus surrendered to deputies at the front door of the residence and is pending extradition back to Tennessee.

    The U.S. Marshals Two Rivers Violent Fugitive Task Force is a multi-agency task force within Western Tennessee. The TRVFTF has offices in Memphis and Jackson, and its membership is primarily composed of Deputy U.S. Marshals, Shelby, Fayette, and Tipton County Sheriff’s Deputies, Memphis and Jackson Police Officers, the Tennessee Department of Correction Special Agents and the Tennessee Highway Patrol. Since 2021, the TRVFTF has captured over 2,600 violent offenders and sexual predators.

    MIL Security OSI –

  • MIL-OSI Security: Dundurn — Saskatoon RCMP: woman charged after fatal collision

    Source: Royal Canadian Mounted Police

    On October 19, 2024 at approximately 9:45 p.m., Saskatoon RCMP received a report of a collision on Highway #11, one kilometre north of Dundurn.

    Officers immediately responded. Investigation determined a truck and an SUV collided in the southbound lanes. The truck was driving northbound in the southbound lanes.

    The driver and passenger of the SUV were declared deceased by EMS at the scene. They have been identified as a 50-year-old female and 20-year-old female from Lake Isle, AB. Their families have been notified.

    Two occupants of the truck, both children, were taken to hospital with injuries described as non-life-threatening in nature.

    The adult female driver of the truck did not report injuries to police. She was arrested at the scene of the collision.

    As a result of continued investigation, 32-year-old Brittany Barry from the RM of Blucher is charged with:

    • two counts, operate a conveyance while impaired over 80 mg causing death, Section 320.14(3), Criminal Code;
    • two counts, dangerous operation of a motor vehicle causing death, Section 320.13(3), Criminal Code;
    • two counts, operate a conveyance while impaired over 80 mg causing bodily harm, Section 320.14(s), Criminal Code;
    • two counts, dangerous operation of a motor vehicle causing bodily harm, Section 320.13(3), Criminal Code;
    • two counts, criminal negligence causing death, Section 220(b), Criminal Code; and
    • two counts, criminal negligence causing bodily harm, Section 221, Criminal Code.

    Brittany Barry is scheduled to appear in Saskatoon Provincial Court on October 21, 2024.

    The highway was closed for approximately six hours during initial investigation.

    The investigation continues. Saskatoon RCMP believes there are witnesses to this collision who they have not spoken to. If you witnessed the collision or stopped at the scene and have not yet spoken with police, contact Saskatoon RCMP by dialling 310-RCMP.

    MIL Security OSI –

  • MIL-OSI Security: Member of Violent Gang Pleads Guilty to Racketeering Involving Drug and Firearms Trafficking

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

    BOSTON – A Boston area man pleaded guilty today to his role in Cameron Street, a violent Boston gang.

    Jose Afonseca, 32, pleaded guilty today to conspiracy to participate in a racketeering enterprise, conspiracy to distribute 500 grams or more of cocaine and dealing in firearms without a license. U.S. Senior District Court Judge William G. Young scheduled sentencing for Jan. 30, 2025.   

    During the investigation, Afonseca was identified as member of the Cameron Street gang, who worked with other Cameron Street members to distribute hundreds of grams of cocaine and cocaine base, more commonly referred to as “crack” cocaine, from a stash house in Somerville. Afonseca was recorded discussing his ability to acquire illegal firearms and was recorded selling two firearms and over 30 rounds of ammunition to a cooperating witness. On Aril 15, 2022, agents executed a series of arrest and search warrants in this case. Three hundred ninety-eight grams of cocaine, along with packaging materials, two hydraulic presses, a digital scale, a cell phone, and $14,986 in U.S. currency were seized from the stash house.

    According to court documents, Cameron Street, a violent gang based largely in the Dorchester section of Boston that uses violence and threats of violence to preserve, protect, and expand its territory, promote a climate of fear, and enhance its reputation.

    The charge of RICO conspiracy and conspiracy to interfere with commerce by force or violence each provide for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000. The charge of conspiracy to distribute 500 grams or more of cocaine provides for a minimum sentence of five years and a maximum sentence of 40 years, a $5 million fine, and a minimum four years supervised release up to life. The charge of dealing in firearms without a license provides for a sentence of up to five years in prison, three years of supervised release, and a fine of $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    This operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    Acting United States Attorney Joshua Levy; James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Boston Field Division; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division; and Boston Police Commissioner Michael Cox made the announcement today. Valuable assistance was provided by the Massachusetts State Police; Suffolk County Sheriff’s Office; Suffolk, Plymouth, Norfolk and Bristol County District Attorney’s Offices; and the Canton, Quincy, Randolph, Somerville, Brockton, Malden, Stoughton, Rehoboth and Pawtucket (R.I.) Police Departments. Assistant U.S. Attorneys Christopher Pohl and Charles Dell’Anno of the Criminal Division are prosecuting the case.

    The remaining defendants named in the indictment are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI –

  • MIL-OSI Security: Anchorage man charged with firearm crime connected to September encounter with Anchorage Police

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

    ANCHORAGE, Alaska – A federal grand jury in Alaska returned an indictment charging an Anchorage man with being a felon in possession of a firearm during an encounter with the police.

    According to court documents and a press release from the Anchorage Police Department (APD), on Sept. 23, 2024, Jalen Baker, 23, possessed a firearm during an encounter with police.

    The release alleges APD officers responded to a shooting in Anchorage where two victims were shot. Officers located the shooting suspect in a nearby trailer home park. The suspect fired at responding officers, striking one in the lower body, and barricaded himself inside a trailer home.

    The investigation identified the suspect as Baker and he was taken into custody at the scene. At the time of the event, Baker had a prior felony conviction for assault in the State of Alaska in 2022.

    Baker is charged with one count of being a felon in possession of a firearm and one count of possession of a firearm at a school zone. The defendant will make his initial court appearance on a later date before a U.S. Magistrate Judge from the U.S. District Court for the District of Alaska. If convicted, he faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    U.S. Attorney S. Lane Tucker for the District of Alaska, Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Seattle Field Division Special Agent in Charge Jonathan Blais and Anchorage Police Chief Sean Case made the announcement.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and Anchorage Police Department, with assistance from the Alaska State Troopers, are investigating the case.

    Assistant U.S. Attorney Cody Tirpak is prosecuting the case.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Wetzel County Man Admits to Firearms Charge

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

    WHEELING, WEST VIRGINIA – Talon D. Feucht, age 30, of New Martinsville, West Virginia, pled guilty to the unlawful possession of a firearm.

    According to court documents and statements made in court, Moundsville Police arrested Feucht on an outstanding warrant on an entering without breaking charge in Marshall County. During the arrest, Feucht admitted to having a firearm in his bag. A search of the bag resulted in the seizure of a .38 caliber firearm and ammunition. Feucht is prohibited from having firearms because of two prior felony theft convictions.

    Feucht faces up to 15 years in prison. A federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant U.S. Attorney Clayton Reid is prosecuting the case on behalf of the government.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives and the Moundsville Police Department investigated.

    U.S. Magistrate Judge James P. Mazzone presided.

    MIL Security OSI –

  • MIL-OSI Security: Laredo resident sent to prison for second felon in possession of firearm conviction

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

    HOUSTON – A 41-year-old man has been sentenced for possessing a firearm as a convicted felon, announced U.S. Attorney Alamdar S. Hamdani.

    Fernando Perez pleaded guilty July 9. 

    U.S. District Judge Marina Garcia Marmolejo has now ordered Perez to serve 71 months in federal prison to be immediately followed by three years of supervised release. 

    The case began June 12, 2019, when authorities conducted an investigation into illegal firearms trafficking in Webb County.

    Law enforcement identified Perez as the individual who was illegally selling semi-automatic rifles on the streets of Laredo. The investigation revealed Perez illegally sold a Stag Arms, model Stag 15, 5.56 caliber semi-automatic rifle for $2,000 in broad daylight. 

    At the time of the illegal sale, Perez already had a prior 2012 felony conviction for being a felon in possession of a firearm. As such, he is prohibited from possessing firearms or ammunition per federal law.

    He will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives conducted the investigation with assistance from the Laredo Police Department and Webb County Sheriff’s Office. Assistant U.S. Attorneys Francisco J. Rodriguez and Andrew Hakala-Finch prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Springfield, Vermont Man Pleads Guilty to Gun Charge

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

    Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that Ernest Lamphere, 44, of Springfield, Vermont, pleaded guilty today to a gun possession charge before U.S. District Court Judge William K. Sessions III.

    According to court records including the stipulated facts in the plea agreement between the parties, in late February 2024, Lamphere was subject to a State of Vermont relief from abuse order, which was sought by his family members and prohibited his possession of firearms. When law enforcement served the relief from abuse order on Lamphere on February 27 at his home, he turned over four firearms and also admitted opiate use. Two days later Lamphere was located alone in his vehicle, blocking the drive-thru lane at the McDonald’s in Springfield, Vermont and nodding off from illegal drug use. Lamphere had opiates in his system at the time. Along with significant quantities of illegal drugs located in his vehicle and on his person, Lamphere was also in possession of two AR-style rifles, a silencer, and assorted ammunition.

    Lamphere pleaded guilty today to being a drug user in possession of a firearm, a charge which carries a maximum sentence of 15 years. The actual sentence will be determined by the District Court with reference to the Federal Sentencing Guidelines and statutory sentencing factors of the United States Code. If accepted by the court, the plea agreement signed by Lamphere and the government recommends (1) that sentencing be delayed for one year, and (2) that Lamphere receive a time-served sentence, to be followed by three years of supervised release, if he abides by the terms of the plea agreement during the intervening year.

    The U.S. Attorney’s Office thanked the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and the Springfield, VT Police Department for their work on this case.

    U.S. Attorney Nikolas Kerest has handled the case for the government. Assistant Federal Public Defender Steven Barth represents Ernest Lamphere.

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

    MIL Security OSI –

  • MIL-OSI: ARC Capital Venture LLC Highlights Growing Investor Confidence in U.S. Fixed Income Market

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — ARC Capital Venture LLC has highlighted a renewed wave of investor optimism in the U.S. fixed income market, driven by positive economic indicators and a growing belief in the Federal Reserve’s ability to guide the economy toward a “soft landing.” With inflows into fixed-income assets reaching record highs, this revival underscores the strength and stability of bonds as a viable investment strategy.

    The latest data shows that leading financial institutions, including BlackRock, JPMorgan Chase, and Pimco, have experienced unprecedented growth in their bond portfolios. In the third quarter alone, U.S. bond funds saw an impressive $123 billion in inflows, with $93 billion directed towards exchange-traded funds (ETFs). These figures reflect the renewed confidence of investors who are seeking reliable returns and a hedge against potential stock market volatility.

    ARC Capital has observed similar trends among it’s clients, many of whom are shifting from cash savings to fixed income, recognizing bonds as a key component of their portfolios. This trend is largely fuelled by the Federal Reserve’s recent easing of interest rates and the broader realization that high-quality bonds provide essential diversification in periods of economic stress.

    “The current bond market is demonstrating remarkable resilience and appeal,” said Nicos Kezarides, Chief Executive Officer at ARC Capital Venture LLC. “We’re seeing more investors re-enter the fixed-income space as interest rates decline, with bonds offering competitive yields that are particularly attractive compared to traditional savings products. This environment is creating an ideal opportunity for investors to benefit from the stability and potential returns offered by bonds.”

    The market’s positive momentum is further supported by the fact that, despite global uncertainties, major financial institutions have continued to report strong inflows. Pimco, for instance, recently reached $2 trillion in assets under management for the first time since 2022, marking a significant milestone for the bond giant.

    As the Federal Reserve continues to adjust its policies, ARC Capital anticipates that the fixed-income market will see sustained growth, particularly for longer-duration bonds that offer attractive yields in a normalized rate environment. The broad appeal of both active and passive bond strategies underscores the democratization of fixed-income investing, making it accessible to a wider range of investors.

    “Bonds are increasingly being seen as a crucial tool for portfolio diversification, and we expect this trend to accelerate as the economy stabilizes,” added Nicos Kezarides. “At ARC Capital, we are committed to helping our clients navigate this evolving landscape, providing them with the insights and investment opportunities needed to succeed in the fixed income space.”

    For more information on ARC Capital services and market insights, please visit http://www.arc-capital.com or contact our team at info@arc-capital.com.

    This press release does not provide general or personal financial product advice, nor does it constitute a recommendation to engage in transactions or invest in fixed income securities. It should not be considered as a solicitation. Before making any investment decisions related to fixed-income securities, investors are advised to consult with their financial adviser and seek independent tax advice, considering their individual needs and financial circumstances.

    Media Relations
    ARC Capital Venture LLC
    Max Harrington, Head of Marketing
    max.harrington@arc-capital.com
    +1 (312) 820-1040
    10 South Riverside Plaza
    Suite 875
    Chicago, IL 60606

    The MIL Network –

  • MIL-OSI: Embassy Bank voted the 2024 Morning Call Readers’ Choice “Best Bank” and Grows Market Share in Lehigh & Northampton Counties Combined with Year over Year Deposit Growth

    Source: GlobeNewswire (MIL-OSI)

    BETHLEHEM, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) — Embassy Bancorp, Inc. (OTCQX: EMYB) – Embassy Bank for the Lehigh Valley is thrilled and deeply honored to announce that the bank has been named this year’s 2024 Morning Call Readers’ Choice for “BEST BANK” in the Lehigh Valley. This recognition reinforces Embassy’s commitment, first made nearly 23 years ago, to exceed customer expectations while setting the standard in community banking. The Bank offers innovative banking solutions, attentive personal service and expert professional guidance, enabling customers to achieve their full financial potential. 

    Since its inception in November 2001, the Bethlehem-based Bank has consistently achieved annual deposit growth in the two-county region of Pennsylvania.

    The Federal Deposit Insurance Corporation’s Summary of Deposits (SOD) indicates that Embassy has once again gained deposit market share, growing to 8.86% in Lehigh & Northampton Counties combined as of June 30, 2024. This is up from 8.53% of the two counties as of a year prior on June 30, 2023, and represents the 4th overall deposit market share spot in the SOD.

    The Lehigh Valley boasts a thriving economy and was recently ranked first among mid-sized U.S. markets for development projects and a top 15% manufacturing market in the U.S. based on GDP, according to the Lehigh Valley Economic Development Corporation.

    “Our area provides a tremendous level of opportunity for Embassy’s entrepreneurial-minded bankers,” said David M. Lobach, Chairman, CEO and President, Embassy Bank. “While we compete with our nation’s largest banks, the need for community bankers who understand our market cannot be understated. Our team lives and works in the neighborhoods of those we serve, and that goes a very long way in earning the confidence of our customers and ultimately, our continued organic growth.”

    The FDIC’s SOD provides deposit totals for each of the more than 76,000 domestic offices operated by more than 4,500 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. This report also indicated that Embassy remains the #1 Lehigh Valley-based bank in the combined counties for market share.

    Embassy Bank for the Lehigh Valley operates 10 locations throughout Lehigh and Northampton counties of Pennsylvania, complemented by a full-service suite of 24/7 digital banking products. Embassy Bancorp, Inc. is the parent company of Embassy Bank for the Lehigh Valley. Embassy Bancorp, Inc. common stock is publicly traded, and prices are quoted on the OTCQX under the symbol EMYB.

    To learn more about Embassy Bank’s services, visit http://www.embassybank.com.

    Safe Harbor for Forward-Looking Statements
    This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. 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: ineffectiveness of the company’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Embassy Bancorp, Inc.’s filings with the Securities and Exchange Commission (SEC). The statements are valid only as of the date hereof and Embassy Bancorp, Inc. disclaims any obligation to update this information.

    Contact: David M. Lobach, Jr. (610)882-8800

    The MIL Network –

  • MIL-OSI: Bitget brings GRASS (GRASS) to Pre-Market For Advance Trading Orders

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of GRASS (GRASS) for pre-market trading, allowing users to place advance trading orders before the token becomes available for spot trading. The pre-market phase is open, traders can engage in GRASS/USDT trading through Bitget’s platform, enabling from an opportunity to participate in early trades ahead of the wider market release.

    GRASS is a decentralized data layer built for artificial intelligence, enabling users to share their internet bandwidth and collect verifiable network data through a distributed system. Node operators leverage unused internet capacity to gather raw data for AI training, turning excess bandwidth into a valuable resource. The total supply of GRASS is set at 1 billion tokens.

    Bitget’s Pre-market platform has emerged as a key tool for traders seeking early access to different tokens, offering a competitive edge by enabling transactions before official market listings. This feature supports peer-to-peer trades, providing participants the ability to negotiate prices and secure liquidity in advance. Buyers can lock in rates, while sellers benefit from the flexibility of completing deliveries without needing to hold coins upfront.

    Bitget continues to expand its presence across both spot and derivatives markets, maintaining its position as one of the top 10 centralized exchanges. Since its launch in April 2024, the pre-market platform has offered users early access to high-profile projects, including EigenLayer (EIGEN), Zerolend (ZERO), and ZkSync (ZKSYNC). With more than 800 coins and 900 trading pairs available, Bitget is committed to enhancing its platform offerings and providing users with early opportunities to engage in the most in variety projects in the crypto space.

    Bitget’s introduction of GRASS through its pre-market mechanism shows the platform’s strategy to provide users early access to emerging blockchain projects. This early engagement can benefit both the token’s market exposure and user participation, making it an integral part of Bitget’s expanding crypto ecosystem.

    For more information on GRASS tokens, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World’s Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

    For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice. 

    Contact

    Public Relations
    Simran
    Bitget
    media@bitget.com

    The MIL Network –

  • MIL-OSI: Provident Financial Holdings To Host Earnings Release Conference Call

    Source: GlobeNewswire (MIL-OSI)

    RIVERSIDE, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”) (Nasdaq GS: PROV), the holding company for Provident Savings Bank, F.S.B., today announced that it will distribute a news release announcing earnings for the first quarter of fiscal 2025 prior to the market open on Monday, October 28, 2024. Additionally, the Company will host a conference call for institutional investors and bank analysts on Tuesday, October 29, 2024 at 9:00 a.m. (Pacific) to discuss financial results. The conference call can be accessed by dialing 1-800-715-9871 and referencing Conference ID number 3610756. An audio replay of the conference call will be available through Tuesday, November 5, 2024 by dialing 1-800-770-2030 and referencing Conference ID number 3610756.

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

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 21.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    21 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 21.10.2024

    Espoo, Finland – On 21 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,317,830 4.34
    CEUX 269,017 4.32
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,586,847 4.33

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 21 October 2024 was EUR 6,875,967. After the disclosed transactions, Nokia Corporation holds 178,234,633 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: FinTech360’s Unified Communication Hub Redefines Forex Broker Efficiency

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, Oct. 21, 2024 (GLOBE NEWSWIRE) — With over a decade of expertise in the forex industry, FinTech360.com continues to set new benchmarks in B2B fintech solutions. Known for its innovation, FinTech360 has launched its cutting-edge Communication Hub, a revolutionary platform that transforms communication for forex brokers by providing a streamlined, centralized solution. This cloud-based CRM system improves interaction efficiency across various channels, including email, live chat, SMS, and messaging apps like WhatsApp and Telegram, making it an essential tool for brokers seeking to enhance their operational performance.

    FinTech360.com is positioning itself as the ultimate work management platform for the forex market, integrating essential tools for collaboration, communication, and productivity—all while ensuring the highest level of security and regulatory compliance.

    A Secure and Trusted Partner for Forex Brokers

    FinTech360’s Communication Hub offers forex brokers seamless control over multiple communication channels, from messaging apps to push notifications, all managed within a centralized dashboard. The platform enables easy tracking of client data, inquiries, and interactions, allowing brokers to provide better customer service in one secure location.

    “The launch of the Communication Hub aligns with the digital transformation in the forex industry. FinTech360 is at the forefront of this shift, helping businesses consolidate their operations for smoother, more secure communications,” said Aaron Bitter, CEO of FinTech360. “As we continue to innovate, we’re proud to serve as a trusted partner to forex brokers worldwide.”

    Security remains at the core of FinTech360’s offering. The Communication Hub safeguards client privacy by implementing an encrypted “click-to-email” feature, ensuring brokers can interact with customers without risking data breaches.

    Key Features of the Communication Hub for Forex Brokers

    • Multichannel Communication: Manage emails, live chats, WhatsApp, Telegram, SMS, and push notifications from a single user interface.
    • Unified Dashboard: All communication is streamlined in one place, helping brokers optimize customer interactions.
    • Advanced Security: Protects customer contact information through encryption and secure communication triggers.
    • Cost-Efficient Operations: By consolidating all communication efforts, the hub improves efficiency and reduces costs.
    • Centralized CRM: Brokers can manage client communication from one central platform, improving back-office operations.

    Expanding FinTech360’s CRM Capabilities

    Beyond communication, FinTech360 offers an omnichannel CRM solution, giving forex brokers comprehensive control over all back-office operations. From KYC and AML compliance to handling payments through its payment gateway, FinTech360 allows brokers to accept payments globally via its network of over 250 providers.

    FinTech360’s Verification Center also plays a crucial role in assisting brokers with regulatory compliance, enabling seamless adherence to KYC, AML, and forex market regulations such as CySEC, ASIC, and the FSCA.

    FinTech360 CRM Features for Forex Brokers:

    • Website CMS and Client Area: Create a custom website reflecting your brand, enhancing the user experience.
    • Verification Center: Keep up with KYC and AML regulations while monitoring and optimizing sales calls.
    • Sales-Focused CRM: Simplify your workflow with automated lead splitting and detailed sales tracking, improving client management.
    • Communication Hub: Use multiple channels to engage with clients and track interactions in real-time.
    • Affiliate Manager: Optimize your affiliate marketing efforts through real-time traffic monitoring and management tools.
    • Full Suite Cashier: Process payments with over 300 integrated PSPs and APMs, supported by advanced risk management features.
    • Web Trading Platform and Apps: Deliver seamless trading experiences with FinTech360’s web and mobile apps, integrated with MT4/MT5 for top-tier security.
    • Business Intelligence (BI) Reports: Track every aspect of your business, from traffic to customer interactions, ensuring data-driven decisions.

    For more information about FinTech360 and its latest cross-device trading solutions, visit FinTech360.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Mississauga, Region of Peel, Enwave and Lakeview Village break ground on ambitious district energy project, setting the stage for one of the most sustainable new waterfront communities in Canada

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, Oct. 21, 2024 (GLOBE NEWSWIRE) — Today, the City of Mississauga, Lakeview Community Partners Limited (LCPL), Enwave Lakeview Corporation and the Region of Peel celebrated the groundbreaking of a new district energy system at Lakeview Village. Once fully operational, the Lakeview Village district energy system is positioned to be the first of its kind in Ontario and the largest in Canada.

    Unlike traditional heating and cooling systems, which are large contributors to greenhouse gas (GHG) emissions, district energy systems use a network of pipes to heat and cool an entire community from a centralized location. These systems allow for a combination of generation assets that work seamlessly together to improve efficiency, consume less energy, and reduce GHG emissions. They are also more reliable and resilient than traditional systems.

    To bring this new system to life, the City of Mississauga and Enwave have signed agreements allowing Enwave to build the necessary pipes and infrastructure on city land and construct a new building to operate the system. These agreements mark a major milestone in the Lakeview Village project and follow several years of collaboration.

    Left-right: Stephen Dasko (Ward 1 Councillor), Charles Sousa (MP Mississauga-Lakeshore), Brian Sutherland (Lakeview Community Partners), Gord Buck (Founder of ARGO), Carolyn Parrish (Mississauga Mayor), Carlyle Coutinho (CEO, Enwave Energy Corporation), Ehren Cory (CEO, Canada Infrastructure Bank), Alvin Tedjo (Ward 2 Councillor), Rudy Cuzzetto (MPP Mississauga-Lakeshore), and Silvio De Gasperis (Founder, President and CEO of TACC Group).

    Giving treated wastewater a second life

    The Region of Peel and Enwave are working to further decrease GHG emissions from the district energy system through a proposed plan to leverage treated wastewater, or effluent, from the nearby G.E. Booth Water Resource Recovery Facility as the main source of low carbon energy for the system. Using effluent to heat and cool Lakeview Village draws on an innovative energy source that would otherwise remain untapped.

    Once this transition happens, Lakeview Village’s residential units, offices and commercial spaces are expected to emit significantly fewer GHGs.

    The district energy system at Lakeview Village, alongside plans to leverage effluent, is instrumental in bringing the City of Mississauga’s Climate Change Action Plan and the Region of Peel’s Climate Change Master Plan to life.

    Building a new centre for operations and education

    The City of Mississauga and LCPL are also moving forward on the Site Development Plan and Building Permit applications to construct a new building that will house:

    • The district energy operations centre, which will be operated by Enwave.
    • A sewage pumping station, which will be operated by the Region of Peel.
    • An educational space to provide learning opportunities for Mississauga residents, visitors and the business community.

    Work is already underway, with the first crane installed onsite to support servicing and construction works for the new centre.

    Sustainable waterfront community

    Lakeview Village is a 177-acre site on Mississauga’s waterfront that was formerly the Lakeview Power Generating Station. Designed to be a mixed-use community, this sustainable and interconnected neighbourhood will feature 16,000 new homes, parks, trails, transit, recreational opportunities, event spaces, and commercial areas for work and shopping.

    Earlier this month, construction kicked off on the community’s first residential building with occupancy expected in early 2029.

    For more information about planning the Lakeview Village development, visit the City of Mississauga’s Lakeview Village webpage. To learn more about the community, visit mylakeviewvillage.com.

    Quotes:

    “Today’s announcement highlights our dedication to building mixed-use communities that are sustainable, and include a variety of housing options, jobs, parks and community spaces. Lakeview Village’s focus on innovative, low carbon solutions make it more than just a development project – it sets a new standard for sustainability. I’m proud to work with our partners on this transformative project that will shape the future of Mississauga for years to come.” Mayor Carolyn Parrish

    “This groundbreaking marks an exciting chapter in the evolution of Lakeview Village. Our vision has always been to make this community the most sustainable, innovative new development in the country, and this is a major step. The Enwave system within Lakeview Village is a leading example of how the joint priorities of sustainability and housing development can co-exist, supporting a better future for Ontario.” – Brian Sutherland, President, Lakeview Community Partners Limited

    “The groundbreaking of the district energy system at Lakeview Village is an exciting step toward the future of sustainable communities in Canada and beyond. This development is a complex undertaking, which will be the largest of its kind in North America with the integration of effluent, and would not be possible without the determination and collaboration demonstrated by all partners. Together, we are implementing big ideas and critical thinking to achieve the ambitious goals set for this project, and Enwave is proud to make this district energy system a reality.” Carlyle Coutinho, CEO of Enwave Energy Corporation

    “Today’s announcement signals Peel Region’s commitment to working with the City of Mississauga, Lakeview Community Partners Limited (LCPL), and Enwave Lakeview Corporation to leverage treated wastewater from the G.E. Booth Water Resource Recovery Facility as an innovative fuel source for the district energy system at Lakeview Village. Peel Region is a strong advocate for sustainability and committed to researching and implementing state-of-the-art treatment processes and technology at our facilities. We are always working to be a collaborative community partner, and providing this future fuel source for our neighbours at Lakeview Village demonstrates our environmental leadership.” – Chair Nando Iannicca, Peel Region 

    High-res images of the DE piping system and rendering of the centre can be found HERE.

    Media Contacts:

    City of Mississauga Media Relations
    media@mississauga.ca
    905-615-3200, ext. 5232
    TTY: 905-896-5151

    Amie Miles, Manager, Strategic Client Communications
    Amie.miles@peelregion.ca
    416-209-4317

    Enwave Energy Corporation
    Katie Good
    GoodPR
    416-540-2195
    katie@goodpr.ca

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc240327-bd37-414e-9670-213ee03188b2

    The MIL Network –

  • MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Average Loan portfolio continues to grow:
      • On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023
    • Continued solid financial results:
      • Key metrics for third quarter 2024:
        • Net income of $12.9 million versus $12.6 million for the second quarter 2024
        • Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
        • Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
    • Capital continues to grow:
      • Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
      • Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

    GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023.   TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products.  The objective was to meet customer needs and encourage increased utilization through existing HECLs.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

    Details

    Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

    Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.  

    At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

    A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814.   The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

     
    TRUSTCO BANK CORP NY
    GLENVILLE, NY
             
    FINANCIAL HIGHLIGHTS
             
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended        
        9/30/2024   6/30/2024   9/30/2023        
    Summary of operations                    
    Net interest income   $ 38,671     $ 37,788     $ 42,221              
    Provision for credit losses     500       500       100          
    Net gains on equity securities     23       1,360       –          
    Noninterest income, excluding net gains on equity securities     4,908       4,291       4,574          
    Noninterest expense     26,200       26,459       27,460          
    Net income     12,875       12,551       14,680          
                         
    Per share                    
    Net income per share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.77          
    – Diluted     0.68       0.66       0.77          
    Cash dividends     0.36       0.36       0.36          
    Book value at period end     35.19       34.46       32.80              
    Market price at period end     33.07       28.77       27.29          
                         
    At period end                    
    Full time equivalent employees     735       753       764          
    Full service banking offices     138       138       143          
                         
    Performance ratios                    
    Return on average assets     0.84   %   0.82   %   0.96   %      
    Return on average equity     7.74       7.76       9.32          
    Efficiency ratio (1)     59.65       62.84       58.33          
    Net interest spread     2.17       2.09       2.55          
    Net interest margin     2.61       2.53       2.85          
    Dividend payout ratio     53.16       54.57       46.65              
                             
    Capital ratios at period end                        
    Consolidated equity to assets     10.95   %   10.73   %   10.31   %          
    Consolidated tangible equity to tangible assets (2)     10.94   %   10.72   %   10.30   %      
                         
    Asset quality analysis at period end                    
    Nonperforming loans to total loans     0.38   %   0.38   %   0.36   %      
    Nonperforming assets to total assets     0.36       0.35       0.31          
    Allowance for credit losses on loans to total loans     0.99       0.99       0.95          
    Coverage ratio (3)   2.6x   2.6x   2.6x        
                         
                         
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
    (2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
    (3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
                         
                         
    FINANCIAL HIGHLIGHTS, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Summary of operations                    
    Net interest income $   113,037       133,238              
    Provision (Credit) for credit losses     1,600       (100 )            
    Net gains on equity securities     1,383       –              
    Noninterest income, excluding net gains on equity securities     14,042       13,841              
    Noninterest expense     77,562       82,466              
    Net income     37,552       48,798              
                         
    Per share                    
    Net income per share:                    
    – Basic $   1.97       2.57              
    – Diluted     1.97       2.57              
    Cash dividends     1.08       1.08              
    Book value at period end     35.19       32.80              
    Market price at period end     33.07       27.29              
                         
    Performance ratios                    
    Return on average assets     0.82   %   1.08              
    Return on average equity     7.68       10.57                  
    Efficiency ratio (1)     60.80       55.70                  
    Net interest spread     2.08       2.78                  
    Net interest margin     2.52       3.01            
    Dividend payout ratio     54.70       42.11                  
                             
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME
                         
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest and dividend income:                    
    Interest and fees on loans   $ 52,112     $ 50,660     $ 49,804     $ 49,201     $ 47,921  
    Interest and dividends on securities available for sale:                    
    U. S. government sponsored enterprises     718       909       906       750       672  
    State and political subdivisions     –       1       –       1       –  
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     1,397       1,451       1,494       1,533       1,485  
    Corporate bonds     361       362       476       477       473  
    Small Business Administration – guaranteed                    
    participation securities     90       94       100       102       107  
    Other securities     2       2       3       3       2  
    Total interest and dividends on securities available for sale     2,568       2,819       2,979       2,866       2,739  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     62       65       68       70       73  
    Total interest on held to maturity securities     62       65       68       70       73  
                         
    Federal Home Loan Bank stock     153       147       152       149       131  
                         
    Interest on federal funds sold and other short-term investments     6,174       6,894       6,750       6,354       6,688  
    Total interest income     61,069       60,585       59,753       58,640       57,552  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     311       288       240       165       102  
    Savings     770       675       712       707       639  
    Money market deposit accounts     2,154       2,228       2,342       2,500       2,384  
    Time deposits     18,969       19,400       19,677       16,460       11,962  
    Interest on short-term borrowings     194       206       204       201       244  
    Total interest expense     22,398       22,797       23,175       20,033       15,331  
                         
    Net interest income     38,671       37,788       36,578       38,607       42,221  
                         
    Less: Provision for credit losses     500       500       600       1,350       100  
    Net interest income after provision for credit losses     38,171       37,288       35,978       37,257       42,121  
                         
    Noninterest income:                    
    Trustco Financial Services income     2,044       1,609       1,816       1,612       1,627  
    Fees for services to customers     2,482       2,399       2,745       2,563       2,590  
    Net gains on equity securities     23       1,360       –       –       –  
    Other     382       283       282       299       357  
    Total noninterest income     4,931       5,651       4,843       4,474       4,574  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     12,134       12,520       11,427       12,444       12,393  
    Net occupancy expense     4,271       4,375       4,611       4,209       4,358  
    Equipment expense     1,757       1,990       1,738       1,852       1,923  
    Professional services     1,863       1,570       1,460       1,561       1,717  
    Outsourced services     2,551       2,755       2,501       2,532       2,720  
    Advertising expense     339       466       408       384       586  
    FDIC and other insurance     1,112       797       1,094       1,085       1,078  
    Other real estate expense (income), net     204       16       74       (12 )     163  
    Other     1,969       1,970       1,590       4,776       2,522  
    Total noninterest expenses     26,200       26,459       24,903       28,831       27,460  
                         
    Income before taxes     16,902       16,480       15,918       12,900       19,235  
    Income taxes     4,027       3,929       3,792       3,052       4,555  
                         
    Net income   $ 12,875     $ 12,551     $ 12,126     $ 9,848     $ 14,680  
                         
    Net income per common share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.64     $ 0.52     $ 0.77  
                         
    – Diluted     0.68       0.66       0.64       0.52       0.77  
                         
    Average basic shares (in thousands)     19,010       19,022       19,024       19,024       19,024  
    Average diluted shares (in thousands)     19,036       19,033       19,032       19,026       19,024  
                         
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Interest and dividend income:                        
    Interest and fees on loans $   152,576       138,255                  
    Interest and dividends on securities available for sale:                        
    U. S. government sponsored enterprises     2,533       2,055                  
    State and political subdivisions     1       1                  
    Mortgage-backed securities and collateralized mortgage                        
    obligations – residential     4,342       4,613                  
    Corporate bonds     1,199       1,510                  
    Small Business Administration – guaranteed                        
    participation securities     284       335                  
    Other securities     7       7                  
    Total interest and dividends on securities available for sale     8,366       8,521                  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities-residential     195       226                  
    Total interest on held to maturity securities     195       226                  
                         
    Federal Home Loan Bank stock     452       351                  
                         
    Interest on federal funds sold and other short-term investments     19,818       20,213                  
    Total interest income     181,407       167,566                  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     839       217                  
    Savings     2,157       1,824                  
    Money market deposit accounts     6,724       4,954                  
    Time deposits     58,046       26,525                  
    Interest on short-term borrowings     604       808                  
    Total interest expense     68,370       34,328                  
                         
    Net interest income     113,037       133,238                  
                         
    Less: Provision (Credit) for credit losses     1,600       (100 )                
    Net interest income after provision (credit) for credit losses     111,437       133,338                  
                         
    Noninterest income:                    
    Trustco Financial Services income     5,469       4,813                  
    Fees for services to customers     7,626       8,085                  
    Net gains on equity securities     1,383       –                  
    Other     947       943                  
    Total noninterest income     15,425       13,841                  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     36,081       38,798                  
    Net occupancy expense     13,257       13,218                  
    Equipment expense     5,485       5,758                  
    Professional services     4,893       4,684                  
    Outsourced services     7,807       7,507                  
    Advertising expense     1,213       1,494                  
    FDIC and other insurance     3,003       3,215                  
    Other real estate expense, net     294       536                  
    Other     5,529       7,256                  
    Total noninterest expenses     77,562       82,466                  
                         
    Income before taxes     49,300       64,713                  
    Income taxes     11,748       15,915                  
                         
    Net income $   37,552       48,798                      
                             
    Net income per common share:                    
    – Basic $   1.97       2.57              
                         
    – Diluted     1.97       2.57              
                         
    Average basic shares (in thousands)     19,019       19,024              
    Average diluted shares (in thousands)     19,034       19,024              
                         
                         
                         
                         
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    ASSETS:                    
                         
    Cash and due from banks   $ 49,659     $ 42,193     $ 44,868     $ 49,274     $ 45,940  
    Federal funds sold and other short term investments     473,306       493,920       564,815       528,730       461,321  
    Total cash and cash equivalents     522,965       536,113       609,683       578,004       507,261  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises     90,588       106,796       128,854       118,668       121,474  
    States and political subdivisions     26       26       26       26       34  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential     222,841       218,311       227,078       237,677       233,719  
    Small Business Administration – guaranteed                    
    participation securities     15,171       15,592       16,260       17,186       17,316  
    Corporate bonds     54,327       53,764       53,341       78,052       76,935  
    Other securities     701       688       682       680       657  
    Total securities available for sale     383,654       395,177       426,241       452,289       450,135  
                         
    Held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations-residential     5,636       5,921       6,206       6,458       6,724  
    Total held to maturity securities     5,636       5,921       6,206       6,458       6,724  
                         
    Federal Reserve Bank and Federal Home Loan Bank stock     6,507       6,507       6,203       6,203       6,203  
                       
    Loans:                  
    Commercial     280,261       282,441       279,092       273,515       268,642  
    Residential mortgage loans     4,382,674       4,370,640       4,354,369       4,365,063       4,343,006  
    Home equity line of credit     393,418       370,063       355,879       347,415       332,028  
    Installment loans     14,503       15,168       16,166       16,886       16,605  
    Loans, net of deferred net costs     5,070,856       5,038,312       5,005,506       5,002,879       4,960,281  
                       
    Less: Allowance for credit losses on loans     49,950       49,772       49,220       48,578       47,226  
    Net loans     5,020,906       4,988,540       4,956,286       4,954,301       4,913,055  
                         
    Bank premises and equipment, net     33,324       33,466       33,423       34,007       32,135  
    Operating lease right-of-use assets     37,958       38,376       39,647       40,542       41,475  
    Other assets     98,730       102,544       101,881       96,387       97,310  
                       
    Total assets   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand   $ 753,878     $ 745,227     $ 742,997     $ 754,532     $ 773,293  
    Interest-bearing checking     988,527       1,029,606       1,020,136       1,015,213       1,033,898  
    Savings accounts     1,092,038       1,144,427       1,155,517       1,179,241       1,235,658  
    Money market deposit accounts     477,113       517,445       532,611       565,767       610,012  
    Time deposits     1,952,635       1,840,262       1,903,908       1,836,024       1,581,504  
    Total deposits     5,264,191       5,276,967       5,355,169       5,350,777       5,234,365  
                       
    Short-term borrowings     91,450       89,720       94,374       88,990       103,110  
    Operating lease liabilities     41,469       42,026       43,438       44,471       45,418  
    Accrued expenses and other liabilities     43,549       42,763       37,399       38,668       47,479  
                       
    Total liabilities     5,440,659       5,451,476       5,530,380       5,522,906       5,430,372  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock     20,058       20,058       20,058       20,058       20,058  
    Surplus     257,644       257,490       257,335       257,181       257,078  
    Undivided profits     442,079       436,048       430,346       425,069       422,082  
    Accumulated other comprehensive loss, net of tax     (6,600 )     (14,268 )     (14,763 )     (13,237 )     (31,506 )
    Treasury stock at cost     (44,160 )     (44,160 )     (43,786 )     (43,786 )     (43,786 )
                       
    Total shareholders’ equity     669,021       655,168       649,190       645,285       623,926  
                         
    Total liabilities and shareholders’ equity   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                         
    Outstanding shares (in thousands)     19,010       19,010       19,024       19,024       19,024  
                         
     
    NONPERFORMING ASSETS
                 
    (dollars in thousands)
    (Unaudited)
        9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial   $ 466   $ 741   $ 532   $ 536   $ 540  
    Real estate mortgage – 1 to 4 family     15,320     14,992     14,359     14,375     14,633  
    Installment     163     131     149     151     93  
    Total non-accrual loans     15,949     15,864     15,040     15,062     15,266  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     15,949     15,864     15,040     15,065     15,271  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 18,452   $ 18,198   $ 17,374   $ 15,259   $ 16,456  
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial   $ 314   $ 314   $ 314   $ 314   $ 314  
    Real estate mortgage – 1 to 4 family     3,176     2,985     2,921     2,272     2,228  
    Installment     5     22     –     15     65  
    Total non-accrual loans     3,495     3,321     3,235     2,601     2,607  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     –     –  
    Total nonperforming loans     3,495     3,321     3,235     2,601     2,607  
    Other real estate owned     –     –     –     –     –  
    Total nonperforming assets   $ 3,495   $ 3,321   $ 3,235   $ 2,601   $ 2,607  
                 
    Total            
    Loans in nonaccrual status:            
    Commercial   $ 780   $ 1,055   $ 846   $ 850   $ 854  
    Real estate mortgage – 1 to 4 family     18,496     17,977     17,280     16,647     16,861  
    Installment     168     153     149     166     158  
    Total non-accrual loans     19,444     19,185     18,275     17,663     17,873  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     19,444     19,185     18,275     17,666     17,878  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 21,947   $ 21,519   $ 20,609   $ 17,860   $ 19,063  
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (74 )   (78 )   219     (26 )
    Installment     11     (2 )   36     23     14  
    Total net (recoveries) chargeoffs   $ 180   $ (76 ) $ (42 ) $ 242   $ (12 )
                 
    Florida            
    Commercial   $ –   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     –     17     –     –     –  
    Installment     42     7     –     6     –  
    Total net (recoveries) chargeoffs   $ 42   $ 24   $ –   $ 6   $ –  
                 
    Total            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (57 )   (78 )   219     (26 )
    Installment     53     5     36     29     14  
    Total net (recoveries) chargeoffs   $ 222   $ (52 ) $ (42 ) $ 248   $ (12 )
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1)   $ 19,444   $ 19,185   $ 18,275   $ 17,666   $ 17,878  
    Total nonperforming assets (1)     21,947     21,519     20,609     17,860     19,063  
    Total net (recoveries) chargeoffs (2)     222     (52 )   (42 )   248     (12 )
                 
    Allowance for credit losses on loans (1)     49,950     49,772     49,220     48,578     47,226  
                 
    Nonperforming loans to total loans     0.38 %   0.38 %   0.37 %   0.35 %   0.36 %
    Nonperforming assets to total assets     0.36 %   0.35 %   0.33 %   0.29 %   0.31 %
    Allowance for credit losses on loans to total loans     0.99 %   0.99 %   0.98 %   0.97 %   0.95 %
    Coverage ratio (1)     256.9 %   259.4 %   269.3 %   275.0 %   264.2 %
    Annualized net (recoveries) chargeoffs to average loans (2)     0.02 %   0.00 %   0.00 %   0.02 %   0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2)   56.3x N/A N/A 49.0x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
                 
     
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                        
    (Unaudited)   Three months ended     Three months ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises   $ 95,073     $ 718 3.02 %   $ 119,406     $ 672 2.25 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     241,792       1,397 2.29       269,535       1,485 2.19  
    State and political subdivisions     26       – 6.75       34       – 6.74  
    Corporate bonds     55,041       361 2.63       80,331       473 2.36  
    Small Business Administration – guaranteed                        
    participation securities     16,663       90 2.15       19,801       107 2.15  
    Other     701       2 1.14       686       2 1.17  
                             
    Total securities available for sale     409,296       2,568 2.51       489,793       2,739 2.24  
                             
    Federal funds sold and other short-term Investments     465,922       6,174 5.27       494,597       6,688 5.37  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     5,779       62 4.29       6,877       73 4.22  
                             
    Total held to maturity securities     5,779       62 4.29       6,877       73 4.22  
                             
    Federal Home Loan Bank stock     6,507       153 9.41       6,203       131 8.45  
                             
    Commercial loans     279,199       3,807 5.45       261,061       3,398 5.21  
    Residential mortgage loans     4,375,641       41,811 3.82       4,325,219       39,321 3.64  
    Home equity lines of credit     380,422       6,245 6.53       320,446       4,946 6.12  
    Installment loans     14,443       249 6.87       15,959       256 6.37  
                             
    Loans, net of unearned income     5,049,705       52,112 4.12       4,922,685       47,921 3.89  
                             
    Total interest earning assets     5,937,209     $ 61,069 4.11       5,920,155     $ 57,552 3.88  
                             
    Allowance for credit losses on loans     (49,973 )             (47,077 )        
    Cash & non-interest earning assets     187,166               172,523          
                             
                             
    Total assets   $ 6,074,402             $ 6,045,601          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts   $ 1,000,333     $ 311 0.12 %   $ 1,050,313     $ 102 0.04 %
    Money market accounts     499,408       2,154 1.72       625,031       2,384 1.51  
    Savings     1,122,673       770 0.27       1,282,641       639 0.20  
    Time deposits     1,880,021       18,969 4.01       1,494,402       11,962 3.18  
                             
    Total interest bearing deposits     4,502,435       22,204 1.96       4,452,387       15,087 1.34  
    Short-term borrowings     87,677       194 0.88       110,018       244 0.88  
                             
    Total interest bearing liabilities     4,590,112     $ 22,398 1.94       4,562,405     $ 15,331 1.33  
                             
    Demand deposits     742,164               776,885          
    Other liabilities     80,502               81,411          
    Shareholders’ equity     661,624               624,900          
                             
    Total liabilities and shareholders’ equity   $ 6,074,402             $ 6,045,601          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)       $ 38,671           $ 42,221    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.17 %         2.55 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.61 %         2.85 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income       $ 38,671           $ 42,221    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             
                             
                             
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                             
    (dollars in thousands)                        
    (Unaudited)   Nine Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises $   111,570       2,533 3.03 % $   120,243       2,055 2.28 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     250,343       4,342 2.31       278,252       4,613 2.21  
    State and political subdivisions     26       1 6.80       34       1 6.74  
    Corporate bonds     61,221       1,199 2.61       83,732       1,510 2.41  
    Small Business Administration – guaranteed                        
    participation securities     17,438       284 2.17       20,876       335 2.14  
    Other     697       7 1.34       686       7 1.02  
                             
    Total securities available for sale     441,295       8,366 2.53       503,823       8,521 1.69  
                             
    Federal funds sold and other short-term Investments     489,934       19,818 5.40       540,570       20,213 5.00  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     6,053       195 4.29       7,205       226 4.18  
                             
    Total held to maturity securities     6,053       195 4.29       7,205       226 4.18  
                             
    Federal Home Loan Bank stock     6,350       452 9.49       5,957       351 5.89  
                             
    Commercial loans     278,981       11,232 5.37       249,738       9,716 5.19  
    Residential mortgage loans     4,364,821       123,046 3.76       4,269,494       114,227 3.57  
    Home equity lines of credit     365,932       17,522 6.40       305,075       13,598 5.96  
    Installment loans     15,319       776 6.76       15,015       714 6.35  
                             
    Loans, net of unearned income     5,025,053       152,576 4.05       4,839,322       138,255 3.81  
                             
    Total interest earning assets     5,968,685       181,407 4.05       5,896,877       167,566 3.79  
                             
    Allowance for credit losses on loans     (49,419 )             (46,812 )        
    Cash & non-interest earning assets     187,963               173,521          
                             
                             
    Total assets $   6,107,229           $   6,023,586          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts $   999,839       839 0.11 % $   1,088,859       217 0.03 %
    Money market accounts     522,636       6,724 1.72       613,119       4,954 1.08  
    Savings     1,142,313       2,157 0.25       1,363,052       1,824 0.18  
    Time deposits     1,881,027       58,046 4.12       1,343,762       26,525 2.64  
                             
    Total interest bearing deposits     4,545,815       67,766 1.99       4,408,792       33,520 1.02  
    Short-term borrowings     91,551       604 0.88       121,911       808 0.89  
                             
    Total interest bearing liabilities     4,637,366       68,370 1.97       4,530,703       34,328 1.01  
                             
    Demand deposits     734,604               793,890          
    Other liabilities     82,233               81,771          
    Shareholders’ equity     653,026               617,224          
                             
    Total liabilities and shareholders’ equity $   6,107,229           $   6,023,588          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)         113,037             133,238    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.08 %         2.78 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.52 %         3.01 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income         113,037             133,238    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

    The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.

     
    NON-GAAP FINANCIAL MEASURES RECONCILIATION
                   
    (dollars in thousands)              
    (Unaudited)              
        9/30/2024 6/30/2024 9/30/2023      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 669,021   $ 655,168   $ 623,926        
    Less: Intangible assets     553     553     553        
    Tangible equity (Non-GAAP)   $ 668,468   $ 654,615   $ 623,373        
                   
    Shares outstanding     19,010     19,010     19,024        
    Tangible book value per share     35.16     34.44     32.77        
    Book value per share     35.19     34.46     32.80        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,109,680   $ 6,106,644   $ 6,054,298        
    Less: Intangible assets     553     553     553        
    Tangible assets (Non-GAAP)   $ 6,109,127   $ 6,106,091   $ 6,053,745        
                   
    Tangible Equity to Tangible Assets (Non-GAAP)     10.94 %   10.72 %   10.30 %      
    Equity to Assets (GAAP)     10.95 %   10.73 %   10.31 %      
                   
        Three months ended   Nine Months Ended
    Efficiency Ratio   9/30/2024 6/30/2024 9/30/2023   9/30/2024 9/30/2023
                   
    Net interest income (GAAP)   $ 38,671   $ 37,788   $ 42,221     $ 113,037   $ 133,238  
    Taxable equivalent adjustment     –     –     –       –     –  
    Net interest income (fully taxable equivalent) (Non-GAAP)     38,671     37,788     42,221       113,037     133,238  
    Non-interest income (GAAP)     4,931     5,651     4,574       15,425     13,841  
    Less: Net gains on equity securities     23     1,360     –       1,383     –  
    Revenue used for efficiency ratio (Non-GAAP)   $ 43,579   $ 42,079   $ 46,795     $ 127,079   $ 147,079  
                   
    Total noninterest expense (GAAP)   $ 26,200   $ 26,459   $ 27,460     $ 77,562   $ 82,466  
    Less: Other real estate expense, net     204     16     163       294     536  
    Expense used for efficiency ratio (Non-GAAP)   $ 25,996   $ 26,443   $ 27,297     $ 77,268   $ 81,930  
                   
    Efficiency Ratio     59.65 %   62.84 %   58.33 %     60.80 %   55.70 %
                   
       
    Subsidiary: Trustco Bank
       
    Contact: Robert Leonard
    Executive Vice President
    (518) 381-3693

    The MIL Network –

  • MIL-OSI: Powell Max Limited Announces Change of Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Oct. 21, 2024 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the resignation of Mr. Chun Ho Lam   (“Mr. Lam”) as the Chief Financial Officer of the Company due to personal reasons.  The Company thanks Mr. Lam for his contributions during his tenure of office.

    The Company has appointed Ms. Kam Lai Kwok (“Ms. Kwok”) as the new Chief Financial Officer. 

    Ms. Kwok is an associate of the Hong Kong Institute of Certified Public Accountants (formerly known as the Hong Kong Society of Accountants) since January 1997 and has over 30 years of experience in public accounting and financial management. She also has extensive managerial experience in financial communications and financial printing industry for over 20 years. Prior to her joining of the Company, Ms. Kwok served as an executive director of a Hong Kong listed company  principally engaged in financial communications and financial printing services and as a financial controller of its operating subsidiary for over 8 years.

    About Powell Max Limited

    Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

    Forward-Looking Statements

    This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    For investor and media inquiries, please contact:

    Company Info:

    Powell Max Limited

    Investor Relations

    ir@janfp.com 

    (852) 2158 2888

    The MIL Network –

  • MIL-OSI: Rule 8 Announcement to Stockholders

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — StoneX Group Inc. (“StoneX”) wishes to direct the attention of its stockholders to certain disclosure requirements which may be applicable to them in connection with the announcement by CAB Payments Holdings plc (“CAB Payments”) on October 10, 2024 that it had received an unsolicited non-binding proposal from StoneX relating to a possible offer for the entire issued and to be issued share capital of CAB Payments. As a result of that announcement, on that date CAB Payments entered an offer period in accordance with the rules of the UK City Code on Takeovers and Mergers (the “Code”), which is published by the UK Takeover Panel.

    There can be no certainty that an offer will be made, nor as to the terms on which an offer might be made.

    The relevant disclosure requirements are set out in Rule 8 of the Code. In particular, Rule 8.3 of the Code requires that any person who is interested (directly and indirectly) in 1% or more of any class of relevant security of any party to the offer period must make (a) an Opening Position Disclosure and (b) a Dealing Disclosure if they deal in any relevant security of any party to the offer during an offer period.

    StoneX common shares, which are listed on The NASDAQ Stock Market LLC and trade on the NASDAQ Global Select Market, are relevant securities for the purposes of this offer period.

    Further information about the Takeover Panel’s disclosure regime is available at: http://www.thetakeoverpanel.org.uk/disclosure. If you have any questions on these disclosure requirements, the Takeover Panel’s Market Surveillance Unit will be happy to answer them and should be contacted on +44 (0)20 7638 0129.

    Enquiries:

    Perella Weinberg UK Limited (Financial Adviser)        

    Tel: +44 (0) 20 7268 2800
    Matthew Smith
    Timm Schipporeit
    Edyta Lipka
    Adnan Choudhury

    Notice relating to StoneX’s advisers:

    Perella Weinberg UK Limited (“PWP“), which is authorized and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for StoneX in connection with the matters set out in this announcement and for no one else and will not be responsible to anyone other than StoneX for providing the protections afforded to its clients or for providing advice in relation to the matters set out in this announcement. Neither PWP nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of PWP in connection with this announcement, any statement contained herein or otherwise.

    Important notices

    This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote in any jurisdiction whether pursuant to this announcement or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction.

    Dealing disclosure requirements of the Code

    Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

    Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

    If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

    Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

    Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at http://www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

    SNEX-G

    The MIL Network –

  • MIL-OSI: RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net income totaled $7.0 million, or $ 0.39 diluted earnings per share
    • Return on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024
    • Net interest margin of 2.68% compared to 2.67% for the quarter ended June 30, 2024
    • Repurchased 508,275 shares of common stock for $11.0 million during the quarter ended September 30, 2024, and completed the authorized program
    • Book value and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024

    The Company reported net income of $7.0 million, or $ 0.39 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $7.2 million, or $ 0.39 diluted earnings per share, for the quarter ended June 30, 2024. 

    “Loans increased at a 6% annualized rate in the third quarter as our work to expand lending and deposit relationships began to deliver results,” said David Morris, Chief Executive Officer of RBB Bancorp. “Net interest margin increased slightly, and we are optimistic that it will continue to expand from here.  We continue to work through our non-performing loans and believe we will be able to resolve the majority of them by mid-2025.”

    “The team has done an excellent job building on the Bank’s reputation as one of the premier Asian-centric financial institutions,” said Christina Kao, Chair of the Board of Directors. “Returning the Bank to growth has been a priority for the Board of Directors as we believe it will enhance long-term shareholder value.”

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Net Interest Income and Net Interest Margin

    Net interest income was $24.5 million for the third quarter of 2024, compared to $24.0 million for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5 million offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment (“HFI”) of $2.0 million, partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4 million combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3 million in the third quarter of 2024.

    Net interest margin (“NIM”) was 2.68% for the third quarter of 2024, an increase of 1 basis point from 2.67% for the second quarter of 2024. The increase was due to a 5 basis point increase in the yield on average interest-earning assets, partially offset by a 3 basis point increase in the overall cost of funds. The yield on average interest-earning assets increased to 5.94% for the third quarter of 2024 from 5.89% for the second quarter of 2024 due mainly to a 9 basis point increase in the yield on average loans HFI to 6.13% for the third quarter of 2024. The increase in the loan yield was largely attributed to nonaccrual loan activity in the current and prior quarter, including both the recapture of interest income for fully paid off nonaccrual loans and reversals of interest income for loans migrating to nonaccrual status. Such activity increased the third quarter loan yield by 1 basis point and decreased the second quarter loan yield by 7 basis points. Average loans represented 84% of average interest-earning assets in the third quarter of 2024, unchanged from the second quarter of 2024.

    The overall cost of funds increased to 3.57% in the third quarter of 2024 from 3.54% in the second quarter of 2024 due to a higher average cost of interest-bearing deposits in the third quarter of 2024 as compared to the second quarter of 2024. The overall funding mix remained relatively unchanged from the second quarter of 2024 as the ratio of average noninterest-bearing deposits to average total funding sources remained relatively unchanged at 16% for the third and second quarters of 2024. The all-in spot rate for total deposits was 3.53% at September 30, 2024.

    Provision for Credit Losses

    The Company recorded a provision for credit losses of $3.3 million for the third quarter of 2024 compared to $557,000 for the second quarter of 2024. The third quarter provision took into consideration factors including changes in the loan portfolio mix, higher specific reserves, the outlook for economic conditions and market interest rates, and credit quality metrics, including higher nonperforming, special mention and substandard loans at the end of the third quarter of 2024 as compared to the end of the second quarter of 2024.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $5.7 million, an increase of $2.3 million from $3.5 million for the second quarter of 2024. This increase was mostly due to a $2.8 million recovery of a fully charged off loan, which had been acquired in a bank acquisition (included in other income), partially offset by lower net gain on other real estate owned (“OREO”) of $292,000. 

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $17.4 million, an increase of $297,000 from $17.1 million for the second quarter of 2024. This increase was due to higher salaries and employee benefits expense of $475,000 due in part to higher loan production and higher other expenses of $304,000 due to higher loan related expense. These increases were partially offset by lower insurance and regulatory assessments of $323,000 and lower legal and professional expenses of $302,000, the latter being due to reimbursed legal costs from nonaccrual loan payoffs. The annualized noninterest expenses to average assets ratio was 1.78% for the third quarter of 2024, down from 1.79% for the second quarter of 2024. The efficiency ratio was 57.51% for the third quarter of 2024, down from 62.38% for the second quarter of 2024 due mostly to higher noninterest income.

    Income Taxes

    The effective tax rate was 26.9% for the third quarter of 2024 and 25.9% for the second quarter of 2024. The effective tax rate for 2024 is estimated to range between 26.0% and 28.0%.

    Balance Sheet

    At September 30, 2024, total assets were $4.0 billion, a $122.3 million increase compared to June 30, 2024, and a $78.9 million decrease compared to September 30, 2023.

    Loan and Securities Portfolio

    Loans HFI totaled $3.1 billion as of September 30, 2024, an increase of $44.2 million compared to June 30, 2024 and a $29.1 million decrease compared to September 30, 2023. The increase from June 30, 2024 was primarily due to a $62.5 million increase in commercial real estate (“CRE”) loans, a $5.6 million increase in single-family residential (“SFR”) mortgages and a $2.2 million increase in commercial and industrial (“C&I”) loans, partially offset by a $22.3 million decrease in construction and land development (“C&D”) loans and a $2.2 million decrease in Small Business Administration (“SBA”) loans. The loan to deposit ratio was 98.6% at September 30, 2024, compared to 99.4% at June 30, 2024 and 97.6% at September 30, 2023. 

    As of September 30, 2024, available-for-sale securities totaled $305.7 million, a decrease of $19.9 million from June 30, 2024. As of September 30, 2024, net unrealized losses totaled $23.2 million, a $6.9 million decrease due to decreases in market interest rates, when compared to net unrealized losses as of June 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of September 30, 2024, a $68.6 million increase compared to June 30, 2024 and a $61.9 million decrease compared to September 30, 2023. The increase during the third quarter of 2024 was due to an increase in interest-bearing deposits, while noninterest-bearing deposits remained relatively stable at $543.6 million as of September 30, 2024 compared to $543.0 million as of June 30, 2024. The increase in interest-bearing deposits included an increase in time deposits of $49.6 million and an increase in non-maturity deposits of $18.3 million. The increase in time deposits included a $26.6 million increase in wholesale deposits (brokered deposits, collateralized State of California certificates of deposit and deposits acquired through internet listing services). Wholesale deposits totaled $147.3 million at September 30, 2024, and $120.7 million at June 30, 2024. Noninterest-bearing deposits represented 17.6% of total deposits at September 30, 2024 compared to 18.0% at June 30, 2024.

    Credit Quality

    Nonperforming assets totaled $60.7 million, or 1.52% of total assets, at September 30, 2024, compared to $54.6 million, or 1.41% of total assets, at June 30, 2024. The $6.1 million increase in nonperforming assets was mostly due to two loans that migrated to nonaccrual totaling $13.3 million and consisted of a C&D loan and a CRE loan, offset by $6.1 million in payoffs with no losses and $1.2 million in partial charge-offs of nonaccrual loans.

    Special mention loans totaled $77.5 million, or 2.51% of total loans, at September 30, 2024, compared to $19.5 million, or 0.64% of total loans, at June 30, 2024. The $58.0 million increase was primarily due to one $43.6 million C&D loan for a completed hotel construction project, CRE loans totaling $25.2 million and C&I loans totaling $1.2 million. The increase was partially offset by one $11.7 million C&D loan, which migrated from special mention to substandard during the third quarter of 2024. All special mention loans, including the $11.7 million C&D loan which migrated to substandard rating, are all paying current.

    Substandard loans totaled $79.8 million, or 2.58% of total loans, at September 30, 2024, compared to $63.1 million, or 2.07% of total loans, at June 30, 2024. The $16.8 million increase was primarily due to downgrades of two C&D loans totaling $21.7 million and one $3.3 million CRE loan, offset by loan payoffs of $6.7 million and charge-offs of $1.2 million. Of the substandard loans at September 30, 2024, there are  $19.2 million which are paying current.

    30-89 day delinquent loans, excluding nonperforming loans, decreased $645,000 to $10.6 million as of September 30, 2024, compared to $11.3 million as of June 30, 2024. The decrease in past due loans was mostly due to 12 loans totaling $4.7 million that returned to current status and other decreases totaling $784,000, partially offset by new delinquent loans totaling $4.9 million, of which $4.1 million were 30 days past due.

    As of September 30, 2024, the allowance for credit losses totaled $44.5 million and was comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $42.4 million comprised of an allowance for loan losses of $41.7 million and a reserve for unfunded commitments of $624,000 at June 30, 2024. The $2.1 million increase in the allowance for credit losses for the third quarter of 2024 was due to a $3.3 million provision for credit losses, including higher specific reserves of $2.5 million, offset by net charge-offs of $1.2 million. The increase in specific reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans, including estimated selling costs. Charge-offs in the third quarter of 2024 were related to one C&D loan and one CRE loan, which were written-down to their estimated fair value. The allowance for loan losses as a percentage of loans HFI was 1.41% at September 30, 2024, compared to 1.37% at June 30, 2024. The allowance for loan losses as a percentage of nonperforming loans was 72% at September 30, 2024, a decrease from 76% at June 30, 2024. The decrease in the allowance for loan losses as a percentage of nonperforming loans was due in part to an increase in individually evaluated loans, which required no allowance for loan losses.

        For the Three Months Ended
    September 30, 2024    		     For the Nine Months Ended
    September 30, 2024    		  
    (dollars in thousands)   Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses  
    Beginning balance   $ 41,741     $ 624     $ 42,365     $ 41,903     $ 640     $ 42,543  
    Provision for credit losses     3,145       155       3,300       3,718       139       3,857  
    Less loans charged-off     (1,210 )     —       (1,210 )     (1,991 )     —       (1,991 )
    Recoveries on loans charged-off     9       —       9       55       —       55  
    Ending balance   $ 43,685     $ 779     $ 44,464     $ 43,685     $ 779     $ 44,464  


    Shareholders’ Equity

    At September 30, 2024, total shareholders’ equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders’ equity for the third quarter of 2024 was due to common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $528,000. Book value per share and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024.

    On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

    Dividend Announcement

    The Board of Directors has declared a common stock cash dividend of $0.16 per common share, payable on November 12, 2024 to shareholders of record on October 31, 2024.

      Contact:
    Lynn Hopkins, Chief Financial Officer
      (213) 716-8066
      lhopkins@rbbusa.com

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.


    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of September 30, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, October 22, 2024, to discuss the Company’s third quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 392446, conference ID RBBQ324. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51366, approximately one hour after the conclusion of the call and will remain available through November 5, 2024.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at http://www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants;  fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)

    		  
        September 30,     June 30,     March 31,     December 31,     September 30,  
        2024     2024     2024     2023     2023  
    Assets                                        
    Cash and due from banks   $ 26,388     $ 23,313     $ 21,887     $ 22,671     $ 23,809  
    Interest-earning deposits with financial institutions     323,002       229,456       247,356       408,702       306,982  
    Cash and Cash Equivalents     349,390       252,769       269,243       431,373       330,791  
    Interest-earning time deposits with financial institutions     600       600       600       600       600  
    Investment securities available for sale     305,666       325,582       335,194       318,961       354,378  
    Investment securities held to maturity     5,195       5,200       5,204       5,209       5,214  
    Mortgage loans held for sale     812       3,146       3,903       1,911       62  
    Loans held for investment     3,091,896       3,047,712       3,027,361       3,031,861       3,120,952  
    Allowance for loan losses     (43,685 )     (41,741 )     (41,688 )     (41,903 )     (42,430 )
    Net loans held for investment     3,048,211       3,005,971       2,985,673       2,989,958       3,078,522  
    Premises and equipment, net     24,839       25,049       25,363       25,684       26,134  
    Federal Home Loan Bank (FHLB) stock     15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance     59,889       59,486       59,101       58,719       58,346  
    Goodwill     71,498       71,498       71,498       71,498       71,498  
    Servicing assets     7,256       7,545       7,794       8,110       8,439  
    Core deposit intangibles     2,194       2,394       2,594       2,795       3,010  
    Right-of-use assets     29,283       30,530       31,231       29,803       29,949  
    Accrued interest and other assets     70,644       63,416       65,608       66,404       87,411  
    Total assets   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    Liabilities and shareholders’ equity                                        
    Deposits:                                        
    Noninterest-bearing demand   $ 543,623     $ 542,971     $ 539,517     $ 539,621     $ 572,393  
    Savings, NOW and money market accounts     666,089       647,770       642,840       632,729       608,020  
    Time deposits, $250,000 and under     1,052,462       1,014,189       1,083,898       1,190,821       1,237,831  
    Time deposits, greater than $250,000     830,010       818,675       762,074       811,589       735,828  
    Total deposits     3,092,184       3,023,605       3,028,329       3,174,760       3,154,072  
    FHLB advances     200,000       150,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs     119,433       119,338       119,243       119,147       174,019  
    Subordinated debentures     15,102       15,047       14,993       14,938       14,884  
    Lease liabilities – operating leases     30,880       32,087       32,690       31,191       31,265  
    Accrued interest and other liabilities     23,150       16,818       18,765       24,729       42,603  
    Total liabilities     3,480,749       3,356,895       3,364,020       3,514,765       3,566,843  
    Shareholders’ equity:                                        
    Common Stock     259,280       266,160       271,645       271,925       277,462  
    Additional paid-in capital     3,520       3,456       3,348       3,623       3,579  
    Retained Earnings     262,946       262,518       259,903       255,152       247,159  
    Non-controlling interest     72       72       72       72       72  
    Accumulated other comprehensive loss, net     (16,090 )     (20,915 )     (20,982 )     (19,512 )     (25,761 )
    Total shareholders’ equity     509,728       511,291       513,986       511,260       502,511  
    Total liabilities and shareholders’ equity   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 

    		  
        For the Three Months Ended     For the Nine Months Ended  
        September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
    Interest and dividend income:                                        
    Interest and fees on loans   $ 47,326     $ 45,320     $ 47,617     $ 138,193     $ 148,369  
    Interest on interest-earning deposits     3,388       3,353       3,193       11,781       6,096  
    Interest on investment securities     3,127       3,631       4,211       10,369       10,321  
    Dividend income on FHLB stock     326       327       290       984       814  
    Interest on federal funds sold and other     258       255       252       779       716  
    Total interest and dividend income     54,425       52,886       55,563       162,106       166,316  
    Interest expense:                                        
    Interest on savings deposits, NOW and money market accounts     5,193       4,953       3,106       14,624       8,180  
    Interest on time deposits     22,553       21,850       21,849       67,725       54,424  
    Interest on long-term debt and subordinated debentures     1,681       1,679       2,579       5,039       7,668  
    Interest on other borrowed funds     453       439       440       1,331       2,428  
    Total interest expense     29,880       28,921       27,974       88,719       72,700  
    Net interest income before provision for credit losses     24,545       23,965       27,589       73,387       93,616  
    Provision for credit losses     3,300       557       1,399       3,857       3,793  
    Net interest income after provision for credit losses     21,245       23,408       26,190       69,530       89,823  
    Noninterest income:                                        
    Service charges and fees     1,071       1,064       1,057       3,127       3,200  
    Gain on sale of loans     447       451       212       1,210       258  
    Loan servicing fees, net of amortization     605       579       623       1,773       1,959  
    Increase in cash surrender value of life insurance     402       385       356       1,169       1,036  
    Gain on OREO     —       292       190       1,016       190  
    Other income     3,221       717       332       4,311       982  
    Total noninterest income     5,746       3,488       2,770       12,606       7,625  
    Noninterest expense:                                        
    Salaries and employee benefits     10,008       9,533       9,744       29,468       28,935  
    Occupancy and equipment expenses     2,518       2,439       2,414       7,400       7,242  
    Data processing     1,472       1,466       1,315       4,358       3,969  
    Legal and professional     958       1,260       1,022       3,098       6,907  
    Office expenses     348       352       437       1,056       1,163  
    Marketing and business promotion     252       189       340       613       892  
    Insurance and regulatory assessments     658       981       730       2,621       2,043  
    Core deposit premium     200       201       236       602       708  
    Other expenses     1,007       703       638       2,298       2,445  
    Total noninterest expense     17,421       17,124       16,876       51,514       54,304  
    Income before income taxes     9,570       9,772       12,084       30,622       43,144  
    Income tax expense     2,571       2,527       3,611       8,342       12,752  
    Net income   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
                                             
    Net income per share                                        
    Basic   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Diluted   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Cash Dividends declared per common share   $ 0.16     $ 0.16     $ 0.16     $ 0.48     $ 0.48  
    Weighted-average common shares outstanding                                        
    Basic     17,812,791       18,375,970       18,995,303       18,261,702       18,991,579  
    Diluted     17,885,359       18,406,897       18,997,304       18,313,086       19,013,838  
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Three Months Ended  
        September 30, 2024     June 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
     & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                                        
    Cash and cash equivalents(1)   $ 260,205     $ 3,646       5.57 %   $ 255,973     $ 3,608       5.67 %   $ 270,484     $ 3,445       5.05 %
    FHLB Stock     15,000       326       8.65 %     15,000       327       8.77 %     15,000       290       7.67 %
    Securities                                                                        
    Available for sale(2)     298,948       3,105       4.13 %     318,240       3,608       4.56 %     369,459       4,187       4.50 %
    Held to maturity(2)     5,198       46       3.52 %     5,203       46       3.56 %     5,385       48       3.54 %
    Mortgage loans held for sale     1,165       23       7.85 %     3,032       57       7.56 %     739       13       6.98 %
    Loans held for investment:(3)                                                                        
    Real estate     2,888,528       43,495       5.99 %     2,828,339       41,590       5.91 %     2,968,246       43,583       5.83 %
    Commercial     179,885       3,808       8.42 %     185,679       3,673       7.96 %     187,140       4,021       8.52 %
    Total loans held for investment     3,068,413       47,303       6.13 %     3,014,018       45,263       6.04 %     3,155,386       47,604       5.99 %
    Total interest-earning assets     3,648,929     $ 54,449       5.94 %     3,611,466     $ 52,909       5.89 %     3,816,453     $ 55,587       5.78 %
    Total noninterest-earning assets     242,059                       240,016                       250,083                  
    Total average assets   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
                                                                             
    Interest-bearing liabilities                                                                        
    NOW     55,757       277       1.98 %   $ 56,081     $ 276       1.98 %   $ 55,325     $ 201       1.44 %
    Money Market     439,936       4,093       3.70 %     431,559       3,877       3.61 %     403,300       2,656       2.61 %
    Saving deposits     164,515       823       1.99 %     164,913       800       1.95 %     123,709       249       0.80 %
    Time deposits, $250,000 and under     1,037,365       12,312       4.72 %     1,049,666       12,360       4.74 %     1,285,320       14,090       4.35 %
    Time deposits, greater than $250,000     819,207       10,241       4.97 %     772,255       9,490       4.94 %     717,026       7,759       4.29 %
    Total interest-bearing deposits     2,516,780       27,746       4.39 %     2,474,474       26,803       4.36 %     2,584,680       24,955       3.83 %
    FHLB advances     150,543       453       1.20 %     150,000       439       1.18 %     150,000       440       1.16 %
    Long-term debt     119,370       1,295       4.32 %     119,275       1,296       4.37 %     173,923       2,194       5.00 %
    Subordinated debentures     15,066       386       10.19 %     15,011       383       10.26 %     14,848       385       10.29 %
    Total interest-bearing liabilities     2,801,759       29,880       4.24 %     2,758,760       28,921       4.22 %     2,923,451       27,974       3.80 %
    Noninterest-bearing liabilities                                                                        
    Noninterest-bearing deposits     528,081                       529,450                       571,371                  
    Other noninterest-bearing liabilities     52,428                       51,087                       67,282                  
    Total noninterest-bearing liabilities     580,509                       580,537                       638,653                  
    Shareholders’ equity     508,720                       512,185                       504,432                  
    Total liabilities and shareholders’ equity   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
    Net interest income / interest rate spreads           $ 24,569       1.70 %           $ 23,988       1.67 %           $ 27,613       1.98 %
    Net interest margin                     2.68 %                     2.67 %                     2.87 %
                                                                             
    Total cost of deposits   $ 3,044,861     $ 27,746       3.63 %   $ 3,003,924     $ 26,803       3.59 %   $ 3,156,051     $ 24,955       3.14 %
    Total cost of funds   $ 3,329,840     $ 29,880       3.57 %   $ 3,288,210     $ 28,921       3.54 %   $ 3,494,822     $ 27,974       3.18 %

    _________________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Nine Months Ended  
        September 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                
    Cash and cash equivalents(1)   $ 293,597     $ 12,560       5.71 %   $ 177,393     $ 6,812       5.13 %
    FHLB Stock     15,000       984       8.76 %     15,000       814       7.26 %
    Securities                                                
    Available for sale(2)     312,352       10,302       4.41 %     332,007       10,245       4.13 %
    Held to maturity(2)     5,203       140       3.59 %     5,610       151       3.60 %
    Mortgage loans held for sale     1,802       105       7.78 %     295       16       7.25 %
    Loans held for investment:(3)                                                
    Real estate     2,851,625       126,852       5.94 %     3,041,393       134,791       5.93 %
    Commercial     181,716       11,236       8.26 %     214,618       13,562       8.45 %
    Total loans held for investment     3,033,341       138,088       6.08 %     3,256,011       148,353       6.09 %
    Total interest-earning assets     3,661,295     $ 162,179       5.92 %     3,786,316     $ 166,391       5.88 %
    Total noninterest-earning assets     242,802                       244,822                  
    Total average assets   $ 3,904,097                     $ 4,031,138                  
                                                     
    Interest-bearing liabilities                                                
    NOW   $ 56,924       851       2.00 %   $ 59,476     $ 511       1.15 %
    Money Market     427,884       11,496       3.59 %     431,299       7,315       2.27 %
    Saving deposits     162,207       2,277       1.88 %     118,550       354       0.40 %
    Time deposits, $250,000 and under     1,087,501       38,476       4.73 %     1,141,290       33,905       3.97 %
    Time deposits, greater than $250,000     792,310       29,249       4.93 %     729,699       20,519       3.76 %
    Total interest-bearing deposits     2,526,826       82,349       4.35 %     2,480,314       62,604       3.37 %
    FHLB advances     150,182       1,331       1.18 %     179,707       2,428       1.81 %
    Long-term debt     119,276       3,886       4.35 %     173,780       6,584       5.07 %
    Subordinated debentures     15,012       1,153       10.26 %     14,794       1,084       9.80 %
    Total interest-bearing liabilities     2,811,296       88,719       4.22 %     2,848,595       72,700       3.41 %
    Noninterest-bearing liabilities                                                
    Noninterest-bearing deposits     528,624                       624,781                  
    Other noninterest-bearing liabilities     52,955                       58,786                  
    Total noninterest-bearing liabilities     581,579                       683,567                  
    Shareholders’ equity     511,222                       498,976                  
    Total liabilities and shareholders’ equity   $ 3,904,097                     $ 4,031,138                  
    Net interest income / interest rate spreads           $ 73,460       1.70 %           $ 93,691       2.47 %
    Net interest margin                     2.68 %                     3.31 %
                                                     
    Total cost of deposits   $ 3,055,450     $ 82,349       3.60 %   $ 3,105,095     $ 62,604       2.70 %
    Total cost of funds   $ 3,339,920     $ 88,719       3.55 %   $ 3,473,376     $ 72,700       2.80 %

    _______________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    		  
      At or for the Three Months Ended     At or for the Nine Months
    Ended September 30,    		  
      September 30,   June 30,     September 30,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.81     $ 28.12     $ 26.45     $ 28.81     $ 26.45  
    Tangible book value(1) $ 24.64     $ 24.06     $ 22.53     $ 24.64     $ 22.53  
    Performance ratios                                  
    Return on average assets, annualized   0.72 %     0.76 %     0.83 %     0.76 %     1.01 %
    Return on average shareholders’ equity, annualized   5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity, annualized(1)   6.40 %     6.65 %     7.82 %     6.81 %     9.58 %
    Noninterest income to average assets, annualized   0.59 %     0.36 %     0.27 %     0.43 %     0.25 %
    Noninterest expense to average assets, annualized   1.78 %     1.79 %     1.65 %     1.76 %     1.80 %
    Yield on average earning assets   5.94 %     5.89 %     5.78 %     5.92 %     5.88 %
    Yield on average loans   6.13 %     6.04 %     5.99 %     6.08 %     6.09 %
    Cost of average total deposits(2)   3.63 %     3.59 %     3.14 %     3.60 %     2.70 %
    Cost of average interest-bearing deposits   4.39 %     4.36 %     3.83 %     4.35 %     3.37 %
    Cost of average interest-bearing liabilities   4.24 %     4.22 %     3.80 %     4.22 %     3.41 %
    Net interest spread   1.70 %     1.67 %     1.98 %     1.70 %     2.47 %
    Net interest margin   2.68 %     2.67 %     2.87 %     2.68 %     3.31 %
    Efficiency ratio(3)   57.51 %     62.38 %     55.59 %     59.90 %     53.64 %
    Common stock dividend payout ratio   41.03 %     41.03 %     35.56 %     39.34 %     30.00 %

    ____________________

    (1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)    		  
        At or for the quarter ended  
        September 30,     June 30,     September 30,  
        2024     2024     2023  
    Credit Quality Data:                        
    Special mention loans   $ 77,501     $ 19,520     $ 31,212  
    Special mention loans to total loans     2.51 %     0.64 %     1.00 %
    Substandard loans   $ 79,831     $ 63,076     $ 71,401  
    Substandard loans to total loans     2.58 %     2.07 %     2.29 %
    Loans 30-89 days past due, excluding nonperforming loans   $ 10,625     $ 11,270     $ 19,662  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans     0.34 %     0.37 %     0.63 %
    Nonperforming loans   $ 60,662     $ 54,589     $ 40,146  
    OREO     —       —       284  
    Nonperforming assets   $ 60,662     $ 54,589     $ 40,430  
    Nonperforming loans to total loans     1.96 %     1.79 %     1.29 %
    Nonperforming assets to total assets     1.52 %     1.41 %     0.99 %
                             
    Allowance for loan losses   $ 43,685     $ 41,741     $ 42,430  
    Allowance for loan losses to total loans     1.41 %     1.37 %     1.36 %
    Allowance for loan losses to nonperforming loans     72.01 %     76.46 %     105.69 %
    Net charge-offs   $ 1,201     $ 551     $ 2,206  
    Net charge-offs to average loans     0.16 %     0.07 %     0.28 %
                             
    Capital ratios(1)                        
    Tangible common equity to tangible assets(2)     11.13 %     11.53 %     10.71 %
    Tier 1 leverage ratio     12.19 %     12.48 %     11.68 %
    Tier 1 common capital to risk-weighted assets     18.16 %     18.89 %     17.65 %
    Tier 1 capital to risk-weighted assets     18.74 %     19.50 %     18.22 %
    Total capital to risk-weighted assets     24.79 %     25.67 %     26.24 %

    ______________
    (1) September 30, 2024 capital ratios are preliminary.
    (2) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)

    		  
    Loan Portfolio Detail   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Loans:                                          
    Commercial and industrial   $ 128,861   4.2 %   $ 126,649       4.2 %   $ 127,655       4.1 %
    SBA     48,089   1.6 %     50,323       1.7 %     50,420       1.6 %
    Construction and land development     180,196   5.8 %     202,459       6.6 %     259,778       8.3 %
    Commercial real estate (1)     1,252,682   40.5 %     1,190,207       39.1 %     1,164,210       37.3 %
    Single-family residential mortgages     1,473,396   47.7 %     1,467,802       48.2 %     1,505,307       48.2 %
    Other loans     8,672   0.2 %     10,272       0.2 %     13,582       0.5 %
    Total loans (2)   $ 3,091,896   100.0 %   $ 3,047,712       100.0 %   $ 3,120,952       100.0 %
    Allowance for loan losses     (43,685 )       (41,741 )             (42,430 )        
    Total loans, net   $ 3,048,211       $ 3,005,971             $ 3,078,522          

    _______________
    (1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2) Net of discounts and deferred fees and costs of $467, $645, and $383 as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

    Deposits   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Deposits:                                          
    Noninterest-bearing demand   $ 543,623   17.6 %   $ 542,971       18.0 %   $ 572,393       18.1 %
    Savings, NOW and money market accounts     666,089   21.5 %     647,770       21.4 %     608,020       19.3 %
    Time deposits, $250,000 and under     926,877   30.0 %     921,712       30.5 %     848,868       26.9 %
    Time deposits, greater than $250,000     808,304   26.1 %     790,478       26.1 %     687,365       21.8 %
    Wholesale deposits(1)     147,291   4.8 %     120,674       4.0 %     437,426       13.9 %
    Total deposits   $ 3,092,184   100.0 %   $ 3,023,605       100.0 %   $ 3,154,072       100.0 %

    ___________________
    (1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of September 30, 2024, June 30, 2024, and September 30, 2023.

                           
    (dollars in thousands, except share and per share data)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		  
    Tangible common equity:                        
    Total shareholders’ equity   $ 509,728     $ 511,291     $ 502,511  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible common equity   $ 436,036     $ 437,399     $ 428,003  
    Tangible assets:                        
    Total assets-GAAP   $ 3,990,477     $ 3,868,186     $ 4,069,354  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible assets   $ 3,916,785     $ 3,794,294     $ 3,994,846  
    Common shares outstanding     17,693,416       18,182,154       18,995,303  
    Common equity to assets ratio     12.77 %     13.22 %     12.35 %
    Tangible common equity to tangible assets ratio     11.13 %     11.53 %     10.71 %
    Book value per share   $ 28.81     $ 28.12     $ 26.45  
    Tangible book value per share   $ 24.64     $ 24.06     $ 22.53  


    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights), and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

        Three Months Ended     Nine Months Ended September 30,  
    (dollars in thousands)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     2024     2023  
    Net income available to common shareholders   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
    Average shareholders’ equity     508,720       512,185       504,432       511,222       498,976  
    Adjustments:                                        
    Average goodwill     (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible     (2,326 )     (2,525 )     (3,165 )     (2,525 )     (3,398 )
    Adjusted average tangible common equity   $ 434,896     $ 438,162     $ 429,769     $ 437,199     $ 424,080  
    Return on average common equity     5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity     6.40 %     6.65 %     7.82 %     6.81 %     9.58 %

    The MIL Network –

  • MIL-OSI: Tactile Medical to Release Third Quarter of Fiscal Year 2024 Financial Results on November 4, 2024

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that third quarter of fiscal year 2024 financial results will be released after the market closes on Monday, November 4, 2024.

    Management will host a conference call with a question and answer session at 5:00 p.m. Eastern Time on November 4, 2024, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13748661. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13748661. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –